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  • FG to reduce inflation, create more jobs – Edun

    FG to reduce inflation, create more jobs – Edun

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government plans to reduce inflation rate to single digit and create more jobs.

    Edun stated this during a press conference addressed by the Nigerian economic team, as part of activities marking the end of the 2025 the International Monetary Fund (IMF) and World Bank Spring Meetings on Saturday in Washington D.C.

    He said that the government was collaborating with development partners like the World Bank to create jobs for Nigerians in pursuit of sustainable employment and poverty eradication.

    “The objective is to create jobs locally, empower youths, and support them through essential infrastructure.

    “That includes digital infrastructure, access to data, internet, and fibre optic networks, to enable them to work remotely,” the minister said.

    Edun said that the country’s unemployment rate had dropped to 4.3 per cent in the second quarter of 2024 from 5.3 per cent in first quarter 2024.

    According to him, the world now faces a very uncertain future, but Nigeria is well positioned to survive the shocks in spite of heightened tensions, inflation, and declining global growth.

    The minister also said that President Bola Tinubu’s reform agenda were working and the results were commendable.

    The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said that the government acknowledged the impact of inflationary pressures on the country.

    “We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians.

    “Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” Cardoso said.

    The CBN governor said that the painful reforms embarked upon by the country was now yielding positive results.

    “At the IMF meetings the nation was a reference point of how reforms could change the economic trajectory of a nation for the better.

    “The reforms are not easy, but they are delivering results. We have moved from a position of vulnerability towards one of growing strength,” he said.

    Cardoso said that the significance of Nigeria’s efforts was restoring investors confidence.

    “The country had a high-level investment forum at the Nasdaq Market Site in New York.

    “That gave insights into the positive impact of the reforms and growing appetite for investment in Nigeria by Diaspora Nigerians and non-Nigerians.

    “The New York forum delivered powerful outcomes, it significantly bolstered investor confidence in the country’s market fundamentals, with leading voices affirming the country’s economic progress and renewed standing as a compelling investment destination,” he said.

    The CBN governor said that the country  recorded a balance of payments surplus of 6.83 billion dollars in 2024, principally on the back of rising exports and capital inflows.

    According to him, this has supported the stability of the domestic unit amidst boosted investor confidence, discouraged speculative arbitrage and closed the gap between official and parallel market rates.

    Cardoso said that the recapitalisation efforts were gaining momentum with maximum support and compliance from all stakeholders in the banking sector.

    He said that the Tinubu-led government planed to set the nation on an ambitious trajectory of becoming a one trillion dollar economy by 2030.

    According to him, the CBN has set the capital base for financial lenders nationwide, highlighting its goal of enhancing banks’ ability to fund large-scale projects and drive economic activities.

    “The banking sector recapitalisation is well underway, with strong momentum and stakeholder alignment,” Cardoso said.

    The Chairman of the Senate Committee on Finance, Sen. Sani Musa, said that the country was doing well to reposition the financial system so as to restore confidence.

    “The economic team of this administration is doing very well on the fiscal aspect of our economy, so that poverty will be reduced.

    “I think we have done all the needful in terms of activities to the tax reform bills to make them workable,” he said.

    NAN recalls that the delegation, which was led by Edun, include Cardoso, Director-General of the Debt Management Office, Patience Oniha, and other top government officials.

    The delegation had a series of meetings with fund managers, global financial leaders, and multilateral institutions investors.

    Also, meetings were held with other development partners to cement existing relationships, create new partnerships and spread the news of the dividends of Nigeria’s economic reforms.

  • FG fixes date to reopen Enugu Airport

    FG fixes date to reopen Enugu Airport

    The Federal Government of Nigeria has announced that the Akanu Ibiam International Airport in Enugu will reopen for flight operations on April 28, following the completion of emergency runway repairs.

    The Director of Public Affairs and Consumer Protection, Federal Airports Authority of Nigeria (FAAN), Mrs Obiageli Orah, disclosed this in a statement on Saturday.

    Recall that on April 18, FAAN  announced the closure of the airport  for repairs due to a sudden and significant rupture in the asphalt surface at a critical section of the runway.

    According to Orah, the work was scheduled to begin on April 22 and concluded before reopening on May 6.

