Presidential Initiative Set to Improve Power Supply

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November 2, 2023

The Presidential Power Initiative of the Federal Government is removing constraints in the power sector and making sure that more electricity is produced, generated and transmitted to end users, operators in the industry have stated.

Stakeholders in the sector disclosed this at a briefing in Abuja to mark the 10th anniversary of the industry, where they revealed plans to bring major industry players together this week, through a golf tourney to ensure synergy in the sector.

They stated that though the industry still had its shortcomings, the introduction of the PPI had helped in boosting power supply.

Pres. Tinubu Vows Steady Power Supply

In 2018, former President Muhammadu Buhari established the FGN Power Company as a Special Purpose Vehicle to deliver the Presidential Power Initiative in partnership with Siemens.

The PPI aims to enable the Nigeria Electricity Supply Industry to achieve commercial autonomy by facilitating investments in critical infrastructure to support power delivery and service to Nigerians.

Speaking at briefing, the Coordinator, NESI Golf, Adetunji Adeyeye, an industry operator, said, “I’m privileged to know what has happened in the power sector in the last 10 years. We need to see the glass as half full, not half empty.

“True, Nigerians still don’t have light. We are not producing enough. We are not distributing enough. We are not transmitting enough, but it’s not as bad as it was 10 years back.’’

Jigawa Spends N500m on Toilets to Discourage Open Defecation

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Cleopatra Okohai

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November 2, 2023

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The Jigawa government says it has spent N500 million on the provision of improved latrines in schools, hospitals, markets and motor parks across the state.

This was made known by the Commissioner for Water Resources, Alhaji Ibrahim Hannungiwa, on Wednesday in Dutse.

He explained that the government had adopted proactive measures to ensure the sustainability of its leading position as an ‘Open Defecation Free’ state.

According to Hannungiwa, the state is geared towards surpassing the nation’s Open Defecation Free target by 2025.

Hannungiwa said the feat was achieved by putting in a lot of effort through the execution of viable policies and programmes in collaboration with the Federal Ministry of Water Resources and the United Nations Children’s Fund.

The Commissioner added that the state had set up a committee to work out modalities for the sustainability of its Open Defecation Free status by ensuring total eradication of the menace.

“Under this committee, more standard public conveniences would be provided at public places and along highways in the state.

“The state government has done a lot in the area of public enlightenment on the importance of using toilets, especially in rural communities.

“Jigawa State is the first and the only state so far declared Open Defecation Free in the country by UNICEF,” he said, adding that the UN Agency appointed the state governor, Umar Namadi, as Open Defecation Free Ambassador.

He said the governor is expected to deliver a paper on the Nigerian situation in the fight against the Open Defecation at a conference billed to be held in Canada.

Just In: Senate Approves N2.1tr Supplementary Budget

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Rhoda Onuzulike

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November 2, 2023

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The Senate has approved President Bola Tinubu’s 2023, N2.1 trillion supplementary budget for the 2023 fiscal year.

Senate President, Godswill Akpabio, hit the gavel announcing the approval after putting the report to a voice vote by Senators.

Cabinet Okays N2.1Tn Supplementary Budget For 2023

This was a sequel to the adoption and debate of the report of the Senate Committee on Appropriations during Thursday’s plenary.

Chairman of the Senate Committee on Appropriations, Adeola Olamilekan, had laid the committee’s report which was adopted and debated before Akpabio put it to voice vote and Senators across party lines voted in favour.

FG Allots N17.7b For Presidential Yacht, Air Fleet

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Rhoda Onuzulike

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November 2, 2023

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In the breakdown of the N2.178 trillion 2023 supplementary budget proposed to the House of Representative on Tuesday, the Ministry of Defence received the highest allocation of N476.543 billion, N300 Billion to the Ministry of Works allocated N300 billion, and the Ministry of Agriculture and Food Security got N200 billion.

Under the State House section of the budget, N2.9 billion was earmarked for purchase of SUV vehicles; the purchase of official vehicles for the office of the First Lady (N1.5 billion); renovation of the residential quarters of Mr. President (N4 billion); renovation of Dodan Barracks—the official residence of Mr. President (N4 billion); renovation of the official quarters of the Vice President in Lagos (N3 billion); construction of an office complex in Aso Rock (N4 billion). In the Office of the National Security Adviser section, the Presidential Air Fleet will receive a budget allocation of N12.7billion. In the Nigeria Navy section, N5 billion was earmarked for a Presidential Yacht.

