FG
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FG to start disbursement of N200b intervention fund to MSMEs and manufacturers
The Federal Government says it will soon commence the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturers under the Presidential N200 billion Intervention Fund scheme. President Bola Tinubu launched the scheme on October 17, 2023, to cushion the effects of the removal of petrol subsidy. Announcing…
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FG SECURES FRESH $2.25 BILLION LOAN FROM WORLD BANK
FG secures fresh $2.25 billion loan from World Bank The federal government is expecting a fresh $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank (AfDB). The Minister of Finance, Wale Edun, disclosed this during a press briefing at the…
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FG urges govs to lead fight against child, forced labour
The Federal Government on Thursday, called on state governors to take ownership of the fight against the prevalence of child labour and forced labour at the state and local levels. The Minister of Labour and Employment, Nkeiruka Onyejeocha, who made the call at the official launch of the Nigeria Child…
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Withheld salaries: We’ll only pay half to non-academic staff — FG
The Federal Government may have foreclosed the possibility of university workers being fully paid salaries withheld, following the industrial action they embarked on in 2022. The hint to this effect was dropped by the Minister of Education, Prof. Tabir Mamman, in an interview on Channels Television’s ”Politics Today” programme on…
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Poor power supply: FG moves to take over BEDC, sack management — INVESTIGATION
Barely a month after the takeover of Kaduna DisCo over a N10 billion debts, the federal government has concluded plans to take over Benin Electricity Distribution Company, BEDC, over alleged prolonged poor performance. BEDC, one of the successor distribution companies, created, following the unbundling and privatization of the state-owned Power…
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FG asks applicants to submit NINs for trade grants
The Ministry of Industry, Trade, and Investment has directed applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers as part of the necessary requirements to obtain a grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country. The government…
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FG discusses submarine cable protection with ITU
The Federal Government and the International Telecommunication Union, ITU, have resumed discussion targeted at protecting submarine cables and other digital infrastructure. The Minister of Communications and Digital Economy, Bosun Tijani, disclosed this on his X on Wednesday. The move to build resilience in the digital infrastructure followed the recent undersea…
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States owe FG N1.7tn budget loans
The governments of Nigeria’s 36 states and the Federal Capital Territory owe the federal government an outstanding liability of N1.72tn in budget support facilities. The figures were revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of…
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MoU with UK firm on rail project not binding – FG
Some described the situation as another “P&ID saga in the making,” referencing the high-profile contract dispute between Nigeria and P&ID, a British Virgin Islands-registered company. GOLDMYNETV online reports that the Ministry of Transport signed an MoU with Messrs MPH Rail Development Limited, a company based in the United Kingdom. This…
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FG plans fresh borrowing via Eurobond in June
The Federal Government has enlisted the expertise of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., to guide its forthcoming Eurobond issuance. It also appointed Standard Chartered Bank and the Lagos-based financial advisory firm Chapel Hill Denham to consult on this venture.…