Headlines
FMWH, FCTA receive N130bn Sukuk cheque from DMO
FMWH, FCTA receive N130bn Sukuk cheque from DMO
The Federal Ministry of Works and Housing (FMWH) and the Federal Capital Territory Administration (FCTA) have received cheques of N130 billion being Proceeds of the 2022 Sovereign Sukuk offer from the Debt Management Office (DMO).
The cheques were presented by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, at a ceremony held in her office in Abuja on Monday.
According to Ahmed, the issuance of sovereign Sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of the present administration.
Ahmed said it was aimed at financing the development of critical infrastructure.
She said that the facts on how much the initiative had helped to improve road infrastructure across the country were glaring.
“As of date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects.
“The projects are in the six geo-political zones and the FCT.
“In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808 kilometres and four bridges by the FMWH.
“It has also aided the construction of sections of six road projects covering 99 kilometres and 19 bridges by the FCTA,” she said.
The minister said that FMWH and FCTA would be sharing N130 billion, being proceeds of 2022 Sukuk issue proceeds which were successfully issued by the DMO on behalf of the Federal Government.
She said that the release would form part of the 2022 budget, which implementation had been extended to March by the National Assembly
According to her, besides the immense contributions of Sukuk to the funding of critical road infrastructure, the objectives of deepening the domestic capital market and financial inclusion are being achieved by the government.
The Director-General of the DMO, Patience Oniha, said that the office started the journey toward issuing a Sovereign Sukuk some years back, diligently working with experts to get the process and documentation right.
According to Oniha, these efforts paid off with the issuance of the first Sovereign Sukuk of N100 billion in September 2017.
According to her, the DMO remains committed to its mandate and market development activities.
The Minister of Works and Housing, Mr Babatunde Fashola, said that the Sovereign Sukuk had contributed immensely to raising badly needed funds for road projects across the country.
Fashola said that various construction companies, which had laid off many of the staff due to redundancy had recalled most of the staff members, partly due to the funding support from Sovereign Sukuk.
He commended the former finance minister, Mrs Kemi Adeosun, the incumbent Minister of Finance, as well as the DMO director-general for initiating and sustaining the Sukuk initiative.
FMWH, FCTA receive N130bn Sukuk cheque from DMO
Foreign
Trump says he will impose tariffs on China, Mexico, and Canada
U.S. President-elect Donald Trump on Monday said that, once he returns to the White House, he will impose high import tariffs on all goods from Mexico and Canada as well as additional tariffs on Chinese imports.
Trump said on Truth Social, the social media platform he co-founded, that he would sign an executive order to that effect on his first day in office.
“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 per cent Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” Trump said.
He added that the tariff would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”
“Both Mexico and Canada have the absolute right and power to easily solve this long-simmering problem,” Trump said.
“We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”
The president-elect also said that additional tariffs of 10 per cent are to apply to goods from China until drugs stop “pouring into our Country, mostly through Mexico.”
“I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States – But to no avail,” Trump said.
“Representatives of China told me that they would institute their maximum penalty that of death, for any drug dealers caught doing this but, unfortunately, they never followed through, and drugs are pouring into our Country, mostly through Mexico, at levels never seen before.”
Agriculture
News flash: Port Harcourt refinery begins operation
The Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) through the Port Harcourt Refining Company Limited (PHRC) has commenced operations after undergoing rehabilitation and modernisation.
The refinery with 210,000 bpd refining capacity located at Alesa, Eleme, in Port Harcourt, comprises two operational units which were established in 1965 and 1989.
The News Agency of Nigeria (NAN) reports that the old plant refines a capacity of 60,000 barrels per day (bpd), while the new plant refines 150,000 bpd.
It would be recalled that the Federal Government, under former President, Muhammadu Buhari, had in March 2021 secured a 1.5 billion dollars loan to rehabilitate the facility which contract was awarded to an Italian firm, Tecnimont S.P.A, a subsidiary of Maire Tecnimont Group.
NAN) reports that Malam Mele Kyari, the Group Chief Executive Officer of NNPC Ltd. is leading the team to inspect the first lifting of petroleum product from the facility after its rehabilitation.
Headlines
NAPTIP to establish command in FCT to tackle violence, SGBV cases
The National Agency for the Prohibition of Trafficking Persons (NAPTIP) says it is proposing the establishment of a command in the Federal Capital Territory (FCT) to tackle cases of Violence against Persons (VAP).
The Director-General of the agency, Mrs Binta-Adamu Bello, disclosed this on Monday in Abuja during the 2024 stakeholder’s coordination meeting on implementation of the Violence Against Persons Prohibition (VAPP) Act 2015 and corresponding state laws.
The News Agency of Nigeria (NAN) reports that the meeting was supported by Ford Foundation to commemorate the first day of the 2024 Global 16 Days of Activism, an annual campaign to challenge violence against women and girls.
The NAPTIP boss said that the establishment of the FCT command would further solidify the agency’s commitment toward eradicating social menace, especially with the issue of Sexual and Gender-Based Violence (SGBV) in the nation’s capital.
According to the NAPTIP boss, it is expected that the command will enhance quicker response to SGBV cases, improve coordination among stakeholders, provide specialised support services for survivors and strengthen investigation and prosecution.
She said that the command would serve as a model for other states and strengthen stakeholders’ collective efforts to eradicate SGBV within the FCT, while inviting the stakeholders’ input and expertise in facilitating the move.
She said “I have strong conviction that we will leave here with renewed vision toward eradicating the ills associated with violence against persons and in turn, make the country safer and more habitable.
“It is gratifying to note that this meeting is holding on the first day of the Global 16 Days of Activism, which is an annual campaign to challenge violence against women and girls.
“The theme for this year is “Towards Beijing +30: Unite to End Violence against Women and Girls”, which resonates with the 30th anniversary review of the implementation of the Beijing Declaration and platform for action.
“At this point, I must commend the efforts of Ford Foundation for graciously supporting this meeting under the project “Strengthening Government Approach in Preventing and Responding SGBV.”
She reiterated NAPTIP’s commitment to work with states, the mandate Secretary of the Women Affairs Secretariat of the FCT and Civil Society Organisations to implement laws that abhor
Violence against women and girls.
Mrs Tolulola Odugbesan, the acting Director, VAP Department, NAPTIP, said that the coordination meeting was an opportunity for stakeholders to connect, proffer guidance, reflect on concerns, review successes and identify gaps.
She added that the meeting was also to discuss challenges, assess the level and effectiveness of intervention efforts and proffer recommendations and far-reaching strategies associated with the implementation of the VAPP Act 2015.
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