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N75bn MSMEs Loan Scheme’ll diversify economy – FG

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The Federal Government, says the N75b Loan Scheme for Micro, Small, and Medium Enterprises (MSMEs) will diversify the Nigerian economy, create jobs, promote value-addition, revitalize communities, and boost exports.

The Minister of Information and National Orientation, Alhaji Mohammed Idris, made this known at the Town Hall meeting on the loan on Tuesday in Abuja.

According to Idris, the town hall meeting is one of the most important business support policies of the President Bola Tinubu administration.

He said that the development is another concrete manifestation of the unwavering determination of Tinubu to fulfill the Renewed Hope Agenda that remains the centre of his governing vision for Nigeria.

Idris maintained that the first of the eight pillars of that agenda is focused on delivering robust economic growth, adding that small and medium-sized businesses are the engine of the Nigerian economy.

According to him, a 2021 National Bureau of Statistics reports that more than 95 per cent of all the businesses that exist in Nigeria are Nano, Micro, Small and Medium Enterprises (NMSMEs).

“And collectively, they employ over 80 per cent of the nation’s labour force, and contribute close to half of national Gross Domestic Product.

“It is very clear therefore that, when we invest in our NMSMEs, we are oiling the engine of national prosperity.

“The first phase of this 200 billion Naira Federal intervention, amounting to N50 billion disbursed as one-off conditional grants, was targeted at the Nano-businesses segment of the NMSMEs.

“Now, this second phase, of N75 billion, is targeting the MSMEs.

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“These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses.

“The goal is to further diversify the Nigerian economy, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows,” Idris said.

The minister also stressed that the federal government was keen to ensure that those targeted support programmes would go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms.

He added that the reforms are being implemented to put the country back on the track of sustainable growth and prosperity.

“We will stop at nothing to reposition Nigeria for rapid economic growth, and in doing this, we will prioritize our hardworking and energetic entrepreneurs, in every part of the country.

“Let me now make this very important point, to all  potential beneficiaries, that you have to confidently put in your application for you to stand a chance of benefiting.

“This is a government of equal and fair opportunities for everyone.

“I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency that the President is determined to entrench in governance in Nigeria.

The News Agency of Nigeria reports that the town hall meeting attracted stakeholders from the presidency, banking and economy sector. (NAN)

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National

Nigeria, Others Get Hit As U.N. To Cut 20% Staff Capacity

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The United Nations Office for the Coordination of Humanitarian Affairs has listed Nigeria and nine other countries as countries to be affected as it will cut 20% of its staff due to a shortfall of $58 million.

The U.N. aid chief Tom Fletcher revealed this as he briefed staff after OCHA’s largest donor – the United States – cut funding.

“OCHA currently has a workforce of around 2,600 staff in over 60 countries. The funding shortfall means we are looking to regroup to an organization of around 2,100 staff in fewer locations,” Fletcher wrote in a note to staff on Thursday, as reported by Reuters.

OCHA works to mobilise aid, share information, support aid efforts, and advocate for those in need during a crisis. It relies heavily on voluntary contributions.

“The U.S. alone has been the largest humanitarian donor for decades, and the biggest contributor to OCHA’s programme budget,” Fletcher said, noting that its annual contribution of $63 million would have accounted for 20% of OCHA’s extrabudgetary resources in 2025.

Since returning to office in January for a second term, U.S. President Donald Trump’s administration has slashed billions of dollars in foreign assistance in a review that aimed to ensure programs align with his “America First” foreign policy.

Fletcher said OCHA would “focus more of our resources in the countries where we work,” but would work in fewer places.

“OCHA will scale back our presence and operations in Cameroon, Colombia, Eritrea, Iraq, Libya, Nigeria, Pakistan, Gaziantep (in Turkey) and Zimbabwe,” Fletcher said.

“As we all know, these exercises are driven by funding cuts announced by Member States and not by a reduction of needs,” he said. “Humanitarian needs are on the rise and have perhaps never been higher, driven by conflicts, climate crises, disease, and the lack of respect of international humanitarian law.”

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U.N. Secretary-General Antonio Guterres last month announced a new initiative to improve efficiency and cut costs as the world body turns 80 this year amid a cash crisis.

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Explosion Kills Seven, Injures Several Commuters In Borno

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The explosion followed an Improvised Explosive Device (IED) planted by Boko Haram terrorists on the dilapidated and deserted road which passes through the Sambisa forest.

According to several sources, the explosion happened while cars on a scheduled military-escorted convoy were transporting passengers from Damboa to Maiduguri on Saturday leaving several others with varying degrees of injuries.

The Maiduguri-Damboa Road links Maiduguri to several local government areas in Southern Borno and has been a hotspot for Boko Haram terrorists for over a decade.

The road was closed to vehicles and commuters until the administration of Babagana Zulum opened the road for passengers to travel to Damboa, Chibok and other LGAs in southern Borno with the help of a military convoy serving as security cover for the commuters.

The convoy traverses the road two times a week after scanning for IED by the military and this has been going on for over two years now.

The injured persons whose numbers are yet to be specified have been conveyed to a hospital in Maiduguri for prompt medical attention.

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Nigeria’s oil reserves stand at 37.28bn barrels, gas hit 210.54 tcf – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.

The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.

The News Agency of Nigeria (NAN) reports that the figure is against the 37.50 bb of proven crude oil reserves and proven natural gas reserves 209.26 tcf recorded in 2024.

Komolafe said the Associated Gas and Non-Associated Gas reserves stood at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

According to Komolafe, the commission in keeping with its mandate as enshrined in the Petroleum Industry Act (PIA 2021), is committed to driving the efficiency and effectiveness of the upstream oil and gas sector.

He assured enhancing the growth of oil and gas reserves towards ensuring sustainable increase in production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term.

“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows:

“Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a total of 37.28bb.

“Associated Gas and Non-Associated Gas reserves stands at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

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“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.

“In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the total oil and condensate reserves of 37.28bb.

“And total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,’’ he said. (NAN)

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