The federal executive council (FEC) has approved N740 billion for the construction of the Kano-Abuja road project.

The approval was given on Wednesday during the weekly FEC meeting presided over by President Bola Tinubu at the State House in Abuja.

David Umahi, minister of works, who briefed State House correspondents after the meeting, said the government is working on managing the extensive backlog of infrastructure projects.

According to Umahi, the Abuja-Kano road, previously slated for a tax credit arrangement, “will now be procured without such a provision, with the 162-kilometer Berger section already approved for N740 billion”.

The minister also announced that the Shagamu-Benin road is undergoing critical rehabilitation, while procurement processes are being finalised for its full reconstruction using reinforced concrete pavement.

He highlighted other projects undergoing review, including the commencement of construction on the Sokoto-Badagry road, with the Sokoto section to be flagged off imminently. 

Umahi also said works on the Oyo-Ogbomosho road, a project stalled for 18 years, will resume, and the Makurdi-Katsina-Ala road will undergo significant repairs.

“FEC also tackled the inherited debt profile of N1.6 trillion tied to 2,604 projects, with a total contract value of N13 trillion,” Umahi said.

To manage the backlog, the minister said the ministry of works has initiated a phased approach to project completion based on available funding. 

Umahi said examples of projects in the category are the phasing of the Biu-Kangiwa-Kamba-Kaya Niger Republic road in Kebbi state, the Yola-Hong-Mubi road in Adamawa state, and the Kachako-Dambazua road in Kano state.

On July 29, the FEC approved N1.4 trillion for some road projects across the country.

‘30% ADVANCE PAYMENT TO CONTRACTORS’

Umahi said the council approved advanced payment mechanisms to combat inflation and rising costs driven by fluctuating exchange rates and petroleum prices.

“And finally, we presented a memo to FEC that where there is proof of funds, there is available funds, the Procurement Act allows MDAs to pay a maximum of 30 percent advance payments. And let me emphasise that this advanced payment. When you read the law, it say may pay,” Umahi said. 

“And so when people are giving contracts and they don’t mobilise, and they said, I’ve not paid mobilisation, it is not legally binding, because the word says may pay. And so some people turn it (to) shall pay. So no, it’s may pay.

“So where we have funds, and they will have a valuable fund beyond this 30% so what we are, you know, we requested from FEC is approved, that we first pay 30% which is the Procurement Act, and not more, and then when the contractor has started work, and to the satisfaction of the Ministry of works, we should be allowed to pay additional funds. 

“Yes, the law allows us to pay in terms of you know, materials on site. But we are asking beyond that, what is the essence of this? Is to mitigate a lot of fluctuation and inflation, because we have a lot of you know, indices that affect the ministry of works like the petroleum you know it affects it.”

The minister also said the dollar exchange rate affected negotiations, adding that the ministry is “doing everything to manage the resources within the available funds so that we mitigate inflation”.

Year-to-date, the naira has depreciated by 59.79 percent in the official window, declining from N1,035.12 per dollar on January 3, to N1,654.09/$ on October 23.

In the parallel market, the naira has depreciated by 40.65 percent, from N1,230/$ to N1,730 per dollar, within the same period.

The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers to procure six M-346 attack jets manufactured in Italy and ammunition for the Nigerian Air Force.

Naija News reports that the Minister of Information and National Orientation, Mohammed Idris, announced this on Wednesday, October 23.

The Air Force has indicated that the initial three jets are anticipated to arrive by early 2025, with subsequent deliveries expected to continue until mid-2026.

In a recent development, Nigeria’s Air Force revealed the acquisition of 24 Italian-made M-346 attack jets and ten AW-109 Trekker helicopters as part of its fleet modernization initiative.

Air Force spokesperson, Olusola Akinboyewa, noted that a delegation led by Chief of the Air Staff, Air Marshal Hasan Abubakar, held discussions in Rome with executives from Leonardo S.P.A., the manufacturer.

Leonardo confirmed that the first three M-346 jets are projected to arrive by early 2025, with the remaining units scheduled for delivery through mid-2026.

This acquisition is expected to enhance the firepower and aerial capabilities of troops engaged in the ongoing battle against insurgents within the country.

Negotiations with the Italian firm commenced in early 2024, following a meeting between Claudio Sabatino, Vice President of Leonardo, and Nigeria’s air force chief, Hasan Abubakar, in Abuja.

In recent years, the Federal Government has significantly increased its defence and security budget to tackle various security challenges across the nation.

For the 2024 fiscal year, approximately ₦3.3 trillion has been allocated to the defence sector.

Despite some successes, recent events indicate that Boko Haram and other armed groups continue to pose a threat in the Northeast and other regions of the country.

