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N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

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N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

By: Michael Mike

The lProceeds of the N250 billion Sovereign Sukuk issued last December by the Debt Management Office (DMO) would be released as part of the 2021 capital expenditure, the federal government on Thursday revealed.

Speaking at the symbolic cheque presentation ceremony of the N250 billion Sukuk proceeds to the implementing ministries, The Minister of Finance,  Budget and National Planning, Mrs. Zainab Ahmed said this is in line with the Appropriation Act,  which  had  been  extended to March 31, 2022 by  the  National  Assembly.

The Minister also disclosed that a total of N3.4 trillion had been released for capital projects as of November 2021.

She said that since the emergence of Sukuk as a financing window for infrastructure in September 2017, a total of N362.557  billion had been released to  the Federal Ministry of Works and Housing to fund  key road projects.

The Minister said in view of the significant milestones recorded in the use of Sukuk funds in the reconstruction and  rehabilitation of road infrastructure, with visible  evidence, the government decided to incorporate other ministries with critical road projects into the Sukuk funding structure. 

She said: “Today, we have the Federal Capital Territory Administration (FCTA) and Ministry of Niger Delta Affairs (MNDA) joining us. 

“The three ministries (FMWH, FCTA and MNDA) will be sharing the Sukuk issue proceeds of N250 billion, which was successfully issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria on December 29, 202.”

According to her: The N250 billion gives the Federal Ministry of Works and Housing  N210,565,000,000.00; Federal Capital Territory Administration (FCTA), N29,000,000,000.00; and the Ministry of Niger Delta Affairs, N10,435,000,000.00.

On the performance of the 2021 budget  Ahmed noted that as of November  2021, N3.4 trillion  had  been  expended on capital projects,  which  represents over  74 per cent  performance  when  compared  to  the  total capital budget of N4.569 trillion. 

She said out of the released  N3.4 trillion, N2.98 trillion represents  83 per cent  of  the  provision  for  ministries, departments and agencies (MDAs’)  capital, N369.9  billion for  Multi-lateral/Bilateral Project-tied loans, and N49.52 billion as Government Owned Enterprises (GOEs) capital expenditure.

The Minister while assuring that the  government would continue to prioritise spending on critical infrastructure in order to sustain the momentum on gross domestic product (GDP), she noted that the 4.2 per cent projected growth in 2022 can only be possible through steady increase in spending on critical infrastructure, such as roads. 

Also Read: U.S Court postpones Hushpuppi’s $24 million fraud sentence…

Ahmed said: “I wish to congratulate the DMO for the introduction of the Sovereign Sukuk and for the successes recorded in raising the funds through the product, which now stands at a total sum of N612.557 billion,” the minister said.

In her remarks, the Director General, DMO, Ms. Patience Oniha expressed delight that since the debut N100 billion over Sukuk in September 2017, the DMO had issued three more, getting better each time and bringing the total amount so far raised through the Sukuk  window to N612 557 billion.

Oniha noted that the introduction of Sukuk as a source of raising funds for the government has improved road infrastructure across the six geo-political zones.

According to her, the acceptance of Sukuk by investors and the verifiable evidence of its benefits had encouraged some state governments and institutions to raise funds through Sukuk issuance.

Oniha on the last Sukuk issued in  December 29, 2021 said the level of investor interest in the product was evident from the subscription of over N865 billion received from diverse investors for the N250 billion offered.

Also speaking at the event, the Minister of Works and Housing, Babatunde Fashola highlighted some of the results achieved with the proceeds of Sukuk since its debut in 2017.

He said the first Sukuk of N100 billion was deployed to 25 roads with a total  delivery of 482 kilometers of roads across the country, while the second Sukuk in 2018 of the same amount was deployed to 28 roads and delivered a total of 683 kilometers of roads.

The minister added that the third Sukuk issued in 2020 for N162 billion was deployed to 44 roads with a total of 757 kilometers of roads delivered. 

