Menu
Search
Subscribe
Home Blog Page 764

Locally Produced Diesel Drops To 2.16% Of Total Supply In 2023 

By
Joel
-
0

By Dickson Pat 

Nigeria’s locally produced diesel accounted for just 2.16% of the total diesel supply in 2023, a slight decrease from the 2.50% recorded in 2022.

This is according to the data from the petroleum products distribution statistics report of the National Bureau of Statistics ,NBS.

Despite a 6.76% increase in local production, rising from 102.47 million liters in 2022 to 109.39 million liters in 2023, the growth was outpaced by a substantial increase in imports.

The importation of Automotive Gas oil ,AGO, also known as diesel, surged by 23.64%, climbing from 4.00 billion liters in 2022 to 4.94 billion liters in 2023.

This increase led to a 23.23% rise in the total available diesel, which reached 5.05 billion liters in 2023, compared to 4.10 billion liters in the previous year.

The growth in imports caused a further decline in the share of locally produced diesel within the total supply, emphasizing Nigeria’s dependence on imported fuel to meet domestic demand.

The drop in the share of local diesel production highlights the challenges facing Nigeria’s refining capacity.

Despite efforts to boost local output, the country remains heavily reliant on imports to satisfy energy needs.

the average price of diesel in Nigeria rose by 1.93% month-on-month in August 2024, reaching N1,406.05 per liter.

The month-on-month increase comes amid a growing standoff between local marketers and Dangote Refinery, with many marketers refusing to purchase the refinery’s lower-priced diesel products.

The average retail price of Automotive Gas Oil (Diesel) paid by consumers decreased by 5.71%, dropping from N1,462.98 in June 2024 to N1,379.48 in July 2024.

In contrast to the 5.71% price drop recorded in July 2024, diesel prices rebounded sharply in August, likely driven by a boycott initiated by local fuel marketers.

Nigeria recorded a significant year-on-year increase of 64.58% from N854.32 per liter in August 2023.

The NBS report highlighted that the highest average prices were recorded in the northern region, with Kaduna leading at N1,930.79 per liter, followed by Bauchi at N1,927.34. Meanwhile, southern states like Lagos and Ogun posted the lowest average prices at N1,237.14 and N1,255.00, respectively.

The Dangote Refinery commenced operations in March, supplying diesel and aviation jet fuel in April, and Premium Motor Spirit ,PMS, in September.

Aliko Dangote, Africa’s richest individual, earlier announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market.

During an X (formerly Twitter) space, the Vice President of Dangote Industries Limited, Devakumar V.G. Edwin, expressed frustration over the boycott of Dangote Refinery’s products by local marketers.

He revealed that despite the refinery’s efforts to supply affordable petroleum products, many traders in Nigeria have refused to purchase from the refinery, preferring to continue importing refined products from abroad.

Despite the refinery’s large production capacity, local marketers are only purchasing about 3% of the output.

He noted that the remaining 97% of the refinery’s production, including diesel and jet fuel, is being exported due to a boycott by local traders who refuse to buy at the refinery’s lower prices

Raising Interest Rate To 27.75% Painful For Borrowers – Cardoso 

By
Joel
-
0

Yahaya Umar 

Governor of the Central Bank of Nigeria ,CBN, Yemi Cardoso, has acknowledged that the rise in the interest rate to 27.25% is “painful” for borrowers but stressed that the decision is necessary to reduce excess money in circulation and control inflation effectively.

Cardoso made this statement while addressing members of the Harvard Club of Nigeria in Lagos at the weekend on the topic: “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation”.

The CBN chief stated that the apex bank understands that leadership involves making difficult decisions aimed at ensuring long-term stability, rather than focusing on short-term comfort.

He further emphasized that the bank must remain focused on its core mandate of ensuring price stability, rather than being swayed by political and economic pressures.

“Our decision to raise the Monetary Policy Rate ,MPR, to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation. 

“Leadership is about making hard choices to secure long-term stability over short-term comfort in moments like these 

“Leading through challenging times means avoiding the temptation to take on too many initiatives. The Central Bank must focus on its core mandate—price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise”, Cardoso said. 

Furthermore, Cardoso explained that the focus of the new leadership at the CBN is on rebuilding trust in the markets and the system.

He added that this commitment is the reason behind the emphasis on policy transparency and the adoption of the Electronic Foreign Exchange Matching System ,EFEMS, for foreign exchange transactions.

According to Cardoso, these efforts have led to a reduction in arbitrage and speculation in the market, as trust is gradually being restored among participants.

“Trust is the currency of central banking. If the public loses trust in the institution, the efficacy of its policies diminishes. 

“Our decision to implement the Electronic Foreign Exchange Matching System ,EFEMS, is rooted in this understanding.  

“By enhancing transparency and providing more accurate oversight of forex transactions, we send a strong signal that the CBN is serious about fair and efficient markets”, Cardoso said. 

As of July 2024, only 36.3% of Nigerian households supported raising interest rates to control inflation.

The survey further revealed that 50.6% of respondents preferred a reduction in interest rates despite the rising inflation, while 13.1% remained undecided.

This division underscores the challenge faced by the Central Bank of Nigeria’s Monetary Policy Committee ,MPC, in balancing inflation control with public demand for lower borrowing costs.

Under Yemi Cardoso’s leadership, the CBN’s MPC has implemented five interest rate hikes.

The initial increase took the rate from 18.75% to 22.75%, followed by subsequent hikes to 24.75%, 26.25%, and then, in July 2024, a 50 basis point increase to 26.75%.

Recently, the MPC raised the rate by an additional 50 basis points, reaching 27.75%.

These hikes, accumulating to over 800 basis points since Cardoso’s tenure began, aim to address Nigeria’s ongoing inflation issues, particularly high core and food inflation.

Traders, Mechanics Taxes Rise By 49% Amid Dwindling Economy

By
Joel
-
0

By Aliyu Galadima 

Taxes paid by Nigerians involved in the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, surged by 49% in the first six months of 2024 compared to the same period last year.

This is according to data from the tax reports of the National Bureau of Statistics ,NBS.

Based on the data released by the NBS, this leap in tax revenue is the result of hikes in both Value Added Tax ,VAT, and Company Income Tax ,CIT, receipts.

CIT, which is pegged at 30%, is levied on the profit of corporations, while VAT — set at a rate of 7.5% — is a consumption tax imposed at the point of sale on goods and services, ultimately shouldered by the end consumer.

The total tax contribution from the sector in H1 2024 amounted to N185.19 billion, up from N124.39 billion in H1 2023, amid Nigeria’s ongoing economic challenges.

A closer look at the data shows that VAT collections grew by 50%, increasing from N63.24 billion in H1 2023 to N94.76 billion in H1 2024.

This rise indicates robust consumer spending, amid the high inflationary environment. Similarly, CIT for the sector jumped by 48%, rising from N61.14 billion in H1 2023 to N90.43 billion in H1 2024.

This growth in CIT suggests that businesses in the sector remained profitable, even as they grappled with rising operational costs driven by inflation and other macroeconomic headwinds.

When compared to the second half of 2023, the data shows that total taxes grew by 44% between H2 2023 and H1 2024. In H2 2023, the sector paid a total of N128.68 billion in taxes, with VAT contributing N74.86 billion and CIT accounting for N53.82 billion.

The sequential increase highlights stronger tax collection efforts as well as a steady pace of economic activity, despite inflationary pressures.

The surge in taxes, however, is partly reflective of inflation, which has significantly raised the cost of goods and services, thereby boosting VAT collections.

Businesses, in turn, have faced higher costs for inputs, fuel, and other operational expenses, leading to squeezed profit margins, and higher tax payments.

Nigerians pay over 60 official and 200 unofficial taxes, with small businesses across Nigeria struggling with multiple taxation either from different agencies of the federal government or similar kinds of taxes from different levels of government (federal, state, and local government).

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms., Mr Taiwo Oyedele, recently said that there are even more unauthorized taxes all disproportionately affecting small businesses including petty traders, hawkers, artisans, truckers, cart pushers, okada riders and other transporters. He said:

The Manufacturers Association of Nigeria ,MAN, asked both federal and state authorities to unify the various taxes imposed on its members, citing these levies as detrimental to business expansion.

