Federal Government Grant

According to Npower News, NIN is a major requirement for the federal government grant, grant applicants who have already filled the form should simply log in and update their federal government grant application with their NIN.

The federal government grant is 

transforming businesses, improving lives.

revolutionizing financial support and a game-changer in economic empowerment.

The Target Sectors for the federal government grant 

Below are the businesses that are eligible to apply for the federal government grant:

A) Traders can apply for the federal government grant: Traders include single retail marketers, corner shop owners, petty traders, market men and women in open markets.

B) Food Services can apply for the federal government grant:

Food services include food and vegetable Vendors.

C) ICT: ICT include business centre operators, battery chargers, recharge card vendors, call centre agents.

D) Transportation: Transportation include wheelbarrow pushers, independent dispatch riders.

E) Creatives: Creatives  include makeup artists, fashion designers, drycleaners.

F) Artisans can apply for the federal government grant

Artisan include vulcanizers, shoemakers, painters, repairers.

The Federal Government of Nigeria will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries of the federal government grant from their constituents.

The target beneficiaries for the federal government grant and loan are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.

Eligible applications which meet the selection criteria will be shortlisted.

https://www.fedgrantandloan.gov.ng/

Npower News: Ministry for Humanitarian Affairs and Poverty Alleviation Fraud Case Beyond Betta Edu

According to Npower News, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Tuesday 23rd April 2024, disclosed that the level of corruption in the Ministry for Humanitarian Affairs and Poverty Alleviation is beyond, ex-minister, Betta Edu.

President Bola Ahmed Tinubu's administration suspended the Minster for Humanitarian Affairs and Poverty Alleviation Betta Edu over alleged misappropriation of public funds in the ministry.

The EFCC chairman the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed how trillions of government funds were transferred from the ministry’s accounts.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said, “₦14,000,000,000, under one hour, was moved. You call that a system? I told people, ‘look, the people that have been suspended, if we had replaced them by now, even if you had brought saints into that ministry, in 24 hours, that saint would be contaminated.

“So, it’s not about Betta Edu neither is it about Halima. Let’s not personalise the matter; let’s not single out an individual. It’s about the system. It’s the system we are investigating. So, whosoever is found culpable, along the line, are the people that would be held.

“If I’m running after Betta Edu or Halima, and hundreds of other people are stealing money… Do you think this investigation started during Betta Edu’s time? Do you think it started during Halima? Do you even think it started during Sadiyya’s time as minister?

“Before that ministry was established, every single kobo that was allocated to that ministry was under investigation.

“So, we are talking of trillions (of naira). If we keep talking about Betta Edu, we won’t get anywhere. We would go back to where we are coming from. So, let us take our time and, in any case, when did we even start this investigation?

“I’ve said it before, we are investigating over 50 accounts. You must understand some of these processes. For each account, we write letters to banks and the banks reply. From there, we get other leads. From there, we follow those leads again and we start writing letters. Sometimes, it takes two, three weeks for them to reply. We bring people, we interview them. We run after those ones. Investigation takes time. I’ve not come out to say I’ve indicted so and so person. What I said was that we have recovered so, so amount.”

https://www.naijanews.com/2024/04/24/humanitarian-ministry-fraud-case-beyond-betta-edu-halima-efcc/

Npower News: National Sustainable Movement (NSM) Founder, Kayode Arimoro Calls On President Bola Ahmed Tinubu To Reinstate Betta Edu

According to Npower News, the founder of the Sustainable National Movement (SNM) Kayode Arimoro, has urged President Bola Ahmed Tinubu to reinstate the suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu.

This is even as the founder of the Sustainable National Movement (SNM) Kayode Arimoro pleaded with President Bola Ahmed Tinubu to stop the media trial against Betta Edu by making public, the EFCC report.

In a statement issued in Abuja, the founder of the Sustainable National Movement (SNM) Kayode Arimoro said: “Although, huge sums are said to be recovered, there was no direct information from who or where it was recovered from. Some media houses tend to imply those recoveries to Dr. Betta Edu, but that is not the case. EFCC has come out to clarify that their investigation is about the system, not an individual.

