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FEC Approves $4.7bn Ondo, Snake Island, Burutu Ports Development



The Federal Executive Council (FEC) has approved port development projects worth $4,713,841,477 or, about N3.5 trillion, in Delta, Ondo, and Lagos States.

The approval was given during the weekly FEC meeting presided over by President Muhammadu Buhari on Wednesday at the Presidential Villa, Abuja.

Minister of State for Transportation, Prince Ademola Adegoroye, told State House correspondents that the council gave the authorisation for the development of Ondo Multi-Purpose Port in Ilaje, Snake Island in Lagos State, and Burutu in Delta.

According to him, the projects which are to be executed through Public-Private Partnership (PPP) arrangements at no cost to the Federal Government, will be financed by private firms and to be operated for 45 and 50 years.

He said the Ondo port would cost the private developers the sum of $1,480,465,253 and would be concessioned for a period of 50 years.

The accruals to the concessionaire and the Federal Government are expected to be $50 billion and $ 2.6 billion, respectively.

”The Burutu port will cost $1,285,005,818; concessioned for 40 years, with the concessionaire and the Federal Government expected to reap $125 billion and $9 billion, respectively.

Transport Minister hails NIMASA DG for offering scholarships to Akure indigenes
Honourable Minister of State for Transportation, Prince Ademola A. Adegoroye

”The Snake Island Port will gulp $974,185,203 and be concessioned for 45 years with the concessionaire and the Federal Government receiving $18 billion and $5.23 billion, respectively in accruals within the period,” he said.

Also addressing the correspondents on the outcome of the meeting, the Minister of State, Power, Mr. Jerry Agba, said that the council approved N140million as argumentation for the procurement of 33 KV circuit breakers and 120 numbers of surge arrestors for systems used for Transmission Company of Nigeria.

He said: ”You know, we are bent on providing improved services of electricity to Nigerians.

”TCN is the main body that has to do the transmission. You know generation and distribution are in private hands now so government is only responsible for transmission.

”So, most of the equipment has become obsolete over the years which is why you have break-in transmissions, low power supplies, and outages here and there.

”With these refurbishments and new procurements, we should be able to improve services and see power supply get better by the day.”

Agba further disclosed that the council approved N1.5 billion as an argumentation for the construction of the Dukanbo Shonga 132 KV double circuit transmission line in Kwara as the line had been down for several years.

”So, with this procurement, we should be able to revamp the station and you know it is an agro-based area, that’s the area which services the Bacita farm.

”’The shonga farms limited and the whole of that area had been in darkness for a long time.

”With this procurement, we hope that in two months, we should have a full power supply to those areas and restore farming and processing activities in that area. The cost is N1.5 billion,” he stated.

Agba also assured that the epileptic power supply witnessed in recent times in different parts of the country would soon be a thing of the past.a

The minister said that power generation and distribution would improve in spite of the coming of rains.

Abga said: “You’ll agree with me that of late, we’ve had problems with gas supplies for generational companies.

“We just negotiated with the gas supply companies, NNPC limited to augment gas supplies to distributors at the going local rate.

“Gas was sold to them at export rate, whose price differs and they collection was made on domestic rates.

”So, there was a differential and we had an agreement with the NNPCL and and natural gas company to supply gas to GENCOs.”

According to Abga, this commenced from last week, and they are buying at the local price not at the export price.

He added: “So, with that, we hope in the very near future, in a week or two,we should have improved generation and supply.

”Distribution is going to be done by DISCOs which is why we are doing everything possible for the transmission company to have all the equipment necessary for effective transmission.

“We hope and I assure you that power generation and distribution will improve in spite of the rains that have come in now.”

The Minister of Information and Culture, Alhaji Lai Mohammed, also told the correspondents that the construction of the Second Niger Bridge had been completed and it was ready for inauguration before May 29.

The minister said that the contractor handling the bridge would be handing over the project to the Federal Government on May 20.

Mohammed, who stood in for the Minister of Works and Housing, Babatunde Fashola, said:

“The second Niger bridge is ready for inauguration. The contractor will hand it over on 20th of this month,” he added.

The minister also reacted to the call by Gov. Bello Matawalle of Zamfara, to the effect that the Economic and Financial Crimes Commission (EFCC), should extend its probe on corrupt officials to the presidency and the outgoing Ministers.

