COVID-19: Central Bank Of Nigeria Disburses N3trillion To Families, Farmers, Companies

The Governor, Central Bank of Nigeria (CBN) Godwin Emefiele says about N3trillion has been distributed to families, farmers, and companies to cushion the COVID-19 impact. He stated this in an interview with Arise TV at the 2021 Intra-African Trade Fair in Durban, South Africa. “Between 2020 and now, our data shows that we have disbursed at least N2trillion, almost N3trillion in loans to households, Micro, Small and Medium Enterprises, smallholder farmers, pharmaceuticals, and health institutions....

Nigerian States Receives New Bail-Out Fund Of N656.1 Billion

ABUJA — Mrs. Zainab Ahmend, Minister of Finance, Budget, and National Planning says the N656.1 billion new bail-out fund to state governments is to ensure that the economic recovery of the country is consolidated. The minister while speaking at the 2021 conference of the National Council on Finance and Economic Development (NACOFED) with the theme “Public Sector Finance Management in the New Normal (Post COVID -19)” said the government is working to ensure that the...

Kano State Government Supports 14,250 Small Holder Farmers

KANO — Over 14,250 small holder farmers received inputs under its Agro-Pastoral Development Project (KSADP), supported by the Islamic Development Bank (IsDB) from the Kano State government. Gov. Abdullahi Ganduje while speaking at the event in Kano said the empowerment was also to assist in ensuring food security in the state. “The inputs worth millions of naira for livestock fattening and reproduction schemes, were given to 3,000 women and youths while inputs for crop residue...

Nigeria Loses Rank as Africa’s Largest Oil Producer to Libya

Nigeria has lost its tank as the top Africa oil producing country to Libya as its crude oil production further fell last month amid lingering supply disruptions. This was according to a news report by the Organization of the Petroleum Exporting Countries (OPEC). According to the report, Nigeria told OPEC that its oil production fell to about 1.23 million barrels per day in October from about 1.23 million bpd in the previous month. This was...

DMO to Auction N150bn FGN Bonds

ABUJA — A total of N150 billion bonds will be offered for subscription in November on behalf of the federal government according to the Debt Management Office (DMO) In a circular issued on Thursday, the agency said the bonds will consist of three equal tranches worth N50 billion each. The tranche is a 10-year reopening which will mature in January 2026 at the rate of 12.50%; the second is a 20-year reopening which will mature...

ABUJA — Two loans of $16,230,077,718 and €1,020,000,000 requested by President Muhammadu Buhari has been approved by the Nigerian Senate. The upper legislative chamber also approved grant components of $125 million. According to the chairman of the Senate committee on local and foreign debts, Clifford Ordia, the projects for which funds had been requested for in the 2018-2020 borrowing plan are currently ongoing. According to him, these projects will stimulate a rebirth of commercial and engineering activities...

Minister Attributes Cost Of Foodstuff To Insecurity

Defence Minister, Bashir Magashi on Monday has attributed the rising cost of food prices is due to the prevalence of insecurity in the country. The minister who spoke to newsmen at the opening of a retreat for defence advisers/attaches organised by the Defence Intelligence Agency (DIA) in Abuja, said security agencies must explore all avenues within their respective systems to come up with innovative ways of confronting the challenges facing Nigeria. The Minister also stated...

Why Empowerment Can’t Tackle Unemployment — Sunday Dare

ABUJA — The minister of youth and sports development, Sunday Dare has said empowerment cannot be used to combat the problem of unemployment in the country. Speaking before the house of representatives committee on youth development on Monday, Dare indicated that the ministry has gone beyond offering empowerment programmes to investing in youths across the country. “We have a massive youths population, most of them waiting for opportunities for digital skills to upscale themselves, for...

Marketers Halt Importation of Cooking Gas as Price Jumps by 240%

LAGOS — Importers of Liquefied Petroleum Gas, popularly called cooking gas, have stopped importing the commodity. Investigations also show that the cost of the product increased by 240 per cent for 12.5kg, jumping from N3,000 to N10,200 between January and October. About 65 per cent of LPG is imported into Nigeria, while domestic production accounts for 35 per cent, hence the halt in imports could further shoot up cooking gas price if the situation is...

Agric Minister Says Nigeria Customs Cannot Fight Rice Smuggling Alone

Mohammed Abubakar, the minister of agriculture and rural development, has vowed to ensure that his ministry maintains a good relation with security agencies to reduce the illegal importation of rice through land borders. He said this at a meeting of the steering committee of the national task force on illegal importation. This is according to a statement from the ministry’s senior information officer, signed by Mabel Mbosire. Abubakar stated that the improvement of the rice...

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