Wed, Dec

FEC Approves $11.17 Billion To Link All Nigeria’s Coastal Cities

The Federal Executive Council (FEC) on Wednesday approved $11.17 billion to link all Nigeria’s coastal cities by rail in six years. Minister of Information and Culture, Lai Mohammed, briefed State Houses correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja. Mohammed said that the Minister of Transportation, Rotimi Amaechi, presented two memos that had to do with the federal government’s commitment to expanding and consolidating on the rail project. “The first one actually has to do with the Kano-Jibia rail and the other one has to do with the Port Harcourt-Maiduguri rail,” he said. “Actually what was approved today was funding to ensure that work starts immediately on those two rails. “And then, also another memo that was approved today was the ratification of the president’s approval for the award of contract for the Lagos-Calabar Coastal Standard Gauge.”

UAE Lifts Flight Ban On Nigeria, India, Others

The United Arab Emirates (UAE) has announced that it will lift the ban on transit flights from India, Pakistan, Nigeria, Sri Lanka, Nepal, and Uganda. The announcement was made in a statement by the National Emergency and Crisis Management Authority (NCEMA) via their Twitter handle, saying the travellers from the affected countries will be able to transit through its airports from August 5, 2021, as long as passengers present a negative COVID-19 test taken 72 hours before departure.

Buhari Assents 2021 Supplementary Budget Into Law

President Muhammadu Buhari has assented the 2021 Supplementary Appropriation Bill of N982.72bn into law so as to address urgent security and COVID-19 needs of the nation. Senior Special Assistant to the President on National Assembly Matters, Mr Umar El-Yakub made this disclosure on Monday in Abuja. The President signed the Supplementary Appropriation Act, 2021 in his office at the State House in the presence of Vice President Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha, Chief of Staff, Prof. Ibrahim Gambari, Director-General, Budget Office of the Federation, Ben Akabueze and Senior Special Assistant to the President on National Assembly Matters (House), Hon. Umar el-Yakub.

CBN Assures Bank Customers Of Sufficient Foreign Exchange

The Central Bank of Nigeria (CBN) on Monday assured anxious bank customers and the general public of sufficient foreign exchange to meet their needs such as basic travel allowance, PTA, medical, and tuition. Speaking with business correspondents in Abuja on Monday, the Bank’s Acting Director in charge of Corporate Communications, Osita Nwanisobi dismissed speculations that it planned to convert the foreign exchange in domiciliary accounts of customers into naira. This follows the apex bank’s directive to commercial banks to initiate the sale of forex to customers for invisibles such as basic travel allowance, personal travel allowance, and medical and tuition fees. He added that the CBN had received the commitment of the banks, through their chief executive officers, that customers with legitimate requests would not be turned back.

Ajaokuta Steel Will Function To Capacity Soonest - Minister

Minister of Mines and Steel Development, Olamilekan Adegbite, says Ajaokuta Steel Company Ltd. will function to capacity before the end of President Muhammadu Buhari’s administration. He further stated that the federal government had made effort to ensure that the Russian company that built the steel industry would come to Nigeria to conduct a technical audit of the company. 

Lifting 100m Nigerians Out Of Poverty Is Achievable – President Buhari

President Muhammadu Buhari, yesterday, said the vision of lifting 100 million Nigerians out of the poverty cycle within 10 years is achievable. President Buhari stated the above after commissioning the first National Agricultural Land Development Authority (NALDA) Integrated Farm Estate in Suduje-Daura, Katsina State. The president, in a statement yesterday by his spokesman, Mallam Garba Shehu, said that Nigeria was blessed with both human and natural resources it could deploy to achieve the target. He also solicited more synergy between government and the people, and diligence in diversifying the economy, with agriculture as the backbone to realise the goal. He said: “The country is robustly blessed with good weather conditions, good soil, human and material capacity, and resilience to make a difference by all the hardworking youths. “We can do it, and we will do it. No excuse will be good enough to remain a mono-economy with all the challenges in oil production and fluctuating global prices when we have vast opportunities in crop and livestock production.” Mr. President also noted that over-dependence on oil has become a drawback on the economy over the years, with unpredictable and fluctuating global prices that made it more difficult to effectively plan budgets, implement, and measure outcomes. According to him, the mainstay of the nation’s economy remains agriculture, where the country already commands a competitive advantage, with effective weather conditions for crop and livestock farming, available manpower, and willingness to learn new skills and good soil types for all-season farming.

NNPC: AKK Gas Pipeline Will Revive 232 Industries, Create Employment

The 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project which is currently under construction is expected to revamp about 232 industries, create job opportunities, and will also lead to the development of three Independent Power Plants in Abuja, Kaduna, and Kano.

Nigeria’s Inflation Rate Drops By 0.81%

The ‘Consumer Price Index (CPI) Report for June’ released by the National Bureau of Statistics (NBS) on Friday indicates that Nigeria’s inflation rate has dropped by 0.81%, moving from 17.93% recorded in May 2021 to 17.75% in June 2021 which represents the third consecutive decline in Headline Index. According to the NBS “The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.”

AMCON Takes Over NICON Insurance, Nigeria Reinsurance Corporation

The Asset Management Corporation of Nigeria (AMCON) has announced that it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation over an alleged N69.4 billion debt by embattled businessman, Jimoh Ibrahim.

EFCC Launches ‘Eagle Eye’ App For Crime Fighting

The Economic and Financial Crimes Commission (EFCC) has on Wednesday launched a crime-fighting mobile app named “Eagle Eye” which eases the process of reporting economic crimes to the commission. While unveiling the mobile app, EFCC Chairman, Abdulrasheed Bawa said the app was designed as an alternative channel of reporting crimes to the commission, noting his determination to run a technology-driven agency. Bawa added that anyone reporting a suspected economic crime will have complete anonymity statement issued by the commission’s Media and Publicity, while those who report false information to mislead the agency will face the law.

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