Tag: FG

  • FG harmonises criteria for 2022/23 mini bid, 2024 licensing round for new investors

    FG harmonises criteria for 2022/23 mini bid, 2024 licensing round for new investors

    The Federal Government has harmonised the criteria for the 2022/23 Mini Bid Round, and the 2024 Licencing Rounds to attract fresh investments into Nigeria’s upstream oil and gas sector 

    The harmonisation of the criteria was announced by the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Engr Gbenga Komolafe, in a statement on Tuesday.

    Former President Muhammadu Buhari in 2022 approved that some deep offshore blocks be put on offer for the 2022/23 Mini Bid Round and other blocks which cut across onshore, continental shelf and deep offshore terrains were also put on offer for the Nigeria 2024 Licencing Round. 

    During the bid round which was held last year, seven Petroleum Prospecting Licences (PPLs) were up for grabs.The listed seven deep offshore open blocks include PPL-300-DO, PPL-301-DO, PPL-302-DO, PPL-303-DO, PPL-304-DO, PPL-305-DO, and PPL-306-

    But in a move geared towards boosting confidence in the transparency and continuity of the 2022/2023 Deep Offshore Oil Block Mini-bid Round process and in order to vacate entry barriers, Komolafe said that the Commission sought and obtained the approval of President, Bola Ahmed Tinubu, who is the Petroleum Minister.

    The approval given by the President is in line with his avowed determination to create enabling and attractive investment regimes in the upstream oil and gas sector, approved attractive fiscal regimes and also minimised entry fees for both licencing rounds by putting a cap on the signature bonus payable for award of the acreages.

    Flowing from the approval by the President,  the NUPRC Boss said it was necessary that the same bid criteria, in addition to the uniform signature bonus criteria are applicable for both licencing rounds, to promote transparency and provide a level playing ground for all bidders.

    According to him, since the criteria for the award of the oil blocks are now much more attractive than they initially were during the 2022/23 Mini Bid Round, it is in the interest of equity and fair play to give all investors the same opportunity to bid for the assets.

    Consequently, Komolafe explained that all blocks in the 2022/23 and 2024 Licencing Rounds are available to all interested investors on br.nuprc.gov.ng and br2024.nuprc.gov.ngrespectively, and the 2022/23 Mini Bid Round registration phase is reopened to new applicants. 

    He urged the public to take advantage of this development and attractive entry terms and conditions and participate in the exercise.

    However, he noted that all the prequalified Applicants published on the 2022/23 Mini Bid Round portal will not be required to go through a new pre-qualification process, as their technical submissions remain valid and eligible even for the 2024 Licencing Round. 

    The NUPRC stated further that they may, however, wish to resubmit new Commercial Bids to take advantage of the more attractive criteria applicable to both licencing rounds and revise their Bid Bonds to adapt to the new bid criteria. 

    He also explained that the Commission has extended the deadline for the 

    registration/submission of pre-qualification documents for the 2024 Licencing Round Schedule by 10 days.

    The extension, according to the Commission is to allow interested investors to take advantage of the expanded opportunities in the upstream oil and gas sector. 

    The NUPRC Boss said in the statement that the extension of the deadline for the 

    registration/submission of pre-qualification documents for the 2024 Licencing Round, which was initially scheduled to close on 25 June 2024, has been extended by 10 days and will now close on 5 July 2024. 

    He also said that the Data Access/ Data Purchase/Evaluation/Bid Preparation and Submission which was initially scheduled to open on 4 July 2024 and close on 29/11/24 will now start on 8 July 2024 and close on 29/11/24 as previously scheduled.

    The statement reads, “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) wishes to provide update and clarity on the 2022/2023 and 2024 Licencing Rounds.

    “It may be recalled that some deep offshore blocks were put on offer for the 2022/23 Mini Bid Round and other blocks which cut across onshore, continental shelf and deep offshore terrains were also put on offer for the Nigeria 2024 Licencing Round. 

    “In order to vacate entry barriers, the Commission had sought and obtained the approval of His Excellency, Mr. President, Bola Ahmed Tinubu, GCFR, who, as Petroleum Minister, in line with his avowed determination to create enabling and attractive investment regimes in the upstream oil and gas sector, approved attractive fiscal regimes and also minimised entry fees for both licencing rounds by putting a cap on the signature bonus payable for award of the acreages.

    “Consequently, it is necessary to ensure that the same bid criteria (in addition to the uniform signature bonus criteria) are applicable for both licencing rounds, to promote transparency and provide a level playing ground for all bidders.

    “Since the criteria for the award of the oil blocks are now much more attractive than they initially were during the 2022/23 Mini Bid Round, it is in the interest of equity and fair play to give all investors the same opportunity to bid for the assets.  

    “Consequently, all blocks in the 2022/23 and 2024 Licencing Rounds are available to all interested investors on br.nuprc.gov.ng and br2024.nuprc.gov.ng respectively, and the 2022/23 Mini Bid Round registration phase is reopened to new applicants. 

    “The public is therefore invited to take advantage of this development and attractive entry terms and conditions and participate in the exercise.

    “However, all the prequalified Applicants published on the 2022/23 Mini Bid Round portal will not be required to go through a new pre-qualification process, as their technical submissions remain valid and eligible even for the 2024 Licencing Round. 

    “They may however wish to resubmit new Commercial Bids to take advantage of the more attractive criteria applicable to both licencing rounds and revise their Bid Bonds to adapt to the new bid criteria. They are also free to bid for blocks on offer in the 2024 Licencing Round.

    “To allow interested investors to take advantage of the expanded opportunities, the 2024 Licencing Round Schedule has been amended as follows:

    Registration/Submission of Pre-Qualification Documents which was initially scheduled to close on 25 June 2024 has been extended by 10 days and will now close on 5 July 2024. 

    “Data Access/ Data Purchase/Evaluation/Bid Preparation and Submission which was initially scheduled to open on 4 July 2024 and close on 29/11/24 will now start on 8 July 2024 and close on 29/11/24 as previously scheduled.

    All other dates in the published 2024 Licencing Round Schedule remain the same unless otherwise communicated.

    “Furthermore, in pursuit of the Commission’s commitment to derive value from the country’s abundant oil and gas reserves and increase production, the Commission has been working assiduously with multiclient companies to undertake more exploratory activities to acquire more data to foster and encourage further investment in the Nigerian upstream sector. 

    “As a result of additional data acquired in respect of deep offshore blocks, the Commission has added seventeen (17) deep offshore blocks to the 2024 Licensing Round. Further details on the blocks can be found on the bid portal.

    “Lastly, in accordance with the published guidelines, we had earlier indicated that some of the assets on offer should be applied for as clusters, namely: PPL 300-CS & PPL 301-CS, PPL 2000 and PPL 2001.

    ” Bidders are hereby advised that they may, at their option, bid for those blocks as clusters or as single units.

    For further clarification please refer to the Frequently Asked Questions (FAQ) Sections of the 2022/23 and 2024 Licensing Round Portals. You may also contact us at br.nuprc.gov.ngbr2024@nuprc.gov.ng and +2348050180041.”

  • FG, States, LGs share N1.143tr for May 2024

    FG, States, LGs share N1.143tr for May 2024

    The Federation Accounts Allocation Committee (FAAC) has disbursed N1.143 trillion among the Federal Government, States, and Local Government Councils.

    The distribution was made during the June 2024 FAAC meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

    A communiqué by FAAC detailed the revenue breakdown: the total distributable revenue comprised N157.183 billion from statutory revenue, N463.425 billion from Value Added Tax (VAT), N15.146 billion from Electronic Money Transfer Levy (EMTL), and N507.456 billion from Exchange Rate Difference.

    For the month of May 2024, the total revenue available was N2.324 trillion. Deductions for collection costs amounted to N76.647 billion, while transfers, interventions, and refunds totaled N1.104 trillion.

    The gross statutory revenue for May stood at N1.223 trillion, a slight decrease from the N1.233 trillion received in April 2024 by N9.604 billion. Similarly, VAT revenue for May was N497.665 billion, slightly lower than the N500.920 billion recorded in April 2024 by N3.255 billion.

