Connect with us

Published

on

FG Commence Disbursement Of N50b Grants To Small Business Owners—The Federal Government, FG, says it has started disbursement of N50,000 grants to nano business entrepreneurs.

Dr Doris Uzoka-Anite, Minister for Industry, Trade, and Investment, verified this over the weekend, stating that no fewer than 200,000 small business owners have received the payment.

According to her, 800,000 others will receive their incentives before the program ends on May 31.

This will raise the total number of beneficiaries to 1,000,000 Nigerians, split across 774 local government areas.

She explained that about 3.6 million applications were received out of which the beneficiaries were selected randomly from among those who met the conditions.

The minister said N50 billion is available in the 2024 budget for disbursement.

The programme is one of the palliative measures announced by President Bola Ahmed Tinubu in a broadcast on July 31, last year to cushion the pains of petrol subsidy removal.

The President, in the broadcast, said: “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector.”

In the broadcast, the President also announced that 75 manufacturing firms will be given N1 billion single-digit interest loans each to reflate their businesses.

Dr. Uzoka-Anite, in response to enquiries by our reporter, said: “The application portal was closed at midnight on April 17. The portal had to be closed due to an overwhelming number of applications totalling over 3.6 million.

“The Bank of Industry is ensuring transparency and accountability in the N50 billion disbursement using NIN, BVN and bank account details for verification to prevent duplication.

“They will also perform physical enumeration to re-verify information, including taking photographs of beneficiaries.

“The time frame for disbursement is the end of May 2024. The requirement for determining the beneficiaries is not based on particular criteria. The goal is to reach 1,290 beneficiaries per local government area across the country totalling one million people.”

On why many of the beneficiaries have not been reached, she explained: “We acknowledge that some of the beneficiaries are getting alert while others are not.

“The disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN.

“The selection is random and without human intervention from those who have passed their NIN and BVN verification.

“For an applicant to know if they are verified, they will get to know through publications. The verification is a digital process.

“Individuals will not need to be contacted after verification but the disbursement will happen automatically if they are passed.”

She ruled out the possibility of giving the grant to all the 3.6 million applicants, saying: “It is not all the 3.6 million applicants that will receive alerts. The goal is to ensure one million of them get the N50,000 grants.

“N50 billion is the threshold of the amount budgeted for nano businesses in 2024. We cannot verify and pay everyone at the same time.

“The process has been thorough and time-consuming, conducted in batches to minimise errors.”

The minister added that the grants have been issued in all states, proceeding with one local government at a time and the disbursement is based on verified applications – state by state, local government by local government.

On whether the list of beneficiaries would be published at the end of the process for transparency, she said: “Yes, the list will be available, with the option to check the status via BVN and last name.”

On the possibility of extending the scheme to allow more beneficiaries, the minister said: “Currently, there are no plans for another grant. The decision for any further aid will depend on the President’s discretion.”

Following the withdrawal of the petrol subsidy, the Federal Government has introduced different categories of palliatives, including giving out grains to Nigerians through governors and federal lawmakers.

It has also made available cash disbursement, giving each of the states N2 billion to be made available to vulnerable Nigerians.

Federal workers have also collected N35,000 in wage awards made available for six months.

Many states have given wage awards to their workers in addition to other palliatives.

Last month, the Federal Government said the plan to bring in Compressed Natural Gas (CNG)-powered buses would materialise before the end of this month.

0Shares
Continue Reading
Click to comment

Leave a Reply

Breaking

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

Published

on

Dangote Refinery Hikes Petrol And Diesel Prices

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

0Shares
Continue Reading

Economy

ECOWAS Bloc Achieves 4.6% Growth Amid Global Economic Headwinds – Dr Omar

Published

on

ECOWAS Bloc Achieves 4.6% Growth

ECOWAS Bloc Achieves 4.6% Growth Amid Global Economic HeadwindsDr Omar—-ECOWAS President, Dr Omar Touray, says the bloc recorded 4.6 per cent economic growth in 2025, in spite of global economic challenges, and envisages 5 per cent growth in 2026.

Touray disclosed this on Thursday in Abuja during a meeting with development partners, while highlighting the commission’s 2025 Annual Report.

He said that ECOWAS outperformed the continental average in 2025 through structural reforms, rising investment in mining and energy, improved regional trade facilitation, and a strong rebound in services, transport and tourism.

