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Expert: CBN’s N15 trillion infrastructure fund key to Nigeria’s economic growth

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A construction industry expert, Mr Temitope Runsewe, has commended the Central Bank of Nigeria (CBN) for its proposed N15 trillion Infrastructure Fund, saying it was key to job creation and economic growth.

Speaking with newsmen in Abuja on Tuesday, Runsewe said that the opportunity to utilise private sector funds to support infrastructure investment in critical sectors of the economy had enormous benefits.

He recalled that in July, the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, had alluded that the nation’s infrastructure deficit would require billions of dollars annually to fix.

He also pointed to a report by a credit rating firm – ‘Moody’ in a 2020 report where it projected that Nigeria would require about three trillion dollars over the next 30 years to solve its infrastructure issues.

Against this backdrop, Runsewe commended the Apex bank for the bold proposal, adding that examples abounded around the world of private-sector funds being used for capital projects.

“The effects of unstable power supply, decrepit public infrastructure and inadequate social amenities are a reality most Nigerians are all too familiar with.

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“While the government has ramped up infrastructural projects such as railways and roads across Nigeria recently, studies show that Nigeria’s low GDP numbers are closely linked to inadequate infrastructure delivery.

“Our greatest challenge with economic growth in Nigeria is the glaring infrastructure deficit, which the government alone cannot fix.

“It is urgent that we involve private sector capital in the mix to ensure that the economic potential of the country is improved by providing the roads, power and other public facilities required in a growing economy,” he said.

NAN reports that Nigeria’s N15 trillion infrastructure fund (InfraCorp) which will be launched this October, is expected to address the challenge of infrastructure deficit in the country.

The fund which is backed by the African Finance Corporation and the Nigerian Sovereign Investment Authority seeks to utilise private sector capital to support infrastructure investment according to the Apex Bank.

Speaking on what impact the fund would have on the Nigerian economy, Runsewe who is the Managing Director of Dutum Company Ltd said that as a construction industry expert, he understood the need for funds in infrastructure development.

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“Working in the construction industry over the years, I have seen up close the challenges faced by both national and sub-national governments to meet the infrastructural needs of citizens.

“What InfraCorp provides is not just the necessary funding to support the government in bridging the infrastructure deficit, it also opens up opportunities to create more jobs in the construction industry and improve the skill level of professionals.”

“Everyone can attest to the fact that the level of excellence required by the private sector is much higher than what obtains in the public sector.

“What this means is that we will reduce wastage to the minimum and optimize service delivery.

We might end up saving as much as N2trn annually by opening up public infrastructure delivery to global best practices,” he said.

Runsewe added that with such professionalism, more resources will be available for the government to improve education and healthcare delivery among other things.

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Economy

Budget controversy: Senate attacks PDP, Yar’Adua replaces Ningi

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Budget controversy: Senate attacks PDP, Yar’Adua replaces Ningi

The Spokesman for the Senate, Yemi Adaramodu, has berated the Peoples Democratic Party for calling for the resignation of the Senate President, Senator GodsWill Akpabio, over the unfounded claim ofN3.7tn budget padding.

The budget padding allegation was raised by the PDP senator representing Bauchi Central, Senator Abdul Ningi.

Ningi, in a media interview, claimed that while the budget passed by the National Assembly for the 2024 fiscal year was N25tn, the one being executed by the Presidency was N28.7tn.

However, at the plenary on Tuesday, the Senate took Ningi on to defend the allegation, at the end of which he was slammed with a three-month suspension for damaging the image of the Red Chamber over what senators decided was an unfounded allegation.

On Wednesday, the PDP knocked Ningi’s suspension, calling on Akpabio to resign as Senate President to pave the way for an independent investigation into the budget padding allegation.

“The Peoples Democratic Party demands that the Senate President, Senator Godswill Akpabio, immediately step aside and allow for an independent investigation into the allegation that a staggering N3.7tn was discreetly inserted into the 2024 budget for alleged non-existent projects.

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“The party also demands that Senator Akpabio immediately reports to the Economic and Financial Crimes Commission over the pending case of alleged looting of N108bn belonging to the people of Akwa Ibom State under his watch as the governor of the state,” the PDP said in a statement by its spokesman, Debo Ologunagba.

However, reacting on Thursday, the Chairman of, the Senate Committee on Media and Public Affairs, Adaramodu, knocked the PDP.

