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N16tn needed to complete inherited road projects – Works minister
N16tn needed to complete inherited road projects – Works minister
The Minister of Works, David Umahi has said President Bola Ahmed Tinubu needs over N16 trillion to complete a total of 18,932.50 kilometres of ongoing road projects, with a total of 2,064 contracts it inherited nationwide.
Umahi revealed this at a press conference on the achievements of the ministry under the Renewed Hope Agenda of President Bola Tinubu on Thursday in Abuja.
He said that the total value of all the ongoing projects as at May 2023 was N14.42 trillion.
He said that the amount certified was N4.73 trillion; however, N3.12 trillion was paid, and the amount owed contractors for certified works was N1.61 trillion.
“The funding gap to complete all the inherited projects is about N13 trillion as at May 2023 and will be more than N16 trillion when all projects are reviewed, in line with current market realities.
“This is due to the removal of fuel subsidies and the floating of the naira.
“It is a very sound economic decision by this administration, considering the fact that some of the projects have lingered for between five and eight years.
“Consequently, the projects are being reviewed to match current market realities; this position excludes all the new projects under the Renewed Hope Agenda and the four legacy projects,’’ Umahi said.
According to him, the old traditional method of funding highway projects was through the annual budgetary provision.
He said, however, that over the years, budget provisions have seemed inadequate to address the challenges of highway development.
Umahi stated that to meet up funding for road projects, the ministry embraced alternative funding mechanisms like the Presidential Infrastructure Development Fund (PIDF) and Sovereign SUKUK issued by the Debt Management Office (DMO).
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The minister said that other funding included the Road Tax Credit Scheme (NNPCL, NLNG, Dangote, BUA, MIN, Mainstream Energy Solutions Ltd., and GZI Industries) and the use of multilateral loans.
Others are the Public Private Partnership (PPP)/Highway Development Management Initiative (HDMI) and the newly established Renewed Hope Infrastructure Funding model.
He said that 82 projects were approved under the SUKUK fund, with a total sum of N100 billion invested in road construction and rehabilitation in 2017.
News
Nigerian deportees from UAE arrive in Abuja airport
Nigerian deportees from UAE arrive in Abuja airport
Nigerian deportees from the United Arab Emirates (UAE) have arrived in the country, as revealed by the Nigerian Television Authority (NTA).
The deportees, numbering 400, were received at the Nnamdi Azikiwe International Airport, Abuja on Wednesday.
According to reports, officials from the Office of the National Security Adviser, in collaboration with the National Commission for Refugees, Migrants, and Internally Displaced Persons, the National Agency for the Prohibition of Trafficking in Persons, the National Emergency Management Agency, and other relevant stakeholders received them.
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Sharing information about the arrival on X, the aforementioned news platform penned: “Four hundred Nigerians, including 90 females and 310 males, have been deported from the United Arab Emirates back to Nigeria.
“They were received at the Nnamdi Azikiwe International Airport, Abuja, by the office of the National Security Adviser in collaboration with the National Commission for Refugees, Migrants, and Internally Displaced Persons, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), the National Emergency Management Agency (NEMA), and other stakeholders.”
Nigerian deportees from UAE arrive in Abuja airport
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Tinubu visits King Charles at Buckingham Palace
Tinubu visits King Charles at Buckingham Palace
President Bola Ahmed Tinubu recently visited King Charles at Buckingham Palace, aiming to reinforce diplomatic ties and partnerships between Nigeria and the United Kingdom.
According to presidential aide Segun Dada, the discussions centered on deepening the long-standing relationship between both nations.
This visit marks the second time President Tinubu and King Charles have met, following their initial encounter in November 2023 during the United Nations Climate Change Conference (COP 28) in Dubai, UAE.
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While specific details of their discussions were not disclosed, the ongoing engagement between Nigeria and the UK underscores shared interests in addressing global challenges and fostering economic development.
This high-level interaction reflects the importance both countries place on collaboration in areas such as trade, climate action, and international diplomacy.
Tinubu visits King Charles at Buckingham Palace
News
Nigerian man bags 12 years jail for $200K fraud in US
Nigerian man bags 12 years jail for $200K fraud in US
A Nigerian citizen, has been found guilty of aiding in an attempt to defraud a North Dakota law firm through false digital transfers. According to the US Attorney’s Office for the District of North Dakota, between November and December of 2020, Christopher Agbaje, along with others, purported to be a business owner in a legal dispute with a Bismarck company, and entered into a fake attorney-client relationship with the firm. After a series of false statements and promises, the firm received a parcel containing a fraudulent Citibank check payable in the amount of $198,850.00, which was deposited in their bank account. At the purported business owner’s request, the firm then sent a $198,336.68 wire transfer to Agbaje’s business partner.
After the transfer, Agbaje directed his partner to initiate a fake $180,000 international transfer to conceal the money’s location, ownership, and control. Upon hearing that law enforcement officers were actively conducting a fraud investigation on the transfer, he reportedly instructed his business partner to “gain leverage”, “press on”, and “claim naivety.”
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Agbaje was originally extradited from the United Kingdom to North Dakota in February 2024, where he faced five different charges. While he was cleared of Wire Fraud and Mail Fraud in May, the suspect was also found guilty of Money Laundering, Aiding and Abetting Wire Fraud, and Aiding and Abetting Mail Fraud.On September 11, Agbaje was sentenced to 142 months in prison, and must pay the firm $188,935.74 in restitution.“This strong sentence shows that international fraudsters cannot hide from justice,” United States Attorney Mac Schneider said. “When North Dakotans are the victims of fraud, our prosecutors and law enforcement partners will work internationally to hold defendants accountable in a federal courtroom in Bismarck or Fargo.”
“Today’s sentencing demonstrates that no fraud scheme is beyond the reach of justice, no matter its complexity or scope,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Those who engage in fraudulent schemes will be met with swift and decisive action. The FBI will continue to work with partners across the globe to protect the financial security of the American people from those who seek to exploit it.”
Nigerian man bags 12 years jail for $200K fraud in US
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