Matawalle had in a statement told the EFCC Chairman, Malam Abdulrasheed Bawa to stop castigating governors and beam his searchlight on the Presidency and members of the Federal Executive Council.

He urged the EFCC boss to ensure the commission’s investigation must be holistic and not selective.

However, the minister said there was nothing wrong in calling on EFCC to probe the presidency as the governor was only expressing his personal opinion.

“The governor has the right to make suggestions, that is his own opinion,” he said.

Minister of Aviation, Sen. Hadi Sirika, who also spoke alongside his colleagues at the end of the council meeting, said it approved the concession of the Nnamdi Azikiwe International Airport, Abuja, and the Mallam Aminu Kano international airport in Kano.

He added that the Abuja Airport would be concessioned for 20 years while that of Kano would be concessioned for 30 years.

The minister further said that the council also approved the ministry’s change of name from the Federal Ministry of Aviation to the Ministry of Aviation and Aerospace of Nigeria.

Sirika said the council also approved the draft National Civil Aviation Policy, which he said was geared towards the strengthening of civil aviation.


Children’s Day: London Academy Business School Celebrates Nigerian Children



...Reiterates commitment to provide high-quality education to Nigerian Child***
Dr. Larry, the Director of London Academy Business School (LABS), joined other Nigerian leaders from other industries to celebrate children on children's Day. In his words, Dr. Larry stated that children remind us of the future.
While speaking to reporters, he emphasized the aura of love that children create in the homes and throughout society, Also that "the joy and happiness from children are amazing, sufficient enough to drive energy for nation building."

Dr. Larry also advocated for effective child protection policies and implementation, urging all critical stakeholders, including parents, teachers, and the government, to protect and celebrate children.
  To ensure that high-quality education is available to children in Nigeria, London Academy Business School has established a Lagos Study Centre with state of the art facility and modern technology with plans to expand across all cities in Nigeria.

Dr. Jones-Esan, who has big plans to change the face of education in Nigeria, has also urged the government and private stakeholders to work with him and his team of professionals to change the face of education in Nigeria. He claims that many children have big potentials but can't realise them because they're not in school.
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Tinubu To Adopt Price Control Mechanism For Agro Products



… Vows to Defend Nigeria From Terror, Criminality – Tinubu***

President Bola Tinubu says he will take steps to ensure price control for agricultural products.

Tinubu said this in his inaugural address on Monday in Abuja.

According to him, rural income shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.

He said that agricultural hubs would be created throughout the nation to increase production and engage in value-added processes.

“The livestock sector will be introduced to best modern practices and steps taken to minimise the perennial conflict over land and water resources in the sector.

“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less,” he said.

On foreign policy, Tinubu said that the crisis in Sudan and the turn from democracy by several nations in “our immediate neighbourhood were of pressing concern”.

He said that his primary foreign policy objective would be the peace and stability of the West African continent.

“We shall work with ECOWAS, the AU, and willing partners in the international community to end extant conflicts and to resolve new ones.

“As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity, ” he said.

The President called on all Nigerians, irrespective of political affiliations, to support his government in his bid to take Nigeria to greater heights.

“Our administration will govern on your behalf but never rule over you.

“We shall consult and dialogue with, but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“We are here to further mend and heal this nation not tear and injure it,” he said.

In the meantime, President, Bola Tinubu, has promised to defend Nigeria from terror and all forms of criminality threatening the peace and stability of the country and the sub-region.

Tinubu said this in his inaugural address after he was sworn in as the 16th democratically elected president of Nigeria on Monday in Abuja.

He said that security shall be the top priority of his administration, saying that neither prosperity nor justice could prevail amidst insecurity and violence.

“To effectively tackle this menace, we shall reform both our security Doctrine and its Architecture.

“We shall invest more in our security personnel, and this means more than an increase in number.

“We shall provide, better training, equipment, pay and firepower,” he said.

Tinubu said his mission was to improve the lives of Nigerians in a manner that nurtured humanity, encourage compassion toward one another, and duly rewards collective effort to resolve the social ills that sought to divide the nation.

“Our constitution and laws give us a nation on paper, saying we must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding,” he said.

He called for the development of a shared sense of fairness and equity, adding that the South must not only seek good for itself but must understand that its interests were served when good come to the North.

“The North must see the South likewise.

“Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people.

“As your president, I shall serve with prejudice toward none but compassion and amity towards all.

“In the coming days and weeks, my team will publicly detail key aspects of our programme,” he said.

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Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price



Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

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