Oil prices rose 8 per cent higher on Wednesday,February 3, after investors took advantage of a weaker US dollar and ignored data showing an unexpected large surge in US crude inventories to record highs.
Comments by Russia’s foreign minister reiterating the major producer’s willingness to meet if there was consensus among the OPEC and non-OPEC members also reignited hopes of a deal to trim output and helped to boost prices.
Reuters reports that the dollar index tumbled to an over seven-week low, making commodities priced in the greenback cheaper for holders of other currencies, amid growing scepticism that the Federal Reserve would be able to hike US interest rates again this year and after data showed the US services industry grew more slowly than expected last month.
US crude closed with one its biggest gains in five months, rising $2.40, or 8 per cent, to $32.28. Brent futures settled up $2.32, or 7.1 per cent, at $35.04 a barrel, after rising as high as $35.11.
“US heating oil futures finished 6.7 per cent firmer after the US weather model called for seasonal cold over the next two weeks.
Senior vice president of energy futures at Mizuho Securities USA,Robert Yawger, said: “We’re getting the rally in crude oil from the pounding that the dollar is taking.”
Nigeria loses an average of N1 trillion annually as production cost in the exploration of crude oil, Chairman of the House of Representatives Standing Committee on Appropriation, Hon. Abdulmumin Jibrin (APC, Kano) disclosed.
Jibrin, who disclosed this to while fielding questions from newsmen on the 2016 budget, said that, as a result of the dwindling international market price of oil, the House would consider a reduction of the benchmark of $38 per barrel at the time the budget proposal was prepared.
He noted that with the current price of about $30 per barrel, there was the need to review the benchmark to meet with the current realities.
“One very important aspect that swallows a large chunk of the money in the budget is the cash call and production costs. Many people take their eyes away from production costs, but it is critical.”
“This is because, every year, we pay an average of N1trillion as cost of production. So, it is important that, this time around, we need to sit with relevant authorities in the oil and gas sector to see the details of this production cost, to ensure the country is not just being short-changed.”
“We are just mopping a lot of money from the first line charge just to give to our foreign partners. The benchmark has been pegged at $38 and, of course, we have known that the oil price has gone much below that figure.”
“I am sure that during this budgeting period we will engage again with the Committee on Finance and relevant committees and we should be able to peg the benchmark at a very safe figure that should be more realistic,” he added.
It’s no secret that Lagos is the actual heartbeat of Nigeria. Every tourist to the country prefers the city as it is the most developed in terms of technology and holds the best opportunities for fun, shopping, fine dining and exquisite lodging.
Lagosians are huge on cashless policy. From making purchases at stores to recharging airtime, settling bills and more; Automated Teller machine, ATM, cards have become vital to the inhabitants and visitors alike. The good thing is, in addition to bank locations, there are ATMs located in shops, malls, pharmacies, delis, fast food joints and hotel lobbies around the city. Actually, it is rare in Lagos that you would have to walk more than 10 blocks without finding an ATM.
Are you visiting Lagos and itching to move quick cash from a bank account to your wallet? Jovago.com offers a few tips that can help you use your ATM card safely in Nigeria.
1) Ensure you have a local account, foreign currency transactions are not allowed
Using your debit card at an ATM with the intention of taking a foreign currency directly from your home country’s bank account is not an accepted practice. Unless you visit a bank to complete the transaction, you do not have the option of withdrawing in other currencies outside the Naira. So when planning your itinerary, make visiting a credible financial institution to sort through cash issues a priority
2) ATM charges and fees are real
Lagos ATMs work like your most other ATMs around the country: they always have English-language instructions and you will be expected to pay a service fee of NGN 400 after the third time of making withdrawals from a foreign account.
It is important to check with your bank or credit card company to find out what other fees may be applicable as ATM transactions made with bank-issued debit cards come with various fees.
3) Use an ATM close to the issuing bank
While there are many ATM machines around Lagos, it is important for travellers to seek out the those that have affiliations with their domiciled bank. This is so that in cases where issues arise, they can sort it out quickly.
