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FG targets $5bn annual investment in power, rail

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Presidency frowns at ‘revolution’ marchers, describes the organizers as faceless

…As Presidency warns: Stop calling Buhari a murderer over Herdsmen killings***

The Federal Government could invite as much as $5bn of annual investment to improve the country’s creaking transportation and power networks once regulatory restrictions are removed, an adviser to Vice President Yemi Osinbajo, Chidi Onyia, has said.

According to him, the government lacks the means to fix gaps in the country’s infrastructure and ventures with private investors or concessions are the best way forward.

“The regulatory process needs to be slightly loosened up so there is opportunity for investors to come and function without undue interference,” Bloomberg quoted Onyia as saying on Friday.

The country is only able to transmit about 70 per cent of the power it produces because of a weak power-line network.

“Transmission is still wholly in government hands, but it is a huge space for investors to come in, if the legal and regulatory framework is put in place,” Onyia added.

Africa’s largest economy is turning to private investors as it struggles to expand their participation in infrastructure beyond the sale of power generators and distributors that have taken place.

The government is still working on plans to sell concessions at the four biggest airports, while deals for investments in transportation have been hampered by laws that vest sole control in the state.

A bill currently before lawmakers seeks to break the state’s stranglehold on railroads and allow private investment.

Years of neglect have cut freight-rail capacity, with most goods carried on worn-out and congested roads in the continent’s most populous nation.

The Federal Government is planning to start building a $5.8bn hydropower plant in the eastern Mambila region this year, after it agrees on loan terms with China’s Export-Import Bank.

Meanwhile, the Presidency said on Friday that it was “grossly” disrespectful and unfair to refer to President Muhammadu Buhari as a murderer over the killings by suspected herdsmen in Benue and other parts of the country.

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, while briefing State House correspondents at the Presidential Villa, Abuja, said that people should learn to express their grievances and criticisms without resorting to name calling.

He said the President, in accordance with the constitution, had the primary responsibility of protecting lives and property and that he had been doing that.

He said, “Those beating the gongs of war and fanning the embers of discord must remember what prevailed in Rwanda before the genocide of the early 90s, during which hundreds of thousands of lives were lost as a result of consistent hate speech spewing from that country’s media.

“We must learn to express our grievances and criticisms without resorting to gutter language or to name calling, and the press has a responsibility to maintain that, even if it means calling their columnists to order.

“Calling him (Buhari) a murderer is not only grossly disrespectful but unfair, especially when the President has written a letter to the Senate detailing his efforts to quell the crisis in Benue State.

“The President had also dispatched the Minister of Interior and the Deputy Inspector General of Police in charge of operations for an on-the-spot assessment of the situation in the aftermath of the unfortunate incident, and receiving a direct briefing from the IG the following day.”

The presidential spokesperson also raised concerns over some media reports on the recent killings, describing them as unfortunate.

He cited a recent column published in a national newspaper (not The PUNCH) alleging that President Muhammadu Buhari was the first to endorse the Benue massacre on New Year Day.

Shehu said the same columnist described the Minister of Defence, Mansur Dan-Ali as “a dyed-in-the-wool Fulani irredentist who places trade over and above human life” and that the writer went further to invite Nigerians to arm themselves and fight one another.

Shehu also frowned at the headline of one of the said newspaper’s edition, titled ‘Expect More Blood in Benue…’

He said some media reports on the recent Benue killings displayed lack of respect for journalism ethics and press laws.

He appealed to members of the Fourth Estate of the Realm to show more decorum and professionalism in the reportage of security and humanitarian situation in the country.

The Presidency also said that no decision had been taken on possible compensation for families who lost their loved ones in the killings that took place in Benue State on January 1, 2018.

Shehu said this during an interview with our correspondent.

He said that it was premature to be talking about whether the Federal Government would pay compensation to the victims or not at a time when the authorities were still investigating the incident.

He said that the Vice President Yemi Osinbajo-led committee, set up by the National Economic Council, on the matter was still meeting.

The presidential spokesman explained that after the committee members had completed their assignment, they would report to President Muhammadu Buhari on their findings and solutions.

He said, “You know there is the Vice President Osinbajo committee that has nine governors as members and they are discussing modalities. Whatever their conclusions are, they will definitely get back to the President.

“It will, therefore, be premature at this time to talk about whether compensation will be paid or not.

“You have to be patient and wait for the committee members to finish their work.

“In fact, at Thursday’s meeting, they set up another committee that will report back to the main committee and then the main committee will report to the President.”

Some persons suspected to be Fulani herdsmen had on January 1, 2018, attacked Guma and Logo local government areas of Benue State, killing 73 people and injuring many others.

