- FEC Approves N58.4bn for Construction of Bida-Sach-Nupeko Road, Others
The Federal Executive Council (FEC) on Wednesday approved N58.4 billion for the construction of Bida-Sachi-Nupeko road and the Nupeko-Patigi Bridge across River Niger, linking Nupeko and Patigi in Niger and Kwara states.
The Minister of Works and Housing, Mr. Babatunde Fashola, disclosed this after the meeting presided over by Vice-President, Yemi Osinbajo.
Speaking on the terrible state of federal roads, Mr. Babatunde Fashola said, “The roads are not as bad as they are often portrayed. I know that this is going to be your headline, but the roads are not that bad”.
However, the minister said limited funding held back a lot of road projects. He also explained that some regions have issues like high water level that made construction almost impossible during the rainy season.
Fashola listed some of the regions as South-East and the South-South.
Commenting on Fashola’s assessment of Nigerian roads, Ibrahim Usman, the Chairman, Infrastructure Development Committee, Manufacturers Association of Nigeria, said the roads were very bad and accused the minister of being economical with the truth.
He said, “I think the minister is being economical with the truth. The roads are terrible. Take for instance the Biu to Gombe road that took one-and-a-half hours in the past to ply, now it takes four hours to get from Biu to Gombe. The luck we have is that Boko Haram has not stuck on that road.
“Another terrible road is the Damaturu-Biu road. That also takes four hours when in the past it took less than two hours. That was where military trucks and equipment were seized and taken into the bush by bandits some weeks back. At least if the roads are good, cars can move with speed but when the roads are terrible, movement is difficult and it is easy for robbers to attack.”
Nigeria Receives £4.2 Million Looted By James Ibori
The government of the United Kingdom has repatriated the sum of £4.2million that was looted by associates and family members of the convicted former governor of Delta State, James Ibori.
The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, on Tuesday confirmed the receipt of the looted fund in a statement he made available to newsmen in Abuja.
In the statement signed by Malami Special Assistant on Media and Public Relations, Dr. Umar Gwandu, the Minister of Justice disclosed that the naira equivalent of the amount was credited into the designated Federal Government account on May 10, 2021.
The AGF had earlier signed a Memorandum of Understanding for the repatriation of the loot fund on behalf of the Federal Government of Nigeria.
According to him, “the development was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen Nigerian stolen in the execution of public oriented projects”.
AfDB, European Bank To Bridge $2.5tn Africa’s Financing Gap
The African Development Bank Group and the European Bank for Reconstruction and Development signed a Memorandum of Understanding on Monday to promote sustainable private sector development in Africa.
In a statement issued by its Communication and External Relations Department, the AfDB said, “The MoU will help catalyse new sources of financing to help bridge the $2.5tn annual financing gap for development in Africa.
“This gap requires that development finance institutions work in partnership.”
The bank stated that under this partnership, the AfDB and the EBRD would capitalise on their respective
expertise and experience, with a particular focus on climate change, green and resilient infrastructure and capital markets development.
“They will also work on improving business environments, bolstering the real economy and mobilising private sector investment,” the AfDB stated.
It observed that COVID-19 was threatening progress made towards the United Nations Sustainable Development Goals and was exacerbating the debt vulnerability of many African countries.
The bank stated that sustainable private sector development would be key to recovery and prosperity across the continent.
AfDB’s President, Akinwumi Adesina, after signing the memorandum with his counterpart, EBRD President,
Odile Renaud-Basso, was quoted as saying, “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector.
“The impact of COVID-19 on government resources is huge and we need to mobilise more private resources to help African countries build back stronger.”
On his part, Renaud-Basso, said, “The COVID-19 crisis has made the need for better and ever closer collective action even more urgent.
“Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region.”
Despite Rising Debt Profile, President Buhari Seeks New N2.342T External Loan
President Muhammadu Buhari, on Tuesday, urged the Senate to approve a new external loan of N2,343,387,942,848.00, about $6.183billion, for the Federal Government to finance the 2021 budget deficit.
Senate President Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary.
Last Month, Investorsking recalled that there was a controversy when Edo State Governor, Godwin Obaseki had raised concerns over the financial trouble Nigeria might find herself due to the continuous rising debt profile.
In a recent report carried out by PWC, it was reported that:
“Actual debt servicing cost in 2020 stood at N3.27 trillion and represented about 10 percent over the budgeted amount of N2.95 trillion. This puts the debt-to-revenue ratio at approximately 83 percent, nearly double the 46 percent that was budgeted.
“This implies that about N83 out of every N100 the FG earned was used to settle interest payments for outstanding domestic and foreign debts within the reference period. In 2021, the FG plans to spend N3.32 trillion to service its outstanding debt. This is slightly higher than the N2.95 trillion budgeted in 2020”.
According to DMO Nigeria’s total public debt as at December 31, 2020, was N32.915 Trillion.
Fintech CEO: Binance Money Laundering Probe Highlights Need for Greater Trust in Crypto Markets
Despite 29 Percent Drop in Profit, CAP Plc Proposes N2.10kobo Final Dividend for 2020
CAP Plc Reports 29 Percent Decline in Profit in 2020 Financial Year
Billionaire Watch2 weeks ago
Ethereum Co-Founder Becomes The Youngest Crypto Billionaire As ETH Hits $3K
News1 week ago
Eidul-Fitr: FG Declares Wednesday, Thursday Public Holiday
Appointments2 weeks ago
Buhari Suspends Hadiza Bala Usman as MD of NPA, Appoints Koko
Government2 weeks ago
No Plans To Relocate AFRICOM HQ To Nigeria Or Any Part Of Africa- U.S. Replies Buhari
News3 weeks ago
FG Declares Monday, May 3rd Public Holiday To Celebrate Workers Day
Technology1 week ago
SpaceX To Launch DOGE-1 Mission Next Year and Accept Dogecoin As Payment
News3 weeks ago
Baba Ijesha Begs to Commit Suicide After Child Molestation
Cryptocurrency4 weeks ago
Electronics Retailer Newegg now Accepts Dogecoin As Payment