News

FG approves N280b for completion of Bodo-Bonny road

Published

6 months ago

June 20, 2024

The Federal Government has approved N280b for the completion of the Bodo-Bonny road project with a December 2024 completion deadline to Julius Berger Nigeria (JBN) PLC, the Minister of Works, David Umahi has informed.

The government also condemned the attitude of Reynolds Construction Company (RCC) on the 15km East-West Road project (from Port Harcourt Eleme Junction to Onne Port Junction) for failing to complete even a kilometer of the project despite being mobilized with over N40b.

The contractor has been ordered to resume work with an ultimatum or face the risk of the contract being terminated.

The government said it will no longer entertain discussions on Variation of Price (VOP) on the two projects again.

In a statement on Wednesday by the Minister’s Special Adviser on Media, Uchenna Orji, the approval of the fund for the completion of the Bodo-Bonny Road was in furtherance of the resolve of President Bola Tinubu to solve the perennial transportation challenges in Bodo-Bonny, South-South Nigeria, and thus enhance the socio-economic prospects of the two communities of Rivers State.

The Minister, while on an inspection tour of project sites on the Southern axis on Wednesday, expressed reservation over the progress of work on the Bodo-Bonny project administration by the contractor, JBN, insisting that the amount of money paid needed to correspond with the project completed.

The Minister was accompanied by Deputy Chief Whip of the Senate Sen. Onyekachi Peter Nwaebonyi, the spokesperson to the Bodo-Bonny Peace Committee, Prof. Jasper Jumbo, and Nigeria LNG (NLNG) representative and Manager Government Relations, Dienye Godson.

While he advised the contractor to work round the clock to beat the project delivery timeline of December 2024, the Minister established that no further excuses would be entertained by the government on the project delivery timeline.

He also foreclosed discussions on another Variation On Price (VOP), affirming that the Federal Government would not approve further funds for the project for any reason of variation whatsoever.

“And in case the devil comes to play, whatever happens, we are not increasing this project cost. It’s a package, and it’s called lump sum final completion package to Julius Berger to do a beautiful job and attach their name.

“It has been 11 years, and we don’t want it to exceed this year. And so it is in your interest that you cooperate,” he further added during the site visit,

“I will be asking Julius Berger Nigeria Plc, is there anything that the Minister of Works and NLNG will do to fast track this engagement so that we can arrive at the destination by the 15th of December 2024?” the Minister was quoted as saying.

Umahi, who commended President Tinubu’s commitment towards the completion of the road project, also praised the perseverance of the Bodo-Bonny Peace Committee and the cooperation of the Nigeria LNG (NLNG) that is funding the project.

The Minister also expressed dismay over the attitude of RCC handling the 15km East-West Road (From Port Harcourt Eleme Junction to Onne Port Junction) for the undue delays experienced by the project despite receiving over N40b for the job.

While also warning the contractor that further VOP would no longer be entertained, he said: “We are very sad with the manners and behaviours of this contractor, RCC.

“The Federal Government has paid over N40 billion on this project, and not even one kilometer has been completed. And let me make it very clear that the cost we have given on the review of this project does not attract any VOP.

“There is no VOP on the project as far as the rates are concerned now.”

According to him, the sufferings of the road users were a source of concern which has resulted in finding means to source funds to maintain the road for the time being pending when the company remobilises to the site.

“So we have to see where we can search for funds and get any contractor around here to maintain the road. We need to maintain the road.

“We need to pity the people. It’s not acceptable what our people are passing through for an excuse from RCC that they are importing machines for the job,” he said.

Other projects inspected by the Minister were the dualisation of East-West road section II (subsection II) (Ahoada-Kaiama in Rivers/Bayelsa States) being handled by Setraco Nigeria Ltd and the construction of multiple box culverts at flood-damaged locations along the dualization of East-West road (section II) Ahoada-Kaiama in Rivers/Bayelsa States being handled by Messrs. Rock Result Nigeria Ltd.

News

Nigeria Needs Comprehensive Reforms To Expand Its Tax Base – Speaker Abbas

Published

1 minute ago

December 18, 2024

Gloria Ikibah

…say we’re consulting stakeholders to address concerns of 4 tax bill

…assure NASS will ensure equity, protection of vulnerable Nigerians

By Gloria Ikibah

Speaker of the House of Representatives Rep. Tajudeen Abbas has said that Nigeria needs “comprehensive tax reforms to broaden the nation’s tax base.

