Road Construction: Executive Council Okays N1.267Tn

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March 26, 2024

The Nigerian government has approved the sum of N1.267 trillion for the construction of 28 roads and bridges across the country.

The Minister of Works, Dave Umahi made this disclosure while briefing State House Correspondents at the end of the Federal Executive Council meeting presided over by President Bola Ahmed Tinubu in Abuja.

Umahi revealed that apart from the 28 projects, FEC agreed that N144 billion be spent on Shaki-Okerete Road in Oyo State and N 83. 779 billion on the Buruku BrIdge in Katsina And Benue State.

Pres. Tinubu Okays Infrastructure Development Fund

One project —the 158 billion Biu- Kanga-Kana- Gaya road to the Niger Republic border- was stepped down by the council based on the minister’s request.

He said, “Today(yesterday) the Federal Executive Council considered and approved a total of 28 roads and bridges and stepped down one project. The project I requested that should be stepped down so that I can look at it again is the Biu, Kanga, Kana, Gaya to the border of Niger Republic costing about N158 billion.

“The other projects totalling 1.26 7 trillion, they were all approved by FEC having gone through the BPP(Bureau for Public Procurement) and we got the certification, no objection.

“Council also approved the Buruku bridge that is going across Katsina Ala River in Benue state, the bridge is a twin bridge that marches the dualised road there, and each of the bridge is about 850 meters. So put the two together is 1.7 kilometres and costs about N83.799 billion.

“There was also approval by FEC for a road- Shaki and Okerete- in Oyo. The road is 91.432 kilometres costing N144 billion.”

CBN Directs BDCs to Sell Dollar at N1,269

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Rhoda Onuzulike

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March 26, 2024

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The Central Bank of Nigeria has disclosed that it will be allocating $10,000 to each Bureau de Change operator at N1,251/$.

This was contained in a circular made available and signed by the bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud on Monday.

The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, implying the BDCs are not expected to sell above N1,269/$1.

On July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs, accusing them of trading FX wholesale amounts greater than $5,000, in contravention of their licences, and Nigeria’s FX regulations.

Earlier, The CBN announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau de Change operator across the country in February.

CBN Begins Sales of Dollars To BDCs Operators

This comes more than two years after the suspended former CBN Governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators.

The naira maintained a steady appreciation against the United States dollar on Monday, gaining N14 to close at 1,408/$ at the official market.

The circular read in part, “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject, wherein the CB approved a second tranche of the sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price.”

Last month, the CBN Governor, Olayemi Cardoso, outlined a comprehensive strategy aimed at curbing inflation, stabilising the exchange rate, and instilling confidence in the country’s banking system and economy.

Through last month’s Monetary Policy Committee meeting and a conference call with foreign portfolio investors, the central bank set expectations for sustained growth in the country’s foreign currency reserves and improved liquidity in the foreign exchange market.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” Cardoso said.

Analysts said that when a central bank enhances liquidity, it injects more money into the financial system, to help stabilise the foreign exchange market by providing more funds for buying and selling currencies.

‘Ounje Eko’: Sanwo-Olu Salutes Lagosians on Calm

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Rhoda Onuzulike

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March 26, 2024

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The Lagos State Governor, Babajide Sanwo-Olu, has noted the smooth conduct on Sunday at the Ounjè Eko Sunday markets.

For the second Sunday, residents trooped out to buy various items at 25 percent less than the usual market prices.

Many praised the government for the initiative, which they suggested should go on.

A statement by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, made it known that Sanwo-Olu received reports of calmness and orderliness at the various markets despite the huge turnout of residents.

The commissioner in the statement, quoted the governor as having said: “It is all about assuring Lagosians that our administration will continue to stand by them.

“We will continue to find and deploy creative ways of easing their burden.”

Discounted Food Markets Open Across Lagos Sunday

Governor Sanwo-Olu praised the Special Dispensation Advisory Committee on Social Interventions, an 11-man, non-partisan body set up to advise the government on various interventions, for its support on all the initiatives, which will soon be fully rolled out.

The “Ounje Eko” Market pilot scheme, which opened on March 17, 2024 in 57 centres across the five divisions of the State, is part of multi-sectoral measures rolled out by Governor Sanwo-Olu to cushion the effects of the economic hardship on Lagosians.

