Business
FEC approves N44.5bn road, power, FCT projects
The Federal Executive Council (FEC) has approved N44.5 billion for various projects under the ministries of the Works and Housing, and Power as well as the Federal Capital Territory (FCT).
Minister of Information and Culture, Lai Mohammed, announced this to State House correspondents on Wednesday after the week’s virtual FEC meeting, presided over by President Muhammadu Buhari at the Aso Rock Presidential Villa, Abuja.
Accompanied by some other ministers, Mohammed said the projects are located in various parts of the country, including the FCT.
The FCT Minister Mohammed Bello said FEC approved N31,630,221,349 for water treatment projects and roads within the territory.
“The FEC meeting approved the award of contract for the procurement of field materials (alum and gaseous chlorine) for water treatment by the Federal Capital Territory Water Board to Messrs Gojac Nigeria Limited at N627,600 and Mudpha Nigeria Limited at N200,000. Completion period is 12 months.
“It also approved the request for an upward review of the contract sum for the completion of roads B6, B12 and Circular Road in the Central Area District of Abuja – Revised Estimated Total Coat (RETC) Number 2, awarded to Messrs Julius Berger Nigeria Plc.
“It reviewed from the old contract sum of N66,831,381,123.49 to additional upward review of N31,629,393,749.87. The new revised contract sum is N98,460,774,862.36,” he said.
Also, Works and Housing Minister Babatunde Fasola (SAN) said his ministry presented a memorandum on behalf of the Federal Roads Maintenance Agency (FERMA) for general repairs in different parts of the country.
According to him, the projects will cost N8,180,948,137.50, adding, “This was for general repairs, emergency repairs and maintenance of roads and critical intervention on 10 roads in different parts of Nigeria.
“One is the maintenance of Ikot Ekpene-Itu road in Akwa Ibom State; repair and maintenance of Onitsha-Aguleri-Adani road in Anambra State; the general maintenance of Nasarawa-Toto-Abaji road; reinstatement of failed pavement sections on the Zuba-Abaji road in the FCT.
“Major maintenance repairs on Atan-Agbara in the boundary of Lagos and Ogun states in Badagry area; general maintenance of Okene-Adogo-Ajaokuta-Itobe road in Kogi State; the construction of Aden Bridge between Okada and Ogbogui-Abangbe spur to Benin-Shagamu dual carriageway in Edo State; general maintenance repairs of Potiskum-Fika-Ngalda-Gombe road in Yobe State.
“General maintenance repairs of Benin-Asaba-Onitsha dual carriageway, that is, existing road to the Niger Bridge; general maintenance repairs of the Warri-Benin carriageway in Delta State. The total sum of these contracts was N8,180,948,137.50 and council approved this memorandum on behalf of FERMA,” he said.
Power Minister Mamman Saleh said the council approved two memoranda for the ministry, adding that the aggregated cost of the projects stood at N4.7 billion.
“Today, the FEC approved two memoranda from the Ministry of Power. One is the revised estimated total cost of the contract for the construction of infrastructure at the National Power Training Institute of Nigeria’s permanent site in Abuja. The total cost is N88.046 million.
“The second approval by the Council is the extension of the contract time for the consultancy service in the project management and supervision of the ongoing construction of Zungeru at the power project in the sum of $3.5 million and N3.4 billion equivalent to N4.7 billion,” he said.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
Railway10 hours agoLagos Rail Mass Transit part of FG free train ride – NRC
-
metro1 day agoCourt stops customs from seizing imported rice in open market
-
metro2 days agoFG transfers electricity market regulatory oversight in Lagos to LASERC
-
metro2 days agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
metro2 days agoIbadan stampede: Tinubu orders probe as death toll hits 40
-
News2 days agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024
-
metro3 days agoAbuja demolition: Soldiers attack FCTA officials, seize vehicles
-
metro2 days agoNAFDAC seizes N5bn fake rice, seals factory in Nasarawa
You must be logged in to post a comment Login