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Buhari Approves Fresh N656Bn Financing Facility For States

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Buhari Approves Fresh N656Bn Financing Facility For States

The National Economic Council (NEC) says President Muhammadu Buhari has approved a fresh N656 billion Bridge Financing Facility to the 36 States.

Hajiya Zainab Ahmed, Minister of Finance, Budget, and National Planning, disclosed this on Thursday at a virtual NEC meeting presided over by Vice President Yemi Osinbajo and anchored from the Presidential Villa, Abuja.

The minister said that the support was to help state governments to meet their financial obligations, especially the previous budget support facility due for repayment.

READ ALSO: Nigerians To Pay More For Electricity By December

According to Ahmed, each state will receive N18.2 billion.

Ahmed said that the bridge facility was being processed by the Central Bank of Nigeria (CBN).

“The approved bridge facility of N656.112 billion will be disbursed in six tranches over a period of six months to the states.

“Expectedly, each of the 36 States will have a total loan amount of N18.225 billion; with a 30-year tenor, and a 2-year moratorium at an interest rate of nine percent.

“The facility is to help the states afford the repayment of previous bailout facilities guaranteed for them by the Federal Government,’’ she said.

On July 15, the council had received updates on the budget support facility to states.

At that meeting, Ahmed informed NEC that the deductions for repayment of previous bailout facilities would commence soon.

Subsequently, the states sought further support leading to the idea of bridge financing.

Meanwhile, the Executive Director, National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib, has briefed the council on the status of the country’s COVID-19 vaccine roll-out.

Shuaib said that Nigeria had received over 100 million doses of COVID–19 vaccines from COVAX, AU, and some countries, which was sufficient to ramp up vaccination for about 50 percent of the targeted population.

“The total eligible population of Nigerians for the vaccine is over 111 million.

“Given the availability of vaccines, we have started rolling out a plan to vaccinate 50 percent of Nigerians, 18 years and above by Jan. 31, 2022,’’ he said.

The NPHCDA boss added that there would be a scaling up of over 3,000 health facilities nationwide.

Dr. Ifedayo Adetifa, the Director-General, Nigeria Centre for Disease Control (NCDC), also made a presentation to the council.

He said Nigerians must continue to maintain and sustain the COVID-19 response, especially as it entered the holiday period where there would be travels within and outside the country and mass events to herald the holiday season.

“The country should maintain visibility of the outbreak by testing, continuing to encourage adherence to public health and social measures, encourage vaccination, and address vaccine hesitancy,” he said.

He added that the Delta variant of the COVID-19 was still the dominant strain of concern in the country.

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MYTO: NERC Moves To Review Electricity Tariffs

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MYTO: NERC Moves To Review Electricity Tariffs

The Nigerian Electricity Regulatory Commission (NERC) has announced a review of electricity tariffs, in its Multi-Year Tariff Order (MYTO).

This was disclosed in a statement by the Electricity Regulatory body, posted on its official website stating that the review does not mean an increase in tariffs.

The statement titled ‘Notice of Compliance in Respect of the Biannual Review of the Revenue Requirements of Licensees’ Read;

READ ALSO: World Bank To Fund Rehabilitation Of Lagos Ports – NPA

“Pursuant to the provisions of the Electric Power Sector Reform Act (EPSRA), the Nigerian Electricity Regulatory Commission adopted the Multi-Year Tariff Order (MYTO) Methodology in setting out the basis and procedures for determination of licensees revenue requirements and review of electricity tariffs in Nigeria.

“The methodology provides for Minor Reviews (every 6 months), Major Reviews (every 5 years), and Extraordinary Reviews in instances where industry parameters have changed significantly from those used in the operating tariffs to such an extent that a review is required urgently to maintain the viability of the electricity industry.

“We wish to clarify that such reviews do not automatically translate to an increase in tariffs. Indeed where the impact of improved efficiency in operating parameters for individual licensees exceeds the impact of changes in macroeconomic parameters, the end-user tariffs may be reduced as exhibited in some tariff classes under MYTO 2022.

