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Experts, Fayemi differ on benefits of fuel subsidy

Punch Newspapers Sections Amarachi Orjiude and Sami Olatunji, Abuja Published 16 June 2021 Amarachi Orjiude and Sami Olatunji, Abuja Published 16 June 2021 While the Governor of Ekiti State, Kayode Fayemi, said on Tuesday that the removal of fuel subsidy will benefit poor Nigerians, financial experts argued that it would bring about increased hardships. Fayemi, while addressing journalists after the launch of the Nigerian Development Update by the World Bank in Abuja, said there was a need for proper communication on the economic status of the country. “Nigeria is not this boundlessly rich country. We are wealthy in several other respects. Our human capital is a source of strength. But in terms of this naira and kobo, we are not a rich country, and we need to do more to communicate that to the population in our country,” he said.

Banks commence N6 98 USSD charge, customers kick

Punch Newspapers Sections Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions. However, experts have said that excessive charges by banks could pose a threat to financial inclusion. According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits. A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are now required to pay a fee of N6.98 to your mobile network provider for every banking transaction carried out on all USSD banking platforms.

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