Daybreak, Politics, Entertainment, Sport

Tag: Zainab Ahmed

  • FG to borrow fresh $1.2bn from Brazil

    FG to borrow fresh $1.2bn from Brazil

    The Federal Government of Nigeria has said that it’s seeking a loan of $1.2bn from Brazil to finance agricultural programmes in the 2021 budget.

    The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known during a meeting with the House of Representatives Committee on Finance in Abuja on Tuesday.

    Ahmed said that a request has been sent to the National Assembly to approve the loan from the Brazilian government.

    She said the loan will be used to address issues in agriculture, adding that 100,000 hectares of land will be acquired in each state for food production.

    “I request for the approval for loan for the Green Imperative Programme which is for loan of $1.2bn from the Brazilian government.

    “The purpose of this program is to address the whole of agricultural value chain from mechanization, production, processing and selling,” she said.

  • Nigeria debts to hit N38.68trn in 2021 – Zainab Ahmed Reveals

    Nigeria debts to hit N38.68trn in 2021 – Zainab Ahmed Reveals

    The total public debts of Nigeria is projected to hit N38trn by December 2021, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.

    The Minister stated this on Tuesday, November 3, during her presentation to the Senate Committee on Local and Foreign Debts.

    The Minister said: “The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020.

    “It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020, and N38.68 trillion by December 31,2021.”

    She stated that the reason for numerous abandoned road projects across the country is due to inadequate funds released occasioned by dwindling revenue.

    She explained that the current Sukuk fund is N162bn for 45 roads cutting across the six geopolitical zones.

    She said, “I am one person that feels that we should just take one major road in one geopolitical zone and finish it.

    “We were not able to do that because of the processes in which appropriation is made both at the executive as well as the legislative arms of government.

    “But truly, if we are able to just take one or two projects at a time and complete it before going to the next one, it will be better.

    “What the contractor does is the bit that has been cut out for him to do in that particular area.

    “Once the fund is released and it is finished, we stop again. That’s the consequence of these numerous projects that we put in the budget.

    “It is not related to Sukuk-funded projects alone, it cuts across all the projects.

    “You will see a road that costs, may be, five billion Naira, and you will see a provision for N100m, N200m or 300m.

    “Of course the project will never finish. After two years, the contractor comes back and asks for variation, and the amount keeps growing.

    “I wish that we get to a point when we sit down as government and agree that let us select a few projects, finish them in 2020, and then in 2021, we select the next.

    “So that on a geopolitical basis, those selections are done as a collective process.”

    RELATED POSTS:

    Nigeria’s debt hits N31trn

    SERAP unrelenting over probe of Nigeria’s incurred debts

    “Atiku lied about Nigeria’s debt,” Says Lai Mohammed

  • We have failed our children, says Finance Minister

    We have failed our children, says Finance Minister

    The Minister of Finance, Budget and National Planning, Zainab Ahmed, has urged parents to instill family values in their children as a way to save the country from degeneration.

    The minister made the call on Saturday in Kaduna during a stakeholders’ engagement with 77 district heads, religious and community leaders from the 23 Local Government Areas of Kaduna State.

    “We are calling the attention of parents that we have failed our children in the sense that the kind of values we use to have is no more.

    “We need to remind ourselves that our children need to be upright and that this criminality going on, on daily basis, is not for their benefits and the benefit of the state and country.”

    The minister appreciated efforts by the Kaduna state government in managing security issues in the state.

    Ahmed told the stakeholders that the Federal Government has created an N75 billion entrepreneurship support fund, to enable youths in the country to grow their businesses and be economically independent.

    The minister explained that the fund would support the youth to actualize their innovative and enterprenueral ideas, be productive and employers of labour.

    Also speaking at the event, the Minister of Environment, Dr. Muhammad Mahmud, called for collective efforts to tackle the security challenges in the country.

    He urged the stakeholders to support the government in addressing the security challenges and unemployment in the country.

