By Modupe Gbadeyanka
The federal government has said it will make the sum of N75 billion available to young entrepreneurs in the country so as to help them grow their businesses and be economically independent.
This information was revealed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, when she addressed newsmen in Kaduna State on Saturday.
A statement issued on Sunday by the Minister’s Special Adviser of Media and Communications, Mr Yunusa Tanko Abdullahi, disclosed that this money would be disbursed over a period of three years.
The Minister noted that the N75 billion entrepreneurship support fund will commence next year with N25 billion given to the youths in the first year till 2023 when the tenure of the current administration of President Muhammadu Buhari will end.
Mrs Ahmed was in Kaduna State yesterday on the directive of Mr Buhari for all Ministers to return to their states and get inputs on the best ways to empower the youths in each state.
While she was at her home state, the Minister held a meeting with the Kaduna State Acting Governor, Mrs Hadiza Balarabe, who disclosed programmes already put in place to assist youths in the state and ways the federal government can offer further assistance.
“We came to meet the government of Kaduna State to discuss the issue of the protest that has been happening around us, specifically the EndSARS protest.
“We are happy to report that the state has already prepared an excellent report on all the plans and efforts they have undertaken to manage the protests,” Mrs Ahmed informed journalists after the meeting.
Also in attendance at the meeting was the Minister of Environment, Mr Muhammad Mahmud, who stated that the state government had kept a chronicle of events from the very first day of the protest, adding that the delegation was very impressed.
In her welcome address, the acting governor conveyed the appreciation of the state government for the visit by the two ministers thanked the people of the state for remaining peaceful during the protest.
“I think in Kaduna we have our own fair share of crisis and we know enough what it is and how quickly it can degenerate. We were conscious of the way we handled the protest in the state and I think that was one thing that played out for us.
“I pray that we continue to have that kind of understanding; whatever it is you didn’t get in peace, you won’t get it in a war situation. Our youths have now understood how to settle issues.”
“I want our youths to continue to be law-abiding citizens and conduct themselves in a manner that is worthy,” Mrs Balarabe said.
For about two weeks, youths in the country staged a protest to call for an end to the dreadful Special Anti-Robbery Squad (SARS) and later demanded good governance.
NGX Lists 29.4 billion GT HoldCo Shares at N28.55 Each
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited has finally listed 29,431,179,224 ordinary shares of Guaranty Trust Holding Company (GT HoldCo) Plc on its trading platform.
The stocks were admitted on the exchange on Thursday, June 24, 2021, after the delisting of the entire GTBank equities on the same platform.
Business Post reports that the shares were listed today at a unit price of N28.55.
Last Friday, the stock exchange placed trading in the equities of GTBank on full suspension ahead of their delisting to allow the introduction of GT HoldCo shares.
Today, the GTBank shares were removed from the exchange, a total of 29,431,179,224 and were replaced with 29,431,179,224 units of GT HoldCo.
Confirming this development, the NGX in a circular said, “We refer to our market bulletin with reference number NGX REG/LRD/MB16/21/06/18 dated June 18, 2021, wherein the market was notified that trading in the shares of Guaranty Trust Bank Plc (GTB) was placed on full suspension effective Friday, June 18, 2021, in preparation for the delisting of GTB and listing of the Holding Company, Guaranty Trust Holding Company Plc (GT HoldCo).
“The market is hereby notified that the entire 29,431,179,224 issued shares of GTB were delisted from the daily official list of the NGX today, June 24, 2021, while GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each were also today, June 24, 2021, listed on the daily official list of NGX at N28.55 per share.
“The delisting of GTB and listing of GT HoldCo on NGX is pursuant to the Scheme of Arrangement between Guaranty Trust Bank Plc and the holders of its fully paid ordinary shares of 50 kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.”
GTBank restructured its business to allow it to offer more services and improve the earnings and value of the company. This led to the change to a financial HoldCo, with GTBank becoming a private company and will operate as a banking institution.
Other subsidiaries were created to offer services in financial technology (fintech), insurance, asset management and other sectors.
June 2021 Allocation to FG, States, LGs Drops to N605.96bn
By Adedapo Adesanya
The federal government, the 36 states of the federation and the 774 local government areas shared the sum of N605.96 billion from the revenue generated in May 2021.
This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique released on Thursday after its meeting held via virtual conferencing.
Giving a breakdown of the disbursement, the committee explained that from the inclusive cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and Federal Inland Revenue Service (FIRS), the federal government received N242.1 billion, the states received N194.2 billion, while the local government councils got N143.7 billion.
The nine oil-producing states of Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos all received N26.9 billion as a 13 per cent derivation of mineral revenue.
The communique issued by the FAAC at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for May 2021 was N181.1 billion as against N176.7 billion achieved in the preceding month of April 2021. This resulted in an increase of N4.368 billion.
The distribution is as follows; federal government got N25.3 billion, the states received N84.2 billion and local government councils received N58.9 billion.
The distributed statutory revenue of N428.198 billion received for the month was lower than the N497.385 billion received for the previous month by N69.197 billion, from which the federal government received N175.5 billion, states got N89.0 billion, while the LGs got N69.6 billion, and the 13 per cent mineral derivation handed to the nine oil states amounted to N24.666 billion.
The communique also revealed that Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty decreased in the month, meaning only VAT increased in the month under review, although marginally.
The communique, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N357.9 billion, VAT of N168.4 billion, solid mineral revenue of N7.9 billion, exchange gain of N1.7 billion and augmentation from oil and non-oil revenue of N50 billion and N20 billion respectively brought the total distributable revenue to N605.958 billion.
National LPG Takes Sensitization to 12 States
By Adedapo Adesanya
The National Liquefied Gas Petroleum (LGP) sensitization and awareness campaign to reduce gas flare has kickstarted in 12 states across the country.
Speaking at a two-day sensitization and awareness campaign held in Abuja, Mr Dayo Adeshina, the programme manager National LPG expansion implementation plan (NLEIP), said the exercise was the commitment of the climate change initiative to reduce emission by 20 per cent.
He said the National LPG pilot programme, which will start after the sensitization, is to begin in Enugu and Ebonyi States for South-East then to the South-South States of Delta and Bayelsa and in the South West – Lagos and Ogun.
In the North West are Sokoto and Katsina States; the North East batch will be done in Bauchi and Gombe States while in the North Central, it will kick off in Niger and the Federal Capital Territory (FCT).
He said, “The sensitization awareness campaign is targeted at 12 pilot states, two in each geo-political zone. During the campaign, we will highlight the importance of the LGP to the government and the people.
“Every year almost nine hundred thousand people are affected by the effects of kerosine and charcoal which leads to malaria, the government plan is to display the energy mixture which currently stands at 65 per cent, kerosine 30 per cent, LPG 5 per cent.
“LPG would ensure accessibility, acceptability and affordability.”
Mr Adeshina said to drive the exercise well, an inter-ministerial committee on LPG was constituted and is being headed by the Vice President, Mr Yemi Osinbajo, adding that the composition of the committee shows the commitment of the federal government to the expansion and implementation of LPG in Nigeria.
“So, to make it available, some of the policy directives were worked on and past in 2017, the government will remove necessary bottlenecks,” he said.
LPG is a fossil fuel closely linked to oil. As a fuel, it is used for cooking, lighting, and central heating. It is a clean-burning, non-poisonous, dependable and high-performance fuel stored and transported in containers as a liquid, but is generally drawn out and used as gas.
LPG has a very wide variety of uses, mainly used across many different markets – agricultural, recreation, hospitality, calefaction, construction, sailing and fishing sectors – as an efficient fuel.
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