President Bola Tinubu has approved the Renewed Hope Infrastructure Development Fund to facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria.

The Fund will invest in critical national projects that will, among other things, promote growth; enhance local value-addition, create employment opportunities, and stimulate technological innovation and exports.

The objectives of the Fund are to:

(1) Establish an innovative infrastructure investment vehicle to attract and consolidate capital, serving as a dynamic driver for economic advancement.

(2) Execute strategic and meticulously chosen national infrastructure projects across several key sectors, including road, rail, agriculture (irrigation, storage, logistics & cold chain), ports, and aviation, among others.

(3) Efficiently utilize and aggregate accessible low-interest loans such as concessionary loans and Eurobonds, supplemented by the procurement of other favourable financing options, in addition to budgetary allocations.

(4) Guarantee Nigeria secures the most advantageous arrangements for financing, construction, and subsequently, operation and maintenance of the identified projects, ensuring optimal long-term outcomes for the nation.

The Fund will identify appropriate approaches in its investment strategy, such as direct project financing through budgetary allocations and SPVs; co-financing (public-private partnerships) with key institutions, multilateral development institutions, as well as equity investments.

On agricultural infrastructure and food security, the emphasis is on the development of robust agricultural infrastructure networks. This encompasses the establishment of national food storage facilities, integrated irrigation systems, ranching for animal husbandry, and the enhancement of agricultural logistics and distribution.

On ports revitalization, the strategic thrust revolves around the rejuvenation of port facilities and associated infrastructure to streamline operations and enhance the ease of doing business. By modernizing port facilities and implementing advanced monitoring systems, the goal is to optimize efficiency, attract investments, and bolster Nigeria’s position as a regional trade hub.

On aviation enhancement, the focus is on the revitalization and modernization of major airports nationwide. Through targeted investments and infrastructure upgrades, major airports will undergo comprehensive refurbishment, including improvement in terminal facilities, runway expansions, and the implementation of cutting-edge technologies to enhance safety and operational efficiency.

On road infrastructure, some of the strategic projects to receive attention include the Lagos-Calabar Coastal Road, the Sokoto-Badagry Road, among other key road projects across the nation. This is to enhance connectivity, facilitate transport efficiency, and stimulate economic growth across regions. 

On rail infrastructure, Lagos-Kano and Eastern rail lines are among the projects to be prioritized by the Fund. The aim is to ensure the modernization of transportation networks, fostering interconnectivity between key urban centres, and facilitating the movement of goods and people with greater speed and reliability.

President Tinubu has also approved that the Presidential Infrastructure Development Fund (PIDF) be absorbed into the new Renewed Hope Infrastructure Development Fund (RHIDF), which will successfully eliminate identified bureaucratic inefficiencies, enhance domestic and external counterpart funding opportunities, and expedite project delivery timelines for the benefit of the Nigerian people.

As the major infrastructural enabler of his global push for foreign direct investment across sectors, the President has further directed that the projects funded under the Renewed Hope Infrastructure Development Fund (RHIDF) reflect an equitable national spread, such that every Nigerian is impacted by the initiatives of his administration in the most qualitative fashion possible.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

March 25, 2024

-As Honourable Minister of Works Saves for the Country Over N300 Billion on the Design of the Onitsha Axis of the Second Niger Bridge Bypass Done by the Past Administration

1. As part of efforts to secure the future of Nigeria and guarantee her progressive march to economic prosperity, the Renewed Hope administration of the President of the Federal Republic of Nigeria, His Excellency, President Asiwaju Bola Ahmed Tinubu GCFR has expressed its commitment in building everlasting road infrastructure with the most effective design at the lowest possible cost. This assurance was made by the Honourable Minister of Works, His Excellency, Sen. Engr. Nweze David Umahi CON during his inspection visit to the rehabilitation of Enugu- Port Harcourt dual carriageway section IV (Aba-Port Harcourt) handled by China Civil Engineering Construction Corporation Ltd( CCECC) on Sunday, 24th March 2024. The Honourable Minister who was accompanied by a member of the Senate Commitee on Works and Deputy Chief Whip of the 10th Senate, and other leaders across political divide from South East said that some of the ideals in the Renewed Hope mantra under his Ministry include design and cost effectiveness, speed and standard of job delivery as well as innovations that would guarantee zero maintenance and durability of road infrastructure in Nigeria. He urged contractors to always consider the sufferings of the road users as they set up their work plans.