    “However, rehabilitation works on the runway have been completed, and the runway is cleared for landings and takeoffs by the engineers working with FAAN.

    “FAAN appreciates all airport users and stakeholders for their understanding and cooperation during this time.

    “The Authority sincerely apologises for the inconvenience but assures the public that all actions were taken in the interest of safety,” Orah said.

    According to reports, faulty runway had caused airlines operating in the airport to either suspend operations or divert flights to nearby airports.

  • FG kicks as truck damages almost-completed Lotto Bridge

    FG kicks as truck damages almost-completed Lotto Bridge

    The Federal Government has expressed concern over a significant damage caused to the almost-completed Lotto Bridge Interchange on the Lagos-Ibadan Expressway.

    The Federal Controller of Works in Lagos, Mrs Olukorede Kesha, expressed the concern  during an inspection of the site on Monday.

    Kesha said that  the damage was caused by a low-bed articulated vehicle, which was transporting an excavator and collided with the bridge structure.

    She expressed worry  at the extent of the destruction, saying that the incident occurred in the early hours of Thursday, when the excavator’s boom, not properly secured, struck the bridge beams.

    “From what we observed, the boom of the excavator was not properly lowered from the port, which made it too high to pass under the bridge,” she said.

    The accident, according to Kesha, damaged five beams on the bridge, with two of them severely compromised and requiring  complete replacement.

    She said that the damage would have adverse effects on road traffic, motorists and the economy.

    Kesha said: “To carry out the repairs, we will have to shut this section of the road and divert traffic to the other side.

    “Anyone familiar with Lagos-Ibadan Expressway knows how critical this route is. Traffic here is something else.”

    She said that besides inconveniences,  there would be  financial implications of  repairs on the bridge.

    “The damage is extensive, and it will cost the nation a lot.

    “We will use this as a lesson; people must understand that their carelessness has consequences for millions of Nigerians.

    “We will not condone this kind of recklessness,” she warned.

    She said that a detailed assessment of the damage had been ongoing since Friday, adding that while no specific timeline had been set for the repairs, work would begin as soon as the report was submitted and approved.

    “We are preparing a comprehensive report, which includes the scope of work, cost implications and a detailed repair plan.

    “Once we get the go-ahead, the contractor will swing into action,” she added.

    Kesha also highlighted the broader damage caused by heavy-duty vehicles on Nigerian roads.

    She urged vehicle owners and logistics companies to take  precautions and ensure that their trucks would be roadworthy and within height limits.

    She said that weighbridges, designed to check overloading, would soon be operational at the Old Toll Gate on the expressway.

    “It is not just about good roads. When drivers overspeed or carry loads far beyond what is safe, it turns these roads into hazards. What happened here is a clear case of negligence.

    “The minimum clearance height is five metres, and we even exceeded that to 5.6 to six metres because we know the kind of drivers we deal with.

    “The Lotto Bridge was almost completed, with only the connecting ramps left to be finished by the contractor, who took over from Julius Berger.

    ” Unfortunately, the recent damage is expected to delay the project by several months,” she regretted.

    Kesha confirmed that the driver responsible for the incident had been arrested by the police.

    She said that the bridge, which was designed to ease traffic for commuters heading to Ikorodu, Sagamu and Mowe, would remain closed until completion of all necessary repairs.

    “The Lotto Bridge is not in use yet. We were preparing to open it soon, but that is now on hold.

    “We will not take any risks. We owe Nigerians safe infrastructure, and we will do everything it takes to fix the damage and ensure safety before opening it,” Kesha said.

    She re-affirmed the government’s commitment to maintaining public infrastructure and ensuring safety of lives and property.

  • FG to close Ijora Bridge in Lagos for repairs

    FG to close Ijora Bridge in Lagos for repairs

    The Federal Government has announced full closure of the Ijora Bridge in Lagos, starting from April 27, for critical repair works.

    The Federal Controller of Works, Lagos, Mrs Olukorede Kesha, made this known during an inspection of the bridge on Monday.

    She said that the bridge connecting Ijora Causeway to Apapa needed comprehensive repairs, especially replacement of defective bearings beneath the deck.

    Kesha said: “This bridge has been awarded for some time now in different phases.

