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N260bn Invested in Roads Under Buhari —FG

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  • N260bn Invested in Roads Under Buhari —FG

The Federal Government on Thursday said it had invested N260bn in roads across the country in the past three years.

According to the Minister of Power, Works and Housing, Babatunde Fashola, the funds were expended on the road sector between 2015 and 2018.

Fashola disclosed this in his keynote address at the 4th Quadrennial Delegates’ Conference of the Petroleum Tanker Drivers branch of the National Union of Petroleum and Natural Gas Workers in Abuja.

The minister stated that under the Economic Recovery and Growth Plan of the Federal Government, about N300bn had been committed to Nigerian roads, stressing that it was one thing to have a plan, and another to commit to the faithful implementation of the plan.

He said, “If you think this is not important, let me remind you that in 2015, only N18bn was budgeted for all Nigerian roads in the Ministry of Works. Only N9bn was funded at the time when Nigeria’s oil was selling at close to $100 per barrel.

“This was at the time of the Transformation Agenda, when commitment fell significantly behind stated objectives. But what has changed under the ERGP is that the Buhari government has committed close to N300bn to roads, and funded about N260bn at a time when oil prices are manifestly below the 2015 figures.”

The minister, who told his listeners that he had yet to start his campaign for the current government, stated that the action points and achievements of the current administration were not accidental.

“On the contrary, they reveal a clear thinking and understanding of what must be done to rebuild our economy and underline the interconnectivity between availability of quality infrastructure and the delivery of energy from petroleum products to drive our economy,” he added.

Fashola said the results of road construction by the government would mean reduced journey time, adding that activities on the roads were been revived, as contractors had returned to various project sites.

The minister stated, “Although there is a very long list of critical roads that support petroleum distribution, I cannot fail to mention the recent award of the Ikorodu-Shagamu Road that services the Mosimi Depot, where work will soon commence.

“Similarly, our ministry is working to finalise the procurement and award of the Apapa, Tin Can, Mile 2, Oshodi to Oworonshoki highway.”

He added, “I just returned from road project inspection in Kebbi and Jigawa states last night, where our contractors informed me that bitumen producers and suppliers were now struggling to cope with demand.

“These are clear signs of a business boom and employment not only for transporters of the products like your members, but also for the manufacturers.”

Meanwhile, the Nigeria Union of Petroleum and Natural Gas Workers on Thursday called on the Federal Government to declare a state of emergency on the country’s roads so as to reduce the huge number of lives and property being lost to accidents due to the bad state of the roads.

The National President, NUPENG, Williams Akporeha, noted that although the current administration had been working hard to properly fix the highways, a lot still needed to be done.

Speaking at the delegates’ conference, Akporeha explained that the growth and development of a country lies in an effective transportation system.

The NUPENG president said since most people in Nigeria depended on road transport for movement of goods and services, there was a need for the government to address the dilapidated state of the roads to meet the rising demand of users.

He stated, “We know the present regime has been working hard to properly fix our highways, but a lot still has to be done.

“We earnestly call on the Federal Government to declare a state of emergency on Nigerian roads so as to attract urgent attention, as no economy thrives without good roads and effective transportation system.”

Fashola, who spoke at the event said that excessive speeding by motorists remained the greatest cause of road crashes across the country.

This, be noted, was contrary to the popular belief that the poor state of the roads was the major culprit.

The minister stated that while the poor state of the roads accounted for less than 10 per cent of accidents, more than 75 per cent of recorded accidents were fallouts of excessive speeding by motorists.

Fashola noted that the Federal Road Safety Corps regularly availed him of statistics on road accidents.

According to him, contrary to the erroneous belief that bad roads are responsible for the highest number of road crashes, excessive speeding by motorists is to blame for most of the incidents.

The minister pointed out that besides speeding, other factors, including breach of traffic rules, were responsible for road accidents in the country.

The minister noted that a lot of lives would be saved if motorists adhered to traffic rules and avoid excessive speeding.

In his address titled ‘Roads in Nigeria and the Impact of Petroleum Products Distribution’, Fashola noted that the contributions of tanker drivers to the economy could not be discountenanced.

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.

Economy

World Bank VP Lauds CBN Governor Cardoso’s Inflation-Fighting Policies

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The Senior Vice President of the World Bank, Indermit Gill, has praised the Governor of the Central Bank of Nigeria, Yemi Cardoso, over his approach to managing inflation in the country.

Gill made this known during his address at the 30th Nigerian Economic Summit organized by the Nigerian Economic Summit Group in Abuja, on Monday.

The World Bank VP decried the high cost of petrol occasioned by the subsidy removal of President Tinubu’s government and the untold hardship it has imposed on Nigerians.

However, he hailed the interest rate increase by the central bank which according to him will boost confidence in the Naira and anchor inflationary expectations.

Gill emphasized that Governor Cardoso through his policies has been steering Nigeria in the right direction.

Meanwhile, Gill noted that Nigeria is just in the beginning stage of reaping the benefits of these policies.

According to him, the country will need to sustain the momentum for a period of ten to seventeen years, before achieving the desired outcome.