N5 billion was allocated for the renovation of 100 schools; another N5.5 billion was for Education Loan Fund (funding for Student Loans); Housing got N100 billion; the Federal Capital Territory Administration got N100 billion; the Department of State Services (DSS) got N49bn; and Police Formations and Command got N50 billion.

Cabinet Okays N2.1Tn Supplementary Budget For 2023

In the supplementary appropriation bill, Service Wide Votes was allocated N615 billion.

Other allocations include the Department of State Services (N49 billion), the Office of the National Security Adviser (N29.7 billion), and the Independent National Electoral Commission (N18 billion) for the conduct of the forthcoming off-cycle governorship election in Bayelsa, Kogi, and Imo States on November 11.

The proposal is, however, subject to the approval of the National Assembly.Senate Passes N2.17trn Supplementary Budget

The Senate has passed the N2.17 trillion 2023 Supplementary Appropriation Bill after the third reading.

The passage followed the adoption of the report of the harmonised sittings of both chambers on the bill as submitted by the Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola (APC Ogun West).

Reps Gives AGF 72 Hours to Submit Report on N100bn COVID-19 Funds

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Cleopatra Okohai

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November 2, 2023

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The House of Representatives has given a 72-hour ultimatum to the Accountant General of the Federation, Mrs. Oluwatoyin Madein, demanding a comprehensive report on the utilisation of N100bn COVID-19 intervention funds.

The fund was allocated by the former President, Muhammadu Buhari’s administration to Ministries, Departments, and Agencies between 2020 and 2022.

Rep. Bamidele Salam, the Chairman, House Committee on Public Accounts, issued this ultimatum in Abuja on Wednesday.

The lawmaker expressed disappointment with the AGF’s failure to comply with the committee’s resolution to submit the report by October 27, 2023.

The House had mandated the committee to investigate the expenditure related to COVID-19 interventions, particularly in the years 2020 to 2022.

“A letter was sent to the Accountant General, requesting details of all disbursements according to the Appropriation Act and other interventions provided by the Central Bank of Nigeria to MDAs,” he stated.

According to him, the submission deadline was set for October 27, adding that as of now, the committee had not received the requested information.

He emphasised the importance of this document for guiding their investigation, while instructing the AGF to submit the report by Friday, November 3, 2023.

The House’s resolution came in response to a motion regarding the alleged mismanagement of COVID-19 intervention funds from 2020 to 2022, which were allocated to various Ministries, Departments, and Agencies.

Two Men Burnt To Death In Onitsha For Illegally Collecting Tax

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faith Jegede

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November 2, 2023

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Under the hashtags #Onitsha and not surprisingly, #Aluu boys, two persons suspected to be brother’s were burnt to death in Onitsha, Anambra state, for alleged thuggery.

The deceased simply identified as Omaume and Monday, are allegedly known by traders and residents as members of an armed robbery gang whose leaders are currently in prison. According to residents, they hid under touting to rob residents and traders of their valuables.

The state police public relations officer (PPRO), Tochukwu Ikenga said, “The Commissioner of Police, CP Aderemi Adeoye, has condemned the act and reiterated his call for members of the public to always take criminal offenders to the nearest Police Station for necessary policing actions, particularly the conduct of appropriate investigations.

“The CP has, therefore, ordered a thorough investigation of the incident.

In a video that has gone viral, the voices of bystanders can be heard saying “These are touts collecting illegal levies around Bida area of Onitsha. They were being set ablaze for touting. This is not good.

“The punishment is too much for just touting. They are children to somebody. This is the return of Bakassi boys.”

Medicine Academy Condemns Policymakers’ Rejection of Recommendations

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Cleopatra Okohai

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November 1, 2023

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The Academy of Medicine Specialties of Nigeria has frowned against the reluctance of policymakers to accept and implement recommendations made by academic sources.

This stance was made known by Professor Akin Osibogun of the College of Medicine, University of Lagos, who was the Guest Lecturer at the 2023 Annual General Meeting & third induction ceremony of the Academy.

