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Kwara Releases N300m For Social Investment Programme



In an attempt to cushion the effects of lockdown and support business owners, Kwara State Government has released the sum of Three Hundred

N300M Released For Social Investment Programme in Kwara State

Kwara State News | NCBN

In an attempt to cushion the effects of lockdown and support business owners, Kwara State Government has released the sum of Three Hundred Million Naira for the State’s Social Investment Programme (KWASSIP) which targets the poor.

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Commissioner for Finance and Planning, Mrs Oyeyemi Olasumbo Florence, disclosed this when she received the KWASSIP Anchor Mohammad Brimah and some members of his team in her office on Monday.

Oyeyemi said the money released for the programme, which is just one of the many people-focus policies of the AbdulRahman AbdulRazaq administration, was meant to fund the safety net initiative targeted at the poorest of the poor, including the aged, the widow and others at the lowest wrung of the economy.

“This is to lift as many people as possible out of the poverty line,” she said, adding that at least N100m would be disbursed this week to roughly 20,000 transport workers in the state as “Òwó Ìsówó in form of soft loan that was designed to lessen the effects of the lockdown on local transporters.

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He said the disbursement would soon be extended to other categories of beneficiaries captured under the KWASSIP law.

Brimah, for his part, commended the government for what he called a laudable programme that he asserted would cut down the poverty rate, saying that the disbursement of the money would begin later this week.

Brimah said the disbursement would as enumeration continues for other programmes across various coal government areas of the state.

Brimah added that the KWASSIP would do its best to make the programme a huge success for the state as envisaged by the Governor.

KWASSIP, the pivotal social security programme of the AbdulRazaq administration, has four components such as school feeding (Ounje Ofe); conditional cash transfer (Owo Arugbo); trader Moni (Owo Ishowo); and K-Power which seeks to train and empower unskilled people of various age brackets.

The Governor had recently said that the administration would scale down capital projects and overhead costs but would prioritise high-impact projects and social spendings to cater to the masses in the face of dwindling revenue.

Mrs Oyeyemi Olasumbo Florence
Hon. Commissioner for Finance and Planning
May 5, 2020.

Meanwhile, Kwara State published the status of things regarding COVID-19


The Executive Governor of Kwara State, Abdulrahman Abdulrazaq in a broadcast, said more patients have been discharged after testing negative to the COVID-19 (coronavirus) and he has launched a Digital Training for KWARANS during this lockdown period.


Business Africa

Nigeria to Become Petroleum Product Refining Hub, Minister Says



The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region


The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.


Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.


According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments


Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.


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Business Africa

Nigeria to Strengthen Economic Cooperation With Algeria Says President Buhari



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President Muhammadu Buhari has reassured of Nigeria’s commitment to stronger economic cooperation with the republic of Algeria in various critical areas.

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The President restated the commitment on Thursday when he received the Algerian foreign affairs minister, and special envoy of the Algerian president, Sabri Boukadoum, in the Aso rock presidential villa in Abuja.

According to a statement issued by special adviser to the President on Media and Publicity, Femi Adesina, the president said projects like the Trans-Sahara road, international gas pipelines, and other areas of economic cooperation would be given adequate attention for the good of the people of the two countries.

Buhari also emphasized the need for peace, tranquility and security in African countries, saying development and growth would depend a lot on how peaceful and secure the continent is.

In his remark, the special envoy said Nigeria was the pillar of Africa, and he had brought messages from his president, for the two countries to explore areas of collaboration.

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Agriculture & Nigerian Economy

We Have to Reduce Oil Production Cost, Says Osinbajo




Vice-president, prof. Yemi Osinbajo, has said the deal to cut oil production by the organization of petroleum exporting countries and its allies has resulted in lower revenue generation for the federal government.

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The vice-president, who was represented by the minister of state for petroleum resources, Timipre Sylva, said the collapse in crude oil demand due to the covid-19 pandemic caused the recent sudden slump in oil prices.

Osinbajo said on Tuesday that the ministry of petroleum resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue.

He expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production.

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