    “We are now at the final phase, which involves lifting the entire bridge deck to change the faulty bearings beneath.

    “A lot of the bearings are defective, and approximately 50 of them will be replaced across three sections.”

    Kesha emphasised the importance of the Ijora Bridge as a major route leading to Apapa, home to two of Nigeria’s busiest ports, Tincan and Apapa ports.

    She acknowledged the disruption the closure would cause but said that it was necessary for the safety of commuters and to prevent further deterioration.

    She said that, to manage expected gridlock, motorists approaching from Ijora would be redirected through Seven Up Roundabout to reconnect to Apapa.

    She said that heavy-duty vehicles would be diverted via Costain through Iganmu to access Apapa.

    Kesha reassured the public that the Federal Ministry of Works had carefully planned the diversion routes and did not anticipate major issues.

    She appealed to road users for understanding and cooperation.

    She also said that the repairs would be time-sensitive.

    According to her, the ministry has received  complaints from concerned citizens who have noticed intense vibrations on the bridge.

    Kesha gave the assurance that the bridge would not collapse but admitted the bridge needed urgent attention.

    She said: “It won’t collapse, but it definitely needs help. If you drive on the bridge now, you will feel vibrations.

    “That is because the bearings, the spring-like supports under the deck, have weakened significantly.”

    This repairs, she added, would be the first major work on the Ijora Bridge since it was constructed decades ago.

    She said the initial phase of the work, which would involve lifting the deck and replacing the bearings, would require full closure.

    However, subsequent activities such as removing and replacing the asphalt might be done in stages, possibly on Sundays, to reduce traffic disruption, according to the official.

    Kesha emphasised the importance of public awareness, noting that the Minister of Works, Sen. Dave Umahi, had mandated that any bridge closure must be widely publicised.

    “We want members of the public to know that this is for their safety.

    “With their cooperation, we can finish this work in time and restore the bridge to a much safer condition,” she said.

  • FG’s intervention accelerating Siemens power project – Minister

    FG’s intervention accelerating Siemens power project – Minister

    The Minister of Power, Mr Adebayo Adelabu says the intervention of the Federal Government in the power sector has helped to further stimulate the Siemens Project.

    Mr  Bolaji Tunji, the Special Adviser,  Strategic Communications and Media Relations to the minister said this in a statement in Abuja on Sunday.

    Tunji  quoted Adelabu as saying “the inception of the present administration in 2023 brought about renewed vigour to the Siemens Power Project as an accelerated contract was signed to ensure visible progress in the project.

    ”There is no way the minister’s statement that no significant progress on the project was made until the present administration was inaugurated  can be faulted when the major milestones between 2023 till date are considered.

    ”No doubt, there have been significant improvement in the Siemens project also known as the Presidential Power Initiative  (PPI) since the inauguration of the present administration on May 29, 2023,”he said.

    He said that the PPI  was conceived in August 2018, from the strong bilateral relationship between Nigeria and Germany, with the goal of transforming Nigeria’s power sector by increasing generation, transmission, and distribution capacity.

    Adelabu said that this administration, under the leadership of President Bola Tinubu, had demonstrated an unwavering commitment to the PPI, recognising its critical importance to opening up the economy and galvanising  national development.

    He said that the commitment of  Tinubu’s administration was to ensure the expeditious delivery of improved power supply to industrial clusters, households, and businesses.

    The minister said that the  president  also mandated the signing of an Acceleration Agreement with Siemens Energy to fast-track the implementation of the PPI

    He said that the commitment  translated into tangible results under the present administration resulting in leadership, strengthened programme,  and governance, adding that it had expedited contract and financing approvals, leading to faster project implementation.

    Adelabu while acknowledging efforts of past administrations on the PPI, he highlighted some of the key milestones under the present administration apart from the execution of an Acceleration Agreement with Siemens Energy to fast-track the implementation of the PPI.

    According to him, these include the approval of  a new technical direction for the PPI, ensuring Siemens Energy focuses solely on upgrading and modernising the transmission subsector through a Turnkey approach.

    He said the president also  approved that the distribution scope be delivered by other reputable Engineering Procurement and Construction (EPC) Companies with the requisite technical, financial, and financing capacity.

    ”The  strategic decisions aim to increase grid capacity by an additional 4,000MW by the end of 2026, with an aspirational target of an additional 2,000MW, as directed by the Economic Management Team in 2024.

    ”Noteworthy is the fact that the implementation of the PPI commenced with the  installation and inauguration of 10 power transformers and 10 mobile substations across the country under the Pilot Phase of the PPI, which was manufactured and delivered in October, 2023.

    ”In 2024, there was a focus on the implementation of the pilot project and the initiation activities of the main phase of the PPI.

    ”Also, under the administration, the Federal Government Power Company  implemented several transmission projects across the country, which have collectively increased the transmission wheeling capacity by more than 700 Mega Watts (MW) for industrial clusters, businesses, universities, and homes.

  • FG backs Chinese language for Nigerians

    FG backs Chinese language for Nigerians

    The Federal Government has reaffirmed its commitment to promoting the learning of the Chinese language across the country.

    Mrs Larai Ahmed, Director of Education Support Services at the Federal Ministry of Education, stated this during the International Chinese Language Day celebration on Friday in Abuja.

    She noted that learning Chinese would deepen collaboration in trade, education, and cultural exchange, reflecting its growing global influence.

    Ahmed emphasised that language is a powerful tool for communication and mutual understanding among nations.

    She said the government recognises that learning Chinese provides access to China’s rich culture and helps strengthen diplomatic ties.

    “With around 1.39 billion native speakers, Chinese is the most spoken language globally,” she pointed out.

    She added that proficiency in Chinese opens new economic opportunities, especially in trade and investment.

    Ahmed said the government’s initiative supports Nigeria’s goals to strengthen partnerships with China across multiple sectors.

    She revealed that Nigeria had already made progress, including establishing the China Cultural Centre in Abuja.

    “This centre, along with others nationwide, offers essential resources for Nigerians interested in learning Chinese,” she said.

    She also noted the importance of the Bilateral Educational Agreement signed with China.

    According to her, the agreement has enabled many Nigerian scholars to study Chinese language and culture.

    “The Ministry plans to introduce Chinese programmes in selected schools and universities nationwide,” Ahmed added.

    She said the initiative would enrich students’ experiences and prepare them for a globalised world.

    Ahmed expressed gratitude to Chinese partners for their continued support and collaboration.

    Mr Liu Zhanping, Deputy Director of the China Cultural Centre in Nigeria, said language is a vital part of human civilisation and identity.

    “The China Cultural Centre has been teaching Chinese since its founding in 2013,” he said.

    He noted that many residents in Abuja take advantage of learning opportunities at the centre.

    Liu praised Nigeria’s linguistic richness, highlighting Hausa, Igbo, and Yoruba as important global languages.

    He encouraged investment in language preservation and bilingual education to support linguistic diversity.

  • FG targets 1.1m meters by year-end – Minister

    FG targets 1.1m meters by year-end – Minister

    The Federal Government, through the Ministry of Power, is targeting the deployment of 1.1 million meters by the end of 2025.

    The Minister of Power, Mr Adebayo Adelabu, made this known on Thursday during the 6th Edition of the 2025 Ministerial Press Briefing Series in Abuja.

    Adelabu said that the ministry would also distribute two million meters annually in the next five years as the procurement process had started.

    According to him, through the World Bank-funded Distribution Sector Recovery Programme (DISREP), over 3.2 million meters will be procured and installed alongside meter data management solutions for Electricity Distribution Companies (DisCos) optimisation.

    “The first batch of 75,000 meters under the International Competitive Bid 1 (ICB1) arrived in April, with 200,000 more expected in May,‘’ he said.

    Adelabu said that under the renewable energy, rural electrification and energy transition, the country had continued to lead on renewable initiatives by powering sustainable development while bridging the energy access gap.

    He said that in the first quarter of 2025, the Federal Government accelerated its  transition to clean energy solutions while bringing electricity to underserved communities through innovative off-grid systems.

    “These efforts align with our commitment to climate action, energy security and inclusive growth, ensuring that no Nigerian is left behind in our journey toward a sustainable energy future,‘’ he said.

    According to him, through the Rural Electrification Agency (REA) the Federal Government, under the Energising Education Programme (EEP), was designed to provide a reliable power supply to 37 Federal Universities and seven affiliated teaching hospitals across Nigeria.

