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CBN/ABP to disburse loan to 1,500 farmers in Kogi, says Foundation

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CBN/ABP to disburse loan to 1,500 farmers in Kogi, says Foundation

Loan
By Stephen Adeleye
Lokoja,
(NAN) Doyin and Susan Foundation, an NGO, has facilitated loan of between N300,000 and N900,000 for 1,500 farmers in Kogi West Senatorial District under Anchor Borrowers Programme (ABP).

Chairperson, Board of Trustees (BoT) of the foundation, Mrs Adedoyin Ibikunle made this known during the verification of beneficiaries at Central Bank of Nigeria (CBN) in Lokoja on Friday.

Ibikunle said that the target beneficiaries under the Federal Government intervention programme were selected from the seven local government areas in Kogi west.

“The loan facility ranges from N300, 000 to N900, 000 per farmer depending on the number of hectares of farm land each farmer would cultivate.

“I have put in all my efforts and deployed my available resources in collaboration with CBN to ensure these 1,500 farmers access the loan this rainy season.

“My NGO will also stand as collateral for the beneficiaries, who must have fulfilled the CBN requirements in accessing the loan.

“The verification exercise today is for beneficiaries from Lokoja and Kogi/Kotonkarfe Local Government Areas, and subsequently for the remaining five LGAs in Kogi west next week,” Ibikunle said.

Ibikunle, who is eyeing Kogi west senatorial seat, said that her NGO had distributed relief items including food stuff worth N12 million to about 2,500 less privileged people in the zone.

She added that the foundation had also offered free medical treatment for the vulnerable in the area in April, in collaboration with its United States partners.

Some beneficiaries, who spoke with NAN in separate interviews, commended Mrs Ibikunle for the gesture, saying it was the first time they were enjoying such benefits in the history of the zone.

Mr Mohammed Nda, the loan coordinator in Lokoja, told NAN that the NGO had earlier distributed empowerment forms to the farmers which we filled and returned to her.

“Today, we are here at CBN office for verification; we thank her for facilitating the loan, which will enable farmers to improve on farming. We have 53 beneficiaries from Lokoja,” Nda said.

Abdulmumin Gata, Coordinator of Kotonkarfe LGA, told NAN that 150 farmers with 500 hectares of farm land would benefit from loan in Kotonkarfe.

“This initiative is for those who are real farmers and have at least one hectare of land and above.

“Farmers are facing lots of challenges in getting funds to buy fertilizer and other farm inputs and tools which are very difficult without access to loan.

“We thank our senator to be, Mrs Ibikunle for facilitating the loan for real farmers, so that we can have something doing in terms food production,” Gata said.

A farmer in Kotonkarfe, Seidu Dauda, said: “We don’t know how to thank this woman enough because in my life and community we have never witnessed this kind of gesture before.”

On her part, Kadiri Abibat, a woman farmer, said: “We thank her very much and we will use the money very well, and we are assuring her of our votes.” (NAN)

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Economy

Humanitarian minister flags off special grant for rural women in Plateau

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Humanitarian minister flags off special grant for rural women in Plateau

The Minister of Humanitarian Affairs, Disaster Management and Social Development has launched the one off payment of a special Grant  for rural women in Plateau state.

Over one hundred and fifty thousand women will receive a one-off special grant of twenty thousand naira each in all the 774 local government councils across Nigeria.

On her maiden launch of the special funds distribution held at the Banquet hall, Government House, the minister said the grant was a one-off disbursement to rural women to mark the International Day of Rural Women. 

“Since the inception of President Muhammadu Buhari’s Administration in 2015, the Government has been paying more attention to protecting and promoting the plight of the poor and vulnerable in the country.
This she said informed the decision to initiate the National Social Investment Programme (NSIP) as a strategy for enhancing social inclusion.

“The Grant for Rural Women programme was introduced to sustain the social inclusion agenda of the Buhari Administration, including the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years. It is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria. 

“The grant of N20,000.00 will be disbursed to over 150,000 poor rural women across the 36 States of the Federation and the Federal Capital Territory.

“The grant is expected to increase access to financial capital required for economic activities.
“It is our hope that the beneficiaries of this programme will make good use of the opportunity to increase their income, enhance their food security, and generally contribute towards improving their living standard”.

