Trillion-Dollar Economy Possible For Nigeria – President Tinubu

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Trillion-Dollar Economy Possible For Nigeria – President Tinubu  

The trillion-dollar economy can be further facilitated by ongoing efforts on job creation, Tinubu said.

President Bola Tinubu is confident that his administration’s Renewed Hope Agenda can build a trillion-dollar economy within the next decade.

He however noted that this can be achieved by leveraging the nation’s population and resources, with the main focus on unleashing Nigeria’s full economic potential, a statement by presidential media aide, Stanley Nkwocha, said on Tuesday.

According to the President, the trillion-dollar economy can be further facilitated by ongoing efforts on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption.

He stated this on Tuesday in Abuja during the opening session of the 2023 National Engineering Conference, Exhibition, and Annual General Meeting of the Nigerian Society of Engineers (NSE).

Represented at the event by Vice President, Kashim Shettima, the President maintained that with its rich population and resources, Nigeria can become a trillion-dollar economy within the next ten years.

He expressed disbelief that the ambitious target could be achievable without taking into account the importance of the key elements encapsulated in the theme of the NSE Conference, “Manufacturing, Competitiveness, and Economic Growth”.

“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption,” Tinubu said.

The President said that he was not unmindful of the hardships most Nigerians are enmeshed in, noting however that “the difficult times are indeed temporary, but the benefits will be permanent”.

He also reeled out his administration’s efforts in transforming the economy and creating opportunities for citizens.

“I have had engagements with stakeholders across Nigeria’s manufacturing sector. I am very much aware of the problems and challenges that are uppermost in your minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, and export obstacles, among others.

“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of these issues,” he said.

On taxation, President Tinubu explained that his administration’s goal is to increase the country’s tax revenues and reduce the burden on individuals and businesses at the same time.

“It may sound like a contradiction, but it is not: by streamlining the number of taxes, introducing greater efficiency, and blocking the loopholes through which leakages occur, we can and will deliver less burdensome tax regimes to businesses and employers of labour.

“The government’s focus in foreign exchange has been to abolish an unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all the other elements required to attract substantial inflows into a properly run official market,” the President added.

Source: Channel TV

All 41 Indian Workers Trapped In Tunnel For 17 Days Rescued

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All 41 Indian Workers Trapped In Tunnel For 17 Days Rescued

Relatives outside celebrated, after previous hopes of reaching the men were repeatedly dashed by falling debris and the breakdown of multiple drilling machines, in a rescue operation the government said took place in "challenging Himalayan terrain".

Indian workers were greeted with wild cheers and flower garlands Tuesday as rescuers safely brought out all 41 from the collapsed Himalayan road tunnel where they were trapped after a marathon 17-day engineering operation.

With beaming smiles, the rescued men were welcomed as heroes after being hauled through 57 metres (187 feet) of steel pipe on stretchers specially fitted with wheels, where they were greeted by state officials before embracing their families.

“Hail mother India!” crowds outside the tunnel cheered, as news spread that all had made it safely out of the under-construction tunnel in the Himalayan state of Uttarakhand, where they had been incarcerated since a partial collapse on November 12.

Relatives outside celebrated, after previous hopes of reaching the men were repeatedly dashed by falling debris and the breakdown of multiple drilling machines, in a rescue operation the government said took place in “challenging Himalayan terrain”.

“We are thankful to God and the rescuers who worked hard to save them,” Naiyer Ahmad told AFP, whose younger brother Sabah Ahmad was among the trapped workers, and who had been camping out in bitterly cold temperatures at the site for over two weeks.

“We are extremely happy, no words can explain it,” said Musarrat Jahan, the wife of one rescued worker Sabah Ahmad told AFP by phone from Bihar state, where she had been waiting desperately for news.

“Not only my husband got a new life, we also got a new life. We will never forget it”.

 ‘Now to Celebrate’ 

Prime Minister Narendra Modi told the workers in a statement that their “courage and patience is inspiring everyone”.

“Patience, hard work and faith won”, said Uttarakhand state chief minister Pushkar Singh Dhami, praising the “prayers of tens of millions of countrymen and the tireless work of all the rescue teams.”

The health of the workers was “fine”, with a team of medics in a field hospital assessing them as soon as they were brought out, Dhami added.

Guriya Devi, wife of rescued worker Sushil Kumar, said she had been praying ever since the tunnel collapsed.

“We passed through horrible times, and sometimes we lost hope — but ultimately the time has come to now celebrate”.

