See How FG Plans To Shut Down MMM In Nigeria

Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has revealed that the Federal Government of Nigeria has set up a Committee to shut down MMM operations in Nigeria.

He said:

“I wish to sound a word of caution to members of the public on the activities of illegal fund managers, otherwise known as Wonder Banks. It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth-watering interest being offered by these illegal fund managers.
“Members of the public are therefore advised to patronise only banking institutions that display the NDIC sticker: “Insured by NDIC” in their banking halls or entrances. However, the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Coordinating Committee(FRSCC) to stem the nefarious activities of these fraudster across the nation”.

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FGN Releases Fresh N350bn To Stimulate Economy

The Federal Government, in a bid to stimulate economic activities, on Friday said that it would release additional N350bn for capital projects captured in the 2016 budget.

The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while briefing journalists on intervention measures being taken by the government to reflate the economy which is currently in recession.

She said that the provision of the additional N350bn brought the total capital releases made by the government to N760bn.

She said since the economy is currently in recession, the level of consumer demand would be reduced drastically hence the need for government to step in by injecting liquidity.

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She said, “What government wants to do is to step in and begin to spend and push more money into the economy and then get things moving again.

“Since the budget was passed in May, we have released and cash-backed fully N420bn capital releases. As we speak now, we are about releasing another N350bn that’s between May and now. 

“Of the sectors we spent the money on, of course the largest had been power, works and housing. Quite a lot has gone on defence, because we need to rebuild the credibility of our army to continue in their efforts in the new phase; also interior and transport.”

The minister said out of the N350bn, the government would be setting aside N60bn for the implementation of the social intervention programme.

She said the implementation of social safety schemes was vital as it would enable the government to provide direct cash of N5,000 to vulnerable Nigerians.

She said,

“There will also be the funding of about N60bn in the social intervention programme and that’s very important in terms of putting money into people’s pocket.

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Avengers deny having any ceasefire agreement with FG

As earlier reported today that Niger Delta Militant groups including Niger Delta Avengers have entered into 30 days ceasefire with the federal government to enable Mr President to come up with a comprehensive plan to improve the living condition of people of Niger Delta region.

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The NDA through their social media page denied the report and went ahead to say that anyone parading him or herself as Niger Delta Avenger is nothing but a political jobber, see tweet below

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Federal government’s plan to borrow more money abroad exposed

The Federal Government of Nigeria has hinted that it will source for funds outside Nigeria to help fund its 2016 budget deficit worsened by dwindling oil prices.

Minister of finance, Mrs Kemi Adeosun

According to the minister of finance, Mrs Kemi Adeosun, the government will borrow more abroad in foreign currencies than domestically.

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She stated that the decision is geared towards taking advantage of lower interest rates obtainable in foreign countries and to allow Nigerian banks lend to small businesses.

Explaining further, Adeosun said the government wants to switch its debt mix so that 40 percent of loans would come from abroad, compared with 16 percent now, and extends its debt maturity profile.

She revealed that the government plans to borrow as much as $10 billion from debt markets, with about half of that coming from foreign sources.

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