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10 new coaches for Abuja-Kaduna rail in July

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  • Emefiele says Nigeria’ll be out of recession by third quarter

The Nigerian Railway Corporation (NRC) says it is expecting 10 new coaches for the Abuja-Kaduna standard gauge in July to increase the number of its daily trips.

The Managing Director of the corporation, Mr Fidet Okhiria, made the disclosure in Abuja on Tuesday.

“I am happy to announce that we are expecting some coaches very soon. We have already ordered 10 and hopefully we will order another seven.

“When they come there will be train at least every one hour, so that people will programme themselves.

“We are targeting June or July to get the new coaches, “ he said.

On challenges of overloading and alleged extortion by some NRC officials, he confirmed that four officers had so far been arrested and would soon be sanctioned.

The NRC boss said that efforts were being made to keep the coaches clean for comfort of passengers.

“Four persons have been caught collecting money from passengers and were sanctioned.  We have also provided small Naira denominations to avoid issue of change at train stations.

“So, no official at the train stations will say that there is no change; passengers should not accept that.

“We have an arrangement with a third party for cleaning of coaches and I am going to take the company on that because if we are getting reports of them not doing their work, they will not be paid,’’ he said.

Okhiria however, said that with the reopening of the Abuja Airport, the train would only run two trips week days and one weekend trip.

“We work extra hard to keep those three trips and we have just one rail. We do not operate trains like that.

“We will go back to twice a day trips from next week and on Sunday we will run one trip,’’ he said.

In the meantime, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that with the current efforts by the Federal Government to revive the country’s economy, the country should be out of recession by the third quarter of this year.

Emefiele also said the CBN would continue with its intervention in the foreign exchange market, adding that efforts by the apex bank so far had been yielding positive results.

He added that the country had started to see a downward trend in the prices of commodities, indicating a reduction in the rate of inflation.

“We are very much optimistic that by the end of the second quarter, or latest the third quarter, we should be out of recession that we are in right now,” he said.

The CBN governor said these after meeting with the leadership of the Senate in Abuja on Tuesday.

In attendance at the closed door meeting were the President of the Senate, Bukola Saraki; and Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Rafiu Ibrahim.

Emefiele, while briefing journalists after the meeting, said discussions were held between the apex bank and the legislature on the current state of the economy.

He said, “Actually, the Senate President invited us to come and brief the Senate leadership in a closed session and to provide some updates on the foreign exchange markets. You would have observed that in the last two months, the central bank has been involved in some form of intensive intervention in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange, from as high as N525 to a dollar to as low as N370.

“Right now, it hovers between N370 and N380. I think it’s an opportunity for me to say that we are going to continue this intervention because the reserves look very good. As I speak to you, our (external) reserves stand at above $31bn and that provides us enough of firepower or ammunition to be able to defend the currency, and we will do so with all intensity to ensure that foreign exchange is procured by everybody.

“If you want to import raw materials, you will get foreign exchange; you want to import plant and equipment, you will get foreign exchange; you want to pay school fees or you are a small business that wants to buy foreign exchange for you to import your small items, you will procure foreign exchange.”

Additional report from Punch

Economy

Nigeria Loses 50% Of Agricultural Produce Post-harvest – FAO

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Nigeria Loses 50% Of Agricultural Produce Post-harvest – FAO

Mr Ibrahim Ishaka, Food System/Nutrition Specialist at the Food and Agriculture Organisation (FAO) of the United Nations, revealed that Nigeria loses around 50% of its agricultural products along the food supply chain.

Ishaka disclosed this in an interview with the Newsmen on the sidelines of an FAO-organised training in Yola on Saturday.

He explained that food waste posed significant challenges to Nigeria’s agricultural sector, impacting food security, economic growth, and environmental sustainability.

“Some of these challenges include technological barriers, inefficient harvesting techniques, pest infestations, and lack of access to modern farming tools, all of which contribute to losses during harvest, largely influenced by consumer behaviour,” he said.

Ishaka further highlighted additional factors contributing to post-harvest losses, including inadequate storage facilities, poor handling practices and poor transportation infrastructure.

“These factors result in significant losses, especially for perishable goods such as fruits and vegetables.

He also noted that inefficient food processing methods, improper packaging, inadequate storage, and unhealthy consumption habits further exacerbate food waste.

“The nutrition expert highlighted several FAO initiatives promoting nutritious and sustainable practices within communities, focusing on reducing post-harvest losses, improving hygiene, and ensuring sanitation.

“These initiatives include investing in post-harvest infrastructure, building community capacity, training, and empowerment programmes, among others.

“I firmly believe that the key to empowering people, particularly in the northeast region, lies in giving them the power to make informed decisions and the power to educate others,” he said.

Ishaka mentioned the establishment of several FAO-supported centres that produce and distribute locally nutritious foods, such as ‘tom brown,’ to combat malnutrition and food insecurity in the region.

