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FG Yet To Disburse N50,000 Trade Grant After May Deadline

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BY YAHAYA UMAR 

Federal Government through the its Ministry of Industry, Trade and Investment is yet to disburse the N50,000 trade grant to more than half of the eligible applicants which is about 500,000 Nigerians who applied for the scheme.

According to check on the Federal Government’s official website, the initiative has benefited a total of 414,751 individuals from all 774 Local Government Areas ,LGAs, in Nigeria since its inception in March.

As of June 1, 2024, there are still 585,249 Nigerians who are yet to benefit from the N50,000 grant scheme.

Earlier, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, indicated that the scheme aimed to cover 1 million eligible applicants, with the disbursement deadline set for May 31.

“Many have already received their grants—thank you for your patience!  For those waiting, please hold tight.

“The disbursement process is ongoing in batches and not yet completed. All remaining successful applicants will receive their alerts between now and the end of May. No further action is needed on your part for now. “The application portal was closed at midnight on April 17, 2024.

“The disbursement is currently in progress and processed in batches. It is expected to be completed by the end of May 2024″, the Minister said in a circular in April.

Furthermore, the Minister said over 3.6 million Nigerians showed interest in the scheme. However, she said only one million will be eligible to receive the grants.

She emphasized that the scheme is designed to cover this specific number of individuals.

She further explained that disbursements are not determined by specific criteria but are processed in the order of application verification.

According to the Minister, the objective is to distribute funds to an estimated 1,290 beneficiaries per Local Government Area ,LGA, across the country, with the overall goal of reaching one million recipients.

“Disbursements aren’t based on any specific criteria but in the order, in which applications are verified. The goal is to reach an estimated 1290 beneficiaries per LGA across the country totaling 1 million.

“Of over 3.6 million applicants, only 1 million will receive the grant. This is the threshold based on the amount budgeted for nano businesses”, Uzoka-Anite added.

With more than half of the applicants still awaiting the grants, there is a possibility that the federal government will extend the deadline for those who are yet to receive the funds for their small businesses.

In April, Uzoka-Anite stated that the names of those who received the grants would be published and made known to the public following the conclusion of the program.

However, with so many people still waiting to receive the grants, the possibility is that the federal government may announce a new date as a deadline for the initiative.

In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme ,PCGS, as part of the Presidential Palliatives Programme, with the aim of supporting nano businesses.

Scheduled to commence on March 9, 2024, the Trade Grant Scheme offers non-repayable financial grants to eligible small business owners in various sectors, including trading, food services, ICT, transportation, creative industries, and artisans.

The PCGS plans to allocate 70% of the grants to women and youths, 10% to individuals with disabilities, and 5% to senior citizens, leaving 15% for other demographics.

The Minister announced that each qualifying recipient would receive a N50,000 grant, which will be directly deposited into their bank accounts. The goal is to reach one million small businesses across the 774 LGAs and six council areas in the Federal Capital Territory ,FCT.

Emphasizing the extensive impact of the scheme, Uzoka-Anite highlighted its potential to benefit communities nationwide, targeting 1,000,000 beneficiaries.

CBN Permits IOCs To Sell 50% Of Repatriated Export Proceeds 

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ALJAZIRAH
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CENTRAL BANK OF NIGERIA

By Aliyu Galadima 

Central Bank of Nigeria ,CBN, has announced that International Oil Companies ,IOCs, can sell 50% balance of their repatriated export proceeds to authorized forex dealers. 

This is according to a new circular issued on May 31, 2024, to clarify a recent directive and is aimed at bolstering liquidity and stabilizing the foreign exchange ,FX, market,  

The circular provides critical insights following the initial release on May 6, 2024, which generated numerous inquiries regarding the specifics of forex sales by IOCs in the Nigeria Foreign Exchange Market. 

Repatriated Export Proceeds Sale: The CBN has authorized IOCs to sell 50% of their repatriated export proceeds directly to authorized forex dealers or eligible users of foreign exchange for eligible transactions. This move is expected to significantly increase forex availability in the market, thereby aiding in exchange rate stabilization. 

