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Reps to resume plenary on Tuesday

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The House of Representatives has said it will resume its annual recess on Tuesday to continue the first legislative year of the 10th Assembly.

Dr Yahaha Danzaria, the Clerk of the house, said this in a statement in Abuja on Saturday.The 10th Assembly proceeded on its annual recess on July 27. This followed a plenary session during which Speaker Tajudeen Abbas announced the leadership of the standing committees of the house.

Commenting on the resumption, Rep. Akin Rotimi, the Spokesperson of the House and House Committee on Media and Public Affairs, said the 10th Assembly had been prolific.

He said since its inauguration, the house had recorded 470 bills, with all passing the first reading, while four passed the second reading.

He added that there had been 175 motions considered by the parliament.

He said in spite of the recess, it had continued to function, as various ad hoc committees continued to carry out their crucial mandates.

He said this had generated significant positive public interest.

Rotimi said some of the key early developments expected on resumption was the conclusion of the work of all ad hoc committees and the submission of their reports.

He said this was for the consideration of the House in line with the directive of the speaker.He said the house would get the final draft of its Legislative Agenda developed by the ad hoc committee, led by the Majority Leader, Rep. Julius Inhonvbere.

He said it would be considered and adopted by the house, adding that the draft agenda was developed following extensive consultations with critical stakeholders.

He also said that the membership of the standing committees would be announced and fully constituted.

Tropical Storm Ophelia Comes With Torrential Downpour From New York To South Carolina

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Tropical Storm Ophelia came ashore on Saturday along the Atlantic Coast where it doused the region with torrential downpours and unrelenting winds that caused flooding and widespread power outages.

Nearly 8 million people across the Mid-Atlantic – from New York to South Carolina – were under tropical storm, storm surge and flooding warnings as of midday on Saturday, the National Weather Service said.

After making landfall near Emerald Isle, North Carolina around 6:15 a.m. EDT (10:15 UTC), Ophelia was moving inland on a northerly path as it dumped heavy downpours and whipped strong winds in its wake.

Some spots could see up to 10 inches (25 cm) of rain and winds of more than 50 miles (80 km) per hour that combined were producing storm surge flooding in parts of North Carolina, the service said.

One of the hardest hit communities was Washington, North Carolina, where video footage on social media showed flood waters reaching homes and partly submerging vehicles in parts of the town that sis on the banks of the Pamlico River.

“Some areas are even cut-off, seeing water rescue crews moving throughout town just incase the call comes later,” storm chaser Bryce Shelton said on X, describing the conditions in the town of 10,000 people.

In Virginia, the state’s department of emergency management said in a X post that its crews were staged across the commonwealth, ready to conduct any needed swift water rescues and debris removal.

By midday, more than 65,000 homes and businesses in the North Carolina, Virginia, Pennsylvania and New Jersey and were without power.

Metal Pollution: Rivers In North-East England And Cumbria Get £9m Water Treatment Scheme

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A £9m water treatment scheme to remove metal pollution from rivers in the north-east of England and Cumbria is due to be completed next year.

Contamination from old metal mines has left the River Nent in Cumbria with very high levels of cadmium, lead and zinc, which are toxic to wildlife.

Construction of the Nent Haggs Mine Water Treatment Scheme began in 2020.

Dr Hugh Potter from the Environment Agency (EA) said it will make a “vital” difference.

“This project will have an immediate impact on water quality in the rivers Nent and South Tyne and, in future, will help improve sediment quality in the Tyne estuary,” he said.

Most metal mines in the north of England closed by the early 1900s but have filled with rainfall, with contaminated groundwater then polluting nearby rivers.

This problem affects about 1,500km (930 miles) of waterways in England and the government has said it wants to halve that number by 2038.

The River Nent is the most metal polluted river in the north of England, with levels more than 200 times what is considered safe, the EA and Coal Authority said.

The watercourse has half the number of fish and river flies as would be expected if there was no pollution.

The Nent is a tributary of the River South Tyne, flowing to the River Tyne and then the North Sea, so the metals accumulate in Tyne estuary sediments.

One of the most significant sources of pollution is the Haggs adit, an abandoned mine water drainage tunnel at Nentsberry, which discharges about three tonnes of zinc each year, the EA said.

The Nent Haggs treatment scheme will capture the water as it comes out of the mine and remove about 90% of the metals via treatment ponds and reed beds at West Foreshield.

