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Recession: Senate attributes recovery to it’s cordial relationship with Executive

The cordial Executive-Legislature relationship is said to be one of the factors responsible for Nigeria’s quick exit from recession.

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The National Assembly has attributed the recent growth of Nigeria’s economy and its quick exit from recession to the “cordial and harmonious” relationship between the Executive and National Assembly.

This was disclosed by the Senate in a statement issued by Ezrel Tabiowo, Special Assistant (Press) to President of the Senate, and seen by Themoneymetrics.

The statement was issued after the leadership of the National Assembly met the Minister of Finance, Zainab Ahmed, and her team to appraise the performance of the capital component of the 2020 budget which is expected to run till the end of March this year.

President of the Senate, Ahmad Lawan, explained that the meeting was specifically for the principal officers of the National Assembly to interact with the Minister of Finance, Budget and National Planning on the continued implementation of the 2020 capital budget.

He said, “It is important that we interact with the ministry of finance to know how far we have gone with implementation. The cordial and harmonious relationship between the Executive and National Assembly was largely responsible for the recent growth in the nation’s economy and Nigeria’s quick exit from recession.

“Let me congratulate the Federal Government of Nigeria, the Legislature and the Executive arm of government for getting it right by first passing the budget at the right time by the National Assembly.

“The President’s assent to the budget at the right time, and of course, the Ministry of Finance for having to implement the budget as done remarkably well so far, that today our economy has shown significant improvement and we are technically out of recession.

“Our economy has grown – the Gross Domestic Product – by 0.1 per cent and that is remarkable. I want to take this opportunity to tell everyone who cares to listen that this is the dividend of the National Assembly passing the budget before the end of the year.

“That is to say that the implementation of the budget from January to December, gives you this kind of dividend, and of course the harmony that exists in ensuring that Nigerians always first, and Nigeria remains the focus of both the National Assembly and Executive arm of government.”

According to him, the legislators’ intention was to ensure that by 31st March, the implementation of the 2020 capital budget or the extension would have been completed, and it would have achieved 100% implementation.

In case you missed it: Nigeria’s Gross Domestic Product (GDP) grew by 0.11% (year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.

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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.

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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.

 

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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.

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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.
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Lagos says blue, red rail lines will be ready by December 2022

The state government expects the 2 lines to change the transport landscape of the state when fully operational.

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The Lagos State Government has revealed that the Lagos Blue and Red rail lines will be operational by December 2022.

This is as the state government expects the 2 lines to change the transport landscape of the state when fully operational, and part of the traffic management plan to actualize the Lagos Rail Mass Transit.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the General Manager of the Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, during a visit by the officials of the Office of Transformation, Creativity and innovation, (Office of Head of Service) on Wednesday, in Lagos.

Akinajo said that LAMATA was working assiduously to ensure the delivery of the rail lines to passenger operation by December 2022.

What the General Manager of LAMATA is saying

Mrs Akinajo, in her statement, said, “These two lines will change the transport landscape of Lagos when operational. We have a transport master plan which speaks to the vision of Gov. Babajide Sanwo-Olu on transportation.

“We have six rail lines and one monorail, 14 Bus Rapid Transit (BRT) corridors, over 20 water routes and we are sure that when all of these are properly harnessed, Lagos will join the league of cities with an efficient transport system.

“We have advertised four other rail lines for the private sector to invest. We are working on the private sector so they could bring in about 1,500 high capacity buses by 2022. We would be launching our First Mile Last Mile scheme very soon. We are working on the construction of two interchanges at Mile 2 and CMS. We want to ensure that Lagosians travel in comfort.”

The LAMATA boss explained that the vision of an intermodal integrated transport system was meant to create choices for Lagos commuters without stress to achieve their daily commute needs, and meet up their economic and social engagements.

Akinajo also disclosed that LAMATA had opened up 57 routes for operators which include the 2 main transport unions, the National Union of Road Transport Workers and the Road Transport Employers Association of Nigeria.

While noting that they were currently operating on the Oshodi-Abule Egba BRT corridor and other standard bus routes, she told the officials that LAMATA needed to increase its manpower as the transport networks unfolded, and an office complex to accommodate its staff.

What you should know

  • It can be recalled that about 2 weeks ago, the Lagos State Government announced the temporary closure of the Yaba overpass for 3 weeks for Red Line soil testing.
  • The Lagos Rail Mass Transit is an urban rail system being developed in Lagos. The system is managed by LAMATA.
  • The railway equipment including electric power, signalling, rolling stock, and fare collection equipment will be provided by the private sector under a Concession Contract. LAMATA is responsible for policy direction, regulation, and infrastructure for the network.
  • The first 2 lines of the urban light rail project are estimated to cost $1.4bn. The Red line will be 30km long and will run between Marina and Agbado. The Blue line will be 27km long, connecting Okokomaiko to Marina.
  • The Blue line will cost $1.2bn and is being funded entirely by the Lagos State Government.
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