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Business News

CBN issues guidelines to access N50 billion COVID-19 credit facility

The Central Bank of Nigeria has disclosed the guidelines that must be followed by individuals and companies to access the N50billion tarheted credit facility  for households and Small and Medium Enterprises that are badly hit by COVID-19. 

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MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The Central Bank of Nigeria (CBN) has disclosed the guidelines that must be followed by individuals and companies to access the N50billion targeted credit facility for households and Small and Medium Enterprises that are badly hit by COVID-19.

This was disclosed in a circular issued by CBN and signed by its Director, Financial Policy and Regulation, Kevin Amugo.

The apex bank had last week unveiled the fund in response to the coronavirus pandemic, which had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries, among others.

Why it matters: The outcome of the disease have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

READ MORE: SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs

In this respect, the CBN introduced the N50billion Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

How it works: CBN explained that those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the pandemic and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

According to the CBN guideline, activities covered under the scheme include agricultural value chain activities; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by the CBN.

READ MORE: COVID-19: All courts to shut down immediately

It said, “The scheme would be financed from the Micro, Small and Medium Enterprises Development Fund and the eligible participating financial institution for the Scheme would be NIRSAL Microfinance Bank.”

The apex bank added that the loan amount would be determined based on the activity, cashflow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

It said households can access a maximum of N3million while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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                              Business News

                              Tip Jar, Twitter’s new giveaway feature that lets users send money to you

                              Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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                              US Elections: Twitter, Facebook suspend several news accounts

                              Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

                              According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

                              The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

                              Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

                              You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

                              Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

                              The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

                              Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

                              Twitter has tested several features and more will be rolled out soon.

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                              Business

                              Customs Apapa Command generates revenue of N65.4 billion in April

                              This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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                              Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

                              The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

                              This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

                              What Ibrahim Yusuf is saying

                              “This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

                              In line with the provision of extant laws, trade guidelines and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

                              This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

                              Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

                              He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

                              What you should know

                              Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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