Flexibility in Fund Management: Additionally, if an IOC does not have any outstanding financial obligations to settle with the repatriated funds during or after the 90-day retention period, they are permitted to sell the remaining 50% balance entirely to authorized dealers. This provision ensures that IOCs can efficiently manage their forex without unnecessary restrictions, promoting better liquidity management. 

The circular read: “Following the release of the circular dated May 06, 2024, referenced: TED/FEM/PUB/FPC/001/008, in respect of Cash Pooling by banks on behalf of IOCS, we received several requests for clarification on item No 3(8) on forex sales at the Nigeria Foreign Exchange Market. 

“Consequently, we hereby provide the following clarifications. 

“(1) The 50% balance of the repatriated export proceeds may be sold to Authorized Dealers or eligible users of foreign exchange with eligible transactions. 

“(2) If the IOC does not have any financial obligation to settle with the funds during or after the 90-day retention period, the 50% balance may also be sold wholly as stated in (1) above”.

The apex bank earlier stopped IOCs operating in Nigeria from immediately remitting 100% of their forex proceeds to their parent company abroad.   

According to the initial circular, IOCs are allowed to repatriate only 50% of their proceeds immediately while the other 50% will be repatriated 90 days from the day of inflow.  

It further issued clarifications on the utilization of foreign exchange proceeds by IOCs. 

The CBN’s new directive is poised to have a significant impact on the Nigerian forex market. By allowing IOCs to sell a substantial portion of their repatriated proceeds, the directive aims to boost forex liquidity, helping to mitigate volatility and foster a more stable economic environment. 

Customs Duties FX Rate Rises By 23.9% As Naira Weakens

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ALJAZIRAH
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federal allocation

By Charles Ebi 

Exchange rate for the Nigeria Customs duties collection has risen by 23.9% from N1,196.6 per USD to N1,482.9/$. This marks an increase of N286.3 in just 2 days from May 30, 2024, when it dropped to the N1,196.6/$ rate.

The initial drop in the exchange rate for customs duties collection follows the surprise strengthening of the Naira on the official market to N1,173/$ on the 28th of May 2024. This marked a 14.09% increase, which is the largest one-day appreciation of the naira since January 2024.

However, the Naira failed to maintain the momentum and dropped to N1,339/$ the next day following the surprised appreciation, and closed the week at N1,485.9 to the USD. The exchange rate for the close of work coincided with the end of May- a very volatile month for the naira.

The turbulent 2024 for the Naira stems from the supply issues on the forex market. The CBN has tried to bring stability to the forex market through a variety of policy initiatives. However, since the beginning of the year, it seems none has produced a lasting effect on a stable exchange rate.

This week, the apex bank issued a circular permitting International Oil Companies ,IOCs, operating in Nigeria to sell 50% of their forex proceeds to authorised dealers or legitimate users of forex. Furthermore, it stated that when an IOC does not have use for the forex proceeds, it could sell it to authorised dealers.

The move is part of efforts by the Central Bank to boost the supply of forex to the market and provide much-needed stability. The bank had earlier in February prevented IOCs from remitting 100% of their forex proceeds by asking them to keep 50% for 90 days- a policy known as cash pooling.

The volatility of the forex market has resulted in the Customs Service regularly changing the exchange rate for duties collection- a policy that has brought great discomfort to Nigerian businesses especially importers.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele had recommended to the federal government that the customs duties rate be pegged at N800/$- the same rate in the 2024 budget. He argued that pegging the rate at N800/$ allows businesses to plan for long term and brings uniformity in government actions- as the 2024 budget cannot be operating separately from customs duties rate.

The Customs Service had earlier defended the regular changes in the market as due to the unified exchange rate policy of the CBN stating that it is the apex bank that fixes the rate for duties collection.

CS, NEMSA, FAAN Rated Worse Agencies On Compliance,  Resolution

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ALJAZIRAH
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By Dickson Pat 

Report from ReportGov.Ng, Nigeria’s Official Public Service Complaint website, has listed the Nigeria Customs Service ,NCS,, the Nigeria Electricity Management Service Agency ,NEMSA, and the Federal Airports Authority of Nigeria ,FAAN, as the worst-performing government agencies in terms of customer complaints resolution for May 2024.

