Business
#EndSARS protest: Lagos loses N234 million to tollgates closure
The Lagos State Government has reportedly lost at least N234 million to the closure of tollgates as a result of the #EndSARS protests.
Published
5 months agoon
The ongoing EndSars protest against police brutality which has entered the ninth day has adversely affected the Lagos economy.
Especially as efforts are geared towards resuscitating economic activities in the state owing to a long period of economic redundancy due to the pandemic.
READ: LCC strikes back, says many e-tag users owe money from February glitch
Preliminary findings by PUNCH have revealed that the Lagos State Government has lost at least N234m to the closure of tollgates since the commencement of the #EndSARS protests, although the state has continued to generate money from adverts at the toll plazas.
On how the figures were arrived at, PUNCH reported that the figure was obtained from the daily and monthly targets set for the tollgates by the government which owns the tollgates, which are being managed by the Lekki Concession Company.
READ: Lagos State explains it saved motorist N87 billion annually by removing Lekki roundabouts
What they are saying:
A Lagos State Commissioner who chose to remain anonymous was quoted by PUNCH saying: “At least 80,000 cars use the tollgates every day. The figure could be higher or lower depending on the day of the week. However, since the protests started, the Lekki tollgate has been completely shut, while the Ikoyi one has been left permanently open for people to use without payment”.
(READ MORE: Motorists to pay N1000 penalty at Lekki-Ikoyi Toll Plaza)
What this means:
Findings revealed that the Lekki-Ikoyi Link Bridge was expected to generate about N10m daily, generating nothing less than N300 million monthly, while the Admiralty Circle Plaza along the Lekki-Epe Expressway was expected to generate nothing less than N16.6m a day which gross about N500 million monthly. The breakdown of the fares includes;
- Sport Utility Vehicles pay N250 at the Admiralty Toll Plaza
- Saloon cars pay N200 at the Admiralty Toll Plaza
- At the Ikoyi-Link Bridge, toll for SUVs, minivans and light trucks is N400.
- Heavy-duty trucks/buses with two or more heavy axles pay N1,000 at the Admiralty Circle Plaza on the Lekki-Epe Expressway.
READ: Dala Inland Dry Port set to take off after N2.3 billion investment – Kano Govt.
Backstory: Nairametrics had earlier reported how motorists living in the Lekki-Ajah axis spent hours in traffic as #EndSARS protests caused traffic gridlock along the Lekki -Epe expressway stretch of the road.
Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion
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Business
NSIP: FEC approves design and deployment of a management system
The FEC has approved the design, development, and deployment of a management system for NSIP.
Published
3 hours agoon
March 4, 2021
The Federal Economic Council, FEC, has approved the development of a new management system for the National Social Investment Programme.
The platform would cover other National Social Investments Programmes projects including N-Power, Government Enterprise and Empowerment Programme (GEEP), Household Uplifting Programme and others.
This was disclosed by the Minister of Humanitarian Affairs, Sadiya Farouq, after the FEC meeting on Wednesday.
The FG said, “FEC today approved the Design, development, and deployment of a management system for NSIP, a technology platform for N-Power, GEEP, HUP and the School feeding programme.”
READ: The proposed VAT hike and the likely effect
The FEC also agreed to:
- Approve a contract for an Integrated real-time data repository and security solution for Nigerian immigration.
- Approve a change in scope of the contract for Abuja-Kaduna-Zaria-Kano Expressway — from the rehabilitation contract previously awarded, to a FULL RECONSTRUCTION, with provisions for trailer parks, tow stations, side-lanes, weighbridges and others.
In case you missed it: Nairametrics reported last month that the Federal Government approved the National Policy on Ageing for Older Persons in Nigeria through the Ministry of Humanitarian Affairs, Disaster Management, and Social Development.
Business
Deployment of 5 million solar power connections reaffirms commitment to global green energy – Osinbajo
Osinbajo has reaffirmed FG’s commitment to the global green energy initiative with the deployment of 5 million solar power connections.
Published
3 hours agoon
March 4, 2021
Vice President Yemi Osinbajo has stated that the Federal Government’s plan to electrify the homes of 25 million Nigerians through the deployment of solar power connections reaffirms Nigeria’s commitment to the global green energy initiative.
The Vice President disclosed this in a statement after the Federal Economic Council meeting on Wednesday.
‘The forthcoming deployment of the 5 million solar power connections, targeting 25 million households across the country under the Economic Sustainability Plan (ESP), reaffirms Nigeria’s commitment to the global green energy initiative.
“A just transition to net-zero emissions where gas as a fossil fuel is still supported, especially for those of us in this part of the world, is absolutely important, especially as it will enable us to phase-out more polluting fuels such as coal and diesel,” he said.
READ: Why Nigeria should consider using Solar Power
The Vice President added that the International Community should maintain its Gas Project financing in Nigeria and other developing nations as the world moves on to net-zero emission.
What you should know
- The Minister of Power, Mr Sale Mamman had earlier disclosed that the Federal Government spends over N50 billion in subsidizing electricity supply in the country.
- The Presidency recently disclosed that an estimated 25 million Nigerians will benefit from FG’s Solar Home Systems which they will be expected to pay about N4,000 monthly over a 3-year period.
- The FG has also announced that it will commence the process of the installation of 5 million solar-home systems in under-served and off-grid communities across the country.
- The FG assured Nigerians that the on-going power sector reforms and interventions are designed to boost job creation and its support to drive entrepreneurship among youths will yield desired results in 2021.
READ: FG set to create at least 5 million jobs for youths in the power sector – Minister of Power
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Anonymous
October 19, 2020 at 5:32 pm
Abeg make wanna end them