Business
Borno Lauds FG On Damaturu- Maiduguri Road
The Borno State Government has commended the Federal Government, for its completion of the 145 km of Damaturu- Maiduguri dual carriage way.
The Commissioner of Works Alhaji Adamu Lawan, disclosed this recently while speaking with newsmen in Maiduguri, Thursday
“We want to commend the Federal Government for its efforts in making sure that the Damaturu- Maiduguri road is completed on time.
“We were happy with the recent visit of Mr Babatunde Fashola the Minister of Power, Works and Housing to see things for himself,” he said.
Lawan said that the minister had assured of collaborating with the Ministry of Defence towards providing security cover for the workers at site for the completion of the project.
“So far so good the minister had assured that he will liaise with the Ministry of Defense to ensure security cover for the workers on site to enable them complete the work.
“He has also assured on adequate fund release to the contractors for speedy implementation of the project,” he said.
Lawan said that the state government planed to commence reconstruction of some Federal Roads in the state to cushion the hardship faced by motorists plying them.
He said that the state would apply for reimbursement from the Federal Government at the end of the reconstruction.
Lawan named the roads to include the Gamboru- Ngala- Kala Balge- Rann road, the Maiduguri-Gajiganna- Monguno road among others.
He said that the projects will be handled by the Borno State Road Maintenance Agency (BORMA) which had some of the best equipment in the country.
“We have lots of plants and equipment in BORMA which can compare with any road construction company in the country.
“Our problem has to do with the Boko Haram insurgency which prevented us from working but with the gradual return of peace, many projects will commence in a short while.”
“Very soon we are going to start the reconstruction of Gamboru-Ngala-Kala Balge- Rann road, which is a federal road.
“We will also reconstruct the Maiduguri-Gajiganna-Monguno road, in addition to many others lined up,” he said.
Lawan said that the rehabilitation of 16 roads within the Maiduguri metropolis was nearing completion.
“We have done about 70 percent work on the rehabilitation of 16 roads in the metropolis, intact the job will have been completed but for lack of bitumen which is scarce in the country.
“We have placed orders for the bitumen and hopefully we shall complete the work,” he said.
Lawan said that BORMA was also handling the construction of the Marghi highway and the Miringha- Gunda road.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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