The Nation Newspaper

Tag: fund

  • NIMASA pays N9.975b, $38m into Consolidated Revenue Fund

    The Nigerian Maritime Administration and Safety Agency (NIMASA) has within one year and one month contributed N9.975 billion to the Consolidated Revenue Fund (CRF). Within this period, the agency has also paid $38,272,12.12 million to the CRF, The Nation has learnt.

    The agency on June 1, last year paid N5 billion into the CRF as “part payment of operating surplus for 2015 and 2016”. It followed up on June 2, last year with N4.975b “payment made into the CRF 2016 operating surplus”.

    The agency paid $7 million on November 22, last year as “part payment of 2016 operating surplus”. On April 19, this year, NIMASA made another payment – $15 million  – to the CRF.

    The agency on July 18 paid $16.272.121.12 million into the CRF as “payment of 2017 operating surplus”.

    Minister of Finance Kemi Adeosun on September 13 praised the management of the agency, led by Dr. Dakuku Peterside, for shoring up its contributions to the federal purse. She also praised the Joint Admissions and Matriculations Board (JAMB) for contributing N5 billion to the CRF this year, adding that this was a giant leap from the N3 million yearly highest ever contribution from the agency.

    She did not give the amount contributed by NIMASA.

    Mrs. Adeosun, who spoke at a workshop in Abuja on compliance with the Fiscal Responsibility (FRA) Act, said the management of NIMASA brought down operational cost and was able to generate more money by half year than it did in the two preceding years.

    ”Unlike NIMASA and the Joint Admission and Matriculation Board (JAMB), some Agencies and Departments are operating in such a manner that returned minimal funds to government. To this effect, a circular has been issued restricting allowable expenses in line with reforms occurring across government businesses, as compliance checks would be undertaken regularly to ensure that all Agencies and Departments adhere to the new requirements.”

    The Accountant General of the Federation (AGF), Mr. Ahmed Idris, also said despite the general downturn in accruable revenue to government due to the economic situation, the remittances to the CRF by NIMASA this year had been the highest by the Agency in recent years.

    “It was also the first time in recent years that NIMASA will remit huge revenue into the government coffers,” he said.

    For 2015, NIMASA’s contributions to the CRF was only N2 billion and $15m. There was also the payment of $24,025, 017.90, described as “direct debit by CBN on NIMASA accounts”. About half of 2015 was under the Dr. Goodluck Jonathan administration. President Muhammadu Buhari appointed Peterside as director-general on March 10, 2016.

  • Dizengoff, others set up greenhouse farming fund

    Dizengoff Nigeria in partnership with Best Foods Fresh Farms Ltd and Apel Capital & Trust has set up an agriculture investment fund that will support and finance modern greenhouse farming for has been set by  for investors.

    The fund is a development programme that includes a range of services and financing and non-financing facilities to encourage farmers to introduce greenhouse farming  and modern agricultural techniques, and contribute to the food security system.

    As part of the project, Dizengoff will deliver to Best Foods Farms 10 units of greenhouses to set up a demo/model farm at Igbodu in Epe where Best Foods Farms already have a farm.

    Apel Capital & Trust will act as trustee for this investment fund. Fund is targeting to achieve 35 percent return for investors who are investing into the fund. The minimum investment required is N500,000.

    Best Foods Fresh Farms Chief Executive Officer (CEO), Mr. Emmanuel Ijewere, said: “The scheme, which will be managed by a trustee (Apel Capital), is expected to bring a group of investors’ funds together with the aim of investing in the agricultural sector to generate more profits”.

    Ijewere explained: “Our main purpose of establishing the modern greenhouse farm, is to create a profitable state-of-the-art functional structure in the center of the West African commercial capital, by providing simple innovative and effective farming methods to produce and supply high quality, fresh produce not just to our outlets, but to the broader market of Lagos Metropolis.

    “Apel Capital & Trust will act as Trustees of the Fund for the Project. Therefore, your investment will go into operating greenhouses and open field cultivation of short-term horticultural produce for both the Lagos market and environs.

    He urged those who want to join the scheme to contact his firm.

    Dizengoff Chief  Executive/Country Manager, Mr. Antti Ritvonen said: “As the technical partner on this project, Dizengoff will focus on its area competency, which is to ensure bountiful production all year round, thereby giving investors value for their investment.