This is revealed in the report detailing how government Ministries, Departments, and Agencies ,MDAs, fared in responding to complaints in the period.

According to the report, NCS received two complaints in the period under review and resolved none. NEMSA received one complaint and could not resolve it, while FAAN received five complaints and was unable to resolve any.

Meanwhile, the Federal Competition and Consumer Protection Commission ,FCCPC, and the Central Bank of Nigeria ,CBN, as the top two government agencies responsive to public complaints in May.

While the FCCPC and CBN occupied the first and second positions respectively, the National Agency for Food and Drug Administration and Control ,NAFDAC, emerged third for the month. The government agencies were ranked based on the number of complaints received and the number of such complaints they were able to resolve within the month.

According to the website, the FCCPC received 36 complaints in the month and resolved all of it to score 100% in rate of response. The CBN also received 25 complaints within the month and resolved all of them. This gave the banking regulator a 100% score.

NAFDAC on the other hand received 3 complaints out of which 2 were resolved, giving it a 67% rate of response.

The Report.Gov platform was conceived by the Presidential Enabling Business Environment Council ,PEBEC, established by the immediate past administration of President Muhammadu Buhari in July 2016 as part of moves to improve the ease of doing business.

The website is to facilitate the escalation and resolution of issues encountered with Ministries Departments and Agencies ,MDAs, towards ensuring a more business-friendly environment.

This presupposes that every MDAs of the government must be responsive to complaints and issues that the people may have during their engagements with them to remove delays and restrictions that come with doing business in Nigeria.

Meanwhile, in a 2020 World Bank report, Nigeria’s ranking in the Ease of Doing Business report improved from 146 to 131, representing its second-highest annual progress in a decade. Nigeria’s highest scores were in the areas of starting a business, dealing with construction permits, and getting credit. However, the country’s performance was low in other areas, such as registering properties, trading across borders, and resolving insolvencies.

Most recently, PEBEC’s 2023 EoDB report showed that at the country-wide level, there was a marginal increase in Nigeria’s overall EoDB satisfaction score to 5.69 on a 10-point scale from 5.45 recorded in the inaugural report. While acknowledging this improvement, PEBEC said there is a lot more to be done to improve the business environment.

Vinicius Ends Season In Style  Edges Closer In Ballon d’Or Race 

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ALJAZIRAH
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Real Madrid forward, Vinicius Jr, has put himself in strong contention to win the Ballon d’Or Award for the Best Player in the world and adds to his growing trophy cabinet after scoring in another Champions League final on Saturday.

The Brazilian netted Real’s second goal against Borussia Dortmund late on at Wembley to secure a 2-0 win and a record-extending 15th European crown for the Spanish side as well as capping another brilliant season for the 23-year-old.

“Ballon d’Or! Vinicius Jr has just taken the Ballon d’Or”, former England defender Rio Ferdinand said in his role as a TV pundit as Vinicius celebrated his goal.

“He has the Ballon d’Or in the bag now. Wow. At the biggest moments of the Champions League this season, Vinicius Jr has stepped up”.

After crowning his breakthrough season with the winner in Real’s 14th European Cup win over Liverpool in Paris two years ago, Vinicius finishes this campaign with six goals in the Champions League and 15 in LaLiga, which Real also won.

His total haul of 24 goals in all competitions means it is the Brazilian’s most prolific season since he signed from Flamengo in 2018. In that time he has won three LaLiga titles, two Champions Leagues, a Spanish Cup and two Club World Cup crowns.

“Vinicius for the Ballon d’Or? No question about it”, his manager Carlo Ancelotti told reporters after the game.

Another favourite for the award is Real midfielder Jude Bellingham, who has had a remarkable breakthrough season in Madrid since his 103-million-euro ($111.50-million) move from Dortmund last year.

The 20-year-old Englishman exceeded expectations to help his team claim a record-extending 36th Spanish league title, scoring 19 goals to finish as LaLiga’s third highest goalscorer, level with Barcelona forward Robert Lewandowski.

He was also the provider at Wembley for Vinicius to become the first Brazilian to score in two Champions League finals.

Bellingham later interrupted his team mate’s post match interview with Brazilian TV shouting in Portuguese “assistencia bonitinha (cute assist)” before they both embraced while laughing.

