Presidential CNG initiative attracts $45m private investment – Newstrends
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Presidential CNG initiative attracts $45m private investment

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Presidential CNG initiative attracts $45m private investment

Project Director/CEO, Presidential Compressed Natural Gas Initiative, Michael Oluwagbemi (P-CNGi), yesterday said the initiative has received a boost with investors staking about $45million in the programme.

He said the initiative has attracted investors in the oil and gas sector who are ready to invest in the establishment of the conversion and refueling centres across the country.

He spoke at the Nigerian Army Auto Switch kick-off at the Nigeria Institute of Transport Technology (NIIT) in Abuja.

Sixteen vehicles belonging to the Nigerian Army are to be converted from use of premium motor spirit (PMS) to CNG.

Oluwagbemi said the CNG conversion centres have increased from seven to 21 centers across the country, adding that the centres would increase to 45 by May 29, 2024.

He said the target of the P-CNGi is to have about one million conversion centres before 2027 and over 3,000 refuelling centres driven by 25,000 technicians.

He said: “We also have increased the number of investments in refueling centres. We will have about 100 of them before the end of the year. NIPCO is investing 32, MRS 10, BoVAS 10, the core partners of the Presidential CNG is investing over 15 centres and these have attracted $45million.”

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He said to encourage investment in the sector, the P-CNGi has attracted tax and duty waivers as well as secured 80 regulatory standards by the Standards Organisation of Nigeria (SON).

The P-CNGi noted that Nigeria could not continue to depend on other countries for its energy security, assuring that Nigerians would soon start seeing the good in the fuel subsidy removal.

Minister of Transportation, Sen Said Alkali, while declaring open the training and kick-off of technicians of the Nigerian Army on the CNG auto fleet, stressed that CNG was environmentally -friendly, cost effective and an alternative fuel for mobility.

He said the training was facilitated by NITT with support from the Federal Ministry of Transportation on conversion technology for two weeks.

The minister said the initiative was aimed at driving down and managing the cost of transportation for Nigerians by utilising the cheaper gas alternative that was abundant and underutilised.

He said the initiative would facilitate job creation, transfer of technology, support the development of auto manufacturing and the development of critical gas distribution, processing and production infrastructure.

Director-General, NITT, Bayero Farah said 11 Army personnel would undergo a two – week training at the organisation’s facility, while 16 vehicles belonging to the Nigerian Army would be converted from use of PMS to CNG.

Presidential CNG initiative attracts $45m private investment

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Yahaya Bello reports to EFCC office with lawyers

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Yahaya Bello reports to EFCC office with lawyers

 

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is  coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

 

Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.

Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.

The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.

Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency

The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.

Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.

“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively

“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.

Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.

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Why we’re borrowing despite surplus revenues – FG

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Nigeria’s Minister of Finance, Mr Wale Edun

Why we’re borrowing despite surplus revenues – FG

The Federal Government has defended its decision to borrow to address budget deficits, despite surpassing revenue targets in 2024.

Finance Minister Wale Edun and Budget Minister Atiku Bagudu clarified this position during a session with the National Assembly’s Joint Committee on Finance, Budget, and National Planning. The meeting focused on the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Last week, the National Assembly approved President Bola Tinubu’s $2.2 billion loan request to fund the N9.7 trillion deficit in the 2024 budget partially.

During the session, key agency heads, including Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, Customs Comptroller-General Bashir Adeniyi, and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, presented their revenue reports.

The agencies reported exceeding their 2024 targets.

  • Customs Service: Generated ₦5.352 trillion by September 30, surpassing its ₦5.09 trillion target for the year. For 2025, the agency projects ₦6.3 trillion, with a 10% increase planned for 2026.
  • NNPCL: Achieved ₦13.1 trillion in revenue, exceeding the ₦12.3 trillion projection for 2024. Kyari announced a ₦23.7 trillion revenue target for 2025.

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  • FIRS: Surpassed multiple tax collection goals, including ₦5.7 trillion from company income tax against a ₦4 trillion target. Education tax collections also exceeded expectations, reaching ₦1.5 trillion compared to a ₦70 billion target.

Overall, ₦18.5 trillion of the ₦19.4 trillion 2024 revenue target had been achieved by September, indicating the goal will be exceeded by year-end.

Despite these surpluses, the government insists borrowing remains essential to cover budget gaps and support vulnerable populations.

Bagudu explained, “Even with agencies exceeding revenue targets, borrowing is necessary to address deficits and boost productivity, particularly for the poorest. This aligns with Agenda 2050, which aims for a GDP per capita of $33,000.”

Edun also reiterated that loans were critical for adequately funding the budget.

The committee, led by Senator Sani Musa, questioned the rationale behind the borrowing and demanded further transparency. The Immigration Service was specifically asked to provide documents regarding an “unacceptable PPP arrangement” before the end of the week.

The session underscored the government’s balancing act between increased revenues and fiscal challenges requiring external borrowing.

Why we’re borrowing despite surplus revenues – FG

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