The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.69 percent in April, as prices of food and non-alcoholic beverages soared.

The NBS shared the inflation data in its consumer price index (CPI) report on Wednesday.

“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate,” the NBS said.

“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).

“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”

NBS said the top five contributors to the increase in inflation rate are food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, transport, as well as furnishings, household equipment and maintenance.

The bureau said on a year-on-year basis, the urban inflation rate rose to 36 percent in April, “which was 12.61% points higher compared to the 23.39% recorded in April 2023”.

“On a month-on-month basis, the Urban inflation rate was 2.67% in April 2024, this was 0.50% points lower compared to March 2024 (3.17%),” NBS said.

Also, NBS said the rural inflation rate in April was 31.64 percent on a year-on-year basis, compared to the 21.14 percent recorded in April 2023.

On a month-on-month basis, the bureau said the rural inflation rate in April was 1.92 percent, falling below the 2.87 percent reported in March.

PRICES OF BREAD, GARRI DRIVE FOOD INFLATION RATE UP

NBS said food inflation rose to 40.53 percent in April, compared to the 24.61 percent reported in the same month last year — indicating an increase of 15.92 percent points.

The bureau said millet flour, garri, bread, wheat flour prepacked, semovita, coconut oil, palm kernel oil, vegetable oil, yam tuber, water yam, and cocoyam, contributed to the year-on-year increase in the food inflation rate.

Other contributors are dried fish Sadine, catfish dried, mudfish dried, beef head, beef feet, liver, frozen
chicken, mongo, banana, grapefruit, Lipton tea, Bournvita, and Milo.

However, on a month-on-month basis, NBS said the “food inflation rate in April 2024 was 2.50%, which shows a 1.11% decrease compared to the rate recorded in March 2024 (3.62%)”.

NBS said the fall in food inflation on a month-on-month basis was caused by a decline in the rate of increase in the average prices of Yam, Water Yam, Irish Potatoes (under Potatoes, Yam & Other Tubers
Class), Beer, Local Beer (under Tobacco Class), Milo, Bournvita, Nescafe (under Coffee, Tea, and Coco Class), Groundnut Oil, Palm Oil (under Oil and Fats Class)”.

Other food items mentioned are egg, fresh milk, powered milk, tin milk, soft drinks, Malt Guinness, Coco-cola, Spirit (Local Production), Chelsea, Seaman Schnapps, wine and fruit, water melon, pineapple, banana, and pawpaw.

The Kano Hisbah Board has arrested 20 men and women for engaging in gender-inclusive bathing in the state.

Following complaints from locals, members of Operation Kau Da Badala conducted the arrest at a recreation centre on Ring Road.

According to Mujahidin Aminuddin Abubakar, the deputy commandant general of the board, the offence was against the Hisbah legislation, which prohibits bathing in water with people of either gender in the same space.

He expressed his concern about the act, saying that it could have been substituted with something better that would have brought them blessings from God.

In addition to urging parents and guardians to closely monitor their children’s whereabouts, he stated that the suspects would face appropriate punishment when the investigation is concluded.

Justin Dean has called out his ex-wife, Korra Obidi for scamming netizens with a GoFundMe account, after she claimed to be in need.

He revealed that she needs only $5000 not $55,000 she received.

This comes after Korra called on her online community members, seeking for their monetary support to provide her legal fees to fight Justin in court.

Her ex-husband had sued her for posting videos and images of their daughters on her social media page.

He stated that he did not want their faces online, especially associated with the kind of content she shares.

Korra then reached out to her fans who donated a whopping sum of $55,000 for her legal fees.

Justin insists that she scammed her followers of their hard earned money, revealing that she bought 2 cars and 2 houses over the last two years.

He also stated that if she truly couldn’t afford the fees, how was she able to go on a vacation in Hawaii if not with the donated money. 
A claim Korra Obidi debunked after her fans called her out, she stated that she had also paid for the vacation in Hawaii prior the GoFundMe account was set up. She added that the whole amount is still intact, because she hasn’t touched a dime from it.

The doctor further buttressed his claims by sharing a voice recording of the dancer’s sister where she was heard saying Korra had the money but needed a different one from her fans to fight against Justin.

