The Nation Newspaper

Tag: LOAN

  • Insecurity: Why Fed Govt needs $1b loan, by Omeri

    Insecurity: Why Fed Govt needs $1b loan, by Omeri

    The Coordinator of the National Information Centre (NIC), Mr Mike Omeri, has said the proposed $1 billion loan the Federal Government is seeking will not be handed down to the government in cash.

    Omeri said the loan is an arrangement involving governments.

    He said the arrangement was common among world powers.

    Omeri said: “The loan request is not for the government of Nigeria to go and collect cash. It is a long-term arrangement which most super powers are involve in.

    “This long-term process being put together by the government is to ensure that there is transparency in it. It is used for the purpose it is meant for.”

    The NIC chief allayed the fear that the loan would be misused.

    He said: “It is not just to fight Boko Haram, it is aimed at supporting  the Armed Forces for surveillance and training, among others.

    “It is a long-term facility that could involve government to government processes. I am not sure that any government will give out money to another government so that they could misdirect its usage.”

    Omeri explained that following the successful extradition of the suspected co-mastermind of the April 14 Nyanya, Abuja bomb blast, Aminu Sadiq Ogwuche, to Nigeria, another suspect, Rufai Tsiga, is on Interpol’s watch list.

    The agency chief said the security forces were on the trail of Tsiga and other personalities aiding terrorism in the country.

    “The chief mastermind of Nyanya bomb blast, popularly known as Dr. Tsiga, is still on our watch list. The security forces are on his trail. Whenever we succeed in arresting him, we will make it public, like that of Ogwuche. For now, he remains a wanted person,” he said.

    Responding to questions on when Ogwuche’s trial is likely to begin, Omeri said the suspect would be tried on Nigeria’s laws.

    According to him, where the need arises, other legal processes, which demand international standard, could be applied.

    On the Wednesday’s kidnap of a German national in Adamawa State, Omeri said the act was criminal, distasteful and must be rejected by Nigerians.

    He said the government would investigate the matter and take necessary actions to protect its citizens.

  • President seeks $1b loan for arms, ammunition

    President seeks $1b loan for arms, ammunition

    President Goodluck Jonathan is asking the Senate to approve a $1 billion (about N165) loan for the fight against Boko Haram.

    The President said he needed the cash to upgrade military equipment and for training as well as logistics for the Armed Forces.

    The Federal Government voted N968.127 billion for defence in the 2014 budget.

    Jonathan made the request in a letter entitled: “Tackling ongoing security challenges: The need for urgent action.”

    The letter was sent to the Senate and the House of Representatives.

    The letter was read yesterday by Senate President David Mark at plenary.

    He noted that the approval of the fund, which would be sourced from external borrowing, would enable the armed forces to confront insurgency more forcefully.

    The letter said: “You are no doubt cognizant of the on-going and serious security challenges which the nation is facing, as typified by the Boko Haram terrorist threat.

    “This is an issue we have discussed at various times.

    “I would like to bring to your attention the urgent need to upgrade the equipment, training and logistics of our Armed Forces and security services to enable them more forcefully confront this serious threat.

    “For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1 billion dollars, including Government to Government arrangements, for this upgrade.”

  • Eneramo to stay out on loan

    Eneramo to stay out on loan

    Nigeria striker Michael Eneramo is likely to still be loaned out by Besiktas to another Turkish Super League side Karabukspor for the new season.

    Eneramo also played last season on loan at Karabukspor and he is not in training camp with his parent team in Germany, with news in Turkey suggesting he will be allowed to discuss with Karabukspor.

    The big striker scored four goals in 16 matches for Karabukspor last season.

    Incidentally, one of his goals was the match winner against Besiktas.

  • Everton chasing Ba loan deal

    Everton have held talks with Chelsea over signing striker Demba Ba on a loan deal, according to the Daily Mail.

    Manager Roberto Martinez took Romelu Lukaku on loan from Chelsea last season after initially attempting to bring Ba to Goodison Park.

    Lukaku’s future at Chelsea continues to remain uncertain after the Belgium international claimed no one from the club has spoken to him since September.

    The Daily Mail says that Everton have asked Chelsea whether they can have Lukaku for another season but are waiting to see if there are any developments in the interest from Atletico Madrid for the striker.

    Ba is currently on £80,000 a week but the Daily Mail reports that Everton and Chelsea are still “some distance apart from his personal terms”.

    Everton have also made an enquiry about Adama Traore at Barcelona having had success with landing Gerard Deulofeu last season.

  • Ekiti farmers get N60 million loan

    Ekiti farmers get N60 million loan

    The Ekiti State Government disbursed yesterday N60 million loans to 48 farmers’ cooperative societies.

    It is the first tranche of the loans.

    Handing out the cheques at the inauguration of the Farmers Loan Support Programme in Ado-Ekiti, the state capital, Governor Kayode Fayemi said the intervention was in fulfillment of his promise to support cooperative farming.

    The beneficiaries included Poultry Farmers Association, Fisheries Association, Cocoa Growers Association, the Butchers and Ekiti State Farmers Congress.

    Fayemi said farmers who are yet to repay previous loans were excluded from the scheme.

    He said: “My administration is doing everything possible to give agriculture its pride of place. You will recall my promise to support cooperative farming. I am glad to inform you that we have not reneged on our words and have been working to fulfill them. Today, I assure you that 48 AFAN Cooperatives will be supported as well as individual beneficiaries drawn from various commodity associations, including the Poultry Association, Fisheries Association, Cocoa Growers Association, the Butchers and Ekiti State Farmers Congress. A total of N60 million is being released in this first tranche.”

    Fayemi said the Agbeloba Agric Forum held in the state last year has proved productive, adding that Ekiti’s partnership with the Bank of Agriculture has yielded a 50-50 contributory loan of N600 million for agricultural development.

    He urged the beneficiaries to make judicious use of the loans and repay them promptly.

    AFAN Chairman Ademola Okeya hailed the government’s efforts to make Ekiti the food basket of the Southwest.

    Okeya said farmers will vote for the governor on June 21.

     

  • Kwara farmers get N214m loan

    Kwara farmers get N214m loan

    The Kwara State government has disbursed N214, 709,490 to no fewer than 172 farmers in loans to boost their farming in the state.
    The aim is to strengthen agri-business and enhance the welfare of the people. Governonor Abdulfatah Ahmed said this in Ilorin, the state capital, during the disbursement of the funds.
    “Our 172 lead farmers are at the core of our model of 10 out-grower farmers per local government  who, having demonstrated their capacity for agribusiness and whose farms have been verified, are receiving funds to expand their businesses,” teh governor said.
    “The Off-taker Demand Driven Scheme ensures farmers growth by creating partnerships with large farming concerns that will guarantee a steady demand for crops planted by the lead Farmers even before they are harvested.
    Speaking further, Abdulfatah said, “Each of these farmers is attached to an off-taker commercial farming concern with which they have signed memoranda of understanding to ensure a ready market for their produce.
    “These funds are therefore provided to enhance the capacity of these lead farmers to expand their businesses to meet their obligations to the off-taker farmers under the MOU arrangement while significantly boosting their earnings.
    “This administration’s approach to agriculture views it as a business that requires meticulous planning especially through facilitating private sector investment along the value chain of crops in which we have comparative advantage.
    “About eight years ago, the benefits of this approach were demonstrated when we initiated bold commercial agriculture reform in the state with the establishment of Shonga Farms.
    “In the process, we have not only put our state on the global map, but also started a gradual transformation in the nation’s agricultural sector with 13 pioneering Zimbabwean farmers as the nucleus of our plans to supplant subsistence farming with planned agribusiness.”
    The governor admitted that the journey has been challenging, but that the determination of his team has kept them going.

