TheNewsGuru

Tag: FG

  • FG pledges support for local industries to cushion effects of recession

    FG pledges support for local industries to cushion effects of recession

    The Minister of State, Industry, Trade and Investment, Hajia Aisha Abubakar, has assured local industries in the country of Federal Government’s support to enable them thrive in the prevailing economic recession.

    The minister, who stated this during a visit to some leather industries at Chalawa Industrial area on Saturday, said this would enable them remain afloat and provide employment to Nigerians.

    She said that the Federal Government was committed to providing the needed support to the industries for the economic development of the country.

    According to her, the current economic recession in the country is a good opportunity for people to look inwards towards developing the economy.

    Abubakar called on small scale businesses to register with the relevant departments to enable them access facilities for the growth of their businesses.

    She expressed happiness that, despite the prevailing economic challenges, some of the industries were still operating.

    Earlier, the Chairman of Whanu Shoe Ltd, Alhaji Bashir Danyaro, called on the Federal Government to provide immediate support to the ailing industries in the country.

    He said the call was necessary in view of the fact that most of the industries had stopped operation, while others were operating below installed capacity.

    The Minister had earlier held meeting with stakeholders including members of the state Manufacturer Association of Nigeria and Association of Small scale industries, among others.

  • FG to sell N20bn of green bonds in Q1

    The Federal Government has disclosed plans to raise N20bn ($63m) by March to help fund renewable energy projects through the issuance of green bonds.

    “We are on track to sell the bond in the first quarter, a sovereign, and could have another by the end of the year,” Minister of Environment, Amina Mohammed, said in an interview with Bloomberg on Friday in Abuja.

    The sale will also help fund an electric-vehicle commuter project in the city and tree-planting in the country’s arid North, she said.

    The country needs more than N6tn, the equivalent of almost its entire annual budget, to plug its infrastructure deficit, according to information from the Budget and National Planning ministry.

    The government increased its 2016 budget by 20 per cent, allocating one-third to projects including roads, rail, ports and bridges, to stimulate an economy battered by a drop in oil production and that’s projected by the International Monetary Fund to contract by 1.7 per cent this year.

    “The exchequer can’t get all the money we need,” Mohammed said, adding that, “That’s why we must leverage these innovative ways to get funds from the international community.”

  • FG launches N13bn mortgage scheme for civil servants

    The Federal Government on Friday launched a N13 billion Federal Civil Servants Mortgage Refinancing Scheme to benefit 5,635 federal civil servants.

    The Minister of Finance, Mrs Kemi Adeosun, said at the launch in Abuja that the scheme was in line with government’s overall objective of providing the necessary stimulus to ensure growth in the economy.

    She said that in recognition of the importance of housing, the federal government had in the 2016 Budget provided N40 billion for the implementation of a comprehensive housing scheme.

    “This is to address the housing challenges facing the country, improve the living conditions and welfare of our work-force and people, as well as generate gainful employment for our teeming youths,’’ the minister said.

    Adeosun said that civil servants played an important role in nurturing and developing the nation.

    “It is only fair that those who serve the country can be afforded the opportunity of owning their own homes at retirement.

    “We have to put in place the right incentives as part of our anti-corruption drive to plug leakages,’’ she said.

    She said the scheme was a collaboration steered by the Office of the Head of Civil Service of the Federation and the Federal Government Staff Housing Loans Board (FGSHLB).

    The minister said that the Federal Integrated Staff Housing Programme (FISH) and the Nigeria Mortgage Refinance Company Plc (NMRC) were also part of the collaboration.

    She further said that the ministry had concluded arrangements to provide a complementary and sustainable housing market finance ecosystem to address the challenges of affordable housing.

    Adeosun said that this would be done through Family Homes Fund (FHF) Ltd., an innovative private sector-driven financing programme.

    According to her, the initiative is expected to catalyse funds from the private sector, pension and insurance funds, multilateral agencies and impact investors.

    The minister said the fund would be used to selectively intervene in the areas of developer financing and mortgage provision.

