Tag: fund

  • $5b trust fund to boost cooperative financing

    $5b trust fund to boost cooperative financing

    MAIS Limited, in partnership with other key industry stakeholders, has launched $5 billion AssuredInvest Cooperative Trust Fund, introducing an innovative, demand-driven financing model tailored specifically for cooperative societies nationwide.

    Unveiled in Abuja, the fund seeks to mobilise capital to meet the real needs of cooperatives, promoting transparency, good governance, and active member participation.

    Unlike conventional top-down financial schemes, the AssuredInvest model emphasises inclusivity and responsiveness by deploying funds only in response to verified demand.

    Speaking at the launch, Chief Vision Officer of MAIS Limited, Benjamin Aduli, said, it’s not just another fund, but a declaration that cooperative capital, when transparently structured and purposefully deployed, can unlock the true economic potential of the people.

    Aduli explained that the trust fund will be managed under strict oversight by trustee banks, insurance underwriters, and national cooperative organisations, including the Cooperative Financing Agency of Nigeria (CFAN), the National Agricultural Cooperative Organisation (NACO), and the Cooperative Housing Federation of Nigeria (COHFON).

    The initial rollout, he said, will commence with the onboarding of verified cooperative societies across the country.

    He, however, encouraged stakeholders to connect with the Maistrade Ecosystem to access participation kits and funding tools.

    Also, National President of the Women in Agric Cooperative Federation, Easter Audu, described the launch as a national awakening.

    She praised the unveiling of a national drone surveillance programme which was also launched alongside the $5 billion trust fund.

    Developed in collaboration with Terra Industries and MAIS, she said the drone initiative will initially serve 20,000 rice farmers in Kogi State, enhancing farmland protection and agricultural intelligence in rural communities.

    Read Also: NELFUND disburses N73b as student loan

    The AssuredInvest Trust Fund, she said is the first of its kind in Africa with a demand-driven fund, not a supply-driven one.

    “It does not push capital into speculative programs; rather, it responds to verified cooperative demand and needs, ensuring that every kobo mobilised directly impacts real people, real enterprises, and real communities. It is built on the principles of shared risk, shared return, and shared vision. This fund is not a public investment scheme, it is a cooperative financing model, rooted in the law, backed by trust, and driven by a mission to uplift”, she said.

    In his remarks, Chief Executive Officer of Terra Industries, Nathan Nwachuku, described the initiative as a strategic intervention designed to protect food producers, safeguard critical agricultural assets, and strengthen national food security in the face of mounting threats.

     “Food insecurity is not just a rural problem; it is a national emergency. From climate-related challenges to organised farm theft and communal disruptions, Nigerian farmers face daily risks that weaken our food chain and threaten our national stability. This drone program is our response, a fusion of technology, trust, and territorial protection.”

    In its first phase, he said the programme will deploy drones to provide 24/7 aerial surveillance over 40,000 hectares of farmland in Kogi State, where more than 20,000 rice farmers operate under the MAIS Cooperative network.

    The drones, he said, will offer persistent situational awareness, real-time threat detection and alerts, and data analytics to support security decision-making.

    Nwachuku emphasised that this marks only the beginning of a wider rollout. “Our roadmap extends across all 36 states, providing a scalable digital backbone for agro-security, crop monitoring, disaster response, and even smart irrigation in future phases,” he noted.

    Beyond innovation, the initiative aims to promote inclusion by integrating drone technology into the cooperative system to ensure even the smallest farmers can access real-time security intelligence.

    He added that the national drone surveillance program is expected to expand progressively to cover agricultural zones across Nigeria, positioning the country as a leader in digitally enabled farm security and resilience.

  • Fed govt opens application for N110bn youth fund

    Fed govt opens application for N110bn youth fund

    The federal government is set to open applications this month to facilitate increased access to financial support for young entrepreneurs through the Nigeria Youth Investment Fund (NYIF).

