Connect with us

Business

Lai Mohammed reveals what FG is using loans for

Some of the bridges as listed by Fashola include the Second Niger Bridge, the Ikom Bridge, and the Third Mainland Bridge in Lagos.

Published

on

The Federal Government is making judicious use of loans collected to construct, repair and rehabilitate infrastructure across the country, Minister of Information and Culture, Lai Mohammed has said.

Mohammed noted that even though the government was collecting loans spanned over the next two to three decades, the infrastructure being constructed would last far longer than that.

“Yes, we are taking loans. We are also making judicious use of the loans. And while these loans have a life span of 20 to 50 years, the roads we are constructing will have 50 to 60 years’ lifespan and outlive many of us,” he said while accompanying the Minister of Works and Housing, Babatunde Fashola on inspection.

According to the Punch, Lai Mohammed, and the Minister of Special Duties and Inter-Governmental Relations, George Akume accompanied Fashola on an inspection of the on-going Loko-Oweto Bridge.

The works Minister, corroborating Mohammed’s statement, noted that about 40 major bridges across the country are undergoing construction, repair or rehabilitation in spite of the very limited resources of the government.

Some of the bridges as listed by Fashola include the Second Niger Bridge, the Ikom Bridge, and the Third Mainland Bridge in Lagos.

There is also the Murtala Mohammed Bridge in Koton Karfi, Chanchangi Bridge in Niger State, the Tambuwara Bridge in Kano, the Isaac Boro Bridge in Port Harcourt and several others.

“This government in spite of very limited resources and having to borrow is simply doing almost the near impossible in terms of infrastructure.

“Mr President continues to give his support and commitment to infrastructure. His understanding of the purpose of infrastructure for growth and development is very clear.”

Why this matters

The Loko-Oweto Bridge runs across River Benue and when completed, it is expected to reduce travel hours for road users cutting off about four to five hours.

“For someone coming from Cross River to Abuja by road, ordinarily he will have to go from Calabar to Ikom, Ogoja to Katsina-Ala and then join Markudi, then through Lafia, Keffi and Akwanga into Abuja. But now you have a bifurcation through Oweto to Nasarawa,”Fashola explained.

Backstory

The federal government had recently come under heat from organized labour and civil society groups in the country over the loans taken from China and other countries and international bodies, for the execution of infrastructure projects.

A coalition led by a Senior Advocate of Nigeria (SAN), Femi Falana, recently called on the Federal Government to make full public disclosure of all loans obtained by the country, the terms and conditions especially the terms and conditions.

Advertisement
Click to comment

Leave a Reply

Business

US Ambassador opens centre in Lagos, to boost entrepreneurial skills among Nigerian youth

US Ambassador to Nigeria has launched a centre where youths can gain entrepreneurship skills through programs and workshops.

Published

on

The United States Ambassador to Nigeria, Mary Beth Leonard, opened the first-of-its-kind Window on America in Nigeria on Monday.

The Centre is expected to serve as a community center where young people develop their ideas, as well as their leadership and entrepreneurship skills through programs and workshops designed especially for them.

This was disclosed in a statement shared by Temitayo Famutimi, Information Specialist, Public Affairs Section (PAS), U.S. Consulate General and seen by Themoneymetrics.

According to the statement, the Centre, which was Hosted at the Lekki Slum2School Innovation Hub in Lagos, is as a result of a partnership between the US Consulate General, Lagos and Slum2School Africa, founded by Otto Orondaam, a 2016 alumnus of U.S. government’s Mandela Washington Fellowship.

The Ambassador noted that the new Window on America is open to everyone in the community, offering its services, programs and resources to the public at no cost.

She said, “We are happy to open the very first Window on America space in Nigeria here in Lekki.

“In the next few months, we will follow with six additional new Windows on America in the south and 12 across the country. We want our Windows on America to promote mutual understanding between the United States and the people of Nigeria.”

In addition to providing public programming space, the Lekki Window on America will support five core programs: English language learning, educational advising, alumni activities, cultural programs, and information about the U.S.

