World Bank Disburses $800 Million To FG

-


The World Bank has loaned the Federal Government about $800 million to make provision for post-petroleum subsidy palliative for over 50 million Nigerians ahead of June 2023.

This was made known by Zainab Ahmed, the Minister of Finance, Budget and National Planning, Zainab Ahmed, while speaking wih State House correspondents on Wednesday. 

Ahmed stated that the $800 million forms the first tranche of palliatives ready to be disbursed to 10 million households in form of cash.

She said, “There’s a provision (of the Petroleum Industry Act) that says 18 months after the effectiveness of the PIA that all petroleum products must be deregulated. That 18 months takes us to June 2023.

"Also, when we were working on the 2023 Medium Term Expenditure Framework and the Appropriation Act, we made that provision to enable us exit fuel subsidy by June 2023.

“We’re on course, we’re having different stakeholder engagements, we’ve secured some funding from the World Bank, that is the first tranche of palliatives that will enable us give cash transfers to the most vulnerable in our society that have now been registered in a national social register.

“Today, that register has a list of 10 million households. 10 million households are equivalent to about 50 million Nigerians.”

When asked how much funding the FG received from the World Bank, the minister said, “$800m for the scale-up of the National Social Investment Programme at the World Bank. And it’s been secured, it’s ready for disbursement”.

However, she noted that the FG must raise more resources to enable it to do more than cash transfers.

According to her, wide-ranging negotiations are underway to deploy non-cash palliatives such as a “mass transit” system for workers’ daily commute.

“So there are several things that we’re still planning and working on, some we can start executing quickly, some are more medium-term implementation.

“There are a lot of discussions going on at different levels, including with members of the transition committee of the incoming government,” she added."


Comments

Post a Comment

Popular posts from this blog

Mutual Benefits Assurance Plc Gets New Directors

-
Image
  Mutual Benefits Assurance Plc has announced the appointment of four new members to its board of directors. According to a statement by the firm, the new members of the board are Lateef Bakare and Wunmi Eniola-Jegede, who joined as independent non-executive directors, and Messrs. Joseph Oladokun and Adebiyi Ashiru-Mobolaji, who were appointed as executive directors. The underwriting firm revealed that Bakare is a chartered accountant with over 45 years of post-qualification experience. He retired in 1991 as the Quality Assurance Partner at Deloitte. It gurther disclosed that Eniola-Jegede is currently the executive director, business development, strategic planning & human resources at SIFAX Group. According to the statement,  Eniola-Jegede's competencies include business development, strategic planning, project management, business strategy, and organisational development. Prior to Oladokun's appointment, he was the general manager technical of Mutual Benefits Assurance.
Read more

Union Bank Grows Gross Earnings By 19 Per Cent

-
Image
For the 2022 financial period, Union Bank of Nigeria Plc has disclosed that its gross earnings rose up 19 per cent to N208.2 billion from N175.0 billion in the corresponding period of 2021. The bank made this known in its Group audited financial statements for the year ended December 31, 2022, adding that the growth was driven by strong growth in net interest income. The Group’s net interest income increased by 33 per cent to N59.1billion in 2022 from N44.3 billion in 2021, driven by growth in earning assets, while net operating income after impairments went up by 10 per cent to N110 billion from N99.7 billion in 2021, and profit before tax rose by 47 per cent to N30.2billion in 2022 from N20.5 billion in 2021 respectively. Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, said, “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. “We were focused on our strategy of deepenin
Read more

Kwara Government Adopts Tech Innovation To Boost Businesses

-
Image
As a way of boosting businesses and supporting youths in the country, the Kwara Government has adopted use of technology and innovation.  Temi Kolawole, the Managing Director, Ilorin Innovation Hub, revealed this in Ilorin on Thursday at the Ecosystem Engagement on the adoption of the Nigeria Startup Act (NSA) in the state. According to Kolawole, the plan is to move more people from the informal sector to formal sector via tecchnolgy to run their businesses. “We have a very well structured business environment in Kwara. With the introduction of Startup Act, there is hope for Kwara youths. “We wanted to bring in innovation and technology to ease of doing businesses and make life better for Kwara citizens,” he said. He further explained that there are over 100,000 self employed youths across the state who can be upgraded. He said it would take six months to implement the Startup Act and capture young businessmen in the state. “Through capacity building and training, we will surely get th
Read more