2. The Honourable Minister also enjoined contractors to ensure that the roads they are working are made passable for commuters during the rainy season. He thanked Mr. President for the enablement to change the narrative of the road infrastructure in Nigeria. On the section being handled by CCECC, he directed, "We will not accept anything less than two to three sections working. And I've given seven days for this particular lane, that is, the upper bound lane to be totally repaired, to ameliorate the sufferings of the commuters. I feel for them very highly. When you go through this road, you now need to take a number of painkillers. It's not desirable. So I'm begging CCECC, the controller, and engineers to do everything possible in the next seven days and create a smooth sail on this right-hand side." He further said, " I want to thank Mr. President, so much. He has done a lot in our road infrastructure. He's a man who wants all the roads to be completed as soon as possible. But let me assure him that I'm doing the best that I can with the fear of God and with commitment to his Renewed Hope agenda, which we all embraced. He continued, "And just only two days back, with these leaders, we went to Asaba to look at the design of the bypass of the second Niger bridge, and we went to Onitsha. And by that singular movement, we saw that the design was defective and we agreed on a new kind of design. That was how we saved the country over N300 billion by that singular movement to that location."

3. The Honourable Minister who also visited the Upgrading of the 15km section of the East-West road section III: (Port Harcourt - Eleme Junction to Onne Junction in Rivers State) handled by RCC, the rehabilitation of Enugu- Port Harcourt Expressway Section 3, Enugu- Lokpanta handled by CGC and the rehabilitation work at the collapsed bridge site at the New Artisan Bridge near NNPC mega fillings station Enugu Capital City, Enugu State, expressed satisfaction with the job being done but charged contractors to step up their pace to cover a milestone ahead of the rainy season. He said of the project along Eleme refinery road, " We are upgrading the 15km road between Eleme flyover to Onne junction. We are starting with excavation to fill all the failed sections to make them stable. And when we get to where stable, we build up the boulders. After boulders, we put up sharp sand, and after the sharp sand, we compact. After the compaction, we put the first layer of stone base, 20cm first layer that will build up against another 10cm of stone base, we compact. After compacting, we leave it out for the traffic. So that it gets maximum compaction. After that, we put 10 cm with 5% cement to stabilize it and make it very strong. That will make the road very stable and it will last for a long time. "

4. The stakeholders from South East, who accompanied the Honourable Minister, thanked Mr. President for appointing a round peg in a round hole and for taking a bold and reassuring step to recover the economy of the country. They enjoined Nigerians to continue to have faith in the Renewed Hope administration of President Bola Ahmed Tinubu GCFR. The Deputy Chief Whip, Sen. Barr. Onyekachi Peter Nwaebonyi, who is also the Deputy Chairman Public Accounts and member, Works Commitee of the 10th Senate said, "This is what we were lacking before, like he said here, he is not an office Minister. He moves from site to site to ensure that the jobs are done according to specification. That is what we want in this country, and I want to commend Mr. President for finding him worthy. This is the very first time an expert is leading this ministry, and I want to assure Nigerians that very soon, they will see the difference in all our projects." The former Secretary to the Government of the Federation and former Senate President, Sen. Anyim Pius Anyim, GCON said, "I want to remind you that the day the Honourable Minister took oath of office, he had a reception and I chaired it and I reassured Nigerians that he would exceed their expectations. I think this trip is a follow-up to that assurance to satisfy myself that he's actually exceeding expectations. And I can tell you that it's amazing. His passion, his expertise impacts the design, the quality, the speed, the durability, and, in fact, impacts the style of project implementation. And for the two days we've been on the road, it's been like never before. And I want to say that I am proud that he is exceeding expectations. And I want to say that I have been vindicated that the President did not make any mistake. Again, I want to reemphasize, like my brother, there is a case of square peg in a square hole. Thank you, Mr. President." The former National Publicity Secretary of the People's Democratic Party, PDP, Chief Olisa Metuh said, "I want to state clearly, publicly what I have seen in the past two days. In the last two days, I have witnessed things that I never knew were possible on the issue of road construction in Nigeria, especially on these roads. I've gone with the Honorable Minister. I have seen, I've been satisfied. I feel that it is a question of a round peg in a round hole. Our request, Mr. President, is that the hope is real, and as long as the Minister is in charge, he's being supported, he's being funded, Mr. President is going to write his name in gold in the annals of our history for generations to come. This will be a reference point about what he has done on our roads in the entire country. It's a legacy project for Nigerians. I want to state that the most important thing is not only the quality of the roads that we have seen but the fact that it's being done with the lowest amount of money. What the Honourable Minister is saving the country, saving from the budget, saving the Nation on the instruction of Mr. President is unquantifiable. This is democracy in action. Mr. President, thank you so much. We thank Mr. President and we thank you, Mr. Honourable Minister."

