Lawmakers Hail FG, CBN, Seek Sustenance of ‘100 for 100’ Policy

*Want probe of oil spill in Imo communities

Udora Orizu in Abuja

Members of the House of Representatives have commended the federal government as well as the Central Bank of Nigeria (CBN) over the recently introduced ‘100 for 100 Policy on Production and Productivity (PPP) initiative.

The House has also mandated its Committees on Banking and Industry to study the policy and make recommendations towards improving and sustaining the programme for the benefit of Nigeria as a whole.

The resolution was sequel to the adoption of a motion sponsored by Hon. Chris Azubogu at yesterday’s plenary.
Moving the motion, Azubogu recalled that in January 3, 2022, the CBN commenced the implementation and subsequent disbursement of a total sum of N23.20 billion to 28 companies whose projects were selected for funding in the maiden batch of its newly introduced initiative.

He noted that the policy which was geared towards funding of manufacturing companies that meet the specified requirements as stipulated on the policy was designed to help reverse the nation’s over-reliance on importation by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.

He opined that the programme, if well implemented, would contribute immensely to industrialisation, increase capacity to create employment for the teeming youth and improve revenues through exports and reduced importation of goods, thereby improving the economy of the country.
He added: “Aware that the policy will support the Economic Development Agenda of the House of Representatives and ensure an increase in economic activities by increasing production of goods and services as well as creating employment for the teeming population.

“Also aware that the first cycle of the PPP witnessed 243 applications valued at N321.06 billion and spread over key sectors including agriculture, energy, healthcare, manufacturing, and services sectors, and the maiden disbursement, which was valued at N23.20 billion, comprised 14 in the manufacturing sector, 12 in the agricultural sector, and in the healthcare sector.”

Also at the plenary, the lawmakers adopting a motion sponsored by Hon. Uju Chima Kingsley, urged the federal government to design a workable compensation template for indigenes of communities affected by the oil spill in Ohaji/Egbema and Oguta local government areas of Imo State and other oil-producing areas across the country.

The House also urged the federal government to set up a remediation program and provide soft loans for indigenous entrepreneurs in impacted communities to help finance their small and medium scale commercial businesses, with clearly defined terms for repayment.

It mandated its Committees on Petroleum Resources (Upstream), Environment and Host Communities to conduct an impact assessment and evaluation of the effects of the oil spill to ensure that the people are adequately compensated and implementation of the previous resolutions.