The market at its debut last week had some hitches, but most of the identified inadequacies have since been corrected.

On March 24, the situation was calm as prospective buyers were orderly.

Payment points ran smoothly at the cashless markets.

Reports gathered at various markets showed that sales started earlier than last week, as local food vendors arrived early to the delight of customers.

Although the prices of the products varied according to locations, residents were full of praise for the idea.

To prevent reselling, double-buying and ensure that all buyers were served, children who came with their parents were not allowed to purchase food items, while preference was given to the aged, expectant women and people living with disabilities.

On sale were rice, beans, pepper, bread, eggs, garri and others.

Hoarding Foodstuffs, Not Fair to Tinubu’s Govt. – Minister

By

Rhoda Onuzulike

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March 26, 2024

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Minister of Agriculture and Food Security, Senator Abubakar Kyari has said that traders hoarding food commodities and engaging in speculative trading are not fair to Tinubu’s Government.

This he said as he assured that the Federal Government is intensifying efforts to scale up food production in the country.

The minister stated this in Abuja at a Ramadan lecture organised by the SA to the President on Agriculture and Food Security, Mufutau Yinusa and the Asiwaju Project Beyond 2023, a major support group of the president during the 2023 presidential election.

Nigeria, Others Most Hit by High Food Inflation

The lecture had as its theme: “Gratitude, Patience and Vision: Embracing challenges with Optimism”.

The minister who decried the increasing cost of food items, said that apart from insecurity that has affected agricultural production, hoarding of foodstuffs has further exacerbated the situation in the country.

“Some of the problems we are facing is also man made, hoarding for instance and speculative trade by commodity traders is also very huge.

“We have seen and discovered some warehouses in big commodity areas where even gates are removed and walls built just to hoard food stuffs inside.

“So when you look at those things and say it’s Bola Tinubu, I think we are not being fair to the administration of this government.

“So we have to look inward, we all have a role to play,” he said.

Kyari said the Federal Government would continue to work round the clock to ensure food security for the nation, while addressing the insecurity challenge frontally.

Also, Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, in his goodwill message at the event urged Muslims to use the Ramadan period to pray for the nation and its leaders.

“We don’t have any country than Nigeria and President Ahmed Tinubu has said it times without number, he is here to make a difference and he wants everybody to support him,” Abdullahi said.

He reiterated the Federal Government’s commitment to working with relevant stakeholders to address the economic challenges facing the nation.

The SA to the President on Agriculture and Food Security, Mufutau Yinusa said the lecture was part of efforts to support the current administration and reach out to the grassroots.

The Director-General, Asiwaju Project Beyond 2023, Barr. Realwan Okpanachi expressed optimism that Nigeria will soon surmount its challenges looking at the track records and experience of President Bola Tinubu.

Pres. Tinubu Okays Infrastructure Development Fund

By

Rhoda Onuzulike

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March 26, 2024

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President Bola Tinubu has approved the Renewed Hope Infrastructure Development Fund to bridge the country’s $25bn per annum infrastructure funding gap.

The new initiative will be domiciled in the Presidency, the Minister of Information and National Orientation, Mohammed Idris, told journalists after Monday’s Federal Executive Council meeting at the Presidential Villa, Abuja.

According to the minister, the fund became necessary given Nigeria’s current infrastructure gap, requiring $878bn to bridge between 2016 and 2040.

“Now, there is a study that was made that said Nigeria will require about $878bn between 2016 and 2040 to bridge its infrastructural deficit.

“What that means is that from 2016 to 2040, about $25bn will be required annually to bridge that infrastructure deficit.

“Therefore, Mr President, in his wisdom and with the approval of the Federal Executive Council, today, approved the setting up of the Renewed Hope Infrastructure Development Fund to be domiciled in the Presidency,” he announced.

Giving further details about the new development, Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the fund would focus on road, rail, agriculture, ports and aviation.

He explained that the fund will be launched only after the Minister of Budget and Economic Planning, Abubakar Bagudu, prepares a supplementary budget to accommodate the new spending.

“Our key strategic focus, for now, will be on road infrastructure, rail infrastructure, agricultural infrastructure, port revitalisation and aviation enhancement.

