News
FG Slashes Collateral on N220Bn MSME Fund
Federal Government has slashed the collateral conditions attached by the Central Bank of Nigeria for banks to access the N220bn intervention fund for the Micro, Small and Medium Enterprises sector from 75 to 50 percent.
The decision was taken at the second meeting of the National Council on MSMEs presided over by Vice President Namadi Sambo at the Presidential Villa, Abuja yesterday.
Before the downward review, part of the conditions for banks to access the N220bn fund is the need for them to collaterise whatever amount they are applying for from the CBN to the tune of 75 percent.
Dr. Olusegun Aganga, minister of Industry, Trade and Investment, announced the decision at a press briefing held at the end of the meeting.
Aganga said the decision was taken based on the recommendations of a sub-committee chaired by the Minister of National Planning and the contributions made by the Governor, Central Bank of Nigeria during the meeting.
He said, “Based on the comments of the CBN governor, the council took certain decisions. The first is that access to collateral requirements which was initially 75 per cent, which made it difficult for some commercial banks to be able to access, has been reduced to 50 percent.
“All inclusive interest rate must not exceed nine per cent. That has always been the directive of the CBN and we have stuck to that.
“However, the CBN is disbursing to these banks and the Financial Institutions and others at two percent from the original interest rate of three percent.”
The minister added that on the need for women to have access to the fund, the President had already announced that about 60 percent of the fund be made available to women.
He said men and women with disabilities have also been prioritised in the disbursement.
Dr. Suleman Abubakar, minister of National Planning, said in addition to the collateral requirements approved by council, it also approved that the collateral requirements of 50 per cent of Micro Finance Banks be progressively reduced by period of six to nine based on the ratings of the MFBs.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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