Nigeria’s Social Investment Micro-Credit Programme

In consolidation of the Buhari Presidency’s Social Investment Programmes (SIPs), the Federal Government has so far disbursed 23,400 loans to beneficiaries in 13 states & Federal Capital Territory under the Government’s Enterprise and Empowerment Programme (GEEP).

The States are Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Osun and Ogun. Others are Oyo, Ondo, Rivers and the FCT.

The Micro-credit scheme is a no-interest loan scheme, with only a one-time 5% administrative fee for costs. The loan is targeted at micro-enterprises: traders, artisans, market men and women, entrepreneurs, farmers with the involvement of cooperatives and executed through the Bank of Industry, BOI.

Although over 23,000 people have benefited from the loans, altogether, over 1 million people have already enrolled for the programme across the country and are expected to benefit this year.

To facilitate the loan disbursement, four payment providers have been signed-on for the programme mostly in the urban areas. The next wave of payment providers, coming on stream by March 2017, would provide a much wider coverage in the rural areas.

Equally, about 8,436 market associations and cooperatives nationwide have been registered for this scheme through the web portal (www.boi.ng/market), as well as through paper application forms.

The loans range from N10,000, to N100,000 per applicant. While the loans would be paid directly to individuals, they are expected to belong to registered associations and/or cooperatives as the case may be, to ensure that they are peer-endorsed as credible, and to facilitate timely repayments. All beneficiaries must have BVNs and bank accounts.

Laolu Akande
Senior Special Assistant on Media & Publicity to the President
Office of the Vice President
January 30, 2017

Source: Aso Rock Villa

President Buhari Regrets Accidental Bombing In Borno, Condoles With Families Of The Dead

President Muhammadu Buhari has received with deep sadness and regret, the accidental bombing of a civilian community in Rann, Borno State, by the Nigerian Air Force, engaged in the final phase of mopping up insurgents in the North-east.

President Buhari condoles with families of the dead, wishes the wounded divine succour, leading to full recovery, and sympathizes with the Borno State government.

The President pledges federal help for the state government in attending to “this regrettable operational mistake,” and pleads for calm, even as he prays God to grant repose to the souls of the dead.

FEMI ADESINA
Special Adviser to the President
(Media and Publicity)
January 17, 2017

Source: Aso Rock Villa

President Muhammadu Buhari Proceeds On Vacation

President Muhammadu Buhari leaves for the United Kingdom today on a short leave, which is part of his annual vacation. He is expected to resume work on February 6, 2017.

During the vacation, the President Buhari will also undergo routine medical check-ups.

In line with Section 145 (1) of the 1999 Constitution (as amended), the President of the Senate, and Speaker, House of Representatives, have been duly communicated.

While away, the Vice President, Prof Yemi Osinbajo, will perform the functions of the Office of the President.

FEMI ADESINA
Special Adviser to the President
(Media and Publicity)
January 19, 2017.

Source: Aso Rock Villa