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Jubilation as FG begins disbursement of N200bn palliative loans
Jubilation as FG begins disbursement of N200bn palliative loans
The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.
The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across the country.
In a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, Doris Aniete stated that an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.
She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
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This is coming more than eight months after President Bola Tinubu announced the grant for manufacturers and small businesses and two weeks after applicants were directed to submit their National Identification Numbers as part of the requirements to obtain the grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.
In the address, the president said he was determined to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.
“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.
The programme, riddled with multiple delays and a complex registration process, had received several criticisms from prospective beneficiaries.
The President of the Association of Small Business Owners, Femi Egbesola, had decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.
Jubilation as FG begins disbursement of N200bn palliative loans
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Senate begins moves to harmonise NIN, BVN, other identity platforms
Senate begins moves to harmonise NIN, BVN, other identity platforms
The Senate advocates for integrating the National Identification Number (NIN), Bank Verification Number (BVN), and other digital identity platforms into a unified system. Salisu Shuiab, Chairman of the Senate Committee on ICT, Cyber Crimes, highlighted this during a discussion with the Federal University of Agriculture, Abeokuta.
Shuiab emphasized that a single identity system is crucial for national security and anti-corruption efforts. He criticized the fragmented approach, citing it as wasteful and detrimental to security measures.
He said a unified digital identity system would also help the Federal government plan its various intervention programmes through equitable distribution of resources.
“I can assure Nigerians that the era where you have silos, one individual being a dimension in different places, is not only a waste, it also contributes to insecurity and indeed even corruption.
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“We are making a move to harmonise our identity database. We have engaged the relevant ministries—the Ministry of Communication Digital Economy, the Ministry of Industry, and even the CEO of the National Identity Management Commission—to ensure that a Nigerian who has registered with NIMC and has a national identity number is recognised across all platforms, whether for passport purposes, driver’s license, or the various interventions that the federal government is making.
“You cannot have a digital economy without a reliable digital identity, and digital identity starts with harmonising our database to ensure that one individual is recognised across all the systems,” Shuiab said.
He called for a partnership between FUNAAB and his office on training rural farmers in agricultural production.
In his remarks, the Vice Chancellor of the FUNAAB, Prof. Olusola Kehinde, said he would be willing to partner with relevant agencies to ensure food security in the country.
Senate begins moves to harmonise NIN, BVN, other identity platforms
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FG approves salary increase for civil servants
FG approves salary increase for civil servants
The Federal Government has approved a salary increase of between 25 and 35 per cent for civil servants.
This move is coming on the eve of the 2024 Workers’ Day.
This was revealed in a statement on Tuesday by the Head of Press at the National Salaries, Incomes and Wages Commission (NSIWC)Emmanuel Njoku.
The increment, it stated, would take effect from January 1, 2024.
The Salary Structure includes the Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Police Salary Structure (CONPOSS), Consolidated Para-military Salary Structure (CONPASS), Consolidated Intelligence Community Salary Structure (CONICCS) and Consolidated Armed Forces Salary Structure (CONAFSS).
Those in the tertiary education and health sectors had already received their increases which involved Consolidated University Academic Salary Structure (CONUASS) and Consolidated Tertiary Institutions Salary Structure (CONTISS) for universities.
For polytechnics and colleges of education, the statement indicated that the new salary structure involved the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure (CONPCASS) and Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS).
Those in the Health Sector will also be benefiting through the Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Sector Salary Structure (CONHESS).
Also, the Federal Government has approved increase in pension of between 20 and 28 per cent for pensioners on the defined benefits scheme concerning the above-mentioned six consolidated salary structures.
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FG declares Wednesday May 1 public holiday
FG declares Wednesday May 1 public holiday
The Federal Government has declared Wednesday May 1, 2024 as a public holiday to mark this year’s Workers’ Day.
Minister of Interior Olubunmi Tunji-Ojo made the declaration in a statement released on Tuesday by the ministry’s Permanent Secretary Aishetu Ndayako.
“The Federal Government has declared Wednesday, 1st May 2024 as a public holiday to commemorate this year’s Workers’ Day Celebration,” Aishetu said in the statement.
She quoted the minister as “In alignment with this year’s theme, which focuses on ensuring safety and health at work in a changing climate, I wish to state that the Federal Government remains steadfast in its resolve to prioritise the safety and well-being of all citizens.
“Let me reaffirm Mr. President’s commitment to providing a conducive environment for work, where every worker can thrive and contribute meaningfully to national development.”
The minister acknowledged the contribution of workers and called for more measures to mitigate the adverse effects of climate change through synergy.
“The minister also urged Nigerians to remain committed to the present administration’s Renewed Hope Agenda as he wishes workers a happy celebration,” the statement added.
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