“Let us be reminded that when we flaunt freedom of information, it does not give anybody or any group the right to defame one’s image or character, as there are consequences, and we have begun the process of ensuring that such actions have consequences.

“We strongly believe that the system contributes up to 90 percent of the current situation, especially concerning Dr. Betta Edu.

“Dr. Betta Edu is a professional and kind-hearted woman whose first 100 days in office have been marked by a proactive approach to addressing the needs of Nigerians across various states.

“Her efforts are creating sustainable change, from the distribution of essential tools and machines to support small-scale businesses to the construction of affordable housing. We appeal to Mr. President to reinstate Dr. Betty Edu to her position so that her best-in-class performance can continue.”

Source: https://dailytrust.com/nsm-founder-arimoro-begs-tinubu-to-reinstate-betta-edu/

Federal Government Grant: Federal Government Commences Disbursement To Micro Small And Medium Enterprises (MSMEs), Manufacturers

According to Npower News, the Federal Government said it will soon start the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturing sectors under the Presidential ₦200,000,000,000 federal government loan scheme.

President Bola Ahmed Tinubu established the federal government loan scheme on October 17, 2023, to cushion the effects of the removal of fuel subsidy and other shocks in the economy.

Announcing the disbursement of the federal government loan, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, in a statement yesterday, stated that the decision was taken following the success of the ongoing disbursements of the federal government grant targeted at assisting 1,000,000 nano businesses across Nigeria.

According the Minister of Industry, Trade and Investment, Doris Uzoka-Anite , ₦75,000,000,000 each has been set aside to support Micro Small And Medium Enterprises (MSMEs) and the manufacturing sector under the federal government loan. This is in addition to the ₦50,000,000,000 set aside to support the nano businesses.

According to Npower News, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite , said that: "The Federal Government of Nigeria is proud to announce the kick off of the  Micro Small And Medium Enterprise (MSME) and Manufacturing segment under the Presidential ₦200,000,000,000 Intervention Fund.

“With applications for the federal government grant now closed, we are excited to move forward with the federal government loan disbursement process for the Micro Small And Medium Enterprise (MSME) and manufacturing sectors, aimed at fostering economic growth, economic development and industrial development.

“This Presidential ₦200,000,000,000 Intervention Fund, is divided into 2 parts, dedicating ₦75,000,000,000 to Micro Small And Medium Enterprises (MSMEs) and another ₦75,000,000,000 to the manufacturing sector.

“We are pleased to report that the initial disbursement of the federal government grant to nano businesses was successful, and we are well on our way to supporting 1 million nano businesses throughout Nigeria.

“Thousands of beneficiaries have already acknowledged receipt of the federal government grant with many more federal government grant to come this week and in the coming weeks."

Npower News: Federal Government Grant To Be Disbursed This Week And In Weeks To Come

According to Npower News, the Federal Government of Nigeria proudly launches the Micro Small And Medium Enterprises (MSME) and Manufacturing segment of the Presidential ₦200,000,000,000 Fund.

With the applications for the Federal government grant now closed, the Federal Government of Nigeria is thrilled to commence the loan disbursement for Micro Small And Medium Enterprises (MSME) and the manufacturing sector, aiming to foster economic growth, employment and industrial development. 

The Fund Allocations are:

1) ₦75,000,000,000 for Micro Small And Medium Enterprise (MSME) 

2) ₦75,000,000,000 for Manufacturing 

According to Npower News on the federal government grant, the initial phase of  disbursements of the federal government grant to nano businesses and beneficiaries have shown tremendous success, assisting 1,000,000 nano businesses across the federation. Once the federal government loan disbursement process is complete all beneficiaries will be listed on federal government grant and loan website. The federal government grant disbursement process is ongoing and so far only about 10% of the 1,000,000 beneficiaries have received their federal government grant. More federal government grant will be disbursed this week and in the weeks to come.  Applicants that qualifies for the federal government grant will receive their disbursement between this week and next week.

According to Npower News on the federal government loan, prospective applicants can visit their local state Bank of Industry branch or apply through the website dedicated for the federal government grant and loan.