“We believe this vehicle will be a major outside-the-box solution to our infrastructure gap. And we believe, hopefully, by the special grace of Almighty God, that Mr President will launch this fund after the Minister of Budget and Economic Planning has done the supplementary budget to take care of all these critical projects.

“So, we look forward to the next few months when the fund will be launched. And then it will be domiciled in the Presidency,” said Adedeji.

Meanwhile, the Presidency had highlighted four objectives of the Renewed Hope Infrastructure Development Fund (RHIDF).

A statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, stated the fund would be invested in critical national projects that would, among other things, promote growth, enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.

The statement titled ‘President Tinubu approves renewed hope infrastructure development fund’, noted, “Establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement.

Infrastructure Bank Commits N13b to Cushion Subsidy Removal

“Execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics & cold chain), ports, and aviation, among others.

“Efficiently utilise and aggregate accessible low-interest loans such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations.”

It is also designed to “guarantee Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation”.

According to the Presidency, the fund will also identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs, co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments.

On agricultural infrastructure and food security, the Presidency said the emphasis would be on the development of robust agricultural infrastructure networks.

“This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution,” it noted.

On port revitalisation, the strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business.

According to the Presidency, by modernising port facilities and implementing advanced monitoring systems, the goal is to optimise efficiency, attract investments and bolster Nigeria’s position as a regional trade hub.

LCCI Commends Move on Cost of Governance Review

By

Rhoda Onuzulike

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March 26, 2024

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The Lagos Chamber of Commerce and Industry has expressed satisfaction on the recent actions taken by the Federal Government to cut the cost of governance in Nigeria.

This is contained in a press statement signed by the Chamber’s Director General, Dr Chinyere Almona, on Monday.

LCCI specified that it particularly commended the government’s decision to reduce the number of public officials on foreign trips and the recent directive to suspend all public-funded foreign trips for government officials, effective April 1, 2024.

Almona stressed: “These measures, by effectively managing the cost of governance, are a positive step towards a more economically stable Nigeria.

“Considering the current economic challenges facing our nation, including soaring inflation and high living costs exacerbated by the removal of petrol subsidies and forex market crises, the government must take decisive action to cut unnecessary expenses and even reduce statutory expenditures, where possible.

Start cut of governance cost from the executive – Reps

“The decision to temporarily halt public-funded foreign trips aligns with the urgent need to prioritise cost-saving measures without compromising the effectiveness of governance”.

LCCI also acknowledged the government’s concern about the rising cost of travel borne by Government’s Ministries, Departments, and Agencies (MDAs), adding that with the suspension, the government could redirect valuable resources towards more pressing priorities, including infrastructure development, social welfare programs, and economic stimulus initiatives.

The statement said: “The government at all levels and tiers should initiate similar actions to cut the cost of governance within their jurisdictions. For instance, the Abia State Governor, Dr. Alex Otti, recently signed the Abia State of Nigeria Governors and Deputy Governors Pension Repeal Law of 2024, stopping the payment of pensions to ex-governors and their deputies in the State. This action is worth emulation by other states and the Federal Government.

“We strongly urge the Federal Government and States to make public the amount of funds rescued from these cost-cutting initiatives. This commitment to public accountability will reassure citizens and companies, fostering a sense of trust and confidence in the government’s financial management.

“We also encourage fiscal transparency, including the exact figures allocated to statutory transfers in the government budgets and amounts allocated for constituency projects undertaken by legislators in the National Assembly. These disclosures can inspire citizens and companies to pay their taxes with a deep commitment to contributing to the commonwealth of our nation”.

Almona disclosed that LCCI envisions the rescued funds being invested in projects that promote cost-efficiency and automation, adding that one such strategic initiative could be the allocation of rescued funds towards the automation of virtual platforms within each ministry.

“This investment, by enabling remote training and participation in meetings, can significantly reduce the need for costly international travels. This shift towards virtual engagement not only reduces operational expenses but also enhances efficiency and productivity across government agencies. We believe in the potential of these initiatives to inspire and support a more cost-efficient and effective government.

