Central Bank’s Direct Funding of SMEs Criticized, Buhari Condoles with Jega, and More Top Stories

Former presidential candidate and economist Kingsley Moghalu has criticized the Central Bank of Nigeria (CBN) for its direct funding approach to Small and Medium Enterprises (SMEs) and Micro, Small, and Medium Enterprises (MSMEs). Moghalu argues that pipeline capital should be routed through microfinance banks instead. He also challenged Africa’s focus on Gross Domestic Product growth, calling it a “misguided worship” and urging a broader development strategy.

In other news, former President Muhammadu Buhari has expressed his condolences to Professor Attahiru Jega following the passing of his mother, Hajiya Hauwa Kulu Muhammadu Jega. The late matriarch passed away in Abuja after a brief illness. Buhari extended his deepest sympathies, acknowledging the profound loss of a mother and wishing for her soul to rest in peace.

Meanwhile, the House of Representatives’ Special Committee on Crude Oil Theft, led by Hon. Ado Doguwa, has issued a stern warning against those involved in oil theft. The committee has vowed to enforce strict legal consequences for offenders, emphasizing the need to curb such illegal activities to prevent unnecessary national borrowing.

Lastly, Senate President Godswill Akpabio has spoken about the shock and sadness he felt upon learning of the sudden death of Senator Ifeanyi Ubah. Ubah, CEO of Capital Oil, died in London on July 27, 2024. Akpabio, who visited Ubah’s widow, Uchenna Ubah, in Lagos, shared his heartfelt condolences and offered support during this difficult time.

Stay tuned for more updates on these stories and other important news.