Business
FG Hands Over UN House, Soon
FCT Minister Muhammad
Bello has said the Federal Government had paid all outstanding bills to the contractor handling the rehabilitation of the UN office in Abuja and would soon hand it over to owners.
Bello said this at the official signing ceremony of the UN Development Assistance Framework Joint FCT/UN Annual Work Plan for 2016 in Abuja.
According to him, the contractor is back and is working steadily at the site to achieve the set target, as the work is expected to be completed soon.
The minister noted that the remaining components of the building was the security infrastructure and furnishing of the complex, which would be quickly handled.
He added that “early this year, we made some payments to the contractors so as to be able to complete every aspect of the job.
“According to the minister, the remaining aspect that has to do with the security infrastructure in the building, we held discussions and we created a team between the two organisations to identify where the challenges are.
“The team will look at what can be funded as quickly as possible to enable the UN to move in as soon as possible.
“We have made arrangements for funding in this year’s financial estimate so that we will be able to get the needed funds and work toward the deadline that we have all put for ourselves.”
Bello appreciated the support of the UN toward the FCT Administration, as well as other states of the federation.
He promised that the Administration would jointly work with the UN to ensure that the interventions were expeditiously carried out for the common good of humanity.
He assured that the FCT Administration would promptly release its counterpart funding in order to get all the interventions moving as envisaged.
Earlier, the UN Resident/Humanitarian Coordinator, Ms Fatma Samoura, appreciated the growing partnership between FCT and the UN family in Nigeria, which is manifested in many areas.
Samoura noted that under UNDAF II (2009-2013), FCT was one of the pioneer 6+1 states for delivery as One Self-starter approach and that the cooperation yielded fruitful results.
She recalled that under the 2015 Joint FCT/UN UNDAF III Annual Work Plan, an average of 48 per cent of the planned objectives for which USD 5.4 million was budgeted was achieved.
“A total of 100 activities have been programmed for implementation in the year 2016 with an estimated budget of 43.33 million dollars.
“The UN System will contribute about 41.41 per cent of the funds and the FCTA will contributethe remaining 58.59 per cent,” she said.
The UN Coordinator conveyed the appreciation of the UN System in Nigeria for the continuous support and hospitality enjoyed from the FCT Administration.
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
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