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Tag: FG

  • Economic Council to meet over Trump’s tarrifs as FG moves to boost non-oil revenue-Edun reveals

    Economic Council to meet over Trump’s tarrifs as FG moves to boost non-oil revenue-Edun reveals

     

    The Minister of Finance, Wale Edun, has said that the Federal Government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Donald Trump.

    Edun also assured that the Economic Management Team (EMT) will meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the United States.

    He said the EMT will afterwards, make recommendations to cushion its impact on the nation’s economy.

    Edun, who was speaking at an event organised by the Ministry of Finance Incorporated on Monday, said that while the adverse effect on Nigeria will be through an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.

    The Trump administration recently imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the United States.

    However, fielding questions from journalists on the sidelines of the MOFI’s Corporate Governance Forum, Edun noted that the US, which is at the centre of the tariff war, had, on April 2, announced that it would exempt mineral exports, including oil.

    “Therefore, it’s the price effect, the oil price effect that may affect Nigeria. And it is the job and responsibility of the economic management team of President Bola Ahmed Tinubu, amongst others, to look at the various scenarios that might play out.

    “There’s global uncertainty at a huge level, so nobody knows exactly what will happen- the announcement that has been made. We’re not sure what will be delayed, what will be reversed, or what will be implemented.

    “So, it is not an announcement that the budget is being reviewed. It’s an announcement that it is our responsibility to look at the various scenarios and options and advise government accordingly.”

    Earlier in his address at the event themed, “Ensuring Value Creation in State Owned Enterprises Through Better Corporate Governance,” Edun highlighted plans to look at budget adjustment, expenditure prioritisation as well as innovative non-debt financing strategies.

    According to him, Nigeria had recorded a trade surplus in the last three years (2022-2024) with the US.

    “Nigeria-US Trade has been in surplus in the last 3 years (2022-2024). Nigeria’s exports to the US were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022-2024, respectively.

    “Fortunately, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to N5.08 trillion in value while non-oil was just N0.44 trillion.

    Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.

    “The adverse effect on Nigeria will be through oil price plunge. We are intensifying efforts to ramp up crude oil production to curtail any price effect

    “We are also focusing on non-oil revenue mobilisation by FIRS and Customs, budget adjustment and prioritisation where possible, and also and innovative non-debt financing strategies,” the minister said.

    On MOFI’s focus on good corporate governance, the minister noted that at a time when nations across the globe were contending with economic uncertainties, financial vulnerabilities, and the demand for structural reform, the discourse on corporate governance assumes an even greater relevance.

    “The interplay between economic performance and corporate governance is neither incidental nor superficial. Instead, it constitutes the bedrock for establishing sustainable development, investors’ confidence, and institutional integrity.

    “In this context, it is imperative that we not only discuss the state of our economy but also underscore the transformative role that sound corporate governance can play in fostering resilience, efficiency, and long-term value creation,” he said.

    According to him, notably, State-Owned Enterprises (SOEs) form a critical component of the national economic framework as they wield considerable influence across key sectors, including energy, infrastructure, telecommunications, and financial services.

  • Pay our December salary, no more excuses – IAR&T workers to FG

    Pay our December salary, no more excuses – IAR&T workers to FG

    Employees of the Institute of Agricultural Research and Training (IAR&T), Ibadan, on Monday,  embarked on a protest to demand the payment of their December 2024 salary.

    The workers locked the entrance gate of the institute preventing any vehicle from gaining access to the institute’s premises.

    Speaking to NAN, Mr Michael Agbaje, Chairman of the Senior Staff Association of Nigeria Universities (SSANU), IAR&T branch, said that the congress resolved that their predicament should be made known to the Federal Government.

    Agbaje said that it was sad that workers of the institute had not been paid their 2024 December salary, which had thrown them into serious problem.

    ‘The protest will not stop except we get our 2024 December salary.

    “We are passing a message to the federal government through IAR&T management, we don’t expect them to sit back here, but to go to Abuja to fasttrack the payment.

    “We have information that the payment is at the level of cash backing and approval at the Accountant-General’s office and we appeal that the Accountant-General do the needful,” he said

    Also speaking, Mr Osadiya Adewumi, Chairman of Non-Academic Staff Union (NASU), IAR&T branch, expressed worry that the payment was taking longer than expected waiting for the approval of the Accountant-General.

    Adewumi said that the promised they early received was that the 2024 December salary would be paid alongside the 2025 March salary, but that did not happen and only March salary was paid.

    “We expect the IAR&T Director to go to Abuja and not sit back in Ibadan.

    “We are suspecting a foul play, which is that the Director’s tenure will terminate by April ending and she wants to leave the problem for another person to inherit.

    “She must ensure the payment of our money before leaving office,” he said.

    Adewumi further alleged the director of paying Christmas bonus to selected workers and neglected others.

    Mr Momoh Ismail, Chairman of the Senior Staff Association of Universities Teaching Hospital Research Institute and Associated Institutions (SSAUTHRIAI), said they are tired of excuses from the IAR&T management.

    Ismail said that the union had done everything possible to ensure payment of the 2024 December salary, noting that the non-payment was truly an omission, but should have been rectified.

    In her reaction, the IAR&T Director, Prof. Veronica Obatolu, said the omission affected not only IAR&T, but also eight other institutions.

    According to her, she had travelled severally to Abuja to ensure the payment.

    Obatolu said that she was surprised that workers were accusing her of not doing enough to ensure payment of their 2024 December salary, adding that the non-payment also affected her salary too.

    She said that she had been monitoring the process of payment in Abuja until last week Friday and she does not have to travel everytime.

    The director said that the money was ready for payment as at now.

    On the allegation of not paying Christmas bonus to all workers, the Director said that only junor workers from level one to six were paid due to paucity of fund.

    NAN

  • FG to flag off Cross River section of coastal highway April 14

    FG to flag off Cross River section of coastal highway April 14

    The Federal Government is set to flag off construction of the Cross River  and Akwa Ibom section of the Lagos-Calabar Coastal Highway.

    The section is known as Section B3 of the coastal highway project.

    The Minister of Works, Sen. Dave Umahi, made the disclosure at a stakeholders engagement on Section  Two of the Lagos-Calabar Coastal Highway project in Lagos on Sunday.

    “We are going there, to Cross River, on 14, to flag off the construction. By 15, we also go to Akwa Ibom to flag off.

    “That 65km is the worst terrain. It is 65km times two, which is 130km,” he said.

    On the second legacy project, Sokoto-Badagry Highway, the minister noted that one section in Sokoto was 120km.

    “The third section of Sokoto-Badagry is going to start from Badagry but we have a few challenges.

    “We have rivers of three kilometres to cross. That is a lot of money.

    “We have proposed four options, which I am going to be discussing with Mr President, and whichever option he chooses, that is what we are going to choose.”

    Umahi gave the assurance that procurement regarding the project would start as soon as the discussions would be over, after which work would start.

  • Emergency at Eko Bridge: FG expresses concern

    Emergency at Eko Bridge: FG expresses concern

    The Federal Government on Saturday announced an emergency situation at the Eko Bridge, Lagos, that almost warranted a closure.

    The Minister of Works, Sen. Dave Umahi, made the announcement during an inspection tour of the bridge.

    “We had a very terrible situation at Eko Bridge with one of the pier caps totally damaged, and again, I was only told last night.

    According to the minister, a dredger hit the pier cap and destroyed the pier and many rods.

    “Pier caps are to bridges what the legs are to human beings.

    “What is holding that section are only rods. Some of the roads were damaged also.

    “I immediately directed divers to be deployed,” he said.

    He said that he also got into a smaller boat and went under the water to know the level of damage below the water.

    According to the minister, a whole pier was totally removed by the accident.

    “I was going to announce shutting down of the bridge but I have looked at it and there is something we can do, though very delicate, to restore it.

    “There will be no need of shutting down but it is an emergency situation,” he said.

    He said that he had directed the contractor handling the bridge repair on what to do.

    The minister, who also inspected the Third Mainland Bridge, expressed satisfaction at the progress of work there.

    “We have inspected the Third Mainland Bridge, and Carter Bridge, both being handled by Julius Berger, and we are satisfied with the work.

    “I can say that the work on Third Mainland Bridge is about 50 per cent completed, and that of Carter Bridge, about 70 per cent completed.”

    He said that the slab on the Third Mainland Bridge had deflection compelling its closure against articulated vehicles.