    From the total distributable revenue of N1.143 trillion, the Federal Government received N365.813 billion, the State Governments N388.419 billion, and the Local Government Councils N282.476 billion. Benefiting States also received N106.502 billion as 13 percent of mineral derivation revenue.

    Breaking down the N157.183 billion distributable statutory revenue, the Federal Government received N61.010 billion, the State Governments N30.945 billion, and the Local Government Councils N23.857 billion. An additional N41.371 billion was allocated to the benefiting States as derivation revenue.

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    From the N463.425 billion VAT revenue, the Federal Government received N69.514 billion, the State Governments N231.713 billion, and the Local Government Councils N162.199 billion. The N15.146 billion from EMTL was distributed with the Federal Government receiving N2.272 billion, the State Governments N7.573 billion, and the Local Government Councils N5.301 billion.

    The N507.456 billion Exchange Rate Difference revenue was shared with the Federal Government receiving N233.017 billion, the State Governments N118.189 billion, and the Local Government Councils N91.119 billion. Additionally, N65.131 billion (13 percent mineral derivation revenue) was allocated to the benefiting States.

    The communiqué highlighted notable changes in revenue components: there were significant increases in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), while Import and Excise Duties, Royalty on Crude and Gas, EMTL, CET Levies, and VAT recorded decreases.

    The balance in the Excess Crude Account (ECA) stood at $473,754.57 as of May 2024.

    MEdun noted the Federal Government’s commitment to ensuring equitable and transparent distribution of revenue, aiming to support economic growth and development across all tiers of government.

  • FG advocates harmonization of NIN and TIN to improve taxes

    FG advocates harmonization of NIN and TIN to improve taxes

    The federal government on June 10, called for the harmonization of the National Identification Number (NIN) and the Tax Identification Number (TIN) to facilitate access to information and improve taxable income for the government.

    The minister of interior, Olubunmi Tunji-Ojo, made the call when the Secretary of the Joint Tax Board (JTB), Olusegun Adesokan, visited him in his office.

    Tunji-Ojo further advocated for inter-agency collaboration to achieve effective data management in the country.

    He said the operations of critical agencies such as the JTB and the Nigerian Immigration Service (NIS) should be synergized for better achievements.

    A statement from the Director of Press in the Ministry, Ozoya Imohimi, quoted the minister as saying that the NIN of Nigerians should be the unique security identifier, as it would display tax status and all the relevant information needed.

    According to him, the JTB should create solutions for the harmonization of Data and identity systems in the country.

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    Tunji Ojo decried tax evasion in the country saying “Technologically if there is a way we can bring our NIN and TIN to be one number, we will make it difficult for people to evade tax.

    “The relationship between the Joint Tax Board and Nigeria Immigration Service should be like Siamese twins. If there is a synergy, a lot will be achieved.”

    He noted that many expatriates today are evading tax both at the state and Federal levels.

    The minister called for the adoption and implementation of technology to help harmonise critical data.

    The Secretary of JTB, Olusegun Adesokan said his visit aimed to seek further collaboration with the Ministry, enhance capacity building with the NIS and begin conversation on issues relating to expatriate data, and expatriate tax.

  • FG launches third batch of agripreneurship start-up scheme for civil servants

    FG launches third batch of agripreneurship start-up scheme for civil servants

    The Office of the Head of the Civil Service of the Federation (OHCSF) has announced the commencement of training for the third batch of the Agripreneurship start-up scheme, targeting 187 selected civil servants across various Ministries, Departments, and Agencies of the Government (MDAs).

    Aligned with the Federal Public Service Entrepreneurship Programme (FPSEP), a strategic initiative under Pillar 6 of the Federal Civil Service Strategy and Implementation Plan 2021-2025 (FCSSIP25), the Agripreneurship Start-up Scheme aims to equip civil servants with entrepreneurial skills to foster sustainable income generation before and after retirement.

    The programme, inaugurated by Comfort Adeosun, the Director Overseeing the Office of the Permanent Secretary, Service Welfare Office, OHCSF, seeks to harness the untapped potentials in the agriculture and entrepreneurship sectors for economic growth and sustainable development.