  • Water supply: Wike releases N100m counterpart fund

    Water supply: Wike releases N100m counterpart fund

    Rivers State Governor Nyesom Wike has approved the release of N100 million as balance of the counterpart  fund for the Rivers State Government/European Union  Niger Delta Support Programme (RSG/EU NSDP) for two local government areas.

    The government  earlier released the first tranche of  N100 million to EU Development Partners. The two benefiting local government areas are Akuku-Toru and Opobo-Nkoro.

    The programme covers Opobo/Nkoro and Akuku-Toru.

    Speaking during a visit by the Minister Counsellor of the European Union in Nigeria, Mr Kurt Cornelis,  to the Government House, Port Harcourt, yesterday, Governor Wike said the government was committed to the project.

    He said: “I have given the authority that by tomorrow the second tranche of N100 million  be paid. Be rest assured  that  whatever  needs to be done, would be done.

    “I commend the EU for this programme.  We will never be a state  that will be backwards in water and sanitation  projects”.

    The governor urged those implementing the Niger Delta Support Programme component 3 to be transparent in awarding contracts for the projects.

    “Water and sanitation remain key because  they are close to the health  of  our communities.  After this project, we expect the EU to give the state more grants, so that we can extend this to more local government areas “, Governor Wike said.

    Mr Cornelis  called for commitment from the state  on the payment of the remaining  50 per cent counterpart fund  for the RSG/EU NDSP water and sanitation projects in two councils.

    According to him, the payment is required to determine the scope of the programme. He said contracts for the programme  would be signed on October 26, 2017.

    He said: “In principle, we need confirmation of that payment, if we are to carry out 100 per cent of the work. We need to take a decision  today about the final scope of projects in Rivers State “.

  • N1.6b women fund is idle, says minister

    The Federal Government has urged states to access the N1.6 billion National Women Empowerment Fund (NAWEF) lying idle in the Bank of Industry (BoI).

    The Minister of Women Affairs and Social Development, Sen Jummai Alhassan, made the plea yesterday during a one day sensitisation programme for wives of governors, wives of Local government area chairmen, women on elective positions on the effective implementation the fund.

    The minister noted that despite the various intervention to make the funds accessible, states are finding it difficult to access the funds by meeting all the terms of conditions especially the repayment of the loans.

    She explained that the Federal Government had decided to implement the fund in eight pilot states, which she said include, Abia (Southeast), Awka Ibom (Southsouth), Osun (Southwest) and Nassarawa (Northcentral).

    Others are Jigawa (Northwest), Adamawa, Yobe and Borno (Northeast).

    “Unfortunately all together we have got only 25,740 application from all the eight pilot states, when actually we expect 80000 from all the states.

    ”The overall objective of the NAWEF programme is to provide access to financial services for women involved in micro and small scale enterprises to scale up their businesses.

    “The programme is also a revolving loan facility that is interest and collateral free requiring beneficiaries to repay within a specified period of six months or more depending on the kind of enterprise or business to enable other benefit from the scheme.”

    The minister said to sustain the fund, certain conditions have been put in place. These are women guaranteeing each other as members of same cooperative group; women ensuring commitment to repayment as scheduled while less stringent conditions to access the fund to make repayment easy for beneficiaries.

  • ‘10,000 farmers can’t access N350m donor fund’

    •Govt: allegation untrue 

    Ten thousand farmers in Edo State cannot access the N350 million donor fund, Edo North Coordinator of All Farmers Association of Nigeria (AFAN) Alhaji Mohammed Oshiobugie has said.

    Oshiobugie, in an interview with News Agency of Nigeria (NAN) in Benin, said the government failed to pay the N94 million counterpart fund for Fadama III and Rural Finance Institution Project (RUFIN).

    He noted that while other states enjoyed additional financing from FADAMA III , this doesn’t apply to Edo.

    The AFAN coordinator said a similar thing applied to RUFIN where government had not remitted the N12 million counterfund.

    “The challenge this poses to farmers is that they have been denied access to about N350 million.

    “The effect of this is that 10, 000 farm families have been left on their own.

    “I wonder if this is the government’s plan for farmers; its plan to create 200,000 jobs in next four years,” he said.

    According to Oshiobugie , majority of those being planned for employment are from the agriculture sector.

    He said farmers did not understand the policy direction of the government, as it concerned agriculture.

    The coordinator urged the government to involve farmers in agric policies, to give farmers a sense of purpose.

    He noted that most agricultural policies failed due to non-involvement of farmers.

