Opebi-Ojota link bridge ready Q2 2024 – Sanwo-Olu.

Opebi-Ojota link bridge ready Q2 2024 – Sanwo-Olu.

The Lagos State Governor, Mr Babajide Sanwo-Olu, on Tuesday, assured residents of the state that the Opebi-Mende-Ojota link bridge will be ready for use by the second quarter of 2024.

Sanwo-Olu, who spoke during an inspection tour of the construction site on Tuesday, expressed satisfaction with the level of work.

While stating that the project was about 65 per cent ready, the governor noted that there was still much work to be done.

He added that the bridge was conceived to solve traffic problems and provide alternative routes for commuters plying the area.

He said, “This bridge was conceived about one year ago to solve major traffic problems and provide alternatives from Toyin-Opebi roads to Ojota, and from Maryland to Ikeja. It will also solve traffic to the Kudirat Abiola Way, Alausa, and even Mobolaji Bank-Anthony Road.

“This project will change the face of traffic management, commuting and modern infrastructure. It also has expanded sidewalks to allow for cycling lanes, walkways and even parking for broken-down vehicles.

“It is particularly instructive to note that even the link roads are bridges in their own right because they are deck on piles. This has to be so because of the soil’s nature. It is a very tough terrain. In fact, some house fences were demolished in the process of construction.

“In all, we are satisfied with the level of work and the project is still on track for completion in the second quarter of 2024 so it can be opened for public use.”

The governor was accompanied on the inspection by the Deputy Governor, Obafemi Hamzat, the Commissioner for Information and Strategy, Gbenga Omotoso, and some members of the House of Assembly, among others.

Fed Govt eyes concessionary loans, climate financing to fund 2024 budget.

Fed Govt eyes concessionary loans, climate financing to fund 2024 budget.

The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, on Tuesday, said the country needs to take advantage of cheap concessionary loans and climate financing to raise revenue to fund the 2024 Budget.

Edun made this revelation in his speech during a one-day retreat on the 2024 Appropriation Bill organised by the Senate Committee on Appropriation.

The theme of the retreat was “Budget and Budgetary Process: Improved Outcomes in 2024”.

Edun insisted that Nigeria’s fiscal space was exhausted in line with the position of the International Monetary Fund (IMF) and proposed a strategic shift towards concessionary funding including climate financing as a viable option.

Edun said: “Nigeria’s fiscal space is exhausted, we have to focus on the concessional  funding, the cheaper funding, even free funding and climate financing is the way.

“Solution is that we have to focus on concessional funding, the cheaper funding, even free funding, and climate financing is the way”.

“Our 2024 proposed budget states clearly that there is room for privatisation, maximizing our own assets without borrowing.

“We have to be brave, courageous and innovative to make sure that we use the financial market to take our fiscal stress down so as to reduce our debt servicing and reduce our emphasis on borrowing.

“One of the ways available is that there are now countries and organisations willing to invest in our economy more than ever before.

“We need to optmise the resources we have particularly oil resources. The world is turning to Compressed Natural Gas (CNG).

“Hence a few days ago, the President launched an initiative of electric vehicles. Major manufacturers of electric vehicles expressed interest and started discussions with us on their determination to establish electric vehicles plant in Nigeria.

“Such is the opportunity for our market here and such is the attraction the new innovation has attracted to us as a nation.”

He highlighted the urgency of addressing the fiscal constraints and reducing dependence on borrowing particularly foreign borrowing.

Edun noted that an estimated $1trillion annually to be spent on climate change, underscore the importance of climate financing in funding the N27.5 trillion budget.

“Just yesterday UAE announced a $30 billion for climate action. What that means is that as we look to fund the N27.5 trillion budget this year, our first port of call must be the most cheapest and the most concessionary finacing including climate financing.

The Minister highlighted recent strides, including the signing of an €100 million foreign direct investment for reforestation of the mangrove forests in Cross River.

He underscored the importance of maximising existing assets without resorting to excessive borrowing.

The minister also noted the option of leveraging countries and organisations willing to allow funding based on their credit ratings which could alleviate debt service burdens for Nigeria.