In July 2023, the FIRS announced the VAT Direct Initiative, a scheme that would enable the federal government to collect VAT from the informal sector.

This scheme was introduced in an effort to curb the issue of multiple taxation that has plagued the informal economy.

Clarifying further, Oyedele, stated that market traders under the VAT Direct Initiative will have exemptions if their business does a turnover of less than N25 million.

He added that the FIRS was leveraging the federal might to ward off tax collections by non-state actors and stop them from extortion and pay VAT where applicable.

In December 2023, the FIRS introduced the Integrated Market Revenue Management System ,IMRMS, a digital platform designed to integrate the informal sector, particularly market traders, into the federal government’s tax framework.

This move aligns with the VAT Direct Initiative ,VDI, aimed at promoting VAT collection and remittance awareness in the informal sector.

So far, the Federal Government plans to cut down official taxes to not more than 10 and has recommended that state and local governments across the country suspend “nuisance taxes” that don’t add value to the state’s coffers.

New tax regulations have been introduced to amend existing laws and curb multiple taxation frustrating business owners in the country

FG Proposes 30% Advance Payment From NLNG For Bodo-Bonny Road Project 

By
Joel
-
0
BOLA TINUBU

By Charles Ebi 

Federal Government has proposed a 30% advance payment from Nigeria LNG,NLNG, to accelerate the Bodo-Bonny road project in Rivers State.

This follows the Federal Executive Council’s,FEC, approval to increase the project’s funding to N280 billion.

The Minister of Works, David Umahi, made this announcement during a meeting with Julius Berger (Nig.) Plc, as shared in a statement on the Ministry’s website.

He stressed the importance of Julius Berger mobilizing in multiple locations to meet the extended deadline of September 2025, with work to proceed from at least three sites.

Umahi noted that the 30% advance payment aims to counter inflation and ensure steady progress, maintaining the fixed contract sum of N280 billion and preventing further delays.

He remarked, “We don’t think we have any issue. We’ve agreed on the N280 billion, which is the new contract sum that is fixed, and then for a 12-month completion period; that is an additional 12 months. So, we want you to mobilize in a minimum of three locations. So that within these 12 months, we’ll be able to finish the job”. 

He went further to state, “In the letter to NLNG, we have to also propose 30% advance payment, so that they will be able to have enough funds to mitigate inflation and any form of variation”. 

The statement further noted that the meeting concluded with a formal handover of the updated Letters of Award to Julius Berger, with terms stating that the contract is fixed, firm, non-transferable, and will be automatically terminated at the end of the agreed period unless formally reviewed by the Ministry.

The Bodo-Bonny project, initially awarded in 2014 for N120 billion and later revised to N199.9 billion in 2021, is designed to significantly enhance regional connectivity by linking Bonny Island to the mainland of Rivers State through a network of vital bridges and roadways.

The 34 kilometres project features the construction of 13 bridges, including three major structures—such as a 1,000-meter bridge spanning Opobo Creek—and nine mini-bridges, along with a pipeline-spanning bridge. This infrastructure is expected to facilitate easier access to Bonny Island, improving transport links and supporting economic activities in the region.

Originally, the project’s funding was structured as a joint effort between the Federal Government and Nigeria LNG ,NLNG, with each party contributing 50% of the costs. However, construction faced setbacks in 2021 when Julius Berger requested an upward revision of the budget, leading to a temporary halt in progress.

The recent approval by the Federal Executive Council ,FEC, to raise the project’s funding to N280 billion, alongside the proposed 30% advance payment from NLNG, has now brought new momentum to the initiative.

These financial adjustments are aimed at mitigating inflation and other economic challenges, ensuring that the construction can proceed steadily toward its new completion deadline of September 2025.

With these renewed efforts, the project is poised to achieve its goal of improving access and stimulating development across the region.

