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N458bn Lagos-Ibadan New Rail Project to Begin Feb

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  • N458bn Lagos-Ibadan New Rail Project to Begin Feb

The Federal Government will commence the construction of a standard gauge rail line from Lagos to Ibadan next month, the Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, has said.

The project, which has been awarded to the China Civil Engineering Construction Corporation, is being jointly funded by the Nigerian and Chinese governments, and will cost about $1.5bn (N458bn).

Already, the Federal Government has made its counterpart funds available, while China promises to release its own by the end of this month, according to Okheria.

This is coming about six months after the Federal Government and the CCECC signed an agreement for the project.

The NRC helmsman, who spoke with our correspondent exclusively in Lagos on Friday shortly after receiving a leadership award from the ECOWAS Youth Council, said, “The Chinese government promises that by the end of the month to release its counterpart funds. And the project should, therefore, start in the next one month.”

The new Lagos-Ibadan rail, spanning 156.65 kilometres, is a double line, which is the first phase of a new Lagos-Kano standard gauge line.

The new line, when completed in 18 months, would coexist with the old narrow gauge rail line, Okheria said.

The contract for the 2,733km new Lagos-Kano rail was first awarded by former President Olusegun Obasanjo in 2006 at a cost of $8.3bn to the Chinese company (CCECC) but could not be executed due to paucity of funds.

It was re-awarded to the same contractor by the Goodluck Jonathan administration in 2012 for execution in six phases, starting with the Lagos-Ibadan stretch.

Okheria also said arrangements were being finalised to start the construction of the Lagos-Calabar and Kaduna-Kano rail lines.

The Federal Government and the CCECC last year signed the contract for the construction of the Lagos-Ibadan and Calabar-Port Harcourt rail lines after the two parties agreed to cut down the total cost for the projects from $11.917bn to $11.117bn.

The Minister of Transportation, Mr. Rotimi Amaechi, who signed on behalf of the Federal Government, had said the cost reduction for the projects was achieved after the contract was renegotiated by both parties.

“The contract was awarded by the regime of former President Goodluck Jonathan for $11.917bn. When we took over at the ministry, we renegotiated with the CCECC and we succeeded in reducing the contract sum from $11.917bn to $11.117bn and we are able to save $800m after the renegotiation,” he had explained.

Amaechi also said the projects should be completed in two years, adding that the railways would be connected to the seaports.

For the Lagos-Calabar rail line, the minister had said the CCECC would “commence the construction of the first segment with Calabar-Uyo and Aba-Port Harcourt, and this will include all the seaports on this route. But the entire contract covers Calabar, Uyo, Port Harcourt, Yenogoa, Otuoke, Ughelli, Warri, Benin, Agbor, Asaba, Onitsha and back to Benin, Ore, Sagamu and Lagos.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

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University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

University of Ibadan (UI) on Friday announced it is going ahead with resumption on February 20 despite the second wave of COVID-19.

In a statement released by the school, the First Semester of the 2020/2021 academic session will commence virtually on February 20, 2021.

The virtual academic session will last for 13 straight weeks and end on Friday May 12, 2021, while the matriculation ceremony will hold on Tuesday March 16, 2021.

The University of Ibadan also scheduled one week for the Finalization of Continuous Assessment, to begin from Mon. 17 May and ends Friday 21 May.

The rising number of COVID-19 cases has compelled the Senate to approve the virtual academic session in an effort to ensure the tertiary institution abides by the protocols established by the Federal Government to curb the spread of the pandemic.

“It, therefore, agreed that the 2020/2021 First Semester lectures will be delivered online. In this regard, students will not be accommodated on campus,” a statement from the school said.

“Senate also approved the cancellation of the 2019/2020 session. The next session is, therefore, renamed 2020/2021 Academic Session. Consequently, students who have been admitted for the 2019/2020 session will now be regarded as the 2020/2021 intakes.

“Kindly note that online opening of Registration Portal and Orientation Programme for the 2020/2021 intakes may commence ahead of the Sat 20/02/21 date indicated above,” the statement said.

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House of Representatives Impeached Trump Over Capitol Invasion

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House of Representatives Impeached Trump Over Capitol Invasion

The United States House of Representatives on Wednesday impeached President Trump for the second time after instigating the US Capitol invasion.

Led by Speaker of the House, Nancy Pelosi, 232 representatives, including 10 Republicans, voted to impeach the outgoing president against 197 that voted for him to remain in the office for the next six days when he would handover to the president-elect, Joe Biden.

The ten Republicans were Representatives Liz Cheney of Wyoming, the party’s No. 3 leader in the House; Jaime Herrera Beutler of Washington; John Katko of New York; Adam Kinzinger of Illinois; Fred Upton of Michigan; Dan Newhouse of Washington; Peter Meijer of Michigan; Anthony Gonzalez of Ohio; David Valadao of California; and Tom Rice of South Carolina.

Speaking before the vote, Pelosi said “a constitutional remedy that will ensure that the Republic will be safe from this man who is so resolutely determined to tear down the things that we hold dear and that hold us together.”

“He must go. He is a clear and present danger to the nation that we all love,” she said, adding later, “It gives me no pleasure to say this — it breaks my heart.

Republicans, who unanimously stood behind president Trump in 2019 during his first impeachment, were divided this time over the attack on Capitol.

A Republican representative from California, Kevin McCarthy, said “The president bears responsibility for Wednesday’s attack on Congress by mob rioters,” Mr. McCarthy said. “He should have immediately denounced the mob when he saw what was unfolding.”

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US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

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Joe Biden Economic Impliccations on Nigeria

US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

The joint congress of the United States on Thursday, January 7, 2021 certified Joe Biden as the 46th President of the United States following President Trump’s mob action that disrupted the congress joint proceeding on Wednesday.

After ordering his followers to disrupt proceedings on Wednesday, President Trump later announced that there will be an orderly transition on January 20.

Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th,” Trump said in a statement issued by White House Deputy Chief of Staff Dan Scavino.

“I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!” Trump added.

While the certification was just a mere formality as Biden had secured enough electoral college votes (270) required to clinch the world’s most powerful seat, the refusal of Donald Trump to accept the results of the November 2020 election made the session a keenly watched, especially after Trump mob disrupted a joint session of the Senate.

Also read Facebook, Twitter, Instagram Lock President Trump Out of Their Platforms Following Insurrection

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