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FG Proposes N26trn As 2024 Budget, Targets December 31 For Submission At National Assembly

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  • FEC Approves Continuation Of Inherited Road Projects, Concrete Usage

The federal government, on Monday, proposed N26 trillion for the 2024 budget, which will be submitted to the national assembly before December 31.

Minister of planning and budget, Atiku Bagudu, made the budget proposal announcement at the end of the federal executive council (FEC) meeting held on Monday, at the presidential villa, Abuja.

Bagudu said the council has approved the 2024-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).

He added that the executive is required by the Fiscal Responsibility Act to present to the national assembly ahead of a budget presentation, a document which will provide the medium-term economic outlook for the economy.

He said FEC made assumptions about the reference price for crude oil which is at $73.96 per barrel as well as an exchange rate of N700.

“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” the minister said.

“So Council deliberated, as well as the implication of this and all measures promised in the renewed hope agenda consumer credits, mortgages, reversed or dismissed institution as well as funding the newly aligned institutional changes particularly ministries with specific functions that are able to generate growth so that would be better for our country.

“The council members acknowledge the medium-term expenditure framework, and it is agreed that we can go ahead to the next step of consultation and presentation to the National Assembly.”

During the briefing of the state house correspondents, Dave Umahi, minister of works and housing, said the Council approved the continuation of inherited road projects by the past administration which include bridges.

He said the council was made aware of a number of abandoned and ongoing projects, dating back 20 years, that don’t have proper funding.

Umahi said FEC was also informed of some new critical roads totalling 12,000 kilometres and 24 bridges.

“You know, FEC approved for the continuation of these inherited projects and the new proposals and directed that Federal Executive Council committee of chief of staff, minister for finance and coordinating minister of economy, minister for works, minister for planning and budget, GCEO/GMD of NNPLC, chairman of IRS and SSA on Tax Reform, to meet and come up with strategies to source for the funds and everything patterning to the funding,” Umahi said.

He said the council was advised to allow some ongoing road projects and new projects, to be redesigned on concrete to mitigate inflation.

“FEC approved that concept that most of the ongoing projects should be designed on concrete pavements depending on the level of completion and if you’re doing asphalt, there are also conditions for that,” Umahi said.

“FEC also approved the coastal road running from Phase 1 which runs from Lagos to Port Harcourt to Calabar. Phase2 runs from Sokoto to Ogoja. It was approved to be done on EBC + F, that is engineering procurement and construction plus financing.”

According to the minister, the council approved eight roads that were started by the past administration for concessions, having undergone necessary processes, and the financial closure should be reached in November.

Umahi said: “There were nine actually but one was pulled out, that is Lagos-Ota-Abeokuta, and that has been given to the Ogun State government based on their request that they should do the road on their own and they will follow the HDMI that is hardware development management initiative.”

“No refunds for that but they will do it and toll it. And new 25 roads were also approved for concessioning, which takes a very long time on the PPP model.

“Lastly, the PPP (Public, Private, Partnership) for Ijora park in Lagos. It was approved that it should be done on PPP. And it was won by Beta Nigeria Ltd, which was actually started by the last administration. So we just have to convey what they did to FEC which we got approval.

“Finally, the consultancy for NNPC and FIRS who oversee the projects funded by them was also approved today.”

The federal government said FEC meetings would only be held on Mondays going forward and the meetings may not be held weekly until there are pressing issues to discuss.

BIG STORY

Federal Government Declares Public Holiday For Christmas, New Year Celebrations

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The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

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Tinubu’s 50% Transport Reduction Scheme May Begin Tuesday

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The proposed 50 percent interstate transport fare price slash by the Federal Government, initially planned to commence on December 20, 2024, may now begin on December 24.

The slash is aimed at alleviating high transport costs during the Yuletide season.

Recall that the Federal Government, through the Ministry of Transportation, announced last Thursday that it had reached an agreement with stakeholders in the road transport sector to support Nigerians who will be travelling during the holiday season.

The government stated that it would cover 50 percent of the transport fare for travelers, alongside the commencement of free rail transportation for citizens on December 20, 2024.

This initiative, according to the Director of Press and Public Relations, Federal Ministry of Transportation, Olujimi Oyetomi, was part of President Bola Tinubu’s broader effort to provide transportation palliatives for Nigerians celebrating Christmas and New Year.

Oyetomi said that the agreement was signed between the Federal Government and key transport stakeholders, including the National Union of Road Transport Workers, the Road Transport Employers Association of Nigeria, and the Association of Luxurious Bus Owners of Nigeria, among others.