    Adeosun highlighted the success stories of previous batches, emphasizing the significant impact on participants’ financial inflow and improved standards of living.

    She underscored the government’s commitment to empowering civil servants with additional income sources through agriculture-based entrepreneurship.

    “The first and second batches of trainees have started practising what they learnt and this has enhanced their financial inflow and improved the standard of living for their households.

    “With this, the government’s purpose for this programme is greatly achieved as serving and retiring Officers are not only having extra income windows through the sales of the products that are harvested from their respective farms but also are enjoying a healthy life through the consumption of the products harvested from these farms,” she stated.

    The initiative, launched on March 27th, 2023, has gained momentum following the successful training of 87 participants in the first batch and 100 participants in the second batch.

    The third batch training module covers various aspects including Entrepreneurial Mindset and Marketing, Grass Cutter Farming, Sources of Finance for Agricultural Ventures, Insurance, Overcoming Retirement Phobia, Honeybee Production, Livestock/Poultry Production, Fish Farming, Enhancing Cassava Value Chain, Spices Production, and Hydroponics and Mushroom Farming.

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    The programme has received support from key stakeholders including the OHCSF, the Public Service Institute of Nigeria (PSIN), the Bank of Agriculture (BOA), and selected farmers, who have contributed significantly to its actualization.

    Ebun Aboje, Director overseeing the Entrepreneurship Department at PSIN, encouraged participants to leverage the training to enhance productivity in their respective fields of interest, while Dominic Nwachukwu, Deputy Director Overseeing the Office of Director Employee and Industrial Relations (EIR), urged participants to maximize the opportunity by paying close attention to the training.

    The commencement of the third batch of the Agripreneurship Start-up Scheme underscores the Federal Government’s commitment to fostering entrepreneurship among civil servants and driving economic diversification through agriculture.

  • FG moves to ensure equitable distribution of projects across states through Geo-Spatial data

    FG moves to ensure equitable distribution of projects across states through Geo-Spatial data

    The Federal Ministry of Budget and Economic Planning has said that it is sensitizing ministries across the country on the use of Geo-Spatial Data for development planning and decision-making.

    The Geo-Spatial Data are information about space or spatial components such as location which is expected to support the government in making important decisions for development.

    Speaking at the sensitization in Kaduna, Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Nebolisa Anako said with Geo-Spatial information, the government can visualize and make informed decisions on resource allocation, infrastructure development, and other developmental matters.

    Represented by the Assistant Director of National Monitoring and Evaluation in the ministry, Margret Dibigbo, said the government at the Federal level recognises the role of geospatial data in effective planning and decision-making hence the need to cascade this knowledge to states as part of the collaboration between national and sub-national government to promote national development.

    He said: “It has become imperative to carry along state governments in the institutionalisation of the use of spatial evidence to support decision making. The institutionalisation of capacities to analyze and visualise Geo-Spatial data to support the planning and service delivery of the programs and projects under the National Development Plan (NDP) 2021-2025 is a critical must.

    “The federal ministry is playing a critical role in the development of the National Geo-information Policy and the National Geo-Spatial Data Information (NGDI) bill in Nigeria to create synergy among stakeholders, prevent duplications and promote consolidation of the resources that will be used in supporting sub-national governments to take up the use of Geo-Spatial for planning and project delivery especially inequitable distribution of infrastructure for education and health services, population demography, gender and other vulnerabilities.”

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    On his part, Senior Advisor on Grade III, Ministry of Budget and National Planning, Nazir Haliru said data is very important in planning and decision-making to know exactly which locations need infrastructure and other interventions.

    He said one of the critical challenges of data is its availability saying, “The essence of this meeting is to bring all the state ministers on board and have all the data under one platform.”

    He noted that other countries have used data to develop themselves adding,

    “We want to see how we can use the data to solve some of our challenges”, he said.

    In his remarks, Permanent Secretary Kaduna State Planning and Budget Commission, Bashir Mohammed, said the sensitization workshop on data is very apt and it is an indication of the desired synergy between the federal agencies and the agencies of sub-nationals. He said the synergy will go a long way in accelerating development across the country, as data is very key to planning and development.

