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FG To Lift 50m Nigerians Out of Poverty By 2027- Group

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…urge NASS to pass bill to coordinate grants in Nigeria
By Gloria Ikibah
A body established by the Federal government under the auspices of Idealab, has called for speedy passage of “A Bill For An Act For The Coordination Of Grants In Nigeria And Other Related Matters”.
The bill according to the group is aimed at establishing a National Council for Public Assistance to widows, dependant children and Orphans in the country.
Naijablitznews.com reports that Idealab was established to address the challenges of small holder farmers and micro small and medium enterprises in accessing intervention funds in Nigeria.
The Director General of the NGO, Emmanuel Aondoakaa in a news conference on Monday in Abuja, stated that the establishment of the agency will help address issues of unemployment and other vices that led to the recent “End Bad Governance Protest” across the country.
He commended the Speaker of the House of Representatives, Rep. Tajudeen Abbas for sponsoring the bill and for his public engagement with stakeholders while drumming support for the bill.
Aondoakaa also also thanked Speaker Abbas for bringing back the bill which was rejected in the 9th Assembly, stating that the provisions of the bill aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu with the capacity to lift 50 million Nigerians out of poverty by the year 2027.
He said “It is important to state here that, if this piece of legislation is revisited, repositioned as proposed and worked upon to align with the aspirations of the president as stated above, it will go ahead and address the yearnings of the demonstrators and street protesters of the #EndBadGovernance, to solve the problems of hunger, illiteracy, suffering of the ordinary masses of Nigeria and other social vices in the country.
“We are optimistic it will reduce tension in the land and give the legislators and the Federal Government of Nigeria a high public approval rating and prospect of winning future elections for the politicians in power now”.
Speaking on the objectives of Idealab Agency, Aondoakaa said the agency was registered in May, 2024 by the government to address the challenges of small holder farmers and micro small and medium enterprises in accessing intervention funds in Nigeria, lack of market access, shortage of employment in the country and to create wealth using digital platforms.
“This was a follow up of the Idealab program that was officially launched on the 29th March, 2022 by the Bank of Industry in collaboration with the other critical stockholders to drive the initiative of the Federal Government of Nigeria for the investment in digital economy and creative enterprise (IDICE) and the World Bank Group’s International Finance Corporation venture capital funds for intervention programs using financial inclusion and inclusive growth strategies to lift Nigerians who are excluded out of poverty.
“The funds are in the form of Grants, Scholarship, Aid, Employment, Market access and Loan programs, etc”.
He said that Idealab programme has created and adopted state of the arts technologies that can drive financial inclusion and inclusive growth strategies across the country to bring Intervention programs to every community in Nigeria.
“These technologies are designed and approved to facilitate the onboarding processes and disbursement of loans, grants, scholarships, aid, employment & market access, etc.
“By adopting these technologies and using them, so many adult Nigerians can access intervention programs ranging from ₦500,000 to ₦200 Billion, both from the Federal Government of Nigeria and World Bank Group.
“Though these funds have been there since the launch of idealab program, yet so many Nigerians have not heard about it or still not benefitted from these intervention programs.
“It is on the premise of this verifiable fact that we are calling on the National Assembly, the media and other critical stakeholders to support us (idealab agency) in terms of mobilization and awareness creation about the intervention programs under our watch”, he added.
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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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Nigeria to get 6,000 power generation by December-Power Minister vows

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By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

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Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

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“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

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“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

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Just in: Wike sends FCDA Executive Director on indefinite suspension

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By Kayode Sanni-Arewa

Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.

According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.

The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.

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Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.

The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.

Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.

Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.

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He added that judges currently live in rented homes, which could make them vulnerable.

He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.

Wike insisted the project is lawful and should be welcomed as a step in the right direction.

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