The sister also said Korra’s fans love to be scammed. See video below:

Karimot, the sister of Wunmi, the wife of late Nigerian artist Mohbad, has publicly disowned both her sister and their mother, citing allegations of betrayal and deceit.

The announcement comes amidst a swirl of controversy surrounding the family following the passing of Mohbad.

Expressing her grievances, Karimot’s sister, whose identity remains undisclosed, unleashed a barrage of accusations against her sister, Wunmi.

Karimot publicly disowns sister Wunmi and their mother amidst allegations of betrayal
Wunmi.

She recounted her steadfast support during the tumultuous period surrounding Mohbad’s demise, only to feel betrayed by her sister’s alleged betrayal.

She expressed that she has disowned not only Wumi, but their mother as well.

She went on to reveal that she had stood by her sister’s side when the entire incident with Mohbad had happened, and yet she was stabbing her at the back.

The aggrieved sister further elaborated on Wunmi’s alleged manipulative tendencies, accusing her of exploiting relationships and callously discarding individuals once they had served their purpose.

“You are a user. You use people and throw them away when you are done with them,” she said.

Adding fuel to the fire, she hinted at exposing undisclosed grievances to the Nigerian public, promising to unveil the alleged mistreatment she endured.

“I will expose everything I have been enduring to Nigerians,” she added.

In other news, Omowunmi Aloba, the wife of the late Nigerian crooner Mohbad, has taken to social media a beautifully rare video of herself and their son, Liam Light.

The videoe captures her cradling little Liam as she pours her heart into a gospel song, creating a poignant moment for the camera.

The video caption triggered a buzz among netizens as she hinted at a future revelation, sharing her own side of the story.

The Managing Director and Chief Executive Officer, Nigerian Consumer Credit Corporation, Uzoma Nwagba, has said that over one million Nigerians have submitted applications for the consumer credit scheme three weeks after its takeoff.

The credit scheme is aimed at working citizens to access loans for important purchases.

According to Nwagba, since the unveiling of the first phase in April by President Bola Tinubu, the volume of applications received so far has been overwhelming.

“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.

“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.

“So I think people have been listening to the utterances of the President and are quite expectant of this,” Nwagba said during an interview on Channels Television’s Politics Today on Tuesday.

Speaking on his assignment, six weeks after his appointment, Nwagba said he was prepared to spearhead the current administration’s drive to broaden consumer credit availability for interested working Nigerians.

“It is our job and we are prepared to take a systematic approach to ensure that we continue to go through the demography of Nigeria,” he added.

According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, at its launch, the scheme is expected to achieve its mandate through the following,

“Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

” Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”

The Federal Executive Council after a marathon meeting presided over by President Bola Tinubu on Tuesday rolled out 21 major policy initiatives.

The President’s Adviser on Media and Publicity, Mr Bayo Onanuga, in a post on his X handle, formerly Twitter,  listed the initiatives as a 48-hour visa policy, cancelling of airport toll payment exemption for very important persons and ban on sand dredging 10 kilometres from all federal bridges throughout the country among others.

The FEC meeting, which started on Monday was concluded on Tuesday in what experts have described as unprecedented in the history of the council.

After exhaustive deliberations, the council approved several policies and projects that would further boost the economy, facilitate investments and promote the ease of doing business in the country. 

Briefing the State House correspondents on Tuesday after the FEC meeting at Aso Rock Villa Abuja on Minister of Information and National Orientation, Mohammed Idris, said the Federal Government was reviewing   its visa regime to enable persons who wish to invest in Nigeria to obtain a visa within 48 hours.

Idris stated that the visa policy was one of the several resolutions of FEC, adding that it was aimed at encouraging investors and tourists.

According to him, the visa policy review is necessary to foster ease of doing business on Nigerian soil.

Since assuming office in May 2023, the Bola Tinubu administration has actively pursued foreign investment opportunities through a series of strategic international engagements and high-level meetings aimed at boosting Nigeria’s economic profile.

Briefing journalists after the FEC meeting on Tuesday, the information minister said a tripartite committee had been created to review the visa issuance process.

Idris said, “Now, the Federal Executive Council has noted that our visa processes are becoming cumbersome and this is not encouraging investors to come in easily because, as the President has indicated, the ease of doing business is also tied to the ease of visa application.