Naira Exchange Rate Volatility Unsettles CBN, Triggers New FX Permutation

By
Joel
-
0

By Yahaya Umar 

Inability of the Nigerian naira to rebound against the US dollar unsettled the Central Bank of Nigeria ,CBN, and triggered a fresh, untested initiative, which a slew of analysts have applauded to be a right step in the right direction.

The naira ended the week on a negative note, losing about 6% over the week in the forex market as surging demand continues to eclipsed FX balance in the supply side.

Analysts maintained in a series of discussion that US dollar shortage remains the top exchange rate volatility driver across the foreign exchange markets.

Market observers said the FX space was heated up in the just concluded week due to increased demand for foreign currency while supply side remains downbeat without clear cut expectation of CBN intervention.

“The Naira has to be protected; forget about price recovery without significant FX inflows that could reduce the excessive dryness in the currency markets”.

The Naira saw increased volatility at the Nigerian autonomous FX window, depreciating by 5.87% to ₦1,631.21, despite a $53 million intervention by the CBN.

“The Apex Bank FX interventions have not only be limited to have significant influence on exchange rate direction, it has also been intermittent with reduced efficiency for the purpose for which it is expected to be applied”, LSintelligence Associates said.

The Naira has remained on the negative side due to strong demand for foreign currency to meet FX obligations, and payment for imports by the locals.

Even with a surge in external reserves, exchange rates across FX markets reduced how Nigerians feel when trading with the naira who carries the nation’s sovereign symbol of authority.

On the back of a sustained inflows, Nigeria’s FX reserves recorded accretion for the fifth consecutive week, increasing by US$517 million week on week to USD38.58 billion.

In September, total inflows into the Nigerian Autonomous Foreign Exchange Market ,NAFEM, declined by 7.1% to USD2.17 billion from USD2.34 billion in August, according to data from FMDQ platform.

The decline was driven by a broad-based shortfall across local, (which accounts for 84.1% of total transaction value) and foreign (accounts for 15.9% of total transaction value) inflows, Cordros Capital Limited said in a commentary note.

The investment firm said inflows from local sources dipped by 6.0% in September to USD1.83 billion from USD1.94 billion in August. The slowdown was attributed to declines across the individual, non-bank corporate, and exporter segments, despite the more robust inflow from the CBN segment.

FX supply from individuals reduced by 53.1% in September, while contribution from non-bank corporates went down by 27.5%. Exporters’ flows dropped by 4.7% in the month, but there was a surge of 184.2% from the CBN segment.

Similarly, inflows from foreign sources declined by 12.4% to USD345.50 million in Sept. from USD394.50 million in August, partly due to weak investor confidence.

Over the short term, analysts said they expect FX liquidity conditions to remain weak, primarily due to limited intervention by the CBN.  Analysts said this is likely to erode market confidence and intensify pressure on the naira.

“Whilst we note the improved liquidity from increased FPI inflows, we think the naira is likely to face continued pressure as FX demand remains elevated”, the firm said. In the forwards market, FX rate for a one month contract dipped by 0.3% to N1, 689.10 while a three-month forward contract fell by 0.7% to N1,770.68.

Currency traders said in a report that a six month forward contract declined by 1.1% to N1,870.30 while a one year contract depreciated by -2.1% to N2,095.43 per US dollar.

MultiChoice Renames SuperSport Channels On GOtv

By
Joel
-
0

SuperSport variety channels on GOtv packages have been changed by a leading pay-TV provider, MultiChoice Nigeria.

The company in a statement over the weekend disclosed that subscribers would begin to notice the changes from Wednesday, October 9, 2024.

Under the new arrangement, the current SuperSport Select Channel will be rebranded to SuperSport Africa, with a new channel, SuperSport Action, to be introduced to bring customers access to a broader range of sporting events, including UFC and additional Champions League games.

A breakdown of the revamp showed that SuperSport Africa will replace Select 2 (Channel 64) on GOtv Jinja and GOtv Jolli packages, SuperSport Africa and SuperSport Africa 2 will replace Select 1 and Select 2 (Channels 63 and 64) on GOtv Max package, while SuperSport Action will replace Select 3 (Channel 69) on GOtv Supa and SupaPlus bouquets.

