Business
FG To Complete PH-Maiduguri Rail Lines In 2013
The on-going Port Harcourt – Maiduguri corridor rail lines will be completed by the end of 2013.
The president, Dr Goodluck Jonathan disclosed this during his Democracy Day broadcast last Tuesday in Abuja.
President Jonathan said the project is among the 3,000 kms of existing narrow gauge rail lines across the country that the government is currently rehabilitating.
According to him, the Lagos – Kano corridor would be completed this year, while work had commenced on the Abuja – Kaduna segment of the Lagos – Kano standard gauge rail lines.
He hinted that contract for the Lagos – Ibadan segment of the rail lines would be awarded this year as the Itekpe – Ajaokuta – Warri rail line is nearing completion with the entire tracks completely laid.
The president also stated that to enhance sustainability in the rail transport system, his administration has signed a Memorandum of Understanding (MoU) with General Electrical (GE) to establish a locomotive assembly plant in Nigeria, adding that “our goal is to make Nigeria a major hub in West and Central Africa”.
He noted that in efficient and affordable public transport system remains a priority to the administration and stressed that the transformation agenda in the road sector which seeks to deliver better and safer roads to all Nigerians, as well as to link the six geo–political zones in the country with due carriageways is on course.
President Jonathan, however, regretted that work on the East – West Road had been slow due o budgetary constraints, but assured that government would discharge all liabilities to contractors before the end of this month, as well as funds for the remaining part of the year would be provided to accelerate the pace of work.
He stated that about 21 other road projects in other parts of the country were at different stages of completion, and assured Nigerians of his administration’s desire to improve the transport sector.
Collins Barasimeye
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Business
Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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