Fashola urges landlords to collect monthly rents.

Fashola urges landlords to collect monthly rents.

Former Works and Housing Minister, Babatunde Fashola (SAN) has called for the review of tenancy laws in states to compel landlords to collect rents monthly.

The former governor of Lagos state spoke at the launch of his book titled: “Nigerian Public Discourse: The Interplay of Empirical Evidence and Hyperbole,” in Lagos.

He also reflected on the burden of housing surplus in rural areas whereby their owners are confronted with deficit in cities, thereby predisposing them to renting houses.

Fashola said payment of rents for up to three years or more by tenants to landlords should be discouraged, adding that it is overwhelming to tenants. 

He pointed out that many houses are unoccupied due to the way rents collection are structured and collected.

Fashola said: “If you do not understand how dramatic and painful that three, four or five years rent has become to our nation, we have not consciously done anything to it.

“Can we bring it down from three years to one year? Can we hopefully bring it down to six months? Can we let it coincide with when people get paid? At the end of the month instead of in advance?"

The former minister and author also described data as the most important currency in the world, which no central bank could print. 

In his view, accurate data should be utilised for better planning in the country.

He said: “Accurate data will help us determine how many we are, what amount of water we need, what quantity of food; data makes this very important. Accurate data therefore will be beneficial for us.

”Life without shortage of basic needs, like food, like water, like shelter and energy will be a good life, and data is critical to this objective.”

The book was reviewed by Opeyemi Agbaje, an author and academic.

A panel of experts discussed the importance of data to development at the book launch.

They agreed that data should be used as basis to form policies and decisions, which would bring about changes that would make impact on the people.

The panelists were Tolu Ogunlesi, a former Special Assistant to President Muhammadu Buhari on Digital/New Media; Mrs Toyosi Akerele-Ogunsiji, a Social Entrepreneur; and Adesuwa Giwa-Osagie, a lawyer and historian.

At the ceremony were Presidential Chief of Staff Femi Gbajabiamila, who represented President Bola Tinubu; former All Progressives Congress (APC) Interim National Chairman Chief Bisi Akande, wife of the author, Mrs Dame Abimbola Fashola, Lagos Deputy Governor, Obafemi Hamzat; and Mrs Adejoke Orelope-Adefulire, former Senior Special Assistant to the President of Nigeria on Sustainable Development Goals, former Deputy Governor Sarah Sosan, former Rivers State Governor Rotimi Amaechi, former Lagos House of Assembly Speaker, Yemi Ikuforiji; former Attorney-General and Commissioners For Justice, Supo Sasore and Moyosore Onigbanjo, a former Chairman, First Bank of Nigeria, Mrs Ibukun Awosika; traditional rulers, politicians and students. 

Fed Govt begins social intervention to alleviate suffering of Nigerians.

Fed Govt begins social intervention to alleviate suffering of Nigerians.

The federal government has rolled out special intervention to alleviate the suffering of Nigerians in the area of health care, food prices and other areas of life.

The Minister, Special Duties and Inter-Governmental Affairs, Zaphaniah Jisalo spoke at the official commissioning and presentation of vital medical equipment to selected healthcare institutions in Nigeria organized by the National Lottery Trust Fund in Abuja.

He said: “The government is not stopping in Abuja alone, it will extend to other parts of the country, and the 2024 budget will capture all of these. This is one of President Ahmed Bola Tinubu’s agenda of renewed hope, we assure Nigerians of this hope by providing all health materials and equipments to health centers at the primary and secondary level, it will get to wards and local governments.

“Without health there is little we can do as humans. We urge all beneficiaries to maintain these equipments, the government is in the season of generating revenue so more of these interventions will come.

Speaking, the Executive Secretary/CEO, National Lottery Trust Fund, NLTF, Bello Maigari, noted that the fund plans to cover the 36 states of the federation. This is all in a bid to improve access to quality healthcare.

These projects, he said, were initiated and funded through proceeds raised from the lottery and gaming sector, adding that Nigerians hope to benefit from the investments in all areas including the health sector. 

He added: “This ground breaking event is one of many of its kind since the beginning of our programme intervention in health in the last few years. Our plan is to cover the entire 36 states of the Federation and the Federal Capital working to improve access to quality healthcare services and providing a platform that promotes highest standard of care to our rural people.”

