Connect with us

Naija News

Lagos State Pledges N5bn Bailout For SMEs

Published

on

Small and Medium Enterprises Lagos State

Lagos State Pledges N5bn Bailout For SMEs

Babajide Sanwo-Olu, Lagos State Governor, has said he his introducing measures to absorb the effects of the COVID-19 pandemic on Micro, Small and Medium Enterprises (SMEs) in the state.

These measures, which include an additional N5bn palliative, will ensure business sustainability and stimulate economic growth, Sanwo-Olu said.

The governor made this known during in a private sector interactive webinar organised by the Lagos Chamber of Commerce and Industry on Wednesday.

Sanwo-Olu said the funds would enable MSMEs to stay afloat and reduce job losses.

ALSO READ:

He added that within the next one month, an internship program, which would accommodate not more than 10,000 persons to acquire additional skills to keep them employed and engaged, would be embarked upon.

“These persons would be paid over the duration of training expected to be between three to six months. We need to engage people, make them employable by your industries and put monies in their hands so that they can buy the products you manufacture,” he said.

Sanwo-Olu added that plans to draw single-digit borrowing through the Central Bank of Nigeria and suspend all interest on borrowings on the state’s trust fund were underway.

He encouraged manufacturing companies to adopt longer and overnight shifts in line with safety measures, following his approval for overnight shifts.

Sanwo-Olu said that the state would be completing the biggest rice mill in the country by December to tackle the fragility of the food system of the nation.

He added that collaboration with south-western states and some northern states were ongoing to address interstate food transportation challenges.

The governor added that the state would continue to remain accountable and transparent to the public with regards to donations by publishing in batches donations as received by the government.

“There are still some food items in the warehouse and we are working on distribution models to ensure they get to the masses,” he said.

In her remarks, the President, Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, said that the pandemic and the lockdown had caused severe damage and losses to businesses.

She noted that many businesses were grappling with breach of contractual obligations and inability to retain employees.

Other challenges, she listed, included cost escalation resulting from exchange rate depreciation, loss of foreign credit lines, the burden of loan repayment and collapse of consumer purchasing power.

Join Us on FACEBOOK

Naija News

Plateau begins trial of 300 suspected looters

Published

on

Looters

The Plateau State Government on Wednesday begun the prosecution of over 300 suspected looters and arsonists in the state.
They were accused of looting, criminal trespass and inciting public disturbance, among other charges.
The suspects, who had been in military and police detention after they were arrested in different parts of Jos and the Bukuru metropolis between Saturday and Sunday, were moved to the Bassa Local Government Area on Wednesday for arraignment.

The defendants were arraigned one after the other at Jebbu Bassa Area Court before several judges including Justices N S Dashe, Adar Roseline Baraje, and L B Longs as well as Lawal Sulaiman, among others.

In all the cases brought before the judges, the prosecutors from the state Ministry of Justice told the court that the accused persons committed the offences against the state and should be prosecuted according to the law.
The defence counsels, however, pleaded with the court to temper justice with mercy for the accused persons, particularly as they were first offenders.
The defence counsels also pleaded for short sentencing with an option of fine after their clients pleaded guilty to the offences.

Continue Reading

Customs Corner

Nigeria Customs office adamawa Under attack by hoodlums

Published

on

 

Suspected Hoodlums, on Monday, looted Adamawa Custom Office, the eye witness said hoodlums where seen in their numbers breaking anything that stand in their way, carting away consumable and non-consumable items.

 

residents of Lagos and Ogun state turn vigilantes  as hoodlums raids

nigeria customs checkpoint at agbara attacked by suspected hoodlums/

attack on akbc and facilities in uyo watch video

lagos task-force arrests hoodlums cultists seize motorcycles

 

Continue Reading

Naija News

NBC Fines Channels, AIT, Arise TV Over #EndSARS Coverage

Published

on

The National Broadcasting Commission, NBC, has sanctioned Africa Independent Television, AIT, Arise Television, and Channels Television for what it called a gross violation of the broadcast code, top of which is the use of unverifiable online video footages on social media.

The sanction, according to the Acting Director-General of the Commission, Armstrong Idachaba, will be a fine not less than two million Naira.

He warned that this will be the last warning before a heavier sanction will be introduced.

Continue Reading
COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

Currency Calculator

Currency Calculator

Amount
From :
To :

Trending