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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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Key Regulators, Asset Owners Impressed With HYPREP’s Milestones

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Strategic regulators and other stakeholders have expressed satisfaction with the pace, quality and magnitude of work carried out by the Hydrocarbon Pollution Remediation Project (HYPREP) in Ogoniland, in line with the recommendations of the United Nations Environment Programme (UNEP).

In their separate speeches at the 2025 4th quarter key regulators / asset owners meeting held in Port Harcourt, the strategic stakeholders commended HYPREP for the significant milestones achieved with excellent efficiency and transparency, demonstrating capacity and commitment to sustaining collaboration with development partners for the overall success of the Project.

The regulators particularly lauded HYPREP for the landmark success in the implementation of the land and shoreline remediation, mangrove restoration, provision of reticulated potable water, the various sustainable livelihood programmes, donation of ambulances to health facilities in Ogoni, the construction of Centre of Excellence for Environmental Restoration, as well as the ongoing Ogoni Power Project, adding that their independent field reports have shown proofs of HYPREP driving even beyond its mandates.

The goodwill messages were made by representatives of the National Oil Spill Detection and Response Agency (NOSDRA), Centre for Environment and Human Rights Development (CEHRD), Society for Women and Youths Affairs (SWAYA), Stakeholders Democracy Network (SDN), Nigerian Pipelines and Storage Company (NPSC), and Federal Ministry of Environment. Others are the Rivers State Ministry of Environment, the Rivers State Ministry of Health, the National Upstream Petroleum Regulatory Commission (NUPRC), the Rivers State Ministry of Power, the Rivers State University, the Rivers State Ministry of Water and Rural Development, and Renaissance Africa Energy Company Limited.

Following the Monitoring and Evaluation Unit’s presentation on the status of HYPREP projects, participants offered feedback on areas of concern. They reassured HYPREP and the people of Ogoni of their continued support for the Project’s success. They also suggested that the quarterly review meeting be sustained as it enables them to report, evaluate and proffer solutions to areas of concern.

Participants also commended HYPREP for improved community and stakeholder engagement and for adding to what they saw the previous time. “We commend HYPREP for the quality work done at sites. The progress is phenomenal, because HYPREP is scoring good grades, above average,” Prof. Iyenemi Kakulu from Rivers State University said.

In his speech at the event, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who was represented by Prof Damian-Paul Aguiyi, Director of Technical Services, commended the regulators and asset owners for their cooperation with the Project, and for making themselves available for fieldwork and the regular review meetings.

Prof Zabbey reiterated HYPREP’s commitment to best practice in waste management, particularly waste generation and disposal, calling on the Regulators for adequate logistics support, saying HYPREP’s priority is to focus on the core recommendations by UNEP, especially, remediation(soil, shoreline) mangrove restoration, provision of potable water, interventions in public health care services and sustainable livelihood for the people.

The Project Coordinator further highlighted the status of the Project, the successes achieved across all thematic areas, and assured that HYPREP will soon complete most of the ongoing projects and roll out others. He explained that the purpose of the meeting was to review the progress of the Ogoni cleanup, ensure quality control, and foster effective collaboration.

Consequently, the quarterly key regulators/asset owners meeting is HYPREP’s strategic stakeholder management model, further underscoring the Project’s commitment to transparency, partnership for development, and accountability, all of which are harbingers of effective project delivery.

Speaking to newsmen, HYPREP Project Support Lead and representative of Renaissance Africa Energy Company Limited, Engr Ehioze Igbinomwanhia, described his involvement with HYPREPas an encouraging and insightful experience, saying, the Project is implementing a wide range of projects across Ogoniland, spanning immediate remediation works as well as livelihood support initiatives aimed at improving the welfare of affected communities.

Engr Igbinomwanhia emphasised that Renaissance Africa Energy remains fully committed to supporting the objectives of the Ogoni cleanup project, noting that the company has a long history of collaboration with HYPREP.

He added that the partnership has been characterised by continuous learning, adaptation and a willingness to respond to observations and recommendations aimed at improving outcomes.

He further emphasised the importance of safety in all project operations, particularly given the challenging terrain and operating conditions in Ogoniland.

