FG Approves Launch of N15tn Infraco Plc
, L – R , President uhaadu Buhari ; Minister of Justice and the Attorney General of the Federation , Mr. Abubakar Malami ; Minister of Finance , Budget and National Planning , Zainab Shamsuna Ahmed and the Central Bank Governor , Mr. Godwin Emefiele at the virtual meeting of the President Buhari with some Governors at the Presidential Villa , Abuja …yesterday . GODWIN OMOIGUI•22 Banks restructure N7.
“The sum of N15 trillion is projected over five years for the initial run. The committee noted with satisfaction the CBN’s immediate work on the updates and timelines for the establishment of this much-needed entity,” he said yesterday. The amount, however, did not include the N50 billion targeted credit facility for households and small businesses out of which N49 billion had been disbursed. It is also apart from the CBN and Bankers’ Committee Agri-Business/Small and Medium Enterprise Investment Scheme out of which N41 billion has also been disbursed.
“Under the AGSMEIS, the CBN has also funded 11,613 beneficiaries with over N41 billion. This is different from the household facility. The AGSMEIS fund is for people who want to go into small-scale poultry, setting up a barbing salon, and we make it possible for you to be able to get the tools you need to go into your business and these are the micro and small businesses that badly need access to credit in the economy.
Earlier, while reading the MPC communiqué, Emefiele said the committee expressed concern over the persistent, albeit marginal, uptick in inflation for the tenth consecutive month, as headline year-on-year inflation rose to 12.56 per cent in June from 12.40 per cent in May.
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