He added: “At the meeting we just conclude in Dubai, the International Monetary Fund (IMF) managing director said the world is still suffering the shocks of major global  incidences like the COVID-19 and that the fiscal space is exhausted. Nigeria fiscal space is exhausted and the solution is that we have to focus on concessioning funding and climate financing.

“There is an estimated $1trillion per annum to be spent for climate change. Just yesterday (Monday), the UAE announced $30billion for climate action. Another $1.5billion was announced by another global group.

“What that means is that as we move to fund the N27.5 trillion budget next year, our first port of call must be to target the cheapest concessionary financing including the climate change financing.”

Edun further insisted on the need for Nigeria to quickly optimise its resources to align with the changing global dynamics that emphasised equity over excessive debt.

The Minister expressed hope for a swift passage of the budget, signaling a proactive approach to addressing the nation’s financial challenges.

In his remarks, President of the Senate, Senator Godswill Akapbio said that Nigeria would not achieve much, unless the country increased revenue.

He urged all revenue generating agencies in the country to do more and block all leakages.

“No matter how beautiful the budget is, if there is no money to spend, the budget will not work.

‘Let’s get up and block the loopholes of leakages and wastages and then bring more revenue so that the 2024 budget becomes realistic,” he said.

He stressed the need for aggressive revenue drive saying “all revenue generating agencies must rise to the occasion. No matter how beautiful the budget is, it will not work if there is no money to spend.

“My message is that all the GOEs must gear up to raise more revenues, block all the loopholes, leakages and wastages so that the 2024 budget would be successfully implemented.

“The Senate and the House of Representatives are very determined to pass the budget before the end of this year to continue with the tradition of the January to December budget cycle.

“It however depended on the attitudes of the ministers and the MDAs to the  budget defence sessions which will start immediately.

“I will urge the ministers to take the exercise very seriously by bringing all the heads of agencies under their supervision while coming to the National Assembly.”

The Chairman Senate Committee on Finance, Senator Sani Musa, stressed the need to have the statistics of all the National Assets which are almost non-existing because some Government Owned Enterprises (GOEs) are keeping the assets as if they owned them. There is the need for us to harmonise and get a national registry for assets.

On his part, the Minister of Budget and National Planning, Senator Atiku Bagudu said: “There is National Integrated Infrastructure Master plan which is in the custody of the Federal Ministry of Budget and National Planning. It has over 19,000 projects.

“We have commenced meetings with stakeholders in the infrastructure space, the MDAs, the Bureau of Public Enterprises, the infrastructure Bank, the DMOs, and the NIPC, to analyse them and take them to Investment Grid.

“This is to provide adequate information to investors. The 2024 budget also has provision for the Infrastructure Project Development Funds for that purpose.

“President Bola Tinubu has asked the Coordinating Minister for the Economy to ensure that all GOEs operate accounts that could only be debited on the authority of the Coordinating Minister of the Economy and the Accountant General of the Federation.”

The keynote speaker on the occasion, Prof. Ayo Teriba, a Professor of Economics, expressed confidence that the country has the potential of meeting its revenue projections for 2024 based on the performances of the 2023 budget in the last quarter of this year.

He called for a paradigm shift from the over reliance on petroleum revenue and tax to leverage of marketing the nation’s assets.

He said: “There is the need to take 35 per cent of the Government Owned Enterprises assets to the market to generate some liquidity.

“Apart from GOEs, national assets also included real estates. There is no MDA that does not have one choice real estate or the other and most of them are lying there fallow.

“We need to know the current value of the real estate of the MDAs and the value of their current usage.”

He also stressed the need to develop infrastructure that could generate revenues through a public-private sector participation.

He said the country should focus attention on what it own rather than what it owes as debt.

He said: “We talk about what we own as against what we owe. We have assets that can attract foreign direct investment which can liquidate our N89trillion foreign debt.”

EFCC proposes N76.59bn 2024 budget.

EFCC proposes N76.59bn 2024 budget.

The Economic and Financial Crimes Commission has proposed a budget estimate of N76.59bn for the 2024 financial year.

This is as the anti-graft agency said the capital projects executed in 2023 were rolled over from 2022.