“Therefore, the FEC has set up a committee to look at our visa processes to reduce the cumbersome nature of these visa processes, meaning that those investors or tourists who want to come into Nigeria will find it a lot easier to go into this country provided they follow all the laid down processes.

e-visa platform

“This includes the e-visa platform, which has already been discussed. The Federal Government is also mulling the idea of every visa application being processed within the next 48 hours.”

Nigeria’s e-visa process is part of a broader effort to streamline and modernise the country’s visa system, as outlined in the Nigeria Visa Policy (NVP) 2020.

The e-visa system allows visiting non-Nigerians to apply online. Applicants must complete an electronic application form, upload necessary documents, and pay the required fees.

Such e-visas available include the Short Visit Visa for business, which allows for a maximum stay of 90 days, and various investor visas that cater to different scales of investment from small to ultra-large enterprises.

However, the system has been plagued by inefficiencies, making the process cumbersome due to several factors. Applicants often face difficulties fulfilling documentation requirements and dealing with occasional technical hitches on the application portal.

More so, the need for detailed documentation, such as letters of invitation, evidence of sufficient funds, and investment proofs, adds to the complexity. The process also requires pre-approval via an electronic travel authorisation letter, which must be printed and presented upon arrival.

Though designed to ensure security and proper vetting, they have been time-consuming and challenging for users.

N10bn airport tolls

Meanwhile, the Federal Government has said it will generate at least N10bn annually from airport access tolls.

The Minister of Aviation and Aerospace Development, Mr Festus Keyamo, who disclosed this while briefing State House correspondents after the FEC meeting, also said the council approved a memorandum from the ministry scrapping toll exemptions for all very important persons and government officials using airports nationwide.

Tuesday’s decision would see President Bola Tinubu and Vice President Kashim Shettima, who were earlier exempted, paying airport access toll and parking fees.

Keyamo said the government’s rationale was to stop the revenue haemorrhage, denying the Federal Airports Authority of Nigeria the much-needed means to maintain the facilities and provide quality services to users.

He argued that the government lost over 82 per cent of the money it would have generated from e-tags sold to VIPs and government officials for easy airport access.

The memoranda initially recommended an exemption for the President and the vice president. However, Tinubu, who chairs the Council, overruled this, insisting that he and the VP, alongside their aides, must pay tolls.

“How much are we expecting? It runs into billions. We are looking at raising at least N10bn annually. This is a very big one for us (Federal Government). And we will market the e-tags so that VIPS will buy into it,” said Keyamo when asked about specifics.

He explained, “When we came to office, we met a tradition on the ground where at the end of the year, all manners of VIPs would approach us for what they call complimentary e-tags or complimentary stickers. They don’t pay airport access fees, parking, or essential services.

“The negative figure we get at the end of the day from the complimentary e-tags is -82 per cent. In other words, we end up selling only 18 per cent of e-tages. Imagine the loss! I told myself and my team, not under my watch. It is inconceivable that the VIPs don’t pay for services, but the poor pay.

“Our memo says with the exception of the President and the Vice President. But the President overruled me and said he and the Vice President would pay. He said everybody must pay.”

Enacted in 1995, the FAAN Act (Part IV) empowers the airport authority to levy and collect various charges from various categories of airport users to support the maintenance and development of airport infrastructure.

He added that a percentage rebate was being considered for service veterans.

The minister also vowed to ensure compliance, saying, “I will breathe down on the regulators. I must direct them to do what the law says diligently. I will ensure that they don’t water. down the regulatory measures.”

He said toll collection officers at the airport gates would no longer be bullied into granting access to uniform officers who refuse to pay. He assured them that more cameras would be “planted” in strategic positions to capture and expose any acts of harassment.

Regarding his alleged interference in the operations of airlines, especially as it concerns the closure of Dana Airlines, Keyamo noted that he would “continue to interfere to save lives until he leaves office.”

In a related development, the FEC approved a memorandum seeking N4.2bn for the maintenance and supply of aircraft recovery equipment.

Keyamo said the equipment would be used at the Murtala Mohammed International Airport Lagos and was designed to respond to occasions of aircraft breakdown on runways.

Apart from the initiative on the airports, the FEC also approved a N2tn   mortgage initiative and banned sand-dredging 10km from federal bridges.

