Lawrence Olaoye 
…says N3.5 billion given to 11,000 persons in Consumer Credit Scheme
…N90 billion disbursed to 500,000 as Student Loans
…announces new policy to mop up Dollars into financial system
…as NEC approves greater investments in IDPs, host communities
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed that beginning from October, the Federal Government would be making about N700 billion monthly as gains accruing from the sale of crude in Naira and the subsidy removal policies.
The Minister made this revelation while briefing newsmen after the National Economic Council (NEC) meeting chaired by Vice President, Kashim Shettima on Thursday.
He equally disclosed that the sum of N3.5 billion had already been disbursed to 11,000 beneficiaries of the government Consumers Credit Scheme while N90 billion had been expended on 500,000 beneficiaries of the Students Loan Scheme so far.
Edun added that the government has commenced a policy to mop up dollars outside the system by allowing them into the nation’s financial system so long as such funds are not illicit.
Speaking on the gains made from the sale of crude in Naira, Edun said “As a result of the latest initiative to have local refineries pay for crude in Naira and thereby sell the PMs in Naira, it has provided a veritable platform for moving to a stage where we have market pricing of petroleum products, market pricing of foreign exchange, and that has led to immediate gains of around N600-N700 billion per month, starting from October, which will feed into the Federation Account.
“No doubt, NNPC will say that there are some changes here and there that they want to remove from that sum, but effectively, the country is better off now by a huge amount, which will continue to increase as long as the major critical reforms of pricing petroleum properly, pricing foreign exchange properly are maintained.”
Maintaining that the government social investments program has commenced with 5 million poor households benefitting, the Minister said 11,000 persons have benefitted from the Consumers Credit Scheme
He said “The Consumers Credit Scheme allows workers to be able to pay for things over time; to be able to afford various goods, including CNG kits to convert their car to a cheaper form of fuel, in the last five days, 11,000 beneficiaries have received N3.5 billion. So that’s an ongoing rollout of consumer credit to help people to make things more affordable to the worker.”
Edun continued “The Student Loan Scheme has reached over half a million students, and it has disbursed over N90 billion and that is to the institutions for the students’ fees directly, and then to the students for their upkeep and it’s interest-free loan. Of course, it’s providing access to higher education to so many who otherwise will not afford them.”
On the government’s policy to mop up dollars into the financial system, he said “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, or illicit money. There will be no penalty, there will be no taxes, there will be no questions.”
Minister of Budget and National Planning, Atiku Bagudu, in his brief, told newsmen that the Council directed greater investments in the internally displaced persons (IDPs) and their host communities through a Solution programme
