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FG Disburses N2trn To Mitigate Covid-19 Impact

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The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, yesterday, disclosed that the synchronized efforts by the monetary and fiscal authorities to mitigate the impact of the Covid-19 pandemic have led to the disbursement of N2trillion as of January this year.
Emefiele made the disclosure at the end of the first Monetary Policy Committee meeting of this year.
He revealed that N192.64billion has been disbursed to 426,016 beneficiaries of the Covid-19 Targeted Credit Facility (TCF) meant for household and small businesses.
“We have also disbursed N106.96billion to 27,956 beneficiaries under the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS), while in the Health Care Support Intervention Facility, we have disbursed N72.96billion to 73 project that comprise 26 pharmaceutical projects and 47 hospitals and Health Care Services Project in the country.
“To support the provision of employment opportunities for the Nigerian youth, the Central Bank of Nigeria also provided financial support through the Creative Industry Financing Initiative and Nigerian Youth Investment Fund amounting to N3.12billion with 320 beneficiaries and N268million with 395 beneficiaries, respectively.
“On enhancing power supply, the Bank has so far, provided N18.58billion for the procurement of 347,853 electricity reading meters to Discos in support of the National Mass Metering Programme”, the CBN governor revealed.
Emefiele noted that, under the Anchor Borrowers Programme (ABP), N554.63billion had been disbursed to 2,849,490 beneficiaries since the inception of the programme, of which N61.02billion was allocated to 359,370 dry season farmers.
The committee urged the Bank to sustain its current drive to improve access to credit to the private sector while exploring other complementary initiatives, in collaboration with the Federal Government, to improve funding to critical sectors of the economy.
On the external reserves position, the committee noted the increase in the level of external reserves, which stood at $36.23billion as at January 21, 2021 compared with $34.94billion at the end of November, 2020.
This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of Covid-19 vaccines by most developed economies.
On efforts to stabilise food prices, Emefiele said that the bank has detected the unhealthy activities of private commodities exchange, a development that necessitates the repositioning of the Nigeria commodity exchange.
“We have written to the President and luckily, we have received the approval to restructure and reposition the Nigeria commodity exchange. It will operate like standard commodity exchanges that you can find in any part of the world which includes stabilizing of food prices generally. We will be coming up with the agenda and framework for the restructuring and repositioning of the Nigeria commodity exchange and we will do so in a manner that prices must be stable in Nigeria.
“We will not allow some self-seeking private exchange commodity to be holding agriculture products and be creating problems for prices because price stability is the core mandate of CBN and we cannot shy away from the responsibility, luckily the CBN own 60 per cent of Nigeria commodity exchange and we take control of it and will run it the way commodity exchanges are supposed to be run in any part of the world. That is one way that we would want to stabilize food prices in Nigeria”.
During the period under review, money market rates remained low, reflecting the prevailing liquidity conditions in the banking system.
Overall, the monthly weighted average Open Buy Back (OBB) rates declined further from the 1.13 per cent in November, 2020 to 1.09 per cent in December, 2020.
On the equities market, the committee noted the positive performance, particularly the sustained patronage by domestic investors largely driven by the prevailing low yields in the money market.
The All-Share Index (ASI) increased by 1.82 per cent to 41,001.99 points as at January 22, 2021 from 40,270.72 points on December 31, 2020.
Similarly, Market Capitalization (MC) grew by 1.80 per cent to N21.44trillion from N21.06trillion over the same period.
This improved performance was largely attributed to gains recorded in medium and large capitalized companies, notably in consumer goods, banking, insurance and oil and gas sectors.
The Monetary Policy Committee (MPC), however, noted the marginal increase in the Non-Performing Loans (NPLs) ratio which rose to 6.01 per cent at end-December, 2020 from 5.88 per cent at end-November, 2020 and above the prudential maximum threshold of 5.0 per cent.
While noting that this development is not unexpected under the prevailing circumstances, it urged the Bank to strengthen its macroprudential framework to bring NPLs below the prescribed benchmark.

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Kwara Community Residents Flee Over Persistent Bandits’ Attacks

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Residents of Omugo Community in Ifelodun Local Government Area of Kwara State have deserted their homes due to persistent bandit attacks.
The Tide’s source reports that the once lively community has turned into a ghost town with only a few domestic animals left.
Reports indicate that the recent bandits’ attack on the Omugo ECWA Church via Oro-Ago, led to the abduction of eight worshippers including the wife of the pastor in charge.
Three persons escaped out of the eight abductees with a N1billion ransom placed on the remaining victims in captivity. The community could only gather N1million which was rejected by the bandits.
Last week, the armed bandits invaded Oro-Ago community, killed one vigilante man identified as Baba Ibeji and injured his younger brother known as Ajere.
A Point of Sales, PoS, shop directly opposite the Nigeria Security and Civil Defense Corps, NSCDC, Divisional office, was broken into by the bandits.
The gunmen also attacked the NSCDC office and sprayed bullets on the facility, though no casualty was recorded.
In earlier attacks on Oro-Ago environs, armed bandits ambushed a convoy between Oro-Ago and Oke-Ayan in Ilere district of Ifelodun Local Government Area and killed two local hunters on escort duty.
On Saturday, there was tension in Oro-Ago following a security alert that armed bandits were regrouping to launch fresh attacks on the community.
All security formations were, however, placed on ‘Red Alert’ to forestall the planned attack.

