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Senate Asks FG to Save Indigenous Airlines From Collapse



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  • Senate Asks FG to Save Indigenous Airlines From Collapse

The Senate on Wednesday said indigenous airlines could go into extinction if spirited efforts were not put in place to halt designation of multiple routes within Nigeria to foreign Airlines.

The upper chamber has, therefore, summoned the Permanent Secretary, Ministry of Transport, and heads of the Nigerian Civil Aviation Authority and the Federal Aviation Authority of Nigeria to explain why foreign airlines were allowed to fly multiple routes within the country.

It also directed foreign airlines to provide statistics of Nigerians in their employment with a view to encouraging them to employ more Nigerians and partner indigenous airlines in the country.

The red chamber further urged the Federal Government to give indigenous airlines necessary support and protection to keep them afloat.

It also invited the indigenous airlines’ operators to explain to the Senate the challenges they were facing in the aviation industry in the country as well as the way forward.

The resolutions were sequel to a motion sponsored by Senator Ifeanyi Ubah.

Ubah lamented that foreign airlines engaged in domestic flights to the detriment of local airlines.

He noted that it was only in Nigeria that such practice happened, saying that other countries had laws that protect their domestic airlines.

He said, “Foreign airlines are now designated to multiple routes within Nigeria.

“For example, Ethiopian Airlines operates in five cities namely: Enugu, Kano, Kaduna, Abuja and Lagos; Turkish Airlines operates in these cities: Abuja, Lagos and Port-Harcourt.

“Emirates Airlines operates two frequencies daily into Lagos and one to Abuja.”

In their contributions, Senate Minority leader, Enyinnaya Abaribe, and his deputy, Emmanuel Bwacham, decried the pathetic situation in the domestic aviation sector.

Abaribe noted that Nigerians had the highest number of private jets, wondering how it became difficult for commercial airlines to survive.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Prepaid Meter is Free, Buhari Warns DisCos, Agents



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.”

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



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.

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




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.”

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