    She said that the scheme was being implemented in partnership with state governments which would contribute land with the necessary approvals.

    Adeosun called on willing investors to explore the investment opportunities and support the federal government’s initiatives towards providing affordable housing for Nigerians.

    The Managing Director, NMRC, Dr Charles Inyanete, said that it was imperative for the public and private sectors to come together to address the country’s housing problem.

    He said that the company had taken the housing value chain approach to deal with the challenges.

    “ We are looking at housing right from where we need to get land titles and infrastructure to support the land.

    “We are happy to see FHF stepping in to really help in providing the construction finance that is critical and in also providing the mortgages that will fit into our refinancing activities.

    “Our mission is to bring down the barriers that prevent home ownership by really providing the liquidity required by making home ownership more affordable and accessible,’ he said.

     

  • FG reiterates call to support anti-corruption crusade

    The Minister of Solid Minerals, Dr Kayode Fayemi, on Friday echoed the Federal Government’s call for public support in the anti-corruption crusade to achieve sustainable national development.

    The minister made the call at a seminar to commemorate the International Anti-Corruption Day with the theme, “Corruption: An Impediment to the Sustainable Development Goals’’.

    The event was facilitated by the Inter-Agency Task Team (IATT) in collaboration with the EU, U.S. Embassy and the UN Office on Drugs and Crime (UNODC).

    Fayemi, who chairs the IATT, stated that Nigeria was one of the first countries to ratify the UN Convention Against Corruption (UNCAC) in Merida, Mexico in 2003.

    To this end, he said that concerted efforts must be directed at fighting the monster called corruption in the country for it to be tamed.

    “There is no denying the fact that our country has massive corruption problems.

    “The current administration is running an anti-corruption agenda anchored on prevention, public engagement, sanctions and enforcement, and recovery of proceeds of corruption.

    “The sanction and enforcement mechanism is ensuring that there are no sacred cows,’’ a statement by EFCC spokesperson, Mr Wilson Uwujaren, quoted him as saying.

    The minister said that Nigeria had an array of legislations and institutions for fighting corruption, including police, Code of Conduct Bureau, EFCC, ICPC, Bureau of Public Procurement and the NEITI, among others.

    He emphasised that the government had signed on to the ‘Open Government Partnership’ and developed an action plan for implementation in order to promote transparency within the polity.

    In a statement sent to UNODC, the Secretary-General of UN, Ban Ki-moon described corruption as a deadly monster that strangles people, communities and nations.

    Ki-moon said that the menace weakens education and health, undermines electoral processes and reinforces injustices by perverting criminal justice systems and the rule of law.

    He enjoined all to reaffirm their commitment to ending the deceit and dishonesty that threatens the 2030 Agenda and the efforts to achieve peace and prosperity for all on a healthy planet.

    The Executive Director of UNODC, Yury Fedotov, harped on the need to unite to successfully eliminate corruption.

    The acting Chairman of the EFCC, Ibrahim Magu, had led staff of the commission on a road walk from its headquarters to the venue of the celebration.

    The walk, which was part of activities to mark the day, saw the staff dressed in colourful attires, and carrying banners with different messages such as, “Kill corruption before it kills Nigeria”.

  • FG not sourcing loan from IMF – Official

    FG not sourcing loan from IMF – Official

    The Ministry of Budget and National Planning has explained that the Federal Government is not sourcing any loan from the International Monetary Fund (IMF).

    The Minister of Budget and National Planning’s Media Adviser, James Akpandem, made the clarification on Friday in Abuja.

    Akpandem said that the minister, Mr Udoma Udo Udoma, did not mention turning to IMF as reported by a national newspaper on Friday.

    He said the minister while briefing a French delegation that visited him in Abuja on Thursday, explained generally that government was exploring both internal and external sources to fund infrastructure.

    According to him, the minister emphasised that in the case of external sources, government will only be looking at institutions that can give concessionary terms.

    “The Federal Government does not have need to go to the IMF for any loan at this time,’’ he said.