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Acting Provost Dismisses Alleged Missing Equipment Claims at Rivers Health College

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The Acting Provost of the Rivers State College of Health Science and Management Technology, Dr. (Mrs.) Peace Chigozirim Amadi has refuted claims circulating in the media suggesting that laboratory equipment went missing from the college.

In a recent statement, Dr. Amadi described the reports—particularly those attributed to certain publications—as false and misleading. She emphasized that all laboratory equipment at the college remain intact.

“I am here to set the record straight. No laboratory equipment disappeared from my college. Nothing is missing,” Dr. Amadi said, challenging anyone with contrary claims to provide evidence, including the names of the equipment and their supposed locations.

She further noted that the college recently underwent an accreditation exercise, during which significant investments were made in laboratory equipment. According to Dr. Amadi, these items are fully accounted for, and the college maintains a robust security system to protect its assets.

“Everything is intact. Nothing disappeared. The information being circulated is false and should be discarded,” she reiterated.

Beyond addressing the allegations, Dr. Amadi also called on media practitioners to exercise professionalism and verify stories before publication. “I want to plead with journalists to always verify their stories. Junk journalism does not help anyone. No matter the information you receive, it is important to hear the other side before publishing,” she said.

While social media posts have occasionally raised concerns about various issues in the region’s health education sector, including extortion and examination malpractice at related institutions, there is no independent evidence from credible news sources confirming that equipment went missing from Rivers State College of Health Science and Management Technology.

The college, a public tertiary institution based in Port Harcourt, Rivers State, is accredited to offer a variety of health-related programs, including Nursing, Midwifery, Laboratory Technology, and Environmental Health. It has consistently emphasized integrity, safety, and transparency in its operations.

Dr. Amadi’s statement seeks to reassure the public, students, and stakeholders that the college remains secure, well-managed, and free from the alleged equipment losses, while urging journalists to prioritize accuracy in reporting.

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HYPREP Reaffirms Commitment to Safe Water Supply In Ogoni

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As the world commemorates World Water Day, the Hydrocarbon Pollution Remediation Project (HYPREP) has reaffirmed its commitment to providing potable water across Ogoni communities, in line with the recommendations of the United Nations Environment Programme (UNEP) Report on the Ogoni Environment.

In a statement issued by its Project Coordinator, Nenibarini Zabbey, on March 22, 2026, HYPREP noted that this year’s theme, “Water and Gender,” alongside the campaign slogan, “Where Water Flows, Equity Grows,” underscores its resolve to extend potable water supply beyond oil-impacted communities to all Ogoni communities.

Zabbey emphasized that access to clean water is a fundamental human right, adding that HYPREP remains committed to ensuring inclusive and equitable water access across the region.

He disclosed that the agency has successfully provided potable water to over 43 communities in Ogoni, while ongoing Phase 3 water projects are expected to benefit an additional 17 communities. He also highlighted steady progress on windmill-powered water projects in less populated areas, particularly in Khana Local Government Area.

According to him, the K-Dere Water Project, which is over 99 percent complete, will be commissioned in the coming weeks, even as work continues on other water schemes across Ogoni.

Zabbey further noted that HYPREP’s interventions are aligned with the United Nations Sustainable Development Goal 6, which focuses on ensuring the availability and sustainable management of water and sanitation for all by 2030.

To ensure sustainability, he explained that the agency has adopted a joint management model involving host communities, the Rivers State Ministry of Water Resources and Rural Development, and the Rivers State Small Towns Water Supply and Sanitation Agency (RSSTOWA). He added that Water Consumers’ Associations have been established in communities such as Nchia and Eleme, alongside training programmes conducted in collaboration with non-governmental organisations.

The Project Coordinator stressed the importance of community ownership and protection of water facilities, echoing the call by the Minister of Environment, Balarabe Abbas Lawal, for residents to safeguard the infrastructure provided in their areas.

Zabbey expressed optimism that the ongoing efforts will significantly improve access to safe drinking water, reduce waterborne diseases, and enhance public health outcomes across Ogoni communities.

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