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.\ugust 14. 'tOl l

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FG begins forensic CllJr:!it of 2011 fuel imports from KI,ode Eltund.i,o, l..Igos

FC~, IFAD sign $1OSm ~gricloan FEDERAlgovemment and the Intett national Flldd for AgricuJtura1 Developmenl UrAD) yesterday ligned S I 05.7 mUlk·n agrkultunalloan. Under the IFAD-Nigcria Value Chain Development Programme flagg~ off In Abuja. IFAO will provi de Si 4 million loan and SO.S million grant, wh iI<! i he federal. states and local round ls WID provide counterput fund ofSJl.2 mlllion. Minislul of Finance, Dr. Ngozi

O~;::j~~~;~I;~~~~AgricuItUral and ~ Or. Akinwunmi Pmident Dr.

"'""l" '''"IoU signed the agreement

within the nexl six years in six states of Anambra, Adamawa, Niger. Benue. Tataba and Ebony;. Before this loan. IFAD h ad comm ilted Sls7.3 million cfCdit facilities in NIgeria. OkonJo-lwala said )"esterdar s ~"eJl t undelSalfU the commitment of government to food suffidenC)', securityan d sustainability. "'No doubt it will take o ur agric plans many notches h igher and create }cbs, sustain families an d improve the economy;' she said. MinisterofAgrlculturr Akinwunml Adesina said the fund will be used in supporting rluand c:assa\"a produdion. He said it will also be: used In establishing 12 new ri ce mills with the production capadty of about 230

THE Federal Government through its committee on the verification and rKondliation ofruellubsid, payments said yest~rday Ihal it would conduct comp reh ensive forensic examinations of sales o f procwb and 100 percenl verification o f shore lank certificates for al l petroleum imports In 2011. In a notice to oil marketing and trading co mp anies in the country through letten, the presidential committee ,dvlsed them that.the likely timing for the field examination of their operations YIOuld be dispatched ...n, '"Further to the statement by the Ministry of Finance published last week regarding developments In the management of subsidy pa ymen ts, the Federal Govern me nt o f NIgc.ria has authorized the Presidential Com m ittee on Verification and Reccndliation of Fuel Subsidy Payments to commence the Implementalion ofthl! 100 per cent verification of 5ho~ tanks certificates for all petroleum products lmports in 20 11 ~ the notice sald. The noUce, which was signed bythecomm ittee'ssecrelary. said the \"erification exercise would enable governmenl 10 deter mine the actual volume of products that were discharged Inla the shore tanks dom iciled in Nigeria. lIS .....dl as the quantity o f products sold In the country. · In pursuit of this objective. the committee has engaged the services ofkno.....ledgeable professional audi o tors whowillimplement the forensic examination in line with an approved audit framcwork~ it said.The committee, however, asked the marketers and traders to cooperale with the exa.mi ners upon their arrival and throu ghout the period of examination. Last week, th e Federal Mini5tryofFina.nce published the names of21 oj] rllTl1s for fraudulent activities under the fu el subsidy regime based on evidence available 10 the Al goojc Aig-lmoulthued e's Presidential committee.. The: committee had recommended that the firms should be made to refund various amounts to the national tro.sury.

melfic tonnes of ria. He Aid tht fund ",ill be used 10 bm· dit 40,(0) households. pnM&: rmrkd. InI'rastructutt provide aa:us to farms.

-"""""-tIw., .",~ ",'OOId me thiJ fuwxiog for the benefit of our peopIe.. IFAD Pmident Nwanu.said tht fund Is meant to provide rural emplopnml and household income. He Pld (no"\'J the past )un. Nigma has maintained its contribution 10 the IFAD, ",i1ich $15 million. He said 10 pay back. lFAD tw reser.'!'d 4OpcrcmloI"all tht funds meanl b" Wcst Africa. Nwanzesaid IFADaims IDcontribute to Iht socas.s 50 far rmdc by tht federal gov. ernmenl in lemu cf agricull~ and • the youths to go Into fanning because "farming is businm.."'

GOP I'" "'''')


klreign R6e1V!5 Aut


Oebl (Fol!ign & local)

\4100 ,




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SQurct: (BN, Felrral Itfirliuriu of Finance, Power and Pelroleum.


FG, IFAD sign $105m agric loan

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