    Oshiobugie said the government must adopt present trend of agricultural implementation; the Community Demand Driven (CDD) approach, same as the Bottom Top approach.

    “This enables farmers to be at the driver’s seat of agricultural programmes and project implementation.

    “This system ensures quality implementation and success of any proposed agricultural policy.”

    He lamented that the government is yet to inaugurate this year’s farming season and make fertilisers available to farmers.

    “As I speak with you, no farmer can boast of fertiliser in Edo. The government has kept us in the dark when and where fertiliser will be available.

    “It is regrettable that as the previous administration, agricultural policies seem to be announced on pages of newspapers and in the television. There is nothing to show on ground.”

    On the Anchor Borrowers Scheme, the coordinator said months after farmers registered and opened accounts with the Bank of Agriculture, the government had been inactive.

    He said the government was silent on the scheme being embraced in other states.

    Permanent Secretary, Ministry of Agriculture and Natural Resources Mr. Bashir Kadir denied the allegations.

    Kadir, in a telephone interview with NAN in Benin, said the administration did not deliberately refuse to pay counterpart fund for agricultural programmes, but was taking its time to get things right.

    He said the programmes were being reviewed to see if they would benefit the people, adding that if not, government will take action to change the situation.

    “These programmes are old;  running for years. We have a new programme, the Agricpreneur, where we’ll produce millionaires for the sector.

    “We are reviewing Fadama and RUFIN programmes with the new one we have developed.

    “It is not a closed door situation. If the benefit from these programmes that have been running is okay by the government, we will continue with them,” the permanent secretary said.

    As for the Anchor Borrowers Scheme, he said the government was trying to satisfy conditions set by the Central Bank of Nigeria (CBN).

    “We are carrying out integrity test on the data before us. We want to ensure that besides recouping loan, we are dealing with real farmers.”

    Kadir said 35,000 farmers had been captured, with about N5 billion facility being the target for it.

    He said the ministry was working with stakeholders in the agricultural sector, including AFAN, as regards policy direction and implementation.

  • Wabba decries employers non-remittance of pension fund

    Wabba decries employers non-remittance of pension fund

    Nigeria Labour Congress (NLC) President Ayuba Wabba has chided employers who failed to remit pension funds, saying their action is a threat to the contributory pension scheme.

    Speaking at the Annual General Meeting (AGM) of Trustfund in Abuja, Wabba, a director in the organisation, lauded the Pension Fund Administrator (PFA), saying the NLC had directed its sectoral unions to compile names of organisations that deduct workers’ money but fail to remit it.

    He said: “During my visit to some of our sectoral unions, I urged them to follow up on the employers that deducted but failed to remit, and ensure that the right thing is done for the benefit of the working class. Where any employer refuses to comply, the national secretariat will step in. It is criminal for any employer not to remit deducted money because the law makes it compulsory for every employer to remit pension funds.”

    He lauded Trustfund Managing Director Mrs. Helen Da-Souza for ensuring that the PFA stayed afloat, and declaring dividend in an unfriendly environment occasioned by the recession.

    “There are challenges with the remittances of deducted fund especially by the employers, including state governments as they often fail to remit these funds. Trustfund is able to overcome the challenges because of the ownership structure of the organisation. Labour presence on the board of Trustfund ensures that the policies and operations of the organisation are tailored towards enhancing the well-being of workers and guarantee maximum return on investment.”

    In a related event, Wabba has commended the National Assembly for passing into law a bill on  Local Government autonomy.

    He gave this commendation at a  briefing in Abuja.

    He said the National Assembly deserved commendations for voting in favour of local government autonomy, despite pressure from interest groups.

    Wabba was optimistic that, if assented to, the amendments would free the local governments from the strangle-hold of state governments, and widen the democratic space as well as restore the lost glory of local governments.

    “The local government system,  known by various names, is the oldest form of administration, and sadly, the most abused and exploited in our post-colonial history.

    “Until progressive decline and bastardisation set in, the local government represented the centre of administrative excellence, clinical efficiency, training, education, development, tax administration and effective commodity boards. Local governments also represented maintenance culture of infrastructure, including roads, environmental sanitation, functional health facilities, low incidences of corruption and violent crimes. The singular reason for this magical performance was that local governments were close to the people and ministered to their needs,” he said.

    Wabba urged governors “to sheathe partisan or insular considerations and support these amendments in national interest”.

