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COVID-19: CBN To Inject N1tr Into Economy

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THE Central Bank of Nigeria (CBN) on Wednesday announced its decision to increase intervention in local manufacturing and import substitution sector by injecting N1 trillion across all critical sectors of the economy.

The CBN Governor, Godwin Emefiele, who broke the news in Abuja, said the capital injection came two days after the banking sector regulator unveiled a six-point palliative to ameliorate the continued impact of the coronavirus on the economy and supply chains round the globe.

He said the management of the CBN will meet with the Bankers’ Committee on Saturday, to work out the modalities for releasing the funds.

The apex bank also announced N100 billion loan to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and or produce vaccines and test kits in Nigeria to prepare for any major crises ahead.

Emefiele also said an Implementation Committee that will implement the private sector contribution of N1.5 trillion infrastructure funding to link farming communities to markets as agreed at the recently-concluded “Going for Growth” roundtable last week will be set-up next week.

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Given the plunge in the price of oil, which dropped to $25 per barrel with its attendant low accretion to oil revenue, the CBN boss directed all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.

This was to enhance local drug manufacturing, increase bed count in hospitals across Nigeria, fund intensive care, as well as in training, laboratory testing, equipment and Research & Development.

In addition to the N50 billion soft loans to small businesses announced, Emefiele said the CBN would also increase its intervention by another N100 billion in loan in 2020, to support the health authorities.

According to him, the bank will release details of how the unveiled facilities would be accessed and released, adding that the CBN had also set-up the Financial Markets Situation Room to monitor global markets and advise the Bank on adequate response.

Meanwhile, Emefiele has advised all Deposit Money Banks and other regulated entities in the banking industry to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted.

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He advised the banks to adhere to the directives, advice and notices from the Federal Ministry of Health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19.

To check the spread of the virus, he urged the institutions to ensure regular and appropriate sanitisation of their premises and make available in their locations adequate sanitisation materials and also to discourage large gatherings of staff and customers.

While pledging that the CBN will continue to monitor all developments on the COVID – 19 infection and design appropriate monetary response to protect the people and economy of Nigeria, Emefiele urged that Nigerians take advantage of turning what appeared to be an adversity in the pandemic into an opportunity.

Meanwhile, Chief Executive Officer, Economic Associate, Dr. Ayo Teriba, has said the fallout of Covid-19 may disrupt the economy as a result of budget derailment and naira devaluation.

He said the virus has caused temporary harm, such as supply disruptions, wealth losses, manufacturing services- social distancing, demand disruptions and permanent harms.

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Teriba spoke at a forum on the implications of Covid-19 outbreak on the economy organised by the Lagos Chamber of Commerce & Industry.

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NMDPRA begins clampdown on illegal LPG retail outlets in Akwa Ibom

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The Nigerian Midstream and Downstream Petroleum Resources Authority says it has commenced a clampdown on illegal LPG retail outlets in Akwa Ibom State.

The state Coordinator, Ikechukwu Eseka, disclosed this on Thursday while receiving the state commandant of the Nigeria Security and Civil Defense Corps, Bakshar Hussaini, in his office on a courtesy visit.

He said, “We have started enforcement of LPG retailers embarking on illegal decanting of LPG, filling stations, LPG refilling plants and other illegal downstream operations in the state.

“We are currently working on the illegal proliferation of decanting of LPG in the state, Eseka stated, adding that gas is very volatile, and some of them are using gas that is not meant for the purpose.”

He said he has directed that gas plant owners should not load gas on people who don’t have licenses NMDPRA in the state, warning that “decanting of gas from cylinder to cylinder is an illegal activity which is punishable by law.”

He also called on marketers to register and renew their licenses before operating LPG in the state.

“We used the opportunity to talk on the aspects of the downstream which has to do with our enforcement, sealing of filling stations and those who are using diesel for industrial purposes that are yet to register with NMDPRA.

“We have also commenced engagement with individuals and organisations using storage tanks that are over 500 litres, to come and register with the Authority in the state,” he added.

Eseka thanked the Commandant for coming to re-strategise and collaborate with the Authority in the state.

Earlier, the State Commandant of NSCDC, Hussaini, explained that the purpose of coming was to collaborate with NMDPRA on how to checkmate indiscriminate decanting of LPG in the state.

“I know with the present situation in the country, a lot of them are going to cry and you have to use human face to handle their cases so that we don’t injure the government and the public themselves,” he said.

He lamented that some people used their houses to sell cooking gas which can cause environmental hazards to the public.

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Elections in Nigeria: There’ll be no more need for voter cards – INEC

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INEC

The Independent National Electoral Commission, INEC, has announced plans to phase out the Permanent Voter Cards, PVC.

INEC Chairman, Prof Mahmood Yakubu, made this known at a meeting with the Resident Electoral Commissioners RECs, held at the INEC Conference Room, Abuja on Thursday.

This was part of the identified 142 recommendations released by the Commission which deals with the general state of preparedness, voter management, voter education and public communication, political parties and candidate management.

Other areas of recommendation include electoral operations and logistics management, election officials and personnel, partnership and collaboration, monitoring and supervision, election technology, voting and result management, election security, electoral offences and the electoral legal framework.

The Chairman said there are eight recommendations among the 142 which require legislative action by the National Assembly.

“The Commission also believes that with the introduction of the Bimodal Voter Accreditation System, BVAS, the use of the Permanent Voters’ Cards, PVC, as the sole means of identification for voter accreditation on Election Day should be reviewed.

He, however, said that those who already have the Permanent Voter Cards can still use them to vote.

He added, “But going forward, computer-generated slips issued to the voter or even downloaded from the Commission’s website will suffice for voter accreditation. ”

Yakubu said this new development will save costs and further eliminate the issues around the collection of Permanent Voter Cards.

He also said the practice of buying up the Permanent Voter Cards from voters to disenfranchise them, would be reduced.

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BREAKING: Tinubu to present 2025 budget proposal to National Assembly Tuesday

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President Bola Tinubu is scheduled to present the 2025 proposed budget to a joint session of the National Assembly on Tuesday, December 17, 2024.

The announcement was made by Senate President Godswill Akpabio during a plenary session, revealing that the President has sent a communication to that effect.

“The president has made his intention known to the National Assembly to present the 2025m budget to the joint session of the National Assembly on the 17th of December, 2024,” he said.

The proposed budget, totalling N47.9 trillion, was earlier announced by the Minister of Budget and Economic Planning Atiku Bagudu.

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