News

Imo Justifies Issuance Of N18.5b Bond

Published

16 years ago

July 6, 2009

Fresh facts have emerged about what Imo State Government stands to benefit in its medium term note programme.

The benefits, as contained in a statement from the govenement, include access to the capital markets over a period of two years, raising funds to finance development projects to achieve the 14-point development agenda tagged the “New Face of Imo State,” aimed at tackling challenges such as infrastructure decay, unemployment and poor economic performance.

Other projects, according to the government include: “Imo Wonder Lake Resort and Conference Centre, Oguta a tourism and entertainment investment facility with a total-cost of N60.27 billion; Phase 1 of the sustainable rehabilitation of 37 semi-urban; and construction and rehabilitation of 16 state roads at the cost of N10.24 billion.”

Key features of the Bond include maturity in 2016, a 7-year tenure, exemption from taxation in Nigeria, fixed coupon rate of 15.5 per cent annum, which is attractive when compared to the yield of 10.02 per annum on 7-year FGN bond, amortising repayment of principal and interest to the maturity date while coupon ins payable semi-annually in arrears (ie. 30 June an 31 December).

The bond benefits to investors include: A fixed income which is payable semi-annually, tax exemption, security by an Irrevocable Standing Payment Order on the state’s statutory allocation the Bond thus has similar qualities to the Federal Government Bonds, since the repayment source is from a central source.

News

Over 1,500 RSU Students Apply For Education Loan

Published

1 day ago

August 22, 2025

The Tide

About 1,500 students of the Rivers State University (RSU) have applied for the National Education Loan Fund (NELFUND), while 10 local government areas in the state have so far benefitted from the LIFE-ND programme introduced under the administration of President Bola Ahmed Tinubu.

The Minister of Information and National Orientation, Alhaji Mohammed Idris, disclosed this during a one-day sensitization campaign organised by the Federal Ministry of Information and National Orientation at the Federal Secretariat, Port Harcourt.

Speaking at the event, the Minister, represented by the Head of the Information Centre, Port Harcourt, Gabriel Obokuru, said the sensitization exercise was aimed at educating Nigerians on the importance of supporting government initiatives at both state and local levels rather than antagonizing them.

“Every administration comes up with policies and responsibilities basically to please the citizenry which in some cases are proved to nullity. This message today aimed at educating citizens on how we can support government plans to our respective states, constituencies and localities other than criticizing.

“In most cases, unbelief comes as a result of ignorance, it is time we resisted such thoughts of can it be true? Try something rather, if you do! You will be surprise with the results.

“We do not need to the told about the challenges and hardship people are going through this period, but we cannot fold our arms and keep doubting policies and programmes formulated by the Federal Government. Our full participation is required at this point, otherwise we will continue to doubt and there will be no solution to solve the problem of hardship,” he stated.

The NELFUND Coordinator at RSU, Professor Sunny Orike, and the Rivers State Chairman of the Nigeria Union of Journalists (NUJ), Comrade Paul Bazia, commended the Federal Government’s economic policies, stressing that more awareness was needed so that vulnerable citizens could take advantage of the programmes.

Similarly, the Federal Government has reiterated its commitment to improving livelihoods in the Niger Delta through the Livelihood Improvement Family Enterprises in the Niger Delta (LIFE-ND) Project and other intervention programmes.

The Coordinator of LIFE-ND, Dr. Jarus Uvieghara, highlighted projects which cover the nine Niger Delta states of Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers, designed to empower young people and women in rural communities through agriculture.

According to him, LIFE-ND focuses on seven commodities: cassava, rice, cocoa, oil palm, plantain, fish and poultry, with each state selecting four commodities based on local demand.

He said the project runs on an incubation model, which links youths with experienced agri-preneurs who train them to become agricultural business experts.

“We have a situation where youths who had no prior knowledge of fish farming or poultry now become trainers themselves. It is a continuous process that builds an ecosystem of agribusiness experts across the value chain,” Uvieghara said.

He added that President Bola Tinubu recently approved an additional $32 million through the International Fund for Agricultural Development (IFAD) to upscale the project across the Niger Delta states.

Also speaking, Public Relations Officer at the Federal Ministry of Information and National Orientation, Dr. Helen Nsirim, highlighted key achievements of the Tinubu-led administration in the South-South region over the past two years.

These include the payment of ?70,000 new minimum wage to civil servants, the ongoing construction of the 700km Lagos-Calabar Coastal Highway, the passage of four new tax reform bills to boost revenue and investments, the disbursement of ?500 million to 1,797 farmers through LIFE-ND in Edo State, and the rollout of the Students’ Loan Scheme under the Nigerian Education Loan Fund (NELFUND).

She also listed the Three Million Technical Talent (3MTT) programme, the Renewed Hope Housing Scheme, and financial support through the Bank of Industry as other major initiatives impacting lives in the region.

“In just two years, the Tinubu administration has delivered tangible programmes and reforms that are touching lives in the South-South. What is left is for citizens to key into these opportunities by registering and applying for them,” Nsirim said.

The sensitization campaign featured testimonies from beneficiaries of LIFE-ND and other federal programmes, who shared how the initiatives had improved their livelihoods.

