Connect with us

Breaking News

Nigeria Needs Loans For Roads , Rail , Power – President Buhari

Published

on

images 93 1 Nigeria Needs Loans For Roads , Rail , Power - President Buhari

The President, Major General Muhammadu Buhari (retd.), on Tuesday, justified the nation’s debt profile, saying his regime needed to borrow to fund critical infrastructure like roads, rail, and power.
According to a statement titled “President Buhari justifies borrowing to fund infrastructure,” by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at a virtual meeting he had with members of the Presidential Economic Advisory Council from the Presidential Vila, Abuja.
Buhari spoke at a time stakeholders are expressing concerns over the nation’s rising debt profile and accusing the government of mortgaging the country’s future.
But the President said his regime needed to take loans to address the deficit in the nation’s infrastructure.
He said it was only by doing so that the county could be attractive to investors.
“We have so many challenges with infrastructure.
“We just have to take loans to do roads, rail, and power, so that investors will find us attractive and come here to put their money,’’ Shehu quoted the President as saying after listening to a presentation by PEAC chaired by Prof Ayo Salami.
Buhari was also said to have regretted that failure to provide infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for air cargo transportation and trans-shipment of goods.
On the economy, the President noted the challenges posed by the “collapse of the oil market” and the decision of the government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries.
He said, “We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable.
“So we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn.”
Shehu said Salami had, earlier in his presentation, highlighted the council’s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting.
The statement added, “The council recommended steps for the effective implementation of government’s plan to lift 100 million Nigerians out of poverty, as well as measures to curb poverty disparity in Nigeria.
“The council promised to set out a full policy paper that would, in the first instance, stop more Nigerians from falling into poverty and thereafter, further plans on reducing the poverty headcount in the country.
“The PEAC also outlined a number of measures aimed at aggressively increasing the country’s non-debt investment inflow, including measures to improve investor perception of the country and the proposed establishment of a $5bn – $10 bn investment and growth fund to invest in.
“The PEAC used the opportunity of the meeting to express support and solidarity with the administration on its recent policies.
“It listed the implementation of reforms encapsulated in the Companies and Allied Matters Act 2020 recently signed into law, the reforms in the energy sector, bringing electricity and fuel prices in line with the market, and the decision of the Central Bank of Nigeria to merge the exchange rate of the naira versus other foreign currencies.”

Continue Reading
Comments

Breaking News

Operation Panther : FRSC Records 1 ,975 Arrests In 11 Days

Published

on

images 22 4 Operation Panther : FRSC Records 1 ,975 Arrests In 11 Days

The Federal Road Safety Corps (FRSC) have arrested 1,975 traffic offenders within the first two weeks of its ‘Operation Panther’ traffic exercise.The arrests were made between September 1st and September 11th 2020, with a total of 2,225 traffic violations recorded.
‘Operation Panther’ was flagged off as a special patrol exercise by the Zone 7 of the FRSC, comprising the FCT and Niger State. The exercise was aimed at bringing about a new orientation for driver’s to deal with hazard
headlong and promote responsible driving in the FCT and Niger as well as to ensure that only licensed drivers ply the highways.
The Zonal Commanding Officer, Zone 7 HQ Abuja, ACM Jonas Agwu, in a statement, expressed delight at the outcome of the Special Patrol, saying it was a fallout of the ongoing Special Intervention Patrol (SIP) aimed at instilling traffic sanity in the Federal Capital Territory and Niger state.
Mr. Agwu noted that the outcome revealed critical offences which are top causative factors behind fatal road traffic crashes. The critical offences, according to ACM Agwu, stand at 772 offences with overloading which has become a daily infraction standing at 195 offences. Further breakdown of the two weeks enforcements revealed that 155 offenders were arrested for driving and phoning infractions, while traffic light infractions (light sign violation) stands at 48 offences.
Other violations include: 102 offenders for Tyre violation, 5 offences for dangerous driving, while riding motorcycle without crash helmet stands at 79. The Zonal Commanding Officer warned the motoring public that ‘’Operation Panther II which is the second phase had commenced on Monday 14th Sept, 2020.
He said the other two weeks will focus on unlicensed drivers, obstructions and lane indiscipline in addition to vehicle number plate violation, failure to install speed limit device, driver’s license violation and failure to move over’’ traffic infractions, ACM Agwu said. He appealed to motorists in the FCT and Niger State to support the ongoing patrol by obeying traffic rules to promote responsible driving.
“The Zone will not relent in the efforts which has the complimentary and collaboration backings of Sister Agencies such as the Nigerian Army, Nigeria Police Force, Nigeria Security and Civil Defense Corps , among others”; he said.

