Tag: FG Intervention Fund

SERAP gives Okowa, Wike, other Govs. 7 days to disclose spending of N625bn Derivation Refunds

Aminu Imam

The Socio-Economic Rights and Accountability Project (SERAP) has asked Rivers State Governor, Nyesom Wike and other governors to disclose the spending of the oil derivation refunds of N625bn recently paid to them by the Federal Government. Recall that the President Muhammadu Buhari-led administration recently paid N625.43 billion oil derivation refunds to the governors of Abia, Akwa-Ibom, Bayelsa, Delta, Edo, Rivers, Ondo, Imo and Cross River states. The payments covered 13 percent oil derivation, subsidy and SURE-P refunds from 1999 to 2021. In an issued statement yesterday, SERAP’s Deputy Director, Kolawole…

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CBN recovers N3.7tr out of N9.3tr intervention funds from Nigerian businesses

Aminu Imam

The Central Bank of Nigeria (CBN) has recovered N3.7 trillion out of the N9.3 trillion it lent to different sectors of the economy under its development interventions programme. This was disclosed by the Director of Development Finance Department, Dr. Yusuf Yila, yesterday in Abuja, at a briefing of the 287th meeting of the CBN’s Monetary Policy Committee. He pointed out that over N5 trillion worth of loans were not due yet because of subsisting moratorium, and stressed that the Bank would ensure that it recovers every outstanding loan and deploy…

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“I did not divert intervention funds to Bauchi Guber politics” – Embattled Humanitarian Affairs Minister

Aminu Imam

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiyya Umar Farouq, has denied diverting funds meant for the various government intervention programs to Bauchi State for political purposes. The minister’s husband, former Chief of Air Staff, Air Vice-Marshal Saddique Abubakar, (rtd), is the governorship candidate of the All Progressives Congress (APC), in Bauchi State. The embattled Minister also denied abandoning her office and relocating to Bauchi to push the political interest of her husband who is contesting the 2023 governorship of Bauchi state. Sadiyya Umar Farouk was reacting…

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FG resumes conditional cash transfer payments to Kebbi beneficiaries

Aminu Imam

The Federal Government says it has resumed payment of over N9.24 billion to 76,107 beneficiaries of Conditional Cash Transfer, (CCT), programme across the six local government areas in Kebbi State. The National Coordinator of the programme, Halima Shehu, announced this during a courtesy visit to the State Governor, Atiku Bagudu, in Birnin Kebbi. She apologised for the delay in the payment which started in September to October 2019, saying it was due to circumstances beyond her control. “As at now, payment to CCT beneficiaries is ongoing in the state. A…

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Farmers not repaying loans; believe it’s ‘national cake’ – CBN laments

Aminu Imam

The Central Bank of Nigeria, (CBN), has lamented that farmers refuse to pay back the loans obtained under the Anchor Borrowers’ Programme (ABP), believing it’s ‘national cake’. A spokesperson for CBN, Sadeeq Ajayi, said, “Many of the farmers refused to pay back their loans due to misconception that since CBN is the lender, the loan is a ‘national cake’ and they do not have to pay back what they consider theirs as citizens”. Ajayi said their refusal to pay back the loans has made it difficult for others to access…

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‘FG’s N1.3tr electricity intervention fund didn’t produce desired result’ – Zainab Ahmed

Aminu Imam

The minister of finance, budget, and planning, says the Federal Government’s N1.3 trillion Power Sector Intervention Fund had failed to produce any major results. While speaking at the World Bank Development Update, the penultimate week, the Minister of Finance, Budget and National Planning, the minister specifically mentioned that the stipend would be given to about 30 to 40 million poor Nigerians. Recall that as a part of the several electricity intervention efforts of the Federal Government, the sum of N701 billion was approved as a power guarantee fund for the…

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Covid-19: Stakeholders demand transparency in utilisation of N500bn stimulus fund

Aminu Imam

Key stakeholders in Nigeria’s health sector have demanded transparent and accountable utilisation of the N500 billion stimulus funds donated by the International Monetary Fund, (IMF), to Nigeria, to help combat Covid-19 related issues. The African Health Budget Network, (AHBN), coordinated by Aminu Magashi, has said every of the Federal Government’s Covid-19 fund and recovery plan touches the lives of all Nigerians, and as such, the public should be adequately informed on how each kobo is utilised. Speaking during a two-day annual conference of the Association of Health Journalists (ANHEJ), in…

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FG spends N500b yearly on poor, vulnerable Nigerians – Minister

Aminu Imam

…’Despite measures, 90m still in abject poverty’ – CSOs The Federal Government has injected over $1 billion (about N500 bn) into the National Social Investment Programme, (NSIP) yearly geared towards positive change in the lives of the poorest and most vulnerable in the country. The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiyya Umar Farouq, disclosed this yesterday in Abuja, while flagging off a programme aimed at training 1,850 youths from across the country on Point-of-Sale (POS) business. According to the minister, the training will enable the beneficiaries…

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Budget 2022: FG plans to spend N863bn on poverty reduction, social intervention programmes

Aminu Imam

The Federal Government has appropriated the sum of N863 billion for its various intervention programmes for the fiscal year ended December 2022, representing 5.3% of the N16.39 trillion budgeted for the year. The Special Intervention programmes cover National Poverty Reduction plans, including the upscaling of National Social Investments Programmes, (NSIP), amongst other special interventions. A breakdown shows that under the capital supplementation, the FG intends to spend N410 billion on its national poverty reduction including upscaling of NSIP, which was set up in 2016, to tackle poverty and hunger across…

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Eight million Nigerians, 1.6m households enjoying FG’s conditional cash transfers – Buhari

Aminu Imam

…Says scheme biggest in Africa President Muhammadu Buhari has listed eight million Nigerians and 1.6 million households as the number of beneficiaries currently enjoying the Federal Government’s Conditional Cash Transfer Programme, (CCTP), a scheme designed to tackle blooming poverty that is ravaging a vulnerable populace. President Buhari, who spoke virtually during the opening ceremony of the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria, (CIBN), revealed that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and…

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