Works Minister Assures Abuja-Lagos Highway Will Be Completed In 4 Years

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The proposed Abuja-Lagos highway will be completed in four years, the Federal Government has assured.

Minister of Works David Umahi gave the assurance at a briefing on Saturday.

He said travelling from Lagos to Abuja will take four hours on the new highway.

He said the road will be built entirely with concrete, which is cheaper than asphalt.

University Of Nigeria, Nsukka Don Proposes To Inject 7, 000 MW Across Nigeria

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The Dean, Faculty of Engineering, University of Nigeria Nsukka, UNN, Prof. Emenike Ejiogu has proposed to inject 7,000 megawatts of electricity across the 774 local government areas in Nigeria through the gasification plant.

Prof. Ejiogu who is also the Director, Africa Centre of Excellence for Sustainable Power and Energy Development, ACE-SPED, further said that Nigeria must adopt energy mix in order to stave off energy crisis crippling the economy, adding that the conventional national grid has proven to be insufficient in meeting the country’s energy needs.

He spoke as the 190th Inaugural Lecture of the University of Nigeria at the Princess Alexandra Auditorium, UNN, adding that through gasification plant, 10,000 megawatts of electricity can be injected into all the 774 local government areas in Nigeria through distributed energy generation.

While presenting the topic of the lecture titled ‘My Engineering Odyssey: Energy Security, Energy Sustainability and Bringing Power to the People,’ he explained that the gasification plant is an engineering system which is designed and fabricated locally with 100% local content, and which converts organic solid materials into synthetic gas for electric power generation and other uses.

“The conventional power industries in Nigeria with huge generating plants, produce huge amount of power and transmit it at a long distance. The disadvantage of this is that you have to cover the entire country with transmission lines which would result in huge financial losses. The technical manpower is not equally there to maintain this power arrangement because most of the materials are imported.

“In this situation, the best thing to think of is distributed-generation of energy. This can be done by creating micro and mini grids across locations in Nigeria so that we can generate power and distribute locally. Gasification plant is one of the enabling technologies that can help you achieve this. The advantage of distributed-generation is that you can generate your power locally and manage it locally.

“When you have a lot of these micro and mini grids, you can begin to tie them together so that in the end, you will have a network. With this arrangement, you can infuse huge amount of energy into our power sector without huge investment in transmission lines and other materials. This is an enabling technology because you can easily go into the 774 local government areas across the country and give each of them 10 megawatts of power which would result to 7,740 megawatts of power. This is already more than what our national grid is generating and transmitting. If the political will is there, you can infuse huge amount of energy in our sector within a period of two to three years. It is only the gasification technology that can give you that flexibility because we would be producing fuel from waste materials and coal which are in abundance in this country,” he explained.

He also said “With the current epileptic power supply in the country occasioned by the frequent collapse of the national grid, this is time to give proper attention to alternative power source.

“Our designed gasification plant converts solid wastes into gas, just like the refineries which turns crude oil into petrol and other products. What we need is the fund to mass produce it.

“Organizations can comfortably depend and run on it, what is required is to change the already existing diesel generators and modify them to run on gas and it will serve as mini-grid.

“Depending on public power supply alone has negatively impacted on production outputs and services of organisations in Nigeria, which as well have affected the national economy because some organisation can no longer operate under the epileptic power supply with price of diesel always on a high side,” he said.

In his address, the Vice Chancellor of UNN, Prof. Charles Igwe, who was also the chairman of the occasion, said that Nigerian universities cannot really be autonomous if the managements can produce services which would make them self-sustaining.

He described Prof. Ejiogu’s lecture as germane, especially as the country is still grappling with epileptic power supply, adding that keying into the lecturer’s alternative power generation would save Nigeria some cost of running only on the conventional power.

Exploring Palacio De Los López In Paraguay

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Palacio de los López is a palace and the official workplace of the President of Paraguay, located in the capital city of the Republic of Paraguay, Asunción.

Also, Palacio de los López is the official seat of the national government and one of the treasures of the Asunción’s cultural heritage.

The Palace is located, more precisely, in the center of the capital city, overlooking the Bay of Asunción, and got its name from the General Francisco Solano López.

He is the son of Carlos Antonio López who was the leader of Paraguay from 1841 to 1862, and has ordered for the palace to be built as a residence for his son.