The federal government loan details are as follows:

A) Micro Small And Medium Enterprise (MSME) : Up to ₦1,000,000 

B) Manufacturers: Up to ₦1,000,000,000

Npower News On Npower Payment, FG Grant And Federal Government Loan

According to Npower News, beneficiaries of Npower should kindly note that Npower has not started yet, and payment to beneficiaries of Npower has not commenced yet. Npower will resume and Npower payment will recommence when Betta Edu is cleared of all crimes relating to misappropriation of public funds, as we speak the investigation is still ongoing and has not been concluded by the anti-graft agency the Economic and Financial Crimes Commission (EFCC).

According to Npower News on the FG grant otherwise known as the federal government grant, beneficiaries of Npower should kindly note that the federal government grant is not meant for only beneficiaries of Npower, but for individuals into businesses, the first phase of the disbursement of the FG grant to 100,000 businesses was concluded on Thursday 18th April 2024, although there was supposed to be massive disbursement of the FG grant yesterday according to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, but the ministry is yet to receive the next batch of the Beneficiaries that qualify for the FG grant from the local government, once the list of beneficiaries is received by the ministry then the next phase of FG grant disbursement will commence, beneficiaries are kindly advised to exercise patience as the FG grant will be done in batches. To qualify for the FG grant the applicant must have passed the nin verification process and must own a business with an annual turnover of less than ₦3,000,000, the FG grant has closed for now.

According to Npower News on the federal government loan, the federal government loan is still ongoing and beneficiaries of Npower, and individuals with a registered business can apply for the federal government loan.

According to Npower News the Federal Government Loan Eligibility Criteria is as follows:

1) The loan amount is up to ₦1,000,000

2) Applicants applying for the federal government loan must have an existing business that must be in operation for one (1) year

3) Start-ups must be a registered business

4) Applicants applying for the federal government loan must provide CAC business registration documents

5) Applicants applying for the federal government loan must provide company’s Bank Statement(s) for a period of one (1) year (for existing business)/ Chief Promoter’s (Director or Business owner) Bank Statement(s) for a period of one (1) year (for startups)

6) Applicants applying for the federal government loan must have required monthly turnover and other things as may be requested by the bank

7) Applicants applying for the federal government loan must have a personal guarantee of the promoter

8) Applicants must have an acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank

9) Monthly equal installment (no moratorium) over a period of 3 years

10) Manufacturers up to ₦1,000,000,000(Working Capital or Asset Financing)

11) Applicants applying for the federal government loan must have at least six months business/corporate banking relationship

12) Applicants must provide CAC business registration documents

13) Applicants must provide 12 months bank statement for other bank

14) Other documentations that may be required by the bank

Security:

As may be required by the bank

Repayment term:

i) Asset Financing

Six Months moratorium on principal and interest, five years repayment period for asset financing only

ii) Working Capital Financing

Twelve months equal installment of principal and interest

Frequently Asked Questions With Respect To The Federal Government Loan

Q. How will I know if I qualify for the federal government loan?

A. The criteria are provided above

Q. What are the terms of the federal government loan?

A. The federal government loan term is 36 months for MSMEs and Manufacturers (Working capital) is 12 months, while Manufacturers (Asset financing) has a 60-month tenor with a six-month moratorium.

Q. What if I don’t meet the criteria? Will I be considered for the federal government loan?

A. No you will not be considered for the federal government loan 

Q. What is the interest rate of the federal government loan?

A. The interest rate for the federal government loan is 9% per annum.

Q. Is there a moratorium period for the federal government loan?

A. There is a six-month moratorium period for Manufacturers applying for asset financing only.

Q What if I cannot pay back the federal government loan?

A. If you cannot pay back the federal government loan, the bank will apply all legal measures to recover the federal government loan from the borrower.

Q. Can I apply with a partner company for the federal government loan?

A. Applicant must have a registered business either as a Sole proprietorship, Partnership, or a Limited liability company

Q. Is there an age limit to the federal government loan application?

A. Yes, applicants/promoters of the company have to be 18 years and above.

Q. How long will it take from when I apply to when I get the federal government loan?

A. Getting the federal government loan, is dependent on your bank; however, it is typically expected to take 2 weeks.

Q. Can I apply for the federal government loan with different companies?

A. No, multiple applications will be disqualified.

Q. What are the repayment terms of the federal government loan?

A. Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.