  • FG pledges more funds for infrastructures in polytechnics

    FG pledges more funds for infrastructures in polytechnics

    …as KadPoly matriculates 15,000 new students

    Satisfied by the implementation of the 2022 NEEDS Assessment Intervention Project by Kaduna Polytechnic Management, the federal government, has promised to vote more funds to meet the infrastructure needs of the Nigerian polytechnics.

    The Minister of Education, Prof. Mamman Tahir, disclosed this at Kaduna Polytechnic on Thursday, during the 2023/2024 Matriculation Ceremony and commissioning newly constructed two blocks of 18 lecture rooms and 42 staff offices funded by the federal government to the tune of N830million.

    Represented by the Ministry’s Director of Polytechnics and Allied Institutions, Dr. Alexander Ejeh Usman, the minister said N15billion was for the first time shared with Federal and State Polytechnics, as well as some military installations under the 2022 NEEDS Assessment Projects for an infrastructural facelift.

    He, however, lamented that some polytechnics were yet to access their own fund, while others like Kaduna Polytechnic, have accessed the fund and satisfactorily implemented the projects.

    While assuring that, more than the initial N15 billion would be voted for the polytechnics infrastructure in the next round of the NEEDS Assessment Project, the Minister said institutions that were yet to access the 2022 NEEDS funds may not be considered.

    According to him, “N15-billion only was shared to the federal and state polytechnic. Kaduna Polytechnic no doubt is a beneficiary. This NEEDS assessment 2022 project is aimed at alleviating the problems that the students face in terms of hostels, classrooms, water, and so many others.

    “With the struggles of the Academic Staff Union of Polytechnics (ASUP) and Academic Staff Union of University (ASUU), the Federal Government seems to have approved some more money for NEEDS assessment and we hope that the money going into the polytechnics will be higher than the initial N15billion and I know Kaduna Polytechnic will utilize it effectively for the benefits of the staffs and the students.

    “We are here today because the Rector has utilized the fund well, else he would not have invited the Minister. The Rector confidently wrote to the Minister, Prof. Tahir Mamman SAN demanding his presence to Commission the projects, and from the evidence that I have seen, I think the Rector deserves commendation,” he said.

    While assuring the Polytechnic management that, the 10 percent retention fee demanded by the Rector would be paid, the Minister said: “Kaduna Polytechnic is one of the foremost Polytechnic that executed their own. As I speak now, some polytechnics have not accessed this money and Kaduna has finished 90% and it is very unfortunate.”

    Earlier in his address, the rector of Kaduna Polytechnic, Dr. Suleiman Umar explained that: “In October 2023, the Federal Government through the Federal Ministry of Education granted Kaduna Polytechnic the sum of N830 million, as the Institution’s share of the 2022 NEEDS Assessment fund.

    “In line with the guidelines for accessing the fund, the Management of the Institution and students’ representatives. Set up a Budget Monitoring Committee (BMC), which included the three staff unions. The functions of the BMC include suggestion of priority areas for the intervention in conjunction with the Governing Council/Management, ensuring adherence to the Government procurement procedures in addition to monitoring the projects.

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    “The projects being commissioned today were arrived at, during the meetings of stakeholders. They are as follows: the construction and furnishing of a Block of Classrooms, the Construction and furnishing of a Block of Staff Offices, and the Provision of Information and Communication Technology (ICT) Equipment.

    “The completion of these projects is a testament to the unwavering support and commitment of the federal government to the advancement of educational infrastructure. This investment in our institution has not only enhanced our physical landscape but has most importantly helped to ameliorate the challenges of classrooms and staff office accommodation in the Institution,” he said.

    After the commissioning, the polytechnic matriculated 15,800 newly admitted students for the 2023/2024 academic session, with the representative of the Education Minister, and the Rector, warning the new students against engaging in cultism, examination malpractice, and indecent dressing, as anyone found guilty of such crimes would be rusticated.

  • FG urges states to explore application of geospatial technology for development

    FG urges states to explore application of geospatial technology for development

    The federal government has urged the 36 states and the Federal Capital Territory (FCT) to leverage geospatial technology in their decision-making processes for development.

