Govt plans five new technical colleges

 

The president while presenting the budget to the NASS, he said, “To improve access to education, we have made provision for the establishment of five new Federal Science and Technical Colleges. We have also provided for the payment of allowances to 5,000 teachers under the Federal Teachers Scheme.

“In line with our commitment to invest in transportation Infrastructure, capital allocation to the Works and Housing sector is to facilitate the completion of several critical projects in 2021.

“Key projects for implementation in the power sector include several rural electrification projects in the 36 States and Abuja, Rural Electrification Access Programme in Federal Universities, the Kaduna LPFO Gas Fired power Plant, the Mambilla Hydro Power Project and the Zungeru Hydropower Project.”

The President admitted that his government was passing through difficult challenges to raise revenue to fund the budget but said it would leverage on technology and automation, as well as more effective monitoring of independently generated revenues.

He also said social safety nets would be implemented. Buhari stated, “In furtherance of our inclusiveness agenda,  N420bn  has been provided to sustain the Social Investment Programme.  N20bn  has also been set aside for the Family Homes Fund, our Social Housing Programme.

“We have expanded our National Social Register, to include an additional one million Nigerians following the outbreak of coronavirus.

“Furthermore, the Central Bank of Nigeria is reducing the interest rate on its intervention facilities from 9 per cent to 5 per cent with a one-year moratorium till 31st March 2021.

He said it would enable the CBN to provide concessional lending of N100bn  to households and small businesses; N100 bn to the healthcare and pharmaceutical industry; and N1tn  to large agricultural and manufacturing businesses.