Q. How do I know the status of my federal government loan application?

A. You can check the status of your federal government loan application by logging into your profile. Once your federal government loan application has been forwarded to your bank for processing, you should follow up with your bank for updates.

Q. Can I reapply if my federal government loan application is rejected?

A. You may be able to reapply for the federal government loan if the reason for the rejection is a minor issue. You will be notified of the rejection and advised to provide additional information.

Q. When is the deadline for the submission of federal government loan applications?

A. Deadline will be communicated later.

Npower News: Betta Edu, Sadiya Umar Farouq, Not Yet Cleared Of Alleged Misappropriation Of Public Funds

According to Npower News, the Economic and Financial Crimes Commission (EFCC) says it has not cleared Betta Edu and Sadiya Umar Farouq of alleged fraud, suspended Minister for Humanitarian Affairs and Poverty Alleviation, Betta Edu and Sadiya Umar Farouq are still undergoing investigations over allegations of corruption carried out at the Ministry for Humanitarian Affairs and Poverty Alleviation of the government of Nigeria.

The Economic and Financial Crimes Commission (EFCC) clarified in a statement on Sunday that it “has not cleared anyone allegedly involved in the fraud.”

“Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary,” the statement by EFCC’s Head of Media and Publicity, Dele Oyewale, read in part.

The suspended minister of the ministry for Humanitarian Affairs and Poverty Alleviation, Betta Edu, and Sadiya Umar Farouq, are among key serving and former officials that the Economic and Financial Crimes Commission (EFCC) has questioned with respect to the allegations.

Both Betta Edu and Sadiya Umar Farouq are being investigated by the Economic and Financial Crimes Commission (EFCC) over alleged misappropriation of multi-billion naira social welfare funds meant for vulnerable Nigerians.

Ms Sadiya Umar Farouq served in former President Muhammadu Buhari-led administration. EFCC in January interrogated Sadiya Umar Farouq over allegations of corruption in the handling of ₦37,100,000,000 social intervention funds which includes Npower during her tenure.

In January, President Bola Ahmed Tinubu suspended Betta Edu from the ministry for Humanitarian Affairs and Poverty Alleviation after a leaked memo triggered controversies about suspicious financial transactions Betta Edu authorised in the ministry for Humanitarian Affairs and Poverty Alleviation.

After months of investigations into the malfeasance by the Economic and Financial Crimes Commission (EFCC) without no information officially revealed to the public about its outcome, speculations became rife that Betta Edu and Ms Sadiya Umar Farouq might have been cleared or the matter swept under the carpet.

Both Betta Edu and Sadiya Umar Farouq have also separately claimed through their lawyers that the Economic and Financial Crimes Commission (EFCC) has found nothing against them.

The latest of such endeavours was a letter by the lawyer of Betta Edu to the BBC, insisting on Betta Edu's innocence and warning against defaming her.

ONGOING DISCREET INVESTIGATIONS 

But the Economic and Financial Crimes Commission (EFCC) said it has extended its ongoing discreet investigations to other fraudulent dealings involving the humanitarian and poverty alleviation ministry and its past and former officials.

The Economic and Financial Crimes Commission (EFCC) said it had linked “several interdicted and suspended officials of the Ministry” to the alleged fraud.

“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.

“Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance,” the statement said. It added that beyond individuals, banks and their managing directors are also being investigated for the alleged crimes.

The statement said, “It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices.

“Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions.

“Those found wanting will be prosecuted accordingly.”

BACKGROUND 

In January, President Bola Ahmed Tinubu suspended Betta Edu from the Ministry for Humanitarian Affairs and Poverty Alleviation after a leaked memo triggered controversies about financial transactions Betta Edu authorised in her ministry.

The scandal was reported including the approval of payment of hundreds of millions of naira into private accounts of civil servants.

Betta Edu has come under criticism from Nigerians for ordering the transfer of ₦585,200,000 into the private bank account of a civil servant, who is the accountant in charge of federal government grants for Vulnerable Nigerians.

