FG seeks review of 2020 budget to complete capital projects – Newstrends
Connect with us

Business

FG seeks review of 2020 budget to complete capital projects

Published

on

Barely two weeks to the end of this fiscal year, the Federal Government has written to National Assembly seeking a review of the 2020 appropriation act.

The review will enable the FG to complete this year’s capital projects and avert returning unspends funds for such projects to the treasury.

The letter was written on Tuesday by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

The National Assembly had returned the country to a January-December budget cycle with the 2020 appropriation act, making this year’s budget to expire on December 31, 2020.

Ahmed is asking for an extension of the expiration date of the capital component of 2020 budget.

She explained that extending the expiration date would enable Federal Government to carry on with the implementation of the capital components of the budget beyond December 31, 2020.

Ahmed also cited difficulties in obtaining certificates of no objection from Bureau for Public Procurement (BPP) and the slowdown in implementation of capital projects by ministries, departments and agencies (MDAs).

Majority leader of the House of Representatives, Alhassan Ado-Doguwa said if the date was not extended, the government would have to mop up all the funds meant for capital projects in 2020 budget and return same to government’s treasury.

Doguwa warned that such would not be in the best interest of Nigerians.

He said the advantage of extending this was that capital projects execution would help boost the economy and speed up recovery from current recession.

In his ruling, Speaker of the House, Femi Gbajabiamila, said the amendment would not be initiated with a motion but a bill.

He asked Doguwa and chairman of the house committee on rules and business to come up with a bill to amend the 2020 appropriation act and schedule the first, second and third readings for Wednesday, as the National Assembly plans to go on recess on Thursday.

Auto

Updated: Exploded CNG car in Benin illegally converted, used fake parts – NIPCO, PCNGi 

Published

on

Updated: Exploded CNG car in Benin illegally converted, used fake parts – NIPCO, PCNGi 

 

The Presidential CNG Initiative has said the car explosion that occurred on Wednesday at a filling station in Benin City, Edo State, was caused by illegal conversion of a petrol vehicle to run on Compressed Natural Gas (CNG).

The management of NIPCO Gas Limited also in a separate statement attributed the explosion at its CNG station in Benin to a fake and substandard CNG cylinder installed in the vehicle.

The newly retrofitted CNG-powered car exploded at the NIPCO filling station, causing panic in the area with many injured people rushed to the hospital.

Video footage circulating on social media shows the aftermath, with the vehicle severely damaged and people in the area rushing to assist the injured.

Comparing the high cost of petrol to cheaper CNG, about 70% is said to be saved running a vehicle on the CNG.

Findings by newstrends also show that conversion from petrol to CNG will cost ₦1.5 million, depending on the engine size.

READ ALSO:

PCNGi speaks

Reacting to the incident on Thursday, the Presidential CNG Initiative said on its X page, “The unfortunate incident involved an illegally modified vehicle at a NIPCO CNG Station at Ikpoba Hill in Benin City on Wednesday, October 16, 2024.

“The PCNGi commiserate with those injured in this avoidable incident, and is thankful that no lives were lost.”

NIPCO reacts

In a statement, NIPCO said, “The management of NIPCO Gas Ltd wishes to inform the general public of an incident that occurred at approximately 5:30 p.m. on Wednesday, October 16, 2024, at our Compressed Natural Gas (CNG) station located in Eyean, Benin City, Edo State.

“Our preliminary findings revealed that the explosion happened when a vehicle arrived for CNG refueling.

“Unfortunately, the cylinder installed in the vehicle was later identified as a fake, fabricated, substandard unit not designed for CNG.

“It exploded after being filled with just around 4 SCM of gas.

“The driver of the vehicle fled the scene immediately following the explosion. “While no fatalities were recorded, two individuals sustained injuries — one with a leg injury and another with an eye injury.

“Both victims were rushed to the hospital for medical attention, and one of them is scheduled for surgery at another facility, based on medical advice. Our team is ensuring that they receive the necessary care and treatment.”

