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FG Releases N100bn Consumer Credit Fund For Manufacturers
The Federal Government says it will provide the sum of N100 billion through consumer credit fund to support the manufacturing sector.
Minister of Budget and Economic Planning, Sen. Atiku Bagudu, said this while briefing newsmen on clarifications on the implementation of 2024 Appropriation Act, in Abuja yesterday.
Bagudu, who noted that the manufacturing sector was facing serious challenges, said that the fund would help to revive the sector.
“Our economy can gain if many people can pay for goods and services over a period of time just as it’s being done around the world. And it will help our manufacturing sector.
“The Consumer Credit is a veritable tool to provide access to goods and services to a lot of Nigerians. A committee is working on this.
“It has not been implemented. The money has not been withdrawn; the fund is a catalytic fund and it’s expected to grow,” he said.
The minister said that government was also providing N100 billion for agriculture sector.
He said that the fund was supposed to attract more funding so that the mortgage industry would grow bigger.
Bagudu further stated that government had equally made available N100 billion Energy Transition Fund to support the provision of Compressed Natural Gas (CNG) vehicles.
He said that when fuel subsidy was removed, government quickly provided N100 billion to support the provision of CNG vehicles which would consume less gas than fuel.
Bagudu added that a total of N60 billion had also been provided as student loan.
He said that although N50 billion was captured in the budget, another N10 billion was appropriated in the supplementary budget.
He said that the fund was part of efforts to cushion the effects of hardship on students.
“There was a N10 billion provision in the supplementary budget. Right now, we have N60 billion of student loan in the two budgets.
“We believe that our students should have an additional option,” he said.
The minister said that the federal government had also made provision for Youth Development Fund and Project Preparation Fund.
He used the opportunity to douse the tension surrounding the alleged padding of the 2024 budget to the tune of N3.6 trillion.
According to him, the word, ‘padding’ is a tautology and it’s now seen in negative form.
He said that while the constitution allowed the president to present a budget document to the National Assembly, the national assembly, on the other hand, had the right to add or subtract from the budget.
“In fact, the National Assembly has the last word when it comes to appropriation. So, they have the right to increase budget line,” he said.
The minister, however, said that when the constitutional rights were performed by the national assembly, it should not be seen as padding.
“When people talk about padding, the word has been narrowed to a negative form. Whereas in reality, there can be no appropriation without either addition or subtraction,” he said.
Bagudu said that the president submitted to the national assembly a consolidated revenue fund of N27,503,404,073,861, adding that the legislative body authorised a consolidated revenue fund of N28,777,404,073,861.
Mobile Network Operators have ruled out negotiations with the Nigeria Labour Congress (NLC) over the recent 50 per cent tariff increase, insisting that no reduction will be made despite union protests.
The stance was articulated at a forum held over the weekend in Lagos, where representatives from major operators—including MTN Nigeria, Airtel Nigeria, and 9mobile—addressed concerns surrounding the adjustment approved by the Nigerian Communications Commission on January 20, 2025.
The NLC has rejected the tariff hike and is demanding a reduction to five per cent, threatening a nationwide protest on Tuesday, February 4, if its demands are not met.
Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, argued that the approved increase is vital to sustaining telecom operations amid escalating costs.
“This increase is a lifeline that enables us to survive,” Adebayo said.
“Anything lower would be like giving someone who needs 100 litres of oxygen only a fraction—barely enough to keep them alive but insufficient for long-term survival,” he stressed.
MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, emphasised that individual operators do not engage directly with the NLC.
“We have not been talking to the NLC because our industry association, ALTON, handles such engagements. They have already communicated the rationale behind the tariff adjustment, which is essential for the sustainability of telecom services,” he explained.
Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, echoed this sentiment, adding that any discussions with the NLC are managed by relevant government agencies and ALTON.
The NCC defended the 50 per cent tariff increase, citing rising operational costs driven by inflation, foreign exchange fluctuations, and higher energy expenses.
In its statement, the Nigerian Communications Commission said the adjustment is in line with its mandate under the Nigerian Communications Act, 2003, to ensure the financial sustainability of the telecom sector.
Meanwhile, the NLC has condemned the hike as “insensitive and unjustifiable,” arguing that it would impose an extra burden on Nigerian consumers.
The union’s president, Joe Ajaero, reiterated the demand for a significant reduction.
The Nigerian Immigration Service is set to introduce a contactless passport application system in Europe, with the United Kingdom serving as the coordinating centre.
The initiative, scheduled for unveiling on February 7, will allow Nigerians in the diaspora to renew their passports online without visiting physical offices.
The Comptroller General of the NIS, Kemi Nandap, made the announcement during a courtesy visit to the Chairman/CEO of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, in Abuja, yesterday.
Nandap, in a statement signed by the NiDCOM spokesperson, Abdur-Rahman Balogun, explained that the initiative aims to simplify the passport renewal process for Nigerians abroad, saving time and reducing travel costs.
However, she clarified that the system is only for passport renewals and does not apply to first-time applicants or minors.
Nandap emphasised that Nigerians living abroad can initiate the renewal process up to a year before their passport’s expiration.
“This initiative set for launch on 7th of February 2025 will enable Nigerians in the Diaspora to apply for and renew their passports online from the comfort of their homes,” she was quoted saying.
She commended NiDCOM for its role in creating awareness about programs that benefit Nigerians in the diaspora.