    A budget of N110 billion has been allocated to rejuvenate the NYIF, aimed at empowering youths across the country.

    Dr. Jamila Bio-Ibrahim, Minister of Youth Development, announced this initiative during the swearing-in ceremony of the 2024 Batch B Stream I corps members at the National Youth Service Corps (NYSC) orientation camp in Paiko, Niger State.

    In a statement by the director of press and public relations of the ministry, Omolara Esan, the minister assured that the NYIF would simplify the application process, emphasising the commitment to fostering entrepreneurial spirit and providing essential resources to help transform business visions into reality, thus contributing to job creation and economic growth.

    The minister recalled announcing a groundbreaking initiative in May 2024 to empower at least 5,000 NYSC members with up to ten million naira each for entrepreneurial ventures upon completing their service.

    Read Also: $1tn Economy: Fed govt launches operating model, framework on economy inclusion

    She explained that this would contribute to economic growth and sustainability.

    She said: “We are also launching the National Youth Skills Programme (NYSP) this month. This programme aims to train over one million young Nigerians across diverse fields such as technology, agriculture, and more. The NYSP offers a remarkable opportunity to enhance your employability and prepare for a successful career, aligning your applications with the evolving demands of the job market.”

    The minister urged the corps members to take advantage of these opportunities, emphasising that the world was changing rapidly and the skills they learn now will be crucial to their future success.

    She advised the corps members to make use of the NYIF to bring their business ideas to life as well as actively participate in the NYSP to acquire new competencies, using their NYSC year to develop a well-rounded skill set.

    Governor of Niger state, Mohammed Umar Bago said that his government would give automatic employment for members who are in the medical and health field willing to take employment with the state towards improving healthcare delivery services across the state.

    Bago also disclosed that the state government has earmarked N5bn for the construction of the permanent orientation camp of the National youth service corps in Niger State.

  • Ex-lawmaker appeals on monitoring, distribution of fund

    Ex-lawmaker appeals on monitoring, distribution of fund

    A chieftain of All Progressives Congress (APC), Olatunbosun Oyintiloye, has appealed to President Bola Ahmed Tinubu to monitor the distribution of N200 billion presidential intervention fund recently launched for Micro, Small and Medium Scale Enterprises and manufacturers.

    Oyintiloye, speaking with reporters yesterday in Osogbo, Osun State capital, said the monitoring was important to ensure the intervention fund achieved its targeted purpose.

    The APC chieftain recalls that the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, had announced the launch the N200 billion presidential intervention fund for Micro, Small and Medium Scale Enterprises and manufacturers.

    Read Also: Monitor N200bn intervention fund for MSMSEs, manufacturers, Ex-lawmaker urges Tinubu

    According to Uzoka-Anite, N75 billion will be distributed to MSMEs, while another N75 billion will be distributed to the manufacturing industry under the intervention fund.

    Oyintiloye, who noted that the fund must be protected from being siphoned into the pockets of individuals, said strategies must be put in place to ensure intervention programmes of the president had positive impacts on the lives of Nigerians.

  • Reps to Fed Govt: fund innovations in plant breeding

    Reps to Fed Govt: fund innovations in plant breeding

    House of Representatives has called on the Federal Government to fund innovations in plant breeding to allow the country accelerate development of crop varieties resistant to disease, drought tolerance, and high nutrition. 

     Deputy  Speaker, Benjamin Kalu, spoke yesterday in Abuja at the maiden conference of Nigerian Plant Breeders Association (NPBA).

     This, he said, would motivate plant breeders to create crop varieties to mitigate challenges of changing climate.

     Kalu said the application of biotechnology in agriculture is key to unlocking the potential of plant breeding.

     With global population increasing, he noted the need for  crop varieties resilient to climate change and providing higher yields and improved nutritional content.

    He said integration of cutting-edge technologies, such as gene editing and precision breeding techniques should be in the forefront of such  efforts.

     “We must underscore the role plant breeding plays in ensuring food security and addressing malnutrition.

