Business
Micro Credit Fund: CBN Issues Guidelines To States
The Central Bank of Nigeria (CBN) has issued guidelines to state governments on how they may access monies held by its micro credit fund.
The Micro Credit Fund (MCF) was established in 2008 by the federal government in conjunction with the CBN. It represents the national governments effort to securely eradicate poverty through empowering the micro finance sector, such that they give money to the financially needy.
The scheme, CBN said was to implement several layers of bureaucracy in order to ensure a secured channel by which micro enterprises may ultimately access monies from MCF.
Stating the process of accessing the fund, the CBN said, government at state level must first set up a separate account with a commercial bank which is intended to hold the monies received from MCF.
The money set aside by the state governments, according to CBN is called ‘counterpart fund.’ This would later serve as opportunities to access the MCF. The account, it said is then used by state governments in partnership with MFBs to disburse loans to micro enterprises that fit within the parameters of the MCF objectives.
Once disbursed, the apex bank stated that it is the responsibility of state governments to establish a mechanism to monitor and supervise the repayment of the loans and, out of the repaid proceeds, pay back to the fund a percentage of the returns.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