The council also approved a N51bn transport terminal hub in Abuja. It added that $7m US property would become Nigeria’s tech hub.

FEC also approved a new revenue platform for gaming and lottery businesses as well as N546bn for roads in Lagos, Kwara, Edo, Kebbi and  Sokoto.

N72bn transmission lines

Meanwhile, the Federal Government also approved about N72bn for the construction of a new transmission line and emergency restoration systems for other transmission lines to enable quick repair of vandalised and damaged power infrastructure.

This came as the Federal Government also defended the Lagos-Ibadan Coastal Highway project, saying the project which would enhance growth and development followed due process.

Approved N72bn project includes the first is a 93-kilometer transmission line at Oji River/9th Mile for the 132 KV double circuit transmission line, costing $33.9m (N50.93bn) and N10.1m.

The second is for the supply and installation of 15 units of emergency restoration systems costing $14m (N21.04bn) for 330 KV and 132 KV transmission lines. The system will expedite the repair of damaged power infrastructure.

Nigeria’s Minister of Power, Adebayo Adelabu, revealed this to journalists at the State House as some of the approvals he secured at Tuesday’s Federal Executive Council meeting.

He explained that the emergency restoration system is a response to the impact of vandalism on power transmission assets, particularly in the Northeast, where there has been a blackout for the past weeks due to vandalism.

“We are aware of what is happening in the Northeast today in the last two to three weeks. There have been blackouts because of vandalisation activities. The Transmission Company of Nigeria has been trying to ensure that they fix these vandalised assets and we hope that before the end of the month, we should be able to return normalcy to the power situation in the Northeast.

“This emergency ratio restoration system will enable us to fix all the vandalised and damaged power infrastructure across the country.

“This was brought about by the impact of vandalisation across the country in terms of power transmission assets to ensure that the students enjoy 24/7 uninterrupted power supply,” Adelabu explained.

The power minister also noted that the new 93km transmission line will stabilise the national grid and expand its capacity, in line with the national grid expansion plan and the Presidential Power Initiative to increase its end-to-end capacity.

Monday’s approval also includes the procurement of 10 transformers and 10 reactors for the Transmission Company of Nigeria at a total cost of $4.8m (N7.2bn) and N102m, saying this will enhance the optimal performance of the national grid, reduce the risk of electric shock and equipment damage, and protect personnel from the effects of high voltage.

The Federal Government also appealed to Organised Labour not to derail the transformation plan for the power sector, saying to achieve the desired service the current sacrifice is required.

Adelabu also assured Labour that their demands made during their nationwide protest on Monday were being considered.

On Monday, leaders of the Nigerian Labour Congress and the Trade Union Congress of Nigeria led their members in peaceful protest in different parts of the country, picketing the activities of agencies and institutions under the Power Ministry, demanding the reversal of the recent increase in electricity tariff.

However, reacting to the demands by the Labour unions, Adelabu noted that the federal government had noted their grievances, received their demands and would be engaging further with them, emphasising that President Bola Tinubu’s administration is a listening government.

He said, “It’s the right of the Labour to protest peacefully and to come up with their demands, from the perspective they saw what we did. It is allowed, it is legitimate and it is understandable

“Let me make that clear. President Bola Tinubu’s administration is also a listening government. We have heard demands, we’re going to look at it, we’ll make further engagements and I believe we’re going to reach a peaceful resolution with the labour.

“My appeal again is that they should please not derail or distract our transformation plan for the industry. We have a documented reform roadmap to take us to our desired destination, where we’re going to have reliable, functional, cost-effective and affordable electricity in Nigeria. It cannot be achieved overnight because this is a decay of almost 60 years, which we are trying to correct.

“Nobody promised us or assured us that the road will be smooth. We knew it was going to be rough, but we must weather the storm, which is going to be temporary. It’s a lot of sacrifice from everybody; from the government’s side, from the people’s side, from the private sector side. So we must bear this sacrifice for us to have a permanent gain.”

Meanwhile, the FG has revealed plans to tap into local funds such as pension and life insurance to develop infrastructure in the country.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this while briefing correspondents saying that there are over N20tn of such funds available in the country.

He said the fund would go into infrastructure such as housing and providing long-term mortgages.