The chairman of the commission, Ola Olukoyede, disclosed these on Tuesday at an interface with the House of Representatives Committee on Financial Crime while defending the EFCC budget estimates for 2024.

Olukoyede said, “The commission’s total budget proposal for 2024 is N76.59bn. The 2024 proposed estimate of N76.59bn, represents a 53.48 per cent increase over and above the 2023 Appropriation of N49.91 bn. This increase is solely attributed to the increase in personnel cost from N36.83bn in 2023 to N37.07bn in 2024.

“Under budgetary heads, we have the personnel, overhead and the capital. In our proposal for 2024, we have proposed N37.07bn against an envelope of the same amount of N37.07bn. We still maintained the amount we had in the envelope, in personnel costs.

“Under overhead, the envelope was N4.79bn, but we are proposing to this committee to help us to carry out our mandate, with the sum of N14.51bn.

“Under our capital cost, we have an envelope of N1.24bn, which will not do anything for us. As a result, we are proposing N25bn as our capital cost,” he said.

He premised the demand for increased capital spending on the growth of the commission, saying, “Our operations keep expanding and we also envisaged that we are going to bring in more staff in the year (2024) under review.”

The EFCC boss further revealed the commission’s overhead cost in 2024 as N14.5bn up from N10.53bn in 2023 and N25bn capital expenditure up from N2.5bn in 2023.

“Quite a number of our zonal offices are rented apartments, and of course, when you are doing this kind of work, it’s not expedient for you to operate in rented apartments. We intend to have our buildings across the 14 zonal offices we operate, outside Abuja.

“The request for additional overhead is because of the high cost of air travel tickets, motor vehicles costs, diesel cost, building maintenance, operational vehicles, office equipment, acquisition of our properties and maintenance of our operations in other 14 zonal commands apart from Abuja,” he said.

In his earlier remarks, the Chairman of the Committee, Ginger Onwucebe, (LP, Abia State) noted that the Committee would do its part to assist the government in the fight against financial crimes.

“Our task is formidable, as financial crimes continue to evolve in sophistication and scale, posing a significant threat to the stability and growth of our economy.

“The challenges we face require not only vigilance, but a strategic allocation of resources to empower the Nigerian Financial Intelligence Unit to effectively, counteract illicit activities that undermine our economic well-being and our nation.

“The budget we are reviewing today is not merely a set of figures but a reflection of our dedication to creating an environment, where our citizens can trust the financial institutions that drive our economic engine for growth and development,” he said.

He also emphasized the need to invest in the training of personnel to enhance the capacity of EFCC personnel.

“By providing comprehensive training programmes, we can equip our teams with the expertise needed to navigate complex financial investigations and ensure a swift and effective response to illicit activities.

“Let us unite in our commitment to safeguarding the economic prosperity of our nation, recognizing that our collaboration with NFIU is instrumental in achieving our common goal,” he said, stressing that “Together, we can build a resilient financial system.”

Senate probes Customs over N62bn under remittance.

Senate probes Customs over N62bn under remittance.

The Senate Public Account Committee has launched investigation into how the Nigerian Customs Service under-remitted N62bn in the revenue generated by the agency.

The revealation of the under remittance is contained in 2017 Auditor General Report which is currently being considered by the committee chaired by Senator Ahmed Wadada.

The query reads, “In the report of NCS summary of the monthly collection 2017 total collection for the federation account were N691bn.

“However, the receipt of NCS collection and remittance into Federation Account 2017 showed actual remittance into the account with the CBN for the year under review to be N629bn.

” A comparison of these two documents revealed an under remittance N62bn.

“There was no footnote or any form of additional information attached to the two reports.showing the reasons for the discrepancies neither there was any form of communication of the management on the intention for the future reconciliation or remittance

“The above anomalies could be attributed to weaknesses in the internal control system at Nigeria Customs Service Headquarters Abuja.”

The chairman of the committee therefore asked the Customs to come up with their defence on the allegation of under remittance within two weeks. .

Meanwhile, the Senate has mandated the Nigerian Port Authority to appear before it over $852m debt by operators.

He noted that the committee based on its commitment to the development and growth of Nigeria is not out to witch-hunt anybody, or want to take anybody to the cleaners.

