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Tag: Approves

  • Senate Approves Buhari’s $6bn Loan Request

    Senate Approves Buhari’s $6bn Loan Request

     

    The senate has approved the $6.1 billion loan request by President Muhammadu Buhari.

     

    The $6.1 billion loan request — N2.343 trillion — was approved after Clifford Ordia, chairman of the loan and debts committee, presented a report on the floor of the upper legislative chamber on Wednesday.

     

    The president had asked the National Assembly to approve the loan in May.

     

    Buhari said the loan will be raised from multilateral and bilateral tenders as well as the international capital market.

     

    While presenting his report, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget.

     

    “What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” the senator representing Edo central said.

     

    After the request was approved, Senate President Ahmad Lawan said the national assembly must make sure that there are no frivolous expenditures by the executive.

     

    “Let me thank the committee, this is not a new loan. This is a borrowing plan we have approved,” Lawan said.

     

    “What we have done is to provide the necessary resolutions for the implementation of it.

     

    “Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained.”

     

     

     

  • FG Approves Bankers’ Committee Takeover of National Theatre, N21.89bn Renovation

    FG Approves Bankers’ Committee Takeover of National Theatre, N21.89bn Renovation

    The Federal Executive Council on Wednesday approved a Memorandum of Understanding between the Ministry of Information and Culture and the Central Bank of Nigeria as well as the Bankers’ Committee for the renovation of the National Theatre, Iganmu, Lagos.

     

    The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by President Muhammadu Buhari.

     

    Mohammed said the CBN and Bankers’ Committee were willing to invest N21.89bn to renovate the National Theatre complex.

     

    He said the MoU provided that they would run the facility for 21 years before returning it to the Federal Government.

     

    Describing the development as ‘a landmark approval’, the minister said it would pave the way for investment in the creative industry as part of the resolve of the present regime to create at least one million jobs in the industry in the next three years.

     

    Mohammed said, “The President had in 2020 given approval to the CBN and the Bankers’ Committee to develop, refurbish, renovate the National Theatre and at the same time take over the adjoining lands to create a veritable creative industry where there will be four hubs: one each for films, music, IT and fashion.

     

    “The memo today (Wednesday) was for the Federal Ministry of Information and Culture to enter into a Memorandum of Understanding for the refurbishment of the National Theatre.

     

    “The CBN and Bankers’ Committee are willing to invest N21.89bn to renovate, refurbish and commercialise (run it profitably) the National Theatre complex.

     

    “The MoU has a life span of 21 years after which it will revert to government. The important thing is that no job will be lost because after the National Theatre is renovated, a special purpose vehicle will be created to run it.

     

    “It cannot be business as usual; it will be a turning point in the creative industry in the sense that we are going to have a brand-new National Theatre, an event centre that will help in creating more jobs.”

     

    The minister added that the council approved N9.43bn for the completion of the Digital Switch Over, which had previously missed the deadline set for implementation.

     

    The Minister of Communication and Digital Economy, Isa Pantami, disclosed that the council approved about N8.9bn for a new National Information and Communication Technology Park in Abuja to coordinate public and private ICT hubs in the country.

     

    He said a 4,200 square-metre land had already been acquired for the establishment of the park.

     

    He said, “The wisdom behind the ICT Park is for it to be a centre where public and private ICT hubs are going to be coordinated by the Federal Government, where young innovators with crazy and disruptive ideas will be mentored and all what they need provided for.

     

    “We will provide enabling environment for them to utilise and come up with disruptive technologies.

     

    “This is the first of its kind in Nigeria. We have so many parks and hubs but they are regional. This one will be central and will be a centre of job creation for our teaming youths.

     

    “It will be a centre where technology will be developed and incubated. It will play a significant role in reducing unemployment.”

     

  • FG Approves N1.3bn Surveillance Equipment For Lagos, Abuja Airports

    FG Approves N1.3bn Surveillance Equipment For Lagos, Abuja Airports

    The Federal Executive Council on Wednesday approved a contract worth about N1.3bn for the design, supply, and installation of PTZ long-range tarmac camera surveillance system at the Murtala Mohammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja.

     

    The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).

     

    Mohammed briefed the journalists on behalf of the Minister of Aviation, Hadi Sirika.

     

    “The total sum of the contract is N1,278,594,250. This is in order to upgrade and provide security and safety for the Federal Airport Authority of Nigeria, especially to avoid incidence on the air site and runway,” he said.

     

    Mohammed added that the council approved a contract worth N783,521,275 inclusive of 7.5 percent VAT for the procurement of two hydrographic survey boats for the National Inland Waterways Authority.

     

    The minister who briefed journalists on behalf of the Minister of Transportation, Rotimi Amaechi, said the contract was awarded in favour of Messrs First Index Project and Services Limited with a completion period of six months.

     

    Minister of Industry Trade and Investment, Niyi Adebayo, on his part, said the council approved N35bn for the building of a power station by the Nigerian Export Processing Zone Authority in Akamkpa, Cross River State.

     

    Adebayo said the contract for the power station, which to power the Calabar Export Processing Zone, was awarded to Messrs Mutual Commitment Nigeria Limited.

     

    According to him, the exact contract sum is N35,411,119,159.47 and the contractor will finance 75 percent of the project, which is in the sum of N26,558,339,337.10 while the NEPZA would finance 25 percent which translate to N8,852,779,792.37.

     

    He said the council approved a payback period of 10 years of the contractor’s portion.

     

    Adebayo said on completion after 11 months, the plant will be operated by the contractor for five years during which it will build local capacity that will take over the running of the plant.

     

    He said, “The whole intention of the upgrade of the two zones is to create zones with world-class standards. The Ministry of Industry, Trade, and Investment is desirous of making Nigeria a manufacturing hub, especially now that we have signed on to the Africa Continental Free Trade Area Agreement.

     

    “So, by putting 24-hour power in the two processing zones, it will make it more attractive to foreign investors to come and set up manufacturing concerns here in Nigeria.”