Continue Reading

Latest News

The Emir of Zazzau Alhaji Shehu Idris has died l Fact Print

Published

on

Alhaji Shehu Idris,

The Emir of Zazzau, Alhaji Shehu Idris, has passed away this morning, August 20, in Abuja.

Earlier this year, the King celebrated his 45th year on the throne of Zazzau.

He was the 18th king of the Zazzau kingdom from the Fulani tribe, who died at the age of 84.

Sources in the kingdom said he had been rushed to hospital on Friday, where he succumbed to his injuries.

Continue Reading

Breaking News

How FG Delegation To Silicon Valley Benefited Nigerian Startups – Osinbajo

Published

on

images 13 4 How FG Delegation To Silicon Valley Benefited Nigerian Startups - Osinbajo

Vice President Yemi Osinbajo has outlined how is trip to the Silicon Valley in the United States has benefitted Nigerian start-ups, some of whom have gotten funds to grow their business.
Osinbajo disclosed this milestone when he spoke on the Fire Side Chat with Nick Clegg, Facebook VP of Policy and Communication, a former Deputy Prime Minister of the United Kingdom.
He explained that there have been active partnerships between Nigerian start-ups and some US tech firms, assuring Nigerians that more investment is expected to pour in.
“Both tours were extremely successful. At the Silicon Valley, Nigerian start-ups got a chance to pitch their products to tech sector investors, that was very good, in fact before we left Silicon Valley, one of our venture platforms was able to sign a deal of about $10m with the Nigerian US Council, even before we left,” he said
“Since then we have seen tremendous activities post-trip. We were also at the Facebook campus, which was an absolute delight, we enjoyed being around there, seeing the excitement and a great deal of energy that was encouraging for many start ups seeing at close quarters what a comparable giant was doing, and I think this was very helpful.”
He explained that the entertainment sector has also benefitted from his trip to Hollywood. “Asides from that, we think that the visit helped in showing our seriousness of the tech sector and through the entertainment industry also, we did quite a few meetings also with the entertainment industry.”
“In fact, as of 2018/2019, we had gotten about $377million in investments in the tech sector. This is excellent even though it is still scratching the surface if one considers the size of our economy and the size of the country, but there were very significant gains and I am very happy to have been able to do it.”
“Of course, two visits or one visit doesn’t ever answer the various challenges, but I think we started the interactions that have been very useful and we will continue to engage.”
Speaking on how government will fix the challenges and manage the peculiarities of Nigeria’s tech and creative industry, he said, “With regulation, we are dealing with uncharted territory, because quite a few of what we are seeing are entirely new, and I must say that the regulatory authorities have done quite a decent work, trying to grapple with some of the newness of the things that they are seeing.
“For example, we worked on the payment services licenses, these are licenses for fintech companies that are doing some kind of banking type jobs but are not deposit banks, we had to create some room for them, and what has happened is that a collaborative effort of government, and the tech and entertainment sector worked on this and set up a technology and creativity advisory group, and these are young innovators, entrepreneurs etc. who worked with us on the industrial and competitiveness council to craft some of these regulations and to think through some of these problems.”
“Those licenses were particularly important because it carved out space that was previously dominated entirely by deposit money banks. Of course you know that they are the least willing to have their lunch taken away from them.”
“There have been other ways that the government is trying to fix the issues such as access to credit, which we have worked very hard to ensure that there is some access to credit for innovators, we’ve spoken a bit about foreign investments in Nigeria, but more importantly, what the Bank of Industry is doing is creating a tech fund, the CBN has also established a technology fund and we are working with the AfDB which has a $500m fund which we are at the final stage of trying to bring that into existence.”
“So there is quite a bit going on in order to ensure that there is access to funding while we are improving the environment for business as well as the environment for tech companies to operate. I think that one thing that is certain is the change in the technology space which is so rapid that you know, regulators are practically chasing after the innovation, to see how best to regulate without stifling these companies.”
Speaking on the amended National Broadcasting Commission code, he said, “The NBC code you mentioned is one where there is activity around and we are trying to take a second look at it, there are those who say it is anti-competitive and there are those who claim that it is pro competition.”
“It is one which I think we should take a second look at. Basically what it says is that if you have a licensed product, for TV or film, you are expected to share it with other platforms.”
“I understand the argument of those who say it is a violation of copyrights and intellectual properties in other ways which is a very strong point and which is why I think it deserves to be given a second look and see where there are ways of moderating that to be more acceptable, so as not to stifle the works of very hardworking creative people who are creating content in film, music etc.”

Continue Reading

Trending