The Central Bank of Nigeria (CBN) says a bank verification number (BVN) platform will be launched by December for Nigerians in the diaspora.

Cardoso spoke on Wednesday during a parley with members of the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) meeting in Washington D.C, United States.

He said the BVN platform will be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.

The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual.

BVN is required to own and operate a bank account in Nigeria.

According to Cardoso, the platform would enable Nigerians in the diaspora to operate their local bank accounts, run their businesses and sort out know-your-customer (KYC) issues with financial institutions from anywhere in the world.

The CBN governor added that the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy.

“As far as we are concerned it is totally unacceptable that you should be out here and be having hassles in operating your accounts or doing your business in your original country,” he said.

“I want to tell you that starting in December 2024 Nigerians in the diaspora will no longer face the hurdle of travelling long distances for physical biometric verifications to access financial services.

“The launch of the non-resident BVN platform by NIBBS will enable enhanced KYC processes remotely making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system.

“This initiative in collaboration with our banks marks a significant step toward greater financial inclusion and accessibility as we continue to roll out innovative solutions.”

On February 14, 2014, BVN was introduced by the CBN to strengthen the banking system, safeguard bank customers, and mitigate fraud.

As of April 2, 2024, over 61.47 million have enrolled for BVN, according to NIBSS.

President Bola Ahmed Tinubu has rejigged his cabinet with the appointment of seven new Ministers.

President sacked five Minister which include Uju-Ken Ohanenye as Minister of Women Affairs; Lola Ade-John as Minister of Tourism; Tahir Mamman as Minister of Education; Abdullahi Gwarzo as Minister of State, Housing and Urban Development; and Jamila Ibrahim as Minister of Youth Development.

Tinubu nominated Bianca Odumegu-Ojukwu as the Minister of State Foreign Affairs, while Nentawe Yilwatda as the Minister of Humanitarian Affairs and Poverty Reduction, officially bringing an end to the tenure of suspended Betta Edu.

The President also nominated Maigari Dingyadi as the Minister of Labour and Employment, Jumoke Oduwole as the Minister of Industry, Idi Maiha as Minister for the newly created Livestock Development Ministry, Yusuf Ata as the Minister of State, Housing and Urban Development, with Suwaiba Ahmad as Minister of State Education.

The President charged the newly appointed ministers to see their appointment as a call to serve the nation.

He added that all appointees must understand the administration’s eagerness and determination to set Nigeria on the path to irreversible growth and invest the best of their abilities into the actualisation of the government’s priorities.

President Bola Tinubu has carried out his much-anticipated cabinet reshuffle.

The cabinet reshuffle was announced on Wednesday after the weekly Federal Executive Council (FEC) meeting, which took place at the Council Chambers of the State House in Abuja.

Naija News reports President Tinubu scrapped the Niger Delta Ministry as well as the Ministry of Sports Development.

He also merged the Ministry of Tourism with the Ministry of Culture and Creative Economy.

The cabinet reshuffle is the first to be carried out by President Tinubu since he assumed power as Nigeria’s leader in May 2023.

The President also sacked some Ministers, redesignated some, and appointed some others into his cabinet.

According to a statement from the presidency on Wednesday, President Tinubu sacked five Ministers, thanking them for their contributions to his administration and the governance of the country.

The sacked Ministers are:

1. Barr. Uju-Ken Ohanenye, Minister of Women Affairs

2. Lola Ade-John, Minister of Tourism

3. Prof Tahir Mamman, Minister of Education

4. Abdullahi Muhammad Gwarzo, Minister of State, Housing and Urban Development

5. Dr. Jamila Bio Ibrahim, Minister of Youth Development.

The list of Ministers reassigned to new portfolios are:

1. Hon Dr. Yusuf Tanko Sununu, formerly Minister of State, Education, but now Minister of Humanitarian Affairs and Poverty
Reduction

2. Dr. Morufu Olatunji Alausa, formerly Minister of State, Health but now Minister of Education

3. Barr. Bello Muhammad Goronyo, formerly Minister of State, Water Resources and Sanitation, now Minister of State Works.

4. Hon. Abubakar Eshiokpekha Momoh, formerly Minister of Niger Delta Development, now Minister of Regional Development

5. Uba Maigari Ahmadu, formerly Minister of State Steel Development, now Minister of State, Regional Development

6. Dr. Doris Uzoka-Anite, formerly Minister of Industry, Trade and Investment, now Minister of State Finance

7. Sen. John Owan Enoh, formerly Minister of Sports Development, now Minister of State, Trade and Investment [Industry]

8. Imaan Sulaiman-Ibrahim, formerly Minister of State, Police Affairs, now Minister of Women Affairs

9. Ayodele Olawande, formerly Minister of State for Youth Development, now Minister for Youth Development

10. Dr. Salako Iziaq Adekunle Adeboye, formerly Minister of State, Environment, now Minister of State, Health.

President Bola Tinubu and the Federal Executive Council have announced the scrapping of the Niger Delta Ministry and the Ministry of Sports Development.

