What alternative banking services do crypto businesses offer? Here’s what is happening in the fast-growing crypto finance industry, a sector that has officials in Washington sounding alarm bells. Responding, the Permanent Secretary said subsidiary arrangement have been made with all the states involved through signing of required agreement.The development of Bitcoin and thousands of other cryptocurrencies in a little over a decade has changed the definition of money - and spawned a parallel universe of alternative financial services, allowing crypto businesses to move into traditional banking territory. They therefore asked the Permanent Secretary to explain how the idea was arrived at and how it will be implemented. Other members of the committee including Senators Adelere Oriolowo and Abba Moro also faulted the Ministry for coming up with such frivolous proposal.Īccording to the duo, the N450million already budgeted for fighting malaria in the reported vulnerable areas was enough. “Washington or whatever creditor offering the loan, should stop giving us money with one hand and taking it back with another hand through railroaded spending”. “This is a clear case of money and jobs for the boys by creditors luring you for loans and railroading you on what it should be spent on. “Don’t we have local manufacturers of mosquitoes nets and malaria drugs in Nigeria to patronise with the loan even if approved? We should be able to put our feet down when dealing with these donor agencies or creditors as regards loans to be taken and what it should be expended on. The Chairman of the committee wondered why N450million was budgeted for Malaria treatment in the proposed 2022 budget and yet, plans being made to borrow $200m for the same purpose Reacting to the Permanent Secretary’s submission, Chairman of the committee, Senator Ibrahim Oloriegbe and members, took on the Permanent Secretary and the Executive Secretary of National Primary Health Care Development Agency (NPHCDA), Dr.Faisal Shuaib. Īccording to him, the loan if approved by the National Assembly and accessed, will be used to medically fight malaria in the 13 orphan states which cover 208 local government Councils and 3, 536 primary health care centres. Mamman had in his presentation during the 2022 budget defence session submitted that due to high rate of under 5 mortality in Nigeria largely caused by Malaria and inaccessibility to malaria treatments by residents of 13 vulnerable states in the country, the $200m loan has become very necessary.
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