The Comptroller General also highlighted President Bola Tinubu’s directive to ease passport processing for Nigerians abroad.
She revealed that the Minister of Interior, Olubunmi Tunji-Ojo, has approved a new passport processing facility in New York to address backlogs, with plans to open additional offices in the U.S. and other countries.
Dabiri-Erewa welcomed the development, describing it as a significant step towards more efficient and secure passport processing for Nigerians overseas.
She affirmed NiDCOM’s commitment to supporting and monitoring the initiative.
“The launch of the contactless passport application solution in Europe is a significant step towards efficient, secure, and convenient travel document management for Nigerians in the diaspora.
“NiDCOM will continue to support, monitor and collaborate with the NIS to ensure the success of this initiative” the NiDCOM boss was quoted saying.
The contactless passport application system was first introduced in Canada, where it received positive feedback from Nigerians.
Stakeholders in Ogoniland, Rivers State, including the Movement for the Survival of the Ogoni People (MOSOP), and traditional rulers, have lauded President Bola Tinubu for signing the bill establishing the University of Environment and Technology, Tai, in Ogoni.
The President signed the bill at a ceremony at the State House, Abuja, on Monday, in the presence of key officials, including the senator representing Ogoniland, Mpigi Barinada; National Security Adviser, Nuhu Ribadu; Minister of Education, Dr. Tunji Alausa; and Chief of Staff, Femi Gbajabiamila.
Speaking after signing the bill, Tinubu acknowledged the historical challenges faced by the Ogoni people.
“Ogoni has been at the forefront of our development and agitation and has suffered environmental degradation… To bring knowledge into that environment, in that area, to me, is the most significant thing from the Ministry of Education,” he said.
The approval followed a recent meeting between Tinubu and Ogoni leaders at the State House, during which the President also expressed his intention to resume oil exploration activities in the region.
He directed Ribadu to lead negotiations with all stakeholders.
Reacting to the development, the Paramount Ruler of Bagha Kingdom in the Khana Local Government Area, Suanu Baridam, who was part of the Ogoni delegation that met with the President, welcomed the move but emphasised the need for immediate funding.
“One of the items on the table during our meeting with the President was the signing of the bill into law. Now that it has been done, the next step is the release of funds for the university to commence operations. It is a significant step in the right direction, and for the first time, a President has made a promise to the Ogoni people and fulfilled it,” he said.
A MOSOP leader, Fegalo Nsuke, praised Tinubu, stating that his name would be remembered in Ogoni history.
“This is something we expected long ago. It will contribute to the development of Ogoni, but we still expect more from the President. The Ogoni people are critical stakeholders in Nigeria’s economy, and while we appreciate this gesture, we urge the President to do even more.
“In Ogoni history, he (Tinubu) has written his name in gold. The people will always appreciate this action and never forget what he has done,” Nsuke said.
However, activist and Team Lead at the People’s Advancement Centre, Celestine Akpobari, cautioned against linking the university’s approval to the immediate resumption of oil exploration in Ogoniland.
“President Tinubu has shown courage by taking this step where others hesitated. However, the university’s approval should be seen as the beginning of restitution for the years of oil extraction and environmental damage suffered by the Ogoni people.
“The government should not assume that establishing a university—a facility other ethnic groups have without any sacrifices—justifies opening up the oil wells. Over 2,000 innocent people were killed, and livelihoods were destroyed. The university is merely the start of restitution, not a bargaining chip for oil extraction,” he said.
Meanwhile, oil-bearing communities in Gokana Local Government Area of Rivers State have threatened mass action over their alleged exclusion from negotiations on oil resumption in Ogoniland.
The affected communities—Mogho, K-Dere, B-Dere, Bera, Bodo, Kpor, and Gbe—stated that while they were not opposed to oil production resumption, they rejected being sidelined in discussions.
A communiqué issued after a meeting on Saturday, signed by traditional rulers from the affected areas, expressed concern that those most impacted by oil exploration had not been consulted.
The signatories included the Paramount Ruler of Mogho, Stephen Kpea; Paramount Ruler of B-Dere, Kadilo Sooh; Acting Paramount Ruler of K-Dere, Chief Isaac Gbeetee; Paramount Ruler of Bodo, John Berebon; Paramount Ruler of Kpor, Avalobari Ntaoh; Paramount Ruler of Gbe, Friday Dimkpa Gia; and Paramount Ruler of Bera, Magus Dekor.
While expressing cautious optimism about the Federal Government’s move, they warned that farmers and fishermen—who had previously suffered from oil pollution—must be part of negotiations.
“As stakeholders, farmers and fishermen must have a leading role in further discussions on oil resumption. We will not allow a process that ignores or sidelines the real landlords of these lands,” the statement read.
The communities further threatened to make their lands inaccessible if they continued to be excluded.
“We note with interest the Federal Government’s call for a negotiated return of oil operations in Ogoni after over three decades of closure. However, as highly impacted communities, we will vehemently oppose any process that sidelines us.
“As a gateway to the Bonny Export Terminal, any negotiation that does not actively involve us will be rejected,” the communiqué stated.
With the signing of the university bill and renewed discussions on oil exploration, Ogoni remains at a critical juncture. The Federal Government now faces the challenge of balancing developmental commitments with historical grievances as the region seeks justice and progress.