October 18, 2019

FG, World Bank To Discuss $3bn Power Sector Loan

FG, World Bank To Discuss $3 Billion Power Sector Loan

October 18, 2019 2:27 am

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, and other top government officials will exploit the opportunity of the ongoing annual meetings of the International Monetary Fund

(IMF) and the World Bank in Washington DC, United States of America to firm up discussions on the planned $3 billion facility targeted at addressing current challenges confronting Nigeria’s power sector.

Confirming the move in an interview on the sidelines of the ongoing meetings, Ahmed said the facility could actually be up to $3 billion, to be released in tranches for a period of about five years, adding that …

Transport Fares Skyrocket As Lagos Traffic Worsens Daily

October 18, 2019 2:08 am

The agony of living in Lagos appears to have doubled for many residents of the State due to the deplorable state of the road network.

Governor Babajide Sanwo-Olu earlier in the week declared a state of emergency on Lagos roads, with an assurance to begin fixing multiple failed portions immediately. But while Lagosians still await the repairs, state-wide traffic has worsened with commuters feeling the pinch harder.

Except for places like Alausa, Ikoyi, and some parts of Island, the entire residents could feel the pinch of impassable roads and attendant gridlocks that no longer discriminate between day and night.

Journey …

Oil, Diamonds, Nuclear Power: Russia Eyes Africa Business

October 18, 2019 1:51 am

While Russia has traditionally focused on arms and grain exports to Africa, it is now looking to broaden its activities and influence.

Here are four sectors likely to be discussed at the Russia-Africa Summit set for next Wednesday and Thursday in the Black Sea resort of Sochi.

Oil and gas
Russia is one of the world’s top hydrocarbon producers and exporters through energy giants like Gazprom, Rosneft and Lukoil.

But with 65 percent of its territory covered with permafrost, exploration and extraction are costly, so Russia is eyeing up promising reserves in Africa.

Gazprom is working in Algeria, where …

Traders Lament Illegal Demolition Of Market In Ikorodu

October 18, 2019 1:35 am

Traders at the popular Fadama Market in Ikorodu North local government area of Lagos State have lamented what they described as illegal demolition of their stores by task force officials, who were allegedly guided by armed military operatives. The traders also lamented their losses running into several millions of naira. The Fadama market is along Odogunyan road, opposite the farm settlement after the Lagos State Polytechnic.

According to one of the affected traders, Enajero Darlington Eguriase, who produces livestock feed, a quit notice was served on the traders from the Oba’s palace to leave the market with immediate effect last …

Do Not Hold Procession Tomorrow, Police Warn IMN Members

October 18, 2019 1:17 am

• We’ll march peacefully, not disrupt traffic, says IMN
• JNI flays Kano kidnap, Sharia council begins probe

From the police force, yesterday came another warning to the Islamic Movement of Nigeria (IMN) which the security outfit accused of planning to perpetrate illegality.

It gave the warning in a reaction to the group’s plan to hold its yearly Arbaeen procession tomorrow, saying: “Since it (IMN) is proscribed, the police as a law enforcement agency won’t sit and look at people take the laws into their hands.”

Spokesman for the police in Kaduna State, Yakubu Sabo, told The Guardian: “It is …

Cumulative Domestic Debts Of Nigerian States Equals ₦4tr

October 18, 2019 1:04 am

• Lagos (₦542.231b), Delta (₦223.442b), Rivers (₦225.592b)
• Jigawa (₦38.227b), Anambra (₦33.490b), Yobe (₦26.990b)

Domestic debts of the 36 states and the Federal Capital Territory (FCT) as at the end of March 2019 was ₦3.972 trillion, the Debt Management Office (DMO) has disclosed.

The debt profile includes the more than ₦600 billion bailout fund which President Muhammadu Buhari gave to states in 2016 in the wake of falling oil prices at the international market. The states had complained that they were unable to pay salaries and meet operational costs.

Although Lagos is one of the few states that …