The architect responsible for the construction is Alonso Taylor, an English architect whose work began in 1857.

All of the materials used for the Palace to be built are from several places in Paraguay; stones from the quarries of Emboscada and Altos, woods and odrajes of Ñeembucú and Yaguarón, bricks of Tacumbú, iron pieces molten in Ybycuí, etc.

The Palace has a shape of the letter U, counting two floors, with a tower that has four floors on which stands the flag of the Republic.

There are unique ornaments all around the building and small garden in front of the entrance which is welcoming the foreign delegations visiting this majestic architectural masterpiece.

Even though there were several various European artists who came to Paraguay to handle the decoration of the building, the López Palace was almost finished in 1867.

That was the year when the War of the Triple Alliance broke out and the palace was bombed and looted by the Brazilian-Argentinean coalition.

Francisco Solano López had to go to the battlefield and never got the chance to live inside this amazing piece of architecture.

Yet, the successors tried to restore the building, but the coups d’etats prevented them from living there, which made it suspicious that it must have been cursed.

Nowadays, it is in perfect shape as it is the governing place for the nation, and the spectacular lightning at night is well worth visiting the capital of this small South American nation.

Infrastructure Bank Commits N13b to Cushion Subsidy Removal

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The Infrastructure Bank will be providing finance to help alleviate the effects of the fuel subsidy removal.

The bank has earmarked N13 billion for this purpose and will be using the funds to develop transportation systems and road infrastructure.

A statement issued by the Federal Ministry of Finance said the Acting Managing Director Nkiru Chime and an Executive Director Andrew Nweke made this disclosure in Abuja when they visited the ministry.

Additionally, the bank has concessions with eight states and has previously provided interventions in the provision of mass transit, road and rail construction in some parts of the country.

Nkiru Chime stated that since inception “Infrastructure Bank had intervened in the provision of mass transit, road and rail construction in some parts of the country and the bank had concessions with Government particularly with eight states”.

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Chime added that The Infrastructure Bank has put in place funds to  convert cars using petrol to “Compressed Natural Gas (CNG) vehicles to cushion the effects of fuel subsidy removal”.

On his part, Andrew Nweke spoke about an intervention that will impact urban development. He said that the “Infrastructure Bank would engage in road infrastructure development in collaboration with the Federal Government to alleviate the impacts of fuel subsidy removal.

Responding, the Permanent Secretary Special Duties of the ministry Okokon Udo assured the bankers that “the Federal Government would create an enabling environment for businesses to thrive in the nation’s economy in order to reduce the adverse effects of subsidy removal”.

The Permanent Secretary stressed that the ministry was determined to work in partnership with the bank towards uplifting the living standards of Nigerians.

Fitch Ratings Confirms AA+ Rating for IFAD

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Fitch Ratings confirmed the International Fund for Agricultural Development’s (IFAD) Long-Term Issuer Default Rating (IDR) at ‘AA+’ with a Stable Outlook.

According to Fitch’s Rating Action Commentary, “IFAD’s AA+ Long-Term IDR continues to be anchored on its Standalone Credit Profile (SCP). IFAD’s SCP assessment is driven by its solvency (aa+) and liquidity (aa+) profiles, which are unchanged from last year.”

In addition, Fitch expects IFAD’s equity/assets ratio and the fund’s usable capital/risk-weighted assets ratio “to remain well above the ‘excellent’ thresholds in the medium term, despite the fund gradually increasing its leverage.”

Fitch Predicts Slow Economic Growth for Nigeria in 2023

This news comes as IFAD, a UN specialised agency and international financial institution, embarks on an ambitious replenishment of its funds for the period 2025-2027, with goals to deepen its impact and help millions more people move out of poverty and hunger – now more important than ever as the number of hungry rises, poverty remains intractable and climate change intensifies in many parts of the world.

“The affirmation of our strong rating reflects the solid financial capacity of the institution to continue servicing our recipient countries within a very uncertain economic outlook. This is a testament to IFAD’s financial evolution and shall constitute an additional incentive to the continuing supportive response we are seeing from our Members during the ongoing replenishment consultations,” said Hernán Danery Alvarado, IFAD’s Associate Vice-President of IFAD’s Financial Operations Department and Chief Financial Officer and Controller.