    Nebeolisa Anako, the permanent secretary of the Federal Ministry of Budget and Economic Planning, delivered this directive during a sensitization workshop organized by the ministry for Enugu State workers.

    The workshop, held on Thursday, May 23, in Enugu, focused on the use of geospatial data for development planning and decision-making.

    Anako, represented by a senior official of the ministry, Olatunde Oloyeda, emphasized that geospatial data, which encompasses information related to space or spatial components like location, plays a crucial role in supporting government decisions for development.

    According to him, with geospatial information, the government could visualize and make informed decisions on resource allocation, infrastructure development and other developmental matters.

    While encouraging states to explore the application of geospatial technology when making important decisions for development, he noted that the government at the federal level had since recognized the role of geospatial data in effective planning and decision-making, hence, the need to cascade the knowledge to states, as part of the collaboration between national and sub-national government to promote national development.

    “It has become imperative to carry along state governments in the institutionalization of the use of spatial evidence to support decision making.

    “Institutionalization of capacities to analyze and visualize Geo-Spatial data to support the planning and service delivery of programmes and projects under the National Development Plan (NDP) 2021-2025, is a critical must-do.

    “You may wish to note that the Ministry of Budget and Economic Planning has adopted the application of Geo-Spatial technology in the planning and performance management of Federal Government projects and programmes.

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    “It is also worth mentioning that the Federal Ministry of Budget and Economic Planning is playing a critical role in the development of the National Geo-information Policy and National Geo-Spatial Data Infrastructure (NGDI) Bill in Nigeria with the aim to create synergy amongst stakeholders; prevent duplications and promote consolidation of resources that will be used in supporting sub-national governments to uptake the use of Geo-Spatial technology for planning and project delivery especially inequitable distribution of infrastructure for education and health services, population demography, gender and other vulnerabilities”.

    The Enugu State commissioner for budget and planning, Robert Ozongwu, expressed gratitude to the federal government for the workshop, saying as the world evolves, geospatial data has become an integral part of development tools where a lot of data is needed in decision-making process.

    “This is going to be quite useful to us so that we will be able to key into this development”, the commissioner said.

  • FG donates relief materials to 1,000 windstorm victims in Nasarawa

    FG donates relief materials to 1,000 windstorm victims in Nasarawa

    About 1,000 victims of windstorm across the 13 local government areas of Nasarawa State have received relief materials from the Federal Government thorough the National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI). 

    Some communities across the State recorded windstorms with many families and communities homeless. 

    The national commissioner of the commission Aliyu Tijjani Ahmed, who donated food and non food items to the Internally Displaced Persons (IDPs) made the presentation at the Government House Lafia. 

    He announced that apart from the relief items which include foodstuff and other essentials, the government had mapped out plans to construct skills acquisition centres for IDPs in Nasarawa and other states of the federation for the benefit of the young citizens who may be out of school for some time. 

    Tijjani explained the commission came up with measures to guard against short changing victims in the distribution of relief materials provided, adding that the federal government under the leadership of President Bola Tinubu sees the needs of IDP as a top priority of his administration. 

    He reiterated the commission’s dedication to addressing the pressing needs of IDPs. Noting that no one regardless of age or vulnarable should be left without vital support 

    He commiserated with all those who have lost their families, homes and sources of livelihood occasioned by banditry, natural disasters as a result of climate change and other forms of disaster.

    “Government under the amiable leadership of  Abdullahi A. Sule and the Commission have not forgotten you. We shall stand with you through thick and thin until your livelihood is fully restored in a dignified manner.

    The National Commissioner also sought for a stronger collaboration between the commission and the Nasarawa State Government through open dialogue with Governor Abdullahi Sule..

    Sule expressed gratitude to President Bola Tinubu and the commission for responding promptly to the needs of the affected persons.

  • FG approves N110bn for youth empowerment

    FG approves N110bn for youth empowerment

    The Federal Government has approved N110 billion to revitalise the National Youth Investment Fund (NYIF) for the empowerment of youths in the country.