Continue Reading

Auto

Carloha promotes CNG at NATCO 2024, delights with Arrizo 5 conversion display 

Published

on

Carloha promotes CNG at NATCO 2024, delights with Arrizo 5 conversion display 

 

Carloha, assembler of Chery brand of vehicles in Nigeria, has joined a league of prominent auto firms promoting the use of Compressed Natural Gas (CNG) as a sustainable vehicle fuel option in the country.

This was demonstrated by its spectacular display at the just concluded Nigerian Artisans and Technicians Conference (NATCO) held in Lagos where it showcased the Chery Arrizo 5’s CNG conversion capability, a significant step towards more eco-friendly transportation solutions in Nigeria.

The Presidential Compressed Natural Gas Initiative (PCNGi) was launched last year under President Bola Ahmed Tinubu’s directive to ease the impact of fuel subsidy removal on Nigerians by reducing energy costs.

Although the NATCO event organised in collaboration with the Federal Ministry of Industry, Trade and Investment took place a week ago on October 10, 2024, the Chery Arrizo CNG demonstration was found captivating and made a lasting impression on the automobile technicians and artisans in attendance.

It was indeed a major highlight of the event as Arrizo 5 CNG technology shows a combination of Chery’s modern design aesthetics with state-of-the-art technology, making it a stand-out option for eco-conscious consumers.

The vehicle is said to offer impressive fuel efficiency that translates to lower running costs for everyday drivers, with lower carbon emissions, contributing to a cleaner, greener future for Nigeria’s roads.

Carloha’s technical team at the event said the system allows a driver of the vehicle to switch from CNG to petrol and vise versa, giving people flexibility, cost savings, and a lower environmental footprint.

The technicians were impressed with the vehicle’s adaptability and ease of use, receiving practical insights into the CNG system, maintenance tips, and the long-term benefits for Nigerian drivers and mechanics alike.

Aftersales Manager at Carloha Nigeria, Mr. Samson Akinbowale, said, “This demonstration at NATCO is part of Carloha’s commitment to introducing cutting-edge technology and more sustainable energy options to the Nigerian automobile sector.

“We recognise the vital role technicians and artisans play in vehicle maintenance and are committed to empowering them with the knowledge and tools to adapt to this new wave of automotive innovation.”

The Conference convener, Mr. Dayo Bello, expressing appreciating Carloha Nigeria, said, “We are very grateful to all our supporters, especially Carloha, for the Chery display and CNG demonstration.

“We are equally glad to see that great things are beginning to happen in the automotive sectors, especially the assembling of new vehicles and the conversion of CNG interface with petrol engines that will help to save the cost of transportation in Nigeria.”

A statement by Carloha says it is proud to be at the forefront of promoting sustainable driving solutions in Nigeria, and the NATCO Conference was a testament to our ongoing efforts to introduce innovative vehicles that align with global environmental standards.

Carloha is the official dealer of Chery vehicles in Nigeria, offering a wide range of models that cater to diverse customer needs.

It says, “With a focus on innovation and sustainability, Carloha is dedicated to providing Nigerian motorists with cutting-edge automotive solutions, alongside excellent customer service and after-sales support.

“Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometres, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 247 services and parts support nationwide.

“This ensures that owners can enjoy their Chery with confidence, knowing they have reliable support and service from Chery for years to come.”

Continue Reading

Business

Naira trades for N1,680/$ in parallel market

Published

on

Naira trades for N1,680/$ in parallel market

The Naira, yesterday, appreciated to N1,680 per dollar in the parallel market from N1,690 per dollar last weekend.

Similarly, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 per dollar from N1,641.27 per dollar last weekend, indicating N88.35 appreciation for the Naira.

The volume of dollars traded (turnover) in the official market declined by 44 per cent to $343.71 million from $616.73 million traded last  Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N127.08 per dollar from N48.73 per dollar last weekend.

 

Naira trades for N1,680/$ in parallel market

Continue Reading

Trending