• Senators knock Presidency over non-release of N500bn intervention funds

    Senators knock Presidency over non-release of N500bn intervention funds

    Barely one month to the end of the year, the Presidency, yesterday, shocked lawmakers when it revealed that less than N1 billion, out of the N500 billion Social Welfare Scheme in the 2016 budget, has been released.

    Special Adviser to the President for Social Protection Plan, Mrs Mariam Uwais, said this at a meeting of Ministries, Departments and Agencies (MDAs) with the National Assembly Joint Committee on Appropriations, with respect to a N181 billion virement request by President Muhammadu Buhari.

    She said […]

  • FG approves release of N30bn intervention fund for solid minerals – Fayemi

    FG approves release of N30bn intervention fund for solid minerals – Fayemi

    According to reports, the Minister of Mines and Solid Minerals Development, Dr. Kayode Fayemi, said on Tuesday in Abuja that the Federal Government had approved the release N30 billion intervention fund for molid Minerals development.

    Fayemi disclosed this at the fifth Extractive Industries Conference held by CSR-in-Action.

    The theme of the event was: “Revisiting the Nigerian Economy beyond Oil: Prospects for a thriving Export-Driving Extractive Sector.”

    The minister, represented by Prof. Okey Onyejekwu, his Senior Special Adviser, said the fund would be used […]

  • FRSC organizes special intervention patrol along critical corridors

    FRSC organizes special intervention patrol along critical corridors

    In view of the recent upsurge of overloading on the nation’s highways and the challenges it poses to all field command operatives, the Federal Road Safety Corps has resorted to a more decisive measure to curb the effects of the menace of overloading by organizing a Special Intervention Patrol along critical corridors from November 7 to 13, 2016.

    According to Bisi Kazeem, the Head, Media Relations and Strategy of the Corps, the Corps Marshal, Dr. Boboye Oyeyemi, has directed that the […]

  • Senate faults disbursement of N80bn Intervention Fund

    Senate faults disbursement of N80bn Intervention Fund

    According to reports, the Senate yesterday queried the disbursement of N80 billion out of the N500 billion social intervention fund to undisclosed persons without the representatives of the National Assembly.

    The resolution is sequel to a motion by the Senate leader, Senator Ali Ndume (APC Borno South), titled “the Need to avoid the mismanagement of the 500 billion social intervention funds” who drew the attention of the senate over the disbursement.

    It warned against mismanagement of the intervention fund, adding that previous […]

  • FG’s N500bn Intervention Fund bound to fail, says Ndume

    FG’s N500bn Intervention Fund bound to fail, says Ndume

    Majority Leader in the Senate, Senator Ali Ndume, on Tuesday said the N500bn social intervention programme of the President Muhammadu Buhari administration is bound to fail like the previous welfarist programmes of successive governments.

    Ndume said that the way the programme is structured and the process of its implementation would not benefit the target members of the populace.

    “Getting everybody involved is very important; but as of now, they are trying to run it exclusively and it is bound to fail; and […]

  • CBN to consider Anambra’s request for N5bn Agric Intervention Fund – Emefiele

    CBN to consider Anambra’s request for N5bn Agric Intervention Fund – Emefiele

    According to reports, the Central Bank of Nigeria (CBN) has promised to consider Anambra State government’s request for N5b mechanised agriculture intervention fund to farmers in the state.

    CBN Governor Godwin Emefiele, disclosed in Awka, yesterday, during a one-day assessment visit to the state in company of a Federal Government delegation that included Minister of Agriculture and rural development, Chief Audu Ogbe, the Governor of Kebbi State, Alhaji Abubakar Bagudu, top CBN and Federal Ministry Agriculture officials that the apex bank […]

  • FG approves N30bn intervention fund for mining sector

    FG approves N30bn intervention fund for mining sector

    It was gathered that the Federal Executive Council on Wednesday approved a N30bn intervention fund for the mining sector.

    It also approved technical advisers for the concession of railway line.

    The decisions were taken at a meeting of the council presided over by President Muhammadu Buhari.

    The Minister of Information, Alhaji Lai Mohammed; Minister of Mines and Steel Development, Dr. Kayode Fayemi; and the Minister of Transportation, Mr. Rotimi Amaechi, briefed State House correspondents at the end of the meeting.

    Fayemi said the approval […]

  • World Bank intervention in Nigeria’s agriculture hits $1.5bn

    World Bank intervention in Nigeria’s agriculture hits $1.5bn

    According to reports, the World Bank says the worth of its running projects in the Agriculture sector in Nigeria is 1.5 billion dollars.

    The Senior Chief Agric. Economist of the organisation, Dr Adetunji Oredipe, made this known to newsmen at a live Video Conference to celebrate “End Poverty Day.’’

    He said that in Africa, the bank’s strategy to ending extreme poverty and boosting prosperity was through investment in agriculture.

    He said that the bank dedicated 10 per cent of its total portfolio in […]

  • TETfund proposes N150bn intervention for varsities, others

    TETfund proposes N150bn intervention for varsities, others

    About N150bn has been proposed to be spent by the Tertiary Education Trust Fund as regular intervention to be shared among beneficiary universities, polytechnics and colleges of education in 2016, its Executive Secretary, Dr. Abdullahi Baffa, has said.

    But he also ruled out extending TETfund’s intervention grants to private universities and other tertiary institutions in the country.

    Baffa gave the figure in an interview with journalists during the 7th edition of an interactive forum which it jointly organised with the Federal Inland […]

  • Intervention funds, investment hold ace to non-oil sector financing

    Intervention funds, investment hold ace to non-oil sector financing

    As the nation braces up for non-oil sector financing in order to achieve sustainable development, the Central Bank of Nigeria(CBN) and analysts have identified intervention funds as well as private sector investment as the panacea.

    According to facilitators at the just-concluded seminar for finance correspondents and Business editors organised by the Central Bank of Nigeria(CBN) in Abakaliki, Ebonyi State, the failure of financial institutions and government parastatals to fund critical sectors of the economy has made it imperative for CBN and […]

  • Social intervention programs gets N500bn in 2017 budget

    Social intervention programs gets N500bn in 2017 budget

    The Federal Government said it would again set aside the sum of N500bn in the 2017 budget for social intervention programs for that fiscal period.

    The amount when added to the N500bn earlier approved for the same purpose this year would bring the total budgetary allocation for social intervention programs to N1tn in two years.

    The Minister of State for Budget and National Planning, Mrs Zainab Ahmed, gave the N500bn budgetary provision figure for next year while speaking at a media briefing […]