Connect with us

Economy

Reconstruction of N’East to Gulp N7bn, Says PCNI

Published

on

Construction Industry
  • Reconstruction of N’East to Gulp N7bn, Says PCNI

Over N1bn has been spent on reconstruction in the North-East in the first quarter of 2017 while N7bn will be needed to rebuild the region, the Presidential Committee on the North-East Initiative has said.

The organisation also informed that over 21,000 projects had been planned for the North- East by the administration of President Muhammadu Buhari.

The Director of Programmes in PCNI, Mohammed Danjuma, said this in Abuja, during the inauguration of its dashboard to bring all stakeholders and partners together to coordinate interventions in the region.

According to him, the dashboard would see real-time information on the activities of all the organisations helping out in the region, whether local or international.

It would also assist the PCNI to keep tab on them to prevent clash of roles, disorder, loss of focus and relegation of priorities.

Danjuma said, “There are multiple actors in the (North-East) region — international development partners, international non-governmental organisations, state governments, local non-governmental organisations, individuals, faith-based organisations — and bringing everyone aboard would help us identify gaps.

“So far, the Federal Government has expended over N1bn on the region and by way of assessment, we need N7bn to rebuild the region. We are not trying to hijack efforts already in play; we are just trying to know who is doing what, where and how, while putting the welfare and protection of the Internally Displaced Persons uppermost on the agenda of this government, via the Buhari Economic Plan.”

While reacting to the extent of progress in the reconstruction of the region to bring about the return of the IDPs to their various states, he insisted that the priority remained security of the area, the feeding of the IDPs and creating a great environment for their return.

“So far, over 21,000 projects have been planned for the North-East by the Buhari administration and, as soon as the budget is passed, we’ll be seeing projects championed by a number of MDAs in the region”, Danjuma stated.

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.

Economy

Prepaid Meter is Free, Buhari Warns DisCos, Agents

Published

on

prepaid meter

President Muhammadu Buhari once again warned Power Distributing Companies (DisCos) and their agents selling prepaid meters to electricity customers against the Federal Government directive that meter is free.

Ahmed Rufai Zakar, the Special Adviser to the President on Infrastructure, who represented Buhari at the FGN/NLC-TUC ad-hoc committee on electricity tariff stakeholders held in Ibadan, Oyo State on Wednesday, said President Buhari understood people’s concerns on issues surrounding electricity and was determined to curb and deal with unscrupulous individuals in the power sector.

He said, “We have made it very clear through the regulators direct order as well as intervention from the Ministry of Power that the meters are to be provided to Nigerians at no cost.

“Even for meters that were paid for, there is the directive from the regulator to the discos that they would need to find a way to reimburse those citizens over time.

“In cases where we find any disco or disco representative selling the meters or exploiting Nigerians to be able to get meters by paying, we would take the full measures of the law.

“The President has mandated that these meters must be free. We have also said that they must come from local manufacturers.

“This would create jobs and revive our industry.”

Continue Reading

Economy

Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS

Published

on

Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).

Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 18.92 per cent.

“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.

“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.

“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”

Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.

Continue Reading

Economy

Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey

Published

on

lekki

The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.

The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.

He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”

Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.

“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.

“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”

Continue Reading

Trending