  • Parents should instill family values in their children to save Nigeria – Zainab Ahmed

    Parents should instill family values in their children to save Nigeria – Zainab Ahmed

    The Minister of Finance, Budget and National Planning, has appealed to parents to instill family values in their children in order to save Nigeria from degeneration.

    The minister made the call on Saturday in Kaduna during a stakeholders’ engagement with 77 district heads, religious and community leaders from the 23 Local Government Areas of Kaduna State.

    Read Also: Northern Governors Set To Bankroll Studies On #EndSARS, Job Creation

    According to her, “We are calling the attention of parents that we have failed our children in the sense that the kind of values we use to have is no more.

    “We need to remind ourselves that our children need to be upright and that this criminality going on, on daily basis, is not for their benefits and the benefit of the state and country.”

    The minister further commended the Kaduna state government in managing security issues in the state.

    Ahmed reiterated that the Federal Government has created a N75 billion entrepreneurship support fund, to enable youths in the country grow their businesses and be economically independent.

    The minister explained that the fund would support the youth to actualize their innovative and entrepreneurial ideas.

  • #EndSARS: FG To Set Up N25bn Youth Fund, As Kaduna Holds Stakeholders Meeting

    #EndSARS: FG To Set Up N25bn Youth Fund, As Kaduna Holds Stakeholders Meeting

    The Federal government says it has created a youth fund of N25 billion as part of efforts to address the ongoing #EndSARS protests and youth restiveness in the country.

    The Minister of Finance, Zainab Ahmed disclosed this during a stakeholders meeting with the Deputy Governor of Kaduna State on Saturday, in line with President Muhammadu Buhari’s directive to state governors and ministers to dialogue with stakeholders with the view to finding solutions to the End SARS protests.

    While explaining that the youth fund will be increased to N75bn within a period of three years, the minister says the aim is to support youths to actualize their innovative and entrepreneurial ideas they have for them to grow their own businesses and be independent.

    On her part, the Kaduna Deputy Governor, says the meeting is aimed at brainstorming towards tackling security challenges occasioned by the activities of the END SARS protesters.

    She, however, commended the citizens of the state especially the youths for maintaining the peace in the face of ongoing violent protests in some parts of the country.

    The minister of Environment, Dr Mohammed Abubakar who attended the meeting, also explains that the federal government is committed to peoples friendly reforms that will create more jobs for the youths.

  • Naira: Nigeria to unify exchange rates – Finance minister

    Naira: Nigeria to unify exchange rates – Finance minister

     

    Nigeria will seek to unify its multiple exchange rate regime to generate more local currency from its dollar inflows and manage the rate in a sustainable manner, Finance Minister Zainab Ahmed said.

    Ahmed made this disclosure in a finance ministry document was seen by Reuters on Wednesday, stating that the government would direct oil firms to sell dollars to the central bank as opposed to the state-owned corporation NNPC.

    The finance minister added that the government would deregulate petroleum prices as part of measures to safeguard oil revenues.

    The document, however, explained that the policy will be implemented over a 12 month period.

    Nigeria has operated a multiple exchange rate regime which the central bank has used to manage pressure on the Naira. But dollar shortages have plagued the economy after a coronavirus-induced oil price crash slashed government revenues and weakened its currency.

    Nigeria’s currency, Naira opened 6.2 per cent lower against the U.S. dollar on the official market on Wednesday as traders quoted the currency close to the over-the-counter spot market rate on indications the government would move to conserve dwindling reserves.

    The Naira traded at N385 per dollar on the official market, supported by the central bank, before recovering to N361, where it closed on Tuesday, data from Refinitiv Eikon showed.

    The currency has been hitting new lows on the black and over-the-counter spot markets since March after the central bank adjusted its official rate, implying a 15% devaluation.

    The Naira was quoted at N452 on the black market on Wednesday, while the longest five-year currency futures contract quoted it at N578.69.