    Umahi said that Julius Berger insisted that there was a new design to tackle that and would want designers from the Federal Ministry of Works to go with its team to Germany to look at the new design.

    “We will nominate four people who will go to Germany and look at the new design method and then, we will approve,” he added.

    Earlier, Mr Ghassan Kaadi, the Project Coordinator for Build Well, the contractor handling the Eko Bridge rehabilitation project, said that the project was 75 per cent completed.

    “All the asphalt has been done. All the bearing has been changed.

    “We are changing, right now, the remaining of the expansion joint.

    “We have 1,000 meters of expansion joint. We are at 700 right now.

    “The solar light, is almost 90 per cent done,” he said.

    He added that 2,500 metres of the 6,000 concrete handrail had been done.

    Mr Thomas Christ, Regional Manager, West, Julius Berger Plc., the contractor handing Third Mainland Bridge and Carter Bridge repairs, said that the company was aware of how critical the bridges were in connecting motorists and commuters from Lagos Island to Lagos Mainland.

    “ That is why we are working here with the best engineers from the Federal Ministry of Works.

    “We did some investigations under water and above the water on the quality and the structural integrity of the bridges.”

    He said that Julius Berger was working with engineers from the Federal Ministry of Works to find out the best solution to the bridges.

    He said that the company was intensifying efforts to finish the works as fast as possible and make the bridges sustainable.

  • After huge traffic jams, FG re-opens Independence Bridge in Lagos

    After huge traffic jams, FG re-opens Independence Bridge in Lagos

    The Federal Government has announced immediate re-opening of the Independence Bridge (Ahmadu Bello Way-Marina bound) to vehicular traffic.

    The Minister of Works, Sen. Dave Umahi, announced this in a statement by the Federal Controller of Works in Lagos, Mrs Olukorede Kesha, on Wednesday.

    The government had announced  closure of the bridge  starting from April 1 for essential maintenance and rehabilitation works.

    It was to remain closed until May.

    However,  in the statement,  Umahi said that necessary repair works on the bridge would be carried out later.

    He said that palliative works were underway to ensure that the  bridge would be motorable.

    He regretted inconveniences caused to the motoring public by the closure, and appealed for understanding and cooperation.

  • FG revokes houses of defaulting NHP subscribers

    FG revokes houses of defaulting NHP subscribers

    The Federal Ministry of Housing and Urban Development has  announced the revocation of the offer of provisional allocation of houses under the National Housing Programme (NHP) of defaulting subscribers.

    The Permanent Secretary of the Ministry, Dr Shuaib Belgore, made this known in a statement signed by Mr Salisu Haiba, Director, Press and Public Relations on Tuesday in Abuja.

    According to Belgore, the revocation affected all recipients who failed to make full and outright payment within the stipulated period of 90 days and the additional eight-week grace granted.

    “This decision aligns with the terms and conditions outlined in paragraph 2 of the provisional offer of allocation letter issued to beneficiaries.

    “It reinforces the Ministry’s commitment to ensuring transparency, compliance and efficient management of the National Housing Programme.

    “The revocation strictly applies to those who did not fulfill the payment requirements within the designated time-frame,” he said.

    Belgore further clarified that all beneficiaries who successfully completed their payments on or before Feb. 28, 2025, remained unaffected by the action.

    He also advised that they should come to the Ministry to collect their letters of allocation and proceed to take possession of the houses immediately.

    The permanent secretary said that for ease of reference and public accountability, the full list of individuals whose provisional offer of allocation had been revoked would now be available on the Ministry’s official website https://fmhud.gov.ng.

    He added that it would also be published in the Daily Trust, Nation and Leadership newspapers, in the first week of April, 2025.

    The Permanent Secretary noted that the Ministry remained dedicated to providing accessible and affordable housing to Nigerians, and the measure was part of ongoing efforts to streamline the housing allocation process for greater efficiency and fairness.

  • FG announces closure of Independence Bridge in Lagos

    FG announces closure of Independence Bridge in Lagos

    The Federal Government has announced the closure of the Independence Bridge (Marina bound) starting April 1 for essential maintenance and rehabilitation works.

    The Federal Controller of Works, Lagos, Mrs Olukorede Kesha, made this known in a statement on Monday in Lagos.

