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FEC approves N19.52 billion for road construction 

The sum of N19.52 billion has been set aside for the construction of roads in Oyo, Niger, Kano, and the Federal Capital Territory by FG.

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Why FEC meeting was postponed till Monday, FEC approves N727 billion budget increment, FEC approves N19.52 billion for road construction 

The sum of N19.52 billion has been set aside for the construction of roads in Oyo, Niger, Kano, and the Federal Capital Territory by the Federal Government, according to Punch.

The Details: The funds were approved yesterday at a Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari.

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Also, the sum of N523 million reviewed for the completion of the Efon-Elaaye-Erimo-Iwaraja road was also approved by the FEC. The road, which was first awarded in 2009, is expected to connect Ekiti and Osun states.

NigComSat at risk of losing $150 million Chinese loan over dissolution of FEC , Economy: Funding MSMEs in Nigeria        

After the FEC meeting, Babatunde Fashola, Minister of Works and Housing gave a breakdown of the total funds approved by the council.

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N7.24 billion was earmarked for the construction of the Igbo-Oloko-Agbole road in Oyo, while N7.52 billion was set aside for another road in Gulu town and Yaba town from Niger State to the FCT.

Fashola disclosed that the sum of N4.5 billion was approved for Sharada to Madobi and Dambori road in Kano State.

[READ MORE: FG signs deal with Japanese Group to tackle problems in agriculture]

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The Minister went ahead to explain why the road connecting Ekiti and Osun states resurfaced again.

That road was awarded in 2009; the contractor had achieved about five per cent of the work; so, we are trying to complete that road.

“It was slowed down in previous years due to insufficient budget. During that period, the price at which it was awarded and today’s material prices have altered significantly,” he said.

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Recent Developments: Meanwhile, 524 road projects are currently on-going in the six geopolitical zones of the country, according to the Minister of Works and Housing, Babatunde Fashola. This was disclosed in a recent Nairametrics report.

FEC approves N19.52 billion for road construction 

Out of those 524 projects, Fashola said four were multilateral-funded road projects; 81 were under the Presidential Infrastructural Development Fund and 45 others being funded by the Sukuk bond.

However, he noted that the ministry was interested in constructing roads that will open the economy and make business easier for everyone. He said Nigeria would get back on its feet if the government tarred the roads that connected ports to border cities.

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Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

1 Comment

1 Comment

  1. Ipadeola Jonathan Okesooto

    November 29, 2019 at 1:25 am

    19.52 billion would construct 48 KM of Road if We rely on article published in 2014 on NAIRALAND website which shows construction cost per kilometer as NGN 400,000,000.00; relevant institutions could search for the reason(s) for the exorbitant cost and provide solutions. Government could show more commitment to revival o rail services to avoid transportation of heavy load by Road.

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Economy & Politics

Over 20% of N-Power beneficiaries are now business owners – FG

The Minister emphasized the President’s vision of lifting 100 million Nigerians out of poverty.

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The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has said that about 109,823 beneficiaries of the N-Power programme now have their own businesses.

This represents about 22% of the 500,000 Nigerians that have benefited from this programme since its inception.

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This was disclosed in a statement by the Minister’s Special Assistant on Strategic Communications, Mrs Halima Oyelade on Saturday, July 4, 2020. She said that the beneficiaries of Batch A and B of N-Power have established businesses in their communities.

The Minister in the statement said, “Statistics like this gives me joy and once again, I want to say congratulations; I look forward to hearing amazing testimonies and meeting beneficiaries of this programme who will be doing great things in the future”.

She emphasized President Muhammadu Buhari’s vision of lifting 100 million Nigerians out of poverty in the next 10 years by creating opportunities that would improve the productivity of Nigerian youths for entrepreneurship or employment.

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Going further the minister said, “Thus, the need to find ways to engage them is of utmost importance. However, the commencement of the enrolment of Batch C was predicated on the need to give more Nigerian youths the opportunity to benefit. This is because, keeping only 500,000 beneficiaries for four years defeats the purpose of Mr President’s vision, hence the need to scale up and was in no way meant to be punitive.”

While acknowledging the beneficiaries’ contributions, Farouq said, ‘’You are our model N-Power beneficiaries. Please avail yourselves of all opportunities provided by government like interest-free loans and leverage on those opportunities while using N-Power as a stepping stone”.

The minister said the ministry is working at resolving some of the challenges facing the programme which include delays in the payment of stipends, beneficiaries not showing up at their places of primary assignments and people accessing the programme while gainfully employed elsewhere.

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The minister also assured beneficiaries that outstanding payments would be made and transition plans were ongoing and would be duly communicated to them on their platform.

Some of the beneficiaries of the programme gave good testimonies about the impact of the programme in their lives and all expressed their gratitude to the Federal Government for the opportunity.

Nairametrics has reported the opening of application portal for batch C of the programme with effect from 11.45 pm on June 26, 2020. There have been over 3 million applicants that have shown interest in batch C of the programme in about a week.

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Corporate Press Releases

Meristem features Nike Okundaye in Campaign titled “The Journey”, highlights the importance for partners

Meristem taps into Okundaye’s creative energy, highlighting the shared story of growth and collaboration.

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It has been a long journey for financial services provider, Meristem Nigeria, having started out as a boutique stockbroking firm over 16 years ago and morphing into a capital market conglomerate offering an array of diversified service and product offerings. The tale is similar for the art and culture doyen, Nike Okundaye-Davies whose humble beginning in traditional weaving and dying practice annealed her to the art world and art lovers.

At a graceful age of 70, she has achieved over 102 solo art exhibitions, 36 group art exhibitions, a permanent display of two of her works in the Smithsonian National Museum of African Art, a Harvard recognition and many other global acclaims. With four (4) art galleries spread across the country, and the Lagos center being the biggest art gallery in West Africa, she once told a Forbes journalist that her dreams are driven by careful financial planning as she reinvests at least two-thirds of her income in her business and art centers.

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Meristem taps into her creative energy in this campaign, highlighting the shared story of growth and collaboration for both institutions, and the need to onboard the right partners to achieve long term financial goals and investment security.

Meristem, a capital market conglomerate and diversified financial services provider offering stockbroking, wealth management, asset management, trustee services and financial advisory. Over the past 16 years, Meristem has been consistent in value creation and innovation within the capital market space. The Nigerian stock exchange awarded Meristem as the best digital broker of the year. In 2018 also, Meristem became the first Nigerian asset management firm to attain compliance with the Global Investment Performance Standards (GIPS) by the CFA Institute. In 2017, Meristem handled the single largest trade in the history of the Nigerian Stock Exchange.

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Around the World

Shell considers relocating its headquarters to the UK

Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.

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GLOBAL GAS vs SHELL: COURT SETS ASIDE AWARD OVER BREACH OF CONTRACT, Investors, shareholders shocked as Shell reduces dividend

Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.

The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:

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You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”

Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.

Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.

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An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.

It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.

Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.

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