    Recall that the minister had told the delegation that the government was borrowing to provide infrastructure.

  • FG to launch App to monitor activities of government Dec 15

    The Federal government on Thursday announced its plan to launch an application that will help Nigerians monitor the activities of the present administration.

    The app, according to the Minister of Information and Culture, Lai Mohammed will be called the Federal Government Information App (FGIAPP) and will be launched on 15 Dec. 2016 in Abuja.

    He made the announcement while at a meeting with Resident Information Officers (RIOs) from Ministries, Departments and Agencies in preparation for the launch.

    The minister said the launching of the app would stop the misrepresentation and dissemination of falsehood on activities the present administration.

    “We as a government and as Information Ministry will leverage on the unique technology to inform the world about what we are doing. With this new app it means anybody anywhere the world will get to know what we are doing, the real time of what is happening in Nigeria at least from our own end and perspective.

    ”The activities of the present administration is hugely under-reported, hence the need to align with the global trend in information sharing.

    ”The government is doing so much yet people keep saying they do not know because we are not communicating through the right channel. Hence, the new app will bridge the gap by using the social media to tell the world what the government is doing.”

    Also speaking, the App developer, Olawole Falope, alleged that most of the information being put out about Nigeria was either false or fabricated, hence the need for the government to reverse the trend.

    “The truth is if you heard only one side of the story, you make your decisions based on just one side. It’s about time that our great nation Nigeria starts to speak,” he added.

     

  • FG declares Monday public holiday

    The Federal Government has declared Monday, December 12 , as public holiday to mark the Muslim festival of Eid-El-Maulud, to celebrate the birth of Prophet Mohammed.

    The Minister of Interior, Retired Lt.- Gen. Abdulrahman Dambazau, made the declaration on behalf of the Federal Government on Thursday in Abuja.

    In a statement signed by the acting Permanent Secretary of the Ministry, Alhaji Muhammadu Maccido, Dambazau enjoined all Muslim faithful and Nigerians in general to join hands with President Muhammadu Buhari to build a strong, united and peaceful Nation.‎

    He also urged all Nigerians to use the occasion to pray for peace across the nation.‎

    The minister also called on all Nigerians to be patient and supportive of the present administration for the successful implementation of its laudable programmes.

    He wished all Nigerians a happy and peaceful Eid-El-Maulud celebration.

  • FG appoints Transaction Parties for execution of $1bn Eurobond programme

    FG appoints Transaction Parties for execution of $1bn Eurobond programme

    The Honourable Minister of Finance, Mrs Kemi Adeosun on Wednesday at the Federal Executive Council (FEC) meeting presented a Memorandum seeking approval for the issuance of the USD1.00 Billion Eurobond in the International Capital Market (ICM) and the appointment of Transaction Parties responsible for the execution of the Programme.

    The Minister noted that the USD1.00 Billion Eurobond issuance was appropriated in the 2016 Budget and the funds will support the implementation of capital projects in the 2016 budget.

    The appointed Transaction Parties responsible for execution of the transaction include: Citigroup, Standard Chartered Bank, Stanbic IBTC Holdings PLC, White & Case LLP, Banwo & Ighodalo and AfricaPractice.

    She stated that the selection was based on an open and competitive bid process in line with the Public Procurement Act, 2007 and a certificate of “No Objection” was received from the Bureau of Public Procurement (BPP) to award contracts to the recommended Parties.

    “We have so far, received strong commitment from the international community. Investors believe in the long-term economic outlook for Nigeria as we continue with our structural reforms and increased focus on infrastructure development to diversify the economy and grow the non-oil sector”, she stated.

    “Stable oil prices and steadying foreign reserves will support our plans and we expect high demand for this issue to further push down yields. We are confident that this will be a successful outing in January, 2017.”

  • FG will pay victorious Super Falcons’ allowances, bonuses soonest – Lai Mohammed

    The Federal Government on Wednesday in Abuja pledged to examine the problems delaying the payment of the allowances and bonuses of the victorious Super Falcons by the Nigerian Football Federation (NFF).