He revealed that countries like India, Poland, Korea, and Norway have benefitted from the approach.

He said, “Implementing such a far-reaching reform is impossible without a solid political commitment from the top. The price of PMS has quadrupled since the subsidy cut, imposing terrible hardship across the breadth of Nigeria’s society.  

“The Central Bank has had to hike its policy by a huge 850 basis point, almost 9 percentage points in the last month to boost confidence in the naira and anchor inflationary expectations.  

“The Central Bank financing of fiscal deficit has finally ended, and Governor Cardoso has been putting Nigeria or helping to put Nigeria on the right course.”

“But this is only the beginning, Nigeria will need to stay the course for at least 10 to 17 years to transform its economy. If it does that, it will transform its economy.  

“And it will become an engine of growth in Sub-Saharan Africa. And he will help to transform Sub-Saharan Africa. It’s very difficult to do these things, but the rewards are massive.  

“This is the lesson from the last forty years as well as the experience of countries such as India, Poland, Korea and Norway,” Gill said. 

Investors King reported that on September 24, 2024, the apex bank announced another increase in its Monetary Policy Rate (MPR) to 27.25% from 26.75 percent.

The decision was made during the Monetary Policy Committee (MPC) meeting chaired by CBN Governor, Yemi Cardoso.

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Economy

Sanwo-Olu Unveils Lagos Red Line Rail For Commercial Operations

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The Governor of Lagos State, Babajide Sanwo-Olu, has officially unveiled the LMRT Red Line for commercial operations.

The governor said the Red Line is the second rail system to become operational in less than two years in the state.

The 27-kilometre Red Line has eight stations at Oyingbo, Yaba, Mushin, Oshodi, Ikeja, Agege, Iju, and Agbado.

The train service is projected to transport about 500,000 Lagosians daily as the schedule is increased, providing a viable means of commuting.

In a post on his verified social media handles on Tuesday, Sanwo-Olu warned against vandalisation of the project, saying his government wouldn’t tolerate the destruction of public property.

Sanwo-Olu wrote, “Dear Lagosians, today marks the launch of commercial operations of the LMRT Red Line, commencing passenger services from Agbado to Oyingbo.

“We’re on a mission to keep Lagos moving, and the Red Line is a key part of our vision to create a seamlessly connected city. It is also our second rail system to become operational in less than two years.

“Spanning 27, the Red Line has eight stations at Oyingbo, Yaba, Mushin, Oshodi, Ikeja, Agege, Iju, and Agbado. The train service is projected to transport about 500,000 Lagosians daily as we ramp up the schedule and provide a viable means of commuting.”

He added that daily passenger services will depart from Agbado at 6:00 AM, with the second train leaving Iju Station at 7:30 AM.

“Ensure you have your Cowry Card ready to board,” he noted.

He urged residents to treat the project with the respect it deserves, stressing that “vandalism or disruptions will not be tolerated.”

He said, “Together, we can ensure that our trains remain a safe and enjoyable experience for everyone.”

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Economy

Nationwide Blackout as National Grid Partially Collapses, Akwa Ibom Power Supply Remains Unaffected

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A partial collapse of the national grid has been reported by electricity distribution companies, resulting in a blackout in most parts of the country.

However, the Akwa Ibom Generating Station was “islanded,” allowing it to continue supplying electricity to neighboring cities.

The spokesperson for the Transmission Company of Nigeria (TCN), Ndidi Mbah, disclosed this during a chat on Monday evening.

Mbah explained that the Akwa Ibom Generating Station was “islanded” to enable continuous power supply through the Eket, Ekim, Uyo, and Itu 132-kilovolt substations.

“The entire system did not collapse, as the IBOM Generating Station was islanded (i.e., separated to stand alone and continue supplying some areas to avoid a total system failure), allowing it to supply electricity through the Eket, Ekim, Uyo, and Itu 132kV substations,” she said.

Mbah further disclosed that the collapsed national grid was partial as TCN has begun system recovery to restore normalcy in the affected area. 

“Recovery is currently ongoing and has advanced significantly.” She said. 

Mbah’s disclosure about the Akwa Ibom generating station being “islanded” came shortly after Emeka Ezeh, Head of Corporate Communications at the Enugu Electricity Distribution Company (EEDC), confirmed the national grid’s collapse around 6:48 p.m. on Monday. 

“…of a general system collapse that occurred at 18:48 hours today, 14th October 2024.” He stated. 

Speaking about how to restore power, a statement signed by Ezeh revealed that the EEDC is on standby to restore supply from Osogbo. 

“We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre (NCC), Osogbo,” the statement read.

“Rest assured, we are working with the relevant stakeholders to restore power as soon as the grid is stabilised. Thank you for your understanding”, the statement indicated.

The Abuja Disco also reported the grid collapse at 6:58 p.m. 

Dear Valued Customer, Please be informed that the power outage being experienced is due to a system failure from the national grid at 6:58 pm today, affecting the power supply to our franchise areas”, the Abuja Disco declared.

It was reported that the collapsed electricity grid has vehemently thrown the nation into a blackout. Moreover, at the time of this report, power supply is yet to be restored across parts of the country. 

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