Connect with us

Politics

FG Gives Conditions for Accessing N250bn Gas Intervention Fund

Published

on

The Federal Government has said that investors must meet seven criteria to access the N250bn intervention fund for gas value chain businesses.

Recall that the CBN launched the intervention fund last August.

Advertisement

Ms Brenda Attaga, Technical Adviser to the Minister of State for Petroleum Resources, Timipre Sylva, listed the criteria in Abuja on Sunday when she addressed newsmen.

They are technical feasibility, overall business plan an skills and experience output of the business plan as they must meet government’s national objective of cresting skilled and unskilled employment.

READ ALSO: Senate Gives Condition For Creation Of 20 New States [Full List]

Advertisement

Another criterion is the social economic impact of the business plan and what percentage of Internally Generated Revenue it would contribute to the state in which the applicant plans to operate.

Others are the financial feasibility of the plan, economic and finance models of the plan and the environmental feasibility of the plan.

Attaga said that 27 applications had been received and they have obligor limit of N10 billion each.

Advertisement

She added that on the SMEs portion, 50 applications had been received noting that SME scheme had a limit of N50 million

“In this regard, our evaluation covers seven fundamental areas which must be evidenced by applicants.

“This is because people have sent us all kinds of applications that are not in line with the recommended framework of our evaluation.

Advertisement

“The essence is really for us as a ministry to support the propagation of gas and also creation of jobs through access to financing,’’ she said.

READ ALSO: FEC Approves $11.17bn Rail Project To Link All Coastal Cities

She added that SMEs would also follow similar structure but that start-ups would enjoy some leniency in the financial model.

Advertisement

According to her, SMEs will prove that they are registered in Nigeria; they pay their taxes; prove affiliation to first class companies which are already established businesses with good track records within the gas value chain.

She noted that preference would be given to indigenous companies as well as gender-based-led companies in the SMEs category.

She said that with the volume of the fund and spread of businesses, it was expected that the scheme would contribute to job creation.

Advertisement

Attaga, however, said that there was no timeline for applications, but that the fund had a fixed amount.

“In the Liquefied Natural Gas sector, our job creation plan is looking at a minimum of 750,000 jobs; in the Compressed Natural Gas (CNG) sector, we are targeting additional 250,000 jobs.

“The CNG sector jobs including operations of kits centres where vehicles using petrol can be adapted to using CNG and some new fuelling stations would consequently come up.

Advertisement

“On manufacturing, jobs have become leaner because the world is technology- based today and manual labour is getting contracted.

READ ALSO: PIB: INC Blows Hot, Says ‘We Can’t Contain Recourse To Restiveness’

“On industrialisation, we are looking at a spike because of the number of plants that can be set up with this money.

Advertisement

“So, overall, we should hit about a total of three million jobs from this funding, if we get it right,’’ Attaga said

She called for domestication of all inputs to help to reduce cost and support availability of products.

(PUNCH)

Advertisement

Continue Reading
Advertisement
Comments

Politics

2027: Bauchi Speaker Responds To Call To Join Guber Race

Published

on

By

The Speaker of the Bauchi State House of Assembly, Hon. Abubakar Suleiman, has responded to those calling him to declare interest in the 2027 governorship race, saying it’s not the right time considering the fact that a lot of works are to be done.

Recall that Bauchi State Coalition of Youth and Civil Society Groups, during a press conference held earlier this week, urged the Speaker to consider contesting for the top seat, citing his experience and achievements in public service.

Advertisement

Responding to the call in a statement made available to INFO DAILY, the Speaker, who appreciated the confidence reposed in him by the coalition, however, maintained that governance and the fulfillment of his current mandate remain his immediate priority.

READ ALSO: Bauchi Speaker Knocks Wike Over Threats To PDP Governors, Wants Security Agents To Take Action

While we sincerely appreciate the compliments and support expressed by the Bauchi State Coalition of Youth and Civil Society Groups, we believe that now is not the appropriate time to declare interest in any political position, including the 2027 gubernatorial race,” he said.

Advertisement

He added, “This is not the time. There is still a lot to do. Our primary focus at this moment is on representation and governance, serving the interests of our constituents faithfully.”