According to him, the academy was known for promoting the sharing of cutting-edge knowledge to advance different aspects of man’s existence.

“My only concern is the seeming reluctance of policy-makers to accept recommendations from academic sources for effective implementation. Globally, academies such as ours are known to promote the sharing of cutting-edge knowledge to advance different aspects of man’s existence and living conditions,” he said.

Osibogun in his lecture titled, ‘Mainstreaming of health in all sectors for achieving Universal Health Coverage,’ said more investments in health would bring massive development to the nation.

“The more out-of-pocket expenditure plays a dominant role in a country’s health financing mechanism, the poorer its health outcomes. Countries with poor health outcomes are also those that are underdeveloped,” he added.

President of the Academy, Professor Oladapo Ashiru, explained that the Academy of Medicine Specialties of Nigeria had been actively addressing various health and social issues.

He added, “We drafted a comprehensive position paper opposing the proposed bill aimed at restricting the travel of medical and dental graduates. This bill sought to enforce a mandatory five-year service commitment within Nigeria before granting full licenses for practice.”

Minister of Education, Professor Tahir Mamman, who was represented by the Vice-Chancellor, University of Lagos, Professor Folasade Ogunsola, said, “I am delighted to be here today, to participate in this induction ceremony that recognises some of the best brains in our country. We need your charge to use your intellect to work for our country’s development and to make sure that your impact is felt by the people of the country. We look forward to working with you with new creative mechanisms within the Education sector.”

Minister of Science and Technology, Mr. Uche Nnaji, who was represented by the Director General/Chief Executive, Nigeria Natural Medicine Development Agency, Martins Emeje, said, “Innovation has the potential to revolutionise our healthcare landscape.”

Mexico Announces $3.4b Recovery Plan For Acapulco After Hurricane

By

Angel Gimalo

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November 1, 2023

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Mexico Tropical Weather — A street is strewn with debris after Hurricane Otis ripped through Acapulco, Mexico, Wednesday, Oct. 25, 2023. Hurricane Otis ripped through Mexico's southern Pacific coast as a powerful Category 5 storm, unleashing massive flooding, ravaging roads and leaving large swaths of the southwestern state of Guerrero without power or cellphone service. (AP Photo/Marco Ugarte)

Mexico’s government on Wednesday unveiled a $3.4 billion recovery plan for the battered coastal resort of Acapulco, including tax breaks, humanitarian aid and reconstruction of infrastructure, and said it could spend more if necessary.

Hurricane Otis slammed into Acapulco last week, devastating homes, hotels and other businesses, severing communications and temporarily leaving the city of 900,000 people incommunicado.

The total investment needed for the recovery plan was estimated at 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference.

Otis left more than 100 people dead or missing, and the cost of damage could be as high as $15 billion, according to experts.

Widespread looting broke out in Acapulco after the hurricane. Mexico has sent thousands of armed forces members to keep order and help distribute food and supplies.

President Andres Manuel Lopez Obrador said the government would raise more money for Acapulco if needs be.

“Fortunately, we have healthy public finances and unlimited resources when it comes to benefiting the people,” he said.

Many residents are still struggling to get food and water, and some have been reduced to washing in local waterways.

The plan will bring forward social welfare payments by two months, waive electricity charges until February and provide household necessities for families whose houses were flooded.

It also foresees the weekly provision of basic foodstuffs to some 250,000 families for three months, the president said.

Major retailers including Walmart de Mexico and Soriana were working with the government on the plan, he said.

The plan also included 10 billion pesos for rebuilding the city’s shattered infrastructure.

Acapulco and nearby Coyuca de Benitez will be exempt from paying taxes through February 2024, Lopez Obrador said.

ACAPULO

Acapulco, a beach resort town on Mexico’s Pacific coast, is set on a large bay backed by high-rises and the Sierra Madre del Sur mountains.

Made famous by the jet set in the 1950s and ’60s, it’s known for its high-energy nightlife, beaches and golf.

From its iconic La Quebrada cliff, professional divers plunge 40m into a small ocean cove every day and night.

Tourism is the main economic activity of the municipality and most of this is centered on Acapulco Bay.

About seventy-three percent of the municipality’s population is involved in commerce, most of it related to tourism and the port.

Mining and manufacturing employ less than twenty percent and only about five percent is dedicated to agriculture.

