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LTT: FEC approves management Contract renewal; approves N95.8bn for Ekiti, Ondo Roads

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Nunc Dimittis: Buhari Advocates Regular Gulf of Guinea Summit To Ensure Peace, Security

The efficiency of the nation’s ports, particularly those in Lagos are set to get better, as the Federal Executive Council (FEC) approves two memoranda in respect of matters pertaining to the efficient performance of the Nigerian Ports Authority.

The Minister of Transportation, Muazu Sambo, confirmed this, at the end of the Council meeting chaired by President Muhammadu Buhari on Wednesday in Abuja, putting the cost of the first at $29,871,615.22. 

Stated the Minister: ”The first memo was the renewal of the management contract for the management of Tugs, Pilot Cutters or Mooring Launches within the limits of Apapa and Tin Can Island Ports complex.

”This management contract was signed between Nigerian Ports Authority and Messrs LTT Coastal and Marine Services Limited, initially in April 2007, for a period of 15 years, which therefore meant the agreement had expired March last year.

”So the purpose of the memorandum is to seek Council’s approval to renew the management contract, as provided in the management agreement and endorsed by the Bureau of Public Procurement, in favour of Messrs LTT Coastal and Marine Services Limited, for the sum of $29,871,615.22.

LTT: FEC approves management Contract renewal; approves N95.8bn for Ekiti, Ondo Roads
Minister of Transportation, MU’AZU JAJI SAMBO

”This is an equivalent of N12,440,332,875.44, inclusive of 7.5% VAT, at an exchange rate of one US dollar to N416.46

”The second memorandum that was considered by Council and approved is in respect of a contract for the design, construction and supply of two 80 tons marine tugboats in order to support the operations of the newly commissioned Lekki Deep Seaport in Lagos.”

The FEC also approved N95.8 billion for dualization of Akure/Ita Ogbolu – Iju/Ado Ekiti road, linking Ekiti and Ondo States.

Minister of State for Works and Housing, Umar El-Yakub, while speaking on this, stated the first section of the road project on the Ondo side was awarded to two construction companies at the cost of N46.6 billion.

He said that the remaining balance of N49.2 billion would be expended on the second section of the project from Ekiti state border.

”The Ministry of Works and Housing presented a memo for the consideration and approval of Council.

”This is for the award of contract for the dualization of the Akure/Ita Ogbolu –Iju/Ado Ekiti state border, on the Ondo State side.

”In favour of Messrs Samchez Nigeria Limited and Messrs Horizon Construction Company Limited, in the sum of N46,684,481,745.44, with a completion period of 24 months.

”The section two of that road was awarded to Messrs Kopek Construction Limited at the cost of N49,295,088,593.98, with a completion period of 30 months.

”So, one is doing it from the Ekiti State border and the other one is on the Ondo Stateside. That’s the two sections of the contract that was awarded.”

The Minister of Information and Culture, Alhaji Lai Mohammed, also said that the Council approved N2.24 billion for the construction of a 150-room capacity female hostel, at the Nigerian College of Aviation Technology, Zaria, Kaduna State.

He said: ”On behalf of the Minister of Aviation, who presented a memo to Council today, seeking Council’s consideration and approval for the award of contract for the construction of a 150-room capacity female hostel, at the Nigerian College of Aviation Technology, Zaria.

”The contract was in favour of Messrs Best Homes Construction Limited, in the sum of N2,244,713,424.56, inclusive of 7.5% VAT with a completion period of 12 months.”

The minister also revealed that the Council approved N383.9 million for the procurement of 13 operational vehicles for the Federal Radio Corporation of Nigeria (FRCN).

According to him, the operational vehicles will be used for the day-to-day operations of the FRCN.

Education

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

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...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

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… 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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Economy

Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price

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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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