5:14:00 pm
The Federal Government on Tuesday directed
the immediate re-opening of the National
Economic Reconstruction Fund almost one
week after it was shut.
Economic Reconstruction Fund almost one
week after it was shut.
The Minister of Finance, Mrs Kemi Adeosun,
gave the directive in a statement issued by the
Director of information in the ministry, Mr
Salisu Dambata. The minister in the statement directed all
members of staff of the agency to return to
their duty posts immediately as the crisis
within the organisation has been resolved.
gave the directive in a statement issued by the
Director of information in the ministry, Mr
Salisu Dambata. The minister in the statement directed all
members of staff of the agency to return to
their duty posts immediately as the crisis
within the organisation has been resolved.
The statement reads in part
,
“The
Minister of
Finance, Mrs Kemi Adeosun has directed all
staff of the NERFUND to immediately return to
their duty posts as the crisis within the
organisation has been resolved.” Before last week’s closure,
Finance, Mrs Kemi Adeosun has directed all
staff of the NERFUND to immediately return to
their duty posts as the crisis within the
organisation has been resolved.” Before last week’s closure,
the agency
had
been experiencing crisis over allegations of
mismanagement of funds running into about
N700m. The crisis led to a protest by the workers
which paralysed business activities for almost
a week at the agency. Following the protest, the Federal
Government had through the Ministry of
Finance set up a committee to investigate the
allegations of corruption leveled against the
interim management of the agency. There had been fears
been experiencing crisis over allegations of
mismanagement of funds running into about
N700m. The crisis led to a protest by the workers
which paralysed business activities for almost
a week at the agency. Following the protest, the Federal
Government had through the Ministry of
Finance set up a committee to investigate the
allegations of corruption leveled against the
interim management of the agency. There had been fears
that the shutdown
may
jeopardise the recovery of loans totaling
about N7bn given out by the agency to
individuals and businesses. NERFUND was established
jeopardise the recovery of loans totaling
about N7bn given out by the agency to
individuals and businesses. NERFUND was established
in 1989 to
provide
medium to long-term financing to viable Small
and Medium scale production enterprises to
increase the quantity of goods and services
available for local consumption and export,
provide needed employment, expand our production base
medium to long-term financing to viable Small
and Medium scale production enterprises to
increase the quantity of goods and services
available for local consumption and export,
provide needed employment, expand our production base
and add value to
the
economy. According to the finance ministry, the agency
had extended credit facilities for 2, 829
projects valued N9.5bn between 1989 and
1999. Meanwhile, Adeosun on Tuesday said that a
total sum of N7.4bn had been disbursed as
grants to 1,500 beneficiaries of the third
edition of the Youth Enterprise with
Innovation in Nigeria programme. Of this amount,
economy. According to the finance ministry, the agency
had extended credit facilities for 2, 829
projects valued N9.5bn between 1989 and
1999. Meanwhile, Adeosun on Tuesday said that a
total sum of N7.4bn had been disbursed as
grants to 1,500 beneficiaries of the third
edition of the Youth Enterprise with
Innovation in Nigeria programme. Of this amount,
the minister said that the
sum
of N1.68bn was paid as grants to 638 YouWin
awardees in the month of June alone. She said,
of N1.68bn was paid as grants to 638 YouWin
awardees in the month of June alone. She said,
“The third edition of the
programme,
which is still running with 1,500 beneficiaries,
has received the sum of N11.2bn in funding,
and so far grants totaling N7.4bn have been
disbursed to the awardees. “In June 2016 alone,
which is still running with 1,500 beneficiaries,
has received the sum of N11.2bn in funding,
and so far grants totaling N7.4bn have been
disbursed to the awardees. “In June 2016 alone,
the sum of N1.687bn
was paid to 638 awardees.” The finance minister
was paid to 638 awardees.” The finance minister
said as part of
the
reforms being carried out by the government,
the YouWin programme would be
restructured to ensure efficiency,
transparency and accountability in investing
the capital grants given to the beneficiaries by the
reforms being carried out by the government,
the YouWin programme would be
restructured to ensure efficiency,
transparency and accountability in investing
the capital grants given to the beneficiaries by the
Federal Government. She
reaffirmed that all the
federal government commitments under the You
WIN programme would be fully met. Adeosun, however,
noted that
due diligence would be carried out on every beneficiary,
using tools like the Bank Verification Number
before further disbursements would be
made.
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using tools like the Bank Verification Number
before further disbursements would be
made.
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