General
FG Rolls Out Second Phase of Interventions for Small Businesses
By Adedapo Adesanya
The federal government is set to commence the second phase of its interventions for small business, a N75 billion grant initiative, which is part of President Bola Ahmed Tinubu’s administration’s economic reform agenda.
This was disclosed by the Minister of Information and National Orientation, Mr Mohammed Idris, during the Media Activation and Town Hall Meeting on the Federal Government Loan Scheme for Medium, Small and Micro Enterprises and Manufacturing Enterprises.
Mr Idris said the government was targeting the MSMEs with its intervention programmes because they remain the engine of the Nigerian economy, collectively employ over 80 per cent of the nation’s labour force, and contribute nearly half of the national gross domestic product (GDP).
He added that the Tinubu administration was committed to repositioning Nigeria for rapid economic growth and, in doing so, was prioritizing hardworking and energetic entrepreneurs across the country for its intervention schemes.
The Minister clarified that the first phase of the programmes was the N200 billion federal intervention, of which N50 billion has been disbursed as one-off conditional grants, targeted at the nano-businesses segment of the small businesses category.
He said this second phase of N75 billion, was targeting the Micro, Small and Medium businesses category.
“The goal is to diversify the Nigerian economy further, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows. We are also keen to ensure that these targeted support programs go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms being implemented to put our country back on track for sustainable growth and prosperity.
“We fully recognize that these reforms may have caused temporary hardships, especially for vulnerable populations, and we will do everything in our power to cushion the discomfort. These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses,” he said.
The Minister stated that to ensure no part of the country is left behind, similar town hall meetings are being held simultaneously across the six geo-political zones of the country to gauge the sentiments of MSMEs as well as to mobilize them to take advantage of the interventions to further enhance their businesses.
The Minister stated that, under the Tinubu Social Intervention Programmes, applicants only need to submit their applications to access the interventions, without requiring connections or knowing someone in government.
The Minister also remarked that robust stakeholder engagement was paramount for the successful implementation of government programmes and policies, and commended the Vice President, and the Bank of Industry (BoI) for taking the lead on the laudable programme and for working hard to make it an enduring success.
By Aduragbemi Omiyale
On Monday, January 26, 2026, President Bola Tinubu will leave Abuja for Türkiye for a state visit aimed at “strengthening the existing cordial relations between the two countries and exploring further areas of cooperation in security, education, social development, innovation, and aviation.”
This is according to a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
The president’s spokesman disclosed that the visit is to reciprocate an official two-day visit of Turkish President, Mr Recep Tayyip Erdogan, to Nigeria on October 19, 2021.
Mr Tinubu, according to the statement, will be going to European nation along with other senior government officials, including the Minister of Foreign Affairs, Mr Yusuf Tuggar; the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN); the Minister of Defence, Mr Christopher Musa; and the chairman of the House Committee on Defence, Mr Jimi Benson.
Others on the entourage of the president are the Minister of Women Affairs and Social Development, Ms Imaan Suleiman-Ibrahim; the Minister of Interior, Mr Olubunmi Tunji-Ojo; the Minister of Culture and Creative Economy, Ms Hannatu Musawa; the National Security Adviser (NSA), Mr Nuhu Ribadu; and the Director-General of the National Intelligence Agency (NIA), Mr Mohammed Mohammed.
During the visit, both countries will engage in strategic political and diplomatic discussions on shared values in finance, communication, trade and investment.
The agenda will include meetings between high-ranking officials of both nations and the signing of memoranda of understanding (MoUs) in scientific research, energy, technical cooperation, media and communications, military cooperation and protocol, among others.
A business forum will bring together investors from both countries to explore areas of interest during the visit, with Mr Tinubu expected to return to Nigeria afterwards.
By Aduragbemi Omiyale
Over 120 malnourished children in Alimosho Local Government Area of Lagos State have been given nutritional support, medical screening, and caregiver education.
This was made possible through an initiative known as the Project BLOOM (Bringing Life to Our Overlooked Minors) put together by the Nigerian Exchange (NGX) Group Plc in partnership with the Lagos State government and the Health Emergency Initiative (HEI).