What you should know

  • Visitors to the window will typically include students, teachers, entrepreneurs, academics, journalists, civic organizations, government officials, and community leaders, in addition to many others.
  • Windows on America are American spaces that provide welcoming environments where visitors can learn about the United States, including its government, history, culture, and educational system through programs, lectures, books and electronic resources provided by the U.S. Government.
  • In addition to the Lekki Window on America, 12 more will be opened in major cities across the country, including Abeokuta, Awka, Benin City, Enugu, Osogbo, Uyo, Zaria, Minna, Dutse, Makurdi, Gombe and Lafia, in order to engage more Nigerian audiences in their local communities.
Continue Reading

Business

VP Osinbajo calls for provision of capital to grow businesses for long term

The Vice President has stated that the banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria.

Published

on

There is need to further deepen the provision of capital that will allow businesses to grow over the long term. This was disclosed by Vice President Yemi Osinbajo during the Bankers Committee on Friday.

He commended the DMBs for their patriotic contributions to sustain growth but called for the need to further deepen the provision of capital that would allow businesses to grow over the long term.

“The banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria. I commend #CBN for the forward-looking support for growth-related initiatives, especially under the economic sustainability plan,” he said.

What you should know

  • On Friday, VP Osinbajo had called for crypto regulation, knowing fully well the role crypto plays in the global financial ecosystem, as he opined that such disruption often made room for progress, according to Nairametrics.
  • Osinbajo also advised the SEC, and Central Bank of Nigeria to create a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.
  • The vice president further stressed the important role cryptocurrencies would play in the coming years as they would most likely challenge traditional banking, including reserve banking, in ways the world hadn’t yet imagined. He thus stressed the need for Nigeria to be prepared for such a seismic shift.

 

Continue Reading

Business

Sanwo-Olu says construction work on Fourth Mainland Bridge to start end of 2021

Governor Sanwo-Olu has disclosed that the foundation for the proposed 4th Mainland Bridge would be laid before the end of 2021.

Published

on

The Lagos State Governor, Mr Babajide Sanwo-Olu, has revealed that the foundation for the proposed Fourth Mainland Bridge would be laid before the end of the year 2021.

The execution of the bridge is geared towards improving the transport infrastructure and movement across the state.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by Sanwo-Olu during the 16th Executive/Legislative Parley, with the theme: ”A Consensus Agenda for Rebuilding Lagos”, organised by the Office of Civic Engagement.

He pointed out that the promise to construct the Fourth Mainland Bridge is not a political one.

What the Lagos State Governor is saying

Sanwo-Olu during the interactive session said, ”We did not politically promise Fourth Mainland Bridge but we are going to do Fourth Mainland Bridge.

”With your prayers and by the grace of Almighty God, we shall turn the sod and lay the foundation for the building and construction of that Fourth Mainland Bridge before the end of this year.

”We are on course and I am sure that the 37km ring road is on track, which will change the face of transportation and movement in Lagos,” the governor said.

The governor also disclosed that his administration was on course to complete the Blue Line and Red Line rail projects which were started several years back, saying the project will be completed and trains will move on the two rail lines before the end of his administration.

He said, ”It is a commitment that we have given to Lagosians and it is a commitment that we will see will come to fruition because we have finished the financial closure and we are excited about that project.’

Speaking at the event, the Special Adviser, Office Of Civic Engagement, Princess Aderemi Adebowale, said that the executive and legislature would discuss extensively the theme of the retreat, “A Consensus Agenda for Rebuilding Lagos”.

While saying that the discussion in the next 48 hours would help to fast track the rebuilding of the state, Adebowale said that they would delve deeply into issues such as Youth Leadership Role, Grassroots Development: a catalyst for growth, and Role of Social Media in Nation Building, among others.

What you should know

  • It can be recalled that the Lagos State Government has shortlisted 6 companies for the design, development, construction, operation, and maintenance of the Fourth Mainland Bridge.
  • This followed the government’s issuance of a Request for Qualification (RFQ) in February this year. The 6 companies were said to have completed the technical and financial capacity requirements.
  • Lagos State said it will announce the selection of the next stage in due course, even as the RFQ will be given to the pre-qualified bidders.
  • The Fourth Mainland Bridge is a 37.4km freeway subdivided into three sections namely Island Section, Lagoon Section and Mainland Section. It will commence from Abraham Adesanya Roundabout in Lekki through Ajah and Langbasa areas, crossing the Ado Badore Road before arriving at the Lagoon shoreline.
Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement unmute the video for sound
Advertisement
Advertisement

Facebook

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 92 other subscribers

Trending