SGF: Nigeria requires $2.3trn to bridge infrastructure gap – Newstrends
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SGF: Nigeria requires $2.3trn to bridge infrastructure gap

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3 years ago

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Boss Mustapha, secretary to the government of the federation (SGF), says $2.3 trillion is needed to bridge the infrastructure deficit in Nigeria over the next 22 years.

 

Mustapha said this during a town hall meeting organised by the Business Hallmark Public Policy Forum in Abuja on Thursday.

 

He said the 23-year national integrated infrastructure masterplan (2020-2043) is for the development of infrastructural projects, including roads, railway networks and the maritime sector.

 

“It is important that we appreciate where we are coming from, where we stand, what we need to do to get to our desired destination and most importantly, what government is doing to facilitate reaching that destination,” he said.

 

“At inception, in May 2015, President Buhari’s administration was confronted with a monster that is a huge infrastructure challenge, indicated by infrastructure stock that was estimated 35 per cent of Gross Domestic Product (GDP).

 

“Conscious of the economic disruption caused by 2016 recession and COVID-19 as well as challenges of previous reforms, the Federal Government revised the 23-year (2020-2043) national integrated infrastructure masterplan that identified critical enablers.

 

“For the 23-year period, $2.3tn will be required, translating to about $150bn annually, and the private sector and other partners have to provide 56 per cent, while Federal Government and state governments will provide 44 per cent of the share of the investment.

 

“The Federal Government has made important strides towards providing much of our infrastructure and has, in recent years, conducted several infrastructural reforms.

 

“Specifically, we are extending and upgrading the nation’s railway network and introducing more locomotive couches. The port sector has been converted to a landlocked model and terminal.

 

“Similarly, Public-Private Partnership style infrastructure company with an initial seed capital of N1tn envisaging to grow over time to N6tn in assets and capital has been established and will soon commence operation.

 

“It will be one of the premier finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development.

 

“The reduction in Nigeria’s infrastructural gap will also give the country a competitive advantage under the newly signed Africa Free Continental Area Trade Agreement.”

 

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had said the country requires about N35 trillion worth of investment to attain double-digit growth in achieving the nation’s infrastructure master plan.

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Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

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14 hours ago

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November 14, 2024

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Edo State Governor, Monday Okpebholo

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.

In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.

He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.

The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.

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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.

“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”

Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.

“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.

“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.

 

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

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Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

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23 hours ago

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November 14, 2024

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Prominent Islamic scholar Dr. Ahmad Mahmud Gumi

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”

His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.

In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.

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The only solution is to dissolve the two states and create a democratically electable region.”

Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.

He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.

“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.

 

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

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Court sacks Ondo LP candidate, two days to governorship poll

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23 hours ago

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November 14, 2024

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Olusola Ebiseni

Court sacks Ondo LP candidate, two days to governorship poll

The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.

The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.

The governorship election of the southwest State will hold on Saturday, 16 November 2024.

The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.

The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.

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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”

Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.

Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.

Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.

However, the appellate court has now overturned the judgment of the trial court’s judgment.

 

Court sacks Ondo LP candidate, two days to governorship poll

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