    Read Also: BREAKING: FG declares Wednesday September 27 public holiday

     “It is incumbent upon government to fund innovations in plant breeding, thus motivating breeders to continue creating crop varieties capable of mitigating challenges posed by changing climate”.

      President of NPBA and Executive Director of National Root Crop Research Institute (NRCRI), Umudike, Prof Chiedozie Egesi, said the association, through integration of agricultural biotechnology, has accelerated development of varieties more resilient to biotic and abiotic stresses.

     Egesi said the development has translated into rising productivity and food security.

     “We have leveraged biotech-aided plant breeding to align with Nigeria’s Agenda 2050, ensuring our efforts contribute to long-term sustainability and prosperity.

    Executive Director of African Agricultural Technology Foundation (AATF), Dr. Canisius Kanangire, said the success of pod-borer resistant cowpea varieties, the first genetically modified cowpea globally, drought-tolerant and insect-protected Tela maize varieties are remarkable achievements of Nigerian plant breeders. 

     Kanangire, represented by Project Manager of AATF, Nairobi, Kenya, Prof Sylvester Oikeh, said the achievements, not deserve recognition band celebration, as they hold the potential for transforming the country’s food systems and improve lives of Nigerians.

  • Afreximbank, Fund boost African SMEs with $30million

    The African Export-Import Bank (Afreximbank) has signed an agreement with the African Guarantee Fund (AGF) for a $30 million re-guarantee facility to support African small and medium enterprises (SMEs) in the trade value chain to access funds for their activities.

    A statement from the bank said  the Director, Trade Finance, Gwen Mwaba, signed the agreement on behalf of Afreximbank, while Constant Nzi, Chief Risk Officer of AGF, signed for the Fund, during a ceremony held on the sidelines of the recently-concluded Intra-African Trade Fair in Cairo.

    The agreement provides for the facility to be used to support the financing needs of African SMEs by enhancing their access to long-term financing, thereby acting as a catalyst to enable them to grow, create more jobs, sustain the existing labour force and develop intra-African and extra-African trade.

    The re-guarantee facility is aimed at providing comfort to financial institutions in lending to SMEs, which tend to be regarded as a risky segment; enabling the financial institutions to transform their short-term deposits into long-term financing to SMEs; and supporting Afreximbank’s SME support initiative and AGF strategic plan.

    The facility is expected to support positive social-economic changes among the more than 6,000 SMEs that are expected gain access to guaranteed loans from African local banks, thereby contributing to trade development, economic growth and poverty reduction.

     

  • Education fund hits N800m in Bayelsa

    Bayelsa State Education Trust Fund (BSETF) has recorded N800 million contributions from workers, government officials and others within 10 months.

    Governor Seriake Dickson, on March 31, 2017, signed the BSETF and Higher Education Student Loan bills into law.

    BSETF makes it compulsory for workers, including contractors and civil servants, to pay education levies.

    Dickson inaugurated a board to administer the fund and appointed a famous educationist, Prof. Turner Isoun, as its chairman.

    Isoun, yesterday, while submitting its 2017 annual report  to the governor, said between March and December, the fund received N800 million from taxable stakeholders.

    Of the receipt, he said N300 million was spent, leaving a balance of N500 million.

    The governor urged the private sector, particularly corporate organisations and individuals, to contribute to the fund, to enable indigent children enjoy free and qualitative education.

    A statement by the Chief Press Secretary to the Governor, Mr. Francis Ottah Agbo, quoted Dickson as saying that the programme was targeted at delivering “the democratisation of knowledge.”

    He advised people to take over ownership of the programme, saying the fund would strengthen education to increase the literacy level.

    Dickson hailed the chairman and members of the board for prudent management of the funds.

    He directed the board, in collaboration with the Ministry of Information and Orientation, as well as the Education Ministry to create awareness for people to identify with the policy.

