Business
Tenders Board Enforces Projects Implementation
The Lagos State Tenders Board (STB) says it has begun the monitoring of ongoing projects in the state to ensure they are implemented in line with contractual agreements.
Chairman of the board, Mrs Florence Oguntuase, said while inspecting some of the projects in Iju and Ijaiye areas of Lagos yesterday that the step was at the instance of Gov. Babatunde Fashola .
She said that the inspection was also to enable the board identify the challenges contractors were facing in executing the projects, with a view to providing quick interventions.
The Tide source reports that some of the projects include ongoing work at the 318, 000 m3 capacity Adiyan Water Treatment Phase 2 and rehabilitation work at the Ijaiye mini water-works.
“Our inspecting some of the projects, especially those for which contracts were recently awarded by the board, was to first of all monitor progress of work and ensure they are being implemented according to plan.
“Secondly, going round the projects one after the other would enable us to interact with the contractors on some of the challenges they might be facing so that we can provide quick interventions,” she said.
At the Adiyan Water Works in Iju, Oguntuase expressed satisfaction with the level of work done so far but urged Salini Nigeria Ltd., the contractors, to speed up activities on some aspects of the work.
She said that the government would do everything possible to deliver the 70million gallons per day facility.
Mr Bernardo Raffaeli, Salini’s project manager, thanked the state government for supporting them on the project, noting that it had helped to accelerate the pace of work.
He, however, sought government’s intervention on the problem of encroachment on the project site by residents of neighbouring communities.
“Though this place is fenced, neighbouring residents often break into this site and cause delay in our work. We will appreciate it if the government could help on this.
“We will particularly require that security personnel are deployed here to protect our equipment. We are committed to prompt delivery of the project; we also require more support to achieve that,” he said.
Oguntuase urged the management of Ijaiye Water Works to do all they could to boost water supply to residents of Ijaiye and its environs.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
-
Opinion4 days ago
Nigeria: Revisiting The Restructuring Issue
-
Rivers4 days ago
Commissioner Tasks Firms, Host Communities On Peace
-
Sports2 days ago
‘Belief Has Returned To Germany Ahead Euro 2024’
-
Editorial2 days ago
That Kyari’s Promise On PH Refinery
-
Oil & Energy4 days ago
Offer Incentives To Boost Oil, Gas Production, Academy Tells FG
-
News4 days ago
PDP Leader Assures Fubara Of Support
-
Nation4 days ago
Catholic General Assembly Expresses Concern Over Growing Insecurity In Taraba
-
News2 days ago
FG Threatens To Arrest Gumi Over Reckless Comments On Security