Loans
Femi Falana: Old grazing reserves law applied only to northern states
Human rights lawyer, Mr. Femi Falana (SAN), has disclosed that the Grazing Reserves Act of 1964 which President Muhammadu Buhari was bent on reviving was only applicable to northern Nigeria in the 1960s. In a statement issued on Sunday and titled, ‘President Buhari Should Embrace Ranching,’ Falana argued that the Grazing Reserves Act of 1964 was not a law of general application because the “Western Region, Mid-Western Region and the Eastern Region had ranches for animal husbandry.” Falana, therefore, advised Buhari to promote ranching instead of attempting to revive grazing routes. The human rights lawyer stated that in 2016, the federal government announced that it had acquired 55,000 hectares of land in 11 states for grazing of cattle. “Shortly thereafter the federal government adopted c...
Presidency: Nigeria adopting best practices on debt management
The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, has said that Nigeria is adopting the best practices of sustainable loan debt management as the repayment plan of the debt is tied to the projects for which the loan is taken. Senator Ita Enang disclosed this while presenting the keynote address at the Chartered Institute of Taxation of Nigeria 2021 Fellow Conferment Ceremony recently in Lagos. Speaking of the topic “Nigeria Adopting Best Practices in External Borrowing and Debt Sustainability” the Presidential Aide noted that “all the terms and conditions of the loan are laid before the National Assembly and approved in details before execution. According to him,” this is to avoid the terms being approved by the National Assembly after th...
Senate committee gets 14 days to process President Buhari’s N2.343 trillion loan request
The Nigerian Senate has given its Committee on Foreign and Local Debts 14 days within which to process President Muhammadu Buhari’s request for a fresh ₦2.343 trillion ($6.183 billion) for approval. Senate President Ahmad Lawan gave the directive at the commencement of Tuesday’s plenary session shortly after the Senate Majority leader, Yahaya Abdullahi, drew the attention of the Senate to the pending request. The Senator Clifford Ordia-led Committee on Foreign and Local debt had approved a total of $28 billion so far. The current request will take the total loan approved to $35.683 billion. Buhari had urged the Senate to approve N2.3 trillion ($6.183 billion) external borrowing. He said the loan was to finance the 2021 budget deficit of N5.6 trillion. The President indicated that the loan ...
Edo to spend N3 billion on economic recovery programme
Edo state government will spend over N3 billion to implement the Covid-19 Action Recovery and Economic Stimulus Programme. The programme is a component of the Nigeria Cares World Bank Support Programme. The Permanent Secretary in the state Ministry of Wealth Creation, Cooperatives and Employment, Joel Edionwe, disclosed this while briefing journalists on Wednesday. He explained that the state government is to provide grants to support businesses affected during the Covid-19 lock-down. According to him, the total package the World Bank support programme for Nigeria is $750 million, adding that its implementation would run from 2021 to 2022. “What they will get from Edo state government is a grant to repay the loans they took for their businesses affected by the pandemic. We do not need to ...
May Day: Governor Masari lists gains of Katsina workers
Apart from various housing schemes for civil servants in the area, Katsina State Governor Aminu Bello Masari, on Saturday listed various other programmes designed for workers. As part of measures to reduce accommodation problems of workers, Governor Masari said that government had entered into partnership with some private developers through public private partnership with a view to providing affordable houses to workers. The governor spoke in a message he sent at a symposium as part of activities marking the 2021 May Day celebrations in Katsina. According to him, ‘under the owner-occupier housing scheme, government has identified 503 of the state houses accommodating serving civil servants and those who retired and approved the sale of the houses to them at subsidised and affordable rates...
Bayelsa: We won’t retrench workforce amid dwindling revenues – official
The Bayelsa state government has assured civil servants in the state that it had no plans to downsize the workforce, amidst dwindling revenue. The government said on Thursday that although it was contending with an unwieldy wage bill, it would seek alternative sources of revenue to shore up its finances. The Commissioner for Finance, Maxwell Ebibai, gave the assurance at the transparency briefing for the months of January and February 2021, in Yenagoa, the state capital. Newsmen report that under the state’s Bayelsa Transparency Law, it had become mandatory for the government to make public its income and expenditures on a monthly basis. Ebibai, said the state government received N6.8 billion for February, 2021, as net receipts from the Federation Account, after first line deductions, as a...
Ekiti reduces stake in Wema Bank
Ekiti State, one of the shareholders of Wema Bank Plc, has reduced its stake in the bank by 666.670 million from 1.191 billion shares. Ekiti, Oyo, Ogun, and Osun States are shareholders in Wema Bank. While Oyo, Osun, and Ogun held 666.670 million or 1.73 per cent each, Ekiti held 1.191 billion or 3.09 per cent as at December 31, 2019. But in a notification to the Nigerian Stock Exchange (NSE), signed by the Company Secretary of Wema Bank Plc, Johnson Lebile, the bank said Ekiti State Government sold 666.670 million shares at 65 kobo per share on the floors of the NSE, amounting to N433.336 million. According to the bank, the transaction took place between March 3 and 4, 2021. With the transaction, Ekiti State now holds about 524.1 million shares. Neem Tree Limited remains the majority shar...
AfDB approves $1.3 million grant for female financial inclusion research in Africa
The African Development Bank (AfDB) has approved two grants worth $1.3 million for research aimed at increasing women’s access to a range of digital financial services on the continent. In a statement on Monday, AfDB said the grants will be disbursed by Africa digital financial inclusion facility (ADFI), a blended finance vehicle supported by the bank. The grants will be disbursed to two fintech firms, Pula Advisors Kenya and M-KOPA Kenya. AfDB said Pula Advisors will use the $1 million for research of social and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia while M-KOPA will use the $300,000 funding for research involving 500 women and men in Kenya’s Kisumu, Eldoret and Machakos counties. It said findings from the research will inform th...
AfDB approves $1.3 million grants for women’s access to digital finance
The African Development Bank (AfDB) has approved two grants of $1.3 million for research aimed to increase African women’s access to a range of digital financial services, including loans and micro-insurance. According to a statement from the AfDB on Monday, the grants for $1 million and $300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI). ADFI is a pan-African initiative designed to accelerate digital financial inclusion throughout Africa. It is a blended finance facility of AfDB with two financial technology firms; Pula Advisors Kenya Ltd. and M-KOPA Kenya Ltd. Pula Advisors will use the $1 million for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia. Mor...
Osun governor seeks government-citizens parley on security
Osun State governor Adegboyega Oyetola has urged the citizens to rally support for the government to protect the state against any form of security challenge. This was made known today while the Special Adviser to the Governor on civic engagement, Olatunbosun Oyintiloye, visited Isale – Agbe community in continuation of the community engagement tour organized by the government. Speaking on behalf of the Governor, Oyintiloye reiterated that the only way by which insecurity could be defeated is through collective efforts of all communities in the state. “It’s generally believed that insecurity has become a topical issue in the national discourse, hence the need to pursue it as a common cause and work towards a society that is free of threat and violence. “As we are all aware, Osun remains on...
Energy firms’ bank debts rise to N5.94 trillion
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019. The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019, the CBN data showed. Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N393tn as of December, up from N3.42t...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...