“Summarily, the Lagos Chamber of Commerce and Industry commends the government for this decisive action in suspending public-funded foreign trips and urges all stakeholders to support efforts aimed at fostering responsible fiscal management and driving inclusive growth in Nigeria” Almona restated.

Farmers Lost N12bn to Ginger Disease – Federal Govt.

By

Rhoda Onuzulike

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March 26, 2024

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The Federal Government of Nigeria on Monday, confirmed the outbreak of ginger blight epidemic in four states in Nigeria, adding that ginger farmers have lost over N12bn due to the disease.

The government disclosed this at the inauguration of the National Ginger Blight Epidemic Control Taskforce in Abuja and revealed that the fungal disease had inflicted significant damage on ginger farms in Kaduna, Nassarawa Plateau and the Federal Capital Territory.

The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the blight had caused the lost of billions of Naira, impacting not only the livelihoods of farmers, but also Nigeria’s position as the world’s second-largest ginger producer.

Ginger Farmers Seek Government Aid For Agricultural Crises

“Our preliminary estimates suggested that affected farmers in southern Kaduna lost over N12bn.

“Furthermore, considering that over 85 per cent of Nigeria’s ginger cultivation occurs in this region, we can safely assume a substantial loss of cultivated land, potentially exceeding 70 per cent of total land,” he stated.

Abdullahi, however, stated that the Federal Government through the National Agricultural Development Fund would launch a N1.6bn recovery package for affected farmers in ginger-producing areas.

He said the ginger blight epidemic served as a stark reminder of the importance of preparedness in safeguarding agricultural resources, adding that by investing in research, extension services and farmer support systems, “we can build a more sustainable future for our agricultural sector.”

On his part, the Chairman of the task force committee, Abubakar Abdullahi, said there was no doubt that the blight on ginger had negatively affected the Gross Domestic Product earnings from this sub sector.

“It is of necessity and great urgency that various subcommittees are put in place to forestall these negative effects,” he stated.

Abdullahi assured the minister of the commitment of the team to salvage the situation, as he pleaded with the minister to give the committee the power to co-opt members that would add value to the task force to discharge their duties efficiently and effectively.

Transfer: Chelsea keen on Osimhen

By

Emenike Agu

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March 25, 2024

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Chelsea have identified Napoli forward Victor Osimhen as a priority target to boost the club’s attack this summer.

The interest appears to be mutual, with Osimhen reportedly open to the idea of joining the Blues.

Although Napoli have been struggling in the 2023/24 season, Osimhen, 25, has once again showcased his remarkable talent in the Italian league, scoring 11 times in 17 Serie A matches, building on a fantastic 2022/23 season during which he scored 31 goals in various competitions to help them win their first Serie A title in 33 years.

The Nigerian striker, who is tied to Napoli until December 2026, is reportedly looking to make a switch this summer amid interest from Chelsea.

Negotiations for Osimhen seem to be promising for Chelsea, as the player himself is keen on a move to Stamford Bridge.

The Blues are ready to activate Osimhen’s release clause, although discussions with Napoli over the payment structure remain.

Additionally, Paris Saint-Germain is another club showing strong interest in acquiring Osimhen’s services.

However, the French giants are still undecided regarding the deal following Rafael Leao’s decision to stay put with Milan.

The Portuguese star recently suggested that he was happy with the Rossoneri and had no intention of leaving ahead of the summer transfer window, seemingly taking himself off the market amidst interest from clubs across the continent including PSG.

The Parisian giants are fans of the Napoli star but it’s still unclear if they’ll pull the trigger on a deal in the summer, already having Randal Kolo Muani and Goncalo Ramos in the squad.

Osimhen recently signed a contract extension with Napoli and has a €130m release clause in his deal

Israel Adesanya Unveils Real Estate Business In New Zealand

By

Emenike Agu

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March 25, 2024

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Former UFC middleweight champion, Israel Adesanya has unveiled a new property development in New Zealand.

According to a video shared on his official X handle on Friday, his father, Femi Adesanya, played a key role in the project.

His father, in a video of the housewarming, said “The idea is that after fighting, Israel needs to have something solid as investment.

“So, we decided that we were going to go for property development so that one, physically, he can see what he is putting together. And secondly, the investment can be protected.

