Connect with us

Business News

Governor Abdulrazaq to revoke pension payment to Bukola Saraki, Abdulfatah, others

Governor Abdulrazaq to revoke the law awarding pension packages to former governors and deputy governors.

Published

on

The Governor of Kwara State, Abdulrahman Abdulrazaq, will be sending a bill to the State House of Assembly to revoke the law awarding pension packages to former governors and deputy governors.

Governor Abdulrazaq, with the aim of keeping the costs of governance low and signaling selflessness in public service, has disclosed that he will be sending a bill to the State House of Assembly to revoke the law awarding pension packages to former governors and deputy governors in Kwara State.

This was written by the Governor in a statement via his official Twitter account.

The Governor stated that the bill, which would be sent to the State House of Assembly next week, is in line with his campaign mantra and this was driven by the demands and the yearnings of the people of Kwara.

Governor Abdulrazaq explained that Kwara state had to make efficient use of its funds, as the state needs all the resources it can get to improve human capital development.

He added that the state’s limited resources were better spent on tackling the question of poverty and youth unemployment.

What you should know

This commendable move by Governor Abdulrazaq lags behind Lagos State Governor Sanwo-Olu’s decision to revoke payment of pensions and other entitlements to former Governors and their deputies.

Recall that during the presentation of the Budget of Rekindled Hope by Governor Babajide Sanwo-Olu to the Lagos State House of Assembly on Tuesday 10th 2020, the Governor stated that in light of keeping the costs of governance low, he would be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.

However, the succesful passage of the bill will lead to the permanent suspension of the law which awards pension packages to past governors of the state who include Abdulfatah Ahmed, former Senate president Bukola Saraki, and others that served as governors and deputy governors in the state.

Advertisement
Click to comment

Leave a Reply

ECONOMY & POLITICS

Nigeria’s inflation hits 14.23 percent as food prices increases

Nigeria’s inflation rate rose by 14.23% in October 2020 as against 13.71% recorded in September 2020

Published

on

The National Bureau of Statistics on Monday November 16, released a data which revealed that Nigeria’s inflation rose to 14.23 percent, 0.52 percent higher than the 13.71 percent recorded in September.

According to the data, the core food index rose by 17.38 percent majorly driven by increases in food items. Core inflation also maintained a steady rise to 11.14 percent, from the 10.58 percent reported in August this year.

The bureau said;

“The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.

“This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”

Urban inflation rose to 14.81 percent year-on-year from the 14.31 percent recorded last month, while rural inflation hit 13.68 percent.

Inflation was highest in Zamfara, Sokoto and Ebonyi, while Lagos, Abuja, and Cross River recorded the lowest in October.

Continue Reading

Business

Tony Elumelu conferred with Belgium’s most important national honour

Nigerian billionaire-entrepreneur, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour.

Published

on

The Chairman, United Bank for Africa (UBA) Group, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour titled: “The honorary distinction of Officer in the Order of Leopold.”

The entrepreneur made the disclosure via his verified Twitter handle. The award is said to be in recognition of his commitment to the eradication of poverty & the economic empowerment of young Africans.

Elumelu tweeted, “Last night, the Kingdom of Belgium conferred on me with the honorary distinction of Officer in the Order of Leopold, the country’s oldest and most important National Honour.

“I am humbled by this recognition of the work @TonyElumeluFDN in catalysing entrepreneurs across Africa and will continue to drive the economic empowerment of our brilliant young #Africanentrepreneurs to propel development in Africa.”

What you should know

Themoneymetrics  had earlier reported that Tony Elumelu had been named in “Times 100” list of 100 most influential people in the world 2020.

Why it matters

The latest award, amongst others, is in recognition of his commitment to the eradication of poverty and the economic empowerment of young Africans.

Continue Reading

Business

FG to sell Geregu, Omotosho and Calabar power plants for N434 billion

The Federal Government has mapped out some of its power plants for sale and to concession some assets in 2021.

Published

on

The Federal Government announced that it will sell the Geregu, Omotosho and Calabar power plants for N434 billion in 2021. The FG also disclosed plans to concession major sports stadiums across the country.

This was disclosed by the Bureau of Public Enterprises (BPE) in its 2021 Budget Defence in Abuja, reported by Vanguard.

Geregu Power Plant would be sold for N140.7 billion, Omotosho Power Plant N151.4 billion and  Calabar Power Plant N143.4 billion, the BPE said.

Senator Theodore Orji, member of the Senate Committee on  Privatization and Commercialization disclosed that Geregu is already majority-owned by private investors.

“We also found that in Geregu Power Plant, the core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares,” Orji told the BPE

The Government also announced plans to concession some sports and entertainment infrastructure next year including the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium, Adokiye Amiesimaka Stadium and the National Art Theatre

What you should know  

Our source reported in 2019 that  Femi Otedola, revealed plans to shift focus to power generation with a planned investment of up to $1 billion into Geregu Power Plc.

Chief Executive Officer, Geregu Power Plc, Akin Akinfemiwa, told our source  in June that they have invested the sum of 100 million dollars (USD) to carry out a major overhaul not only to ensure that the three turbines were operational at the nameplate capacity of 414MW but also to add an extra 21MW to bring the total nameplate and available capacity to 435MW.

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Follow us on Twitter

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 89 other subscribers

Trending