Munnilal Kishku, father of freed worker Birendar Kishku, said they had not celebrated Diwali, the Hindu festival of lights, because it had happened the same time as the tunnel collapsed. “We will celebrate it when he reaches the village,” he said.

After repeated setbacks in the operation, military engineers and skilled miners dug the final section by hand using a so-called “rat-hole” technique, a three-person team working at the rock face inside a metal pipe, just wide enough for someone to squeeze through.

 ‘Effort and Sacrifice’

Indian billionaire Anand Mahindra paid tribute to the men at the rock face who squeezed into the narrow pipe to clear the rocks by hand.

“After all the sophisticated drilling equipment, it’s the humble ‘rathole miners’ who make the vital breakthrough,” Mahindra said on X, formerly Twitter.

“It’s a heartwarming reminder that at the end of the day, heroism is most often a case of individual effort and sacrifice.”

Last week, engineers working to drive a metal pipe horizontally through the earth ran into metal girders and construction vehicles buried in the rubble, snapping a giant earth-boring machine.

A separate vertical shaft was also started from the forested hill above the tunnel, as well as from the far side of the road tunnel, a much longer route estimated to be around 480 metres.

Before Tuesday, the workers were seen alive for the first time last week, peering into the lens of an endoscopic camera sent by rescuers down a thin pipe through which air, food, water and electricity were delivered.

Arnold Dix, president of the International Tunnelling and Underground Space Association, who had been advising the engineers, told reporters ahead of the rescue that the men were in good spirits, and that he had heard they had been “playing cricket”.

Ronaldo Tells Ref To Overturn Penalty He Won In AFC Champions League

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Ronaldo Tells Ref To Overturn Penalty He Won In AFC Champions League

Ronaldo leapt to his feet and approached the referee, wagging his finger, shaking his head and telling him there had been no foul.

Cristiano Ronaldo convinced the referee to change his mind after awarding him a penalty in Al Nassr’s AFC Champions League 0-0 draw with Iran’s Persepolis.

The 38-year-old former Manchester United and Real Madrid great appeared to have been brought down by Soroush Rafiei inside the box and Chinese referee Ma Ning pointed to the spot.

Ronaldo leapt to his feet and approached the referee, wagging his finger, shaking his head and telling him there had been no foul.

After consulting VAR, the referee was sent to the pitch-side monitor and reversed his decision in the Group E clash in Riyadh.

The Saudi Pro League side had to play most of the match with 10 men after Ali Lajami was given a straight red card for a shin-raking challenge in the 17th minute.

They also lost Ronaldo to a neck injury with 13 minutes remaining, caused by Persepolis goalkeeper Alireza Beiranvand landing on the Portuguese star when claiming a high ball.

But the 2018 and 2020 Champions League runners-up from Iran were unable to capitalise, the point proving enough for Al Nassr to seal their place in the knockout stages as group winners.

Ronaldo has little time to recover with Al Nassr facing Al Hilal on Friday in a top-of-the-table league clash.

Al Ittihad On Course

Saudi Arabian champions Al Ittihad are two points clear at the top of Group C after a 2-1 win at Uzbekistan’s AGMK FC.

Moroccan Abderrazak Hamdallah scored twice in four first-half minutes before Martin Boakye pulled one back for the hosts with 12 minutes remaining.

Two-time winners Al Ittihad, under new manager Marcelo Gallardo, need to avoid defeat at home to second-placed Sepahan in the final round of matches next week to go through as group winners.

The Iranian side defeated Iraq’s Air Force Club 1-0 at the Azadi Stadium in Tehran, despite having two players sent off.

Sepahan’s Farshad Ahmadzadeh scored the only goal from close range in the fourth minute before Mohammad Hosseinnezhad was sent off just before half-time.

Hadi Mohammadi was then red-carded on 90 minutes forcing Sepahan to hold out with nine men for 12 minutes of added time under an Air Force bombardment to secure the three points.

Uzbekistan’s Nasaf Qarshi moved top of Group B with a 3-1 win at home to Jordan’s Al Faisaly, and Qatari side Al Sadd kept their hopes alive by beating Sharjah 2-0 in the UAE.

Nasaf are top on 10 points ahead of their final match against Al Sadd, who are third on seven points with Sharjah, who face a trip to Al Faisaly, second on eight.

The group stage this year returned to a home-and-away group format for the first time since 2020 and expanded to 40 teams.

