Business
EFCC Prosecutes Loan Defaulters In Osun
Determined to recover all outstanding loans granted to beneficiaries of its micro-credit scheme, the Osun State Government has invited the Economic and Financial Crimes Commission (EFCC) to investigate defaulters who are yet to fulfill their contractual agreement.
Till date, no fewer than N800 million is being owed by beneficiaries of the loan scheme introduced in 2004 by the Prince Olagunsoye Oyinlola-led administration in the state.
Secretary to the State Government, Alhaji Fatai Akinbade, in Osogbo, said the decision to invite the EFCC to investigate and prosecute the defaulters was borne out of the determination of the state government to ensure that all defaulters repay their loan.
Akinbade who said the state government was undeterred by the failure of some of the beneficiaries to repay the loan, however said stringent measures have been introduced by the government to guard against future abuse of the scheme.
To this end, he said the state government has signed a Memorandum of Understanding (MOU) between the state micro-credit agency and micro finance banks in the state to directly disburse the loan to beneficiaries.
He said the government decided to partner with the micro finance banks to serve as agent between the government and the beneficiaries for effective monitoring of the fund.
He said the government was irrevocably committed to alleviating poverty and promoting economic emancipation of the people of the state.
Akinbade, urged the micro finance banks that are agents of the programme to follow due process and laid down rules and regulations in the disbursement of the loan with a view to achieving the desired results.
Responding, a spokesman for the micro finance banks, Mr. M. O Salami thanked the state government for giving them the opportunity to contribute their quota to the economic development of the state.
He said that the finance banks would not renege in their responsibility of ensuring total monitoring of the fund.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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