    Adelabu said that the EEP phases 1 and 2 implemented in collaboration with the World Bank had been successfully completed, adding that the EEP 3, implemented in collaboration with AFDB is about 70 per cent completed.

    He said that the projects would collectively add a total of 100 Megawatts (MW) of clean energy to electricity generated.

    Adelabu  said that another remarkable initiative  of the power sector was the Distributed Access through Renewable Energy Scale-up (DARES) project, which is a 750 million dollars  initiative funded by the World Bank.

    “The project also aim to scale up Nigeria’s energy access gap by providing new or improved electricity supplies to more than 17.5 million Nigerians.

    “This initiative aims to increase access to electricity services for households and small and medium businesses with private sector-led distributed renewable energy generation and encourage Productive Use of Energy (PUE).

    “The proposed project is a part of the World Bank’s comprehensive, programmatic engagement in Nigeria’s power sector to help the Federal Government realise its ambitious Energy Transition Plan (ETP) vision, ‘’ he said..

    The minister said that through the Africa Mini-grid Programme, the Federal Government had secured 5.91 million dollars in grants for 23 projects.

    He said that the Federal Government had also signed an agreement with Oando Clean Energy for a 1.2 gigawatt solar plant with panel recycling capabilities.

    He said that the signing of the agreement was to ensure that the country do not just consume solar technology but participates in its full life cycle.

  • Electricity supply: FG to settle unpaid subsidies with N2 trillion

    Electricity supply: FG to settle unpaid subsidies with N2 trillion

    The Federal Government says it plans to pay Power Generation Companies  (GenCos) two trillion Naira out of the four trillion Naira debt owed them before the end of 2025.

    The Minister of Power, Mr Adebayo Adelabu said this on Thursday in Abuja at the 6th Edition of the 2025 Ministerial Press Briefing Series.

    Adelabu was reacting to an appeal by the GenCos urging to the Federal Government and stakeholders in the power sector to settle than outstanding debts owed them for electricity generated.

    “I can tell you that between now and the end of the year, we are going to pay close to two trillion Naira out of these four trillion Naira owed GenCos.

    “These debts are primarily unpaid subsidies, almost half of it was inherited, while about half of came from 2024 operations.

    “There are plans underway to make these payments.  I will not say it will be paid 100 per cent; we will be paying it gradually, ‘’ he said.

    Adelabu said that the mode of payment would be in two ways, adding that there would be some budgetary provisions which will facilitate cash payments.

    He said that government was also discussing with the GenCos to give them some guaranteed debt instruments like promissory notes.

    “These promissory notes will be liquid enough for it to be taken to the banks for discounting if they need immediate cash injection.

    “It is a combination of cash payments and promissory notes.

    “I  had discussions with the Minister of Finance and the Coordinating Minister for the Economy, who has promised that they are working on the promissory note, and once we have budget releases, cash payments will also be made. ‘’ he said.

    Adelabu also said the government had earmarked N25 billion in the 2025 budget to light up major highways in the country as part of national security efforts.

    The minister said that beyond just supplying power to homes and businesses,v lighting up highways was also part of the Federal Government’s strategy to improve security.

    “I believe that this will continue in subsequent appropriation. We have noted it. I will ensure we start the process as soon as we start getting budget releases,” he said.

    Speaking on subsidy, Adelabu said that government coild not a keep funding subsidy after privatisation which keeps growing on an annual basis.

    “As our consumption grows, government subsidy keeps growing. So we need to nip it in the bud.

    “We are not saying stop subsidy completely. But subsidy in the past has always been favouring the higher echelon in our society because of huge consumption.

    “We want to devise a subsidy strategy that will favour the poor so that it will be graduated, If you consume energy to a particular threshold, you will enjoy subsidy.

    “Once it is going above a particular threshold, the tariff will go up,  so that the poor will not be impacted negatively because of subsidy,” he said.

    Adelabu also said the Nigerian Electricity Regulatory Commissin (NERC)  oversight function  would remain strong in ensuring that Electricity  Distribution Companies (DisCos) meet their service obligations.

    The minister said that any DisCo charging Band A tariff but failing to provide 20 hours of electricity daily would be penalised.

