FG approves N37.47bn for airport cameras, power station, others – Newstrends
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FG approves N37.47bn for airport cameras, power station, others

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The Federal Executive Council (FEC) has approved the sum of N37.47 billion for various projects, including airport surveillance cameras, to be executed by the ministries of aviation, transportation, industry, trade and investment.

Minister of Information and Culture, Lai Mohammed, disclosed this at the end of the weekly FEC meeting held on Wednesday at the Presidential villa, Abuja.

A breakdown of the approved sum shows that N1.27 billion was approved for the design, supply, and installation of PTZ long-range tarmac camera surveillance system at the Murtala Mohammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

“This is in order to upgrade and provide security and safety for the Federal Airport Authority of Nigeria, especially to avoid incidence on the air site and runway,” Mohammed said.

Also, N783.5 million was approved for the purchase of two hydrographic survey boats for the National Inland Waterways Authority, under the ministry of transportation.

The contract was awarded in favour of Messrs First Index Project and Services Limited with a completion period of six months.

FEC also approved the sum of N35.4 billion for the building of a power station by the Nigerian Export Processing Zone (NEPZA), in Akamkpa, Cross River State.

Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the contractor would finance 75 per cent of the project, in the sum of N26.5 billion while the NEPZA would finance 25 per cent translating to N8.8 billion.

Adebayo said the power station would be completed within 11 months. Thereafter, it would be operated by the contractor for five years during which it would build local capacity that towards the taking over of the running of the plant.

He said, “The whole intention of the upgrade of the two zones is to create zones with world-class standards. The Ministry of Industry, Trade, and Investment is desirous of making Nigeria a manufacturing hub, especially now that we have signed on to the Africa Continental Free Trade Area Agreement.

“So, by putting 24-hour power in the two processing zones, it will make it more attractive to foreign investors to come and set up manufacturing concerns here in Nigeria.”

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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