Economy
Taraba Seeks Reimbursement for Execution of Federal Road Projects
The Taraba government has appealed to the Federal Government to reimburse the state the funds it spent on construction of federal roads in the state.
Mr Irimiya Hammanjulde, Commissioner for Works, made the appeal while speaking to newsmen on Friday in Jalingo.
Hammanjulde said that the funds, if reimbursed, would be used for completion of ongoing road projects as well as execute other important projects in the state.
He listed some of the federal roads being constructed to include the Jalingo-Kona phase two road, the 115 klm Bali-Serti road, Takum Katsina Ala road, the 120 klm Takum Chanchanji road and 82klm Mararaban Baisa-Abong 82 road .
The commissioner said the dualisation of 18 klm NYSC-Kpantinapu road, the extension of Nukkai bridge as well as six pedestrian bridges and the Jalingo flyover,were other federal projects executed by the state
He said that the government intended to construct more street roads within Jalingo metropolis, but regretted that it could not, for now, owing to paucity of funds .
He faulted the re-award of contract for the rehabilitation of Bali Serti Gembu road by the federal government .
Hammanjulde explained that the state government had already completed the rehabilitation of the 115 klm Bali Serti road, a segment of the project,which he said was being put to use already.
He however, commended the federal government for recently awarding the rehabilitation of the Serti Gembu road project through the CBN funding.
;As you all know, the Federal Government re-awarded the Ball Serti Gembu road project in which one segment of the road, that is Bali Serti, had been rehabilitated by the state government.
“We have already completed the Ball Serti part of the road is already being put to use already
“The governor had appealed to the federal government to rather refund funds that had been used in the execution of federal roads in the state.
“With the refund, the state can use it to complete ongoing road projects and execute other life touching projects in the state,” he said. (NAN)
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)
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)
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)
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