Business
FEC approves toll fees for vehicles plying federal roads
The Federal Executive Council has approved a new policy for tollgates including fees for different categories of vehicles plying federal roads across the country.
Minister of Works and Housing, Babatunde Fashola, who disclosed this at a media briefing on Wednesday, however, added that the tolling would not take effect “until the roads are motorable”.
He gave detailed of the approved toll fees for vehicles as cars, N200; SUVs, N300; private buses, N300; commercial buses, N150, and luxury buses and trucks, N500.
This is coming a few months after the Federal Government said tollgates would be reintroduced for concessionaires to recoup investments, under a new arrangement through the new highway development and management initiative (HDMI).
In a statement by a presidential aide, Tolu Ogunlesi, the council granted approval for the ‘Federal Roads and Bridges Tolling Policy and Regulations’ at its meeting on Wednesday.
The statement stressed that the tolling system would prioritise the use of technology.
It added that the policy was developed “after extensive consultations with various stakeholders within and outside the government, including transport unions like NURTW, NARTO and RTEAN”.
“A Willingness-To-Pay Survey was carried out, to arrive at the recommended pricing framework. The fees at existing tolled roads (Lagos and Abuja Airport Toll Plazas, and the Lekki and Ikoyi Toll Plazas) were also taken into consideration,” he added.
As contained in the statement, Fashola shared highlights of the new tolling policy as approved by the Federal Government to include use of an “open tolling system”, specifics on type of roads approved for tolling by the Federal Government, as well as type of vehicles exempted from the policy.
“It will be an open tolling system (just like the one that used to be in existence in the country), instead of a closed tolling system. (A closed tolling system means that you pay per distance travelled (‘distance-dependent’), while open tolling means you pay a fixed/flat rate that is not dependent on distance travelled),” the statement said.
“Only dual carriageways owned by the Federal Government will be eligible for tolling by the Federal Government. (Of the 35,000km of federal roads in existence in the country, only 5,050km are dual carriageway). Federal carriageways that are single, that is undivided highways will not be tolled. The only exceptions here will be some bridges, which are listed in the policy.
“Toll revenues will be used to maintain the roads and also to repay investors who have invested in building or completing a road under the Highway Development Management Initiative (HDMI). Electronic toll collection and management systems will be prioritised over cash systems.
“People who live around toll plaza areas will benefit from what is called ‘frequent users’ discount, in line with global best practice.”
Aviation
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.
It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.
“Tickets can be booked now on Emirates.com or via travel agents.”
It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.
“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.
Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.
Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.
Business
Dollar crashes against Naira at official market
Dollar crashes against Naira at official market
The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.
This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.
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Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the US dollar.
Dollar crashes against Naira at official market
Business
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.
Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.
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