Betta Edu had issued a memo to the Accountant General of the Federation in December 2023 ordering the said amount to be paid into the civil servant’s private bank account.

The transfer violates statutory provisions of Nigeria’s Financial Regulations 2009, which are meant to prevent fraud and other forms of corruption.

In addition, the EFCC is probing the suspended National Coordinator of the National Social Investment Programme Agency (NSIPA), Halima Shehu, regarding alleged ₦37,100,000,000 fraud in the ministry.

President Bola Ahmed Tinubu equally suspended the social investment programmes including Npower, following issues of financial misappropriation.

EFCC PRESS STATEMENT

Setting the Records Straight on Investigations of Humanitarian Ministry

The Economic and Financial Crimes Commission, EFCC, has noticed the rising tide of commentaries, opinions, assumptions and insinuations concerning its progressive investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the Commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.

Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance.

It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices. Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly. Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.

On the issue of the works of the Commission against Naira abuse, dollarization of the economy and the enforcement of all extant laws relating to them, the EFCC appreciates the avalanche of public awakening, support and involvement demonstrated so far. Increasingly, members of the public are drawing the attention of the Commission to video recording of abuse of the Naira by Nigerians from all walks of life. These gestures amply demonstrate rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.

To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7, 2024. However, going forward, new videos of such infractions will be investigated and prosecuted.

At the moment, the Commission is investigating several celebrities involved in Naira abuse. Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.

Premium Times

One Hundred Thousand Nano Businesses Receive ₦50,000 Federal Government Grant

No fewer than one hundred thousand nano businesses across the country have received the initial disbursement of ₦50,000 FG grant through the federal government grant scheme, also known as the FG grant.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, gave the figure in an exclusive interview on Friday 19th 2024.

Nano businesses are enterprises that have 1 or 2 workers and less than an annual turnover of ₦3,000,000, according to the Small and Medium Enterprises Development Agency of Nigeria.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, speaking through her aide, Terfa Gyado, confirmed that the disbursement began a few weeks ago and would be distributed to one thousand two hundred and ninety one nano businesses per Local Government.

Earlier in December 2023, the Federal Government announced the federal government grant to empower nano businesses as part of the FG grant scheme.

It said the fund totalling ₦200,000,000,000 would be disbursed through the Bank of Industry to support manufacturers and businesses across the country.

The FG grant, which initially was to take off on March 9, 2024, offers federal government grant, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.

On Wednesday 17th April 2024, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, speaking through her aide, Terfa Gyado announced in a statement that the disbursement of the federal government grant had started.

However giving an update in the chat, the trade minister, Doris Uzoka-Anite revealed that all verified applicants would receive their federal government grant in subsequent phases as the ministry continues to receive verified data from the states.

Doris Uzoka-Anite said, “The Presidential Conditional Grant Scheme kicked off a few weeks back and disbursement has been made to the first batch. Each grant applicant gets ₦50,000 while the applicants are judged by the criteria of owning a nano business and being verified using their Bank Verification Number and their National Identification Number.

“So those who were successfully verified on the nature of their business and all other criteria have been able to get some of the initial disbursement.

Speaking further, the minister Doris Uzoka-Anite said the federal government grant was disbursed directly to beneficiaries’ accounts after proper verifications with a target to reach 1,000,000 small businesses in the 774 LGs and the 6 council areas in the Federal Capital Territory.

“The target is for one million nano businesses across the 774 Local Governments across the Federation and that works out to a total of 1,291 nano businesses per local government and that is how the spread is going to be.

“So far, the disbursement has hit about 100,000 small businesses and they have gotten the initial disbursement and the target remains one million. Disbursement is still ongoing and we are still waiting for data from across all the states and it is an ongoing process,” Doris Uzoka-Anite stated.

This development comes eight months after President Bola Ahmed Tinubu announced the federal government grant for manufacturers and small businesses, and two weeks after applicants were told to submit their NINs as part of the requirements to obtain the federal government grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country.