    The governor said: “I call on our people to own this programme, which is for your benefit. It will deepen education and deliver what I always call democratisation of knowledge, where we are taking children from the underprivileged circumstances and backgrounds and putting them in boarding secondary schools, taking responsibility for their feeding, clothing, books and everything.

    “We are doing this now and the schools are in the local governments. We are still working on more. I enjoin the board to increase their enlightenment.

    “I want to direct the commissioner for Education and Ministry of Information to work with the board, to increase awareness on behalf of the people about the benefits of this programme and then, most importantly, about their duties.

    “I also want to take this opportunity to call on the private sector, especially the international oil companies that have been making billions of dollars on this soil without giving much back. I call for collaboration.

  • Ahmed pledges to release fund for projects

    Ahmed pledges to release fund for projects

    Kwara State Governor Abdulfatah Ahmed has assured contractors handling projects of prompt release of funds through the Kwara Infrastructure Development Fund (IF-K).

    Ahmed, who gave the assurance yesterday in Ilorin while inspecting the 9 kilometres Kulende junction-Sango-UITH-Oke-ose road, said IF-K is a sustainable funding window for all capital projects and it guarantees timely release of funds.

    He reassured Kwarans that all ongoing projects would be completed before his tenure ends.

    The governor also expressed satisfaction with the quality of work done and hoped it would be delivered on scheduled.

    The consultant in charge, Kola Shittu said the project is 45 per cent completed, adding that it would be ready by October.

     

  • $1b ECA fund and its critics

    $1b ECA fund and its critics

    I think the question as to whether President Buhari needs $1b approved by the governors’ forum for the purpose of ending the Boko-Haram insurgency is legitimate. The latest report of Global Terrorism Index has after-all only recently confirmed that terrorism in Nigeria has decreased by unprecedented 80% in two years compared to 40% in Iraq, 24% in Syria, 14 % in Afghanistan and 12% in Pakistan.  Some have called attention to other demands on government such as decayed infrastructure and unemployment. Some would rather have government go through the National Assembly (NASS) for appropriation if such huge amount is required while a few others believe the governors’ forum has no constitutional right to decide on how the LGA’s part of the excess crude fund is deployed. But as it is often said in this business, the medium is the news. The question is how credible and sincere are some of those now trying to pontificate on how Boko Haram war should be fought.

    Yari, the chairman of the governors forum has explained to Nigerians that   because the governors felt they ‘should not compromise the issue of security for the entire country’ they agreed to forfeit $1bn out of our (their) own share of excess crude ‘to purchase equipment for the military’. Such a decision, he added also happened during Jonathan’s era when they all agreed ‘to withdraw $2bn to procure equipment and logistics for the military’. Of the 32 governors in attendance when the decision was taken, there was, according to him ‘no single opposition’

    Governor Ayo Fayose of Ekiti has however dissociated himself from decision insisting ‘all accruals to the federation must be shared by the three tiers of government’. His argument is that Ekiti’s problem is not Boko Haram but Hunger-Haram. His trenchant cry has since become   “I want my Ekiti money”, asking, ‘Since they said they have defeated Boko Haram, what else do they need a whopping sum of $1bn (over N365bn) for, if not to fund the 2019 elections?’

    For Governor Dickson of Bayelsa however, Fayose was only up to his antics. According to him “Our duty is to collaborate among ourselves, collaborate with the federal government on two critical issues of national security and issues of the economy… and I think that we leaders must be circumspect in terms of creating controversies on issues of national security”.

    The new PDP, like Fayose, was however suspicious, such amount might be diverted to fighting the 2019 election. This is understandable. Both are not strangers to the use of funds budgeted for military hardware and soldiers welfare as war chests. Fayose according to EFCC and Senator Musliu Obanikoro who ferried N3 billion of $2.1 of arms funds from Dazuki Jonathan’s NSA in two aircrafts confirmed Fayose received the money. EFCC has since traced the said amount to personal accounts of Fayose and linked some of the funds to properties he acquired in Lagos and Abuja. Like Fayose, the current PDP leadership was also privy to the sharing of the said military hardware votes by PDP stalwarts and ministers as war chest.

