Business
Fashola: FG constructing 44 road projects with Sukuk funds
Babatunde Fashola, minister of works and housing, says 44 road projects are currently funded under the Sukuk programme.
Fashola said this on Monday at the inauguration and handing over of Phase I and II of Vandeikya-Ogbudu Cattle Ranch road in Tsua, Vandiekya LGA of Benue.
Sukuk is an Islamic liquidity management instrument used by many governments and corporations to finance big projects.
Since the establishment of the initiative in Nigeria in September 2017, the Debt Management Office (DMO) has issued three Sovereign Sukuk — 2017, 2018, and 2020.
Earlier this month, DMO said it would issue another N250 billion Sukuk to finance road projects.
Fashola said that the completed road would positively impact the lives of the host communities, commuters, and the general public.
READ ALSO:
- Policeman breaks Lagos trader’s leg for querying nephew’s arrest
- Ataga: witness’ lack of composure stalls Chidinma’s trial
- Five bandits neutralised in two Kaduna LGAs — Government
“These projects represent major investment in road transport infrastructure, which is a commitment of the Buhari administration as a driver for economic growth and prosperity,” NAN quoted him as saying.
“They are visible and incontrovertible assets in proof of what Nigeria’s resources are invested in from a combination of our earned resources and borrowings.
“This occasion affords another opportunity to acknowledge the impact of the Sukuk funding in the completion of Azare — Potiskum, Shuwarin — Potiskum, and Sokoto-Tambuwal-Kontagora Roads.”
According to the minister, other handing over formalities that will follow the formalities in Kebbi and Vandeikya LGA would be in Section II covering 142.2km dualisation between Shuwarin and Azare, connecting Jigawa and Bauchi states.
Others include Section III covering 106.3km dualisation between Azare and Potiskum connecting Bauchi and Yobe States, Nnewe-Uduma-Uburu road covering 26.27km with 14 km spur to Ishiagu, connecting Enugu and Ebonyi states.
READ ALSO:
- Messi wins record seventh Ballon d’Or
- Businesswoman excretes 80 pellets of cocaine at Abuja airport
- Top auto industry players upbeat as NAJA holds awards tomorrow
On his part, Babangida Hussaini, permanent secretary, federal ministry of works and housing, said the road was awarded to China Civil Engineering Construction Corporation (CCECC) Nigeria Limited at the cost of N6.6 billion.
Hussani, who was represented by Rugba Emengo, highways director, north-central, said the first phase of the contract was awarded in 2012 while the second phase was awarded in 2015.
In his remarks, George Gao of CCECC assured that the road was built according to the ministry’s approved standard.
Gao said that the road, which took over seven years to build, would last for more than 30 years.
He added that the road had a pedestrian way and other related facilities such as the installation of signaling and safety systems.
TheCable
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro8 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business2 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro1 day ago40-foot container falls on car in Lagos
-
Politics2 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics1 day agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International1 day agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment1 day agoPolygamy best form of marriage for Africa – Okey Bakassi
-
metro1 day agoPolicewoman dismissed in Edo threatens to kill children, commit suicide