According to a tweet by the Special Adviser on Information and Strategy to the President, Bayo Onanuga, on Wednesday, the decision was reached during the FEC meeting held in Abuja on Tuesday.

The statement read, “President Tinubu and Federal Executive Council scrap Niger Delta Ministry and the Ministry of sports development.

“There will now be a ministry of regional development to oversee all the regional development commissions, such as Niger Delta Development Commission, North West Development Commission, South West Development Commission , North East Development Commission.”

He also said the responsibilities previously held by the Ministry of Sports Development will now be transferred to the National Sports Commission, which will take charge of sports-related activities in Nigeria.

“The National Sports Commission will take over the role of the Ministry of Sports,” he stated.

Additionally, the FEC approved the merger of the Ministry of Tourism with the Ministry of Culture and Creative Economy, creating a single entity.

The Independent National Electoral Commission (INEC) has distributed 55,859 Permanent Voter Cards (PVCs) ahead of the forthcoming governorship polls in Ondo State.

The development was confirmed in a statement released on Tuesday by Sam Olumekun, the National Commissioner and Chairman of the Information and Voter Education Committee.

Olumekun stated that the collection of the PVCs will be transferred to the commission’s local government offices.

The statement indicated that for a duration of five days, the commission facilitated the collection of PVCs from the recent Continuous Voter Registration (CVR) in all 203 wards throughout Ondo State.

The Ondo Governorship election is scheduled for November 16, 2024.

In light of this, INEC has urged remaining voters to collect their PVCs from their respective local government offices, reiterating its stance that no cards will be collected on behalf of others.

“The commission is pleased to announce that at the end of the five days, 55,859 cards were personally collected by new registrants and applicants for transfer and replacement of lost or damaged cards as provided by law. This figure represents 62.2% of the 89,777 cards available for collection.

“This is the highest percentage of PVCs collected in five days in Ondo State since the commission introduced the CVR in 2015. A detailed breakdown of the collection by local government areas has been uploaded to our website and social media platforms for public information.

“Meanwhile, the collection will resume in our 18 local government offices in Ondo State from tomorrow (Wednesday, October 23) to Tuesday, October 29, 2024, from 9:00 am to 5:00 pm daily (including the weekend). Detailed information on the locations of our local government offices in Ondo State is already available on our website,” the statement read.

The money laundering charges filed against an executive of Binance Holdings Limited, Tigran Gambaryan, have been withdrawn by the federal government.

Recall that the Economic and Financial Crimes Commission, EFCC had in April this year, arraigned Binance, a cryptocurrency firm, and Gambaryan over alleged money laundering.

Mr Gambaryan, a United States citizen, has been in detention since February following the clampdown on the cryptocurrency firm over alleged manipulation of naira.

A lawyer representing the EFCC announced the withdrawal of the charges at the Federal High Court in Abuja on Wednesday.

Announcing the development, the lawyer said Mr Gambaryan was merely an employee of Binance, whose activities he was being prosecuted for.

The Bola Ahmed Tinubu-led Federal Government has announced a ban on the export of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, produced in Nigeria, following a sharp rise in its price.

This was made in a statement released on Tuesday by the media aide to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.

The Minister voiced concerns about the surging LPG prices.

Despite previous efforts, including the formation of a high-level committee in November 2023 led by the Authority Chief Executive of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, the price of LPG has skyrocketed from an average of N1,100–N1,250 per kg to N1,525 per kg.

The statement revealed that Ekpo held a meeting with key players in the LPG value chain to address the situation, which is placing a significant burden on Nigerians.

As part of the government’s intervention, the Minister announced several key measures:

Short-Term Solution: Starting November 1, 2024, the Nigerian National Petroleum Company Limited (NNPCL) and local LPG producers are to cease exporting LPG produced within the country. Should they continue to export, they will be required to import the equivalent volume at cost-reflective prices.

Pricing Framework: Over the next 90 days, the NMDPRA will work with stakeholders to develop a new domestic pricing framework for LPG. This framework will be based on the cost of in-country production, moving away from the current practice of using international market prices from regions like the Americas and Far East Asia.

Long-Term Solution: Over the next 12 months, the government plans to develop infrastructure for the blending, storage, and distribution of LPG. Exports will remain halted until domestic supply meets demand and prices stabilize.

These steps, the Minister emphasized, are intended to ensure that LPG is available at affordable prices, reducing the financial burden on Nigerians.