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FG to pay Julius Berger N280bn to complete Abuja- Kano highway

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The Minister of Works, Sen David Umahi, has said that the federal government will pay Julius Berger Construction Company N20 billion monthly to complete the 82km section it is handling on the Abuja-Kano highway for the next 14 months.

The minister, during a meeting with the company to review all road contracts it is undertaking, lamented the paucity of funds to complete all major roads it inherited.

In a statement by his media, Orji Uchenna Orji, the minister stated that the roads included Abuja-Kaduna- Zaria- Kano; Phase 2 of Lagos-Ibadan expressway, Second Niger Bridge; Third Mainland Bridge, Iddo Bridge and Carter Bridge.

The statement read in part: “In keeping with the directive of the Federal Executive Council with respect to all inherited and new projects being handled by a number of multinational companies being delayed due to issues of price differentials or poor funding, the Federal Ministry of Works has opened a decisive discussion with Julius Berger Plc on all the inherited and new projects handled by them.

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With a view to appraising their performance and take decisions on funding and milestones completion of all such awarded projects as part of the measures of the Renewed Hope administration to mitigate the suffering of road users at this moment of economic challenges.”

The minister urged the contractor to be open to a mutually agreed modality for milestone execution and funding of the projects at reviewed rates as might be agreed upon and approved by the Federal Executive Council.

The statement further reads: “On the section of Abuja-Kaduna-Zaria-Kano Road agreed to be handled by Julius Berger Plc, he commended the quality of work being done but directed the contractor to stick to one carriageway at a time within the scope and conclude their works.

The contractor was further directed to, within three weeks, fill the two carriageways with stone base and level it to alleviate the sufferings of road users.

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He further agreed that the project, within their own corridor, will last for 14 months. Project execution should be deployed in four sections, and we will be paying Berger N20bn every month to get the job completed.”

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Trump launches his own meme coin, value soars

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President-elect Donald Trump launched his own cryptocurrency on Friday, sparking a feverish buying that apparently sent its market capitalization soaring to several billion dollars.

In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” he wrote.

Meme coins have no economic or transactional value and are often seen as a means of speculative trading.

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“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the coin’s official site says.

In the hours following the overnight launch, the crypto community posed questions about the legitimacy of the $TRUMP coin, and its actual link to the president-elect, with some fearing a scam.

But the fact that the announcements came on Trump’s official social media channels seemed to reassure the market, as did the fact that Trump has used one of the companies behind the project, CIC Digital LLC, in the past to sell non-fungible tokens (NFTs).

By mid-morning on Saturday, the market capitalization for $TRUMP stood at nearly $6 billion, according to CoinMarketCap.com.

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Neither Trump nor the company managing the launch, Fight Fight Fight LLC, offered details about how much he made from the initial batch of meme coins released.

The coin’s official site said 200 million meme coins were issued, with Fight Fight Fight saying an additional 800 million would be added over the next three years.

Formerly a cryptocurrency skeptic, the president-elect is now a convert and has become a champion of the concept.

Before this new announcement, Trump and his sons Donald Jr. and Eric started their own crypto venture – World Liberty Financial – and other members of the incoming administration have previously disclosed investments in and backing for cryptocurrencies.

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Last summer, Trump spoke at a Bitcoin conference in Nashville, where he pledged to make America “the crypto capital of the planet” once back in the White House.

The meme coin is Trump’s latest merchandise push, which recently included a line of perfumes, colognes, watches and “President Donald J. Trump First Edition” silver coins selling for $100 each celebrating his election win.

He famously used a photo of him sitting next to first lady Dr. Jill Biden at the re-opening of Notre Dame Cathedral to promote the cologne line.

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IGP approves massive distribution of kits, uniforms to police officers nationwide

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The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has again approved the distribution of new kits and uniforms to NPF personnel in the rank-and-file cadre, reaffirming his commitment to improving officers’ welfare and boosting their morale.

This initiative underscores his vision of enhancing improved working conditions and professionalism within the force.

Spokesman of the police, ACP Muyiwa Adejobi, who made the disclosure, noted that the IGP expressed optimism that, with the approval of the 2025 budget, more welfare-focused projects will be implemented to further support officers in carrying out their duties effectively.

“The Nigeria Police Force remains dedicated to maintaining a well-equipped and motivated workforce for the safety and security of all Nigerians,” he said.

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FG Accepts New VAT Sharing Formula Proposed By Governors

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The Federal Government through the Presidential Tax Committee says it has no objection to the new “equitable” sharing formula for Value Added Tax (VAT) as proposed by the state governors.

This position was made known by the chairman of the presidential committee, Taiwo Oyedele, on Saturday.

Speaking as a guest on The Platform, an event organized by The Covenant Nation, Oyedele said arriving at a conclusion regarding such reforms anywhere in the world, needs to factor in technical inputs as well as political considerations.

Recall that state governors had earlier rejected the VAT-sharing formula of 20 percent based on equality, 60 percent based on derivation, and 20 percent based on population as proposed by the Oyedele-committee.

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However, after a meeting with the committee, the governors, under the auspices of the Nigeria Governors’ Forum (NGF), announced a new proposed revised formula of 50 percent based on equality, 30 percent on derivation, and 20 percent based on population.

Speaking on the development, Oyedele told the audience on Saturday that the proposal has been accepted.

“You also need to consider other things, including political considerations, and so once the governors proposed their formula for sharing the VAT revenue.

“We have no objections to that, because, at the end of the day, if you need to move one kilometre, you don’t have to move all of that at once; you can’t even jump one kilometre at once.

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“Maybe sometimes you need to just move gradually. You know, you take a breather. You reflect, have more data, and then you move again,” he said.

The chairman of the presidential committee also gave assurances that the VAT-sharing formula will benefit all sectors of the economy.

He urged those still against the proposal to get familiar with the details as recommended by the committee.

“All sectors will be positively impacted, particularly agriculture and manufacturing, as well as industries generally.

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“We also have a provision in those tax bills where we call them priority sectors. And there’s a priority sector incentive, you know, power generation, innovation.

“So I’ll say, even if you’re not going to look at everything in that bill, go and find that section where we have those sectors.

“It’s a pointer to you about where the government wants to redirect the incentive regime,” Oyedele added.

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