The Speaker stated that when the time is right to pursue such political ambitions, it would be done transparently and in consultation with party leaders, political allies, and the people of Bauchi State.

READ ALSO: NYSC Urges Bauchi Governor To Reconstruct Collapsed Camp Fence

Advertisement

We hold a mandate entrusted to us by our constituents, and it is our duty to act in their best interests,” he noted.

He urged the coalition and supporters to continue praying and supporting his efforts in delivering impactful governance.

Our commitment remains to serve with integrity and to prioritize the welfare of our constituents above all,” he said.

Advertisement

Continue Reading

Politics

Atiku, El-Rufai Coalition Seeks INEC Registration For New Party

Published

on

By

The National Opposition Coalition Group, led by former Vice President Atiku Abubakar and ex-Kaduna State Governor, Nasir El-Rufai, has formally applied to the Independent National Electoral Commission for the registration of a new political party—the All Democratic Alliance.

The application, dated June 19, was acknowledged by INEC on Friday, signalling the coalition’s determination to float a new platform instead of aligning with any existing political party.

Advertisement

The formation of ADA, backed by some other key political heavyweights, including former Rivers State Governor, Rotimi Amaechi and Umar Ardo, convener of the League of Northern Democrats and former aide to President Olusegun Obasanjo, seeks to capitalise on mounting public dissatisfaction and political realignments to stop President Bola Tinubu at the next poll.

READ ALSO: Atiku, Obi Arrive Abuja For Consultative Group Meeting

The application comes just a few days after INEC warned political groups that no amount of pressure or public sentiment would override the need for strict compliance with constitutional and electoral guidelines.

Advertisement

The commission reiterated that party registration remains a rigorous constitutional process—not merely a political declaration.

With Thursday’s application, the national opposition coalition has now put an end to weeks of speculation about whether it would revive a dormant political platform or launch a fresh one altogether.

READ ALSO: Trump Orders Mass Layoffs At Voice Of America, Other US-funded Media

Advertisement

A copy of the application letter, obtained by our correspondent in Abuja, was jointly signed by the association’s Protem National Chairman, Chief Akin A. Rickets, and Protem National Secretary, Abdullahi Elayo.

The letter partly read, “We respectfully write to the Independent National Electoral Commission, requesting the registration of our association, the All Democratic Alliance, as a political party.

“This is a sequel to the decision taken by the Nigerian National Coalition Group to sponsor our association for full registration.

Advertisement

READ ALSO: Troops Engage Terrorists In Fierce Gun Battle To Repel Gwoza Invasion

“The name of the party shall be All Democratic Alliance with ADA as our acronym and ‘Justice for All’ as our slogan.”

The coalition also submitted relevant documents, including the party’s constitution, manifesto, logo, and minutes of its foundational meetings.

Advertisement

The party’s symbol prominently features a maize (corn), which the applicants say represents abundance, resilience, and sustenance—core ideals they hope to promote.

We have further attached our manifesto encompassing details of our party ideology and our constitution providing the legal framework that defines our identity, structures, and organisation,” the letter continued.

 

Advertisement

Continue Reading

Politics

Rivers LG Administrator Appointed By Ibas Resigns

Published

on

By

The administrator of the Ahoada East Local Government Area of Rivers State, Goodluck Ihemnacho, has resigned.

Ihemnacho is one of the administrators appointed by the state Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), for the 23 LGAs of the state.

Advertisement

The resignation was contained in a letter dated June 20, 2025, addressed to the state sole administrator and obtained by our correspondent.

In the letter which has flooded the social media space, Ihemnacho said his resignation was informed by his desire to return to the private sector.

READ ALSO: Rivers Women Walk Out On Ibas’ Wife, Chant ‘We Want Fubara’

Advertisement

The resignation letter partly read, “I humbly write to your noble office to convey to you my resignation as the administrator, Ahoada East LGA.

“My sincere gratitude goes to the government of Rivers State and the good people of Ahoada East for finding me worthy to serve as Ahaoda East LGA from 11th day of April 2025 to 20th day of July 2025.”

Meanwhile there are speculations that Ihemnacho resigned to pave the way for him to contest the forth-coming LG elections in the state, though this has not been verified.

Advertisement

Continue Reading

Trending

Exit mobile version