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.
The Movement for the Survival of the Izon Ethnic Nationality in the Niger Delta (MOSIEND) has called on the Management of Niger Delta Development Commission NDDC to embark on the water projects in Buguma city in Asari Toru Local Government Area, Rivers state
The Group called on the Rivers state government to revamp the Buguma fish farm to create employment for the teeming youths
On the water project in Buguma, MOSIEND said the population of Buguma has increased tremendously as the residents need more water projects to enhance the daily livelihood of the people
The Group also appealed to the Chairman of the council to assist in making the project a reality and attracts more developmental projects to the city
This call was on Rhythm 93.7 FM Port Harcourt, Radio program, Talk of the Town, by MOSIEND Eastern Zonal Coordinator of MOSIEND Half Hour Comrade Tammy Bruce Longjohn alongside Mark Ojuka,Chairman of Buguma and Hon Sandra Owunari JP Chairman Obuama and monitored by our correspondent
Comrade Ojuka also called on the Management of Liquidifed Natural Gas NLG to embark on a free medical outreach in all Kala bari communities to improve their health status
He appealed to LNG to award scholarship to indigens of Kalabari communities in tertiary institutions to better their education, noting the company is doing same in Bonny, abandoning Kalabari communities
“We need contracts, free medical, scholarships and employment including skill acquisition programs for our teeming youths in Kalabari extractions ”
On Security, Mark Ojuka said security in Buguma is at zero level with the help of the Ama Ma soldiers the city is more peaceful and investors friendly as the youths of area have cordial relationship with the security agencies in the area
“Security is very secured in Buguma clan”
He called on the Rivers state to revamp the Buguma fish farm to create employment for the teeming youths
“The youths are asking for human capacity building in the area to reduce unemployment”
“The revamping of the Buguma fish farm will also reduce youth violence”
Also Speaking, Eastern Zonal Coordinator of MOSIEND Half Hour Comrade Tammy Bruce Longjohn called for more improve in infrastructures in Kalabari community, especially in electricity
There is little improvement in terms of electricity in Buguma city
He decried the deplorable condition
of Buguma Health Centre, saying that the hospital is near functional
“Our sisters that are pregnant and our sick parents can not access the health centre for a better treatment ”
Describing the Health Centre as an eye saw, he called on Rivers state government and Buguma Local Government chairman Hon William to improve on facilities in the centre and make it more medically accessible to the sick persons in the area
Buguma, Tammy Bruce said is the spiritual headquarter of Kalabari people as such deserve more modern facilities from the government to improve lives
The Coordinator called on government, stakeholders and oil companies to assist and improve the poor infrastructural facilities in area
“We need first class hospitals, qualified medical doctors and nurses in the health centres and hospitals”
On the oil spilled in Obuoma Chairman MOSIEND Obuoma, Hon Sandra Owunari said the spill destroyed their crops and Rivers even polluted their only source of drinking water
She expressed displeasure that Rivers state government did not send any relief materials to the people in the affected community
On Chieftaincy title to women in Obuama, Hon Sandra Owunari said the community do not install Chieftaincy title to women, saying that Chieftaincy title is only reserved for men only in the community
CHINEDU WOSU
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