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Federal Government unveils ₦150 billion grant initiative to mitigate fuel subsidy removal impact on businesses

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Federal Government unveils ₦150 billion grant initiative to mitigate fuel subsidy removal impact on businesses

In a significant move to alleviate the economic repercussions of the fuel subsidy removal, the Federal Government has announced the commencement of its Presidential Palliative Programme, which includes the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, with a total disbursement of ₦150 billion.

 

Dr. Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, disclosed that the ₦150 billion under the Presidential Palliative Loan Programme would be distributed to various businesses. The allocation breakdown indicates that micro, small, and medium-sized enterprises (MSMEs) across different sectors would receive ₦75 billion, while manufacturers would also benefit from ₦75 billion. Notably, the loan will be administered at a single-digit interest rate of nine percent per annum.

 

Under the Presidential Conditional Grant Programme, nano businesses operating across the 774 local government councils are set to receive ₦50,000 each as grants from the Federal Government.

 

The statement outlined specific eligibility criteria for both programs. MSMEs can access loan facilities of up to ₦1 million, with a repayment period of three years. Meanwhile, manufacturers have the opportunity to secure up to ₦1 billion for working capital, with a repayment span of one year for working capital or five years for the purchase of machinery and equipment.

 

Collaboration between the Federal Ministry of Industry, Trade, and Investment, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), state and local governments, federal legislators, federal ministers, banks, and other stakeholders is integral to the successful implementation of these initiatives.

 

In order to qualify for the grants, nano business beneficiaries must be willing to provide proof of residential/business address in their local government area, along with relevant personal and bank account information, including their Bank Verification Number for identity verification.

 

The press release also recalled President Bola Tinubu’s nationwide broadcast in July, where he outlined plans to inject funds into Nigeria’s SMEs. The President expressed his commitment to initiating payments between July 2023 and March 2024, aiming to bolster the manufacturing sector and stimulate economic growth.

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EFCC, NUPENG Join forces against oil theft

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The National Union of Petroleum and Natural Gas Workers, (NUPENG)is seeking a collaboration with the Economic and Financial Crimes Commission, (EFCC)to fight the scourge of illegal oil bunkering in the country.

 

 

The President of the Union, William Akporeha made the request when he led members of his executive to the corporate headquarters of the EFCC in Abuja.

 

 

 

Akporeha, who commended the EFCC boss for repositioning the anti-graft agency on the path of professionalism and rule of law, stressed the need to sanitise the oil and gas industry.

 

 

Akporeha itemised some of the challenges involved in the movement of petroleum products across the country, pleading with the EFCC to always come to the aid of truck drivers experiencing difficulties in the course of their works.

 

 

 

In his response, Olukoyede said it is important that major players in the oil and gas sector collaborated with the EFCC to confront the National Economic sabotage in the sector.

 

 

 

He assured members of the union that the Commission would not arrest or detain any truck or driver who did not dabble into shady deals, noting that the process of profiling suspected oil thieves and evaluation of petroleum products involved are often long drawn.

 

 

Olukoyede promises to continue to work with every stakeholder in the oil and gas sector to ensure sanity in their operations.

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Kidnap kingpin, Boderi, feared killed as troops battle terrorists in Kaduna

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Troops of the Nigerian Army operating in 1 Division area of responsibility have neutralised some insurgents and recovered more firearms and ammunition in encounters with the criminals in the General area of Igabi, Giwa and Birnin Gwari Local Government Areas of Kaduna State.

 

A Statement by the Army spokeperson, Major General Onyema Nwachukwu said a notorious terrorist, Boderi, who orchestrated many high profile kidnappings including those of the Yauri school girls, Greenfield University students and the Nigerian Defence Academy attack may have been killed alongside another kingpin, Bodejo in the ambush.

 

The statement said while on a fighting patrol along Maganda-Dausayi – Mugaba axis, troops came under fire from insurgents who employed rustled herds of cattle as shields while they engaged the troops with direct fire. Two of the terrorists were killed in the process and arms as well as other items including 1 Techno phone, 3 Hilux vehicles and motorcycle keys, wraps of substance suspected to be marijuana, tramadol tablets and the sum of 13,200 Naira only, were recovered.

 

Also, during the encounter, some of the rustled livestock used as shield by the insurgents were caught in the crossfire. Troops are still on the trail of the fleeing insurgents and remain resolute on ridding the area of armed violence according to the army.

 

In a separate operation, conducted by troops of 1 Division of the Nigerian Army on Wednesday 22 February 2024, the troops successfully ambushed marauding insurgents along the Bada – Riyawa axis on the Kaduna – Birnin Gwari Road. In the encounter, troops killed 6 insurgents and recovered arms and 19 motorcycles which were destroyed.

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Senate confirms Cardoso Chairman, CBN’s Monetary Policy Committee, 11 others as members

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The Nigerian Senate has confirmed the appointment of Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of the Monetary Policy Committee alongside eleven others.

 

 

The confirmation follows the adoption of a report of the committee on Banking and other Financial Institutions presented by its chairman Adetokunbo Abiru (APC Lagos East).

 

 

Abiru, in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee.

 

 

Abiru further stated that the Senate Committee on Banking did not receive any petition against the nominees.

 

 

He added that the nominees were all cleared by the Nigeria Police Force and the State Security Services and possessed the Code of Conduct Bureau acknowledgment slip.

 

 

 

Other lawmakers in their submission charged the newly confirmed Members of the MPC to come up with proper economic policies to salvage the current situation in the country.

 

 

Those confirmed are CBN Deputy Governors, Mohamed Sani Abdullahi , Bala Bello, Emem Usoro and Philip Ikeazor.

 

 

Others are the Director General, Security and Exchange Commission (SEC), Lamido Yuguda, Permanent Secretary Ministry of Finance, Jafiya Shehu, murtala Sabo Sagagi, Aloysius Uche, Aku Paulin, Mustapha Akinwumi and Bandele Amon.

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