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Buhari Inherited N1.5tn Debt on Road Contracts – Fashola

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Minister of Power, Works and Housing, Mr Babatunde Fashola

The administration of President Muhammadu Buhari inherited road contractual liabilities worth N1.5tn, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said.

Fashola said this in a statement made available to our correspondent in Abuja on Sunday by his Special Adviser, Communications, Mr. Hakeem Bello.

The minister said the ministry inherited 206 roads that were not budgeted for or poorly funded, but added that it had now developed a road map consisting of identifying and prioritising heavy traffic bearing roads for conveying essential goods and services across the country.

He said, “We have to build roads that evacuate our sea and airports; roads that drive our energy for now; roads that go to the tank farms to evacuate fuel from the South to the North; and roads that sustain us, that is roads that bring in our feed stock, cattle and vegetables and livestock from the North down to the South.

“And that is why you see us building from Lagos to Ibadan, to Ilorin, to Jebba to link all the way to Kaduna and Kano, and go on up North. And we are doing the same thing trying to connect River Benue through the Loko-Oweto Bridge and the Second Niger Bridge; Kano-Kaduna, and Kano-Maiduguri. Those are the choices we have made because this is a period of hard choices, trying to do more with less.”

Fashola added, “Those are the choices that we have made; they are not esoteric choices, they are simple and rational choices. All the roads we are working on had been awarded before I got into office by the previous administration – over 206 roads. You don’t have resources to build 206 roads; so, where you put your limited resources is in those areas.

“The total outstanding contractual liabilities are in the region of N1.5tn and this administration is taking them in batches, starting from the critical heavy traffic highways that evacuate goods from ports, fuel from tank farms and move foodstuffs and agro-produce across the country.”

The minister also said Nigeria lost more than 3,000 megawatts of electricity to the activities of vandals in the last six months.

Fashola said this in a presentation titled, ‘Leadership and the Politics of Reforms in Africa: Lessons from Nigeria’ at the Wilson Centre, Washington DC, United States.

The minister added that electricity supply increased by 4,00MW in the last two weeks due to increase in the generating capacity of the hydropower plants occasioned by the repair and maintenance carried out on them in the last one year.

He attributed the loss of over 3,000MW of power to consistent vandalism and sabotage of oil and gas pipelines and assets.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Government

Kaduna State Denies Taking ₦36 Billion Loan, Blames Past Administration for Debt

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Loan - Investors King

The Kaduna State Government has reacted to a viral report alleging that the state borrowed ₦36 billion over the last six months.

The government made the clarification via a statement signed by the Commissioner of Planning and Budget, Mukhtar Ahmed, who labeled the report as inaccurate and misleading.

The commissioner emphasized that no new loans have been taken under Governor Sani’s administration.

Ahmed blamed loan issues on the past administration, noting that all the loans including World Bank programs such as AGILE, SURWASH, and ACReSAL were received by the past administration in the state.

The government stated that the current naira exchange rate to the dollar, which is over ₦1,600 has affected the repayment of these loans as its value has increased.

This means that Governor Sani’s administration is repaying nearly three times the amount of loans acquired by the previous administration, all thanks to the significant devaluation of the Naira.

“The inherited debt burden from the previous administration consisted of long-term loans. These loan commitments, including World Bank programs such as AGILE, SURWASH, and ACReSAL, were all agreed upon during the previous administration,” the statement noted.

“Previous administration’s loan agreements, based on exchange rates of ₦415-₦480 to the dollar, have now seen the Naira plunge to over ₦1,600 to the dollar, effectively tripling the value of these debts in local currency,” he noted.

The Commissioner frowned bitterly at the online platform for not seeking clarification prior to the publication of the report.

However, he echoed the government’s commitment to transparency in debt management and financial discipline, adding that the state government will not spare those responsible for mismanaging the state’s resources.

“Notwithstanding the erroneous reporting, the government is resolute in its dedication to transparency in debt management and financial discipline, prioritizing the enhancement of the state’s economy without imposing additional financial burdens.

“The state government reaffirmed its resolve to hold accountable those responsible for mismanaging the state’s resources, vowing to reposition Kaduna for the benefit of its citizens,” the Commissioner added.

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FG to Evacuate Nigerians in Lebanon as  Iran Threatens to Fire More Missiles at Israel

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The Federal Government is set to evacuate Nigerians living in Lebanon amid the tension between Iran and Israel.

Investors King had reported that Iran’s Military launched 180 missiles at Israel on Tuesday, killing no fewer than eight Israelites and injuring scores of other citizens.

Responding to the tension, Nigerian government directed its citizens living in Lebanon to contact the country’s diplomatic officers and envoys in the Middle-East country for immediate evacuation.

The Special Assistant to the Nigerian President on Social Media, Dada Olusegun, through his X handle, @DOlusegun, alerted all Nigerians in Lebanon to the attacks and asked them to get in touch with the Nigerian mission for profiling and documentation and subsequent evacuation.

Similarly, the Nigerians in Diaspora Commission (NIDCOM) advised Nigerians living in Lebanon to consider moving out of the country now that commercial flights are still in operation.

Nigerians are also urged to liase with the Nigerian Embassy in Lebanon for necessary guidance regarding their safety.

This was made known via a statement by Director of Media, Public Relations and Protocols Unit, NiDCOM, Abdur-Rahman Balogun, on Wednesday.

Meanwhile, Iran authorities have explained the reason for attacking Israel, saying that the barrage of missiles was in response to the killings of Iran-backed militant leaders, sending Israelis to shelters and prompting alarm across the region.

Reports have it that the Israel Defence Forces said it intercepted the 180 ballistic missiles launched by Iran at Israel on Tuesday evening.

Iranian government has threatened to launch more fierce missiles against Israel if it retaliates the Tuesday attack.

According to the Iranian mission to the United Nations in a message on its X account, “Iran’s legal, rational, and legitimate response to the terrorist acts of the Zionist regime—which involved targeting Iranian nationals and interests and infringing upon the national sovereignty of the Islamic Republic of Iran—has been duly carried out.

Nigerian government said the evacuation of its citizens is necessary following the Israeli government’s warning to residents of 24 more villages in southern Lebanon to evacuate amid increasing tensions.

It was reported that the villages fall within a United Nations buffer zone, created after the 2006 war between Israel and Hezbollah.

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Government

Eight Killed, Several Injured as Iran Launches Missiles Towards Israel 

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No fewer than eight people have lost their lives in a devastating terror attack in Israel.

Israel’s national emergency medical service, Magen David Adom, confirmed that the attack occurred on Tuesday.

The service reported that several others were injured after missiles were fired in Jaffa, south of Tel Aviv.

The two terrorists who carried out the attack were “neutralized,” according to police.

Medics are currently treating several casualties, including unconscious victims.

Reports indicate that emergency services are responding to a shooting incident on Jerusalem (Quds) Street in Jaffa, near a light rail station.

Magen David Adom ambulance service confirmed that multiple people were injured in what appears to be an attack.

Earlier, the President of the United States, Joe Biden, stated that he had convened a national security team, alongside the Vice President, to discuss Iranian plans to launch an imminent missile attack against Israel.

“We discussed how the United States is prepared to help Israel defend against these attacks and protect American personnel in the region,” Biden said.

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