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Business

FG to re-open portal for youths to assess $5,000 grant

FG, Tiimafrica to re-open a supplementary application process for youth to apply for a one time grant worth $5,000.

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FG will soon subsidize data – Sunday Dare

Federal Government and Tiimafrica are set to re-open a supplementary application process for youth who run businesses, to apply for a one time grant worth $5,000.

This was disclosed in a statement issued by Ramon Balogun, Assistant Director, Press, Federal Ministry of Youth and Sports Development via the ministry’s Twitter handle on Friday.

It stated, “After careful examination of all applications submitted, applicants who met the stated criteria were less than 50, as opposed to the intended 100.

“As a result, a supplementary application process will be opened for more applicants to access. Additionally, the list of screened, eligible applicants will be published and funds disbursed appropriately.”

When reopened, Balogun explained that the application portal will accept supplementary applications from business owners who are still interested but could not meet up the last application deadline and who have the necessary requirements to apply within this period.

Criteria:

* Nigerian between age 25-35
* Must be running a business within Nigeria
* Have 6-month minimum financial records.

What you should know

  • In November 2020, Tiimafrica in partnership with the Federal Ministry of Youth and Sports Development called for applications from Nigerian youth who run businesses, to apply for a one-time grant worth $5,000.
  • The grant, aptly named Project Grow 100, was aimed at empowering 100 Nigerian youth-owned businesses.

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

Finance Minister says asset sales not primarily for budget financing

The Finance Minister has clarified that the reason for sales of government assets was more to revive them than it is for financing the budget.

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FG inaugurates steering committee on Covid-19 economic recovery, #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years, taxes, tax, IMF, business, FAAC disbursed N617billions in April, as South-South scoop N72billions, VAT, Finance Minister, Zainab Ahmed says Nigeria VAT collection rate is low, NBC, Rite Foods, others to pay new tax as FG identifies new revenue streams ,,Finance Minister reveals how World Bank, AfDB pushed FG into requesting Chinese loan 

The Minister of Finance, Zainab Ahmed, has stated that the sale of national assets is not necessarily for budget financing, adding that some dead or non-performing assets will be sold to credible investors who can revive them.

The Minister disclosed this at the maiden edition of the State House briefing on Thursday at the State House, which was focused on the economy and economic recovery.

“The Nigerian Government recorded a 97% budget performance.

“Every year we have provisions for sale of FGN assets. 2021 is not different. There is a Bureau of Public Enterprises (BPE) workplan for this. Assets that are dead or non-performing will be sold to credible investors who can revive them. Asset sales are not primarily for budget financing,” Ahmed stated.

The Minister also said that Nigeria’s debt was still very much within sustainable limits and that the FG needed to “roll out infrastructure now, and grow the economy now, not later. Our focus is on growing our revenues.”

What you should know 

  • Recall Nairametrics reported recently that the Finance Minister had announced that the Federal Government said the Finance Bill 2020 was designed to reduce import duties on some commodities, including vehicles, thereby checking inflation.
  • Premium Times released an exclusive report stating that the FG proposed to sell or concession no fewer than 36 of its properties to raise funds, largely to finance the 2021 budget.
  • The assets include the Abuja Environmental Protection Board (AEPB), the Abuja International Conference Centre (ICC), some unnamed refineries, the Transmission Company of Nigeria (TCN), Abuja Water Board, Nigerian Film Corporation, and many others.

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Business

Lagos, others adopt strategy on e-call up system, trucks to vacate Apapa road on Feb. 27

This is in continuation of efforts to find a solution to the maritime sector’s activities that have plagued Apapa and its environs with daily traffic gridlock.

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FG records N6 trillion loss across sectors due to Lagos gridlock

The Lagos State Government, Nigerian Ports Authority (NPA), Nigeria Police Force (NPF), and Truck Transit Park (TTP) have reached a resolution on the strategy to be adopted for the new e-call up system for truck operations in and out of Apapa, as it takes off on February 27, 2021.

This is in continuation of efforts to find a solution to the maritime sector’s activities that have plagued Apapa and its environs with daily traffic gridlock.

This disclosure is contained in a statement signed by the Special Adviser to the Governor on Transportation and Chairman, Special Traffic Management Enforcement Team, Mr Oluwatoyin Fayinka, on Thursday, February 25, 2021.

Fayinka said that the resolution was reached after thorough consideration by all parties to effectively eliminate the traffic congestion experienced in the state through ports activities.

What the Special Adviser to the Lagos State Governor is saying

Fayinka said, “During the meeting, held at Lilypond Terminal, the parties agreed that a new e-call up system will commence on Saturday 27th February 2021, as the existing call up for trucks will be discontinued from tomorrow, 26th February 2021, due to its inefficiency to manage truckers’ operations in and out of the ports.

“It was also jointly agreed upon that by 4 p.m on Friday, 26th February 2021, all articulated vehicles will be prevented from entering Apapa and its environs and subsequently by noon on Saturday, 27th February 2021, trucks in and around the Ports access roads are all expected to have vacated the corridors, with strong warnings for truck owners and drivers to adhere to the resolutions to prevent punitive measures from the government.’

Fayinka also revealed that the parties advised all stakeholders involved, especially truck owners, to cooperate with the State Government as it made consolidated efforts to create ease of movement for the citizenry, as well as enhance business activities in the axis.

What you should know

  • It can be recalled that the NPA had launched an Electronic Truck call-up system, Eto, designed for the management of truck movement and access to and from the Lagos ports, in a bid to resolve the gridlock in and around the Apapa axis.
  • This is to also help complement the drive for a business-friendly and secure environment for port business in Nigeria.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.
  • The Managing Director of NPA, Hadiza Bala-Usman, had said that the introduction of the Electronic Call-up system would eliminate human intervention from the process, thereby eliminating extortion by enforcement and security officers.
  • The Lagos State Government, through its newly constituted Traffic Management Enforcement Team to resolve Apapa gridlocks, and the Nigerian Port Authority Security Team also identified parks as holding bays for trucks around the metropolis.

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