August 3, 2021
  • August 3, 2021
  • Home
  • Top News
  • Nigeria’s private sector plans to invest N100 bln on Police equipment, gadgets
CBN intervention fund

Nigeria’s private sector plans to invest N100 bln on Police equipment, gadgets

By on November 25, 2020 0 152 Views

By Oludare Mayowa

* CACOVID generates N39.64 bln via donations
* Spents N43.27 bln on food, medicals, isolation centre
* No detail on how 9.14 percent deficit was financed

The private sector led coalition against Covid-19 CACOVID said it plans to fully rehabilitate the 44 destroyed Police Stations across the country and invest N100 billion to procure equipment and gadgets for the security force.

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who stated this in Lagos on Wednesday noted that the decision to rehabilitate the Police Station destroyed aftermath of the #endsars riots was due to the importance of security to the conduct of business activities.

Emefiele said the current security situation in the country could undermine confidence in the economy and derail the efforts of the government in enabling faster recovery of the Nigerian economy, following the impact of COVID-19.

“To further strengthen the security apparatus in the country, CACOVID has committed to provide over N100 billion to procure equipment and gadgets for the Nigerian Police Force over the next two years; as our contribution to fully modernize the Nigerian Police,” the regulatory bank governor said.

“Providing adequate security is not only the task before the government but also that of the private sector. Indeed , owners of business premises desire a secure environment to conduct their legitimate businesses.

READ ALSO: AfDB reassigns four personnel across key management positions

“We therefore seize this opportunity to once again, appeal to members of the private sector, who we will be calling on again, to rally round CACOVID to secure not only our businesses but also our country,” Emefiele said.

While providing the breakdown of funds raised by the coalition, the CBN governor said a total of N39.64 billion was generated through donations from companies and top private sector players.

He said so far, the coalition has incurred expenditure totaling N43.27 billion “on the acquisition of, not only medical equipment and supplies , but also Food palliatives for the vulnerable amongst us.”

The CBN governor, however did not provide details on how the 9.14 percent deficit on the amount raised was financed by the coalition.

He said A total of N28.76 billion was spent procuring Food supplies to support around 8 million Nigerians.

“These palliatives were acknowledged and disbursed by various state governments; and a schedule showing the various quantities and dates of delivery will also be posted on our website for public scrutiny.”

The sum of N4.19 billion was spent in building isolation centers across the 36 stated and federal capital, while N9.01 billion was spent on medical equipments such as PCR test kits for suspected cases of COVID-19.

Leave a comment