Some of the medical equipment include medical waste incinerator, blood bank refrigerator, ultrasound machine, dialysis machine, ambulance vehicle, electric ICU bed, wheelchairs and an autoclave, amongst others.

Tinubu signs Electricity Act amendment bill into law.

Tinubu signs Electricity Act amendment bill into law.

President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.

The bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Honourable Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.

According to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, the Electricity Act (Amendment) Bill, 2024, “seeks to address the development and environmental concerns of host communities, and sets aside five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year for the development of their respective host communities.  

“The Bill further provides that the funds set aside for the development of host communities will be received, managed, and administered for infrastructure development in the host communities by a reputable Trustee/Manager to be jointly appointed by the respective GENCO and their host community”, the statement said.

NGF urges stakeholder synergy to tackle economic, security challenges.

NGF urges stakeholder synergy to tackle economic, security challenges.

The Nigeria Governors’ Forum has called for stakeholders synergy to address the economic and security challenges currently being faced by Nigerians.

On Monday, some youths and women of Niger State took to the streets of Minna, the state capital protesting against what they termed as severe hardship and the increasing cost of living in the country.

On Tuesday, the ruling All Progressives Congress accused opposition parties in the country of orchestrating the protests.

Reacting, the Peoples Democratic Party National Publicity Secretary, Debo Ologunagba, described the APC’s comment as insensitive.

However, the NGF, on Thursday, called for stakeholders synergy to address the economic and security challenges, following an emergency virtual meeting with the National Security Adviser, Nuhu Ribadu, and a representative of the Director General of the Department of State Service.

The forum, in a communiqué signed by its Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, urged the Federal Government to reduce foreign exchange demand, thereby lessening dependence on foreign exchange, imported goods and services.

It stated, “We resolved as follows: Recognised the need to address the connection between food inflation, naira depreciation, and rising insecurity across parts of the country from a systemic perspective and called for urgent discussions with and synergy amongst stakeholders in improving the situation in the shortest possible time.

“Agreed on the following immediate actions: reduce foreign exchange demand: by use of moral suasion to reduce dependence on foreign exchange, imported goods and services.

“Improve foreign exchange supply: by easing commodity export requirements to encourage exportation and supply of foreign exchange; curbing illegal export of solid minerals; and increasing crude oil production to earn more foreign exchange.

“Support improved enforcement efforts: by reviewing the extant criminal justice laws in the states to ensure quick dispensation of justice on perpetrators of insecurity in the states; supporting the office of the National Security Adviser in the states to enhance the nature and quality of intelligence.

“Reiterated governors’ commitment to deploying emergency food interventions, including incentivizing food production, the release of food items from strategic food reserves, and collaboration with food millers and commodity traders in their various states to boost food availability as an immediate short-term action.”

International money transfer operators to pay in naira.

International money transfer operators to pay in naira.

Following the recent directive by the Central Bank of Nigeria, restricting the operations of International Money Transfer Operators to only inbound transfers, IMTOs have decided to halt dollar transfers to Nigerians.

The IMTOs said they will now only pay in naira.

In the recently published document addressed to IMTOs, on January 31, CBN ordered the operators not to facilitate money transfers from Nigeria to other countries.

The apex bank described the new directive as a move to “liberalise the foreign exchange market and ensure transparency.”

Despite a devaluation last year and a decision to float the Naira, the currency has witnessed even more volatility as the CBN attempts to clear forex backlogs worth about $7bn.

The old guidelines dated 6 September 2014 did not provide a clear definition of IMTOs. The definition was implied from the permissible activities that the operators could undertake however, under the New Guidelines, IMTOs are defined as companies approved by the CBN to facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria and the payment of a corresponding sum to a beneficiary through a clearing network to which the IMTO belongs.

However, under the revised guidelines, the IMTO services are now limited to inbound money transfer services alone. This means that IMTOs are only able to provide money transfer or remittance services from a foreign country into Nigeria.

The apex bank asked IMTOs to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the nation’s official foreign exchange market.