    Minister of Youth Development, Dr. Jamila Bio – Ibrahim, disclosed this during the closing ceremony of the ministry’s two – day management retreat on presidential priorities and deliverables with the theme: ‘Achieving the Eight Presidential Priorities and Deliverables’ in Abuja on Friday. 

    Bio – Ibrahim stated that the funds, which have been approved under the 2024 fiscal year, would serve as a cornerstone for youth empowerment.

    She said the fund is not just a financial reservoir but a catalyst for youth entrepreneurship and innovation aimed at bridging the gap between ambition and opportunity. 

    In a statement on Saturday in Abuja by the Director, Press and Public Relations of the ministry, Omolara Esan, the minister stated that President Bola Tinubu administration was committed to empowering every Nigerian youth through actionable policies and innovative programmes which align with the Renewed Hope Agenda.

    The Minister said: “We celebrate the rejuvenation of the National Youth Investment Fund, approved by the Federal Executive Council to restart with an allocation of N110 billion for the 2024 fiscal year. This fund will serve as a cornerstone for youth empowerment, bridging the gap between ambition and opportunity. 

    “The fund is not merely a financial reservoir but a catalyst for youth entrepreneurship and innovation. It represents our commitment to transforming the economic landscape by investing directly in the potential of our young people.

    “The Federal Executive Council also approved: the integration of Skills and Entrepreneurship Development into the NYIF program; the immediate transition of the NYIF Committee into an interim coordinating unit for project management office, pending the drafting and passing of an executive bill for the Establishment and the Institutionalisation of the National Youth Fund by the National Assembly. Also approved by the FEC is the investment of N5 Billion in the soon to be established Youth Development Bank.”

    The minister explained that the Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises.

    She added that with an initial capitalisation of N10 billion, the bank was poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but development, guidance, mentorship, and a network of resources. 

    She said: “National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry, and their private sector partners, represents a ground-breaking stride towards economic independence for our youth. With an initial take-off shareholders fund of N10 billion, this institution will be instrumental in nurturing young entrepreneurs and innovators who are the bedrock of our nation’s future. The Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth backed ventures and youth sector enterprises. With an initial capitalisation of N10 billion, the bank is poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but development, guidance, mentorship, and a network of resources. 

    “The Bank of Industry will be investing N2.5 billion and their Private Sector Partners have committed to the balance of N2.5 billion investment and the Bank will be private sector managed.”

    The minister said government would soon commence the rehabilitation and transformation of youth development centres across the country. 

    “These centres will be transformed into hubs of technical, digital, and creative skills training; bastions of social, political, and cultural engagement, amongst our youths; and sanctuaries for mental health and combatting the scourges of substance abuse and social decay. By investing in these centres, we are investing in safe spaces that foster the holistic development of the Nigerian youth,” she added. 

    She added: “These initiatives are just the beginning. The path we are charting today is comprehensive and designed to tackle the challenges faced by our youth head-on. But these plans cannot reach their full potential without your dedicated cooperation and active participation.

    “We must enhance our synergy and focus our efforts on delivering the results every Nigerian youth deserves, which our Leader, His Excellency President Bola Ahmed Tinubu, demands of us. 

    Permanent Secretary of the ministry, Dr. Dunoma Ahmed lauded the federal government, the ministry, all development partners and stakeholders for their unwavering commitment and unflinching support towards lifting the quality of life of Nigerian youth.

  • FG names Olanipekun, Yuguda, others chairmen of UNILAG, NOUN, ABU Governing Councils

    FG names Olanipekun, Yuguda, others chairmen of UNILAG, NOUN, ABU Governing Councils

    The Federal Government has released the names of the Pro – chancellors/Chairmen and members of the Governing Boards of 111 Federal universities, polytechnics and colleges of education eleven months after they were dissolved by the National Universities Commission (NUC). 

    The list, which comprises technocrats, politicians and traditional rulers, is made up of 50 Federal Universities, 37 Polytechnics and 24 Colleges of Education. 

    The government named Senior Advocate of Nigeria (SAN), Wole Olanipekun as the Chairman of the Governing Council of University of Lagos (UNILAG).