News

EFCC, Immigration Repatriate 51 Foreign Cybercrime Convicts

Published

1 day ago

August 22, 2025

The Tide

The Economic and Financial Crimes Commission (EFCC) and the Nigerian Immigration Service have repatriated 51 more foreign nationals convicted for cyber-terrorism and internet fraud.

The latest group of deportees, according to a statement by the EFCC, yesterday, includes 50 Chinese nationals and one Tunisian.

The repatriation, which took place yesterday, brings the total number of convicted foreign nationals deported in the ongoing exercise to 102 since its commencement on Friday, August 15, 2025.

These convicts were among the 192 foreign nationals apprehended during a recent sting operation conducted by the Commission in Lagos.

The operation followed actionable intelligence regarding the activities of one of the largest foreign-led cybercrime syndicates operating within Nigeria.

The EFCC statement read, “This exercise demonstrates our unwavering commitment to ensuring that Nigeria is not a safe haven for international criminals.

“The successful conviction and repatriation of these individuals send a clear message: we will not tolerate the use of our nation’s digital space for illicit activities that undermine our economy and national security.”

The Commission stated that further deportations are scheduled to take place in the coming days as the exercise continues.

NELFUND To Stop Students’ Upkeep Loans During Holiday

The Nigerian Education Loan Fund (NELFUND) says the upkeep loan disbursement is now strictly tied to the academic session of each institution.

NELFUND made this known yesterday in a statement signed by its Director of Corporate Communications, Oseyemi Oluwatuyi.

“In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.

“Consequently, students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session,” Oluwatuyi said in the statement.

NELFUND further stated that interested loan applicants are required to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session.

“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session.

“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year,” he stated.

Apart from institutional loans disbursed directly to institutions, beneficiaries of the student loan scheme enjoy monthly disbursement of N20,000 which amounts to N240,000 yearly.

With the new directive, students will only enjoy the monthly N20,000 during academic session while payment will be ceased when students embark on holidays.

News

ASUU Threatens Fresh Strike, Rejects FG’s Loan Scheme

Published

2 days ago

August 22, 2025

The Tide

The Academic Staff Union of Universities, (ASUU) has warned that it may be forced to embark on industrial action following what it described as the Federal Government’s persistent failure to honour agreements and address lingering challenges in the nation’s university system.

Speaking at a press conference held yesterday at the University of Jos, ASUU President, Prof. Christopher Piwuna, said the union has been “pushed to the wall” after over two years of patience without results.

He accused the government of deliberate delay tactics in renegotiating the 2009 ASUU-FGN Agreement, addressing outstanding salary arrears, and implementing measures to revitalise universities.

“Trust has been destroyed by government. It is, therefore, up to them to regain it to avert any strike,” Piwuna said.

Speaking on the 2009 Agreement and Collective Bargaining, the union lamented that despite the submission of the Alhaji Yayale Ahmed Report in February 2025, the government has failed to act on its recommendations.

ASUU expressed concern that this undermines the principle of collective bargaining, to which Nigeria is committed as a signatory to the International Labour Organisation (ILO) Convention.

The draft agreement, it noted, covers crucial issues such as conditions of service, university autonomy, academic freedom, funding, and the review of laws governing JAMB and NUC.

While acknowledging a planned government meeting on August 28, ASUU warned that time was running out.

The union strongly rejected the government’s proposed Tertiary Institutions Staff Support Fund (TISSF), which seeks to provide loans to lecturers.

Describing it as a “poison chalice,” ASUU insisted that what its members need is improved wages through the renegotiated agreement, not more debts.

“Our members do not lack where to find loans; indeed, they are already deep in debt. This loan will incapacitate cooperative societies and enslave our members. After deductions, nothing would be left for families. How can the government ask us to take loans to pay for our health and our children’s education?” Piwuna queried.

The union also criticised the unchecked establishment of universities, accusing successive governments of turning them into tools for political patronage rather than genuine centres of learning.

According to the union, Nigeria now has 339 universities—72 federal, 108 state, and 159 private—yet many lack basic facilities and staff.

ASUU urged the government to extend its moratorium on new public universities to private ones, warning that the current trend will only worsen quality and global rankings.

The union decried the plight of retired professors and lecturers under the Contributory Pension Scheme (CPS), noting that many who served the system for decades are left with as little as ?150,000 monthly in a harsh economic environment.

“This situation is cruel and unacceptable. Our retired colleagues are battling chronic illnesses and caring for dependents with meager pensions. Government must reverse this ugly trend,” ASUU declared.

ASUU’s National Executive Council (NEC), after its recent meeting at Usmanu Danfodiyo University, Sokoto, resolved to wait for the outcome of the government’s August 28 meeting before taking further action.

However, the union announced plans to hold rallies across university campuses next week as a warning signal to the government.

“We cannot continue this journey with empty tanks. If the government fails to act, ASUU will have no choice but to embark on action to defend public university education,” Piwuna warned.

Reiterating its demand, which includes renegotiation of the 2009 Agreement, revitalisation of universities, sustainable funding, and an end to the victimisation of members, ASUU stressed that the ball is in the government’s court.

“The general public should note that ASUU has tried every possible means to resolve these issues amicably. It is the Federal Government that has consistently pushed our union to the edge. If a strike happens, Nigerians should know who to hold responsible,” Piwuna concluded.