Again, most banks have withdrawal limits, and in the case where you have reached your limit, you can easily walk into a branch and withdraw the rest you need. Also, your sense of security will be higher with little fear of robbery.
4) Ensure the ATM card is valid
Most travellers carry an more than one ATM card for backup in the case any of them goes missing, however, it is important to make sure your cards remain valid and will not will not expire before your trip ends to avoid being stranded.
As ATM machines in Lagos sometimes even reject cards a week before expiry date. Also, before you set out on your trip, confirm with your bank to be sure that your card will work in properly in Lagos, also, let them know if you will indulge in unusual spending patterns or make large withdrawals while traveling, that way they do not feel the need to freeze your account in the bid to protect it.
Apart from feuds between music celebrities and popular political rows, a major talking point for 2016 so far in Nigeria has been the case of the deadly disease – The Lassa Fever.
Lassa Fever (Lassa Hemorrhagic Fever) is an acute and often fatal viral disease, with fever. The Lassa Fever is usually acquired from infected rat. This has been spread to different parts of Nigeria with a couple of recorded deaths already. Unlike the case of the Ebola virus, no one knows how it spread into Nigeria and it has become imperative to keep surroundings clean and free from all types of rats.
As expected, the rate of purchase of rat gums and poisons have soared and hand sanitizers will also be in huge demand. However, a very surprising aspect is the conversation figures that Lassa Fever has generated online from the 1st of January till now. Putting into consideration, the fact that 2016 has been a busy year so far with different and twisted stories, Lassa Fever has topped the conversation.
A whooping 1.4 billion potential impressions have been generated with Twitter taking about 99% of the whole conversation. Of course, general conversation tone on Lassa fever has been quite negative. Popular music celebrity @IamDbanj has racked up over 140 retweets on his tweet on keeping environment clean – making him the second most influential Twitter author for the Lassa Fever in Nigeria after @adeyanjudeji.
Travelstart, the leading Internet travel booking company in Africa, announced today an investment of US$40M led by Amadeus Capital Partners (London). With the new funding comes a strategic partnership with Nigeria’s largest mobile telecommunications provider MTN which has a subscriber base of more than 40 million locally.
The funding will be used for Travelstart’s growth in Nigeria and to solidify the company’s position as the biggest OTA player on that continent. Andrea Traversone, Investment Partner at Amadeus Capital, will join Travelstart’s newly formed board of directors.
While the move will strengthen Travelstart’s position in the local market with robust anti-fraud systems and procedures, the agreement with MTN will give the OTA access to multiple payment points throughout Nigeria. MTN subscribers will be able to access special deals not available elsewhere in the market.
“Since our launch in Nigeria in 2012 we have been positively surprised by Nigerians’ passion for everything technology and this gives us confidence in the future. We have enjoyed triple digit growth in Nigeria every year and this will continue for a while. The investment from Amadeus Capital and the MTN partnership is a fantastic fit for the Nigerian market who will get access via mobile to better fares and more payment methods,” says Travelstart founder Stephan Ekbergh.
Amadeus Capital Partners’ Andrea Traversone will join Travelstart’s Board of Directors as part of this financing, “The market potential for Travelstart is huge and the company is already a tour de force in emerging markets. They are one of the most profitable e-commerce companies on the African continent and with this new round of funding Travelstart will be able to fast-track its already rapid growth. We’re excited to spearhead this round and to see the company’s continued growth and success.” said Traversone.
Nigeria: Africa’s most populous nation and largest economy
Widespread Internet connectivity, a growing middle-class with spending power, and a booming online shopping landscape underpin Nigeria’s reputation as a promising market for brands that seek to expand through e-commerce. According to projections by the United Nations, Nigeria’s population, which is growing and urbanizing at one of the fastest rates in the world, is expected to increase from 180 million to 400 million by 2050. That would place Nigeria behind only India and China in terms of population size.