    Others on the list included former Bauchi Governor, Isa Yuguda, who will chair the Governing Council of the National Open University of Nigeria (NOUN); former Secretary to the Government of the Federation, Yayale Ahmed, was appointed to lead the council of Ahmadu Bello University (ABU), Zaria, Kaduna State; former Zamfara Governor Mahmud Shinkafi will chair the council of University of Jos, Plateau State; former Ebonyi Governor Martin Elechi was named chairman of the Governing Council of Federal University, Dutse, Jigawa State while former Adamawa Governor Bala James Ngilari was appointed chairman of the Governing Council of Federal University of Calabar, Cross River State.

    Also, the government appointed former Borno Deputy Governor, Alhaji Ali Abubakar Jatau as chairman of the Governing Council of Federal University, Birnin Kebbi, Kebbi State; former Katsina Deputy GovernorTukur Jikamshi, as the chair of the Federal University, Oye-Ekiti, Ekiti State and former Senator from Anambra state, Joy Emordi will chair the council of Alvan Ikoku Federal University of Education, Owerri, Imo State.

    Others are: former executive secretary of the National Universities Commission, Prof Julius Okojie was appointed as chairman of the governing council of Federal University, Otuoke, Bayelsa State; former Minister of Budget and Economic Planning, Udoma Udo Udoma was appointed as the Pro-Chancellor/Chairman of Bayero University, Kano, Kano State; Senior Advocate of Nigeria (SAN), Yusuf Ali, was named as the Pro-Chancellor/Chairman, Federal University of Agriculture, Abeokuta, Ogun State, a former Executive Secretary of NUC, Professor Emeritus Peter Okebukola as well as Dr. Abiodun Layonu head the University of Port Harcourt and University of Benin Governing Councils respectively.  

    The immediate-past Executive Secretary of NUC, Adamu Rasheed, who resigned from office a few months into his second term in office, was also named to chair the governing council of the Federal University of Health Sciences, Otukpo, Benue State.

    The details containing the names of the governing councils are contained in an advertorial signed by the Permanent Secretary, Federal Ministry of Education, Didi Esther Walson-Jack.

    According to the advertorial, the inauguration and retreat of the Council members would hold on May 30 and 31, 2024 at the NUC headquarters in Abuja. 

    “The inauguration and retreat for the Governing Councils will take place on Thursday, May 30 and Friday, May 31, 2024, at the National Universities Commission, 26 Aguiyi Ironsi Street, Maitama, Abuja. Both events will commence at 9:00am daily,” it said. 

    Some of the chairmen of boards of Polytechnics include: HRH Arc. Ezeogo Ewa Elechi (Federal Polytechnic, Ugep, Cross River State); Salisu Kallamu (Federal Polytechnic, Oko, Anambra State); Ekem Okeke (Federal Polytechnic, Orogun, Delta State);  Sir Paul C. Chukwuma (Federal Polytechnic Kabo, Kano State); Sen. Suleiman Hunkuyi (Federal Polytechnic, Daura, Katsina State); Otunba Tajudeen Abioye (Yaba College of Technology, Lagos State); Prof Erik Omogbai (Federal Polytechnic Bida, Niger State) among others. 

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    For Colleges of Education, the immediate past Permanent Secretary, Federal Ministry of Education, David Andrew Adejo heads the Federal College of Education (Technical), Akoka, Lagos State as Chairman while renowned labour leader, Comrade Isa Aremu pilots affairs as Chairman of the Governing Board of Federal College of Education (Tech) Keana, Nasarawa State. Also in the list is Sen. Binta Masi (Federal College of Education, Iditep, Akwa Ibom State);  Prof. Isah Garba (Federal College of Education, Kontagora, Niger State), Sen. Emmanuel Anosike (Federal College of Education, Aha-Amufu, Enugu State) among others.

    The Academic Staff Union of Universities (ASUU) had threatened to embark on strike if the government failed to reconstitute the Governing Councils of Universities within two weeks. 

    The National Universities Commission (NCC) on June 22, 2023 announced the dissolution of Governing Councils of all federal universities and boards of other agencies and parastatals in the country.

    The NUC directive was based on a similar one three days earlier by President Bola Tinubu ordering the dissolution of the boards of all government parastatals, agencies and companies.