He explained, “Nigeria is resilient, Nigerians are resilient. The fact is that even before we start looking to foreign investors, we start looking to foreign funding, there are available in Nigeria, long-term funds to fund infrastructure projects, and it’s within the pension, life insurance and investment fund industry generally.

“There is upwards of N20tn available, and much of it is in short-term funding that doesn’t need to be. Pension money is long-term.

“People save over their lifetime for their pension. And so in conversation, in consultation, collaboration and cooperation with the private sector, we are now able to announce and with the full knowledge and support of all parties, that there will be an initiative to fund growth through investment in infrastructure, including housing, provision of mortgages, long term mortgages, 25-year mortgages at relatively low interest rates.

He noted that, initially, the government would stand back and provide some support, particularly in the era of high interest rates but will lessen its involvement as interest rates stabilise.

“On the supply side, construction of houses will be funded. On the demand side mortgages will be made available so that those constructing houses have an outlet and Nigerians who are saving so much by way of pension funds, have the bonus of access to affordable mortgages.

“That is the long and short of this initiative and you also as much as anybody else can understand and see what it means in the construction industry to do for the country.

“That is the plan, that is the target that is the hope. And in this particular case, you have the best and the brightest that Nigeria has to offer, putting their minds together and committing to achieving the goals,” he said.

Edun spoke against the backdrop of what he said in the context of President Bola Tinubu’s macroeconomic reforms, “which are necessary and could not  be delayed a moment longer.”

The Federal Executive Council presided over by President Bola Tinubu, on Tuesday approved N96,297,056,103bn for the development of bus terminals and other transportation facilities in the nation’s capital, Abuja.

The amount also covers the award of contract to Masssr Planet Project Limited for the construction of the Court of Appeal, Abuja Division, contract for the provision of Security operation and maintenance of back-up generator for the street lights along the Presidential routes and Villa Gate 8 in the Federal Capital City, as well as the upgrade roads in Kwali Area Council.

Minister of State for the FCT, Mrs Mariya Mahmood, also disclosed this while briefing State House correspondents at the end of the FEC meeting.

She explained that all the due process for the procurement procedure has already been followed and the certificate of no-objection has been obtained for the contracts.

According to her, “The first approval is for the award of contract for the development of bus terminal and other transportation facilities in the Capital territory. Secondly, is approval for the award of contract for the construction of the Court of Appeal Abuja division.

“And number three is approval for the award of contracts for the provision of security operations and maintenance of backup generators for the streetlights along presidential routes and villa gate 8, the federal capital city.

“And lastly, the fourth one is for the upgrading of Koita-Igbu in Kwali Area Council. All the necessary due process for the procurement procedure has been followed. And a certificate of no objection has been obtained for all the awarded approved contracts.”

Breaking down the figures, the Minister said “ I do have costs and contractors. The first one for the first time was awarded at a cost of N51,025,172,424.90 and it was awarded in favour of Messrs Planet Project Limited.

“Then the second one is in favour of Visible Construction Limited at the cost of N37,259,513,881.14 and the upgrading of Kwali-Ibu is at N7.6 billion in favour of El Emad Nigeria Limited.  For the generator and also the security there are two things attached to that memo.

“The issue of security operation and maintenance of the backup generator and it’s at the cost of N412,352,800 million. It was awarded to Messiah Contract People Limited.”

Three commissioners serving in the cabinet of Governor Siminalayi Fubara have resigned from the Rivers State Executive Council.

The commissioners are Prof. Chinedu Mmom (Education), Dr. Gift Worlu (Housing), and Austen Ben-Chioma (Environment), who are all loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

They were among the nine commissioners who had previously resigned in the heat of the political crisis in the state before the intervention of President Bola Tinubu.

Their resignations came 24 hours after Fubara slammed his predecessor and estranged his political godfather, accusing him of leaving a huge debt burden for him.

The three commissioners tendered their resignations in separate letters addressed to the governor through the Secretary to the State Government, Dr Tammy Danagogo.

Mmom’s letter read, “I write to formally tender my resignation as a member of the Rivers State Executive Council as the Commissioner for Education with effect from today, May 15, 2024.

“It is a truism that a calm, safe, and friendly environment would stimulate efficient service delivery and enhanced productivity. It is, however, unfortunate to note that my current workspace has become toxic and no longer guarantees a favourable environment to enable me to realise my set targets for the education sector in the state.