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Federal Government Begins ₦50,000 Federal Government Grant Disbursement Businesses And Beneficiaries of Npower

According to Npower News, the federal government has officially kicked off the disbursement of the grant-money ₦50,000 federal government grant otherwise known as the FG Grant, to businesses across the Federation. Businesses, defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) as enterprises with one or two workers and an annual turnover of less than N3,000,000, are the primary beneficiaries of this federal government grant.

According to Npower News, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, announced this development yesterday in Abuja.

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite disclosed that the disbursement process has already started, with several businesses, individuals and beneficiaries of Npower having received their federal government grants. The phased disbursement strategy ensures that the distribution of the FG grant is gradual and systematic.

Commenting on this development, the chief executive officer of Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf said that the decision to make available this concessionary financing for manufacturers is a very good one because cost of funds at this time is extremely high as a result of the monetary policy tightening.

The chief executive officer of Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf also said that “right now interest rates are as high as 30 percent. So, at this point, the fund is being available at a much lower interest rate, possibly a single digit, and with a longer tenure. If it is like that, then that will be very beneficial to the manufacturers. We also need to know the conditions for giving out the loan.”

According to the chief executive officer of Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, we have had instances in the past where the kind of collateral requirements are so difficult to meet. As such, many of the intended beneficiaries are not able to access the loan. Because of the very stringent collateral requirements.

“So, the government should make the facility more accessible to the entrepreneurs or the manufacturers. A significant disbursement is scheduled for Friday, April 19, 2024, when a substantial number of validated applicants will receive their federal government grants." However, the minister emphasised that not all applicants will receive their grants on this initial date, as the disbursement process of the federal government grant is ongoing.

Meanwhile, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite reassured all verified applicants of the FG grant that they would eventually receive their federal government grants in subsequent phases and urged patience as the applications were diligently processed.

The federal government grant announced as part of the Presidential Palliatives Programme in December 2023, aims to empower businesses across various sectors such as trading, food services, ICT, transportation, creative arts, and artisans.

The federal government grant targets specific demographics, including 70 percent women and youths, 10 percent people with disabilities, 5 percent senior citizens, and the remaining 15 percent distributed to other groups.

Each beneficiary will receive a non-repayable federal government grant of ₦50,000 directly into their bank accounts. The federal government grant scheme is set to impact one million small businesses across the 774 local government areas and six council areas in the Federal Capital Territory (FCT).

To reach one million beneficiaries in every local government area and the FCT, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite highlighted the potential of the federal government grant to significantly uplift communities nationwide.

https://leadership.ng/fg-begins-n50000-trade-grant-disbursement-to-nano-businesses/

Npower News: EFCC Clarifies Ongoing Investigation Of Betta Edu, Other Players In The Ministry For Humanitarian Affairs And Poverty Alleviation

According to Npower News, the Economic and Financial Crime Commission (EFCC) has clarified the ongoing investigation of Beta Edu, the suspended Minister for Humanitarian Affairs and Poverty Alleviation and other players of the ministry with respect to misappropriation of public funds.

According to the Economic and Financial Crimes Commission (EFCC), Betta Edu the suspended Minister for Humanitarian Affairs and Poverty Alleviation has not been cleared other officials of the Ministry of Humanitarian Affairs and Poverty Alleviation have also not been cleared in the ongoing investigations of misappropriation of public funds.

The Economic and Financial Crimes Commission (EFCC) has so far recovered ₦32,700,000,000 and $445,000 from the Ministry for Humanitarian Affairs And Poverty Alleviation in the ongoing investigation.

According to Npower News, these investigations have revealed fraudulent transactions related to Covid-19 funds, World Bank loans, and Abacha loot. Over fifty banks involved in this fraudulent actions are being investigated, with Bank Managing Directors providing useful statements.

According to Npower News on Npower payment, beneficiaries have been advised to exercise patience as the investigations are in its concluding phase, as soon as the suspended Minister for Humanitarian Affairs and Poverty Alleviation, Betta Edu is cleared, Npower suspension will be lifted and Npower payment follows afterwards, the delay in Npower payment is as a result of the yet to be concluded ongoing investigations in the Ministry for Humanitarian Affairs and Poverty Alleviation.

