Connect with us

Economy

Central Bank of Nigeria Increased the Targeted Credit Facility (TCF) to N300 Billion to Accommodate More Beneficiaries

Published

on

Godwin Emefiele - Investors King

The Central Bank of Nigeria has increased the size of the Targeted Credit Facility (TCF) to accommodate more beneficiaries and cushion the negative impact of COVID-19 on more households and small and medium enterprises.

The Central Bank of Nigeria (CBN) said the increase of the credit line is to accommodate more beneficiaries as it has plans to reach more small businesses and households that are deeply affected by the negative effect of the global health pandemic.

According to CBN Governor, Godwin Emefiele, in a report titled “Response by the Monetary and Fiscal Authorities to COVID-19” which was released by the apex bank,  TCF funds has started disbursement through the NIRSAL Microfinance Bank.

Emefiele explained that N149.21 has been disbursed to 319,869 beneficiaries, and also acknowledge the success and positive contributions of the program on the growth output and added that the apex bank has decided to increase the fund from N150 Billion to N300 Billion.

The credit was disbursed according to industry size, cash flow and operational activities of beneficiaries. Eligible households have access to a maximum of N3 million, while small business beneficiaries can access a maximum of N25 million.

The Apex Bank Governor said “the increase is to accommodate many more beneficiaries and boost consumer expenditure which should positively impact output growth.

“Given the impact on COVID-19 on key economic variables earlier mentioned, the fiscal and monetary authorities took unprecedented measures to prevent any long-term damage to the growth prospects of our economy”.

He further explained that the apex bank has agreed to extend the moratorium on principal repayments of CBN intervention funds by one year and also granted banks regulatory order to restructure credits given to sectors that were adversely affected by the global health pandemic.

He also said that CBN has strengthened the Loan to Deposit ratio policy, and this has resulted in a significant rise in loans provided by financial institutions to banking customers.

“Total gross credit rose by over 21 percent over the past year, from N15.5 trillion to N19.54 trillion. The apex bank, he added has also disbursed Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) (N92.90 billion to 24,702 beneficiaries), Anchor Borrowers Program (ABP) by the sum of N164.91 billion to 954,279 beneficiaries,” he said.

CBN said it has also extended credit to manufacturers for manufacturing-related activities to keep their operations running amidst the pandemic.

“The Agricultural sector continued to record positive growth supported by productivity gains in the sector, interventions by the government, and improved demand for local produce. The Manufacturing Purchasing Managers Index, in the month of November, stood at 50.2 points, indicating an expansion in manufacturing activities after six months of contraction”, he added.

Economy

Nigeria Sovereign Investment Authority Generates N160.06 Billion in 2020

Published

on

Naira Exchange Rates - Investors King

The Nigeria Sovereign Investment Authority (NSIA) generated revenue of N160.06 billion in 2020, according to the latest audited financial reports announced by the Managing Director of NSIA Mr. Uche Orji.

The NSIA income came from devaluation gain of N51 billion, and core income of N109 billion compared to N33.07 billion in 2019.

But Orji lamented: “Covid-19 adversely affected logistics around infrastructure projects, especially the toll road projects and the presidential fertiliser initiative.

Despite the pandemic, the Authority achieved 33 percent growth in Net Assets to N772.75 billion compared to the previous year’s performance of N579.54 billion.

Orji said the NSIA “received additional contribution of $250 million; and provided first stabilisation support to the Federal Government of $150 million withdrawn from Stabilisation Fund last year.”

The same year, the NSIA received $311 million from funds recovered from the late General Abacha from the United States Department of Justice and Island of Jersey for deployment towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway and Second Niger Bridge.

In response to COVID-19, Orji said: “NSIA partnered the global Citizen, a not-for profit group, to form the Nigeria Solidarity Support Fund. Separately NSIA acquired and distributed oxygen concentrators to the 21-teaching hospital as part of corporate social responsibility; in addition to staffing support to the Presidential taskforce on COVID-19.”

In 2020, the NSIA “invested additional capital into NG Clearing, the first derivative clearing house in Nigeria to maintain NSIA’s shareholding at 16.5 per cent following the company’s rights issue of 2020″ Orji said.

Continue Reading

Economy

EFCC Recovers $153m, 80 Assets from Diezani, Says Bawa EFCC Chairman

Published

on

Diezani Allison-Madueke - Investors King

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has said the commission recovered $153 million and 80 properties from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

Bawa said: “There are several cases surrounding that. As you may have read, I was part of that investigation, and we have done quite a lot. In one of the cases, we recovered $153 million; we have secured the final forfeiture of over 80 properties in Nigeria valued at about $80 million.

“We have done quite a bit on that. The other cases as it relates to the $115 million INEC bribery as the media has sensationalised it, is also ongoing across the federation.”

We are looking forward to the time when we will, maybe, have her in the country, and of course, review things and see what will happen going forward. The case has certainly not been abandoned.

Speaking on the trial of former Abia State Governor Orji Uzor Kalu, he said his trial will start soon in Lagos.

Bawa added: “The position is very clear. The EFCC succeeded in 12 years to get him convicted at the Federal High Court. Of course, he went to the Supreme Court, and because the judge that convicted him has been elevated, the ruling was made and the EFCC as a respecter of the rule of law, we have taken it as it is. The Supreme Court has ordered that we should go back to the Federal High Court in Lagos.

“Now, we are at the Federal High Court in Abuja, and we have applied to the court for the case to be transferred to Lagos as ordered by the Supreme Court to enable us start all over again.

“It, however, draws a precedence, and those are the issues; law as the lawyers will say, is a living thing; we had the ACJA in 2015, we have had this problem of elevation of judges from High Court to Court of Appeal, and we pushed that they should be given the opportunity to finish their cases, because some of these cases have taken a very long time.

“We thought we had succeeded in getting this in ACJA, The law was, however, not seen as such. Now, we may have to solve the problem from the constitution, and then, we will be home and dry.”

Continue Reading

Economy

Nigeria Consumes 93m Litres of Petrol Daily in April 2021

Published

on

Petrol - Investors King

Nigeria’s daily petrol consumption rose to a record-high of 93 million litres in April 2021, according to the latest data from the Nigerian National Petroleum Corporation (NNPC).

The amount represents 77 percent of the 120.80 million litres consumed daily in West Africa despite having just 52 percent of the region’s population.

In previous months, Nigeria consumed 61 million litres on average, therefore, the NNPC stated that the 93 million litres per day consumption is unsustainable.

The sudden surged in petrol consumption was a result of smuggling, according to experts.

There is no doubt that Nigeria’s present petrol consumption is embarrassing, due to smuggling which is currently a thriving business,” Mike Osatuyi, national operations controller, Independent Petroleum Marketers Association of Nigeria.

On the allegation that marketers illegally export petrol, Osatuyi asked why the five security agencies across the borders are unable to stop it.

Smuggling of petrol across the borders is becoming more intense as Nigeria inches closer to full deregulation, one stakeholder said. Despite over 95 million Nigerians in poverty, the country inadvertently pays for cheap petrol across West Africa.

It means Nigeria is financing the economies of neighbouring countries,” Osatuyi said. “Nigeria should not be consuming more than 50 million litres per day.

Continue Reading

Trending