MultiChoice stated that this upgrade is to provide customers with an enhanced sports viewing experience, noting that it would offer sports enthusiasts a vibrant mix of high-quality highlights, repeats of relevant sports, boxing events and much more.

“The channel revamp is part of our ongoing efforts to enhance our sports offering and provide our customers with more unbeatable sports content that resonates with them.

“The new channels will feature the latest sports action from across the globe, but with a focus on content that’s specifically tailored for the African viewer. This includes local boxing, UFC events, comprehensive analysis, and a variety of other engaging content.

“We remain committed to delivering the best sporting action to our customers and continuously look for ways to delight them with more choice, exciting live content, and great value”, the Executive Head of Marketing at MultiChoice West Africa, Mr Tope Oshunkeye, stated.

To enjoy these exciting new offerings, customers can subscribe, reconnect or upgrade using the MyGOtv App or by dial *288#. They can also download the GOtv Stream app to watch their favourite sports programmes on the go.

Oil Prices Ease Amid Saudi Differential Pricing

By
Joel
-
0
crude oil

By Dickson Pat 

Oil prices eased during early hour yedterday amid uncertainties in the global commodities market, fueled by geopolitical tensions in the Middle East.

Brent crude declined to $77.62 per barrel. West Texas Intermediate ,WTI, the American benchmark, traded at $74.03 a barrel. 

Last week, the Brent contract gained over 8% on a weekly basis and the most in a week since January 2023, while the WTI contract gained 9.1% week-on-week, the most since March 2023.

The market awaits new developments in the Middle East as US President Joe Biden is reportedly discouraging Israel from planning a strike on Iran’s crude oil facilities.

The direct involvement of Iran, a member of the Organization of the Petroleum Exporting Countries ,OPEC, in Middle East tension raised the prospect of disruptions to oil supplies.

According to OPEC’s latest monthly oil report, the country produced 3.3 million barrels per day in August. Meanwhile, data from the US Energy Information Administration ,EIA, released late Wednesday tampered further price hike.

US commercial crude oil inventories increased by around 3.9 million barrels during the week ending Sept. 27, against the market prediction of a 1.5 million barrels draw. Gasoline inventories also rose by about 1.1 million barrels during the same period. The data put downward pressure on prices by easing supply disruption worries.

According to OPEC’s latest monthly oil market report, Iran has been producing around 3.3 million barrels of crude oil per day and any disruption to this supply could create shortages in the oil market.

Saudi Arabia raised its Official Selling Prices ,OSP, for buyers in Asia for November loadings while trimming prices for European and US buyers. For its Arab Light crude oil, Aramco raised the premiums by US$0.90/bbl for Asian buyers to US$2.2/bbl.

The market expected a smaller increment of around US$0.65/bbl, ING said in a note. Meanwhile, OSPs for all grades to Europe saw cuts of US$0.9/bbl for November loadings, ING analyst said this possibly an effort to regain market share in the European market.

According to ING, The divergent price views for different regions may also hint at expectations of local imbalances in the oil market. In the US, Drilling activity remained weak over the last week.

The latest rig data from Baker Hughes shows that the number of active US oil rigs decreased by five over the week to 479, the lowest since mid-July, according to analysts note.

The total rig count (oil and gas combined) stood at 585 over the reporting week, down from 587 a week earlier. This was also lower compared to the 619 rigs seen this time last year.

APC Women Laud Oba Of Benin For Peaceful Poll

By
ALJAZIRAH
-
0
Oba of be

FROM IKHILI EBALU, BENIN CITY 

All Progressives Congress, APC, women group has lauded the Oba of Benin, Ewuare II, for his fatherly role and prayers towards the peaceful conduct of the September 21 governorship election in Edo State.

Declaring their stance during a solidarity visit to the oba’s palace yesterday in Benin City, APC Women Leader, Edo South Senatorial District, Mrs Itohan Edokpolor said as mothers, they are thankful to God and Oba Ewuare because no life was lost during the election, which was adjudged to be violent-free.