“There is loss of trust, animosity and sharp division among colleagues in the same cabinet which is unhealthy and very unfortunate. I want to thank Your Excellency for the opportunity to serve in your cabinet and wish your administration well.”

Moments later, Ben-Chioma forwarded his letter dated same May 15. He noted that his reason for resigning is because of the political crisis in the state.

His letter read, “I hereby tender my resignation as the Commissioner for Environment, Rivers State, on this day, May 15, 2024.

“I want to sincerely appreciate Your Excellency for giving me the opportunity to be a part of the State Executive Council. My decision to resign is due to the political crisis befalling our dear Rivers State and other personal reasons.

“It was a privilege to have been of service to you in your administration and wish you all the best in your tenure.”

Similarly, Worlu in his letter dated May 15, said, “I write to resign my appointment as the Commissioner for Housing formally. One of the most difficult decisions in my life yet, it is precipitated by the toxic atmosphere that has characterised our working relationship, especially the smouldering arbitrariness of decisions and actions, including the attempt to fuse the executive and legislative arms of government in Rivers State.

“I thank you for the opportunity to serve in your government and wish you the best as you continue to steer the ship of state. Kindly accept the assurances of my esteemed regards.”

Before the trio of Mmom, Worlu, and Ben-Chioma, others who resigned were the former Attorney-General and Commissioner for Justice, Prof Zacchaeus Adangor, and former Commissioner for Finance, Isaac Kamalu.

Adangor and Kamalu resigned after Fubara directed that they should be redeployed to the Ministry of Special Duties (Governor’s Office) and Ministry for Employment Generation and Empowerment, respectively.

The Lagos State Police Command, on Tuesday, arrested controversial musician, Habeeb Okikiola, popularly known as Portable, for refusing to pay the debt he incurred when he purchased G-Wagon from a car dealer in the state.

It was gathered that Portable, during the purchase of the vehicle worth N27m, paid only N13m and had refused to pay the N14m balance on the pretext that the car was faulty.

According to a report by Punch Online, it was learnt that whenever the car dealer contacted him to pay the balance, he usually claimed that the vehicle was bad.

When contacted, the Police Public Relations Officer, SP Benjamin Hundeyin, confirmed that Portable had been arrested.

“Yes, Portable has been arrested. He bought G-Wagon for N27m, paid N13m and refused to pay the rest, claiming the vehicle was bad. We arrested him today,” SP Hundeyin stated.

Below are the photos of when the singer signed the undertaken of the car in January:

The Federal Executive Council has given the green light for the equalisation of the Okpella section of the Lokoja-Benin road and other projects totalling N120 billion.

The funding for these projects will be provided by BUA Cement Plc under the tax credit scheme.

This decision was reached during a lengthy meeting chaired by President Bola Tinubu on Tuesday, during which 21 significant policy initiatives were unveiled.

The approved policies and projects were contained in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Tuesday.

He said, “On Day 2 of the FEC meeting, approval was given for the award of contract for the equalisation of Lokoja-Benin Road, Okpela Section, Lokoja-Benin, Dualised Auchi Section -Uromi Link Road and Lokoja-Benin Road, Ekpoma Section.”

“It was on this road that a fuel tanker fell into high water recently, with villagers having to swim to rescue the occupants of the tanker. The reconstruction will be financed by BUA Cement at a cost of N120 Billion under the tax credit scheme.”

The tax credit scheme enables private companies to fund road projects, alleviating the financial burden on the Federal Government.

In exchange, these companies receive tax credits equivalent to their expenditure on the roads.

Onanuga also revealed the approval of contracts for various road projects nationwide, including the Kaima-Tesse road in Kwara State, the Benin-Agbor road, the Benin Bypass, and the Ngaski-Wara road in Kebbi State.

These projects are anticipated to amount to approximately N546bn.

A contract worth N230 billion was sanctioned for Messrs CCECC to construct a bypass in Kano. The project is slated for completion within the next 36 months.

The FEC meeting, which commenced on Monday, concluded on Tuesday, marking an unprecedented duration in the history of the council.

Following extensive deliberations, the council sanctioned several policies and projects aimed at bolstering the economy, encouraging investments, and enhancing the ease of doing business in the country.