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Federal Government to start disbursement of N200b intervention fund to MSMEs and manufacturers

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The Federal Government says it will soon commence the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturers under the Presidential N200 billion Intervention Fund scheme.

President Bola Tinubu launched the scheme on October 17, 2023, to cushion the effects of the removal of petrol subsidy.

Announcing the disbursement of the funds, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, in a statement yesterday, noted that the decision was taken following the success of the ongoing disbursements targeted at supporting one million nano businesses across the country.

According to her, N75 billion each has been allocated to support MSMEs and the manufacturing sector under the Presidential Intervention Fund. This is in addition to the N50 billion set aside to support the nano businesses.

 

Uzoka-Anite said;

“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential N200 Billion Intervention Fund.

 

“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSME and manufacturing sectors, aimed at boosting economic growth and industrial development.

“This fund is strategically divided, dedicating N75 billion to MSMEs and another N75 billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting one million nano businesses throughout the country.
“Thousands of beneficiaries have already confirmed receipt with many more to come.

“We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.
“Additionally, applicants seeking more detailed information should visit their local state Bank of Industry (boI) branch.”

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Two weeks to election:Tension hits Imo APC as candidates await primary results

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Just two weeks to the main elections on September 21, the Imo State All Progressives Congress, APC, is under tension as candidates and other members of the party are eagerly awaiting for the release of results of the party primary elections which was conducted on September 3 at various LGAs and wards in the state.

The tension became more worrisome as results allegedly said to have emanated from the just concluded exercise flooded various media platforms with lists of certain names as the winners of the primary exercise.

Though , the ztate leadership of the party has earlier warned aspirants and other party faithful to disregard the list and wait for official release of the results which it said would be announced by the party.

DAILY POST learnt that despite the assurance given by the party leadership, many aspirants seemed to be uncomfortable with the delay of the results of an election which they complained was conducted five days ago.

A chairmanship aspirant from one of the LGAs who doesn’t want his name to be mentioned for political reasons said that he is not happy with the way the party leadership is handling the matter.

He pointed out that while they are still awaiting for the official release of the results, some of the aspirants have started jubilation based on the results flying around social media.

Speaking also, Hyginus Onumajuru, a card-carrying member of the party, said that there is the possibility of believing in the lists flying in social media, hinting that there is no reason the party leadership will give that will be acceptable for an exercise conducted almost a week ago and the results are yet to be released.

Onumajuru further hinted that for the results not to be released after five days of waiting is a clear signal that the state party leadership may not be in charge of the exercise.

“This could be a clear indication that the party leadership is not in control of the primaries, if not so what could have been the cause of the delay in releasing the results.It has already created panic among aspirants who are eagerly waiting for the official announcement and seeing some lists flying around messed up the whole thing. Debunking the story is not enough let us have the real results,” he said.

He further said that it is unjust the way the party leadership is treating people who have already spent huge sums of money and time purchasing forms and touring villages meeting with their people for the sole purpose of securing political positions under its platform.

In a similar vein, one of the local tabloids in the state in its banner headline revealed that lists of candidates for the September 21 exercise are already before ISIEC.

A list from one of the social media platforms revealed that 12 names from Ohaji/Egbema LGA have already emerged as the party’s candidates for councillor positions ahead of the polls.

Another list also purportedly revealed that over 22 names of the current sole administrators were allegedly seen in the lists. Some aspirants have already started receiving congratulatory messages from their well wishers and supporters basically from the lists flying around.

At of the time of filing this report the leadership of the party, apart from the earlier statement issued some days ago by one Julian Chijioke, media aid to the State party Chairman, Macdonald Ebere, the party is yet to make any other official announcement on the current development.

The election is barely two weeks from now with no record of any serious political activity from the various political parties regarding that as the people of the State await the September 21 exercise.

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Bill to repel ISOPADEC law scales through second reading in Imo Assembly

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The bill to repeal the Imo State Oil Producing Area Development Commission (ISOPADEC) Law Number 13 of 2010 and replace it with a new law for the establishment of a new board for the Commission has scaled through its second reading on the floor of the State House of Assembly.

The bill, presented by the Chief Whip of the House and member representing Oru East Constituency, Chigozie Nwaneri, will, according to him, also create room for the inclusion of Oru East LGA as an oil-producing area.

Expounding on the bill, the Chief Whip said that the main purpose of the bill is to replace the old law governing the commission, which he said has become obsolete and no longer in touch with present realities.

He maintained that if the bill is passed into law, it will establish a new board for the Commission with the mandate of ensuring even development throughout the oil-producing communities in the state.

He further stated that the Commission shall make proper use of the 40% of the 13% oil derivation fund accruing to the oil-producing communities from the Federal Government for developmental projects.

The Oru East lawmaker explained that the bill will also create an opportunity for the Commission to liaise with both the state and federal governments to tackle environmental challenges such as erosion control, oil spillage, and the protection of oil installations.

“The bill, if passed, will establish a governing board for the Commission. The chairman and members of the board shall be appointed by the governor, subject to confirmation by the State House of Assembly.

“The chairman to be appointed shall come from any of the oil-producing areas, with two representatives each from the three local government councils and one representative from each of the three senatorial zones in the state,” he said.

Shedding more light on the bill, Nwaneri pointed out that if passed, the bill will also empower the Commission to have a managing director appointed by the governor, subject to confirmation by the State Assembly.

The Managing Director will oversee the administrative running of the Commission for a period of four years, with a Director of Legal Services, Corporate Affairs, and Due Process working under him as the Secretary.

He further explained that the new law will ensure that the Commission has its Secretariat in Owerri, the state capital, and offices in every LGA headquarters of the three Local Councils—a move he said will help bring the Commission closer to the people.

After much deliberation, the bill scaled through its second reading and was referred to the House Committee on ISOPADEC, headed by Francis Osuoha, representing Ohaji/Egbema Constituency, for further necessary legislative action.

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Ajuri Ngelale Takes Indefinite Leave for Family Medical Reasons

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In a surprising development at the heart of Nigeria’s government, Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President, has announced an indefinite leave of absence. The announcement came via a memo submitted to the Chief of Staff to the President on Friday, September 7, 2024.
TalkJudith reports that Ngelale disclosed this in a statement he personally signed.

Chief Ngelale cited urgent medical matters affecting his immediate family as the reason for his departure. In his statement, he described the decision as “agonizing” but necessary, given the worsening of a “vexatious medical situation” at home.

The leave of absence will impact several key roles held by Chief Ngelale, including:
1. Special Adviser to the President on Media & Publicity and Official Spokesperson of the President
2. Special Presidential Envoy on Climate Action
3. Chairman of the Presidential Steering Committee on Project Evergreen
While acknowledging the importance of his duties, Chief Ngelale emphasized that this decision was made after significant consultations with his family over the past several days. He expressed his intention to return to full-time national service “when time, healing, and fate permit.”

The announcement has raised questions about the interim arrangements for these crucial positions within the presidency. As of now, no information has been released regarding temporary replacements or the redistribution of Chief Ngelale’s responsibilities.

Chief Ngelale has requested privacy for himself and his family during this challenging time. The nature of the medical situation has not been disclosed, respecting the family’s wish for confidentiality.
This development comes at a time when Nigeria faces several pressing national issues, and the absence of a key communication figure in the presidency may be felt in the coming weeks or months.

As the situation unfolds, further updates are expected from the Office of the President regarding the management of Chief Ngelale’s duties during his absence.

 

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