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Banks repay N387 billion agric loan to CBN

The Central Bank of Nigeria (CBN) has been repaid a total of N387.2 billion as part of the total N622 billion disbursed to commercial banks under the Commercial Agriculture Credit Scheme (CACS).

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CBN seeks withdrawal of mutilated notes in banks

The financial institutions under the Commercial Agriculture Credit Scheme (CACS) have refunded a total of N387.2 billion to the Central Bank of Nigeria (CBN) as part of the total N622 billion disbursed to commercial banks.

The N622 billion fund was disbursed to participating banks to enable them to finance commercial agricultural enterprises by giving farmers loans at a maximum interest rate of 9%.

Breakdown of reimbursement: Out of the N83.5 billion disbursed by the CBN to United Bank of Africa for 52 projects, about N53 billion was repaid. Zenith Bank Plc and First Bank of Nigeria repaid the sum of N83.3 billion and N44.8 billion out of the N126.94 billion and N52.99 billion received respectively.

Other banks include Unity Bank with N13.9 billion; Union Bank, N21.5 billion; Stanbic IBTC, N19.7 billion; Sterling Bank, N28.9 billion; Access Bank, N30.3 billion; Fidelity Bank, N14.3 billion; and Polaris Bank, N11.7 billion.

First City Monument Bank repaid the sum of N11.6 billion Ecobank, N6.4 billion; Guaranty Trust Bank, N24.4 billion; defunct Diamond Bank, N4.2 billion; and Heritage Bank, N2.4 billion. Others are Citibank, N3bn; Keystone Bank, N8.5 billion; Wema Bank, N1.3 billion; and Sun Trust Bank, N300 million.

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[READ MORE: CBN and other industry stakeholders establish N1 billion Bankers’ Charitable Endowment Fund ]

What you should know: The apex bank said over 1.13 million jobs have been created along the various agricultural value chains. Director, Corporate Communications Department, CBN, Isaac Okorafor, explained that this was done through the CACS, which provided credit facilities to commercial agricultural enterprises at a single-digit interest rate.

The CBN’s spokesperson added that the utilisation of agro-allied companies has increased through various interventions by the CBN in the sector.

About CACS: It is a sub-component of the Federal Government Commercial Agriculture Development Programme financed from the proceeds of the N200bn seven-year bond raised by the Debt Management Office.

The CACS was among the many agricultural schemes of the CBN that was established to fast-track the development of the agricultural sector. In collaboration with the Federal Ministry of Agriculture and Water Resources in 2009, the CACS was also introduced to enhance national food security, reduce the cost of credit in agricultural production; increase national output, generate employment, and raise the level of foreign exchange earnings of the country.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 19th of September 2020, 189 new confirmed cases and 1 death was recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,145 confirmed cases.

On the 19th of September 2020, 189 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 57,145 cases have been confirmed, 48,431 cases have been discharged and 1095 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 19th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 19th September 2020,

  • Total Number of Cases – 57,145
  • Total Number Discharged – 48,431
  • Total Deaths – 1,095
  • Total Tests Carried out – 482,321

According to the NCDC, the 189 new cases were reported from 15 states- Lagos (70), Plateau (37), FCT (24), Kaduna (19), Rivers (12), Oyo (5), Ogun (4), Ebonyi (3), Katsina (3), Ondo (3), Osun (3), Imo (2), Yobe (2), Ekiti (1), Nasarawa (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,897, followed by Abuja (5,550), Oyo (3,231), Plateau (3,229), Edo (2,611), Kaduna (2,345), Rivers (2,232), Delta (1,799), Ogun (1,762), Kano (1,734), Ondo (1,597), Enugu (1,234), Ebonyi (1,038), Kwara (1,013), Abia (881), Katsina (848), Osun (813), Gombe (799), Borno (741), and Bauchi (689).

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Imo State has recorded 559 cases, Benue (473), Nasarawa (448), Bayelsa (394),  Jigawa (322), Ekiti (314), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Just in: Lagos allows cinemas, gyms, others to reopen

In a new development, Lagos government has approved the reopening of gyms, cinemas, others.

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Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family

The Lagos State Government has announced the reopening of cinemas, gyms, and other recreational centres in the state.

According to a monitored media report, the disclosure was made by the Lagos State Government, Babajide Sanwo-Olu, during a press briefing at the Statehouse, Marina on Saturday, September 19, 2020.

The governor said, they are however expected to operate at just 33% of their capacity, which is a third of their capacity, and must comply with all safety measures.

He, however, said that other sectors of the economy such as bars, night clubs, spas, public parks, event centres, and such others are to remain closed until October when the state government will make pronouncement concerning their reopening.

The Governor said, “Henceforth, cinemas and gyms are permitted to reopen as soon as possible, with a maximum of 33% occupancy, which means that there must be a minimum of two empty seats between occupied seats; and in the case of gyms, there must be constant disinfection of machines and equipment throughout the course of the day.’

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Sanwo-Olu said that it has become inevitable for Nigerians to apply caution as some other parts of the world have witnessed a resurgence of the coronavirus disease with a possibility of further lockdowns.

He warned, “Let me make it clear that if we do not continue to maintain our guard, and sustain the adherence to all required protocols and guidelines, we will find ourselves in a situation where fresh lockdowns are inevitable. The only way to avoid this is to continue to act responsibly: maintain the required levels of hygiene, through regular handwashing and use of sanitizers, wear masks in all public places, avoid non-essential public gatherings, and maintain the prescribed levels of physical distancing at all times”

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Just in: Lagos approves resumption of full services for churches, mosques

Resumption of full services in churches and mosques has been approved by the Lagos State Government.

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Lagos dismisses levy on audio and visual contents, suspends LSFVCB boss, Lagos SEC meeting goes virtual as full lockdown commences, Partial lockdown guidelines for businesses from May 4

The Lagos State Government has announced the approval of churches and mosques to resume full services in the state. This disclosure was made by the Lagos State Governor, Babajide Sanwo-Olu, during a press briefing on Saturday, September 19, 2020, in Lagos.

According to a monitored media report, the government said mosques can hold their prayers 5 times daily, while churches can also resume weekly services. This is against the initial announcement, where worship centres were restricted to just one gathering weekly, after they were allowed to reopen on August 7, 2020, following the lockdown to contain the spread of the coronavirus disease.

Sanwo-Olu, however, warned that all safety protocols that had been announced by the government must be strictly adhered to.

Details later….

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