According to figures released by the Nigerian Communications Commission (NCC) in August 2015, the number of internet users on the country’s telecoms networks has hit 97.21 million.
Since launching in Nigeria in 2012 Travelstart has grown its share of the burgeoning online travel booking market, and the company’s latest capital injection indicates the confidence international companies have in Africa. Considering MTN’s subscriber base in Nigeria alone the partnership makes sense for both Travelstart and the telecoms giant who reported 41.84 million subscribers browsing the internet on its network in 2015 – an increase of 423,448 subscribers between August and September 2015.
Travelstart’s financial advisor for this transaction was EOC Partners LLP.
A group, the Nigerians Against Theft in the Maritime Sector (NATIMS), has called on the Federal Government to re-examine operations at the nation’s sea ports to block revenue leakages in the maritime sector.
In a statement on Wednesday in Abuja, the Chairman of the group, Dr. Jonas Bankole, said the call was necessary because of inappropriate berthing or direct reception of ocean going ships/vessels at some terminals.
He said these actions translated into huge revenue loss to the Federal Government.
He cited a ship with 470 twenty-foot equivalent of containers that allegedly sneaked into Nigerdock facility at Snake Island Integrated Free Zone, Apapa in Lagos since Jan. 19 and some others.
According to him, the ship has been seized by the customs because its rule says “that on no circumstance should any ship/vessel coming in from foreign, berth at any other place other than the conventional ports’’.
He said the ship might not have observed the rule as it headed straight to private jetty and wondered how this could happen without the knowledge of the authorities.
Bankole said the group would petition the Senate and House of Representatives committees on Maritime Transport on how such activities had negatively impacted on the revenue base of the nation.
Technology has been helpful in almost all spheres because it is a convenient way of doing things. However, do you know that technology can also get in the way when you are having fun with that special one on valentine’s day? To keep your gadgets from ruining your date, Jovago.com, Africa’s No 1 hotel booking portal shares some hacks where technology will play little or no role.
Do not Skype date
Technology may have introduced cheap ways to communicate with your partner via Skype, WhatsApp and Snapchat, but it has also made so many couples distant. Don’t you ever get tired?
With Valentine’s day is around the corner, it help your relationship if you can take a break from Skype and meet physically – you are even lucky that this year’s Val’s day falls on a weekend.
Mobile free dinner
This may be an impossible task for some people but before the arrival of Social Media, people went on dates without taking a single picture, rather, they would have a standby cameraman just take one or two snapshots and continue with their meals.
Today, even before anyone of them sits down, they are already posing to take pictures of the food and hair. With this kind of date, people never get to know anything about each other. Perhaps, it should be tagged a ‘Pictodate’. To keep this from being you, turn off your phones when you get to the table.
Play a Board Game
You have been reliant on technology for so long, that you’ve completely forgotten how to act when it’s all taken away from you. Long before Facebook ruled your social life, board games acted as a crazy kind of analogue software. Couples play games like scrabble and monopoly. This board game reveals so many things about the partners like how they will respond to being defeat. You can never get this emotion from technology.
Valentine is just a few days away and couples are holding their breath. On this day, the uncontrollable blushing, the tears of joy, the overwhelming smile, the depth of gratitude and the gripping affection guarantees you a special place in the heart of the person you love.
If you are searching for creative ways to impress your spouse, Jovago.com, Africa’s No 1 hotel booking portal is here to help as we roll out 6 valentine’s day ideas just for you!
Write an open letter on why you love your spouse
Have you been with your partner for months, but are yet to tell him or her how you feel? This coming valentine is your opportunity. Get a polished book and pen reasons why you are smitten by your partner. Do not forget to share fond memories you have had together. Do not focus on their shortcomings but let your respect and love for them show. You will be shocked by their reaction.
Go on a scavenger hunt
This may need a bit of planning in order to get the desired impact. Request your partner to answer riddles or to find traces of items you have hidden somewhere around your town and make the riddle or search as easy as possible.