    Unfortunately, since there is no evidence Fayose invested any part of this money in Ekiti, it is difficult to believe his current trenchant cry of “give me my Ekiti money’ is motivated by love for Ekiti. This is also a man who traded off Prof Adeniran, his fellow Ekiti compatriot and the best of all the PDP chairmanship contestants for a possible VP slot in 2019. Fayose, like his brother governors who took Obasanjo to court citing constitutional backing over the sharing of the excess crude oil funds, is driven by anything but the love of Ekiti people.

    And a man who cannot remember it was only yesterday  Obasanjo took him from Adedibu, the Ibadan garrison commander, and made him governor of Ekiti State but now publicly accused him “of opening his rotten mouth to criticize PDP that gave him an opportunity to be a two-term president” adding, “where is Obasanjo today? His era is gone. We are now in charge” cannot be taken seriously if he read motives to President Buhari’s actions.

    While it will be uncharitable to lump other critics together to clowning Fayose, I think three quick observations can be made in respects of the fears they expressed. First, our current federal arrangement is a fraud.  The umbilical cords that link the LGAs together with the states cannot be severed just because of an aberration that the former is funded with other peoples’ resources by a centre they are not answerable to. The governors can legitimately speak for their LGAs.

    The sincerity of those asking Buhari to put his fate in the hands of the current NASS is also questionable. We cannot pretend not to know that ‘the cloak does not make the monk”. There is no difference between David Mark/Ekweremadu’s 7th Senate and its offshoot, the 8th Saraki/Ekweremadu Senate. The former worked against the interest of Nigerians. While it was busy sharing our national patrimony with David Mark leading the way with his confiscation of the Senate President’s mansion, a national heritage, other PDP stalwarts and ministers looted the nation. The 7th Senate was also busy serving its members while Generals stole military hardware and soldiers’ welfare funds resulting in Boko Haram insurgents hoisting of caliphate flags in some conquered areas of the north-eastern Nigeria.

    The latter, Saraki/Ekweremadu 8th Senate has only improved on the baleful legacies of its forbears.  It has for the past two years despite public opinion, served none but its members. They have demonstrated their opposition to Buharis anti-corruption crusade.  Twice they rejected his nomination for the chair of EFCC for no other reasons than he had earlier investigated corruption cases against some of their members. President Bubari’s Special Anti-corruption Court bill named “Special Criminal Courts Act” has remained unattended to since last year. The Anti –money Laundry Bills have been in the Senate since 2015. And without the passage of this anti-corruption courts legislation, special anti-corruption courts cannot be created to speed up corruption trials. For now, the over N2trillion recovered looted funds cannot be used for the benefit of the people since the cases are still going to the Supreme Court.

    And lastly, with nothing but sabotage coming from  the legislature, the judiciary and even some segments of the media, we seem to have forgotten that Buhari as an elected sovereign in a democracy cannot cite these impediments  as excuses for not fulfilling his electoral promises at the end of four years.  As a democratically elected sovereign, he is allowed to employ blackmail, intimidation and stick and carrot approach and if needs be, only the stick for the greater good of the greatest number of people in society according to his interpretation. (This is currently going on in Trump America, the home of democracy).

    The problem with President Buhari is that he has been too timid to use the power of the sovereign. This was perhaps why exasperated Itse Sagay said not too long ago that the enemies of Nigeria in the National Assembly are lucky he was not the President. In a democracy, the tale does not wag the dog.

    And finally, I think it will be short-sighted to cite the near or total defeat of Boko Haram as excuses for not equipping our armed forces for future challenges. There must be something to learn from our recent history. Obasanjo and Yar’Adua saved for the raining day but probably paid less attention to our armed forces. And after Jonathan and PDP, like Epicureans ate everything kept in their care for our tomorrow,  all we had when Boko Haram struck, was an army that could not  defend its own barracks where Generals died while literarily protecting their families members under Boko Haram siege inside a church with their bare hands.