Wadada added, “The committee under my stewardship with support of my distinguished members have had cause to say this not once, not twice, that we should understand that audited or Auditor-General’s report is not an indictment on any ministry, department or agencies of government, but rather a wake up call for us to know what was wrongly committed by who.

“Going forward, we should find way to correct the wrong to make the system better and we move on to the greater heights.

“Today, the committee is compelled to say what I am going to say concerning the Nigeria Ports Authority, Nigeria Ports Authority is found wanting on both ends, one, on the Auditor General for the Federation’s annual report and also, on ends of the status enquiry.

“There are issues around Lagos channel management, Bonny channel management and of course, Calabar channel management. On these issues, the committee respectfully wrote the management of NPA management . some of the communications were responded to, and some are yet to be responded to.”

Senator Wadada added, “Today the Nigeria Ports Authority supposed to have appeared before this Committee so that we look at queries raised by the Auditor General for the Federation.

“The management team is not here, the MD, Directors and other top management are not here. They rather chose to send a General Manager to us and at a time the NPA was called to the table, the General Manager was unavoidably absent. Though, she later came and complained that she went for her medication.

“Some of these queries have got something to do with indebtedness of terminal operators which is almost a billion dollars, eight hundred and fifty two million dollars ninety-three thousand, Seven Hundred and seventy-seven cents.”

He stated, “There is also an outstanding estate rent, shipping dues, and service boats of over 68 million dollars. The status of long outstanding debtors are all issues to be answered by the Nigeria Ports Authority.

“This is not to talk about issues surrounding Lagos channel management and Calabar channel management. We give them 48hours to appear before the Senate Committee”

Kaduna accidental bombing deeply regrettable – Tinubu.

Kaduna accidental bombing deeply regrettable – Tinubu.

President Bola Tinubu has expressed sadness over the accidental bombing that occurred at Tudun Biri community in Kaduna state. The president described the incident as deeply regrettable.

He also sent a delegation led by the Minister of Defence for State, Bello Matawalle to the state to condole with the government and citizens of the state.

This was contained in a statement by the Director, Defence Information, Brig. Gen. Tukur Gusau on Tuesday night.

It read, “In response to the regrettable incident at Tudun Biri community in Kaduna state, President Bola Tinubu, has swiftly dispatched a high-level delegation to convey heartfelt condolences to the government and people of Kaduna.

“Led by the Honourable Minister of State for Defence, Dr Bello Matawalle, the delegation met with Deputy Governor Dr. Hadiza Balarabe, members of Kaduna state security committee, and religious leaders to express solidarity and empathy during this challenging time.”

While reassuring the Federal Government’s resolve to prevent such incidents in the future, he said a thorough investigation would be conducted to determine the circumstances leading to the incident.

” Matawalle emphasized the need for a thorough investigation to determine the facts surrounding the incident. He assured the public that the findings would be transparently communicated, reaffirming the federal government’s commitment to preventing future occurrences. The Minister appealed for cooperation, calm, and continued support for the Armed Forces of Nigeria.

“Matawalle extended prayers for the souls of the departed and wished a speedy recovery to the injured. He urged religious leaders to enlighten their followers, emphasizing that the incident was an operational error deeply regretted by the Armed Forces of Nigeria, which remains unwavering in its mandate to secure every part of the country, ” the statement added.

In response, Kaduna state Deputy Governor, Hadiza Balarabe expressed gratitude to President Tinubu for the prompt delegation visit.

She highlighted the state government’s continuous engagement with the affected community and religious leaders to maintain peace and mitigate tensions.

The delegation also visited the Kaduna Nursing Home to extend well wishes to the wounded.

Among the delegation were Dr Ibrahim Abubakar Kana, Permanent Secretary, Ministry of Defence; General Christopher Gwabin Musa, Chief of Defence Staff; Lieutenant General Taoreed Lagbaja, Chief of Army Staff, and other distinguished members

I have no regret appointing PLWDs, says Kwara Gov.

I have no regret appointing PLWDs, says Kwara Gov. 