Ishaka mentioned the establishment of several FAO-supported centres that produce and distribute locally nutritious foods, such as ‘tom brown,’ to combat malnutrition and food insecurity in the region.

“These centres are run by local communities, promoting community-led initiatives to improve food security.”

He expressed optimism that the training would have a long-lasting impact on participants and their communities, enhancing overall well-being and food security through the adoption of best nutrition practices.

This initiative is part of the “Emergency Agriculture-Based Livelihoods Sustenance for Improved Food Security” programme, targeting Borno, Adamawa, and Yobe, with support from USAID. 

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Oil, Gas Industry Owes FG $6bn, N66bn – NEITI Report

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Oil, Gas Industry Owes FG $6bn, N66bn – NEITI Report

The Nigeria Extractive Industries Transparency Initiative (NEITI), says outstanding collectable revenues due to the Federal Government in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as of June 2024, respectively.

NEITI disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports.

It was reported that the report is being prepared by the NEITI Board and National Stakeholders Working Group (NSWG).

The report was unveiled by Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), alongside Sen. George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.

The breakdown of the report showed that outstanding liabilities were 6.049 billion dollars and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectable revenues by Aug. 31, 2024.

It also provided a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.

Oil, Gas Industry Owes FG $6bn, N66bn – NEITI Report
(L-R) Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), with Sen. George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and Mr Ikenga Ugochinyere, Chairman. House Committee on Downstream Petroleum

A further breakdown showed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax  (VAT), due to the Federal Inland Revenue Service (FIRS), amounting to 21.926 million dollars and N492.8 million as of June 2024.

On fuel importation, the latest NEITI report disclosed that a total of 23.54 billion litres of Premium Motor Spirit (PMS) were imported into the country in 2022, while 20.28 billion litres were imported in 2023.

This represented a reduction of 3.25 billion litres, or a 14 per cent decline, following the removal of the fuel subsidy.

A detailed 10-year trend analysis (2014–2023) in the NEITI report showed that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres recorded in 2017.

The NEITI report also disclosed that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.

On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 per cent decline.

However, in 2023, NEITI’s independent report revealed total fiscalised production of 537.571 million barrels, and 46.626 million barrels or a 9.5 per cent increase from total production recorded in 2022.

A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria showed the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.

The NEITI report further provided detailed information and data on crude lifting, disclosing that in 2022, total crude lifting was 482.074 million barrels compared to 551.006 million barrels lifted in 2021.

“In 2023, total crude lifting stood at 534.159 million barrels, representing an 11 per cent increase of 58.08 million barrels,” the report stated.

On oil theft and crude losses, a total of 7.68 million barrels of crude were either stolen or lost in 2023, representing a significant drop of 79 per cent (29.02 million barrels) compared to 36.69 million barrels either stolen or lost in 2022.

NEITI’s independent industry report carefully reviewed all aspects of the regulatory framework for the oil and gas industry.

This included the legal framework, fiscal regime, roles of government entities and reforms, as well as laws, Petroleum Industry Act (PIA 2021) and regulations relating to addressing corruption risks in the oil and gas sector.

The event was supported by the European Union and the Rule of Law and Anti-Corruprion (RoLAC) programme being implemented by the International Institute for Democracy and Electoral Assistance (IIDEA). 

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Economy

EKO BRIDGE REPAIRS: LASG Rolls Out Diversion Plan Beginning Monday

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EKO BRIDGE REPAIRS; LASG Rolls Out Diversion Plan Beginning Monday

The Lagos State Government on Friday announced that traffic will be diverted away from Eko Bridge to facilitate emergency repairs by the Federal Ministry of Works. 

The diversion, according to the Commissioner for Transportation, Mr Oluwaseun Osiyemi, will commence on Monday, 16th September 2024, and will last for 8 weeks.

“The repairs will be carried out in four phases, during which the bridge will be intermittently fully or partially closed, depending on the work schedule”, Osiyemi stated, advising Motorists to use the following alternative routes during the repairs:

*Motorists heading to the Island from Funsho Williams Avenue can make use of the service lane at Alaka to connect to Costain and access Eko Bridge to continue their journeys.

*Alternatively, Motorists heading to the Island can access Costain to connect Eko Bridge to link Apongbon for their destinations.

*Motorists can also connect Apongbon inwards Eko Bridge to link Costain to access Funsho Williams Avenue.

*Motorists can also make use of Costain inwards Alaka/Funsho Williams Avenue or alternately go through Apapa Road from Costain and link Oyingbo to access Adekunle to link Third Mainland Bridge for their desired destinations.

*In the same vein Motorists heading to Surulere are advised to use Costain to link Breweries inward to Abebe Village to connect Eric Moore/Bode Thomas to get to their destinations.

The Commissioner for Transportation, Mr Oluwaseun Osiyemi, assures that Lagos State Traffic Management Authority officers will be deployed to the rehabilitation areas and alternative routes to minimize travel delays and inconvenience.

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