It rounds off in the West Zone next week with the five winners from Groups A to E and three best runners-up going through to the last 16 in February.

On Tuesday and Wednesday the final two rounds of East Zone matches kick off to decide the other eight teams in the last 16 from Groups F to J.

The quarter-finals will be played in March, the semi-finals in April, with the two-legged final in May.

 

Tinubu Seeks for Reps' Endorsement For $8.6bn, €100m External Borrowing

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Tinubu Seeks for Reps' Endorsement For $8.6bn, €100m External Borrowing 

The President additionally sent the Federal Capital Territory Strengthening Budget to House for Consideration.

  

President Bola Tinubu has written the House of Representatives seeking the approval of the green chamber for $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.

The President also forwarded the Federal Capital Territory Supplementary Budget to House for consideration.

Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion.

The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the National Assembly which benchmarked the exchange rate at N700 to $1 and crude oil price at $73.96 cent per barrel.

The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that FEC revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.

Appeal Court Affirms Fubara As Rivers Gov, Dismisses Cole, Others’ Suit

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Appeal Court Affirms Fubara As Rivers Gov, Dismisses Cole, Others’ Suit

The court held that Cole and the other appellants failed to prove the allegation of non-compliance with the Electoral Act.

An Appeal court sitting in Lagos has affirmed the election of Rivers State Governor, Siminalayi Fubara.

The Court, in a unanimous decision, affirmed the judgment of the election tribunal, dismissing four separate appeals filed by Tonye Cole of All Progressives Congress (APC), Beatrice Itubo of the Labour Party (LP), Innocent Ekwu of the Allied People’s Movement (APM), and Lulu Briggs Dumo of the Accord Party.

The APC candidate, who was present in the courtroom on Tuesday, wanted the court to direct the Independent National Electoral Commission (INEC) to declare him the winner of the March governorship election in Rivers.

The Rivers State Governorship Election Petition Tribunal had in October dismissed the petition of Cole challenging the election of Fubara as the governor of the state.

The tribunal had dismissed the petition saying that the APC that sponsored Cole had withdrawn the petition against Fubara’s victory.

Not satisfied with the Tribunal’s victory, the APC candidate approached the appellate court. However, the court on Tuesday affirmed the Tribunal ruling which earlier upheld Fubara’s electoral victory in October.

Justice Ridwan Maiwada Abdullahi (absent), Justice Olabode Adegbehingbe

and Justice Bature Isa Gafa, held that the fact that APC seized to be a party to the case did not make Cole’s petition invalid. The judges concluded that the Tribunal was in error to have struck out that item of the petition.

“A political party cannot compel a candidate to withdraw a petition neither can a candidate compel the party to withdraw.” Justice Adegbehingbe ruled.

However, on the other grounds, the court held that the appellants’ evidence were inadequate in proving the allegations of over-voting, disenfranchisement and other alleged irregularities.

The grounds bordering on fraud and whether Fubara was qualified to have contested the election were struck out based on unconvincing evidence. Cole cited allegations of irregularities and Fubara’s continued signing of documents as the State’s Accountant-General after his PDP nomination.

The court held that all the appellants failed to prove the allegation of non-compliance with the Electoral Act.

In his immediate reaction, Cole said the appellate court’s judgment has given him and his legal team a greenlight, and that will determine their next line of action.

Source: Channel TV

Accessprenuer: Over 50 Corps members win Access Bank Business Empowerment Grants across Nigeria

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Accessprenuer: Over 50 Corps members win Access Bank Business Empowerment Grants across Nigeria

Access Bank Plc has rewarded and empowered corps members through the Access Bank Accessprenuer competition in collaboration with the NYSC.  

A total of 54 corps members emerged as beneficiaries on Thursday, at the FCT Permanent Orientation Camp, Kubwa, Ebony, Enugu, Benue and Rivers states where the competition took place simultaneously. 

A total of N15,250,000 was given out to corps members with exceptional entrepreneurial ideas across the country.

The overall winners were awarded N1 million each while the first runner-ups and second runner-ups were rewarded with N700,000 and N400,000 respectively.

Other Corp members who participated in the competition were also rewarded with consolation prizes ranging from N200,000 to N50,000. 

Adaeze Ume, Unit Head, Consumer Banking, Access Bank Plc, who spoke at the event said the Accessprenuer initiative was  introduced to encourage and reward National Youth Service Corps (NYSC) members who were young entrepreneurs with feasible dreams and business goals.  