  • Pharmacists endorse N50b Oyo Health Fund

    Pharmacists endorse N50b Oyo Health Fund

    The Oyo State chapter of the Pharmaceutical Society of Nigeria (PSN) has expressed support for the establishment of Oyo State N50 billion Health Endowment Fund.

    The state’s PSN Chairman, Abiodun Ajibade, expressed the council’s support for the fund while handing over drugs estimated at N344,000 to the state at the weekend.

    Ajibade said the council provided the drugs for use in state’s and local governments’ hospitals as well as health centres across the state.

    The PCN urged the state government to recruit more pharmacists for hospitals to boost healthcare delivery.

    Ajibade, who handed the drugs to the Commissioner for Health, Dr Azeez Adeduntan, said the gesture was aimed at reducing the money the state government spent on providing drugs to its hospitals and primary health centres.

    He said: “I will like to reiterate the need to employ more pharmacists to man many of the health facilities in the state. There is also the need for refurbishing and face-lifting many of the pharmacies in the hospitals. Our donation of drugs worth N344,000 today is to make a statement that the PSN in Oyo State is solidly behind the N50 billion state’s Health Endowment Fund that was launched recently.”

    The donated drugs comprise antacids to cough syrups, analgesics, vitamins, antibiotics and bottles of blood tonic.

    The PCN chairman urged the state government to give more attention to the refurbishing of many pharmacies in hospitals across the state.

    Adeduntan said primary health centres, particularly those in rural local government areas and local council development areas, would benefit from the distribution of the drugs.

  • $1billion insurgency fund

    $1billion insurgency fund

    The politics of Boko Haram insurgency was again brought to the fore by the $1 billion approved by governors from the Excess Crude Account to fight the seemingly degraded war. At the centre of the altercation have been the PDP and APC with the former accusing the government of secret plans to deploy the funds to unwholesome means.

    It alleged the funds are for the funding of the 2019 elections since President Buhari claimed his government had technically defeated Boko Haram. Some other groups have also criticized the approval on the grounds of the purpose for which the funds are to be deployed.  There are also issues with whether the governors have the powers to give the approval without recourse to their state houses of assembly.

    Regime apologists have entered defence. They accuse the PDP of bad faith. Bolaji Abdullahi, APC’s publicity scribe captured the central thrust of the government’s position. For him, the PDP is scared because it diverted funds meant for weapons’ purchase for the war on insurgency ahead of the 2015 general election. Given that experience and revelations on how humongous sums of money were allegedly diverted, Abdullahi is not surprised PDP would be quick to smell a rat in the instant case.

    But he cited the integrity of the president and his aversion to corruption as a safeguard against the manner of malfeasance that allegedly took place when the PDP held sway. He would want us to believe that any money meant for the fight against insurgency would be dutifully deployed to the objective for which it was appropriated. It is left for us to believe this rationalization.

    Even if we accept Buhari is unlikely to divert the funds to some other purposes, the same cannot be said of his key functionaries. The diversion of funds meant for internally displaced peoples IDPs to frivolous and questionable contracts as was evident in the sacking of the former Secretary to the Government of the Federation (SGF) Babachir Lawal puts a lie to such optimism. Neither do recurring cases of diversion of relief materials for the displaced in the north-east give cause for optimism.

    For Abdullahi, it was wrong for the PDP to base its criticism on the claim that Boko Haram had been technically defeated because winning the peace is more vital than winning the war. By this, he contends, winning the war does not preclude the government from voting substantial funds for the security of that region. Borno State governor, Kashim Shettima argued along similar lines when he drew analogy with countries that have low security threats but vote handsomely for national defence.

    By interpolation, Shettima contends that voting huge amounts of money to fight insurgency does not in any way, vitiate the claim that the war has been won. But there is difference here. The difference is between national defence budgets and intervention funds. The 2018 appropriation bill made generous provisions for defence just as the examples Shettima cited.