Minister Betta Edu, In An Apparent Display Of Ignorance Of The Law

Suspended Minister for Humanitarian Affairs And Poverty Alleviation Betta Edu, in an apparent display of ignorance of the law or having been misled by an unlawful culture of payments into private accounts for projects in the ministry for Humanitarian Affairs and Poverty Alleviation, defended the request for the payment to be made into a personal account. According to Betta Edu, “Onyelu Bridget is the Project Accountant for GVG (Grant for Vulnerable Group) from the Department of Finance and it is legal in civil service for a staff, the project accountant, to be paid and use same funds legally and retire same with all receipts and evidence after project or programme is completed.”

However, the Accountant General of the Federation, Oluwatoyin Madein, denied honouring Betta Edu's request. Oluwatoyin Madein statement released through the Director of Press, Mr. Jacob Mokwa, reads: “The AGF explained that although her office received the said request from the ministry, it did not carry out the payment. The ministry was, however, advised on the appropriate steps to take in making such payments in line with the established payment procedure. The AGF noted that in such situations, payments are usually processed by the affected ministries as self-accounting entities and no bulk payment is supposed to be made to an individual’s account in the name of the Project Accountant. She added that such payment should be sent to the beneficiaries through their verified bank accounts. Dr. Madein reiterated her determination to uphold the principles of accountability and transparency in the management of public finances. She advised MDAs to always ensure that the requisite steps are taken in carrying out financial transactions.”

Also, the Independent Corrupt Practices and Other Related Offences Commission was said to have recovered ₦50,000,000,000 from the Ministry of Humanitarian Affairs, Disaster Management and Social Development, which was about to be pilfered between July and August, 2023. The said amount was reportedly paid into the Central Bank of Nigeria (CBN).

It is worth noting that the Ministry of Humanitarian Affairs and Poverty Alleviation under Betta Edu was said to have paid a huge sum of ₦483,000,000 as consultancy fees allegedly for the verification of the discredited National Social Register to a company in which the current Minister of Interior, Olubunmi Tunji-Ojo, is alleged to have substantial interest.

Npower News and other publications welcomes the steps taken so far by the President Bola Ahmed Tinubu's administration with respect to the alleged sleazes in the Humanitarian Affairs and Poverty Alleviation Ministry. It is a major departure from the previous government. “In line with his avowed commitment to uphold the highest standards of integrity, transparency and accountability in the management of the commonwealth of Nigerians, President Bola Tinubu suspends the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, from office with immediate effect,” read the statement by the President’s spokesperson, Ajuri Ngelale.

We commend the earlier suspension of Halima Shehu, the extension of the dragnet of investigation by the anti-corruption agencies to include ex-minister Sadiya Umar-Farouk and the suspension of all administered programmes by the National Social Investment Programme Agency (NSIPA). The President, according to the spokesperson, approved the establishment of a Special Presidential Panel to be headed by Mr Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, to, among other functions, “conduct a comprehensive diagnostic on the financial architecture and framework of the social investment programmes to conclusively reform the relevant institutions and programmes in a determined bid to eliminate all institutional frailties for the exclusive benefit of disadvantaged households and win back lost public confidence in the initiative.”

However, this medium will not be drawn into the current hysteria, the temptation to treat symptoms rather than the disease. Nigeria, over the decades, indulges in pruning its selected branches rather than uproot the tree of corruption.

The current scandals are not in any way novel; they have been part and parcel of our governance system over the years. Little wonder the country has consistently occupied the bottom rung of the Corruption Perception Index of Transparency International rankings. For instance, the country retained its abysmal point of 24 out 100 points both in 2021 and 2022; and 25 out of 100 points in 2023. Through the same lax and permissive system, the country is said to have lost over 600 billion US Dollars to corruption since independence in 1960. According to 2019 report by Human Environmental Development Agenda (HEDA), “The funds stolen are about $600bn.” About the same figure was echoed by Chatham House. “This amount is enough to build a new country from the scratch and turn around the social, industrial and economic infrastructures to meet global standards,” Suraju Olanrewaju, the Human Environmental Development Agenda (HEDA) Chairman stated.

Source: https://independent.ng/corruption-in-the-public-sector-beyond-the-symptoms-2/