 Hon. Barr. Orji Uchenna Orji

Special Adviser (Media) to the Honourable Minister of Works

The announcement of the ban of Binance and other cryptocurrency exchanges is nothing new.

Remember, they were banned in Nigeria by Emefiele long ago.

 Indeed, Emefy went ahead to punish a few FI's who broke through the backdoor to deal with the crypto speculators. 

But when Tinubu assumed duty, he rolled back the crypto ban, opened the gates for the speculators, and pushed our economy into uncharted territory. 

He also decreed the full float of our Naira without any guardrails pari passu the full throttle deregulation of fuel import scheme without any safeguards. 

The consequence was the spike in FX rates and attendant runaway inflation which has rendered every Nigerian 75% poorer and reduced the value of our currency by 75% too.

Now that the gamble has spectacularly failed and they are trying to return us to where they took us from, some yahoo-yahoo analyst is out, trying to spin that Tinubu has found an answer to a question he intentionally and recklessly created ab initio. 

Under PMB, the FX market was administered using managed float. Right now, we are back to managed float, after the experiment of full-float failed. Under PMB, subsidy was paid for fuel imports. Today, we are back fully to paying subsidies on imported fuel, after the initial gragra failed. PMB inherited the USD at around N200 and got us to around N450 in eight years. Cardi B & Co took up the baton at N450 and throttled us to N1,900 before the recent moderation to N1,400 which has triggered this Yahoo analysis. In ten months!

The stubborn character of data makes this present spin difficult to sustain. No doubt the intentions may have been noble when these decisions were. made. However, there was a demonstrable lack of rigor and deep thinking in executing the agenda. As a result, we are all poorer today by a factor of not less than 60% than we were a year ago.

Worse, we can't ever recover back to the bad old Buhari days. Never!!!

So what is there to celebrate? Starlink internet equipment which I bought at N380,000 two months ago, sells for N1.2 million today. A three-year-old Toyota RAV4 car which cost N19 million four months ago goes for N50 million today. A new Honda CRV car which was N48 million in December 2023 is now N82 million. Yet my salary of 2022 is still exactly my salary today.

So what's all the hype for???

There is uneasy calm on Taraba-Benue border along Wukari – Zaki Biam Highway as gunmen suspected to be militia group operating in Benue State intercepted a bus with 10 passengers heading from Wukari to Zaki Biam.

The bus was stopped few minutes after it took off with the 10 passengers at Takum Junction in Wukari, the headquarters of Wukari Local Government Area of Taraba State on Saturday at about 11am.

Wukari is the home town of Dr. Agbu Kefas, the governor of Taraba State.

The passengers, according a friend to the driver of the bus who spoke to our correspondent on condition of anonymity, were to stop over at Gboko in Benue State, and take another vehicle to Kwara State.

The friend revealed that the passengers were intercepted at Jootar, a major village at border from Benue side.

“My friend revealed to me that he picked the ten passengers at Takum junction in Wukari, among the ten, there was one woman. The gunmen came on motorcycles well-armed, they stopped him in the middle of Jootar town.

“He said the gunmen ordered him to come down from the bus, as soon as my friend came down, one of them went in and drove off, leaving my friend with the other gunmen who were on the motorcycles.”

LEADERSHIP gathered that people from Wukari and Jalingo the headquarters of Taraba State became agitated to know the whereabouts of their loved ones.

Some were visibly seen worried while making phone calls to stop their relatives from traveling on the road.

Efforts to talk to the Chairman of Wukari Local Government Council, Hon. Ismaila Dauda, to confirm the identity of the passengers failed as he did not pick his phone calls nor respond to our correspondent’s messages as at the time of the report.

[Leadership]

Paramount Ruler of Igbomotoru Communities in Bayelsa State, HRH Ayibaikie Aseimighen Ofongo, has narrated how the militant gang currently on the run over the killing of soldiers in Delta State, forced him out of his community.

