Nation
FG Disburses N2trn To Mitigate Covid-19 Impact
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.
Nation
Gombe Opens Bid For Construction Of Three-Arm Zone Project
Gombe State Ministry of Works, Housing and Transportation has opened bids for the construction of three arms zone complexes within the Gombe Capital Special Development Zone which held at the Ministry’s conference hall.
Speaking while presiding over the bid opening proceedings, the Commissioner, Engr. . Usman Maijama’a Kallamu assured the bidders that the bid opening would be carried out using procurement process which is based on specific regulations that are credible, fair, and transparent.
The Commissioner, who was represented by the Permanent Secretary of the Ministry, Alh. Idris Yambiu Buba said that the Ministry will continue to align itself for optimal results in the implementation of government policies and projects in line with Governor Muhammadu Inuwa Yahaya’s commitment to bringing development to the State.
While assuring the bidders of a transparent process, the SSA to the Governor on Special Project, Arch. Yakubu Mamman thanked Governor Muhammadu Inuwa Yahaya for his foresight in infrastructural development of the State, adding that government is committed to ensuring that all bidders had an equal chance to participate and compete based on merit to maintain standards and specifications.
Nation
Gov Mbah Signs Bill To Establish Teaching Hospital In Enugu
Governor of Enugu State, Dr Peter Mbah, yesterday, signed the Enugu State University of Medical and Applied Sciences (SUMAS) Teaching Hospital Bill 2024 into Law, promising to expedite action to actualise the teaching hospital immediately to provide quality training and healthcare services in the Enugu North part of the State and the State in general.
Mbah, while commending the Enugu State House of Assembly for accelerating action on the processing and passage of the Executive Bill, said that establishing SUMAS Teaching Hospital was in line with his manifesto.
He said, “What we have done by signing into law the Enugu State University of Medical and Applied Sciences Teaching Hospital Bill is that we now have in place a legal framework to immediately begin to put in place all that is required to upgrade SUMAS to a teaching hospital. This is part of our campaign promises and we are committed to delivering on that expeditiously.
“We believe that the importance and significance of siting a teaching hospital in our Enugu North zone can never be lost on us. So, we are not going to spend any time in making sure that everything that is necessary and required to upgrade and get the teaching hospital operational is put in place. With this Law, we are going to redouble our commitment and our efforts to achieve that.”
He assured the Governing Council and the Management of SUMAS of his continued support, adding that his administration would equally be counting on their pedigree and contacts to bring the teaching hospital to fruition in record time.
“We are going to continue to support you and we are also going to continue to count on your experience, network, and profile in raising resources to actualize the project.
“This year alone, we are going to spend 33 per cent of our budget on education. This underscores the importance of education to this administration. So, be sure to come to us whenever there is a need. We are going to support you because we are interested in education and we are investing heavily in it,” he said.
On his part, the Speaker, Enugu State House of Assembly, Hon. Uchenna Ugwu, who also spoke at the Bill signing witnessed by the Chairman of SUMAS Governing Council, Msgr. Obiora Ike, and the Vice Chancellor, Prof. James Ogbonna, and top hierarchies of the institution, commended Governor Mbah’s speed and faithfulness in delivering on his campaign promises. He assured that the House of Assembly was ever ready to fast-track every executive bill that would impact positively on the state and its people.
“We promised we are going to support this administration by doing our job expeditiously to ensure that there is no delay in your delivery of democracy dividends to our people. Therefore, the SUMAS Teaching Hospital Bill received expedited hearing and today you have the signing of the bill into law,” he stated.
Nation
Ododo Applauds Security Agencies Over Rescue Of 43 Bus Passengers
Kogi State Governor, Ahmed Usman Ododo has applauded security agencies in the State for their efforts in the rescue of 43 bus passengers.
The Special Adviser on Media to the Governor, Ismaila Isah disclosed this in a statement yesterday.
The statement noted that the governor welcomed the news of the release of the abducted bus passengers in Okehi Local Government Area of the State and called for sustained collaboration between security agencies and local communities to improve intelligence gathering and prevent crime and criminality in all parts of the state.
Ododo commended the caretaker chairman of Okehi LGA, Mr Amoka Eneji, the Nigeria Police, Nigeria Professional Hunters, Ebira Local Hunters Group and other security agencies for their intervention, which led to the rescue of the passengers who were abducted outside the state.
“Governor Ododo also commends the response of security agencies to the robbery incidence in Felele area of Lokoja and called for more urgency in addressing cases of insecurity in any part of the state.
“The Governor reassured the people of the state that his administration will not relent in its efforts in deploying maximum resources to ensure that all communities in the state remain unsafe for criminal elements.”
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