Fashola however noted that: “Many of the roads have been awarded before we came and it was not funded. And each year Sukuk commits to milestone kilometers you must deliver with this money and the managers with the consultants and our people go to sites to monitor and verify before payment is made. 

“But another impact of it is that it has helped to create consistent employment for 97 construction and contracting companies who are keeping people at work. We are demanding supply and diesel, bitumen, asphalt, concrete and that is how the money is moving round the economy.”

Ministers from the two other implementing ministries of the N250 billion Sukuk proceeds, the FCT Minister, Mohammed Bello and his Niger Delta Affairs counterpart, Senator Godswill Akpabio were at the event.

N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

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ECOWAS Moves to Solidify Movement Across West African Countries, Inaugurates EU-funded Programme on Migration

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ECOWAS Moves to Solidify Movement Across West African Countries, Inaugurates EU-funded Programme on Migration

By: Michael Mike

The Economic Community of West African States (ECOWAS) Commission is consolidating movement of citizens of West Africa by inaugurating the second phase of the European Union (EU) funded project “Support to Free Movement of Persons and Migration in West Africa (FMM II)” to advance economic growth.

Vice-President of the ECOWAS Commission, Mrs Damtien Tchintchibidja reiterated the commitment of economic blog to ensure free movement and encourage commerce and economic development in the sub region at the inauguration of the FMM II in Abuja on Thursday.

The event was organised by the International Organisation for Migration (IOM), in partnership with the International Labour Organisation (ILO), International Centre for Migration Policy Development (ICMPD) and the ECOWAS Commission.

The vice-president explained that the FMM is designed to promote the free protocol and movement of persons, goods and services, as vision of ECOWAS for regional integration.

According to her, the initiative would demonstrate renewed commitment to ensure migration governance and regional mobility serve as pillars of development within the sub-region.

Tchintchibidja added that: “During the first phase of the project, we made significant progress in enhancing migration governance, strengthening boarder management and operational license to drive the free protocols.

“We reinforced migration governance, harmonised policies, strengthened border management systems, facilitation of labour mobility and supporting member states in aligning national policies with ECOWAS migration instruments.

“These achievements played key roles in enhancing regional security and economic mobility within our region, however, our work is far from over, benefits of migration must be fully harnessed.

“This requires structured, coordinated approach both at national and regional levels; we are optimistic FMM II will serve as vehicle towards addressing new-migration challenges, while capitalising on emerging opportunities.

“The FMM II will enhance mobility across borders in safe and orderly manner, through specific efforts to ascertain migration governance framework, enhance coordination mechanism, data driven policy making and integrated approaches.”

She stressed the need for collaborative efforts to ensure that migration contribute positively to economic growth, stability and social-coercion in the ECOWAS region.

Speaking at the event, the Head of Cooperation of the European Union (EU), Mr Massimo De Luka, said the five-year project aims to maximise development potential of free movement of persons and migration in West Africa.

He noted that the project would be achieved through support of the effective implementation of the ECOWAS Free Movement of Persons Protocol and the ECOWAS Common Approach to Migration.

He said: “The basis for cooperation and coordination on improving free movement of persons and migration in West Africa has been established.

“The second phase will deepen the cooperation in enhancing migration governance and at the same time commit to regional integration.”

Meanwhile, the Commissioner for Economic Affairs and Agriculture, Massandjé Toure-Litse commended the milestones achieved during the first phase to be in line with ECOWAS mission.

Toure-Litse was represented by Mr Albert Siaw-Boateng, Director, Free Movement of Persons of ECOWAS Commission/Project Coordinator, West Africa Unique Identification for Regional Integration and Inclusion (WURI).

Toure-Litse said, “This milestone reaffirms our collective commitment to regional integration, migration governance and sustainable development, which are core principles that underscores the ECOWAS mission.”