When he or she eventually finds the item, it should include instructions that lead to a hotel or restaurant where the romantic getaway will take place.
Deliver roses at her office
On Valentine’s day, you can order 6 roses to be delivered at her office. The romantic secret here is that you pay the dispatch boy to deliver 5 roses while you give her 6th one yourself amidst reading a love poem to her. This is an excellent idea for couples that do not see each other often.
Special valentine getaway
If it has been awhile you went on a night out with your spouse, valentine’s day is the time to surprise her with a special getaway. On Val’s day, if your children are still young, drop them off at your aunt’s house for the night.
Ensure there are no hitches with the candlelight dinner and room at an exquisite hotel in Lagos. In between, pack the bags without your spouse having an inkling of your plans. Then show up at your wife or husband’s office unannounced to pick him or her up for the weekend getaway. It will be a pleasant experience for both of you.
Travel down memory lane
Pay a visit to the place where you had your first date. It may be a restaurant, a cinema or a beach. After you have ordered a meal, both of you should take few minutes to write your favourite moments together. Then share the lists. You will be astonished to see what pops up on the lists. It will include things that you thought were insignificant.
Watch a romantic movie
After the candlelight dinner and exchanging fond memories, you can round up the day by watching a romantic movie, not at the cinema but in the comfort of your home.
Going further on our previous discussion on qualities a healthy building should possess, we would be focusing on the environmental qualities of apartment buildings and how it affects our health as individuals.
So if you have not read the previous post, I’ll advise you to go back to read so that you can have an adequate knowledge of what a healthy building is.
Environmental qualities are the essential strategic elements that should be achieved for a healthy building. They make up a general assessment framework that is applicable to all apartment buildings.
Based on the usual settings of apartment buildings, we identified eight key environmental qualities that contribute to occupant’s health.
Density: This may have a negative impact on their health as a result, high population density implies more frequent contacts among people. This may have a negative impact on their health. More contacts among people increases the chance of transmission of infectious diseases and reduced personal private space creates a stressful and overcrowding environment.
Light: The two sources of light which are artificial light and daylight are sources of light in apartment buildings. Daylight gives the tenants a sense of contact with the outdoor environment, a lack of which is found to produce suppressed feelings.
Air: Outdoor air pollutants such as nitrogen dioxide, sulphur dioxide, photochemical oxidants and airborne diseases enter apartment buildings through windows; poor indoor air quality is known to have links with health problems. Since the interior of individual dwelling units is not inspected, locating the source of indoor air pollutants is difficult; however ventilation can help reduce indoor air pollutants. Therefore, natural ventilation is an important factor in determining indoor air quality.
Noise: In apartment buildings, noise mainly comes from traffic, aircraft, construction sites, and activities in adjacent buildings. Noise generated from building services is relatively minor and negligible. Very high noise levels, prolonged exposure to noise, and noise during sleep may cause irritation, mental stress and hearing loss. A number of studies also found that aircraft noise had a negative effect on housing values.
Thermal Comfort: This affect the comfort of occupants, very low humidity may irritate throat and nasal membranes, while very humidity may induce the growth of fungi. Room temperature also affects comfort, since indoor thermal conditions can be controlled individually by clothing, heater, cooler does not depends not so much on the settings of apartment buildings, but on the external climate.
Drinking Water: The quality of drinking water in apartment buildings is affected by the conditions of the fresh water supply systems. Poor design of maintenance of water pipes, tanks and pumps may cause unusual odour, discolorations as a result of rusting of pipes and contamination of water. The Environmental Protection Agency (EPA) (1999) also identifies 87 contaminants that may pose acute or chronic health problems. There was also evidence showing that poor drinking water quality depressed property values .
Cleanliness: The cleanliness of common areas in apartment buildings and their immediate neighbourhood reflect their environmental hygiene conditions. An unhygienic environment not only creates nuisances to occupants, it is also conducive to pest problems and the growth of micro organisms which lead to the spread of infectious diseases.