NGX Group staff volunteers worked alongside Lagos State health workers and HEI facilitators during the outreach, assisting with screenings and data recording. Structured follow-up visits are scheduled after four weeks to monitor recovery and provide extended care where necessary.
The Alimosho programme was the third under the initiative. The beneficiaries were hosted at the Lagos State Health District I.
Earlier, the initiative benefitted residents of Yaba and Ajegunle. Over 320 children and 300 caregivers were reached, with monitoring data showing that more than 50 per cent of beneficiaries in the first two phases entered recovery.
The chief executive of NGX Group, Mr Temi Popoola, linked the initiative to broader economic resilience, saying, “Sustainable capital markets are built on strong social foundations. The recovery rates we see with Project BLOOM prove that targeted, collaborative action between the public sector, civil society, and the private sector can deliver tangible impact.”
Also, the Executive Director of HEI, Achunine Pascal, said child malnutrition remains a major contributor to under-five mortality in Nigeria, adding that Project BLOOM is designed to go beyond immediate food support through structured follow-up and continued care.
On his part, the chairman of Alimosho Local Government Area, Mr Akinpelu Ibrahim Johnson, said the initiative supports the council’s long-term strategy for improving child nutrition through early detection, prevention, and effective management of malnutrition.
Representing the Permanent Secretary, Lagos State Health District I, Dr. Solomon Adeyanju commended NGX Group for its commitment to child health, describing Project BLOOM as a valuable complement to the state’s primary healthcare efforts.
With additional outreaches planned, the partners reaffirmed their commitment to reducing preventable child mortality while strengthening the social foundations required for sustainable economic growth.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Minister of Power, Mr Adebayo Adelabu, and the Nigerian Bulk Electricity Trading (NBET) Plc before a Federal High Court in Abuja over their failure to account for an alleged missing N128 billion public funds.
The group in a statement on Sunday by its Deputy Director, Mr Kolawole Oluwadare, said the suit, marked FHC/ABJ/CS/143/2026, was filed last Friday following allegations contained in the Auditor-General of the Federation’s report published on September 9, 2025.
In the lawsuit, SERAP is seeking an order of mandamus compelling Mr Adelabu and NBET to account for what it described as “the missing or diverted N128bn from the Ministry of Power and NBET.”
The organisation is also asking the court to direct the defendants to disclose “details of how the missing or diverted N128bn was spent, including the dates of disbursement and the purported beneficiaries or contractors who received the money.”
SERAP further urged the court to compel the disclosure of “the full names, official designations and offices of all public officers who authorised, approved or otherwise participated in the release of the missing or diverted N128bn.”
According to the group, Nigerians have continued to suffer the consequences of corruption in the electricity sector, particularly amid recurring grid collapses and erratic power supply.
“Nigerians continue to pay the price for the widespread and grand corruption in the power sector,” the group said, adding that “there is a legitimate public interest in ensuring justice and accountability for these grave allegations,” arguing that granting the reliefs sought would help tackle systemic failures in the sector.
“Granting the reliefs sought would contribute to tackling corruption in the power sector and addressing the persistent breakdown of transmission lines in the country, as well as improving access of Nigerians to regular and uninterrupted electricity supply,” it stated.
The group further warned that corruption has deepened hardship for electricity consumers, noting that “ordinary Nigerians continue to pay the price for corruption in the electricity sector—staying in darkness, but still made to pay crazy electricity bills.”
The suit, filed by SERAP’s lawyers, Mr Kolawole Oluwadare, Ms Kehinde Oyewumi and Mr Andrew Nwankwo, relied heavily on findings from the Auditor-General’s 2022 audited report, which detailed multiple alleged financial irregularities involving the Ministry of Power and NBET.
The organisation stressed that public institutions are legally bound to ensure transparency, accountability, and the abolition of corrupt practices.
No date has been fixed for the hearing of the suit.
Business Post had reported earlier that Mr Adelabu claimed that the missing money happened prior to his appointment as the minister of power.
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