Business
Tollgates return as FG okays individual licences to build, maintain roads
The Federal Government says it will grant qualified individuals licences to build, operate and maintain roads.
A document released by the Federal Ministry of Works and Housing, said, “The main objective of the initiative is to attract expertise and sustainable investment/funding in the development of road infrastructure and maximise the use of assets along the right of way and develop other highway infrastructure.”
Already, the ministry has received approval to commence the concession process for 12 federal highways as a pilot project.
This may also signify the return of tollgates as concessionaires will have to recoup their investments.
The Outline Business Case Certificate of Compliance to commence procurement process for the concession of 12 federal highways was issued by the Infrastructure Concession Regulatory Commission.
The ministry also stated in the document the new arrangement was “not really about revenue; it’s about the expected injection into the economy. The estimated private sector investment required for the development and maintenance of the 12 routes is N1.34 trillion and the impact such investment will have on the economy cannot be overstated.
“A minimum 50,000 direct jobs and over 200,000 indirect jobs are envisaged to be created spanning construction works, installations, steel fabrication, security, hospitality, vehicle repairs, waste management and administrative work as the value chain along the highway economy is activated.”
It stated that the concession process would be classified into two categories — value-added concession and unbundled assets approvals.
For the value-added concession, the road pavement and entire right-of-way would be on concession for development and management by the concessionaire, it stated.
While for the unbundled assets approvals initiative, “approvals/permits are issued for individual assets on the right-of-way on a build, operate and or maintain basis.”
The ministry said the concessionaire agreement would provide adequate highway services through the development of revenue-generating assets along the highways.
it stated, “Both approaches aim to provide adequate highway services through the development of revenue-generating assets along the highway.
“This is key to maintaining the functionality of the highway as well as engaging and generating wealth for indigenous small and medium enterprises.”
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.
READ ALSO:
- North Central Support Group rejects Northern Elders, pledges allegiance to Asiwaju
- Gunmen kidnap 2 FRSC officers along Abakaliki-Enugu highway
- Driver killed, 16 passengers abducted on Abuja-Lokoja road
“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.
READ ALSO:
- Kano anti-corruption agency slams fresh charges against Ganduje
- Troops kill ISWAP Commanders, 30 other terrorists
- Ooni of Ife dismisses agitators of Yoruba nation
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
More trouble for Yahaya Bello as immigration places him watchlist
Updated: Tragedy hits Kenya, Defence chief, nine others die in military helicopter crash
Tinubu orders conduct of all schools, teachers census
-
Sports7 days agoKane’s three children involved in car crash, hospitalised
-
metro6 days agoTroops neutralise 188 terrorists, rescue 133 hostages in assault operations
-
News6 days agoFG gives update on where fleeing Binance executive is hiding
-
Entertainment6 days agoTolani Baj expresses love for Bobrisky
-
metro6 days agoViral video: Edo CP orders trial of officer threatening people with gun
-
News5 days agoNLC, TUC jointly propose N615,000 new minimum wage
-
News7 days agoNew electricity tariff may drop if naira rebounds further – Adelabu
-
metro7 days agoBreaking: Bobrisky sentenced to six months imprisonment without option of fine
You must be logged in to post a comment Login