Both players will be strong favourites for the award and Bellingham can enhance his case at the European Championship in Germany with England. Vinicius, meanwhile, will feature for Brazil at the Copa America.

However, Vinicius was more concerned about enjoying the moment rather than potential individual accolades.

Mbappe Signs Real Madrid Deal 

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ALJAZIRAH
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Kylian Mbappe has signed a contract to join Real Madrid on a free transfer when his Paris St-Germain deal expires on June 30.

The France striker verbally agreed to move to the Bernabeu in February and then announced in May he would leave PSG at the end of the season.

Mbappe, 25, has now signed terms with Real Madrid and will move to Spain when the La Liga transfer window opens on  July 1.

Madrid are expected to announce the deal next week and could formally present the forward at the Bernabeu before Euro 2024.

Mbappe, a World Cup winner in 2018, is PSG’s record goalscorer with 256 goals since he joined them from Monaco on an initial loan in 2017.

He has agreed a deal with Real until 2029, earning 15m euros (£12.8m) a season, plus a 150m euro (£128m) signing-on bonus to be paid over five years, and he will keep a percentage of his image rights.

The Frenchman will get the chance to play alongside Luka Modric, with the Croatian midfielder set to sign a new one-year extension with the club.

Modric, 38, came on as a substitute as Madrid won their 15th European Cup title with a 2-0 win against Borussia Dortmund at Wembley on Saturday.

The former Tottenham midfielder’s current deal expires later this month, but he is expected to stay for a further 12 months.

German Toni Kroos, 34, made way for Modric with four minutes remaining on his final appearance for the club after 10 years.

Real held a trophy parade through the Spanish capital yesterday night following their record-extending success.

NVBF President, Musa Nimrod Satisfied With Development Of Volleyball Leagues

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ALJAZIRAH
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Joel Ajayi

President, Nigeria Volleyball Federation, Engineer Musa Nimrod has rated the just-concluded phase one of the 2024 Division One and Two Nigeria Volleyball League high following the high standard and improvement witnessed in the leagues.

The Phase of the National Volleyball League which commenced on May 21 ended on June 1, in Abuja.

The President, speaking at the Multipurpose Hall of the Moshood Abiola Stadium Abuja on Saturday night said, “I am very pleased with the level of the game and we are improving yearly.

He added, “I am very happy with the organisers, (the League Management Committee) irrespective of lack of sponsor, they put in their best and so far so good, the league has been standard and.the quality is very high .

“When I came into the leadership of the federation, I prayed to God to grant the players the opportunities to ply their trade abroad as professional volleyballers. And I thank God because we have a lot of Nigerian professional volleyball players abroad. Now as we are growing yearly, this year we have teams from Bayelsa, Delta and a lot of other state owned teams are here for the first time in.the history of the competition.

“I appreciate the federation members, they’re doing their best and I am proud of the club, coaches and all those who participated in the competition.

For the first time in the history of the league, seventeen teams from across Nigeria participated in the championship. The date and venue for Phase Two of the league will be communicated by the Federation.

Igoche Celebrates Nigeria’s Historic Wins, Appointment At BAL 2024

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Joel Ajayi

Igoche Mark, the visionary behind the Mark D’ Ball Basketball Championship, has commended Nigeria for its remarkable performance and groundbreaking accomplishments at BAL 2024; As Rivers Hoopers emerged as the bronze winners,while Coach

Ogoh Odaudu, head coach of Rivers Hoopers was awarded the prestigious title of Coach of the Year.

Adding to the list of achievements, was the exceptional appointment of  President of FIBA Africa Zone 3,Col. Samuel Ahmedu (Retd) into the FIBA Africa Executive Committee. 

In his congratulatory message yesterday, 

the Mark D’ Ball Initiator says, “The collective success of Rivers Hoopers, Ogoh Odaudu, and Col Samuel Ahmedu exemplifies Nigeria’s unwavering dedication to excellence and sets a new standard for basketball in the region”.

As Nigeria continues to make strides on the international basketball stage, Mark noted that “the nation’s passion, talent, and determination serve as an inspiration to aspiring athletes and fans across the continent. With these historic wins and appointment, Nigeria has truly proven that the future of African basketball shines brightly with each victory”.

