Connect with us

Economy

FEC Approves N137bn for Road, Erosion Projects

Published

on

SGF, Boss Mustapha
Share

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

Value Addition is new Standard in Mining Operations – Alake

Published

on

Share

The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

Continue Reading

Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

Published

on

Share

The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

Continue Reading

Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

Published

on

Share

The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS1 hour ago

Insecurity: Govt to Begins Boundary Demarcation Between Benue, Cameroon, others in April 

ShareFrom Attah Ede Makurdi The federal government is to commence the boundary demarcation between Benue, Taraba, Cameroon, Ebonyi and Nasarawa...

NEWS1 hour ago

Gov Alia  Swears in BSIEC Chairman, other Commissioners

ShareFrom Attah Ede Makurdi  The Benue State governor, Rev. Fr. Hyacinth Alia, on Thursday swore in the newly-appointed chairman of...

NEWS1 hour ago

Gov Alia shuns APC National Leadership  Peace moves in Benue, Inaugurates parallel State Secretariat, Excos 

ShareFrom Attah Ede Makurdi The crisis rocking the ruling All Progressives Congress,APC in Benue State, on Thursday took another dimension...

Metro1 hour ago

Wike Approves Deployment of FCTA’s Pioneer Perm. Secs

ShareThe Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has approved the deployment of the 10 pioneer Permanent...

NEWS2 hours ago

MTN, Tier-1 Banks’ Stocks Lift NGX Gains by N157bn

ShareRenewed interest in MTN Nigeria, alongside sustained interest in Tier-one banks’ stocks on Thursday further raised the equity market higher...

NEWS2 hours ago

Naira Falls Against Dollar by 0.7%

ShareThe Naira experienced a slight depreciation at the official market, trading at N1,309.39 to a dollar on Thursday. Data from...

dailyasset-greetings dailyasset-greetings
BUSINESS2 hours ago

CBN Unveils New Minimum Capital Requirements For Banks

ShareGives Them 24 months To Recapitalise By Tony Obiechina, Abuja   Days after urging Nigerian banks to expedite action on the...

NEWS2 hours ago

ShareNAFDAC Intercepts Psychoactive Drugs, Bursts Beverage Factories in Southeast The National Agency for Food, Drugs Administration and Control (NAFDAC) has...

NEWS19 hours ago

FCT HOS: Why President Tinubu Extends Atang’s Tenure By 6 Months

ShareBy Laide Akinboade, AbujaPresident Bola Ahmed Tinubu, has approved the extension of Atang Udo Samuel, as the the Head of...

NEWS19 hours ago

FGGC Benin Emerges Winner of 2023 National Senior Secondary Schools’ Debate

ShareBy Tony Obiechina, AbujaThe Federal Government Girls College, Benin has emerged overall winner of the 2023 National Senior Secondary Schools’...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc