Most Nigerian highways have expired, need reconstruction, says FERMA – Newstrends
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Most Nigerian highways have expired, need reconstruction, says FERMA

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The Federal Road Maintenance Agency (FERMA) says many of nation’s highways have exceeded their lifespan and urgently need reconstruction.

Managing Director/Chief Executive Officer of FERMA, Nuruddeen Rafindadi, said this in Kaduna

Rafindadi spoke through the Kaduna Head of FERMA, Atiku Sadiq, at the weekend, on the topic ‘Utilisation of Our Highway Capacity, Prospects and Challenges’ at the 10th public lecture and presentation of awards organised by the Nigerian Society of Engineers (NSE), Kaduna branch.

He said, “Most of the nation’s highways have expired. What we are doing now is managing expired highways that are supposed to last 15, 20 and at most 25 years. But we have highways that were built to last for 40, 50 to 60 years. We need to devise a way of maintaining our roads and it requires planning.

“Despite the noticeable benefits of highway development to the socio-economic and political affluence of Nigeria and its huge capital investment, highway transportation is still faced with numerous management and operational challenges in the country.”

He said the challenges majorly stemmed from man-made and natural causes, which could be deficiencies in the supply and distribution of traffic, inadequate provision of infrastructural facilities, faulty carriageways, poorly-designed or unavailable drainage systems, thus causing washing away of pavements, collapsed hydraulic structures, and noticeable surface failures.

On the way forward, the FERMA boss said, “The most effective way to maintain operational capacity of roadway is to ensure preventive maintenance to nip failures in the bud and sustain pavement surface maintenance and keep the carriageway in serviceable condition. This is only possible with enough funding, adequate and well-trained manpower, as well as creating awareness and adequate education of drivers, especially commercial, on-road discipline.

“With the nation’s interstate highway system, mostly rehabilitated, the funding focus should be gradually shifting from new construction to maintaining, preserving and rehabilitating our highway assets.

“Preserving and managing the nation’s highways is a challenge; so transportation professionals and academics should investigate and develop local tools and techniques to assist in managing and maintaining the capacities of these valuable assets to ensure adequate utilisation and satisfaction.”

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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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