Militants ask N'Delta govs to account for N50tn derivation funds – Newstrends
Connect with us

Business

Militants ask N’Delta govs to account for N50tn derivation funds

Published

on

  • Want the funds paid to communities not govs

Reformed Niger Delta Avengers has asked the region’s governors to explain what they did with over N50 trillion received from the 13 per cent derivation funds.

The group faulted the governors on the seven-point demand presented at a consultative meeting with the Federal Government delegation in Port Harcourt, the Rivers State capital.

The RNDA said the demands and restructuring template did not represent the interests of the region.

The group, in a statement by its Coordinator, John Mark Ezonebi, called on the Federal Government to stand firm on the direct payment of derivation funds to oil-producing communities.

The RNDA said it rejected the seven-point demand due to the alleged misuse of development funds accruing to the states.

It said South-South governors should rather account for about N50 trillion that accrued to them from the Federal Government as 13 per cent derivation funds over the years without any meaningful people-oriented projects.

The coalition said, “We, therefore, call on the Federal Government’s delegation headed by the Chief of Staff to the President, Prof Ibrahim Gambari, not to take the seven-point demand seriously.

“The governors of the region have lost the support and sympathy of the people. The demands do not represent the general interest of the long-suffering people of the oil and gas producing communities ravaged by environmental pollution and the hazards of oil exploration and exploitation caused by the multinational oil companies in the creeks of the region.

“The suffering of the people of the oil-producing communities is due to the governors’ failure to properly utilise the 13 per cent derivation funds accruing to the region.

“The oil and gas producing communities demand that the Federal Government should henceforth stop paying the 13 per cent derivation funds to the governors anymore.”

A former Ijaw Youths Council (IYC) Worldwide President, Udengs Eradiri, reacting to the Zamfara gold controversy, knocked the governors for failing to harness the potential and mineral resources within their domains to turn around the fortunes of their states.

The former IYC boss said the usual culture of blaming the Federal Government and President Muhammadu Buhari was an indication that the states’ leaders could not realise that they were sitting on a goldmine.

Railway

Apprehension as passengers train derails in Kaduna

Published

on

JUST-IN: Abuja-Kaduna train terails, passengers stranded

A passenger train on Sunday derailed at Jere along the popular Abuja-Kaduna route, leaving the travellers stranded in the mountainous area.

The train was said to have left Kaduna at 8.05am heading for Abuja but developed fault about an hour later and stopped at Jere.

It was not immediately clear how many passengers were inside the train.

It was however learnt that more armed security personnel had been mobilised to the area in addition to those on the train to allay the fears of the passengers and their family members.

Senator Shehu Sani, in an alert raised on his verified X handle, stated, “A Kaduna morning train derails near Jere but engineers are attending to it.”

Workers of the Nigerian Railway Corporation have been drafted to the spot to repair the train, with about three carriages off the tracks.

Security personnel, including soldiers and police officers, are also on the spoke to keep watch over the passengers and the train.

Continue Reading

Auto

Lanre Shittu Motors to roll out high-tech CNG buses next month

Published

on

Lanre Shittu Motors to roll out high-tech CNG buses next month

Managing Director and Chief Executive Officer of Lanre Shittu Motors Ltd, Taiwo Shittu, says the company will next month (June) roll out Compressed Natural Gas-powered buses across the country to ease public transportation.

According to him, the move is fallout of the Presidential CNG initiative (Pi-CNG), as part of palliative intervention of the Bola Tinubu administration to provide succour for the masses after fuel subsidy removal.

The LSM MD who spoke recently from Havard Business School, expressed delight at a number of measures taken by the current government towards rejuvenating the various auto assembly plants in the country with specific attention to CNG buses to boost public transportation.

Following a presidential directive that CNG buses must be a priority and preferred mode of transport by the various ministries, departments and agencies, he said the government had shown its determination to encourage the local auto assembly plants.

Taiwo Shittu said during the telephone interview that by June 2024, Lanre Shittu Motors would be deploying large units of the LSM branded CNG buses in airports across the country and for other mass transportation needs.

He disclosed that LSM mulled the idea of CNG vehicles and saw it as the future of the local automotive industry many years ago because of the abundance of natural gas in the country as well as the economic benefits of CNG buses to both operators and commuters.

Taiwo Shittu assured that there are plans to start assembling LSM-branded CNG buses in Lagos using the best technology like in other parts or the world.

Apart from assembling CNG vehicles from start to finish at the LSM plant, he said the company has enough kits capable of converting petroI-powered automobiles to the CNG vehicles.

He assured prospective customers of quality after-sale maintenance of any stock rolled out from the LSM assembly plant.

For over 40 years., LSM through the visionary founder and chairman, Late Alhaji Lanre Shittu, has carved an enviable niche within the automotive industry through its quality products and services.

Taiwo Shittu said introducing the LSM-branded buses was one of the many ways of immortalising him.

He said, “We have taken proactive steps in the past years to offer quality training to our technicians at various stages, levels and categories of auto assembly and after-sale maintenance services.

“Upon graduation and certification, the technicians are also deployed not only in the various LSM offices nationwide, they are also being sought after by other industry stakeholders within the nation’s automotive value chain.”

The management of Lanre Shittu Motors says that all branches of the company are currently fully equipped with state-of-the-art CNG conversion equipment while orders have been activated and running seamlessly.

Meanwhile, the first set of CNG vehicles will be inaugurated during the present administration’s first anniversary on May 29, 2024.

The Federal Government allocated N100 billion from the N500 billion palliative budget to purchase 5,500 CNG vehicles (buses and tricycles), 100 electric buses, and over 20,000 CNG conversion kits.

This funding also supports the expansion of CNG refilling and electric charging stations.

 

Continue Reading

Business

Naira falls to N1,515/$ on parallel market

Published

on

Naira falls to N1,515/$ on parallel market

The Naira yesterday depreciated in the parallel market to N1,515 per dollar from N1,495 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,485.66 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,485.66 per dollar from N1,462.59 per dollar on Wednesday, indicating N23.07 depreciation for the naira.
READ ALSO:

The market recorded an intraday high of N1,510 per dollar and an intraday low of N1,401 per dollar, resulting in a bearing of N109 per dollar.

The volume of dollars traded (turnover) increased by 35.7 percent to $167.55 million from $123.45 million on Wednesday.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N29.34 per dollar from N33.59 per dollar on Wednesday.

Naira falls to N1,515/$ on parallel market

Continue Reading

Trending

Skip to content