Farouq also thanked the Minister of Women Affairs, Pauline Tallen for her contributions in ensuring a smooth take- off of the program in Plateau state.
She also used the opportunity to present assorted grains from the National Food Reserve, approved by President Muhammadu Buhari as palliative for distribution to vulnerable persons affected by the  restriction of movement to curtail the spread of COVID-19 pandemic. 

Food items presented to the state include 71 trailer load of Maize, Sorghum and Millet  to cater to 294,199 households.

Earlier, the Governor of Plateau State Dr Simon Bako Lalong expressed immense gratitude to the minister for her visit to the state. He acknowledged the role of women in the society especially the rural women. 

“This palliative will assist vulnerable people affected by the COVID-19 pandemic and other disasters like conflict and flood.  
“This occasion is unique because it also features the disbursement of cash transfer to 500 rural women to mark the International Day of Rural Women.
“I am also delighted to note that 3005 pregnant and lactating women In Plateau state are currently receiving an additional five thousand naira as top-up of the Conditional Cash Transfer.
“This will go a long way in improving the lives of women and children in Plateau state particularly their health and economic empowerment”.

Governor Simon Bako Lalong in his comments 9noted that 26,004 vulnerable households in Plateau state were already receiving the Cash Transfer of N10,00 bi-monthly while 47,000 others await payment. He said the  state has 231,870 households on the State Social Register with 877,301 individual households. He appealed to the federal government to extend other social and intervention programs to capture those on the waiting list. 

The theme for this year’s International Day of Rural Women is “Building rural women’s resilience in the wake of COVID-19”.

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Economy

Apprehension over Buhari’s misgivings on recession

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Apprehension over Buhari’s misgivings on recession


President Muhammadu Buhari left many Nigerians more confused when he admitted that the country’s economy may slip back into another recession in the third quarter of 2020, even while in the Fourth quarter.
Buhari expressed the misgivings while presenting the N13.1 trillion budget for 2021 with a deficit of N4.8 trillion that will be financed mainly by borrowing.
Many Nigerians were led to believe that the recession afterall may have since started going by his admittance while quoting the previous quarter.
This is more so as the President seem to be re-echoing what
Nigeria’s finance minister Zainab Ahmed had said in August 2020.

Ahmed had warned that unless Nigeria achieves a very strong third quarter 2020 economic performance, the country may slide into recession.
“Nigeria is exposed to spikes in risk aversion in the global capital market, which will put further pressure on the foreign exchange market as foreign portfolio investors exit the Nigerian market,” the minister  had said.
“Nigeria’s Q2 GDP growth is in all likelihood negative and unless we achieve a very strong Q3 2020 economic performance, the Nigerian economy is likely to lapse into a second recession in four years with significant adverse consequences.”
The President also said the projected GDP growth will be  negative in the third quarter of the year while the fourth quarter just started.
As such, the president said the economy may lapse into the second recession in four years, with significant adverse consequences.
However, inspite of the apprehension, Buhari assured Nigerians that his team were working assiduously to ensure rapid recovery in 2021 saying there is no cause for any alarm.
“We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years,” he added

Buhari said the country’s economy is currently facing challenges with the macroeconomic environment being significantly disrupted by the coronavirus pandemic.
“Real Gross Domestic Product (‘GDP’) growth declined by 6.1 per cent in the second quarter of 2020. This ended the 3-year trend of positive, but modest, real GDP growth recorded since the second quarter of 2017,” the president said.

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Economy

Despite concerns over whooping N3.12tr for debt servicing, FG gives hope

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Despite concerns over whooping N3.12tr for debt servicing, FG gives hope

Not perturbed by concerns raised by stakeholders over N4trillion borrowing the Federal Government has pledged to meet up with it’s debt obligations with N3.12trillion for its servicing in the 2021 budget proposal.
President Muhammadu Buhari gave the indication Thursday when he presented the 2021 budget proposal of N13.08trillion to the National Assembly in Abuja.

According to him, the amount represents an increase of N445.57 billion from N2.68 trillion in 2020.
“We remain committed to meeting our debt service obligations.

“Hence, we have provisioned N3.12 trillion for this in 2021, representing an increase of N445.57 billion from N2.68 trillion in 2020.
“A total of N2.183 trillion has been set aside to service domestic debts while N940.89 billion has been provided for foreign debt service.

“N220 billion is provided for transfers to the Sinking Fund to pay off maturing bonds issued to local contractors and creditors.’

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