Connect with us

News

Fuel Subsidy: FG to commence disbursement of N125bn grants to SMEs, manufacturers

Avatar

Published

on

The federal government has announced its impending initiation of the disbursement of funds through the N125 billion Presidential Palliative Programme. The aim of this program is to mitigate the repercussions of the elimination of fuel subsidies. Doris Uzoka-Anite, the Minister for Industry, Trade and Investment, revealed in a statement on Sunday that the initiative comprises the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

Under the Presidential Conditional Grant Programme, the federal government intends to distribute N50,000 to nano businesses operating across the 774 local government areas. Uzoka-Anite detailed the collaborative efforts between the Federal Ministry of Industry, Trade and Investment, Small and Medium Enterprises Development Agency of Nigeria, state and local governments, federal legislators, federal ministers, banks, and other stakeholders in implementing the program. Eligible nano business beneficiaries are required to furnish evidence of their residential/business address in the local government area and provide pertinent personal and bank account information, including the Bank Verification Number for identity verification.

Moreover, the initiative plans to allocate N75 billion to micro, small, and medium-sized enterprises (MSMEs) across diverse sectors, and an additional N75 billion specifically earmarked for manufacturers. The loan facilities will be administered at a favorable single-digit interest rate of nine percent per annum. MSMEs can access loans up to N1 million with a three-year repayment period, while manufacturers can access up to N1 billion for working capital with a one-year repayment period or five years for the acquisition of machinery and equipment.

In July, President Bola Ahmed had unveiled the plan to disburse N125 billion to SMEs and MSMEs operating across the 744 local governments in Nigeria.

News

Gov Yusuf reappoints Sanusi as Emir of Kano, orders ex-monarchs 48 hours to vacate seats

Avatar

Published

on

Governor Abba Kabir Yusuf has approved the reappointment of Emir Muhammadu Sanusi II as Emir of Kano under the new laws.

The governor has given former emirs 48 hours to vacate their palaces and hand over Emirate Council properties to the Commissioner of Local Government, who also serves as State Deputy Governor.

Governor Abba Kabir Yusuf of Kano State has signed the Kano Emirates Bill 2024 into law, repealing the 2019 Emirate Councils Law that altered the state’s over 1000-year history.

By signing the bill, the governor declared that the 2019 law has been repealed and is now history.

The signing was attended by the Speaker of the State Assembly, Ismaila Falgore, Deputy Governor Aminu Abdussalam, Secretary to the State Government Abdullahi Baffa Bichi and others.

Advertisement

The State Assembly has fulfilled one of its constitutional roles by signing the bill into law.

CREDIT: DAILY POST

Continue Reading

News

Europa League: Lookman nominated for Player of the Week

Avatar

Published

on

Ademola Lookman has been nominated for the UEFA Europa League Player of the Week. The Nigerian international delivered an outstanding performance, scoring a hat-trick in Atalanta’s 3-0 win over Bayer Leverkusen on Wednesday night.

His teammates, Davide Zappacosta and Ederson, have also been nominated for the award.

Additionally, Bayer Leverkusen defender Piero Hincapie is in the running for the accolade.

Lookman previously won the Player of the Week award during Atalanta’s semi-final victory against Olympic Marseille, where he recorded a goal and an assist in the second leg of the match.

Continue Reading

News

National Council on Sports: Tinubu lauds Mbah over safe environment, support

Avatar

Published

on

Nigeria’s President, Bola Tinubu, praised Enugu State Governor, Dr. Peter Mbah, for creating a safe and conducive environment for the country’s sports stakeholders to gather for a national sports council meeting. Tinubu commended Mbah’s commitment to promoting sports, highlighting his administration’s satisfaction with these efforts.

Governor Mbah announced that his administration has partnered with the private sector to develop a state-of-the-art sports park aimed at enhancing sports development and talent discovery in the state.

During the inaugural National Council on Sports (NCS) meeting held in Enugu on Wednesday, President Tinubu, represented by the Minister of Special Duties, Hon. Zaphaniah Jisalo, emphasized the significant role sports play in a nation’s development. He noted that sports are not only a form of entertainment and recreation but also a business that warrants substantial investment.

Speaking on the theme “Sports for National Unity and Socio-Economic Growth,” President Tinubu urged Nigerians to view sports as a means to foster unity, promote health, and drive economic growth. He highlighted the opportunities sports provide for young people to develop character, discipline, and leadership skills, and called for innovative approaches to enhance sporting potential, inclusivity, and equal opportunities for all Nigerians, regardless of gender, age, or physical ability.

Governor Peter Mbah emphasized that sports serve as a powerful unifying tool, transcending tribe, language, and creed. He highlighted Enugu’s rich sporting heritage, including the achievements of Rangers International Football Club, and urged stakeholders to invest in the sports industry through effective partnerships.

Advertisement

Mbah stressed the significant economic impact of sports globally and encouraged both public and private sector investment in the industry. He noted that his administration’s partnership with private investors to build a state-of-the-art sports park would provide a platform for youth talent discovery and sports enthusiasm. The facilities at the sports park will include training areas, athlete housing, and a physical therapy and sports medicine center.

Minister of Sports Development, Senator John Owan Enoh, remarked that Enugu was chosen to host the inaugural National Council on Sports due to its strategic importance in the nation’s sporting landscape. He emphasized the need for investment in sports infrastructure, talent development, and grassroots programs to nurture athletic talent, stimulate local economies, create jobs, and promote healthier lifestyles among Nigerians.

Continue Reading

Trending