    We are not concerned with national defence budgets here. The money in question we were told, is to fight Boko Haram, except now Vice President Yemi Osinbajo has added a new dimension to the matter. We shall return to this shortly. And if technically, we defeated the scourge two years back, setting aside such huge amount for the same purpose without due process is bound to raise suspicion.

    Those who query the approval on this ground are on strong rational foundation. Even then, the fact of our past experience where such funds were allegedly diverted to ends other than that for which they were meant, as the APC pointed out, is serious justification for suspicion. So it is not enough to malign those who raise doubts on the propriety of the fund especially given the information we had been fed with regarding the state of the war. If blames must be apportioned for this controversy, it should be placed at the doorsteps of those who claimed the war had since been won.

    It is not enough to bandy the credibility of the president as sufficient guarantee that whatever funds appropriated would be dutifully deployed. If anything, the case of Lawal and similar instances of corruption allegation even with the touted war against corruption, do not imbue confidence that we have parted ways with our decadent past.

    During the regime of Jonathan, he sought and obtained Senate approval to borrow $1 billion to prosecute the same war. The facility was for the supply of military hardware to be paid across seven years. It has also been said $2 billion were also approved for that regime from the same account to prosecute the same war without much ado.

    When the loan was being debated, at least, two APC senators- George Akume and Olubunmi Adetumbi questioned the procedure on the ground that it had consequences for extant Appropriation Act but were overruled with the Senate approving the loan. Also, the $2 billion approval given to Jonathan from the Excess Crude Account was heavily criticized by the opposition.

    The issues canvassed are not entirely new given that we had gone through this path before. If the approvals attracted stringent criticisms and opposition during the last regime, there are serious grounds to raise dust for the appropriation of funds to fight a war that had been declared won. So reservations on the governors’ action are not out of place.

    Some of the governors who were said to have consented to the approval on behalf of their states have raised issues. While Ayo Fayose of Ekiti queried the approval, Nyesom Wike of Rivers asked for similar funds for the Niger Delta to tackle its numerous challenges including insecurity and environmental degradation. Curiously, local government chairmen in Ekiti State have gone steps further to institute legal action to restrain the federal government from tampering with the said amount. As it stands, the government cannot tamper with the money until the case has run full cycle. Ironically, whatever security challenges in the north-east that warranted the approval may have to wait until all the issues to it are thrashed out.

    Osinbajo added a new dimension to the controversy when he said the money is not meant to fight insurgency alone but for security challenges being experienced in all states of the federation including community policing. The claim though belated, runs contrary to the brief Edo State governor, Godwin Obaseki gave reporters on the issue. He did not leave any one in doubt that the fund was to fight insurgency. He said the amount will include but not limited to the “purchase of equipment, procuring intelligence and logistics to ensure we finally put an end to the scourge of insurgency”.

    Those who argued on behalf of the government defended the fund on the ground that it is vital to finally secure the gains made in the insurgency war. That is the interpretation of the conversation by the APC publicity secretary. That is also the summation of the intervention of Shettima when he drew comparison with countries with low security threats but still vote hugely for national defence. The purport of their argument is, technically defeating Boko Haram is the more reason we should commit more funds to the project to sustain the gains.

    It was therefore a big surprise when Osinbajo came in the midst of the controversy to claim that the fund was for sundry security challenges across the country. That clarification came too late and did not tally with what those who spoke on behalf of the government understood of it. If the explanation of Osinbajo is to be believed, how come Wike was demanding that the same measure should be applied to the security and environmental challenges that inundate the Niger Delta?

    Beyond this, it is sad Boko Haram insurgency has been a victim of undue politicization since it reared its ugly head. Overtime, this has complicated calculations in the handling of the war. Not only have we been unable to figure out its local sponsors, it is increasingly getting difficult to fathom which interest it serves. The current controversy mirrors the enigma the scourge has become.