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Lagos Terminates N844bn Fourth Mainland Bridge Concession Agreement

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  • Lagos Terminates N844bn Fourth Mainland Bridge Concession Agreement

The Lagos State Government on Monday disclosed that it had terminated a Memorandum of Understanding (MoU) it entered into with a consortium of firms to construct the Fourth Mainland Bridge at N844 billion.

Likewise, the state government disclosed that the federal government had not approved its proposal to take over the Oshodi-Airport road and upgrade to a ten-lane highway befitting the state’s megacity status.

The state Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya, made the disclosure at an annual ministerial briefing he addressed alongside the Permanent Secretary, Works and Infrastructure, Mr. Temidayo Erinle, and the Commissioner for Information and Strategy, Mr. Steve Ayorinde.

The state Governor, Mr. Akinwunmi Ambode, had on May 25, 2016, signed a concession agreement with consortium of domestic and foreign firms to construct the Fourth Mainland Bridge with a length of 38 kilometres.

The consortium comprised Visible Asset Limited, Julius Berger Nigeria Plc., Hi-tech Construction Limited, J.P. Morgan, Eldorado Nigeria Limited, Nigerian Westminster Dredging and Marine, Africa Finance Corporation (AFC) and Access Bank.

After the concession agreement was signed, an Advance Engineering Consultant, Mr. Ger Horgan, put the actual cost of the bridge at N790 billion, though the 10-year follow-up programme for structural pavement between 2018 and 2033 would gulp N5 billion.

Aside, the consultant put the cost of overlay with line and refurbish between 2055 and 2061 at N10 billion; valued the five-year refresh programme along the route between 2030 and 2061 at N19 billion and the annual operating cost between 2021 to 2061 at N20 billion.

But at the ministerial briefing, yesterday, the commissioner explained the rationale behind the termination of the concession agreement, citing the slow pace at which the concessionaire was working.

He said the reason the state government terminated the contract of former investors was mainly “due to slow pace of work. We are now looking at many investors, though interest is very high.”

The commissioner, however, disclosed that investors had started scouting for the project from different parts of the world, though the state government had not decided on the proposals it had received.

He said the state government “has started the proposals. We have such investors from South Korea, Europe and the United States among few others. What we are doing now is vetting the proposals. We do not want to waste any further time. So works are in top progress on the Fourth Mainland Bridge.

Akinsanya, therefore, said the investors would be named very soon, assuring Lagosians that the state government would enter into concession agreement with appropriate investors that deliver the project.

On Oshodi-Airport road project, Erinle said the state government was yet “to obtain the federal government’s approval on the airport road project. We want to assure residents that whenever there is approval, our engineers will move to site.

“However, we are still collaborating with the federal government to get things resolved. The road is not in good condition; hence, we need to move fast. Also, Apapa road, like Airport road, is a federal road. We are collaborating with the federal government to get them done.”

He said the state government “has designed the reconstruction of the road project and the funds to embark on the project, but the federal government is yet to grant approval. But we are still talking on it.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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