  • Fund for disabled coming

    Lagos State government will on Tuesday at the Blue Roof LTV, Ikeja, disburse the Disability Trust Fund launched in 2016 to beneficiaries drawn from groups of people living with disabilities in the state.

    A statement issued by the Head, Public Affairs Unit of Ministry of Youth and Social Development, Mrs Olabisi Amoo, said the Disability Fund was initiated to serve as social insurance for both the physically-challenged persons and the able-bodied as provided in the Lagos State Special People’s Law.

    “The implementation of the Disability Fund is geared towards the advancement of the cause of persons living with Disability in Lagos State. Individuals, corporate organisations, government institutions either at the local or international level can contribute to the fund as a way of jointly ameliorating the challenges facing physically challenged persons.

    “The Disability Trust Fund which is aimed to assist and empower persons living with Disabilities in State will be administered by the Lagos State Office of Disability Affairs

  • OPS differs on 5% Road Fund

    Members of the Organised Private Sector (OPS) seem to differ on the merits of the proposed five per cent Road Tax aimed at revolutionalising the road sector.

    While some agree that it is a global best practice to ensure sustainable funding of roads and the most viable model of generating development fund, others say the additional petroleum levy will further escalate the already high cost of living.

    The reports of the Senate Committee on Works recently came out with a Bill for an Act to establish the National Roads Fund. The report stated that it would be used to finance the sector.

    The N5 petroleum levy per litre on any volume of petrol and diesel products imported into Nigeria and on locally-refined petroleum products will be used to partly fund the proposed National Roads Fund.

    The Director-General, Lagos Chamber of Commerce & Industry (LCCI), Mr. Muda Yusuf, said the concept of a road fund was desirable, noting that one of its advantages is the easy collection.

    Besides, the fund, he said, is progressive because the rich consume more fuel than the poor and will, therefore, pay more.

    Yusuf, however, said the dilemma is Nigerians’ perception of fuel as a social product because of the long history of government involvement in pricing.

    He said: “Economic rationality is one thing, political expediency is another. But ultimately this is the way to go. Funding the road infrastructure through the annual budget will not give the economy the quality of road infrastructure that we deserve.

    “The truth is that the economic cost of poor road infrastructure in Nigeria is phenomenal. The Small Medium Enterprises (SMEs) and the generality of the citizens will gain more from the creation of a road fund and the consequential impact on road infrastructure.”

    The LCCI boss said that presently, over 90 per cent of freight and the movement of persons in the country are by road. According to him, poor road infrastructure is a major factor in the current high cost of goods and services in the country, especially agricultural products.

    He argued that good roads would improve the linkages between the rural areas and the cities, and between the various economic zones in the country.

    He also stated that it would facilitate the integration of the domestic economy, spur growth, increase incomes, enhance productivity and lead to the creation of more jobs.

    But the President, Manufacturers Association of Nigeria (MAN), Dr. Frank Udemba Jacobs, disagreed, citing harsh economic environment.

    He said, for instance, that given the current macroeconomic challenge of high inflation rate, negative national output growth and dampened aggregate consumption due to erosion in real income of the consuming public, additional petroleum levy will further escalate the already high cost of living.

    Jacobs said: “This (5% road fund) will further depress aggregate consumption as real income of Nigerians will further decline. The effect will be a slowdown in business activities across all categories – Micro, small, medium and large businesses alike.

    “I would therefore, advise the government to have a re-assessment of the implications of the proposed action on the fragile and slowly recovering economy.”

    The MAN president advised government to engage the private sector more in infrastructure development through concessional arrangement such as Build, Operate and Transfer (BOT) especially in road and rail construction and operations. This, he said, will free some funds for other fiscal responsibilities.

    Jacobs, however, stressed that the importance of infrastructure to the development and growth of the economy cannot be over-mentioned. According to him, good roads and other economic infrastructure are no doubt critical to the manufacturing sector.

  • ‘The Quartet’ moots film industry development fund

    ‘The Quartet’ moots film industry development fund

    Four major groups; The Nigerian Film Corporation (NFC), Nigerian Copyright Commission (NCC), Nigerian Film & Video Censors Board (NFVCB) and the National Broadcasting Commission (NBC), under the umbrella of ‘The Quartet’, have endorsed the establishment the National Film Development Fund (NFDF).

    The move, according to information, is to enable the nation deal urgently with the dearth of funding for film production activities, and investment opportunities yet untapped in the Nigerian film industry.