“This robust performance is driven by structural reforms, rising investment in mining and energy, improvement in regional trade facilitation and a strong rebound in services, transport and tourism,” he said.

According to him, inflation, though still elevated in some member states, has declined in others due to coordinated monetary policies and improved food supply conditions.

“Our fiscal deficits have narrowed significantly as governments strengthen revenue mobilisation and rationalise public expenditure,” Touray said.

“Our debt-to-GDP ratio has also declined modestly, reflecting strong nominal growth and improved macroeconomic management,” he said.

He noted that the sub-region’s external position remained sound, with a strengthened current account surplus, which is supported by high export earnings from oil, gold and bauxite.

“We are meeting at a time when the global economy is undergoing profound transformation.

“Geopolitical tensions, restructuring of supply chains and the rapid acceleration of digital and green transitions continue to reshape the global economic system,” he said.

He further noted that global growth slowed in 2025 and uncertainty remained high, even as inflation eased slightly, but said Africa had continued to demonstrate resilience.

“Yet in the midst of these global headwinds, Africa continues to demonstrate remarkable resilience.

“Growth is recovering, inflation is declining, and political stability has improved in a number of countries,” the commission’s president said.

Touray said that peace and security remained at the core of the bloc’s mandate, adding that ECOWAS intensified preventive diplomacy, mediation and democratic support across the region in 2025.

“Peace and security remain at the heart of our mandate, because insecurity in parts of the region remains a major concern,” he stressed.

He said that ECOWAS would continue to manage the implications of the withdrawal of its three Sahel State members Burkina Faso, Mali and Niger, while keeping channels open for constructive engagement.

Touray disclosed that the ECOWAS Committee of Chiefs of Defence Staff completed the rotation of the Standby Force and reinforced preparations for both the Standby Force and the 1,650 strong Counterterrorism Brigade.

He said progress was made in combating organised crime and terrorism, with ECOWAS formally taking over the West Africa Police Information System after 12 years under Interpol.

He, however, noted that the reduced cooperation with the Alliance of Sahel States owing to their exit had complicated counterterrorism efforts.

“While attacks declined slightly, fatalities increased due to the rising use of improvised explosive devices,” Touray said.

On governance, Touray said ECOWAS supported several member states, including Côte d’Ivoire, Guinea and Guinea-Bissau, in electoral preparations, transitions and reforms.

He said the bloc recorded steady progress in economic integration, including the launch of the second phase of the pre-movement and migration project and validation of the ECOWAS Visa Online approach.

“Seven of our member states are now implementing the ECOWAS National Biometric Identity Card, and the most recent one is the Federal Republic of Nigeria,” he said.

Touray said ECOWAS’ support for women and youth yielded results, with more than 1,300 small-scale cross-border traders and 50 women-led SMEs benefiting from capacity-building programmes, while digital skills training expanded opportunities for rural women.

According to him, the commission committed about 8 million dollars to humanitarian emergencies and disaster risk reduction, while drug rehabilitation services expanded to 10 centres across the region.

On regional infrastructure and energy, the commission’s president said ECOWAS mobilised over $42 million for regional road network preparatory studies and advanced preparations for the Praia–Dakar–Abidjan Corridor, supported by the African Development Bank.

He reaffirmed ECOWAS’ zero tolerance for unconstitutional changes of government.

“There is now zero tolerance for anti-constitutional behaviour in the region.

“ECOWAS stands for no coups, and we will continue to maintain that position,” he said.

On recent political developments in Guinea-Bissau, he called for a short transition led by an inclusive government with a limited mandate to undertake constitutional and electoral reforms.

Touray also announced that sanctions on the Republic of Guinea had been lifted following satisfactory elections in country.

“This is the first time since my arrival in ECOWAS that I am sitting in front of the Ambassador of Guinea in an ECOWAS meeting.

“Guinea has been welcomed back as a full-fledged member of ECOWAS,” he said.

While expressing satisfaction with developments in the sub-region, Touray said it was gratifying to note that the bloc remained on course, in spite of the formidable challenges it faced in 2025,.

“The progress outlined reflects the resilience, determination and unity of our community.

“The vision of a peaceful, prosperous and fully integrated West Africa remains within reach,” he added.(NAN)

0Shares
Continue Reading

Trending

0Shares