N5bn Palliatives: FG has released N2bn to States, FCT -Wale Edun

The minister of finance and coordinating minister of the economy, Wale Edun has said that the sum of N2 billion has been released to the 36 States and the federal capital territory.  The minister, who said this during a press briefing on Friday in Abuja, said the money is a combination of loans and grant.  Edun said the federal government decided to release the money in tranches to avert further spikes in the inflation rate. He said, “On the issue of the N5 billion, it is a combination of grants from the federal government and borrowing by the states. And of course, although the sum of N5bn is earmarked, you will agree with me that if you release such funds across all states at once, it will be self-defeating and it will lead to an inflationary spiral, lead to cost of goods going up, and exchange rate liquidity will go up,” he said.  The minister further said that the N500 billion palliatives is part of the federal government’s support to poor and vulnerable Nigerians.  He said “the president is going to deliver a better life to Nigerians by encouraging investment that increases productivity that grows the economy and thereby creating jobs and reducing poverty”. Acknowledging the hardship currently being experienced by Nigerians over the removal of petrol subsidy, the minister said that in a little while, the whole system will begin to experience the benefits of the subsidy.  He said: “There are funds in domiciliary accounts and If you give people the incentives they will utilise those funds in Nigerians for Nigerians. They have huge holdings in foreign currency in banks abroad, in financial institutions abroad. We need to provide the environment that brings those funds home, to choose to invest in the Nigerian economy rather than foreign economy.” The Chairman presidential Committee on fiscal policy and tax reforms, Taiwo Oyedele said the federal government would rake into its coffers N20 trillion if the right taxes are paid.  He added that the government was in the process of reviewing the incentives that has been granted over the years.  According to him, the sum of N6 billion is lost by the government from incentives.  He insisted that going forward, incentives would be targeted at those that need it the most saying that the country could “make more money from tax than we can do from crude oil.”

585 SMEs get N150k livelihood grants each in Kogi

Kogi has given N150,000 each to 585 beneficiaries in its 21 local government areas to expand their businesses. The beneficiaries, mainly petty traders, artisans and small business owners got the grants after receiving training under the state’s “Livelihood Grants’’ programme on how to expand their businesses. Mr Kehinde Olorunmosunle, Head of Delivery Platform for Social Transfer and Livelihood Grants, told newsmen in Lokoja on Saturday that the beneficiaries were between 18 years and 35 years of age. He described the beneficiaries as agile people that are able to run around and do businesses. “They are petty traders, artisans, hair dressers, bakers, and fashion designers, among others. “The training is meant to continue to remind the beneficiaries on the need to use the money judiciously. “The beneficiaries had earlier been trained on what was expected of them and their businesses before getting the money. “We went into their communities to confirm the authenticity of their various businesses before releasing the grant to them. “Immediately the money was given to them, we also moved into the communities to monitor how they applied the funds,’’ he said. Olorunmosunle advised beneficiaries to use the grants judiciously and not to divert them to frivolities. He expressed appreciation of the Kogi government for the timely release of funds that had enabled Kogi citizens to benefit from the grants. He also commended the Federal Government and the World Bank for the initiative, saying it had yielded tangible results in Kogi. Some of the beneficiaries, Mr Musa Abah, Miss Rejoice Thomas, and Miss Medinat Kabiru thanked the World Bank, and the federal and Kogi governments for the gesture. 

Subsidy: CIEPUK offers varsity scholarships to public, private sector workers’ wards

The Chartered Institute of Educational Practitioners, United Kingdom (CIEPUK) on Monday said it was set to offer university scholarship to the wards of both public and private sector workers across the country. CIEPUK had earlier revealed that it was partnering several institutions and the National Association of Private School Proprietors’ (NAPSP) to award scholarship to outstanding students in the just concluded 2023 JAMB/UTME examinations. Prof. Marcel Ezenwoye, the National President of CIEPUK, however said that the Institute had decided to extend its scholarship programme to students whose parents were either working for government or in the private sector. He said the gesture was a way of helping the workers cushion the effect of the fuel subsidy regime being introduced by President Bola Tinubu’s administration. He explained that CIEPUK was partnering several universities both within and outside the country to offer 50 percent scholarship to these children of civil servants and private sector workers in the country. Ezenwoye noted that the 50 percent scholarship would cover part of the student’s tuition, hostel and other fees throughout their four-year period in which they are expected to study in the university of their choice. He added that the 50 percent scholarship to any university of their choice, would cover both JAMB/UTME students who did very well and other students with lower scores, provided they apply between now and Aug. 30. “In line with the Federal Government’s policies on inclusive, affordable and accessible education under the able watch of President Bola Tinubu and his Vice Kashim Shettima. “Our goal is to lighten the burden of these government/private sector workers and the strain on their finances occasioned by the fuel subsidy regime. “So that for a semester, they pay N60,000 as tuition fees, N30,000 for hostel and N5,000 as medical fees for their wards. “CIEPUK has therefore decided to allocate 20 scholarship slots each to staff of the various ministries, government institutions, parastatals, agencies as well as private organisations across the country. “Interested staff with eligible wards are advised to apply through their various ministries and private organisations as CIEPUK would deal directly and officially with the management of the organisations for a seamless and well-coordinated exercise. “The beneficiaries would access categorised scholarship to enable them study the course of their choice in any of our collaborating public and private Universities and polytechnics in Nigeria and overseas, for 2023/2024 academic session. “The list of tertiary institutions involved in the scholarship programme include; Hipdet University, Cameroon, Gideon Robert University, Lusaka, Zambia, St. Monica University, Cameroon, Paul University, Awka, Tansian University, Umunya Anambra State and Maduka University, Enugu State. “Others are Covenant Polytechnic, Owerri, Temple Gate Polytechnic, Aba and Dorben Polytechnic, Abuja,” he said. “Admission forms are already on sale and first scholarship/admission screening interview holds on August 30th, 2023 at the Old Registrar’s office, Paul University, Awka or CIEPUK Head Office, Abuja at 12 noon prompt. “You can go to our website www.ciepuk.org.uk to confirm the courses we offer as well as call 08069030670, 07030808907 or visit Ciepuk Educators House (Head Office), 39A First Avenue, Gwarimpa, Abuja for more information,” he said. He noted that government ministry, parastatal and private organisation would receive an award letter for the 20 university scholarship slots to enable them compile the list of their nominees within the next seven days. He urged the various ministries and private organisations who do not receive their award letters within the next seven days not to hesitate to call or visit the CIEPUK headquarters for prompt response. NAN