“Keep shining, and I wish you all continued success in your future endeavors.”Mark concluded.

In a remarkable display of dominance and achievement, Nigeria made history at the recently concluded Basketball Africa League ,BAL, Season 4 in Kigali, Rwanda.

Rivers International Marathon Ends In Fanfare 

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ALJAZIRAH
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The much publicized Rivers International Marathon came to an end with pomp and ceremony on Saturday in Port Harcourt city.

Grang Boyi Nyango of Plateau State claimed the top prize in the men’s marathon with a time of 2:28:29 with Iliya Pam Nwanta (Plateau State) finishing in second place with a time of 2:39:09 while Istifanus Peter Mahan (Plateau) crossed the line in third place (2:41:42).

In the women’s competition, Arusei Peninah of Kenya won the race with a time of 2:48:23. 

Blessing Shambor Solomon (2:57:38) came second with Charity Agofure completing the podium places with a time of 3:02:58.

The winners in the male and female categories took home the sum of $10,000.00 (ten thousand UD Dollars) apiece.

The Executive Governor of Rivers State, Sir Siminialaye Fubara who attended the race whose finale was at the Yakubu Gowon Stadium, Port Harcourt also announced a cash donation of N1 million to the contestants who finished between the 2nd and 20th positions, respectively, in the male and female category.

Speaking after the conclusion of the event, Rivers State Sports Commissioner, Barr. Christopher Green expressed elation at the smooth manner in which the event was conducted.

“First and foremost, I want to thank the Almighty God for the successful completion of this first ever Rivers International Marathon. It wasn’t without its hitches but overall, we have to give it a pass mark.

“Like our sports loving Governor has stated, the next edition next year will be one of the biggest and the best marathons the country has ever seen.

“I also want top use this opportunity to thank His Excellency, the Governor of Rivers State for the great support he showed which ensured that this event ended successfully.

“In his magnanimity, he donated the sum of five million naira each to winners of races in both categories and also doled out one million naira each to those who finished in the second to 20th position range. That is the act of a generous lover of sports which will serve as a huge motivation to the athletes”, Barrister Green concluded.

Paris 2024 Olympics: BFN Opens Camp In Lagos

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ALJAZIRAH
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Joel Ajayi

 Badminton Federation of Nigeria ,BFN, has opened its training camp ahead of the Paris 2024 Olympic Games between July 26 to August 11.

Two-time African Games Champion and four-time African Senior Champion, Anuoluwapo Opeyori is Nigeria’s sole representative in the badminton event at the Games.

President of the Badminton Federation of Nigeria, Francis Orbih revealed that Anuoluwapo Opeyori is paired with two national team players, Victor Ikechukwu and Emmanuel Joseph at the Badmintonn section facility at Ikoyi Club 1938. 

Orbih said the Federation has concluded plans for the second stage of camping for Opeyori in Italy.

He said, “Before the announcement of the ministry’s camping programme, the BFN decided to put our qualified athlete, Anuoluwapo Opeyori in camp alongside two national team players, Victor Ikechukwu and Emmanuel Joseph at the Ikoyi Club 1938 in Lagos. The Federation chose Ikoyi Club because it has one of the best badminton facilities in the country and the Federation has been in a collaborative partnership with the Club.

“The players are currently being handled by Coach Ben Orakpor who is one of our experienced coaches in the country. There is no time to waste because we have less than two months until the Paris 2024 Olympics and the Federation wants to ensure Opeyori is in top shape.

“Opeyori only has 10 days in Nigeria before he departs for his first phase of the foreign training camp in Italy. We want him to have access to world-class facilities and play against some top-ranked players in Europe”. 

Orbih noted that the African Champion will join the foreign camp organised by the Federal Ministry of Sports in Germany from July 1 – 21.

He said, “We have agreed that Anuoluwapo Opeyori will join the foreign camp organised by the Federal Ministry of Sports in Germany from July 1- 21 and in between play the Mauritius international from to July 11 – 14.

“The Badminton Federation of Nigeria will continue to monitor the progress of Opeyori and hope he surpasses his previous record at the Tokyo 2020 Olympics”.

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