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DMO: $22.7 Billion approved loans still intact

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$22.7 BILLION APPROVED LOANS STILL INTACT-DMO

The Debt Management Office (DMO) has said that the Federal Government did not draw from the 22.76 billion Dollar loan approved by the National Assembly.

The agency, DMO said apart from the conditions attached to the loans, the agreement on them have not been signed.

Director General of the DMO , Patience Oniha, spoke on Wednesday in Abuja against the backdrop of criticism of Chinese loans taken by the Federal Government to fix infrastructure.

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In addition, she explained the need for the loans in the huge Budget 2020 deficit which rose to N4.2 trillion from N1.6 trillion caused by Coronavirus pandemic which drastically crashed oil revenue.

“What was submitted in 2016 was a request for $30billion concessional loans. But the lawmakers cherry-picked and approved. The balance was the $22.7 billion which the Federal Government submitted to the National Assembly in 2019.

“These are concessional loans with the interest of about 3% and tenor of about 30 years. We need to let Nigerians know that the lenders will not give Nigeria $22.7 billion at once.

“These loans are disbursed according to milestones. That is the loans are released based on the projects they are meant for after the lenders’ consultants have done some evaluation. It does not mean that once the $22.7 billion was approved,’’ she said.

She also explained that DMO followed legal and constitutional processes on all the loans.

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Finance

LCCI Announce New Date For Lagos International Trade Fair

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Lagos Chamber of Commerce and Industry (LCCI), a leading voice in the organized private sector (OPS) in Nigeria, has postponed the 2020 edition of the Lagos International Trade Fair.

The trade fair earlier scheduled to hold from November 6-15, 2020 has been rescheduled to hold from December 4-13, 2020.

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According to the Chamber, the trade fair, which will feature both physical (In-person) and virtual (Online) platforms, will run for a total of ten days at the Tafawa Balewa Stadium (TBS).

The Director General of the Chamber, Dr. Muda Yusuf, explained that the postponement is occasioned by the economic disruptions brought about by the COVID-19 pandemic and the recent EndSARS protests across the nation.

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Finance

CBN Releases Guidelines for N75 Billion Nigeria Youth Investment Fund

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The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).

CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.

The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.

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“The plan targets young people between 18 and 35 years and details the needed actions required to access the funds.

“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023,’’the apex bank said.

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Nigerian Economy Loses N700Bn to EndSARS Protest – LCCI

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Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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#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

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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.

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"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"

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