Connect with us

News

Address Multiple Exchange Rate Regime, NESG Tells CBN

Published

on

The Nigerian Economic Summit Group (NESG) is asking the Central Bank of Nigeria (CBN) to address the challenge of multiple exchange rate windows in order to improve the inflow of foreign investments and diaspora remittances.
The NESG disclosed this in a communiqué from a meeting of its board of directors held on July 26, 2022.
The group said international investors, being savvy and rational, would not put their money where there was a real risk to their ability to access and repatriate investment proceeds or when the functional currency was in a sporadic depreciation.
“Multiple foreign exchange (FX) markets with significant price differentials create room for speculation, round-tripping, cronyism, and outright graft – with an attendant adverse effect on the economy. There is no better time to harmonise the FX rates than now,” NESG counselled.
Apart from the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) mechanism where a dollar exchanges ay N420-N430, the parallel market window sells at above N650/$.
Nigeria is also hard hit by revenue shortfalls with revenue to GDP around seven per cent – among the lowest of the emerging markets.
NESG said that Nigeria must a decisive action to tackle the government’s revenue challenges which could not be divorced from leakages through the large-scale crude oil theft, difficult operating environment for businesses, and lack of innovation in tax collection/administration, among others.
“We strongly believe these leakages have continued unabated because of the absence of sanctions and ineffective tax systems.”
Nigeria’s debt reached N41.6trillion in the first quarter of 2022, with the country paying back creditors with 118per cent of revenue between January and April, 2022.

Continue Reading

News

We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara  …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.

The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.

Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.

He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.

He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.

The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.

Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.

“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.

“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.

“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.

The Permanent Secretary of the Rivers State Ministry Works, Mr  Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.

He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.

He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.

In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.

On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.

He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.

Continue Reading

News

Fubara Expresses Commitment To Healthcare …As UNICEF Lauds RSG On Health Programmes

Published

on

Rivers State, Sir Siminialayi Fubara, has reaffirmed his commitment to ensuring good healthcare for the people of Rivers State.

?

?Governor Fubara stated  this when he played host to the Country Director of UNICEF, Wafaa Saeed Abdelatef and her management team in Port Harcourt, last Tuesday.

?

?The governor who was represented by the Secretary to the State Government, Dr. Benibo Anabraba, said he would continue to provide the necessary facilities in order to ensure accessible and good health care for all Rivers people.

?

?”We are constructing new zonal hospitals across the State. The Ahoada Zonal hospital will be commissioned in December and others are near completion.

?

?”We are grateful to UNICEF for all they have done and believe we can always work together to care for the vulnerable in the society. We appreciate your physical presence, and believe that your staff working remotely, can also do more virtually. We have a capable Commissioner of Health, Dr. Adaeze Oreh, to help foster our relationship, communication and greater collaboration,” he said.

?

?The Country Director for UNICEF Nigeria, Ms. Wafaa Saeed Abdelatef, assured Governor Fubara of UNICEF’s support to the programmes of the State Government. She appealed that health facilities such as the Oxygen Plant at Eleme Local Government Ares and the New Born Care Units be solarized.

?

?”Be assured that UNICEF will continue to work and support the programmes here in Rivers State. We have seen the Oxygen  Plant at Eleme LGA which has been effective because of the Public Private Partnership. We appeal that the plant be solarized.

?

?”I commend your leadership of the State and  assure that we are here to support your effort and assure you that you can count on our support and partnership. Rivers State is one of the states we can showcase how things are working so others can learn,” she added.

?

 

Continue Reading

News

Dangote Unveils N100bn Education Fund For Nigerian Students

Published

on

Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.

Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.

He described education as the “strongest engine of social mobility” and a critical foundation for national development.

The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.

Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.

By 2036, he said, the programme is expected to have reached at least 1,325,000 students.

“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.

A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.

Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.

“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.

Continue Reading

Trending