Addressing reporters in Yenagoa, Bayelsa capital, the monarch said the over the years, the gang, which operated unchallenged, perpetrated criminality in Southern Ijaw local government area of Bayelsa.

Ofongo, a retired army officer, said having served in the armed forces, he could not have kept quiet while militants perpetrated criminality in his domain.

He also commended the military operations in Igbomotoru Communities, saying so far, troops have only gone after the fleeing militant leader and his boys.

He said: “My Community, Igbomotoru, for some time now, have had some internal problems; there is a group that went and brought militants to the community to dissolve the ruling class, and at the same time leading to vandalizing national assets of oil companies in our area, which I opposed. I said if we had any problem with the oil companies, we should apply the normal system of communication so that they can look at those issues, but this advice did not go through with the group.

“And since that time, there have been problems, based on that differences we had. For almost three years now, I have not been allowed to visit my own community. My life was threatened; I had to escape from the community. I only went to the community when I heard about the death of my relations.

“From where I’m hiding, I got telephone calls from both home and from some other relations and friends on what happened at Igbomotoru; what I was told was that military men came into the community, particularly on Igbomotoru ll, Igbomotoru is on both sides of River Sangana. So, when I had this issue, I enquired from sources. I was told there was an Army invasion of the community, I was told a militant leader from Igbomotoru by name Endurance Amagbain went to Delta and some military officers who were there to make peace were shot dead, that was why military invaded our community last Sunday.

“The Army troops that came, they know where the person they wanted was and they went there, and some miscreants who are members of the militant gang came out and wanted to know what was happening in their usual militant way,  and there was opening of fire from the Army, and some of them were killed. So, it was only members of the militant gang that were killed, not the natives.

“I have previously written several petitions to both the presidency, the state government and the security agencies about the activities of this militant gang, and we attended meetings with the governor, we also had time with the oil companies representatives, because when they started, they started with the oil companies and then rolled back to me, claiming I had been deposed and all that, so all those activities were reported to the government, and so many meetings were held by the government and oil companies to resolve that, but the people continued to do what they thought was good for them, until we reached this state. It was my opposition to this militant group that made them force me out of the community.

“As a Paramount Ruler and somebody who has served in the Nigerian Army and retired, I always report any act of lawlessness to the authorities, if not, that means I am involved. Army operation at Igbomotoru Community is just after the fleeing militant gang at Igbomotoru ll, where their leader resides and commit all these crime. In fact, they have not crossed to Igbomotoru 1, but because of fear, people have deserted the entire community.”

Military has done well

“You see the military has done well, what happened to the military, even during my time as a soldier, you cannot go and tempt the lion and you will think he will sit down and begin to look at you, the militant gang went to Delta to kill army personnel and the army came to kill them,  they didn’t move from house to house in Igbomotoru to kill everybody.

“I am not against government taking any action in respect to what has happened, because lives have been lost. It was only houses where the prime suspect in the killing of soldiers staysthat were burnt not innocent people’s houses. That is why I appeal to the federal government to establish army formation at Igbomotoru Community, it will help checkmate the criminality.

“So, I urge the army to continue to be civil as they are hunting for their suspected killers of soldiers, because the community is ready to assist them to ensure that all suspects involved in the dastardly act are apprehended,” he said.

[DailyTrust]

A stampede during an almsgiving zakat for the poor in Bauchi State has led to the death of four people.

The stampede occurred at about 10am at the Shafa Holdings Company plc headquarters along Jos Road, on Sunday.

A 17-year-old identified as Naima Abdullahi, is currently receiving medical treatment at the Abubakar Tafawa Balewa University Teaching Hospital in Bauchi.

Confirming the incident, the Police Public Relations Officer in the state, Ahmed Wakili, said the situation has been stabilized as at the time of filing his report.

Wakili said the police acted swiftly upon hearing the news, adding that the police commissioner encouraged the public to stay composed.

[DailyPost]

Foremost Yoruba socio-cultural organization, the Yoruba Alliance Forum (YAF), at the weekend urged the Aare Onakakanfo of Yorubaland, Iba Gani Adams, the Yoruba nation activist, Sunday Adeyemo, popularly called Sunday Igboho and many others that have been bothered by the recent viral audio content credited to Iba Gani Adams, to sheath their swords and unite to fight the common enemies of Yoruba race.