    She explained that the bridge would remain closed until the end of May 2025.

    Accoding to her, the closure will affect traffic traveling from Ahmadu Bello Way and Adeola Odeku towards Marina, Eko Bridge, and Onikan by Zone 2.

    Kesha advised motorists to plan their journeys accordingly and use alternative routes to avoid traffic congestion during the repair period.

    She apologised for any inconvenience the closure might cause and thanked the public for their understanding and cooperation as the government worked to ensure the safety and stability of road infrastructure.

  • FG clears Chinese firm, says NIS officer hit by stray bullet

    FG clears Chinese firm, says NIS officer hit by stray bullet

    The Nigerian Ministry of Interior has clarified that the Nigeria Immigration Service (NIS) officer who was believed to have been shot on the orders of a Chinese firm was actually struck by a stray bullet.

    Babatunde Alao, special adviser on media and publicity to the Minister of Interior, Olubunmi Tunji-Ojo, disclosed this on Saturday, March 29, citing findings from further investigations into the incident.

    Earlier, Tunji-Ojo had accused a Chinese company of orchestrating the shooting and had vowed to take decisive action.

    However, Cui Guangzhen, Director General of the Chinese Commerce Chamber in Nigeria, denied the involvement of any Chinese firm or citizen, instead attributing the shooting to a stray bullet fired by Nigerian police during an attempt to arrest a suspect accused of stealing iron rods from a Chinese company.

    In a statement, Alao confirmed this version of events, saying that an active investigation was ongoing.

    “Following the report of the alleged shooting of an officer of the Nigeria Immigration Service in Niger State, further investigations have revealed that the officer was hit by a stray bullet that was neither shot on the order of the Chinese company nor its employee,” the statement read.

    “A full-fledged investigation has been launched into the shooting of the personnel in collaboration with other security agencies. This is to unravel the detailed circumstances surrounding the shooting while giving assurance that anyone found culpable will be brought to book.

    “The Minister reaffirms his strong commitment to ensuring the safety, dignity, and professional integrity of all law enforcement officers.”

    The ministry also assured that the government remains committed to supporting law-abiding businesses, both local and foreign.

  • FG declares Monday, Tuesday Sallah holidays

    FG declares Monday, Tuesday Sallah holidays

    The Federal Government has declared Monday, March 31 and Tuesday, April 1 as public holidays to mark the Eid-el-Fitr celebration.

    The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on Wednesday by the ministry’s permanent secretary, Magdalene Ajani.

    The minister congratulated all Muslims for the successful completion of the fasting in the holy month of Ramadan.

    He urged all Muslims to “embrace the virtues of self-discipline, compassion, generosity and peace, emphasising the importance of love, forgiveness, and solidarity in building a harmonious society.”

    Tunji-Ojo called on Nigerians to use this festive period to pray for peace, stability, and prosperity of the nation.

    He expressed hope that the joyous occasion of Eid-el-Fitr would inspire unity and cooperation across religious and ethnic lines.

    “Dr. Tunji-Ojo also encouraged citizens to celebrate safely and responsibly, while remembering the less privileged through acts of kindness and charity, in keeping with the true spirit of Ramadan and Eid.

    “On behalf of the Federal Government, he extended heartfelt Eid Mubarak wishes to all Muslim faithful and prayed that the blessings of the season bring happiness, success, and fulfillment to everyone,” the statement read.

  • 2nd Niger Bridge: FG begins construction of access road

    2nd Niger Bridge: FG begins construction of access road

    …as Umahi commends Oborevwori For Infrastructural Devt In Delta

    The challenge of accessing the second Niger bridge would soon be a thing of the past as the Federal Government, Monday, commenced the construction of the 17.5km dual carriage access road.

    Flagging off the ceremony, President Bola Tinubu, said his administration was responding to challenges faced by road users by improving connectivity, safety and boosting of trade and commerce across the country.

    Represented by the Governor of Delta, Rt. Hon Sheriff Oborevwori, the President said the construction of the Access Road was a testament to his administration’s commitment to providing road infrastructure of the most vital interest and consequence.

    He said the opening of the Second Niger Bridge to motorists in December 2022, heralded a new dawn in road transportation between the South East and the rest of Nigeria.