    He said: “As we empower a new set of commercial farmers using the lessons learnt from that experience, the business case for that innovative intervention by the previous administration in the state remains as strong as it was eight years ago.”
    Governor Ahmed added that: “Our aim is to extend agribusiness to other parts of the state by empowering a new generation of commercial farmers to ensure our people are food secure while establishing agribusiness as the pivot of our economy and regenerate agro-allied industrial development.
    “You are expected to be change agents that will train the next generation of commercial farmers in the state in your various communities. I urge you to judiciously apply the funds that have been made available to you and contribute towards establishing agriculture as the pivot of our economic prosperity.
    “Let me remind you that this programme is semi-cashless. To avoid the lapses of previous interventions in the country, only a small proportion of the funds are provided to the farmers in the form of cash.
    “The rest will be paid directly to identified suppliers who will then provide goods and services such as farm inputs, chemicals, equipment, extension and other services to the farmers when and where required.
    “The benefits of this approach are numerous. Apart from reducing leakages and ensuring proper utilisation of funds, the off taker- demand driven approach enables farmers to make concrete plans for their businesses by creating a ready market for their produce.
    “With this approach, the problems of post-harvest loss or wastage will be minimized if not eradicated as the farmers have concrete arrangements to sell their produce.
    “The approach also expands the opportunities along the crop value chain such as storage, processing, packaging, haulage, marketing and distribution leading to the creation of allied business opportunities and jobs for our youths.
    “Finally, the process is transparent because it allows the farmers to promptly repay the loan as the funds and the farmers’ proceeds are channelled through the same bank.
    It is my hope that the success of this scheme will translate into greater prosperity for the farmers, our state and its people, thereby attracting others into agribusiness, especially our youths.”

  • NCAPMA besieged by applicants for cassava bread fund loan

    NCAPMA besieged by applicants for cassava bread fund loan

    The National Cassava Processors and Marketers Association (NCAPMA) at the weekend said that its secretariat had been besieged with applications for funds by members who wanted to benefit from the Cassava Bread Fund.

    NCAPMA Administrative Secretary Dr Wahab Asiru told the News Agency of Nigeria (NAN) in Lagos that compilation of the applications had begun ahead of submission to the Bank of Industry (BoI).

    NAN reports that the Cassava Bread Intervention Fund is a N9.9 billion Federal Government initiative to be disbursed by the BoI and Bank of Agriculture (BOA).

    The BoI is to disburse N4.3 billion of the fund to support Small and Medium Scale Enterprises (SMEs) who are involved in cassava processing.

    Similarly, the BOA will manage N2.4 billion of the fund in collaboration with 13 key private stakeholders.

    The government, represented by the Ministry of Agriculture and Rural Development, has signed a Memorandum of Understanding (MoU) with BoI to manage the N4.3 billion cassava bread fund.

    The Fund will support SMEs master bakers and large industrial cassava flour mills.

    “We have received a sizeable number of applications from our members and we are compiling them to submit to the BoI.

    “We just check through the applications to ensure that they comply with the BoI checklist.

    “The BoI is to be commended as the conditions to benefit from the Fund is not too stringent.

    “The first batch of 35 SMEs will hopefully scale through the BoI verification exercise,” Asiru said.

    In a meeting earlier, the Chairman of the NCAPMA Board of Trustees, Mr Adebayo Ajayi, urged the BoI to do the work assigned to it judiciously for the success of agriculture and the whole nation.

    “We cannot tolerate corruption and greed as they have caused the failure of past government initiatives. We are happy the money was given to BoI, which is a bank for you and I.

    “It is time for farmers and processors to enjoy the fruit of our labour now that President Goodluck Jonathan has initiated the Agricultural Transformation Agenda (ATA).

    “It is a right step in the right direction; the cassava sector will soon reduce poverty drastically in the country,” Ajayi said.

    He said that 50 per cent of the disbursed funds would be given as a grant to the processors and marketers.

    The remaining 50 per cent, he added, would be a loan to be repaid back to the bank by the beneficiaries.

    A BoI representative, Mr Oluwa Idris, said that if the NCAPMA members could fulfill the bank’s requirements, they would receive their disbursement two weeks after their application.

     

  • $184m AfDB loan for power coming

    The Board of Directors of the African Development Bank Group (AfDB) has approved an African Development Fund (ADF) Partial Risk Guarantee (PRG) programme of $184.2 million to support Nigerias power sector privatisation.

    It has also provided an ADF loan of $3.1 million, for capacity building for the country.

    It said the PRG programme in Nigeria aims to increase the country’s electricity generation by catalysing private sector investment and commercial financing in the power sector through the provision of PRGs. “The PRGs will mitigate the risk of the Nigeria Bulk Electricity Trading Plc (NBET), a Federal Government of Nigeria entity established to purchase electricity from independent power producers (IPPs), not fulfilling its contractual obligations under its power purchase agreements with eligible IPPs. This in turn will increase the comfort level of private sector financiers and commercial lenders investing in the Nigerian power sector privatization programme,” it said.