ECOWAS Moves to Solidify Movement Across West African Countries, Inaugurates EU-funded Programme on Migration

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FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

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FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

** We’ll be more deliberate in supporting small business owners to grow – VP Shettima

By: Our Reporter

The Vice President, Senator Kashim Shettima, has said that the federal government, working in collaboration with other stakeholders, will be more deliberate in ensuring growth in the Micro, Small and Medium Enterprises (MSMEs) space in Nigeria.

To this end, the National Council on Micro, Small and Medium Enterprises (MSMEs) has set up a committee to interface with the Central Bank of Nigeria to enhance the financing of small businesses in the country.

This was part of decisions taken on Tuesday at the first meeting of the National Council on MSMEs for 2025 held at the Presidential Villa, Abuja.

Speaking after deliberations by members, Vice President Shettima said the federal government, through its agencies and partners, has the moral burden of supporting growth in the MSME space and facilitating job creation across different sectors for Nigerians.

Reeling out the mandate of the committee, the Vice President said the efforts of the administration of President Bola Ahmed Tinubu in supporting small businesses, evident in important policies and programmes, need to be complemented by stakeholders, especially the private sector.

The committee headed by the Minister of State for Industry, Trade and Investment, Sen. John Enoh, has Ministers of Science and Technology; Women Affairs; Minister of State for Agriculture and Food Security and the Senior Special Assistant to the President on MSMEs as members.

Others include the CEOs of Bank of Industry, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Agriculture (BOI), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), and the representative of NACCIMA and the organized private sector.

In the same vein, Council also approved a loan scheme for MSMEs known as the syndicated de-risked loans for small businesses.

The scheme will be a partnership between state governments and financial institutions aimed at enhancing access to finance for MSMEs at single-digit rates across the country.

Vice President Shettima advised state governments to set up vehicles that are devoid of political interests to drive the implementation of the syndicated de-risked loans for the MSMEs scheme.

“Some of these initiatives are laudable and will need to outlive the present administrations in the States. Regardless of political affiliations, Nigerians must be seen to be the ultimate beneficiaries of these schemes that we are trying to put in place,” the VP stated.

Earlier, the Senior Special Assistant to the President on MSMEs, Mr Temitola Adekunle-Johnson, presented the ‘syndicated de-risked loans’ scheme for small businesses, seeking the cooperation of members and describing it as a game-changing programme to provide affordable and available loans for businesses.

He said the initiative is in acknowledgement of the President’s passion and commitment to the development of small businesses and aimed at providing more jobs for Nigerians.

In his presentation on the state of MSMEs in Nigeria, the DG SMEDAN, Mr Charles Odii, said the agency was proposing an initiative which was born from a 3-day MSME conference held in 2024.

He said the initiative known as the GROW Nigeria strategy is to provide guidance, resources, opportunities, and the workforce to support the about 40 million small businesses across 8 distinct sectors.

Present at the meeting were the Deputy Governor of Enugu State, Mr Ifeanyi Ossai; the representatives of the Governors of Benue and Katsina States; the Minister of State for Industry, Trade and Investment, Sen. John Enoh; Ministers of Science and Technology, Mr Uche Nnaji; Women Affairs, Hajiya Imaan Sulaiman-Ibrahim; Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi; representative of the Governor of Central Bank of Nigeria.

Others are the CEOs of Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), NAFDAC, Standards Organisation of Nigeria (SON); National Bureau of Statistics (NBS); the Presidents of NACCIMA and National Association of Small and Medium Enterprises (NASME).

FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

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Akume Insists Tinubu Means Well for the Nation

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Akume Insists Tinubu Means Well for the Nation

By: Michael Mike

Secretary to the Government of the Federation, Sen.George Akume has said President Bola Tinubu means well for the nation, pledging to continue to work hard to support the Nigerian leader to achieve his many laudable programmes and vision for the country.