The ministry’s spokesperson explained that under the arrangement, passengers traveling from Abuja and Lagos (Oshodi) to various destinations across the country would pay only half of the usual fare.

A senior official in the transportation ministry, speaking on condition of anonymity, stated that while the rail initiative was set to transport 340,000 Nigerians during and after the Yuletide, details about the road transport component remained unclear.

“The minister will most likely unveil the scheme tomorrow (Monday) at the Eagles Square, and detailed information will be provided accordingly.

“We were supposed to commence on the (December) 20th, but due to some imperfections, it has been delayed. By God’s grace, it should start on Tuesday. However, the MoU and other agreements have been adequately signed.”

When contacted, the Chief Executive Officer of God is Good Motors, Enahoro Ekhae, confirmed signing the MoU but noted that the scheme had not yet started.

“Yes, we indeed signed an MoU, but we are yet to begin the implementation,” he said.

When asked about the delay, he responded, “It is the government that can explain that. We, as GIGM, will begin once we reach an agreement with the government to start.”

Meanwhile, it was learned from the Federal Ministry of Finance on Sunday that the initiative was delayed due to funding challenges.

The programme, which was expected to begin on December 20, has been stalled as transport unions await payments promised under the scheme.

Sources at the finance ministry told one of our correspondents that efforts to secure funding were ongoing, with stakeholders hopeful for a resolution in the coming days.

The initiative, which aims to provide subsidized transportation through partnerships with transport unions, was supposed to start at Eagle Square in Abuja but failed to take off.

“We have signed the MoU, but the minister believes that the transport unions should receive their payments before starting, so that we can maintain accurate records,” a source at the finance ministry explained.

“The transportation minister has been working with the finance ministry to secure the funds, including those for the rail component.”

While the rail part of the initiative continues because it is managed solely by the Federal Government, road transport remains stalled due to the lack of government-owned buses.

“The route involves transportation unions. The Federal Government does not have buses to operate the system. We want the transport unions to take ownership and run the program. They are expected to account for the money given to them, as we have monitoring mechanisms in place,” the source clarified.

Despite ongoing efforts to secure funds, the process has been slow. “He (the minister) has been going to finance. He couldn’t secure the funds. That’s why we couldn’t start.”

The plan includes a payment of 50 percent of the agreed average fare to transport unions for each route, covering road trips from Abuja to state capitals and from Oshodi in Lagos to other destinations.

“The government is supposed to pay the transport unions 50 percent of the average fare we’ve already agreed upon for each route,” the source added.

However, no funds have been disbursed yet, leaving transport unions unable to mobilize. “All transport unions with whom we signed the MoU will have to bring their vehicles to Eagle Square. But no one has received any money yet. Therefore, everyone has been asked to remain on hold.”

The source expressed hope that the issue would be resolved soon. “I believe that as early as tomorrow (Monday) morning, the minister will press the Minister of Finance. The finance minister will understand the urgency, as it’s a directive from the President, and they will find a way to release the funds. Then, the process will begin.”

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BIG STORY

Inside Ogun: Wife Flees After Setting Cop Husband Ablaze During Dispute In Iperu

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A wife, Sarah Ayinde, is on the run after setting her husband, a special constable with the Ogun State Police Command, Abidemi Ayinde, ablaze in the Iperu area of the state.

A source, speaking anonymously, said that the incident occurred on December 12 after the couple had engaged in a minor dispute.

The source, on Sunday, disclosed that the dispute escalated, and the wife resorted to setting the cop on fire in a retaliatory attempt.

The source said, “There is an incident in Iperu. A police constabulary was set on fire by his wife. They argued, and the wife set him on fire. He is currently hospitalised.”

Confirming the incident in a telephone conversation (with The Punch), the spokesperson for the state Police Command, Omolola Odutola, on Sunday, said that the victim was hospitalised following the incident.

She narrated that efforts were underway to apprehend the wife.

“On December 12, 2024, at approximately 10:00 a.m., an attempted murder incident occurred in Iperu. Reports indicate that at No. 20 Igboore Street, Abidemi Ayinde, a male special constable with the police division, was set on fire by his wife, Sarah Ayinde, following a minor dispute.

“The victim was quickly taken to the Bolawatife Hospital for medical attention and is currently in a stable condition.

“The suspect, Sarah Ayinde, remains at large, and efforts are underway to apprehend her. The division’s crime branch is conducting further investigations into the matter,” Odutola said.

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