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.”
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.
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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.
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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.
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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
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