News

December 9, 2022

N500bn Devt Fund: FG to review criteria for disbursement

Zainab Ahmed

•Transmits FGN Power Company 2022 Budget to Reps

By Henry Umoru & By Levinus Nwabughiogu

Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed told the Senate, yesterday, that criteria currently being used for disbursement of N500billion Development Fund across the six geo – political zones would be reviewed for evenness and to avoid disparity.

Ahmed spoke in Abuja when she appeared before the Senator Sani Musa, (APC, Niger East) led Senate Ad- hoc Committee probing the alleged un-even disbursement of the N500billion Federal Government loans already given out to Micro Small and Medium Enterprise, MSMEs, in the six geo-political regions by Development Bank of Nigeria, DBN.

The minister who pledged to meet with the development banks management and their regulators, the Central Bank of Nigeria, to carry out the review of the criteria for loans disbursement, however, cautioned that such review would not be too flexible to ensure the sustainability of the development banks.

Meanwhile, President Muhammadu Buhari has transmitted the 2022 proposed budget of the FGN power company to the House of Representatives for consideration and approval.

Dated December 6, 2022, and addressed to the Speaker, Mr. Femi Gbajabiamila, the letter was read, yesterday, by the presiding officer.

The letter reads, “Pursuant to Section 81 of Constitution of the Federal Republic of Nigeria 1999 (as amended), I  forward herewith the 2022 Budget of the FGN Power Company, for the kind consideration and passage by the House of Representatives.

“While I hope that the request will receive’ the usual expeditious consideration of the House, Please accept, Speaker, the assurances of my highest consideration.”