Waste Disposal: In apartment buildings, there are solid wastes like household refuse and fluid wastes like human excretion. It is important to discharge them properly because wastes may contain pathogens and emit undesirable odours. They also attracts pest like cockroaches, mosquitoes, rodents and houseflies that carry and transmit pathogens to human beings.
The Bauchi state commissioner for health, Dr Halima Mukadda, has said that six people have died from the Lassa fever outbreak in the state.
While disclosing that preparations are made to set up a laboratory to ease the difficulties in diagnosing the dreaded disease, she said the state government has procured post exposure equipment to protect the staff from getting infected by the disease in addition to also procuring medication to assist in the management of patients, adding that six suspected cases were tested and the result was negative.
“We have put in place various preventive measures such as sensitizing various communities to create awareness on how to prevent lassa fever, the state’s rapid response team monitors cases.
“We have identified an establishment in liaison with the federal government to set up a diagnostic centre in the state so that we don’t have to be sending our specimen to Iruwa Specialist so that we can access results within hours considering the gravity of the disease,”she explained.
Head of the centre, Dr Abdurrahman Tahir, lamented that the fever has been a recurring problem in the state adding that the mortality rate this time around was high. He pleaded with the state government to erect a diagnostic centre in the state in other to reduce the dangers posted to staff.
The Presidency has denied the allegation that that President Muhammadu Buhari will spend more on the state house clinic than on all federal government owned teaching hospital, describing it as ‘off the mark and insensitive.’
According to the reports, if the proposed budget is approved as presented to federal lawmakers, the State House Clinic will get N787 million more in capital allocation than all the 16 teaching hospitals combined.
In a statement, the senior special assistant, media to the president, Garba Shehu however said contrary to the report, the total sum for health institutions as given by the director-general, budget office is more than N200bn.
‘‘According to the draft budget presented to the National Assembly, the budget for the clinic is N3.8b,’’ Garba added.
He said the teaching hospitals have more than 50 percent of the allocation for health and challenged anyone interested to check out the detailed allocations to the teaching hospitals,the federal medical centers and the specialist hospitals owned by the federal government.
“The increased spending on government health institutions in the current budget should be seen in the light of the administration’s plan to improve medical facilities at home as a way of discouraging overseas trips in search of treatment,’’he said.
The Ondo state government has shut down the facilities of MTN Nigeria in the state over the refusal of the telecoms outfit to pay about N458 million in taxes and levies it is owing the state.
MTN commented that the closure of its facilities by the state government will affect the quality of service in the state and environs and affect millions of subscribers, as they will no be able to carry out routine maintenance work or refuel the generators servicing the base transceiver stations (BTS’).
In addition, a major hub site for both fibre and microwave transmission which connects the North, South and East will be affected leading to loss of services in the whole of Ekiti State as well as parts of Edo and Niger States.
An Ex-Parte court order was taken against MTN regarding a tax claim of N458,585,783.12 allegedly owed the Ondo State Board of Internal Revenue Service (OSBIRS) in Pay As You Earn (PAYE); Withholding Tax (WHT); Development levy, Business Premises and Education Endowment taxes.
The Nigeria Institution of Estate Surveyors and Valuers (NIESV) has asked the Lagos State government to stop charging Land Use Charge on capital gains but on income.
The association said even in charging income, some incomes are allowable, saying that these errors have gone unchecked because its members are not involved in the administration of landed matters in the state.
The group noted that since Lagos has remained a pacesetter in all sectors of the economy, it should correct itself so that the practice will be replicated in other states of the country.
At a meeting with the Permanent Secretary, Land Bureau, Mr. Bode Agoro, the group’s Chairman, Mr. Offiong Sam Ukpong in the company of other executives of the body, stressed the need for the government to partner estate surveyors in on land administration.
He said the nation’s land administration will continue to be in parlous state except there is policy direction in the right place.
While calling for the establishment of the Office of Estate Surveyor–General, Ukpong said smaller countries such as Papa New Guinea and Ghana have come up with such policy that has seen the real estate sector grow in leaps and bounds.