Mrs Edokpolor, former Chairperson of Ikpoba-Okha Local Government Area, appreciated Oba Ewuare for defending Edo heritage and urged the monarch not to relent in his prayers for Edo State, despite subterranean moves by certain individuals to thwart Senator Monday Okpebholo’s victory.

According to her,  “There was no life lost. There was no crisis. There was no commotion. All the fear we had long before the election did not take place. We all believe that it was because of the prayer by our oba and father on this land. 

“We are equally begging him to continue to pray for us and Edo land, that anybody that is throwing bullets here and there to disorganise what God has done on this land, God should scatter their plans.”

In their remarks, Bola Eweka of APC Egor and Mrs Kola Enadiakhe of Oredo thanked God and their ancestors for peace and averting bloodshed.

The duo emphasised that the monarchy remains Edo people’s pride and inspiration, warning that women will resist attempts by highly placed persons and groups to subvert their mandate.

Speaking on behalf of the palace, the Esere of Benin, Chief Stanley Obamwonyi, who led other chiefs, conveyed the goodwill of the oba to them, saying the royal father is a detribalised and peace loving father to all.

FEC Approves N820.87bn For Timely Completion Of Two Road Projects

By
Joel
-
0

…Begins palliative works on Abuja-Kaduna dual carriageway

By ABAH ADAH, Abuja

Federal Government has tasked the contractor handling the rehabilitation of the 82-km Section II of the Abuja – Kaduna – Zaria – Kano and the construction of the Bodo-Bonny road in Rivers State, Julius Berger (Nig.) Plc, to fast-track the completion of the two projects

Minister of Works, Sen. David Umahi, gave the charge during a meeting with Julius Berger Nig. Plc, represented by its  Executive Director, Projects, Engr Banjamin Bott and the Head of Contract Management, Omonigho Brown, at the ministry’s headquarters in Abuja, a statement signed by his media aide, Barr. Orji U. Orji, said.

The Minister stated that the Federal Executive Council, FEC, at its meeting of 23rd September, 2024 approved the re-scoping and downward review of the contract for the rehabilitation of the Abuja – Kaduna – Zaria – Kano Dual Carriageway in the FCT, Kaduna and Kano States, contract No. 6350 and the revised estimated total cost / augmentation of the contract for the construction of Bodo-Bonny road with bridges  across the Opobo channel, route 430 in Rivers State, contract No. 624, amounting to contract sums of N740,797,204,713. 25 or N720.79 billion, and N80,076,361,036.13 or N80.07 billion respectively, giving a total of N820.87 billion.

He tasked the contractors handling federal government’s projects on the corporate nationalism in price negotiation in the face of the daunting economic challenges facing Nigeria. 

He said “Then we have section II, which is 82 kilometers by two, which is the section that JBN Plc is working on. And so, if you check what FEC approved on 23rd of September, FEC had approved that the total contract sum within the scope of Berger would be N740 billion, which means that if you remove N391 billion paid already, you now have about N340 billion remaining, which is the scope of their work for the 164 kilometers”.

He urged the contractor to mobilise in the four sections of the Abuja – Zaria – Kaduna – Kano project to finish the job within 14 months.

Engr Umahi noted that the prices given on the said projects were the best in view of the economic reality of the time, adding, “So we are appealing to you not to try to increase the contract sum, because it will not be possible. 

“And we have written to the President to approve that if JBN Plc does not accept the N740 billion, we will terminate the contract. We have terminated some of their jobs because we’ve been negotiating sometimes 12 months, 13 months. There must be an end to negotiation”.

Speaking further, he said, “We are ready to pay you ,JBN Plc, even fresh mobilisation, just to underscore the interest of the President on this project. So we are appealing and begging you that by Monday, you should be able to sign the addendum to the contract”.

He harped on the need for JBN Plc to mobilise in multiple locations of the two projects so as to complete them in good time. 

On the Bodo-Bonny project, he said “We don’t think we have any issue. We’ve agreed on the N280 billion, which is the new contract sum that is fixed, and then for a 12- month completion period; that is an additional 12 months. 

