Tag Archives: Created

6.17m Jobs Created By N1.5trn CBN Intervention Fund

Posted on by
2

Recent data from the Central Bank of Nigeria (CBN) has shown that it created about 6.17 million jobs through the various intervention funds to different sectors of the economy.

According to the data, the combined impact of the Agricultural Credit Guarantee Scheme Fund (ACGSF) flagged-off in April 1978 and the Commercial Agriculture Credit Scheme (CACS) established in 2009, have led to the creation of 6,178,132 in the Nigerian economy.

A breakdown of the figure showed that the CBN had set up eight intervention funds totalling N1.57 trillion, from which economic operators accessed N819.164 billion to resuscitate their businesses that helped to sustain some sectors.

In 2009 however, the bank, through its CACS set up N200 billion intervention fund. As of today, a total of N337.635 billion was disbursed and a  total of N137.804 has been repaid.

The fund financed a total of 423 projects and generated a total of 1,132, 232 jobs while saving the investors interest payment of N42.564 billion. The data further showed that CBN’s ACGS set up in 1978 with N3 million as seed money had disbursed a total of N97.014 billion out of which N67.014 billion was repaid. The intervention granted loan facility of 1,009,180 and has so far generated a total of 5,045,900 jobs.

The CBN evaluation data showed that the Small, Medium Enterprise Credit Guarantee Scheme set up by the apex bank in 2010 had as its seed money the sum of N300 billion. So far, N4.219 billion has been disbursed while 2.439 billion has been repaid. The intervention fund financed 87 projects.

It also showed that the apex bank set up in 2014 the RSSF facility of N300 billion, out of which N3.5 billion has been disbursed for a single project  Also in 2010, the apex bank set up the Power and Aviation Intervention Fund of N300 billion. So far, a total of N255 billion has been disbursed and N69.755 billion repaid. The fund has financed 56 projects. The bank, they said, has three other funding for which about N450 billion was set aside and several projects have benefited from the intervention funding.

This is coming on the heels when the CBN has solicited the support of all Deposit Money Banks (DMBs) in Nigeria, to create at least one million employment opportunities for young graduates in 2016.

The job creation initiative, according to the apex bank, will be in form of support from both CBN, Nigerian banks and development institutions in terms of giving out cheap and concessionary loans to companies that are in the Micro Small and Medium Enterprises (MSMEs).

Credit: Sun

Special Forces Command Created To Fight Boko Haram, Others- Nigerian Air Force

Posted on by
10

The Nigerian Air Force has established a Special Forces command to bolster its operations in the North-East and other internal security operations across the country.

The Chief of Air Staff, Sadique Abubakar, disclosed this on Thursday while delivering a lecture titled: “Nigerian Air Force: Challenges and Future Perspectives”, at the National Defence College, Abuja.

Although Mr. Abubakar, an Air Marshal, did not give details of the establishment of the new command, he said it was part of the planned restructuring of NAF’s operational command to conform with contemporary demands on national security.

“The Air Force is not only fighting in the air, and therefore, whatever it is that we need to have to fulfill our mandate in the face of the present challenges is what we are working toward putting on the ground.

“We are establishing a new command known as the Special Forces Command as part of ongoing restructuring of our operations.

“The establishment of the Special Forces Command would facilitate the development of NAF’s response capability in both internal and external security operations, as well as increase Nigeria’s self-reliance in strategic security operations,” he said.

Credit: PremiumTimes

My Administration Created APC, Says Jonathan

Posted on by
6

President Goodluck Jonathan has said the creation of the All Progressives Congress (APC) was the result of his administration’s deliberate policy to entrench democracy in the country. The President, who spoke at a round table on Sunday, said his administration allowed the opposition parties to merge by giving them the enabling environment.

Represented by the Secretary to the Government of the Federation (SGF), Anyim Pius Anyim, President Jonathan said his deliberate policy of promoting freedom of association made it possible for those in the opposition to merge in order to contest against the Peoples Democratic Party (PDP). He denied that the PDP is afraid of the APC because it remains the PDP creation.

Read More: Thisday