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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 The money has not been withdrawn; the fund is a catalytic fund and it’s expected to grow,” he said.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.
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Mayor Of Housing Wins Man Of The Year Award
My-ACE China, known as the Mayor of Housing, has won the 2024 Man of the Year. The award was announced by board of trustees of the DMOMA Awards Academy in Port Harcourt at the week.
The organisers also declared his company, the Construction and Housing Mayor Limited as the brand promoter of the year, the third in a row.
The award ceremony which was held at the Arena Event centre in the GRA area of Port Harcourt was attended by several dignitaries in the society.
The organisers led by Dr. Ezebunwo Nyeche (chairman) and Stephen Chidiebere Okoye (Awards organizer) said in a statement that China was picked for his support and impact to small and medium enterprises in Rivers State, his media footsteps and his consistent propagation and promotion of Rivers State.
They noted that China won over 10 prestigious awards in 2024 alone on his track to promote Port Harcourt as a brand destination and Rivers as a peaceful state.
Handing the award to China, the organisers said the Mayor of Housing always comes to the rescue of events that aim to promote Rivers State, saying the DMOMA Awards would be held in two more cities in 2025.
Responding, Mr China said there is need for more sponsorship of talents in Port Harcourt and the Niger Delta, saying what they lacked was support.
“There is more talent in Port Harcourt but there is more support in Lagos to artistes than in Port Harcourt. So, the top talents in Port Harcourt work 10 times harder than those in Lagos to attract sponsorship.”
He also said Nigeria has a treasure base which is Port Harcourt but that the treasure is not oil and gas but talents. He said he was highly elated to win the of Man of the Year Award with his firm winning brand of the year.
In an interview, My-ACE China said he was particularly impressed with the diligence demonstrated by the organisers and the processes they used to pick winners every year.
He also said the victory showed attention paid by the organisers to unveil the personality behind the corporate masquerade, not just focusing on the company. “It actually reaffirms one of my quotes that a brand can only grow as big as the character of the visioner behind it.”
On his plans to help Port Harcourt compete with Lagos, China said 2025 will meet him doing things with the youths of Rivers State to push the Port Harcourt brand in the social media and rally the traditional press to create a positive narrative of Rivers State beyond violence and political negativity.
“The Garden City has not been enjoying the best of media perception for some years now but this is the first time we have a governor committed to non-political bias in doing his work. He does not consider whether you are a member of his party or not before doing what is right. For the first time, we have a true father of the state to all, and he has been diligently following the blueprint that stakeholders developed at the last Rivers Economic and Investment Summit, making sure he is doing it without political cronyism.”
He said his company would be building the biggest estate and the best, the ‘Alesa Sustainable Smart City, to move from brand perception to brand experience so as to move Rivers State to the next level.
He appealed to entrepreneurs not to be carried away by the old perception but to join the new way. “Position yourself because there is going to be a boom. People are rushing into Port Harcourt and new entrants may take the ground. Think expansion not contraction, think investment not divestment. Else, you miss it.”
To fellow estate investors, he admonished them to gear up for regulation. “It is no longer going to be business as usual especially for land peddling and land grabbing. Try to grow up because tangible development is going to take over.
“It is no longer going to be who sells the most land but who develops the most houses. The housing deficit in the land requires effective land development strategies. Any serious land seller should grow into a housing developer because developments are going to be coming into Rivers State and a lot of people are coming into the state.”
He said those that have grown to be developers will be many times richer than those that are just starting or are mere land sellers and peddlers. People should also position themselves because all the foreign investments and local ones will take advantage of this influx.
“The value of influx is coming, so prepare and take advantage. Be one of those that are big enough to take advantage. Remaining small will not be good but grow big in your products, in your services, because the market is going to grow big.”
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FUBARA MOURNS FORMER RIVERS GOV
Rivers State Governor, Sir Siminalayi Fubara, has expressed shock and sadness over the death of a former military governor of the State, Major-General Godwin Osagie Abbe (rtd).
