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FEC Approves N2.8bn Contract to Decongest Prisons Electronically

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Nigeria police
  • FEC Approves N2.8bn Contract to Decongest Prisons Electronically

The sum of N2.8bn was approved by the Federal Executive Council on Wednesday to help speed up the decongestion of crowded prisons in the country by digital connectivity.

The project will establish a digital web-based, integrated system that will monitor all prisons real-time to determine the number of inmates, their movements between courts, those awaiting trial or wrongly imprisoned and the time required to conclude the cases of individual prisoners.

Wednesday’s FEC meeting was presided over by the Vice-President, Prof. Yemi Osinbajo.

The Attorney-General of the Federation and the Minister of Justice, Mr Abubakar Malami, spoke on the project as the meeting rose.

He said the stakeholders to be connected to the system included his office, the Nigeria Prisons Service and the Nigeria Police.

With the envisaged system in place, the AGF said the analogue method of using visitation committees to determine those inmates to be pardoned would become a thing of the past.

Another N291.73m was also approved by FEC for the procurement of an aviation security system called Memory Access Retrieval System.

The Minister of Aviation, Hadi Sirika, told State House correspondents that the system would help in accident investigations.

“(It) will enhance our laboratory in accident investigations. It is a requirement of International Civil Aviation Organisation in the standard practices and applicable by local laws,” he stated.

On the fire incident that occurred at the Sam Mbakwe Airport, Owerri, the minister said investigation into it was ongoing, adding that the report of the findings would be made available to Nigerians.

Two more contracts under the Federal Government’s N-Power Build Programme were also approved by FEC on Wednesday.

They are a component of the National Social Investment Programme specifically targeted at 75,000 fresh graduates in the age bracket18-35 years.

“It aims to build a high crop of highly competent and skilled workforce of technicians, artisans and service professionals, who will be trained and tooled.

“They will be transitioned annually to take up jobs as electrical installation technicians, plumbing and pipe-fitting installers, masons, carpentry and gentry experts, welders, fabricators, professional painters, building technicians and so on.

“The focus has so far been zone by zone. Today, the contract for the South-East zone of Nigeria was awarded to Hitech Investment Ltd at the sum of N122.8m. It covers all the states in the South-East.

“The one for the North-West zone was awarded to Noble Ventures Limited in the sum of N145.1m and it covers all the states in the North-West,” the Minister of Budget and National Planning, Senator Udoma Udo-Udoma, said.

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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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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