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FG Giving Businesses up to ₦1Bn Loan @ 9 Percent Interest Rate — Wale Edun

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Wale Edun, minister of Finance and Coordinating Minister of the Economy, has said that the federal government is offering businesses including manufacturers in the country credit facilities up to ₦1bn at a 9 percent interest rate.

FG Giving Businesses up to ₦1Bn Loan @ 9 Percent Interest Rate — Wale Edun

Wale Edun

The minister, who was a guest on Channels Television’s Sunday Politics programme, said the current administration recognises the challenge of entrepreneurs to access affordable funds for their businesses, hence the initiative.

He said small-scale entrepreneurs can get up to ₦1m in credit facility while larger businesses can access up to ₦1bn at 9% interest rate, which is cheaper than the current interest rate of 26.25 % recommended to commercial banks by the Central Bank of Nigeria (CBN),

Edun said, “The emphasis is on ramping up food production, the emphasis is on dealing with food nutrition and food insecurity.

“Likewise, the emphasis is on helping small-scale businesses through grants, and nano enterprises through grant funding. That is being rolled out and it’s being done in a manner which, as I said before, is a world-class standard where you identify biometrically the person that is the beneficiary and you pay them through a digital process which you can easily reconcile.

“That is the emphasis, to make sure that we ramp up that speed and the scale of the help that is there even loans are 9% for medium scale enterprises, up to 1 million naira for the smaller enterprises and then for the larger enterprises up to 1 billion naira funding at 9% so that those manufacturing firms can invest grow the economy employ people produce more goods that will help to bring down inflation.”

He assured Nigerians that food prices would come down in the coming months.

The minister said though food insecurity is a worldwide phenomenon, the government has dedicated special funding for infrastructure to boost agricultural output.

He said, “Inflation, yes, it is high at 33.65%, food inflation at 40.5% is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest. That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a nig factor in bringing down inflation.”

Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians battle the country’s current economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of forex windows.

 


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TikTok Returns on Apple, Google US App Stores as Trump Delays Ban

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TikTok returned to the U.S. app stores of Apple and Google on Thursday as President Donald Trump delayed a ban on the Chinese-owned social media app and assured the tech giants they would not be fined for distributing or maintaining it.

The popular short video app used by nearly half of all Americans went dark briefly last month, before a law took effect on January 19 that requires its Chinese owner ByteDance either to sell it on national security grounds or face a ban.

The following day, Trump signed an executive order seeking to delay the enforcement of the ban by 75 days, allowing TikTok to continue its operations in the U.S. temporarily.

Although TikTok resumed service after Trump’s assurances, Google and Apple kept the app removed from their U.S. app stores.

TikTok, the second-most downloaded app in the U.S. last year, said on Thursday that its latest app was now available for download.

The delay could have been because Google and Apple were awaiting assurances that they would not be prosecuted for hosting or distributing the app, according to analysts.

Trump’s directive said the companies, which run mobile application stores or digital marketplaces where users can browse, download and update apps, would not face penalties for keeping the TikTok app up and running.

TikTok had more than 52 million downloads in 2024, according to market intelligence firm Sensor Tower.

About 52% of its total downloads were from Apple App Store, while 48% were from Google Play in the U.S. last year, Sensor Tower said.

The law that requires ByteDance to sell TikTok’s U.S. assets or ultimately face a ban was signed by then President Joe Biden last April, triggered by national security concerns and fears that China could use the video-sharing app to spy on American users.

The U.S. has never banned a major social media platform and the law that passed last year gives the government sweeping authority to ban or seek the sale of other Chinese-owned apps. Trump said on Thursday that his 75-day deadline on TikTok could be extended.

The turmoil at TikTok attracted several potential buyers, including former Los Angeles Dodgers owner Frank McCourt, who have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion.

Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February.


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FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

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Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Dr. Oluwatoyin Madein, accountant-general of the Federation,

The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.

This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.

Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.

The statement reads:

“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”

She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.

Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.

She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.

As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.

She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.

Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.


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NBRDA Investigates Biocatalysts for Bioethanol Production

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National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.

NBRDA Investigates Biocatalysts for Bioethanol Production

Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday

Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.

An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.

He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.

“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.

“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.

Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.

According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.

“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.

“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.

“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.

According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.

He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.

The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.

He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.


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