Economy
FEC Approves N137bn for Road, Erosion Projects
By Mathew Dadiya, Abuja
The Federal Executive Council (FEC) has approved N137 billion for seven roads and 11 erosion projects across the six geopolitical zones of the country.
Ministers of Works and Housing, and his Information and Culture counterpart, Mr Babatunde Fashola and Alhaji Lai Mohammed respectively, announced this on Wednesday, while briefing State House correspondents after the FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.
The ministers explained that the projects were awarded under the Ministry of Works and Housing, and the Office of the Secretary to the Government of the Federation (OSGF).
Giving the break down, Fashola said that foe the projects under the Ministry of Works and Housing, seven projects worth N122.280 billion were approved, cutting across various states.
The Minister explained that the road construction projects were approved for implementation in the 2020 Budget.
”I presented memorandum for the award of a couple of roads across the country. There are seven roads in all. The roads were valued at a total sum of N122.280 billion expected to generate employment for about 2,564 people.
“Dualization of Akure to Ado Ekiti road connecting Ondo and Ekiti states at the sum of N23. 751 billion, Construction of Ukana-Akpautong-Ikot Ntuen road in Akwa Ibom State, for N1. 538 billion,
construction of Iluke-Aiyetoro Kiri-Abugi-Eggan road in Kogi State for N25.352 billion.
“Rehabilitation of Odo-Ona Elewe Idiayunre-Marou Ogun State border road in Oyo state for N4. 628, 429 billion, construction of Tamawa-Gulu road in Kano state phase three, Maigar-Guru section for N1. 508, 952 billion, rehabilitation of Potiskum-Fika-Bajoga-Gombe road linking Yobe and Gombe states for N59. 759 billion, construction of Kachako-Danbazzau road in Kano State for N6. 749 billion”, he explained.
Presenting the report of memo by the OSGF for 11 ecological projects across the six geopolitical zones of the country, the Minister of Information and Culture Alhaji, Mohammed, said that the total sum for the projects was N14.9 billion.
“Memo presented, on behalf of Mr President, by the Secretary to the Government, we sought approval for the award of contract for emergency procurement of the third and fourth quarters 2019, soil erosion, flood control, acceleration intervention projects in favour of 11 contractors, in total sum of N14,907,754,845.
“The projects, which are 11 in number, are spread across the six geopolitical zones of the federation. The first is a gully erosion control at Ogige-Uruala-Chikabi-Ajibara in Isikwato local government area of Abia at the sum of N896,959,169.75 million with a completion period of six months.
“The second is erosion control and road improvement works at Ezeoke-Nsuelime, Mbaeno local government area of Imo State for the sum of N965,196,290 million, with the completion period of 11 months.
Then there’s a dredging of Tejuoso-NTA Canal, Railway Stadium via Alaska Estate, Surulere, which has been awarded for N1.892 billion, with a completion period of 12 months.
“Then we have the construction of the three kilometre trapezoidal drain at Oluomo, Orile-Ifo by Abe-koko, at Odo-eran in Ifo local government area of Ogun State, which is for another N1. 067 billion.
“The fifth is the shoreline protection and reclamation works for Emadike Phase 2 in Bayelsa State for N4.512 billion.
“There’s also the construction of road and drainage network within Mobupolo area of Maiduguri Metropolis for the sum of N1.474 billion. Then there’s the flood and directional control works in Gashau and Nguru local government area Phase 2 in Yobe State for the sum of N1,169,900,074.
“The eighth is the Yaruwari-Dadi erosion control works in Safe local government area of Zamfara State for the sum of N701,313,563 million. Then there’s the flood control and road improvement works at Nassarawa-Egon local government area, Nassarawa State for N931,754,123 million.
“Then there’s a gulley erosion and road improvement works at FCT College of Education, Zuba, FCT, Abuja for the sum of N542,296,835 million. Finally there’s the erosion and flood control works at the National Hospital, Central Business Area, Garki, AMAC, Abuja for the sum of N773,573 million”, Alhaji Mohammed added.
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)