In a bid to implement the CBN’s directive, One of the approved IMTOs, World Remit, has updated its app for Nigeria with the following instructions: WorldRemit Nigeria News! We can no longer support transfers in USD; only in Naira.

“If you’re about to send money to Nigeria, this is important. The Central Bank of Nigeria has directed that it’s no longer possible for any money transfers to be paid out in USD in Nigeria. So, of course, this includes WorldRemit money transfers.

“But please don’t worry. You can still enjoy the same quick, safe, and affordable World Remit service to Nigeria by sending money in Naira instead,” it stated.

Another operator, Sebdwave said, “In compliance with a recent directive from the Central Bank of Nigeria, we regret to inform you that Sendwave, along with all money transfer operators, is no longer able to support USD transfers to Nigeria. We’d encourage you to switch to sending Naira transfers instead.”

FG considers renewable plants to solve power problems.

FG considers renewable plants to solve power problems.

The Federal Government is planning the construction of renewable power plants to boost electricity generation across the nation.

The Minister for Power, Adebayo Adelabu, disclosed this during a meeting with foreign agencies on Thursday.

In a chat with Adelabu’s media aide, Bolaji Tunji, on Friday, the minister was quoted to have highlighted that the creation of renewable power plants would be one of his strategies to ensure incremental improvement in national power supply.

A renewable power plant is a facility that generates electricity from a renewable energy source, such as solar, wind, water, or geothermal energy.

These types of power plants harness the power of the sun, wind, water, or the earth’s heat to produce electricity without using fossil fuels like coal, oil, or natural gas.

Adelabu had promised to ensure that the Rural Electrification Agency lives up to expectations by serving the underserved and the unserved rural communities that may not be commercially attractive to the distribution companies.

According to Tunji, the minister is “focusing on distributed power by intensifying efforts to raise the volume of renewable energy to national capacity, with focus on developing small hydropower plants along the 26 small dams in the county”.

The hydropower plants, the minister had stated, can be “hybridised with solar when the water level goes down”.

He added that solar options are being considered for the northern part of the country, including the use of windmills to generate power offshore along the coastal part of the country.

The minister said further that the main problem of the sector is liquidity and funding.

He added that the sector is supposed to generate funds if allowed to operate a commercial model, where all the costs attributed to the generation of power, transmission and distribution are recovered through the tariffs, while the operators are given a good markup.

Adelabu was reported to have noted that the power sector is not allowed to charge cost-reflective tariffs because the government promised subsidy but with no timely release of money.

“Once the sector suffers from liquidity challenge, there would be no investment in the sector and that is why the structures are dilapidated.

“It’s important we resolve the liquidity issue,” he had emphasised.

The development partners including representatives from the European Union, the United States Agency for International Development, United Nations Industrial Development Organisation, the World Bank, Japan International Cooperation Agency, African Development Bank, and others were said to have assured Adelabu of continued support because his briefing had given a clear direction on how to resolve some of the issues in the power sector.

AC Milan buy land for new stadium away from San Siro.

AC Milan buy land for new stadium away from San Siro.

AC Milan took a further step in a move away from the iconic San Siro with the purchase of land to build a new stadium, a source close to the matter confirmed on Friday.

The northern Italian giants currently share the San Siro Stadium to the north-west of the city with rivals Inter Milan.

AC Milan has now acquired a 256,000 square metre plot in the San Donato municipality to the southeast of the city, 15 kilometres from the San Siro.

According to the Italian press, talks between the municipality of San Donato and local residents will enter a decisive phase next week with a view to a possible building permit being issued.

Last September, AC Milan announced that it had set its sights on San Donato for a 70,000-seater stadium, without specifying the possible date of its inauguration.

San Siro, whose official name is the Giuseppe-Meazza Stadium, is an iconic 80,000-seater structure built in 1926, but which no longer meets the needs of clubs despite its modernisation for the 1990 World Cup.

Both clubs initially wanted to knock down the San Siro and build a new stadium adjacent that they would share with an area dedicated to sports, entertainment, and shopping.

But this joint project was abandoned after officials deemed the city-owned San Siro to be of “cultural interest”.

In 2026, San Siro will host the opening ceremony of the Milan-Cortina d’Ampezzo Winter Olympics.

AFP