“At Access Bank, in line with our sustainability ethos, we are committed to improving the lives of people, and supporting the growth and development of our host communities, as such we have partnered with the scheme’s Skills Acquisition and Entrepreneurship Department (NYSC-SAED) to encourage young and emerging entrepreneurs. 

“Our partnership with the NYSC-SAED, would help facilitate the training and mentoring of Nigerian youths in skill acquisition and entrepreneurship development for self-reliance.  

“As an institution, we understand the role that young people play in the community and the nation, and we are committed to supporting their aspirations. We believe that the youths represent the future and hope of our nation, and we will do all we can to support their innovative ideas. 

” Research has shown that lack of access to finance is one of the major reasons why businesses fail, particularly start-ups. We have decided to solve this problem by supporting some young entrepreneurs here today with finance to fund their business ideas through the Access Bank All4One scheme. 

“We hope that through this financial support and mentorship program, the winners and beneficiaries of Accessprenuer competition can run profitable businesses and through the implementation of their innovative ideas, positively impact lives and ultimately the economy, she said. 

 

Obasi Favour Onyinyechi emerged as the winner of the grand prize of N1,000,000 at the FCT Permanent Orientation Camp, Kubwa. Meanwhile, Awe Rebecca emerged as the first runner clinching the second prize of N700,000  

Obasi who was visibly excited noted that with the grant her business dream was on its way to becoming a palpable reality, and she thanked Access Bank Plc for changing her life on the go via the initiative. She noted that the grant would expedite the growth process of her fish farming business by getting a good number of healthy fingerlings, feeds, and treatments for them.  

The Accessprenuer empowerment scheme by Access Bank Plc has over the years empowered thousands of Nigeria corps members, granting impetus and vitality to kickstart business dreams in the embryo and expand those that have already begun operations.  

So far, the Accessprenuer competition has impacted over 400 corps members with over N200 million in seed capital.

They also created a Facebook community for all Accessprenuer winners to be able to interact freely amongst themselves and inspire other young people with similar aspirations. The Facebook community has about 5,000 members. 

 

NERC: Halting estimated billing in Nigeria is possible when customers are absent

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NERC: Halting estimated billing in Nigeria is possible when customers are absent 

Estimated billing can be halted if customers are not around. This was said by NERC officials during the November 27 capacity strengthening session for distribution companies (DisCos) on communication and responsiveness to customers, which was organized by the Nigerian Electricity Regulatory Commission (NERC). 

According to NERC, many estimated billing customers are not aware that there is a regulation that requires them to inform their DisCo when they will not be around so that their billing can be halted during that period of their absence as their electricity is not in use.  

Although many estimated billing customers may not be aware of the regulation highlighted, there are some customers’ rights highlighted by NERC via their official website, which point to sensible billing by DisCos on estimated billing customers across the country.  

According to NERC, all new electricity connections must have meters installed before being connected.

They are entitled to a safe and reliable electricity supply and the installation of a properly functioning meter.  

The Commission also insists that customers should be informed and educated about their electricity service, with transparent billing applied to all and un-metered customers should receive bills based on NERC’s estimated billing methodology.  

According to NERC, written notice is mandatory before any disconnection, and customers have the right to refunds if overbilled, meanwhile, complaints about electricity supply or billing can be directed to the nearest DisCo business unit for prompt investigation.  

If unsatisfied, customers can escalate issues to the NERC Forum Office or appeal decisions by petitioning the Commission.

NERC says that customers can contest incorrect electricity bills and in disputes over bills, un-metered customers are not obliged to pay the disputed amount but only the last undisputed bill while the issue undergoes NERC’s dispute resolution process.  

The Commission also points out that customers or communities are not responsible for purchasing, replacing, or repairing electricity infrastructure like transformers or poles used in the supply process. 

However, it is important to note that several customers who spoke to Nairametrics reveal that settling complaints regarding estimated billing charges and payments is a herculean task as DisCos are putting a lot of customers under undue pressure by refusing to resolve complaints or implement regulatory directives as stipulated by NERC yet face no consequences.  

Imoh Heavens, a resident of Akwa Ibom state, shared his experience as a customer with the Port Harcourt Distribution Company (DisCo). He expressed to Nairametrics that DisCo charges un-metered customer rates exceeding the price cap, regardless of the circumstances.  

This situation has caused considerable concern among residents who are already grappling with challenging economic conditions.

Despite their complaints, there hasn’t been any relief or resolution to alleviate their financial burdens.