Late Abbe, who hails from Edo State, was military governor of Rivers State between August, 1990 and January, 1992.
Governor Fubara described late Gen Abbe as one leader who dedicated himself to the service and wellbeing of Rivers people and humanity during his administration in the State, saying that the death of the distinguished military officer, politician and administrator was a very huge loss to the State, the Niger Delta, and indeed, the entire country, having traversed the length and breath of the nation in the cause of his military and political careers.
“On behalf of my family, the Government and good people of Rivers State, I condole with the family of the Abbes, the Edo people, and the Nigerian military on the demise of this colossus, whose contributions to the unity, peace and development of the nation are legendary.
“While we mourn his painful exit at this difficult time, we pray for the eternal repose of his soul, and urge the family to take solace in the fact that late Gen Abbe lived a fulfilled life in the service of his fatherland.”
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CHRISTMAS: FUBARA, WIFE HOST RIVERS CHILDREN, TASK THEM ON EXEMPLARY CONDUCT
Wife of Rivers State Governor, Lady Valerie Siminalayi Fubara, has noted with delight that Rivers children are well behaved, and has admonished them to remain supportive of their parents while striving always to make a difference wherever they find themselves.
Lady Fubara gave the counsel at the 2024 Christmas Children Party, attended by children from the 23 Local Government Areas of the State, including non-indigenes, at Government House in Port Harcourt on Thursday.
The Christmas Children Party also witnessed the presence of Governor Siminalayi Fubara, who stopped over to share moments with them, walking from one canopy to another, waving at them, and at other times, shaking hands with them to leave lasting memories on them.
The Rivers First Lady pointed to the importance of the celebration of Christmas, which draws attention to the birth of Jesus Christ, demanding that people have a deep reflection of the love that is demonstrated and mission of the birth, which is to redeem mankind.
Lady Fubara recalled how she took out time to visit the University of Port Harcourt Teaching Hospital and the Rivers State University Teaching Hospital, where she appreciated God for safe delivery of children born on Christmas day while felicitating with the nursing mothers.
She also stated the valuable time spent with motherless babies when she visited the Port Harcourt Children’s Home in Borikiri, old Port Harcourt Township, and celebrated their meekness, innocence and the beauty they bring to the world.
She said, “Even today, as we continue the celebration, efforts were made to extend invitation to our children in all the 23 local government areas of our State. In doing this, children from all classes of society, including the physically challenged, have been offered the opportunity to sit together as brothers and sisters, play, eat and dance.
“Whilst contemplating the uniqueness of celebrating Christmas on a Boxing Day, steps were equally taken to provide gifts for the children who are there, and also to pray for them, a qualitative fun session that will last in their memories.”
Lady Fubara advised all children in the State to remember that Jesus came into the world to make a difference, advising that they must emulate him so that they can positively impact their families and society.
She urged them to pray fervently to God to bless and prosper their mothers, daddies, aunties and uncles to better cater to their needs.
She added, “Be humble, obedient and supportive at home. Do household chores, and don’t forget to make excellent grades in school next academic session. Children are the joy of every home, and we are glad to have beautiful, well-behaved children in Rivers State.
“Thank you all for witnessing this 2024 Children’s Party, and I pray God Almighty to protect, shield and keep you safe from all negative companies in the name of Jesus. I wish you a Merry Christmas and a Prosperous 2025. God bless you all,” she said.
Lady Fubara expressed appreciation to her husband and Governor of Rivers State, Sir Siminalayi Fubara, for his absolute commitment to the growth of children, and the immeasurable support that ensured that Christmas Children Party was a success.
There were performances by Virtue Dancers, Kalabari Iria dancers, Wonder Time Children of Opobo Kingdom, Children of Rivers State Council of Arts and Culture, Diseye the Poet and DJ Arnold.
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