Thousands of people were also said to have been displaced as a result of the attack.

During Thursday’s meeting, the Osinbajo-led committee set up a sub-committee that would interface with members of the Miyetti Allah Cattle Breeders Association of Nigeria and other groups with a view to ending the killings.

The sub-committee is headed by the Ebonyi State Governor, Dave Umahi.

Chairman of the Nigeria Governors Forum, Alhaji Abdulaziz Yari, made the disclosure to State House correspondents at the end of the meeting.

Yari, who is the Governor of Zamfara State, said that the governors of Plateau and Adamawa states were members of the dialogue committee headed by Umahi.

He said that some technocrats would also be invited to join them in visiting states affected by the crisis.

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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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INFLATION: Centre Urges FCCPC To Desist From Price Control Mindset

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INFLATION: Centre Urges FCCPC To Desist From Price Control Mindset

The Centre for the Promotion of Private Enterprises (CPPE) has urged the Federal Competition and Consumer Protection Commission (FCCPC) not to adopt a price control mindset in a bid to tackle inflationary pressures.

CPPE Founder, Dr Muda Yusuf, gave the advice in a statement on Sunday in Lagos.

Yusuf expressed concerns over the approach, methodology and recent threats by the FCCPC targeted at market leaders, traders and supermarket owners.

He stated that the approach made the FCCPC appear to be unwittingly transforming into a price control agency rather than a consumer protection commission.

He noted that the core mandate of the commission was the creation of a robust competition framework across sectors and the protection of consumer rights and interests.

“Consumer protection is not about directly seeking to control price at the retail end of the supply chain and this is why the CPPE is concerned about the FCCPC’s approach.

“The commission seems to be fighting the symptoms rather than dealing with the causes of the current inflationary pressure in the economy,” he said.

Yusuf said that the best way to protect consumers from exploitation theoretically and empirically, was to diligently promote competition across sectors.

According to him, the experience with the telecoms sector amply validates this position.

Yusuf stated that the emphasis should not be on pricing but on deepening the culture and practice of competition and a level playing field for all investors.

He noted that intense competition made profiteering difficult and diminished the chances of exploitation of consumers.

“The retail sector of the economy is characterised by a multitude of players as there are an estimated eight million retailers in the trade sector of the Nigerian economy.

“The truth is that the retail segment of the economy is the least vulnerable to price gouging or consumer exploitation on a sustainable basis, contrary to the thinking of the commission.

“The reality is that the risk of profiteering increases with monopoly powers. This is why the attention of the commission should be focused on creating a good competition framework to deepen competition across sectors,” she said.

The CPPE boss urged the commission to get a proper comprehension of the dynamics of pricing and the key drivers of inflation such as naira exchange rate depreciation, and high energy costs among others.

“Our view is that the proposal by the FCCPC to traverse markets across the country to ensure price regulation is unlikely to yield concrete outcomes and this is not a sustainable strategy.

“What we need to fix are the fundamentals driving production, operating and distribution costs which resulted in spiralling inflation in the first place.

“The commission needs to be more diligent and thorough in its analysis before alleging consumer exploitation by the trading community,” he said.

The CPPE boss also appealed to the FCCPC to refrain from further intimidation of the operators in the retail sector of the economy most of whom are micro and small businesses, with many in the informal sector.

He said if the trajectory continued, there was an emerging risk of market suppression and private enterprise repression by the FCCPC, marking an elevation of regulatory risk in the Nigerian economy and detrimental to investors’ confidence.

Yusuf instead, urged the commission to collaborate with other government agencies to tackle the fundamental causes of inflation in the economy. 

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NNPCL’s Financial Strain, Threatening Fuel Supply

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NNPCL's Financial Strain, Threatening Fuel Supply

The Nigerian National Petroleum Company Limited (NNPC Ltd) is experiencing financial strain, which has put considerable pressure on the company and threatened the fuel supply’s sustainability.

Mr Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, affirmed this in a statement on Sunday, acknowledging reports in national newspapers regarding the company’s significant debt to petrol suppliers.

Already, incessant fuel queues occasioned by pronounced scarcity in Lagos and Ibadan have resulted in several petrol stations currently selling petrol between N950 and N1,000 per litre.

Industry stakeholders put the NNPCL’s debt at about $6 billion, which has caused the product suppliers to become reluctant about importing Premium Motor Spirit (PMS) for the company.

The NNPCL has however kept mum on the actual amount it owes, only acknowledging that she currently owes.

Reacting to the situation, Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.

“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security,” he said.

Soneye added that the company was collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.

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