The Kwara State Governor, AbdulRahman AbdulRazaq, on Tuesday, explained why he appointed persons living with disabilities into positions of authority in his administration.

He said he deliberately made such appointments to allow persons living with disabilities to lend their voice to issues of governance.

He said he has no regret taking the decision.

The governor spoke during the celebration of this year’s International Day of Persons with Disabilities in Ilorin, the state capital.

The governor in June appointed two PWDs as Permanent Secretaries.

Represented by the Senior Adviser and Counselor, Alhaji Saadu Salahu, the governor recalled how he held the budget meeting with the management of ministries, departments and agencies at the School For Special Needs, Ilorin at the inception of his administration.

He said that singular action has enabled his administration to fix many of the facilities in the school to cater for the conducive learning of, “our wonderful special students.”

“Let me remind you that at the beginning of this administration, I noticed that society often dissociates with special needs people. I purposely took the budget meeting with the management of all MDAs to the School for Special Needs to make everyone realise the challenges you are facing.

“We desire to recognise your contributions to national development and to give hope to all of us that there is no limit to the height we can attain in the society irrespective of our peculiarities,” the governor said.

AbdulRazaq who assured persons living with disabilities of the willingness of his administration to always accommodate their needs within the available resources, described the theme of the event, “United in action to rescue and achieve the Sustainable Development Goals for persons with disabilities” as very apt.

“You will recall that one of you was appointed into this government to represent you in our administration. We have also appointed persons with special needs to senior roles in the civil service. This speaks to the fact that this administration is inclusive; it’s to allow you to lend your voice to issues of governance. I have no regret over this important decision.

“I want to use this occasion to reiterate that our administration is always operating an open-door policy to incorporate people of different categories without discrimination. You are highly esteemed by the government and I will be willing to accommodate your needs within the resources available to us'” the governor said.

In her remarks, the director of the Human Rights Commission, Barrister Olaoye Jumoke, emphasised that human dignity, whether disabled or abled should be respected and individual rights should be protected.

She reiterated the readiness of the commission to always come to the aid of the people living with disabilities whenever their right is infringed upon.

Earlier, the state chairman of the Joint National Association of Persons With Disabilities, Comrade Yusuf Bashir, thanked President Bola Tinubu and Governor AbdulRazaq for their support for the PLWD.

He specifically thanked President Tinubu for appointing one of them as a Special Adviser and Governor AbdulRazaq for seeing to their wellbeing as well as appointing some of them into public offices and the state civil service.

ASUU laments mass resignations in public varsities.

ASUU laments mass resignations in public varsities.

The Academic Staff Union of Universities, on Tuesday, raised the alarm that most departments and units in Nigeria’s public universities were short-staffed due to the resignation of lecturers in search of greener pastures.

The Chairman of the University of Ibadan Chapter of ASUU, Prof. Ayo Akinwole, who disclosed this in Ibadan, Oyo State, said Nigeria’s public universities were in very pitiable conditions with stress and frustration visible in the faces of poorly-remunerated lecturers.

He said, “Except President Bola Tinubu arrests the situation by reviewing the conditions of service in terms and salaries, allowances, and infrastructure, many good hands will continue to resign and leave the country. Unfortunately, the same government that is not funding education has a National Assembly proposing to establish 32 more universities.”

The chairman said poor and delayed salaries, unpaid allowances, poor infrastructure, lack of respect for the academic community, and the seeming dwindling hope are some of the factors responsible for the resignation of lecturers in the past few months.

Akinwole suggested that establishing more universities will not solve the problem, but rather improve the capacity of existing universities to be able to admit more students.

“The union has received reports on how colleagues resign on a monthly basis because of the way lecturers are treated and poorly remunerated in Nigeria. Universities around the world are poaching more quality hands, and if not halted by the government, through intentional reviewing of upward conditions of service, it will be difficult to retain the best hands.

“Vice Chancellors can not single-handedly employ to replace staff as urgent as it is needed again. They have to contact Abuja for approval, which may take six months to a year, if not more, before they get approval. By this time, the best candidate has gone to a more serious country that respects quality. Sadly, people from higher up there from the Ministry of Education to legislators themselves want to dictate who the universities should employ,” the don said