Business
Road expansion in Uyo to accommodate future traffic – A’Ibom commissioner
Akwa Ibom State Commissioner for Works and Fire Service, Prof. Eno Ibanga, has explained that the massive road construction and expansion in Uyo is in anticipation of future heavy traffic.
He stated this while supervising the demolition of illegal structures by Hensek Interpreted Services, along Oron Road, leading to the Victor Attah International Airport.
Accompanied by the Chairman of Uyo Capital City Development Agency (UCCDA), Mr Enobong Uwah, Ibanga said that the State Governor, Mr Udom Emmanuel, approved the expansion of the road from the airport down to Ring Road Three Roundabouts, where several routes would direct traffic to different parts of the capital city.
He also said the demolition was on both illegal structures and those on the right of way and compensation had been paid to their owners by the government, in order to give way for the ongoing expansion of the Airport Road.
He said, “This is the Airport to Uyo Road expansion project, which will empty traffic into Ring Road Three.
“The aim of this project is to enable anyone driving from the airport to be able to access different parts of the city like Nwaniba, Ibom Icon Hotels, the Secretariat, the University of Uyo main campus, Aka Road, even to Ibesikpo without necessarily entering the city to cause congestion.
“It will also enable anyone who wants to access the airport from those locations and routes to access the airport through Ring Road Three in record time.
“You also know that the city is growing, soon industries would spring up from all directions, there will be a lot of vehicular activities, so the administration of Governor Udom Emmanuel in its wisdom feels that if we don’t expand these roads now, then we are not planning for the future.”
The UCCDA chairman warned property developers to always get all the requisite approvals from appropriate UCCDA before developing properties.
He said, “As you can see, we are expanding the corridors of this road from the airport to the centre of the city. And all the buildings that do not have the necessary approvals are going to be demolished on this road.
“Secondly, those ones that have approvals are going to be paid compensation. So if your building happens to be in the right of way and you have approvals you are going to be paid compensation. But if you don’t have approvals, we will bring it down. If you don’t have the approvals, it means that it was an illegal structure and it can be demolished by the government any time.”
Business
Naira loses N81 to dollar in one day
Naira loses N81 to dollar in one day
The naira lost N81.34 against the US dollar at the foreign exchange market on Thursday
FMDQ data showed that the naira fell to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday.
This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day.
At the parallel market, the naira also depreciated N1,100 per dollar on Thursday from N1, 040 on Wednesday.
This is the second time the naira would be depreciating against the dollar in three days amid fears of depleting foreign exchange reserves.
Nigeria’s foreign reserves dropped to $32.29 billion as of April 15.
Business
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
The CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market.
Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.
He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion.
He said; “When Mr. President came in May last year, one of the things he said was that Subsidy is gone. And truly, the subsidy was gone, because immediately the price of fuel moved from 200 to 500 per liter. At that point truly, subsidy was gone.
“During that period, Dollar was exchanging for N460, but a few weeks later, the government devalued the exchange rate. And Dollar moved to about N750. At that point, subsidy was beginning to come back.
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“The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol. If you want to know where petrol should be, just look at where diesel is. Diesel is about N1,300 and petrol is still selling for N600.
Furthermore, he said that NNPC being the only petrol importer in the country implies that there is an ongoing subsidy, as prices had to be fixed.
Earlier yesterday, the former governor of Kaduna State, Nasir El Rufai, said the federal government is spending more on petrol subsidy than before.
In addition, the Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.
“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that does not negate the fact that subsidy has been removed,” she said.
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
Business
Breaking: Dangote brings diesel price down to N1000/litre
Breaking: Dangote brings diesel price down to N1000/litre
Dangote Petroleum Refinery has announced a further reduction in the price of diesel.
When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.
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However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.
The President of Dangote Group, Aliko Dangote, had during the Eid-el-Fitr celebration said if the cost price of diesel comes down, the inflation rate will be substantially reduced.
Dangote spoke when he visited President Bola Tinubu in his residence in Lagos State to celebrate the end of the Ramadan fast with him.
Breaking: Dangote brings diesel price down to N1000/litre
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