    The Director of the AfDB’s Energy, Environment and Climate Change Department, Alex Rugamba, explained the potential impact of the programme: “An effective and steady power supply is critical to the sustainability of Nigeria’s development path. The Board’s decision today will allow the AfDB to support the Nigerian Government’s efforts to reform the power sector and position the country for sustainable and inclusive growth.”

    It said Nigerian PRG programme is expected to lead to increased productivity, economic activity and growth, and reduced poverty. In the short to medium term, the project will yield an increase in the maximum electricity supply and consumption per capita.

    According to government statistics, power outages cost Nigeria about three per cent of its GDP annually. It is anticipated that the IPPs eligible for coverage under the program could generate an additional 1,380 MW of power by 2016, thereby contributing to increasing the population’s access to more reliable and affordable electricity (from 41 per cent currently to 50 per cent by 2016).

     

     

     

     

     

     

     

     

     

  • Eneramo: Why I agreed loan move

    Eneramo: Why I agreed loan move

    Nigeria striker Michael Eneramo has told MTNFootball.com he agreed to join Turkish club Karabukspor on loan because they met his terms.

    “I have settled for Karabukspor. I will be there on loan till the end of the season. I chose Karabukspor because I will get the chance to play regular football and they met all my terms as it is with Besiktas. I will do my best for the team,” Eneramo told MTNFootball.com.

    “Antalyaspor, Eskeshirspor, Elazigspor all wanted me, even Sivasspor want me back, but I am here at Karabukspor for good.”

    Eneramo will be a direct replacement for compatriot Joseph Akpala, who has suffered another injury.

    The former Esperance of Tunisia captain played 10 games for Besiktas and scored a goal.

    He scored 12 goals in the league last season for Sivasspor.

  • AfDB’s $184m loan for power sector

    AfDB’s $184m loan for power sector

    The African Development Bank (AfDB), yesterday approved $184.2 million loan to encourage private investments into Nigeria’s power sector.

    The bank explained that the facility is under the its Partial Risk Guarantee (PRG). It also approved $3.1 million loan to enhance capacity building in power generation and distribution to meet the country’s 40,000 megawatts (Mw) of electricity target by 2020.

    “The Board of Directors of the AfDB group approved an African Development Fund (ADF) Partial Risk Guarantee (PRG) programme of $184.2 million and an ADF loan of $3.1 million for capacity building to support the Nigerian power sector privatisation programme.

    “The Board’s decision will allow the AfDB to support the Nigerian Government’s efforts to reform the power sector and position the country for sustainable and inclusive growth,” the bank said in a statement.

    According to the bank, the PRG programme aims to increase the country’s electricity generation by catalysing private sector investment and commercial financing in the power sector.

    AfDB said: “The PRGs will mitigate the risk of the Nigeria Bulk Electricity Trading Plc (NBET), a Federal Government of Nigeria entity established to purchase electricity from independent power producers (IPPs).

    “It will also prevent the risk of not fulfilling NBET’s contractual obligations under its power purchase agreements with eligible IPPs.

    “This in turn will increase the comfort level of private sector financiers and commercial lenders investing in the Nigerian power sector privatisation programme.”

    According to the bank, available data from the Nigerian government shows that power outages cost the country about three per cent of its gross domestic product (GDP) annually.

    “It is anticipated that the IPPs eligible for coverage under the programme could generate additional 1,380 MW of power by 2016.

    “This will in turn increase Nigerians’ access to more reliable and affordable electricity from 41 per cent currently to 50 per cent by 2016,” the statement added.

    The bank explained that the potential impact of the programme would ensure effective and steady power supply, which is critical to the sustainability of the nation’s development path.

    Its Director for Energy, Environment and Climate Change, Alex Rugamba, noted that the Nigerian PRG programme was expected to improve productivity, economic activity and growth that would reduce poverty.

    “In the short to medium term, the project will yield an increase in the maximum electricity supply and consumption per capita,” he said.

    Rugama averred that Nigeria would need more private investment in the power sector to meet its development objective of ranking among the top 20 economies of the world by the year 2020.

    He said private sector investment was required in the supply chain for the country to meet her ambition generation targets.