    According to the four federal government agencies whose mandates and activities directly and remotely rub on the Nigerian creative economy, the nation’s film industry was in dire need of access to funding, support and assistance to enable it up its contribution to the GDP of Nigerian from just over 1.5% to between 10% – 15% within two years.

    To achieve this feat, the industry which has thrived on the resilience and private windows of funding would require the institutionalisation of a funding regime for the country.

    The fight against piracy, intellectual property theft, effective distribution, sustainable marketing framework, digitisation and content development also topped discussions at the meeting which was held in Abuja last week.

    In a remark at the meeting, NFC’s Managing Director, Dr. Chidia Maduekwe commended other members of The Quartet for their resolve to push for the realisation of it objectives. He said that more than before, the nation requires the commitment of government agencies to deliver on their mandates, through attractive programmes and projects with positive impacts.

    The Nigerian film industry, he further said has the obvious trappings to provide job opportunities for Nigerians. The resilience and investment of those in the business of film making, Maduekwe said should be protected always to guarantee return on investment as well as incentives for new entrants.

    The Director General of NFVCB, Alhaji Adedayo Thomas with Cornel Agim, Director of Operations (NFVCB), Bunmi Cole, Director Broadcast Monitoring (NBC), Bitrus Dauda, Deputy Controller (PRS) of NCC, Ahaji Sanusi Sambo, Director Finance & Accounts (NFC), Mrs. Halima Oyelade Zonal Head, NFC Abuja, attended the meeting.

    The Quartet which was established in 2006 also decided to develop a robust plan of action that will promote the training of filmmakers and other stakeholders in both the art and business of film making. The group also engaged in talks to ensure that Nigeria’s creative economy is fully integrated into the diversification agenda of the federal government.

  • ‘Illegal miners ‘ll not benefit from $150m fund’

    The Federal Government has said illegal mining firms  will not benefit from the $150 million grant given by the World Bank to support the Ministry of Mines and Steel Development.

    This follows the government’s decision to allow operators with reasonable level of commitment to operate in the industry, develop strategic mining areas for growth and further make the sector one of the major contributors to the Gross Domestic Product (GDP).

    Yinka Oyebode,  an aide to the Minister of Mines and Steel Development, Dr Kayode Fayemi, told The Nation  on phone that the fund would be used to finance exploration and production of solid minerals. He added that the government was looking at two significant areas for the disbursement of the loans.

    The government, he noted, wants operators with tangible evidence of operation as well as those working in principal mining areas to benefit from the facility.

    He described operators with tangible evidence as those with  proven track records of performance while principal mining areas operators mine strategic minerals.

    According to him, the decision by the government to provide funds for the mining of strategic minerals is in line with the Roadmap for Sustainable Growth in the Mining Sector, adding that the idea would help crystallise the government’s ambition of making the sector one of the major contributors to the GDP.

    He said industrial minerals, metallic minerals, construction minerals and precious stones were among those in strategic areas, which the Federal Government planned to fund.

    He stated that industrial minerals include limestone, barite, kaolin, gypsum feldspar, while metallic minerals are gold, iron, ore, lead, zinc, cassiterite and columbite; granite, marble, dimension stone, gravel, laterite, and sand are construction minerals and precious stones include sapphire, tourmaline, emerald, topaz, amethyst, and garnet.

    Oyebode said: “Two major areas are of great importance to the ministry and the Federal Government as regard the disbursement of the $150million World Bank gave to the sector.

    “First is allowing operators with tangible evidence of operation and those operators who operate in strategic minerals areas to benefit from the loans.  This implies that operators who fail to show enough evidence of participating in the industry would not get the loans.”

    Oyebode stated that while some operators are working in the sector, others are not. He said many people applied for the loans, adding that the government needed to vet the list of the applicants in order to ensure that the money is judiciously spent.

    He said after the vetting, the government will determine those that are eligible for the loans.

    He said the application for the loans, follows an advertorial published in the national dailies for that purpose by the government asking for qualified operators to apply for the loans in order to be able to fund their projects and further encourage the growth of the sector.

    A lot of applications have been received and screened for that purpose. Qualified applicants would emerge and get the loans soon for the growth of the industry, he added.

    He said prior to this period, members of the Federal Executive Council (FEC) have met and approved the loans, adding that the approval meant that the loans are ready for disbursement.