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Tag: Muhammadu Buhari

Infrastructure, weak policy push printing losses to N3tn

Infrastructure, weak policy push printing losses to N3tn

Business
Discrepancies between duties on imported books and materials used for printing, the collapse of paper mills and importation of printed materials may have caused a loss of over N3 trillion, the Chartered Institute of Professional Printers of Nigeria (CIPPON) has said. Although President Muhammadu Buhari had signed Executive Order Five to increase the patronage of local firms for products and services readily available in the country, CIPPON accused ministries and agencies of awarding printing contracts to foreign firms. President of the institute, Olugbemi Malomo, who spoke in Abuja said printed materials are imported into the country as education attracts almost zero duty. This development, according to him, has paved the way for unrestrained importation of printed materials. ...
FG hopeful of Second Niger Bridge’s completion by 2022

FG hopeful of Second Niger Bridge’s completion by 2022

Economy
The Federal Government has expressed optimism about the completion of the Second Niger Bridge by 2022, adding that the project is on-going and would aid the influx of investments in the region. Already, President Muhammadu Buhari has endorsed the progress of work being achieved at the Second Niger Bridge saying that, “the project is on course irrespective of initial teething problems that occasioned some loss of time.” The President communicated his position, just as the Anambra State Governor, Willie Obiano, and his Delta State counterpart; Dr. Ifeanyi Okowa, lauded the project amid expectations of speedy and timely delivery. The Minister of Works and Housing, Babatunde Fashola, who represented the President, spoke in Asaba during the inspection/town hall meeting on the l...
Nigeria boosts refining capacity with new 5,000bpd refinery

Nigeria boosts refining capacity with new 5,000bpd refinery

Oil & Gas
• Over 2.5b litres of products, 18,000 jobs to be created • UNIDO, UNECA, Waltersmith seal pact on industrial, innovation park • Stakeholders laud project delivery, seek optimal operation Nigeria’s quest to refine its white products got a lift yesterday, as President Muhammadu Buhari, inaugurated a 5,000 barrel per day (bpd) refinery, and the groundbreaking for another 45,000 refineries expected to be completed within two years. Over 2.5 billion litres of petroleum products, and 18, 000 jobs are expected from the plants located in Imo State, and expected to significantly reduce Nigeria’s dependence on imported fuel, and possibly crash pump prices, which have become controversial since the government embraced full deregulation. The refinery, which was built by an indigenous o...
Pruning of daily flights to Lagos, Abuja airports stirs angst

Pruning of daily flights to Lagos, Abuja airports stirs angst

Aviation
Federal Government’s plan to reopen the international airspace amid restricted traffic flow and four daily flights each at Lagos and Abuja airports has stirred worry in the industry. The situation is made worrisome, as no measure had been spelt out to determining the lucky eight from a pool of over 20 operators raring to resume operations from this month end. Though the Minister of Aviation, Hadi Sirika, had said the restriction was for a short time, The Guardian has, however, learnt that the development might not be unconnected with an alleged plot to draw airlines and air traffic to Abuja. Besides, the COVID-19 medical response team in Lagos is wary of the new travel protocols for arriving travellers. They are worried that in a bid to make travelling more friendly, the relaxed g...
Reverting to old salary regime, an invitation to anarchy, Labour warns

Reverting to old salary regime, an invitation to anarchy, Labour warns

Appointments
The Association of Senior Civil Servants of Nigeria (ASCSN), has warned states t reverting to the old salary regime (Pre-2019 Minimum Wage) to desist in interest of industrial peace and harmony. The workers described it as an invitation to anarchy. The union disclosed that some state governments which negotiated the consequential adjustment arising from the minimum wage of N30,000 per month with organised labour, and duly signed the agreement, have suddenly reverted to the old salary regime, a decision, the union said was unilaterally taken. Immediate past National President of ASCSN, Bobboi Kaigama, at the 4th Quadrennial Delegates Conference of the association in Abuja, warned the affected states to return their salary structures to what was agreed with labour in the interes...
Nigeria, others face $44 billion financing gaps despite huge loans

Nigeria, others face $44 billion financing gaps despite huge loans

Economy
Still struggling to deal with the impact of the coronavirus on their economies, the International Monetary Fund (IMF), has said Nigeria and other countries in the sub-Saharan African (SSA) region would need additional financing needs of over $110 billion. Of this $110 billion and approved loans, the IMF insisted that the countries still have $44 billion financing gap to fill. Noting that many citizens are informal workers and typically have few savings and limited access to finance, the IMF ruled out further considerations of lockdown to check the pandemic, saying that effort complicates the authorities’ hard work to maintain an effective lockdown. The recent Senate’s approval of President Muhammadu Buhari’s $5.513 billion loan request bumped Nigeria’s external debt profile to $3...
Lumos Nigeria lauds plan to provide 5 million solar home systems to bridge energy deficit

Lumos Nigeria lauds plan to provide 5 million solar home systems to bridge energy deficit

Innovation
Lumos Nigeria, Africa’s leading provider of high-quality solar home systems, has commended the Nigerian Presidency on its plan to install five (5) million Solar Home System to serve 25 million households currently unconnected to the National Grid across the country. The report by the Economic Sustainability Committee (ESC), chaired by Vice President Yemi Osinbajo which was presented to President Muhammadu Buhari in Abuja has projected that unemployment rate which was 23.1% (or 20.9m people) at the end of 2018 is expected to rise to 33.6% (or 39.4 million people) at the end of 2020, if urgent steps are not taken. In response to this, Adepeju Adebajo, CEO, Lumos Nigeria said, “the government’s plan to invest in 5 million solar-home systems across Nigeria, is an important developmen...
Buhari appoints substantive DG for SEC three years after

Buhari appoints substantive DG for SEC three years after

Uncategorized
One year after the Director-General (DG) of the Securities and Exchange Commission (SEC), Mary Uduk, had spearheaded its affairs in an acting capacity, the Senate yesterday, received a request from President Muhammadu Buhari for the confirmation of Lamido Yuguda, as new Director-General of Commission. Also to be screened and confirmed are three nominees as full-time commissioners. The request comes three years after the apex capital market regulator has been operating without a substantive head, following the suspension of the former DG, Mournir Gwarzo, in 2017, on allegations of financial misconduct, unlawful carting away of sensitive documents, and unsatisfactory response to queries served on him. Gwarzo, was alleged to have requested and received the sum of N104million as sever...
NSITF boosts fight against COVID-19 with N25m

NSITF boosts fight against COVID-19 with N25m

Appointments
THE Nigeria Social Insurance Trust Fund (NSITF) has contributed N25 million to the Presidential Task Force on COVID-19 to combat the ravaging Coronavirus in the country. The Managing Director of the Fund, Adebayo Somefun, who disclosed this in Abuja, urged spirited philanthropists and development agencies within and outside of the country contribute to their quota to taming the pandemic.  He said: “Nigeria and of course the world at large is going through an overwhelming, unprecedented and dangerous phenomenal challenge, as the growing COVID-19 pandemic bites harder. “However, this has brought exceptional unity among nations, states, communities, businesses, religions, professions, individuals etc. as all coming together to explore different approaches to help respond and vi...