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AfDB, EU Commit $18m to Construction of 1,008km Lagos-Abidjan Highway

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  • AfDB, EU Commit $18m to Construction of 1,008km Lagos-Abidjan Highway

The African Development Bank (AfDB) and European Union (EU) have made financial commitments worth $18 million to the construction of a 1,008 kilometres stretch highway that will run from Lagos in Nigeria through other cities in the West African coast to Abidjan in Ivory Coast, the President of Economic Community of West African Countries (ECOWAS) Commission, Marcel Alain de Souza, has disclosed.

Souza, stated this on Friday during the ninth steering committee meeting of the Abidjan-Lagos Corridor Highway Development Programme in Abuja.

He stated this just as the Vice President, Prof. Yemi Osinbajo, said at the meeting that the Abidjan-Lagos super highway project would resolve a lot of the cross border challenges that affected integration in the ECOWAS region, as well as boost regional trade in the region.

The Abidjan-Lagos Corridor Highway is a 1,008 kilometre road that will traverse five countries in the region including Cote D’Ivoire, Ghana, Benin Republic, Togo and Nigeria, and will reportedly provide access to vibrant sea ports which account for about 90 per cent exports and 60 per cent imports across the sub-region.

Souza, who in his remarks, described the presence of Osinbajo at the ministerial committee meeting as a sign of Nigeria’s commitment to the highway project, stated that the project had already attracted $9 million support from the AfDB and $9 million from the EU.

The funds, he stated would be solely expended on the project as participating member countries will provide an additional $1 million as part of feasibility study for the highway project. He also explained that while the feasibility study for the project could start before January 26th, 2018, construction would likely start in six months’ time.

He however lamented the delay in implementation of the project despite its importance to developing the regional economy.

“We have discussed with the former Nigerian President, Chief Olusegun Obasanjo and other private sector to support us. 42 years of integration, ECOWAS has not achieved 15 per cent of its goal and 70 per cent of trade in the region is done through this route. So, hopefully, the construction will start in six month time,” said Souza at the meeting which was attended by ministers of works from Nigeria, Republic of Benin, Cote D’Ivoire, Ghana and Togo

In his remarks, Osinbajo, said beyond trade and other economic prospects, the project would go a long way to promote tourism, create jobs and open small businesses in the region to global opportunities.

According to him: “The development of the Abidjan-Lagos project is the flagship of the entire ECOWAS enterprise and we believe that it will promote regional integration, enable trade, tourism and other forms of economic activities in our sub region and create the much needed jobs for our large youth population.”

“No doubt, it will connect West Africa by means of efficient road network. It is one of the easiest and most direct ways of boosting local and international economies by extension our regional economy. The corridor will inevitably open up new vista of economic opportunities and set the stage of foreignisation of the vast informal economies that exist in our region,” he added.

He pledged Nigeria’s commitment to the project and its completion on schedule, adding that the nation’s recent ratification of the treaty was a demonstration of its commitment.

The Vice President said: “The project will go a long way in resolving the hindrances to cross border trading in West Africa with obvious positive implications for our business environment and beyond linking the major economic centres in West Africa, it is our hope that it will steer regional economy and regional bloc across the continent.”

He also described the project as a testimony of the strong relationship among ECOWAS member nations, despite language and currency differences.

While commending the efforts of AfDB, Japan International Cooperation Agency (JICA) and other financial institutions on the project, Osinbajo, said it would strengthen existing relations within the region.

“I will like you to keep in mind as you commence your deliberations that beyond the hard infrastructure, which is the main priority of this committee, we must also pay attention to the development of the requisite self-infrastructure, good brotherliness, mutual respect, security and rule of law.

“As we build the super highway, we must also build the highway of unity, brotherhood and prosperity for all of our people within ECOWAS and the African Union,” he explained.

Earlier, the Chairman of the Ministerial Steering Committee, and Minister of Power, Works and Housing, Mr. Babatunde Fashola, said the meeting was held to work towards the project financing.

He acknowledged commitment of President Muhammadu Buhari and the ECOWAS Commission to improving trans-border trade.

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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Government

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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