“And with me there as the father, he’s got no better person to look after him than myself. A good boy that he is, he trusted me with my decisions and here we are.”

He further acknowledged the contributions of the project’s team, particularly Houston Architects in Auckland.

He added, “We look at the houses and say ‘Oh, they are beautiful.’ They wouldn’t have been beautiful but for the highly experienced team from Houston Architects in Auckland. They have been very dedicated to our cause. Everybody that took part in this project put in their best efforts.”

Israel, fondly called ‘The Last Stylebender’, also expressed gratitude for his father’s vision and leadership throughout the project.

The Nigerian-born fighter said, “This is my dad’s vision, not just for me but for the family. :Thank you all for everything you’ve done. The ups and downs, the smiles and frowns. Because I know a project like this isn’t easy.

“I want to say thank you to my dad, I just fund this, he is the guy that takes his time to actually be there day in, day out. In touch with everyone who’s part of the project.

“I come in once in a while and just have a little look-see and be like ‘This is actually growing. The progression is happening.’

“I just want to say thank you to my dad for making this happen and thank you to mymum for supporting him. One down, 50 more to go!”

Euro 2024 Play-Off: Three Teams Vie For Final Tournament Spots Tuesday

By

Emenike Agu

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March 25, 2024

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With UEFA EURO 2024 on the horizon, the suspense intensifies as six teams vie for the last three coveted spots in the tournament through the play-offs on Tuesday (tomorrow).

The UEFA EURO 2024 kicks off in Munich, Germany, on Friday, June 14, and ends with the final in Berlin on Sunday, July 14, 2024.

Germany, in 2018, won the race to host the 2024 European Championship as UEFA backed a bid seen as safer than the rival Turkish proposal.

Amidst a backdrop of exhilarating clashes and dramatic showdowns, the European football landscape braces itself for the culmination of this gripping qualification phase.

As the dust settles from the semi-finals held on March 21, attention shifts to the impending finals scheduled for March 26, where fate will be decided in electrifying encounters.

Here is a look into the workings of these play-offs, the state of play, and what awaits the triumphant teams on the grand stage of EURO 2024.

Six teams out of 12 remain in March’s UEFA EURO 2024 play-offs, with three last-minute tickets to the final tournament up for grabs.

Meanwhile, the six semi-finals took place on March 21, with the winners advancing to three finals on March 26, The three winning teams in those games complete the 24-team EURO finals line-up.

What are the play-off results and fixtures?

Semi-finals (March 21)

Path A: Poland 5-1 Estonia, Wales 4-1 Finland
Path B: Israel 1-4 Iceland, Bosnia and Herzegovina 1-2 Ukraine
Path C: Georgia 2-0 Luxembourg, Greece 5-0 Kazakhstan

Finals ( March 26)

Path A: Wales vs. Poland (20:45 CET)
Path B: Ukraine vs. Iceland (20:45 CET)
Path C: Georgia vs. Greece (18:00 CET)

On December 2, 2023, the draws for the UEFA EURO 2024 six groups were held with reigning champions Italy placed in the same group as Spain, France coming up against the Netherlands and England avoiding any of the toughest opponents.

Group A: Germany, Scotland, Hungary, Switzerland
Group B: Spain, Croatia, Italy, Albania
Group C: Slovenia, Denmark, Serbia, England
Group D: Play-Off Winner Path A, Netherlands, Austria, France
Group E: Slovakia, Romania, Play-Off Winner Path B
Group F: Türkiye, Play-Off Winner Path C, Portugal, Czechia

According to the UEFA website, the play-offs are all single-leg knockout matches. If ties are level at the end of normal time, they’ll go to extra time and, if required, a penalty shoot-out.

Are the play-offs new?

There have been play-offs for six of the last seven EUROs. The UEFA EURO 2020 play-offs offered a different format, though.

However, for the first time, teams had to come through more than one round and, unlike all previous editions, sides qualified to participate via the Nations League rather than the European Qualifiers.

The same format was employed for the European play-offs for the 2022 FIFA World Cup (though, in that case, only two Nations League teams qualified for the play-offs together with ten European Qualifiers group runners-up), and therefore this is now the third time that single-leg matches will be used.