Connect with us

Latest News

FG Has Started Implementing Economic Sustainability Plan – Osinbajo

Published

on

images 11 FG Has Started Implementing Economic Sustainability Plan - Osinbajo

The federal government has commenced the execution of the sustainability measures contained in the Economic Sustainability Plan (ESP). The Vice President, Prof. Yemi Osinbajo, stated this at a webinar organised by Lagos Chamber of Commerce and Industry (LCCI) 2020 Presidential Policy Dialogue over the weekend. He said that the ESP was developed with a stimulus package of N2.3 trillion to boost local production, prevent business collapse and provide liquidity across various sectors, especially micro, small and medium enterprises MSMEs.
Osinbajo stated: “Nigeria, like all other countries, has been quite seriously impacted in various ways by the COVID-19 pandemic, either as households or businesses, and is clear that both the pandemic and its effects would remain for a while. “The priority of the Federal Government in response to the economic challenges posed by COVID-19 is essentially to ward off a deep recession and to save jobs and this we are hoping to do by a mixture of stimulus measures to support local businesses; the essence being to retain jobs and to ensure that we create the best possible circumstances for the most vulnerable in the society. “To this end, the federal government developed the ESP with a stimulus package of N2.3 trillion to give fillip to the economy across various sectors. “The size of the stimulus is about 1.5 percent of national income or GDP. This is not as large as we would have liked it to be but it was the best we could do given existing fiscal and monetary constraints.” According to Osinbajo, ESP is replete with opportunities for MSMEs to expand their activities in manufacturing and local production and to participate in supply chain activities across various industrial and service sectors. “It recognizes nonetheless that many businesses suffered serious losses during the lockdown that was put in place to limit the spread of the COVID-19 virus.” He said in addition to direct procurement of pharmaceutical and health products from small businesses, ESP offers support for small businesses in sectors badly affected by the pandemic. In her remark, President of LCCI, Mrs. Toki Mabogunje, commended the federal government for the ESP measures to support vulnerable sectors and create jobs. She however said that continuous land border closure had enormous implications for cross-border economic activities. She asserted that the indefinite closure was not the solution to the problem. “These are surely not the best of times for the Nigerian economy and our businesses as the effect of COVID-19 has been very profound. The short-term outlook of the key economic indicators is not looking bright. However, we are hopeful that we would turn the corner sooner than later,” she added.

Continue Reading
Comments

Latest News

A Brief History of the Late Emir of Zazzau Alh Shehu Idris from 1936 to 2020

Published

on

38c2d3371672415fb4cd6b6b60d0a5bd 1600609977891 A Brief History of the Late Emir of Zazzau Alh Shehu Idris from 1936 to 2020

The late Emir of Zazzau His Highness Shehu Idris was born on September 20, 1936 in Zaria.

His father’s name was Malam Idris Auta, better known as Autan Sambo, and his mother’s name was Malama Aminatu Idris.

Malam Idris’ father was Muhammad Sambo who ruled as Sarkin Zazzau from 1879 to 1888, and Sambon’s father was Sarkin Zazzau Abdulkarimi who ruled from 1834 to 1846.

The late Sarkin Zazzau Shehu Idris started his religious studies in Zaria before joining the Elementary School from 1947 to 1950, during which time he lost his father when he was only 12 years old.

In 1950 he joined the Middle School in Zaria where he graduated in 1955 and then transferred to the Katsina Training College.

In 1958, he started teaching at Hurakuyi Primary School, where he taught in several schools in the Zazzau region.

He also served as the King’s Secretary in 1960, during the reign of Sarkin Zazzau Muhammadu Aminu.

In 1965. [9] to 1973 he was appointed Dan Madamin Zaria, and later he was appointed Head of Zaria.

The late Emir of Zazzau Shehu Idris became the Emir of Zazzau in 1975 after the death of the Emir of Zazzau Muhammadu Aminu.

On January 10, 2015, he organized a grand celebration to celebrate his 40th year on the throne, and on February 8, 2020, he celebrated another 45th anniversary on the throne of Zazzau.

In short he was the 18th King of Zazzau since the Jihad of Dan Fodiyo and came from the Katsina royal family, as it is known that there are three royal houses in Zazzau, the Katsina palace and the Mallawa palace and then the Barebari palace.

The emir died at the age of 84 on Sunday, September 20, 2020 at about 11am at the 44 Army Barack Hospital in Kaduna.

Continue Reading

Politics

‘Obaseki’s Victory Shows Egocentric Politicking Can Be Defeated’ – Oyegun

Published

on

images 80 2 'Obaseki’s Victory Shows Egocentric Politicking Can Be Defeated' - Oyegun

A former National chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has congratulated Edo State Governor, Mr. Godwin Obaseki, on his re-election.
Oyegun, in a statement on Tuesday, noted that egocentric politicking could be overcome.
“Please accept my deepest congratulations, Mr. Governor on your re-election as Governor of our great Edo State.
“You and your exemplary Deputy have shown that with good work and principled leadership, the ills of overbearing and egocentric politicking in our nation can be overcome.”
He noted: “Your very significant victory marks a watershed in Edo and indeed Nigerian politics and so places additional responsibilities on your shoulders.”
“I wish you and your Deputy four more years of inspired and productive leadership of our people who have reposed so much confidence in you,” Odigie-Oyegun added.

Continue Reading

Breaking News

FG , States , LGs Share N682 .060 Billion As Allocation For August , 2020

Published

on

images 79 2 FG , States , LGs Share N682 .060 Billion As Allocation For August , 2020

FG, States, LGs Share N682.060bn As Allocation For August, 2020
The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.
This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 held through virtual conferencing; chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance.
The gross statutory revenue of N531.830 billion was received for the month of August 2020. This was lower than the N543.788 billion received in the previous month by N11.958 billion.
The gross revenue available from the Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of N682.060 billion; the Federal Government received N272.905 billion, the State Governments received N197.648 billion and the Local Government Councils received N147.422 billion.
The Oil Producing States received N30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively had allocation of N33.205 billion.
The Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion; the State Governments received N 127.791 billion and the Local Government Councils received N98.522 billion.
N30.881 billion was given to the relevant States as 13% derivation revenue and N22.689 billion was the collective total for cost of revenue collection, transfers and refund to agencies.
The Federal Government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion. The State Governments received N69.857billion; the Local Government Councils received N48.900 billion, while cost of revenue collection and transfers collectively had allocation of N10.516 billion.
The Communiqué stated that for the month of August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.
The balance in the Excess Crude Account (ECA) as at 17th September, 2020 was $72.409 million.

Continue Reading

Trending