Industrial production is limited mostly to bottling, milk products, cement products, and ice and energy production.

Agricultural products include tomatoes, corn, watermelon, beans, green chili peppers, and melons.

NGX Benchmark Index Sustains Upward Trend

By

Rhoda Onuzulike

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October 31, 2023

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Transactions at the Nigerian Exchange Group Limited, NGX remained upbeat for the second trading session of the week with gains in 40 equities amid bargain hunting profit-taking activities.

Investors witnessed an increase of 1.65 percent on the market capitalisation of listed equities which led to a N617 billion gain to close at N38.038 trillion higher than Monday’s N37.420 trillion.

Consequently, the All-Share Index appreciated by 1,124.48 basis points representing a 1.65 percent increase to close at 69,236.19 points compared to the 68,111.71 point of the previous day.

Investors At NGX End Week On Bearish Sentiment

At the end of day’s trading session, a total of 483.27 million shares valued at N6.04k billion exchange hands in 8,027 deals which got the market closing with 40 gainers relative to 25 losers.

AIRTELAFIR led the gainers table with a 10% profit on its share price to close at N1,540.10k followed by CADBURY and NNFM with 9.92% gain on their share prices to close at N13.85k and N19.95 respectively; then CHAMS made an 9.90% profit on its share price with a closing price of N2.22k.

On the flipside, BETAGLAS led the losers list with a 9.93% loss on its share price to close at N60.30k followed by UPL with a closing price of N2.12k after recording a 9.79% drop on its share price while ELLAHLAKES recorded a 9.56% loss on its share price to close at N3.50k.

JAPAUL Gold recorded the highest volume of trades with 155.57 million shares followed by UBA for the second day with 33.93 million and ACCESSCROP had 27.43 million shares.

Nigeria To Become G-20 Economy Before 2031- Minister

By

Rhoda Onuzulike

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October 31, 2023

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The Nigerian Minister of Steel Development, Shuaibu Audu says that Nigeria’s President Bola Tinubu “intends to make Nigeria a G-20 economy before the end of his second term in office in 2031.”

Prince Audu also said that his Ministry’s “commitment to developing the steel sector remains unwavering, with a focus on job creation, attracting investments, and contributing significantly to Nigeria’s Gross Domestic Product as outlined in the renewed hope agenda of President Bola Ahmed Tinubu.”

The Minister of Steel Development, who made at the African Natural Resource and Energy Investment Summit 2023 said he stands “committed to supporting initiatives that foster the local production of transition metals as he called for “commitment to sustainability, incorporating responsible mining practices, and embracing environmentally friendly production techniques to mitigate any adverse impact on our ecosystem.”

G-20 Summit: Tinubu In India to Bolster Economic Ties

Prince Audu reinstated his commitment to “a sustainable future that demands innovation and transformation in steel production, ensuring that the country’s advancements align with global environmental standards.”

It is based on this that a roadmap is being developed for the revitalization of the steel sector in Nigeria.

He noted that “with considerable attention to issues of insurance for government-owned steel plants, beneficial incentives for investors that are willing to put money in the sector, and designating the 24,000–hectare land in Ajaokuta as an Industrial Park.”

He further said that “in line with the 8-point agenda of Mr President and the proposed roadmap for the ministry of steel development, the following are some suggested pathways transition metals can be produced locally with requisite value addition, though not exhaustive, it includes;

1. Enforcing the Processing of Raw Materials Locally: Government will ensure a conducive environment for investments in mineral processing plants across the country. This will ensure forex proliferation and creation of jobs for both skilled and unskilled workers in the mining sector.

2. We must Improve Promotional Activities for Specific Minerals: We must build on the several ongoing initiatives to grow Nigeria’s mining sector; local and global promotion needs to be intensified on Lithium, Gold, Limestone etc. to attract investments into the sector.

3. We must Invest in exploration of Bankable data for Mining: Government will encourage investments in the determination of large volumes and deposits of transition metals.

4. We need to Secure the Mining Environment: Ensuring a secure environment through enhanced security initiatives for mining operations remains one of the matters that requires urgent attention.

5. We need to establish Host Communities Mineral Development Fund: This will address the challenges investors usually encounter with local communities on ownership of mineral deposits.”