Minister Applauds African Development Bank’s Support For Nigeria

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Minister for Budget and Economic Planning, Senator Abubakar Bagudu, has commended the African Development Bank, AFDB, for being magnanimous to the Nation.

He appreciated the bank for considering Nigeria for intervention programs despite the high demand on the institution from many other countries.

Senator Bagudu made this commendation in Abuja when the African Development Bank’s Chief Country Economist, Jacob Oduor, led the Bank’s team on a visit to his office.

The Minister disclosed that Nigeria was currently going through a task reform process, which had an ambitious target of 18% to GDP ratio by 2026, which was higher than what was previously in the National Development Plan.

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He explained that the National Development Plan was a reflection of Nigeria’s vision of where the country wanted to be by 2050.

“we have a long term perspective plan against 2050 but for 5 years duration, we have a national development plan”.

Bagudu continued: “We are currently in the midst of the review because the renewed agenda under which the manifesto of the president Bola Ahmed Tinubu and vice President Kashim Shettina contested and where given the mandate by Nigerians envisaged higher growth”

“The President has left investment drive and is interacting with the private sector both domestic and international “ . The Minister said.

Senator Bagudu listed some of the roles of the Ministry in improving the nation’s economy to include as follows: ‘the Macro Economic department’s assisted by some development partners to work on how to put in place those special things needed for higher growth; the ministry also served as a secretariat of the National Economic Council which was the meeting point between the Federal and State governments; we are also responsible for joint planning between Sub-national and the Federal, as well as, sectors specific issues, like social protection policy”.

Moreso, the Minister mentioned that the Ministry had a nutrition policy which would play prominent roles in the 2024 appropriation, both at the Federal and sub National levels.

Earlier, Oduor stated that the purpose of their visit to the Ministry was to view the perspective from Budget and Economic Planning in terms of recent economic development.

He noted that the discussion would be based on Maintaining Fiscal Sustainability through Revenue Mobilization, Recent economic development and economic policy challenges in 2022/2023, outlook for medium term policy plans and priorities of the government, spending and investment plans, Fiscal MTEF; Developments and budget implementation.

Oduor explained further that: Fiscal framework: Managing fiscal Risk, Economic Policy: Revenue mobilization: Contingency plan: possible fiscal costs, and strategies, Budget financing plans: current and medium term, 2023 Budget and policy directions were fiscal implications of the recent removal of subsidies and exchange rate unification {impact on fiscal space and deficit} , Trends in expenditure arrears and plans for settlement.

He also mentioned that the AFDB had structured an economic reform support program as a two year programmatic policy based operation from 2023 – 2024 to assist the Federal Government of Nigeria “to provide a base for holistic implementation of macroeconomic policy and structural reforms, to safeguard the gains from reform effort”.

Govt. Caused N285bn Decline in Raw Material Exports – MAN

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The decline in Nigeria’s raw material exports by N285 billion on a year-on-year basis can be attributed to the government’s neglect of the productive sector, the Manufacturers Association of Nigeria has declared.

An analysis of Foreign Trade Statistics published by the National Bureau of Statistics showed raw materials exports fell to N345.5bn in the first half of 2023, compared to N630.5bn in the same period in the prior year.

A breakdown of the H1 2023 figure indicated that the country shipped out N200bn worth of raw materials in Q1 and N145bn in Q2, instead of N259.4bn in Q1 and N371.10bn in Q2 2022.

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During this period, urea whether or not the aqueous solution was exported to the United States as well as nonmonetary gold (including gold-plated with platinum) in powder form exported to Switzerland.

Other items that dominated the export list were cocoa shells, husks, skins and other cocoa waste to Indonesia and gold unwrought or in semi-mfr. forms, or in powder form exported to Switzerland.

In a recent interview, the President of the Manufacturers Association of Nigeria, Francis Meshioye, blamed high production costs as being responsible for the country’s declining exports.

According to him, local manufacturers cannot be competitive in terms of price with manufacturers from other countries who produce at lower costs.

Meshioye said, “We will tell our members to do more, but all these things are based on competitive advantages. If you want to export a product, it is fine, but at what cost are you going to export it?

“What will be your price? If the cost is astronomically high, it will be difficult to export. It is a circle. Of course, the export base should be good enough to support the floated exchange rate, but we need to have a good economic base to do that.”