    “This Bridge is a landmark infrastructural project because of its significance in linking Asaba-Benin and Onitsha-Enugu dual-carriageways, two of the most significant highways in the country.

    “This project demonstrates this administration’s unwavering commitment to accelerating infrastructural development and economic growth.

    “A strong and resilient economy is built on the ability of the government to build modern infrastructure, provide public amenities, and expand social services,” he said.

    President Tinubu further insisted that good transportation networks facilitate easy mobility, creates employment opportunities, boosts tourism, engenders free movement of goods and services from production centres to sales outlets, and improves overall quality of life.

    He said: “Consequently, governments all over the world invest heavily to develop their infrastructure and create the enabling environment for economic and industrial development.

    “It is an open secret that the existing infrastructure in Nigeria do not match our growth aspirations. Indeed, For Nigeria to become a global economic powerhouse, we must upgrade and modernise our infrastructure, which are imperative for the country’s economic prosperity.

    “It is against this backdrop that this administration is determined to construct, reconstruct, expand, and modernise our road, rail, and water networks as part of the Renewed Hope Agenda.

    “The ongoing multi-billion-naira Lagos-Calabar Coastal Road and other critical road infrastructure projects in different parts of the country will, undoubtedly, enhance rural-urban integration and connect transporters, traders, entrepreneurs, and investors to vital commercial hubs and industrial corridors.”

    The President said: “As we flag-off this project today, I want to commend the governments of Delta and Anambra States for their cooperation and support. This kind of partnership and synergy are imperative for trust, good governance, national cohesion, and sustainable development.

    “Let me use this opportunity to appeal to motorists to exercise calm and patience and cooperate with the contractors during the construction process.

    “Naturally, there will be some inconveniences in movement during this period. I have confidence in the capacity of the contractors to not only complete the job on schedule, but also deliver quality in line with global best standards.”

    Governor Oborevwori had in his opening remarks, commended President Tinubu for his patriotic fervour and allegiance to the development of every part of the country.

    “Yesterday, the concessioning and rehabilitation of the Benin-Asaba Expressway was flagged off in Benin, Edo State. Today we are witnessing the flag-off of the Access Road to the Second Niger Bridge.

    “The Benin-Asaba Expressway is a strategic link road connecting Edo and Delta States and some parts of the South-West, while the Second Niger Bridge is the major gateway to the South-East and South-South regions of the country.

    “These roads are critical for trade and commerce and, on behalf of the government and good people of Delta State, I want to express our profound gratitude to Mr President for his exemplary leadership and unflagging commitment to national infrastructure renewal.

    “The government and good people of Delta State celebrate Mr President, and pray for God’s continued wisdom and guidance for him to achieve the noble objectives of his Renewed Hope Agenda,” he said.

    Minister of Works, David Umahi, in his speech, lauded Governor Sheriff Oborevwori for his commitment to peace, stability and progress of the state, and for his support for the President irrespective of party differences.

    Umahi said the federal government was very happy with the developmental initiative of the Oborevwori’s administration, adding that the Governor had taken a huge burden from its shoulders through the state government’s interventions on federal roads in the state.

    “Your actions, your commitment to the development of your people, your character, content and conduct best decsribed you as a progressive. I didn’t start knowing you today, we have been friends and l am very proud to be your friend.

    “Delta state is now a huge construction site. When l went to Warri, l saw the huge three flyovers that you are doing on our roads. I am very very proud about the quality, the length, the aesthetics and the progressiveness of those projects.

    “We are very happy because it is a burden that you lifted up from our shoulders. You are indeed, a man of the people considering the many other federal road projects that you are intervening”, the Minister added.

    Permanent Secretary, Federal Ministry of Works, Engr Olufunsho Adebiyi, had earlier disclosed that the access road linking Delta/Anambra States, Phase 2A Contract, in Asaba, would serve as a vital transportation corridor connecting the South-South and South-East regions of Nigeria.

    He said the strategic road traverses multiple communities in Delta State including Issele-Azagba, Okpanam, Ibusa, Asaba, Okwe, Oko-Amakun before linking the second Niger Bridge.

    He said the road was designed to enhance regional connectivity and alleviate congestion on existing road networks, adding that the project was a significant step towards improving infrastructure, boosting economic activities and fostering sustainable development in the region.