42 youths in Bayelsa get N100,000 FG loan each – Newstrends
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42 youths in Bayelsa get N100,000 FG loan each

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The National Directorate of Employment (NDE) has disbursed N100,000 loan each to 42 youths in Bayelsa State to embark on sustainable agricultural development.

Speaking during the inauguration on Friday in Yenagoa, the Director-General of NDE, Abubakar Fikpo, commended the beneficiaries for their determination drive throughout the training which lasted for four months.

The News Agency of Nigeria (NAN) reports that Fikpo was represented by Mr Aham Osuchuckwu, the Bayelsa State Coordinator of the NDE.

According to him, the beneficiaries will be granted a soft loan of N100,000 each at an interest rate of nine per cent under the 50 per cent capital budget released for the 2022 financial year.

He said that the beneficiaries cut across the eight local government areas of Bayelsa and the training accommodated every stratum of persons in the society.

“The SADTS gave rise to four employment creation schemes of Agricultural Enhancement Scheme (AES) seven persons benefited while Graduate Agricultural Empowerment Scheme (GAES) 11 persons benefited.

“Sustainable Agricultural Development Empowerment Scheme (SADES), 15 people benefited and Community Based Agricultural Empowerment Scheme (CBAES) nine persons benefited,” he said.

Fikpo said the objective of the inauguration was to orientate the beneficiaries to make efficient and effective investments of loan packages in the various spheres of agriculture and its value chain.

He explained that this was part of the Federal Government’s effort at curbing unemployment prevalent in society and enhancing wealth creation and its multiplier effects.

On his part, the Director, Rural Employment Promotion, represented by Mr Sylvester Ekemhonye, informed the beneficiaries that in support of the cashless policy of the Federal Government and engendering banking culture into them, the loan would be transferred into their various bank accounts.

He congratulated them for being the first set of beneficiaries of the laudable initiative of the government. (NAN)

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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