    Recall that the Super Falcons won the just concluded African Women’s Cup of Nations after beating hosts Cameroon 1-0 in the final of the competition.

    The victorious Super Falcons were reported to have embarked on a sit-in protest at an Abuja hotel over the non-payment of their allowances and bonuses.

    The Minister of Information and Culture, Alhaji Lai Mohammed, however, told State House correspondents that the matter was deliberated upon in the course of Wednesday’s Federal Executive Council meeting.

    “The Minister of Youth and Sports raised the issue today at the council and it is being looked into.

    “You see, I think over time, it has become tradition to reward victorious athletes of sports persons but I think this is caused by the biting economic situation.

    “But I can assure you it is being looked into.

    “And I am sure the Minister of Youths and Sports is handling the matter.’’

    One of the the aggrieved Super Falcons players was quoted in the social media as saying, “We are tired of the lies and false promises of the NFF. They told us we would be paid before the tournament in Cameroon, but that never happened.’’

  • FG blocks 571,000 tonnes of rice from entering Nigeria

    FG blocks 571,000 tonnes of rice from entering Nigeria

    The Federal Government said it has perfected plans to stop about 571,000 tonnes of foreign rice kept in neighbouring countries targeted for sales in the yuletide period from entering the Nigerian market.

    The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who disclosed this in Abuja on Monday, stated that some of Nigeria’s neighbours, particularly the Republic of Benin, were not moving goods within the region as required by relevant treaties.

    He, however, stated that the Federal Government would henceforth check all illegal movements of food and non-food items into Nigeria from the neighbouring countries.

    Ogbeh also said Nigeria recently took delivery of 110 rice mills in its bid to enhance local production so as to commence the exportation of white rice from next year.

    In Ogbeh’s words:, “What they do is that they import goods, station themselves at our borders and then smuggle them into Nigeria. For instance, the Republic of Benin doesn’t eat parboiled rice. They eat white rice. But all the rice that comes from the borders into Nigeria is parboiled.

    “I have a list now of all the ships that left Thailand in the last seven weeks and they’ve arrived; 571,000 tonnes of rice waiting to enter Nigeria for Christmas. But we won’t allow that. We have to review the treaty in the region, because we are at the losing end. Why are we doing this? It is because this rice is not definitely grown in the Republic of Benin.”

    Speaking further, Ogbeh said: “They bring tomato paste and chicken not produced in the Republic of Benin and because the Nigerian market is so huge, that they want to exploit it. But no economy out of sympathy should damage our own and we should not out of sentiment allow anybody to do things to us, which we can’t do to them.

    “When Dangote was trying to ship his cement through the Republic of Benin to Togo, it took him one year to persuade them.”

    Ogbeh reiterated that the country would start exporting rice from next year, as he stated that 110 mills had been acquired to make this a reality.

    He said, “We can make it happen. We have just brought in 110 rice mills of different capacities. Some can do 100 tonnes, others 50, 40, 20 and 10 tonnes. We are going to give them to cooperative organisations and rice millers all over the country to enhance their milling capacities.

    “We have another 12 rice mills to come in maybe next year so that the milling capacity is strong enough for us and we too will begin to export white rice to West Africa.”

    On the issue of possible famine in Nigeria from January next year, the minister stated that the government was prepared and promised that the country would not experience such.

    The minister stated, “We want to put it quite clearly that there is no danger of famine in the country, because the government will not allow that to happen. We are already taking steps to make sure that Nigerians don’t go through any such harrowing experience. There has been some panic over the massive purchase of grains from many of the big grain producing fields in some parts of the country.

    “This fear was heightened by emirs and chiefs in the North, who met with us on Tuesday last week and raised the same anxiety. It is true that for the first time in our history, we are witnessing an extra-ordinary purchase of our grains from the West, North and Central Africa. We are even getting demands from as far as Namibia; they are asking for grains in large quantities of up to 37,000 tonnes of maize,” Ogbeh said.