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World Bank loan to be used to pay N8,000 to 12 million families for six months, says Tinubu

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President Bola Tinubu has indicated that his administration will pay N8,000 to 12 million Nigerian families for six months to cushion the effects of petrol subsidy removal.

Tinubu had announced the removal of subsidy on petroleum products during his inaugural presidential on May 29 causing the prices of petroleum products to jump over 200% and an increase in food prices and transportation.

Amid threats by labour unions to down tools over the rising cost of living, Tinubu maintained that the government has plans to address citizen’s needs.

On Thursday, Tinubu wrote to the Senate seeking the approval of the Senate for $8OO million palliative loan from the World Bank.

“You may also wish to know that the purpose of the facility is to expand coverage of shock-responsive safety net supports for all and vulnerable Nigerians and the cost of meeting basic needs,” Tinubu said in a letter to the Senate.

Tinubu explained that “under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of 8000 a month to 12 million poor and low-income households for a period of six months with a multiplying effect on about 60 million individuals.”

The World Bank facility, Tinubu said, would be utilised to scale up the National Social Safety Net Programme.

“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries accounts and mobile wallets,” Tinubu said.

“It is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health, and education outcomes for beneficial households.

“Giving the above, I wish to invite the senate to kindly grant approvals for additional loan facilities USD800milliom to be secured from world bank for the national social safety net programme.”

Tinubu on Wednesday asked the House of Representatives to amend the 2022 Supplementary Appropriations Act to provide N500 billion to fund palliative measures against the impact of fuel subsidy removal.

Tinubu is seeking to extract N500 billion from the N819,536,937,813 supplementary budget.

Former President Muhammadu Buhari introduced the supplementary budget in 2022 for capital projects due to the impact of the floods on farmlands and road infrastructure.

The life span of the budget has since been extended till 31 December.

“Thus, the sum of N500 billion has been extracted from the 2022 supplementary budget of N819 billion for the provision of palliative. I hope the House will consider this request expeditiously,” Tinubu said.

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Empowerment

Barau Jibrin Foundation, BOA Launch N2.79b Loan Scheme

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Jibrin Barau

***To Empower 558 Young Farmers

In a major move to boost agriculture and economic development in Nigeria’s North West region, the Barau I. Jibrin Foundation (BIJF) has partnered with the Bank of Agriculture (BOA) to launch a N2.79 billion loan scheme aimed at transforming 558 young Nigerians into millionaire farmers.

The initiative, known as the Barau Initiative for Agricultural Revolution in Nigeria (BIARN), is designed to enhance food production, create jobs, and strengthen food security by equipping young farmers with the resources needed to succeed.
Speaking at the signing of a Memorandum of Understanding (MoU) with BOA, Deputy Senate President, Senator Barau Jibrin, emphasized that the scheme aligns with the Federal Government’s efforts to modernize and expand the agricultural sector.

“This program is about revolutionizing agriculture in the North West. In this first phase, we are empowering 558 young farmers with N5 million each, giving them the opportunity to become agricultural entrepreneurs,” Barau stated.

He added that beyond wealth creation, the program will generate employment and inspire a new wave of young agribusiness leaders.

The beneficiaries will be selected from seven states and 186 local government areas in the North West region. The scheme specifically targets graduates with Higher National Diplomas (HNDs), Bachelor’s, Master’s, and Ph.D. degrees, ensuring that educated young Nigerians actively participate in modern farming.

Senator Barau also noted that the initiative supports President Bola Tinubu’s Renewed Hope Agenda, which has prioritized investment in agriculture, committing over one trillion naira to the sector.
BOA’s Managing Director, Alwan Ali Hassan, praised the initiative, describing it as a groundbreaking effort to transform agriculture in Nigeria.

“We are proud to support this visionary program that will change the agricultural landscape of the region, particularly in maize and rice cultivation. BOA is fully committed to its successful implementation,” he assured.
Through this collaboration, the Barau Jibrin Foundation and BOA are laying the foundation for a new generation of successful, young farmers who will drive economic growth, reduce unemployment, and ensure food sufficiency across Nigeria.

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Empowerment

FG Prioritizes Youth Empowerment with Bold Economic Initiatives

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The Federal Government has reiterated its unwavering commitment to youth empowerment, emphasizing its role in driving economic growth and fostering a more inclusive and sustainable economy.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this declaration during a courtesy visit by the Arewa Youth Forum (AYF) at his office in Abuja.
Director of Information & Public Relations, Mohammed Manga, in a statement quoted Edun to have highlighted several government-led initiatives aimed at enhancing youth participation, financial inclusion, and economic stability, all in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
He indicated that over 100,000 students have benefited from the Student Loan program, with ₦30 billion allocated to support higher education.

Another initiative; the Digital and Creative Economy Fund designed to finance youth-led businesses, with a special focus on women entrepreneurs.
Another initiative is the Consumer Credit Access which is a government-backed initiative that will improve financial access for young Nigerians.

Infrastructure Development according to the Minister is another initiative focused on unlocking agricultural potential and expanding the economy.

The Minister reaffirmed that the government is working to eliminate barriers that hinder youth involvement in key economic sectors such as agriculture, manufacturing, and exports.
He urged young Nigerians to take full advantage of available opportunities and actively engage with government policies.
The National President of the Arewa Youth Forum, Ahmed Mohammed Zagi, commended the government’s economic and job creation efforts, particularly in Northern Nigeria.

While acknowledging the government’s palliative interventions, Zagi appealed for additional support ahead of the Ramadan fast, noting the economic hardships faced by ordinary Nigerians.

The Minister assured the delegation of continued collaboration, stressing that the government remains focused on fostering an inclusive, vibrant, and sustainable economy for all Nigerians.

“The future belongs to you,” Edun told the youth representatives, encouraging stronger engagement between youth groups and policymakers to shape a prosperous national future.

With strategic programs like the Student Loan Scheme, Digital Economy Fund, and Consumer Credit Access, Nigeria’s youth are better positioned to thrive in a rapidly evolving economy. The government’s dedication to collaboration and empowerment signals a brighter future for young Nigerians.

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Empowerment

Senator Natasha Unveils Free Music Studio for Kogi Artistes, empowers them with Cash

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In a groundbreaking move to uplift the creative industry in Kogi Central, Senator Natasha Akpoti-Uduaghan has established a fully equipped music studio, providing free access to local artistes and financial support to fuel their careers.

The initiative, unveiled on Valentine’s Day under the Natasha Akpoti-Uduaghan Foundation, is set to revolutionize the entertainment landscape in the region. Beyond just a facility, the studio serves as a launchpad for emerging musicians who previously faced financial hurdles in recording their music.

The senator’s generosity extended beyond infrastructure—ten artistes received ₦300,000 each to boost their careers, while performers at the event also got financial support.
The Alema/Ohiogu Love Fest, which featured thrilling performances from top local talents, showcased the depth of musical artistry in Kogi Central.

With this initiative, Senator Akpoti-Uduaghan is not just investing in music; she is shaping a future where Kogi Central artistes have the tools to compete on a national and global scale.

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