Works are expected to resume on the abandoned Badagry Expressway following the mobilisation of funds by the Nigerian National Petroleum Corporation (NNPC).
The NNPC involvement was part of its N621.23billion funding of 21 Federal roads under the Federal government’s Tax Credit Scheme.
According to Mr. Olukayode Popoola, the Federal Controller of Works in Lagos, his ministry is fine-tuning modalities for NNPC to mobilize funding for the road project.
Popoola, who briefed Journalists in Lagos on Wednesday, said that the highway would henceforth get lots of attention because of NNPC’s involvement in the project.
“Lagos-Badagry Expressway project is part of the projects NNPC is funding under the Tax Credit Scheme among the 21 roads selected nationwide.
“So, it is going to receive a lot of attention more than what it has been receiving before,” Popoola declared.
He explained that the funds were already available but that NNPC was perfecting documentation towards mobilizing fully to the site.
“In a couple of days, we should be done with documentation. This month, give us another one week more, NNPC funds will be on the road, you will see the effect in a week’s time.
“The contractors are on-site and have never left, so, if this fund comes now, it is another way of strengthening them and they will move faster,” he said.
According to him, the construction would be evaluated the same way the SUKUK funds were monitored for monies to be released based on the valuation of the actual construction done on the site per time.
He, however, declined comment on the total sum voted for the highway because he did not have the figures handy.
Lagos State Government is responsible for the Iganmu – Okokomaiko section of the highway, while FERMA is handling the Okokomaiko – Agbara axis of the road.
Also, the federal government had on Oct. 24, 2018, awarded the reconstruction of the 46km Agbara – Seme section of Badagry expressway to CGC Nigeria Limited at a sum of N63.2 billion.
FG may merge NIWA with NPA, stop funding recurrent expenditure of MAN, ORON in a public service reform
Recommendations were made for 263 of the statutory agencies to collapse into 161, a merger of 52 agencies, and the outright expungement of 38 redundant agencies while returning 14 as sub-units In ministries.
Privatise Nigerian Communication Satellite.
The Nigerian Institute of Social and Economic Research is to be funded by a proposed National Research Development Fund.
National Board for Technical Education and the National Commission for Colleges of Education to morph into the Tertiary Education Commission.
The Federal Ministry of Environment and the Department of Petroleum Resources take over the National Oil Spill Detection and Response Agency.
Cut the Directorate of Technical Cooperation in Africa.
Merger the National Council of Arts and Culture with the National Troupe of Nigeria and the National Theatre.
Close down the duplicating National Institute for Cultural Orientation.
Aftermath of subsidy removal: Nigerians to buy Petrol for N462 per litre. — NNPC
The Eyewitness reporter
The NNPC spokesman, in a statement, also defended the consumption rate disclosed by the NNPC, after the Customs Comptroller-General, Col. Hameed Ali (retd.) faulted the oil company’s claim.
” Daily Evacuation (Depot loadouts) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day” he declared.
On petrol and its cost burden which the NNPC now bears, Mohammed said after oil marketing companies (OMCs) withdrew from PMS import in 2017, NNPC has been the sole supplier of petrol into the country.
In the statement, Muhammad explained that “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies’ (OMCs) withdrawal from PMS import since the fourth quarter of 2017.
“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.
“NNPC limited also notes the average Q2, 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of A46/litre.
” This will continuously be adjusted by market and demand realities.
CBN rescues ailing airlines with $265 million to settle outstanding ticket sales
The Central Bank of Nigeria (CBN) has intervened in the brewing crisis in the aviation sector when on Friday, it released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.
A breakdown of the figure indicates that the sum of $230 million was released as a special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.
Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said the Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.
Mr. Nwanisobi reiterated that the Bank was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face suffocating business environment.
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