“So we want you to mobilise at a minimum of three locations, so that within these 12 months, we’ll be able to finish the job. In the letter to NLNG, we have to also propose 30% advance payment, so that they will be able to have enough funds to mitigate inflation and any form of variation”.

The meeting ended with a formal handover of the letters of award in respect of the reviewed approved project contract sums to Julius Berger ,Plc, whose terms states inter alia: “that the contract is fixed, firm, non-transferable and deemed duly terminated by effluxion of time, unless otherwise  formally reviewed by the ministry.

Meanwhile, the Ministry of Works, has commenced emergency repairs of failed portions of the Abuja-Kaduna Dual Carriageway.

The contractor, Messrs H&M, Nig. Ltd mobilised to site on Wednesday, 2nd October, 2024, a statement issued on Sunday, signed by the director, Press and Public Relations in the ministry, Mohammed A. Ahmed, has revealed.

According to the statement, the contract for the Section I of the Expressway starts at kilometre 0 + 00, Zuba, FCT, and ends at kilometre 31 + 200, Tafa, Niger/Kaduna States’ border, with a two weeks completion period.

The scope of the contract consists of patching of existing potholes, as well as the reinstatement of critically failed sections of the said alignment. And the approved contract sum is N366. 

Speaking during an inspection tour of the project on Saturday, 5th October, 2024, the directors, Highways, North Central Zone I, Engr. Mohammed Goni, and Special Projects, North, Engr Olufemi Adetunji urged the contractor to adhere with the terms of the contract, noting that no extension of the completion period would be entertained. 

They described the project as a catalyst to economic growth and a vital artery connecting the Northern and Southern parts of the country. 

Engr Goni promised Nigerians that with the successful completion of the contract, the remaining failed parts  from Tafa – Kaduna will also be awarded, reiterating the resolve of the present administration to the provision of critical road infrastructure.

The Project Supervisor, H&M, Nig. Ltd, Mr Lawrence Emmanuel, disclosed that work was  ongoing with the cutting and shaping of the failed portions reaching Dikko Junction in Niger State, while the asphalt of the cut points was expected to start on Monday, October 7, 2024. 

FG Partners Trans Sahara Consortium For Food Security

By
Joel
-
0

Joel AjAYI

In its renewed commitment to revolutionize the country’s agricultural sector, the Federal Government has expressed its desire to partner Trans Sahara Consortium’s Soybean and Sugar Projects’ initiatives.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this today in his office in Abuja, when he met with a delegation from Trans Sahara Consortium Limited, led by its Chairman, Senator Ibrahim Turak, to discuss the Consortium’s ambitious Soybean and Sugar Projects.

The projects, designed to significantly boost Nigeria’s agro-industry and address the country’s trade deficit, align with President Bola Ahmed Tinubu’s strategic objectives of enhancing food security and strengthening the agricultural sector.

The Minister explained that the Trans Sahara Consortium’s initiative is a game-changer for Nigeria’s agricultural sector. We are committed to supporting innovative projects that drive economic growth, promote food security, and empower Nigerian farmers, HM Edun stated.

The projects will involve the cultivation of 3 million hectares of soybean and the establishment of sugarcane processing plants, aiming to produce millions of tons of sugar for domestic consumption and export.

This partnership is a significant step towards realizing our vision for a prosperous Nigeria. We will work closely with Trans Sahara Consortium Limited to ensure the successful implementation of these projects, the Minister added.

HM Edun’s expression of the government’s interest to embark on this groundbreaking partnership with Trans Sahara Consortium, is a reaffirmation of the present administration’s commitment to transform Nigeria’s agricultural landscape, with the potential to boost food security, reduce trade deficits, and empower local farmers.

 This initiative marks a significant milestone in our journey towards a prosperous Nigeria, even as we look forward to witnessing the tangible impact of this collaboration, fostering economic growth, and improving the lives of millions of the Citizenry.

Together, we are sowing the seeds of a brighter future for our nation.

1...763764765...1,152Page 764 of 1,152

About us

Your trusted source for breaking news, in-depth insights, and compelling stories from around the world.

Top Categories

The latest

Subscribe

© 2024 Aljazirah News Nigeria. All Rights Reserved