Business
Five sure alternatives to spraying money for Nigerian parties
Throwing hard currency in the air during festivities has long been considered something of a party starter in Nigeria.
For Nigerians, cutting open a wad of clean naira bills and throwing it at a dancing partygoer is a status signal.
It is a silent declaration that a person of affluence is in the room.
However, law enforcement has been cracking down on prominent individuals who spray naira at festivities in recent times.
This practice, it would emerge, violates section 21 (3) of Nigeria’s CBN Act 2007.
It amounts to defacing Nigeria’s legal tender and has been increasingly frowned upon.
The law prohibits spraying money at events. It stipulates a sanction of imprisonment, fines, or both.
The increasing public knowledge about the existence of this law has caused many to consider alternatives to the money spraying culture.
Prop money
One of the creative alternatives to spraying hard currency at parties is the use of prop money.
Prop money is an imitation currency that resembles real money but is typically used for theatrical purposes.
It is commonly used in movies, music videos, or stage performances.
With its striking resemblance to the real notes, guests can still indulge in throwing and spraying money without the risk of defacing the real notes or violating the law.
To make it fun, the prop money can be customised to match the party’s theme.
- Digital transactions
It is the era of digital banking and online payment, so why not take advantage of it?
Making digital transactions is another way to avoid the risk of defacing the naira notes at parties.
Mobile banking apps, online payment platforms, or digital wallets can be used to transfer monetary gifts to the celebrant.
Contributions can also be made towards the event’s expenses.
The use of digital transactions can make it easy for people to contribute to the event remotely.
- Non-monetary gifts
Gifting non-monetary items at parties can also be considered a replacement for spraying notes.
Guests can support a party host by bringing in gifts that hold value.
These gifts could be personalised or handmade items that align with the celebrant’s interests.
Non-monetary gifts even create a heightened sense of thoughtfulness and intentionality.
- Decorative envelopes
For guests who wish to present monetary gifts at the event, decorative envelopes are a practical alternative.
Guests can put in their monetary contributions or the money they would have had sprayed inside these decorative envelopes.
The envelopes can be customised and made available on-site by the host to fit the decor or theme of the event.
Just imagine the touch of sophistication that would add to the party.
- Redeemable vouchers
Redeemable vouchers are also a thing to consider.
Instead of presenting or spraying physical cash, a host can make available an array of gift vouchers with pre-set monetary value.
The guest gets to pay in cash and then ostensibly gift the voucher to the celebrant.
Beyond cash, the voucher could also entitle the host to redeem specific goods or services at their convenience.
Business
Governor Obaseki increases minimum wage to N70k, names Labour House after Oshiomhole
Godwin Obaseki, governor of Edo, has announced a new minimum wage of N70,000 for civil servants in the state.
The governor made the declaration on Monday while inaugurating the Labour House.
Obaseki named the Labour House after Adams Oshiomhole, senator representing Edo north and former governor of the state.
The new minimum wage regime in Edo will take effect from May 1, 2024, the governor said.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have been agitating for a new minimum wage for workers across states, on the back of economic reforms by the President Bola Tinubu administration.
The removal of subsidy on petrol and unification of the forex windows in 2023, immediately led to food inflation and a spike in the prices of other goods and services.
The national minimum wage has been pegged at N30,000 since April 18, 2019. However, this sum has been described as “grossly inadequate” and “poverty wage” in the face of prevailing economic hardship.
There are insinuations that a new national minimum wage will be announced by the president on May Day.
Business
FG, Bill Gates propose digital identity platform to ease tax collection
Bill Gates, former chief executive officer (CEO) of Microsoft, says he is working with the federal government (FG) on an identity technology platform for easy tax collection.
Gates spoke during a meeting with President Bola Tinubu on the sidelines of the World Economic Forum (WEF) in Saudi Arabia on Sunday.
According to a statement by Ajuri Ngelale, the presidential aide, Gates said the technology would help with payment efficiency and also make tax collection easier.
“We are working with Mr. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, on digitisation,” Gates said.
“Before you came into office, there were a few things attempted in identity management. But they have been very scattered. There have been multiple identification systems.
“Now, there is a plan to take that technology called MOSIP and use it for this identification platform so that people can get digital benefits. We are providing support for that, and we can provide more support.
“With MOSIP ID, there is potential application in all government payment programmes.
“It helps with payment efficiency and bank accounts, and eventually, when everyone is using that, it makes tax collection easier.
“That benefit will take a few years. However, there will be more bank accounts, more financial inclusion, and effective government payment programmes.”
Also the co-chair of the Bill and Melinda Gates Foundation, the businessman said Nigeria has the capacity to manage “this system and related-technological systems as the nation brims with talented youths”.
In his remarks, Tinubu said his administration will look into the technology proposed and work on it further.
‘TECHNOLOGY, A POTENTIAL WEAPON AGAINST CORRUPTION’
He said technology is a potent weapon against corruption and financial impropriety in public service.
The president reiterated his unwavering commitment to providing reliable technology that will support a national consumer credit system and many other critical interventions for all Nigerians.
He said resistance is often expected when efforts are made to strengthen systems and forestall malfeasance.
“Technology is the enemy of fraud, corruption, and irregularity. We have been working hard on improving technology,” Tinubu said.
“There is always the initial resistance.
“Corruption, self-interest, and fraudulent activity will always be an enemy, but when you bend that curve, you will receive the benefit. The nation will receive the benefit.”
Recounting how he deployed technology to enhance the revenue base of Lagos state during his time as governor, Tinubu said his administration must invest in technology, especially as the state aims to achieve a trillion naira revenue target.
Business
Naira is depreciating because I was out of the country, says Odumeje
Chukwuemeka Ohanaemere, the self-styled Onitsha-based pastor better known as Odumeje, says he will stop the naira from further depreciating against the dollar.
Odumeje spoke at the airport when he returned from London.
The cleric travelled to the UK earlier this month to host a comedy show. He often boasts that he possesses a plethora of spiritual powers, which he releases periodically to fix issues plaguing society.
He had boasted of being behind the naira’s appreciation with one of his powers, when the currency gained 12 percent against the dollar in early April, building on a 14 percent surge in March.
On Friday, the naira depreciated to N1,320 to the dollar at the parallel market.
At the official window, the local currency depreciated by 2.24 percent to N1,339.23 against the dollar on Friday, from N1,309.88 on April 25.
However, Odumeje said he is back to stop the naira’s slide like he has always done.
“This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you ‘I will bring down the dollar’ and gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped,” Odumeje said.
On April 8, the local currency strengthened to N1,120 to the dollar at the black market and N1,230 at the official window.
Odumeje had taken credit for the naira’s appreciation at the time.
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