Business
FEC approves $26m for power projects in Borno, Yobe, Adamawa
The Federal Executive Council on Wednesday approved about $26 million (N30.77bn) for various power projects in Borno, Yobe and Adamawa states.
Minister of Power, Sale Mamman, made this known to State House correspondents at the end of the council meeting in Abuja.
He said the $1.62 million of the amount ($26m) was the payment of the claims and the variation of onshore and offshore cost of the existing contract for the construction of 1×1 50 MBA three 31, 32, 33 KV sub-stations at Damaturu and 1×330 KV land by extension at Gombi, Adamawa.
He revealed that an additional N102.9 million was approved for the affected project.
The minister also disclosed that the remaining $24.38 million of the total approval was meant for the design, manufacturing and supply of four fabricated sub-stations of 2×100 MBA 132 33 KV power transformers with complete accessories for deployment to Damaturu, Potiskum, Biu, and Maiduguri.
He said, “Today, the Federal Executive Council has graciously approved two memos from the Federal Ministry of Power.
“One, it approved the payment of the claims and the variation of onshore and offshore cost of the existing contract for the construction of 1×1 50 MBA three 31, 32, 33 KV sub-stations at Damaturu and 1×330 KV land by extension at Gombi in favour Msssr Kadlak International Limited in the sum of $1,621,423.88 cents plus N102,905,606.07.
“The other one is the approval of the contract for the design, manufacturing and supply of four fabricated sub-stations of 2×100 MBA 132 33 KV power transformers with complete accessories for deployment to Damaturu, Potiskum, Biu, and Maiduguri for the Transmission Company of Nigeria (TCN) in favour of Msssr Kidon T Good Electric Company Limited and Incomtel Engineering Limited in the sum of $24,387,850.22 cents plus N1,475,204,584.34. Altogether, it is N10,730,393,742.82.”
The Minister of Finance, Budget and National Planning, Zainab Ahmed, also told the correspondents that the Federal Government had budgeted N396 billion for the provision of COVID-19 vaccine in the 2022 Appropriation.
She said: “Sometime in January, the President has, based on the request by the Ministry of Health, given in principle approval for the Ministry of Health to work with the Ministry of Finance, budget and National Planning to prepare and take to the National Assembly a supplementary budget for COVID-19 vaccination.
“The submission that was made to Mr. President at that time was in the sum of N399 billion, but included in this N399 billion was a N103 billion for building of primary healthcare centres.
“So we have worked with that and met several times with the ministry, we have agreed to back out from this building of primary health care centres, that can wait till later.
“So there is still a provision of 396 billion for COVID-19 vaccinations for 2021 and 2022.’’
The minister explained that the delay in the submission of the supplementary budget on COVID-19 was because the government wanted to confirm the vaccines donation that Nigeria was expecting from donors.
“There have been some delays because we expected the ministry to confirm the vaccines donation that Nigeria is expecting. We are expecting a total of not less than 43 million doses of vaccines.
“So they are supposed to find out when those ones will come. Because, if we are going to get back the donated vaccines, and at the speed of the current rollout, we have to slow down on what we are buying ourselves.
“So the ministry is working with partners that are donating these vaccines.
“We see the timelines of the donations and see the gap that the government needs to fill in 2021, but we have already provided to the ministry funds to enable them roll out the four million vaccines that have been brought already into the country, and the vaccination process is ongoing.
“So for us, it is still work in progress. We hope in the next couple of days, we will have clarity on the schedule of vaccines expected from donors, and then we will now be able to firm up what government has to provide for in 2021. And therefore the 2021 component we will provide it during the 2022 appropriations.”
It would be recalled that President Muhammadu Buhari and the leadership of the National Assembly led by the Senate President, Dr Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila, met on Tuesday and agreed on supplementary budget for COVID19 vaccination and procurement of military hardware.
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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