    “If it is discovered that any DisCo is collecting tariff but not supplying up to 20 hours, there are penalties.

    “Recently eight DisCos were fined N628 million. The moment they are detected, they will be fined. Where you have feeders downgraded from band A, they are not expected to charge band A, ‘’ he said. tariff.

  • FG sheds light on 1,028km Abidjan-Lagos Corridor Highway

    FG sheds light on 1,028km Abidjan-Lagos Corridor Highway

    The Federal Government has clarified on the ongoing six-lane Lagos-Badagry Road project in relation to the proposed Abidjan-Lagos Corridor Highway.

    The Federal Controller of Works in Lagos, Mrs Olukorede Kesha, made the clarification in an interview on Thursday.

    According to Kesha, Nigeria’s side of  the Abidjan-Lagos Corridor Highway Development Project is a 79km stretch starting from  Eric Moore in Lagos State and ending at Seme Border.

    That road is about 79km from Eric Moore  to the border of Nigeria at Seme,’’ Kesha said.

    She said that the Lagos-Badagry Expressway  formed part of the Abidjan-Lagos  Corridor Highway.

    “The existing project on Lagos-Badagry Expressway is a project of the Federal Government of Nigeria.  For clarity purposes, that road is about 79km, from Eric Moore.”

    According to Kesha, the Abidjan-Lagos Corridor  Highway  is 1,028km.

    The federal controller of works said that the 46.2km section of the  Nigerian side of the highway project – from Agbara to Seme –  had been awarded to a contractor by the Federal Government.

    She said that  the Okokomaiko to Agbara section was being overseen by the Federal Roads Maintenance Agency.

    She added that the Eric Moore to Igbo Elerin section, a 10km stretch, was being handled by the Lagos State Government.

    Kesha noted that the original vision for the Abidjan-Lagos Corridor Highway was a homogeneous 10-lane  road with provisions for train and Bus Rapid Transit (BRT) systems.

    She said: “I wouldn’t know whether that is still subsisting because it looks like they are looking into that again and having to tell each member-country to do its own.

    “What we are doing now may still stay. It may just have an extension, because what we are doing now are three lanes with no service lanes.

    “They may add to it, service lanes, and they may add provisions for  light rail and  BRT corridors so that  natives of communities that this road transverses can have  the opportunity to board and drop by, using the corridors provided for light rail and BRT.”

    She added that light rail and BRT corridors could be incorporated to serve communities on the route.

    She told NAN that the  right of way of the proposed highway was about 120 metres.

    She said that the highway project was still in its design phase.

    The design phase will be completed in May after which the construction would begin.

    Recall that the Federal Ministry of Works had in March held a stakeholder engagement with the armed forces, police, para military and border communities on the Abidjan-Lagos Corridor Highway Development Project of the ECOWAS Commission, at Seme Border.

    The engagement began at Agbara, where  royal fathers, youths, community leaders and others engaged the ECOWAS Commission and the Federal Ministry of Works officials.

  • Easter: FG declares Friday, Monday public holidays

    Easter: FG declares Friday, Monday public holidays

    The Federal Government has declared April 18th and 21st as public holidays to enable Christians celebrate Easter.

    This is contained in a statement by the Ministry of Interior’s Permanent Secretary, Mrs Magdalene Ajani, on Tuesday in Abuja.

    Ajani said that the public holidays were to mark the celebrations of Good Friday and Easter Monday, respectively.

    She acknowledged that the Minister of Interior, Dr. Olubunmi Tunji-Ojo extended his heartfelt congratulations to Christians across the country on the joyous festivities.

    Tunji-Ojo  emphasised the importance of embodying the virtues of the sacrifice and love displayed by Jesus Christ, having to die for the redemption of man.

    He called on Nigerians to use the holiday period to pray for the peace, unity, and stability of the nation.

    The minister further reassured citizens of President Bola Tinubu’s unwavering commitment to the Renewed Hope Agenda, which seeks to foster national growth and development.

    Tunji-Ojo encouraged Nigerians to extend love and goodwill to their neighbours through acts of kindness and generosity.

    The Minister wished all Christians a blissful Easter celebration as he extended warm holiday greetings to all citizens.