The leaders of the pan-Yoruba organization made the appeal on Saturday, after reaching out to Iba Gani Adams on the telephone, as part of efforts to ensure peace in Yoruba land.

YAF, in a statement signed by the chairman, Chief Onitolo-Ariyo Adejare, and the secretary, Comrade Adedeji Oluwaseun, described the unity of the Yoruba as the best weapon to fight common enemies.

The YAF chieftains also added that Yoruba sons and daughters, both at home and in the diaspora are worried about the ongoing social media attacks between loyalists of Iba Gani Adams and that of Sunday Igboho.

The group also described those who are sending the viral audio content across the social media platforms as enemies of the Yoruba race, saying that such acts were very libellous because they had intruded into the privacy of Iba Adams and the other person involved in the private discussion. 

“This unlawful act can affect the much-needed unity and peace in Yoruba land and can also expose the race to further attacks by the enemies of the Yoruba.

“The issue that transpired between Iba and his former aides in 2015 as well as the audio content generated from a private discussion in 2021 should not be the clog in the wheel of the progress of the Yoruba race.”

[TheNation]

Several people have been reportedly killed in a clash between rival youths in the Mikang Local Government Area of Plateau State.

It was learnt that many people were also injured during the clash said to have started on Saturday night between Taroh and Motola youths in the locality and lasted till the early hours of Sunday .

The state Commissioner for Information , Musa Ashoms, confirmed the development to The PUNCH in Jos on Sunday .

“It started as a result of dispute over land.

“According to the LG chairman, the land in question cannot even produce six bags of rice, and you know when people are attached to their land, they could go extra mile.

“It is something they could have controlled their nerves, but somehow, it got to a point where others too joined them and houses were burnt down and people were maimed.”

He advised the people to always explore alternative dispute resolution mechanism in resolving their differences and refrain from taking the law into their hands .

When contacted, the state Police Public Relations Officer, Alabo Alfred, said security operatives had been deployed to the troubled area while investigation over the incident continues

“The area is now calm. People are going about their normal businesses,” the PPRO added

[Punch]

A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, said those expecting the Naira to be N400 to the Dollar are living in a dream world.

Moghalu made this assertion in a statement via his X handle on Sunday. 

According to him, the exchange rate should reflect its market value in reality.

Moghalu claimed that the Central Bank had created artificiality that it sought to maintain to please economic illiterates in political power at the time.

The economist insisted that artificiality created room for massive arbitrage by speculators which bled the economy.

He suggested that the sooner the country focused on the creation of value-added manufacturing export economy that earned forex beyond oil in real and significant terms, the better.

Moghalu said, “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the central bank sought to maintain to please economic illiterates in political power at the time.

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.

“And we do not have $100 billion in foreign reserves. So on what basis would the Naira forex rate return to some fantasy land soon? It will also take time to regain or achieve full investor confidence such as we had when we were there (and the rate was N150-165 to the $.

“The sooner we focus on a painstaking creation of value-added manufacturing export economy that earns forex beyond oil in real and significant terms, the better.

“Key to this is the electricity conundrum in which we are at less than 4,000 megawatts of generation for a population of 200 million for decades now.

“Take power to even 20K megawatts (let’s not talk of 50K for South Africa’s 60 million population or Brazil’s 181K megawatts for a population only slightly larger than Nigeria) and you will see what the Nigerian entrepreneurial spirit is capable of,” he said.

[Vanguard]

President Bola Tinubu says his administration is deploying “detailed strategies” to ensure schools are secure for learning in the country.

In a statement on Sunday, Ajuri Ngelale, presidential spokesperson, said Tinubu welcomed the news of the release of the abducted students of the Government Secondary School Kuriga, Kaduna, and Tsangaya in Sokoto.

The president commended Uba Sani, governor of Kaduna; Nuhu Ribadu, the national security adviser, and the security agencies for the safe release of the abducted Kuriga students.

The president said the dedication towards the safe release of the victims is “critical to optimal outcomes in cases of mass abductions”.

In the early hours of Sunday, Sani announced the release of the abducted Kuriga schoolchildren.

Sani Abdullahi, a teacher at Government Secondary School Kuriga, had said 287 students were missing after the attack on the schools.

On Friday, 15 students abducted from a Tsangaya school in Gidan Baya, Gada LGA of Sokoto regained their freedom.

The students were kidnapped on March 9 when bandits attacked their community.

[TheCable]