Akume made the promise at the weekend when he was decorated as “Star Associate of President Tinubu,” and Grand Patron of the Nationwide Tinubu Connect Associates (NTCA),

The Secretary to the Government of the Federation, made the declaration while he was decorated as “Star Associate of President Tinubu” by the National Co-ordinator/President of the Nationwide Tinubu Connect Associates (NTCA), Hon. Henry Nwabueze, who led a delegation of leaders of the Movement to the SGF ‘s office at the weekend in Abuja.

Akume pledged to continue to support the policies of President Bola Tinubu in his quest to make Nigeria safe and economically viable again.

He also pledged to continue to work hard to support the Nigerian leader to achieve his many laudable programmes and vision for the country.

Nwabueze, on his part said Sen. Akume has given so much in service to Nigeria and in support for the Tinubu Administration that he became the best choice for the position of the Movement’s Grand Patron and the first to receive the award of “Star Associate of President Tinubu,” an award intended for those in diverse fields of endeavour whose very efforts are promoting the vision of Mr. President for a better Nigeria.

According to Nwabueze, a former President of the National Youth Council of Nigeria (NYCN) and distinguished Delegate at the 2014 Justice Kutigi Nigerian National Conference initiated by the Jonathan Administration, Sen. Akume represents the Tinubu Administration’s efforts aimed at injecting competence, maturity as well as discipline and hard work in public governance, and thanked the SGF for accepting the two honours, revealing that in the weeks ahead Nigerians would see the advocacy campaigns of the Movement in support of President Tinubu’s efforts at repositioning the country.

He reiterated the advice to Nigerian politicians that anyone who is wishing to contest for the Office of President in 2027 should have a rethink, stressing that there will be no vacancy in Aso Rock Villa in that year.

Nwabueze added that: “The occasion today is a very short one and, therefore, does not require long speeches.

“Let me start by conveying the appreciation of the entire membership of the Nationwide Tinubu Connect Associates (NTCA), both at home and in the Diaspora, all who have unanimously agreed that the man that has been chosen as our Grand Patron more than fits the bill.

“For several years, even before some of us were born,His Excellency, Distinguished Senator (Dr.) George Akume,CFR,has continued to serve this nation in diverse capacities.

“Whether as Permanent Secretary or Governor in his native State of Benue, Sen.(Dr.) Akume has for over fifty odd years held the flag of service and servant-leadership that has produced men and women of consummate repute and honour.

“Whether as Senator, Minister or even Secretary to the Government of the Federation,Sen.(Dr.) Akume’s place in the annals of history of our great nation remains one of honour well-deserved and laurels perpetually treasured.

“So, as we stand here today to decorate him as our Grand Patron and Star Associate of President Tinubu,the first in our list for such Honours,we are merely giving expression to what those who came before us saw to enlist him in the Benue Plateau Civil Service of his day,to make him Permanent Secretary in the Benue State Civil Service many years later,to make him Governor,to make him Senator, Minister and, today, Secretary to the Government of the Federation (SGF).

“On behalf of the National Executive Council and, indeed,the General Congress of the Nationwide Tinubu Connect Associates at home and abroad, I, Uche Henry Nwabueze, with the powers tacitly conferred on me by the Constitution of our Organisation, and in the name of the Most High God… Decorate you as Grand Patron of NTCA and as a Star Associate of President Bola Ahmed Tinubu.

“Your Excellency, the SGF is by this decoration welcomed to function in this capacity with all the rights and privileges attached thereto.

“Accept our humble congratulations,Your Excellency, our Grand Patron,”

The Nationwide Tinubu Connect Associates( aka: No Vacancy in Aso Rock 2027) is a registered group of like-minded Nigerians at home and in the Diaspora,who are committed to the promotion of the laudable efforts and programmes of the Tinubu Administration to repositioning Nigeria for greatness

The Movement has membership in all the States of the Federation and the 774 Local Government Councils.

Akume Insists Tinubu Means Well for the Nation

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