News Rider

BY CHIKA OKEKE, Abuja The Minister of Works, Engr David Umahi has revealed that the removal of fuel subsidy created fiscal space for massive infrastructure improvements nationwide. This was even as he was informed that President Tinubu had initiated approximately 5,500 kilometres of road in the North Central Zone with Niger State accounting for more than a thousand.  He disclosed this at the flagg off of the reconstruction and dualisation of the 401-kilometre Lambata–Bida–Mokwa–Makera–Kontagora Road in Niger State, funded by the Dangote Group through the Federal Government’s tax-credit financing model. The minister described the adoption of long-lasting and climate-resilient Continuously Reinforced Concrete Pavement (CRCP) technology for the project as a one-off panacea and a reassuring measure for prolonged lifespan. Umahi highlighted the Federal Government’s ongoing infrastructure initiatives across the country, saying that the administration’s developmental strides a...

BY EMEKA SAMUEL, Uyo Governor Umo Eno Akwa Ibom state government has paid gratuities and entitlements worth ₦150 million to former staff of Akwa Palm Limited, 17 years after the factory was shut down. It also paid ₦180 million in six-month salary arrears for workers of St. Gabriel Coconut Refinery in Mkpat Enin Local Council. Commissioner for Labour and Manpower Planning, Mr Ikoedem Ekong, who stated this during a Ministerial Media Briefing on the activities of his ministry yesterday in Uyo, noted that over ₦100 billion of the ₦111 billion gratuity liabilities inherited by the Eno-led administration has also been paid. Ekong explained that the governor subsequently approved two additional months of salary arrears for the coconut refinery workers beyond their initial request.  He said the ministry also resolved industrial disputes involving the Academic Staff Union of Universities, Akwa Ibom State; Judiciary Staff Union of Nigeria; National Union of Agriculture and Allie...

BY CHIKA OKEKE, Abuja The Nigerian Bulk Electricity Trading Plc (NBET) has stated that resolving legacy debts would support the transition to a more sustainable electricity market, with improved payment discipline, stronger liquidity and greater commercial certainty for investors. This followed the payment of ₦728.979 billion in legacy debts owed to participating power Generation Companies (GenCos) and their associated gas suppliers.  The Federal Government’s Power Sector Debt Reduction Programme had issued N728.979 billion bonds, as well as the signing of the Series 2 Bonds under the N4 trillion Power Sector Multi-Instrument Issuance Programme, meant to offset the legacy debts. Managing Director and Chief Executive Officer of NBET, Akin Odeyemi said that a financially stronger generation segment would improve the capacity of generating companies to maintain and upgrade their assets, support increased electricity generation and contribute to greater reliability in the p...

BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has pushed for consistent policies to sustain fiscal and economic reforms, while building the public and investors’ confidence. At the Africa’s Golden Future Forum on Wednesday in Bangkok, Thailand, he stated that effective communication and strong institutions are crucial in sustaining the reforms. Oyedele explained that Nigeria’s experience with economic reforms offers valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards. He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as major components of Nigeria’s economic reform programme, adding that orderly implementation of policies impact on citizens and businesses. The minister revealed that removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising cost...

BY CHIKA OKEKE,  Barr Ismail Ahmed  The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi CNG & EV) has sought improved energy security, compliance to emission-reduction roadmap, employment opportunities, strengthening local industries and attracting investments, adding that Nigeria’s green transition must deliver both environmental and economic benefits. Executive Chairman of Pi CNG & EV, Barr Ismail Ahmed revealed this on the sidelines of the fourth edition of Africa Climate Forum (ACF) in Abuja, with the theme: “Implementing in Lockstep: Public-Private Action for Green Outcomes.” For the first time, the ACF expanded beyond Nigeria to Accra, Ghana, reinforcing its vision as a pan-African platform, designed to create an environment where investment flows into projects that deliver both economic value and meaningful environmental and social benefits. He stated that Pi CNG & EV remains committed to building partnerships that acc...

BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Federal Government has demanded expanded climate financing, stronger international tax compliance and a greater voice for developing countries in global decision-making, including the G-20. Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele stated this while chairing the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings in Bangkok, Thailand. He made a case for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies. Oyedele said that rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure, made borrowing more expensive for developing countries. He called for progress on IMF quota and governance reform, stronger representation for developing countries at the...