Mobile telecommunications giant, Globacom, has offered to reconstruct the 64 km Ota-Idiroko road in 2022, using Federal Government’s Tax Credit Scheme.
The Minister of Works and Housing, Mr. Babatunde Fashola, announced this on Wednesday during an inspection tour of the ongoing reconstruction of the Lagos-Ibadan Expressway.
“From Ota to Idiroko, we don’t have a contract there, but Chief Mike Adenuga of Globacom has offered to construct that road using the tax credit system.
“So, that has also started, they are doing the design, and hopefully, by sometime early next year, they should mobilize to site. The real reconstruction is going to happen if we have a deal with Glo,” Fashola said.
He said that FERMA would carry out rehabilitation works on the Ota-Idiroko road between October and December.
“But between now and December, FERMA has gone to take measurements there and they will move there from the end of September if the Ogun State Government does two things.
“Clear all the squatters, traders, and the settlers on the road and help us manage traffic and the governor as at last night has committed to doing that for us,” the minister said.
He said efforts were on to bring in Flour Mills of Nigeria Plc and Unilever to reconstruct the Badagry link to the Lagos-Ota-Abeokuta road under the Tax Credit Scheme of the Federal Government.
The minister said that the Lagos-Ota-Abeokuta road had become a problematic road due to years of neglect by previous administrations, as such the highway required a huge investment.
He commended Gov. Dapo Abiodun for his passion for fixing roads in Ogun State, adding that the reconstruction of the failed portions of the Lagos-Ota-Abeokuta road would be completed by December at the cost of N13. 4 billion.
The minister added that the project would be handled by the Federal Road Maintenance Agency (FERMA).
He called on federal lawmakers representing Lagos and Ogun States to ensure increased budgetary allocation for the roads to ensure their speedy completion to ease the hardship on road users.
“When people say Fashola is looking away, I am not looking away, I just can’t find the money,” he said.
He also called for support of citizens for parliamentarians to ensure more borrowing for infrastructure upgrades because the future depends on development strides today.
Also speaking during the inspection tour, Gov. Dapo Abiodun of Ogun said that the project became necessary because Ogun is the industrial hub of the nation that needed good roads for interconnectivity to boost commerce.
He said: “We have given the commitment that we will relocate traders, we will control and manage traffic, whatever that it is we need to do, we will ensure that we begin to bring succor and needed relief to our people.
“The state of that road today is pitiable. I went on that road myself and I felt bad for our citizens.”
Abiodun said the state government was ready to borrow to reconstruct the Lagos-Ota-Abeokuta Road should there be a delay in the Sukuk funding for the highway.
“If this Sukuk bond would not happen immediately, the state government is willing to go and borrow against that promise so that we can mobilize the contractor,” he said.
He thanked Fashola for the efforts to reconstruct roads in the state and pledged the support of the state government in fixing the highways.
World Bank Says Nigeria’s Economy is Static, Per Capita Income Unchanged in 40 Years
The World Bank claims Nigeria’s per capita income has been static since 1981, which is a total of 40 years.
The Country Director of the World Bank, Shubham Chaudhuri said this at the breakout panel session of the 27th Nigerian Economic Summit on Lightning Nigeria: Solution framework for power recovery held in Abuja.
He further went on to advise Nigeria’s economic managers to quickly assemble potent strategies to harness the robust potential of the country.
He went on to say that the medium-term development plan for 2021-2025 is set on the development agenda for sustainable growth driven by new and emerging sectors. He claimed about three million Nigerians come of working age yearly, but surveys have shown that they aspire to go abroad to earn a better standard of living.
Per Capita Income is an Economic indicator that indicates the average income earned per person in a country in a specified year. It is calculated by dividing the country’s total income by its total population. In 1981, according to World Bank data, Nigeria’s per capita income was $2,180.2 and per capita income was $2,097 in 2020, meaning there has been no significant change in four decades.
Earlier in the session, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed called for a paradigm shift in running the country’s economy through comprehensive and targeted reforms, a reorientation of national values, and a radical shift in attitudes to taxation and public financial management.
She said, “This is consistent with the focus of this administration on targeted investment in critical infrastructure and social development.”
The Nigerian Economic Summit is the flagship event of the Nigerian Economic Summit Group (NESG) and it is organized in collaboration with the National Planning Commission (NPC). The Nigerian economic summit has consistently focused on job creation, small and medium-sized enterprises (SME) growth, competitiveness, dismantling the pillars of corruption, encouraging sustainable growth and development, and aligning home-grown long-term agenda with the UN sustainable development goals. The 27th Nigerian Economic Summit has the theme Securing our Future: The Fierce Urgency of Now.