He noted that safety is treated as a critical priority and that contractors are continually reminded to maintain high safety standards, stressing that lessons learnt from previous operational challenges like the collapse of the water tank in Gwara Community are being applied to strengthen safety practices and overall performance.

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Maternal Mortality: RSG Identifies 6 High Risk Local Government Areas

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The Rivers state Government has identified six local government areas with the highest burden of maternal and Neonatal mortality in the state.

State Commissioner for Health Dr Adaeze Chidinma Oreh said this in an interview with newsmen at the Maternal and Neonatal Reduction innovation initiative ( Mamii)Rivers state activation workshop and state engagement meeting in Port Harcourt.

The event was organized by The Federal Ministry of Health in conjunction with its Rivers state counterpart in Port Harcourt.

Dr Oreh also restated the preparedness of the state government to support current efforts by the federal government towards the reduction of maternal and infant mortalities in the country.
She mentioned the affected Local Government Areas to include, Andoni,Akuku Toru and Ahoada West
The rest according to the Commissioner are, Bonny, Etche and Emohua Local Government Areas.
She said the workshop will enable the team from the federal ministry of health and social welfare to brainstorm with the view to finding solution to the problem.
The Commissioner also gave reasons why the Mamii initiative was the best as far as finding solution to maternal mortality was concerned.

“The uniqueness of the Mamii initiative driven by the federal ministry of health and social welfare was that we used evidence to elicit the reasons for this deaths, so that the solutions will be context specific and tailored to the particular environment where those deaths are occuring

“For us in Rivers state we have six Mamii LGAs , nationally we we have 172 local government areas “the Commissioner said.
Earlier in her opening remarks,Dr Oreh said the state government is prepared to work with the federal ministry of health and social welfare to check the rate of maternal mortality in the state.

She commended The Minister of Health and Social welfare Professor Ali Muhammad Pategi for driving the Mamii initiative across the country and expressed optimism that the programm will see to the end of maternal mortality in the country.

Also speaking the National Coordinator Nigeria health sector Renewal Initiative Dr Adam Ahmed said Rivers state is the last state among Mamii states in the country to host the team.

He said the team will visit the affected Local Government Areas with the view to interacting with the people on how to check the trend.

He expressed the hope that with continuous efforts, maternal mortality will be checked.

Also speaking the permanent secretary Rivers state Ministry of Health Professor Justinah Jumbo said the government is not leaving any stone unturned towards reduction in maternal deaths.

The permanent secretary said Governor Siminalaye Fubara is a health friendly Governor who  is desirous in improving the quality of health of Rivers people.

 

John Bibor

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HoS Hails Fubara Over Provision of Accommodation for Permanent Secretaries

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The Head of Service (HoS) of Rivers State, Dr. Mrs. Inyingi S. I. Brown, has commended Governor Sir Siminalayi Fubara, GSSRS, for approving befitting accommodation for Permanent Secretaries in the state.
This commendation was contained in a press release made available to newsmen in Port Harcourt.
According to the Head of Service, Governor Fubara has continued to demonstrate uncommon commitment to the welfare of civil servants in Rivers State, stressing that such gestures underscore his people-oriented leadership style. She urged civil servants across the state to remain supportive of the governor’s administration in order to sustain good governance and effective public service delivery.
Speaking on behalf of the Body of Permanent Secretaries, Dr. Brown congratulated Governor Fubara on the occasion of his 51st birthday, describing him as “a Governor who leads by serving.”
She further praised the governor’s service-driven and people-centred leadership approach, noting that it has significantly contributed to institutional stability and improved efficiency within the state’s public service. Special appreciation was expressed for the approval of a befitting accommodation complex for Permanent Secretaries, which she said reflects the governor’s commitment to staff welfare and enhanced productivity.
As part of activities to mark the governor’s birthday, the Body of Permanent Secretaries announced the sponsorship of 329 Joint Admissions and Matriculation Board (JAMB) forms for indigent students across the state.
A breakdown of the initiative shows that 319 forms will be distributed across the 319 political wards in Rivers State, while five forms are allocated to non-indigenes and five forms to persons living with disabilities.
Interested applicants are advised to contact the Office of the Permanent Secretary, Ministry of Education, for further details.
The Body of Permanent Secretaries wished Governor Fubara continued good health, divine wisdom, and greater accomplishments in his service to the people of Rivers State.
By: John Bibor
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