Speaker Abbas stated this while delivering the votes of thanks during the presentation of the 2025 budget to a joint session of the National Assembly by President Tinubu, said that the leadership of the House has commenced a series of engagements with the relevant stakeholders to address the concerns raised on the four tax reform bills transmitted to the National Assembly by President Bola Ahmed Tinubu.

He reiterated the commitment of the House, and indeed the National Assembly to ensure equity and the protection of vulnerable Nigerians.

He said, “Nigeria’s low tax revenue also remains a major constraint. Our tax-to-GDP ratio, currently at approximately 10.9 per cent for 2024, is among the lowest in Africa, significantly below the continental average of 15.6 per cent. In comparison, South Africa’s tax-to-GDP ratio stands at 25.4 per cent, while Rwanda and Ghana, with much smaller populations, report ratios of 15.1 per cent and 14.1 per cent, respectively.

“Even our VAT collection efficiency – at approximately 20 per cent – is notably below the near 70 per cent efficiency achieved by South Africa, Equatorial Guinea, and Zambia.”

“Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.”

Speaker Abbas, therefore, stated the preparedness of the National Assembly to work with the President Tinubu-led administration towards achieving the required reforms.

“The National Assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.

“To this end, we have engaged stakeholders to address concerns raised on the tax reform bills, fostering trust and cooperation. I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes”, he added

According to Speaker Abbas, the reforms by the Tinubu administration have “disrupted the status quo, sparking resistance from vested interests.”

He added: “Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”

“The National Assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance.”

He stated that collaboration between the three arms of the government remains essential to achieving the shared objectives.

News

TALL Forcast: 2025 Budget will bring down inflation to 15%, dollar to N1,500-Tinubu

Published

3 hours ago

December 18, 2024

Naijablitznews

President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.

He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.

The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.

According to Tinubu, “this is an ambitious but necessary budget to secure our future.”

“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,”Tinubu said.

He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.

Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.

Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.

On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

News

Finally, PDP Flushes Out Suspended National Vice Chairman, Ali Odefa

Published

3 hours ago

December 18, 2024

Naijablitznews

The Peoples Democratic Party (PDP) Oguduokwor Ward in Onicha Local Government Area of Ebonyi State has formally announced the expulsion of the suspended National Vice Chairman (NVC) of the party in the Southeast, Mr. Ali Odefa from the party.

Ali Odefa was suspended from the party on September 11, 2024 by the Ward Executives of the party for his engagement in various anti party activities. The Federal High Court sitting in Abakaliki while ruling on suit NO: FHC/AI/CS/182/2024 further affirmed the suspension on November 29, 2024.

Announcing the expulsion of Mr. Odefa at a well- attended press conference on Wednesday, the Acting Chairman of the PDP Oguduokwor, Hon. Onyedikachi Herbert Ovuta flanked by other Ward Executives stated that the expulsion of the erstwhile NVC follows the recommendation of the Party’s disciplinary committee that affirmed the allegations of anti-party activities leveled.

According to the party chairman, “The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.”

The party announced that Mr. Ali Odefa by the virtue of his suspension, therefore “ceases to be a member of the party.”

The party’s statement reads in part:

“The Peoples Democratic Party (PDP), Oguduokowor Ward, Onicha Local Government Area of Ebonyi State hereby announce the expulsion of Chief Ali Odefa, the suspended National Vice Chairman of the PDP, South East Zone from the party which takes immediate effect.

“The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.

“Recall that Chief Ali Odefa was suspended from the party by the Ward leadership on 11th September 2024.

“Consequent upon the judgement of the Federal High Court Abakaliki in suit number FHC/AI/CS/182/2024 which affirmed the suspension of Chief Ali Odefa, the Disciplinary Committee of PDP Oguduokwor Ward after their sittings on the above subject matter unanimously recommended that Chief Ali Odefa the Suspended PDP National Vice Chairman South East Zone be expelled from the party.

“The Executive Committee of PDP Oguduokwor Ward on 11th December 2024 after receiving the report, findings and recommendations of the Disciplinary Committee of PDP Oguduokwor Ward unanimously approved the expulsion of Chief Ali Odefa from the party which is compliance to section 58(1) and section 59(1) of the PDP constitution.

“Henceforth Chief Ali Odefa, seizes to be a member of our party the Peoples Democratic Party (PDP)