“In compliance with EPSRA and other relevant industry rules, this notice is issued to inform the general public and industry stakeholders of the Commission’s intention to commence the processes for the July 2022 Minor Review of MYTO 2022 to consider changes in relevant macroeconomic indices, generation capacity and CAPEX required for evacuation and distribution of the available generation capacity in compliance with extant rules”.

The notice came two weeks after the Commission unveiled the new rates for electricity tariff which it effected on February 1, 2022.

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UTME 2022: No Errors In Our Scoring System, Be Wary Of Sham, JAMB Warns

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UTME 2022: No Errors In Our Scoring System, Be Wary Of Sham, JAMB Warns

The Joint Admissions and Matriculation Board has disclosed that the just-concluded Unified Tertiary Matriculation (UTME) examination is error-free, regardless of circulated rumors.

The JAMB’s PRO Director, Fabian Benjamin disclosed this in a statement, warning candidates of fraudsters who are spreading fake news on another UTME for the 2022 session.

“The UTME is a computer-based test that is scored electronically with no human mediation whatsoever. According to the statement.

READ ALSO: JAMB To Stop CBT Centres From Collecting UTME Registration Fee

“The board has no plans to conduct another UTME for the 2022 session.

“Consequently, the unfounded rumors making the rounds are nothing but the products of the deceitful brains of the masterminds of these baseless imputations.

“Hence, the Board reiterates that there is no room for errors in its electronic scoring system, nor does it plan to

“This clarification became necessary following reports of a purported rescheduling of the UTME from a section of the social media citing phantom errors in the computer scoring system and a purported apology from JAMB to the effect that another UTME would be organized.

“The Board wishes to state that the report is not only false, mischievous but also misleading and crafted out of the frustration and inability of these fraudsters to dupe unsuspecting candidates owing to the series of innovative strategies the board had put in place to protect candidates.

“The public would recall that the board had envisaged some of these inglorious strategies of these nefarious individuals and had sounded a warning to the candidates and the general public alike to preclude the possibilities of them falling victims of the evil machinations of fraudsters.

“JAMB, once again, advises the general public to disregard these items of news as it does not emanate from JAMB, nor has it authorized any individual or group to make such a pronouncement on its behalf.

“The Board, therefore, advises candidates to avail themselves of its user-friendly advisories on assessing their 2022 UTME results and other processes through periodic visits to www.jamb.gov.ng.”

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Illicit Drugs Valued Over N10Mn Destroyed – Police

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Illicit Drugs Valued Over N10Mn Destroyed - Police

The Lagos State Police Command has destroyed illicit drugs valued at over N10 million at the Ewe-Elepe dumpsite in Ikorodu.

According to the report by the operatives of the Rapid Response Squad (RRS), the drugs which were contained in 4,000 bags include; Marijuana, Cocaine, and Loud.

Destroying the drugs which were seized over a period of 4 months, a team led by Deputy Commissioner of Police, Operations, Ahmed Magaji Kontagora, said the police secured a court order to the effect which was being executed.

READ ALSO: EFCC Arrests Ex-lawmaker Patricia Eteh Over N240m

“We are here to execute the court order in respect of the destruction of hard drugs recovered by RRS of the Lagos Police Command. The commissioner stated.

“Here we have about 4000 wraps of different kinds of drugs recovered in the last four months by the RRS and the value is over N10 million. The drugs were impounded after diligent investigation.”

According to Kontagora, the destruction of the drugs was part of efforts to curb illicit substance abuse, adding that the action would be continuous.

The DCP said three suspects were arrested in connection with the illicit Drugs and had since been charged in court, warning other traffickers, and peddlers to have a rethink.

Officials of the National Drug Law Enforcement Agency (NDLEA) and the National Agency for Food and Drugs Administration and Control (NAFDAC) were represented at the event.

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