Agoro however agreed that Land Use Charge should be on income and not on capital gain, promising that the government would review it soon. He promised to engage more surveyors, stressing that the state government is not unmindful of the strategic importance that estate surveyors and valuers occupy in any modern economy.
He said in developed economies, the growth of the economy is measured by the robustness of the real estate sector and the state government is poised to benchmark on international best practices. He added that the state government plans to register land and estate brokers, noting that government needs to identify those doing business with her in order to protect the public.
The PS decried a situation where the innocent public is defrauded by those who purportedly act as interface between them and the government and stressed the preparedness of government to deal with any bad egg in her system and any member of the public who engages in fraudulent activities.
He said: “If anybody or group henceforth wants to transact business with government relating to land, the person must submit himself to registration; we intend to curb the permissive illegalities we noted in the Bureau when we came in. We need to, as a matter of urgency, register all land and estate brokers so that when there is a dispute or misdemeanor we will readily know the culprit. As responsible government we owe it to every Lagosian to protect their lives and property.”
According to him, government is working tirelessly to reposition the Bureau to meet modern demands of professionalism in landed matters and real estate business.
On the proposed Surveyors Estate, he said the government will fulfil its promise by making land available for them to build the model estate but was non committal on the size of the land that will be given by government for the purpose.
The House of Representatives Standing Committee on Public Petitions would commence investigation into an alleged fraud to the tune of N88 million reported against the United Bank for Africa (UBA) by a customer of the bank, Mr Eddy Onyenweuzo. The petition was submitted to the House on behalf of the petitioner by Hon. Obinna Chidoka (PDP, Anambra).
Speaker Yakubu Dogara, has directed the Public Petitions Committee to thoroughly investigate the issue with the intention of ascertaining the whole truth.
Mr. Onyenweuzo stated that he was a major distributor of Unilever Nigeria Plc for over 30 years and that payments for all his transactions to the company was routed through UBA from 2001. He said the transaction went on well until 2006 when he discovered some misappropriations of over N38 million.
Onyenweuzo added that an analysis of his account through a chartered accountant revealed an enormous fraud of N88 million.
He further informed the lawmakers that he had approached many authorities, including the Bankers’ Committee, the Central Bank of Nigeria (CBN) and the Public Complaints Commission, in an attempt to get back his money but to no avail, hence his petition to the House to probe the matter in the interest of justice.
The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said the Central Bank of Nigeria (CBN) had agreed to five per cent interest on lending rate to farmers in the country.
Ogbeh made this known on Tuesday, while delivering a keynote address at the opening of a two-day national workshop on a “New Agricultural Policy for Nigeria.’’
The workshop was organised by the National Agricultural Foundation of Nigeria (NAFN) in collaboration with the ministry and All Farmers Association of Nigeria (AFAN).
According to the minister, the agreement followed discussions with key officials of the apex bank on Tuesday morning.
The minister said that agriculture and solid minerals remain the alternatives sectors to which the country could diversify now to survive current economic situation.
He said: “The challenge before us is how to make this happen. The time for lamentation is over. The time for action is here.’’
Ogbeh said unless this was done, the problem of youth unemployment and youth restiveness would continue to plague the country.
“We have 100 million young people in the country who are below the age of 50 years and if we do not give them job, they are likely to take care of us in a very rough manner,’’ he said.
Ogbeh said outbreak of bird flu and pastoralists/farmers clashes remained challenges to the sector, adding that in the last two months, the flu had killed between five and six million birds.
He, however, disclosed that a vaccine had been found for the virus.
Former National Security Adviser, NSA, Col. Sambo Dasuki (retd.), has filed a fresh application before Justice Peter Affen of the Federal Capital Territory High Court sitting in Maitama, to stop the Economic and Financial Crimes Commission, EFCC, from prosecuting him.