East African Countries to Discuss Economic Recovery and Investments Promotion this Week in Kigali
More than 100 decision-makers and economic stakeholders will gather in Kigali this week to discuss the road to social and economic recovery and how to attract investments in East Africa. The meeting known as the 25th session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE), will take place from 27 to 29 October 2021.
The ICSOE is the annual gathering of the office for Eastern Africa of the UN Economic Commission in Africa (UNECA) organised in collaboration with the Rwanda Ministry of Finance and Economic Planning. The theme of this year’s meeting is: “Strengthening resilience for a strong recovery and attracting investments to foster economic diversification and long-term growth in Eastern Africa”.
Dr Mama Keita, Director of UNECA in Eastern Africa said that the Covid-19 pandemic has weakened the economic conditions of all countries in the region. She stressed that the ICSOE meeting will provide a platform for various stakeholders from governments to have a conversation with experts and private sectors on the needed economic recovery and on how to re-ignite the engines of trade and investment.
Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning said that this meeting is timely and significant. “This is the time for Rwanda to discuss with other countries of the region the potentials and the ability to rise and be responsive to the socio-economic challenges, exacerbated by the Covid-19 crisis.
According to Ms Keita, the African Continental Free Trade Area (AfCFTA) is undoubtedly critical to support the recovery from the severe adverse impacts of the Covid-19 pandemic, increase the economic multiplier in the region and will help countries to build back better, grow their economies and create jobs that foster inclusive growth.
The participants at the meeting will discuss thematic issues such as deepening Regional Value Chains, environment for investment Opportunities and Interlinkages between peace, security and development.
The subregional office for East Africa of UNECA serves 14 countries: Burundi, Comores, RD Congo, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, Rwanda, Seychelles, Somalia, South Sudan, Tanzania and Uganda.
Federal Government to End Petrol Subsidy by June 2022 as World Bank Condemns N2.9 Trillion Funding
The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, said the Federal Government had made plans for petrol subsidy only up to the end of June 2022.
The minister disclosed this while speaking at the 27th National Economic summit on Monday in Abuja.
She said the Federal Government only factored in subsidy for the first half of the year. In the second half of the year, the Government is looking at complete deregulation of the sector, thereby saving foreign exchange and potentially earning more from the oil and gas industry.
This comes as the World Bank decried the continued spending by the Nigerian Government on petrol subsidy, which it said is on track to gobble up to N2.9 trillion this year. The Country Director for the World Bank in Nigeria, Shubham Chauduri speaking at the National Economic Summit, said the country could channel money being spent on petrol subsidy to primary healthcare, basic education, infrastructure such as rural roads, and industries.
He went on to say that Nigeria is on track to spend N2.9 trillion on Petrol subsidy this year, more that is spent on health in the country, and likened Nigeria to a malnourished individual needing urgent treatment.
He said “I think the urgency of doing something now is because time is going in terms of retaining the hope of young Nigerians in the future and potential of Nigeria. The kinds of things that could be done right away – the petrol subsidy; yes, I hear that six months from now, perhaps with the Petroleum Industry Act coming into effect, it might go away. But the fact is, can Nigeria afford to wait six months? There is a choice being made; N2.9 Trillion to Petrol subsidy which is depriving states of much-needed revenue to invest in basic services.
Meanwhile, the Chairman of the President Economic Advisory Council, Prof Doyin Salami, said he had argued for a very long time that petrol subsidy needs to go.
A petrol subsidy is a program in which the Government or any other organization pays for a portion of gasoline, heating oil, or some other fuel. Nigeria is the biggest producer of crude oil in Africa but still needs to import Petrol, this situation made subsidizing petrol necessary as the exchange rate in which it is being imported puts the price out of the reach of the average consumer.
Government2 days ago
Complete Text of President Buhari’s Speech at the Furniture Investment Initiative Summit
Social Media3 weeks ago
Facebook Downtime Plunges Zuckerberg’s Wealth by $7B in Few Hours
Crude Oil3 weeks ago
Crude Oil Trading Near 3-year High Following OPEC+ Agreed to Gradual Increase
Dividends2 weeks ago
List of Dividends Declared So Far in Nigeria in 2021
Economy4 weeks ago
Nigeria Spent N445bn on Debt Servicing in Q2, Debts Hit N35tn – DMO
Energy3 weeks ago
Ikeja Electric Notifies Lagos Customers On 8-Week Power Outage
Travel3 weeks ago
Passport Power Ranking Records Widest Ever Gap in Travel Freedom
Social Media3 weeks ago
How Facebook is Expanding Connectivity to Get 1 Billion People Online