Dasuki had through his his lawyer, Joseph Daudu, SAN, filed the application dated January 11, 2016, asking the court to discharge him of the alleged crime of diversion of funds said to be meant for the procurement of arms for the military fighting Boko Haram.
He argued that EFCC and the Federal Government who are prosecuting him should not be allowed to continue after a “brazen disobedience” of orders of the court that granted him bail on December 21, 2015.
Others standing trial alongside Dasuki include, immediate past Director of Finance and Administration in the Office of the NSA, Shuaibu Salisu, former Minister of State for Finance, Bashir Yuguda, former Governor of Sokoto State, Attahiru Bafarawa, his son, Sagir, and a firm, Dalhatu Investment.
The Commissioner for Health, Dr Babatunde Ipaye, said that government would do everything to boost the welfare of the state residents as he lauded the ongoing Measles campaign 2016. He also appreciated donor partners, including the United Nations Children Fund, World Health Organisation and the United Nations Population Fund Agency, for supporting the campaign.
Ipaye said, “All mothers and caregivers must take advantage of the vaccination exercise by taking their children to designated centres to get them immunised.” A UNICEF logistician, Miss Michelle Arnot-Krugger, said UNICEF was interested in the programme.
According to the Medical Health Officer, Obafemi Owode LGA, Dr Adebola Bamgbose, the exercise had been going on smoothly, adding that the response of mothers was reassuring. Also that the government had sent additional teams to the council in order to reach all children in the LGA.
“The government has provided additional teams in the local government area, and we appreciate this gesture. The teams will complement the existing vaccinators in the LGA.
“Some children were left out in the previous exercise, but with the additional teams, the missed children, particularly those in the hard-to-reach communities, would be vaccinated.” he remarked.
According to the Vice President, Prof. Yemi Osinbajo, the plan of the federal government to raise a $25 billion infrastructural fund from the global community and establish long term bankable projects is fast gaining attraction,
“We have seen considerable, favorable interests from some sovereign wealth funds and other nations,” the VP told a delegation of the Lagos Chamber of Commerce and Industry that paid him a courtesy visit on Tuesday in his office.
Explaining the idea of the Fund to the delegation, Prof. Osinbajo said the Nigeria Sovereign Investment Authority which manages the country’s sovereign wealth fund was leading the project, adding that the Infrastructural Fund would create opportunity for commercial partners to participate in the building of the nation’s infrastructures alongside the federal government.
This would be done through the establishment of bankable projects that involves such commercial partners.
He disclosed that the China-Exim Bank has agreed to finance the railway projects linking Lagos to Kano and Lagos to Calabar.
The Vice President reiterated the federal government’s determination to raise revenue internally to fund the budget, including through an expansion of VAT coverage but not an increase of the VAT rate.
The delegation of the Lagos Chamber of Commerce and Industry was led by Chief Mrs. Nike Akande, who declared the support of the Chamber for the federal government’s fight against corruption.
Mrs. Akande, a former federal minister for Industry called on the Central Bank of Nigeria to find a foreign exchange regime that would boost the confidence of investors and remove uncertainly.
The Vice President told the delegation that the federal government is focused on finding solutions to the economic situation including through a focus on building infrastructure and also diversifying the economy, especially through agriculture. Besides, the government is also focussing on creating an enabling environment for business and investments in the country.
Minister of Power, Works and Housing, Babatunde Fashola, has disclosed that power generation would increase by an additional 2,000 megawatts by the last quarter of 2016.
The minister also disclosed that the government has privatised power generation which has steered towards the full privatisation of the sector with transmission aspect being managed by Manitoba International of Canada.
Fashola has also revealed that the 2016 budget focuses more on the transmission, completion of ongoing projects, refurbishing power plants and tackling gas supply issues.
The Minister further stated that the ministry plans to take its role as a policy maker more seriously while the agencies would be tasked more on implementation and execution of government’s agenda for the sector.
Key Points
The US Department of Justice has reached a $400 million settlement with TikTok, ByteDance and affiliated entities over alleged violations of federal children’s...