He said, “The PDP has elevated chicanery to statecraft and fatally failed in their sordid attempt to hoodwink the unsuspecting public, on the ineffectual but spurious allegations of budget padding.

“The party’s ludicrous call for the resignation of Senator Godswill Akpabio as the Senate President is unthinkable and shows the party as a massaging balm for falsehood and immoral legislative outbursts.

Adaramosu stressed that Akpabio would not resign.

Meanwhile, All Progressives Congress Senator Abdulaziz Yar’Adua representing  Katsina Central has replaced Ningi as the Chairman of the Northern Senators’ Forum.

Ningi immediately resigned from the position following his suspension by the Senate.

Yar’Adua ‘s emergence as the new Chairman of the NSF was a sequel to unanimous endorsement to that effect by senators across the three geo-political zones in the North.

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The Northern Senators also appointed Senator Mohammed Monguno (APC, Borno North) as Publicity Secretary of the forum, a position held by Senator Summaila Kawu (NNPP Kano South) when Ningi was the chairman.

It is unclear if Kawu resigned too or if he was impeached following the crisis at the Red Chamber on Tuesday.

Addressing the press after he emerges as the New Chairman of NSF,  Yar’Adua said the major objective of the Northern Forum was to promote the interest of Nigeria first followed by the development of the North through collaboration with their counterparts from the South and cooperating with the executive arm of government to ensure that the challenges of the region were attended to.

Yar’Adua said,

“We Shall, therefore, work in consultation with our distinguished colleagues to preserve the unity and progress of our dear nation.

“In advancing these noble objectives, I am committed to streamlined activities within the Northern Senators Forum.

“We shall operate with transparency, accountability, and integrity, upholding the trust placed on us by the electorate.“

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Cable cuts: Operators working to restore connectivity, says NCC

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Cable cuts: Operators working to restore connectivity, says NCC

The Nigeria Communications Commission has confirmed that several African internet service providers faced outages due to submarine cable cuts, with cable operators actively engaged in efforts to restore connectivity.

The telecom regulator made this disclosure in a statement signed by the Director, Public Affairs, Reuben Muoka, on Thursday.

The NCC identified affected operators to include West African Cable System and African Coast to Europe, along with SAT3 and MainOne, which experienced downtime.

The regulator attributed the disruptions to incidents in Cote d’Ivoire and Senegal, resulting in subsequent disruptions in Portugal.

The commission noted similar challenges along other undersea cable routes, such as Seacom, Europe India Gateway, and Asia-Africa-Europe 1, which also experienced cuts.

The regulator stated, ” Similar undersea cables providing traffic from Europe to the East Coast of Africa, like Seacom, Europe India Gateway, and Asia-Africa-Europe 1, were said to have been cut at some point around the Red Sea, resulting in the degradation of services across these routes.”

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Many subscribers on Thursday expressed frustrations on social media platforms, citing difficulties in making phone calls and accessing online services.

Despite the setbacks, the NCC assured the public that cable operators have initiated repair efforts, with services gradually being restored.

The commission stated, “Operators of these cables have commenced repairs already, and services are gradually being restored. They have promised to work around the clock to ensure that services are restored to the affected countries within the shortest possible time.

“It is important to bring this information to the knowledge of corporations and consumers on these services.”
Earlier, MTN Nigeria, the leading telecommunications provider in the country, acknowledged the situation and appealed to its subscribers.

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The company also assured them that it is making efforts to resolve the issue and restore services as quickly as possible.
A few weeks ago, a similar issue occurred where major operators across the country, including MTN, Airtel, and 9mobile, grappled with a widespread network connection crisis.

The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, told The PUNCH that the connectivity issue was due to significant fibre cuts made by road contractors employed by the Federal Government.

The ALTON chairman said, “There have been significant fibre cuts across the country, and this has impacted connectivity today, but efforts are being made by affected telecom operators to rectify this situation.”

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Economy

Lagos Police probe officer caught extorting motorist

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Lagos Police probe officer caught extorting motorist

The Lagos State Police Command has commenced an investigation into the extortion of a motorist by one of its officers, ASP Luka Bashayi of the Ogudu Area Command on Saturday.

A video which went viral on X on Saturday showed the policeman telling the driver of the car,

“Make am N10,000, sharp sharp and go now” as the driver replied, “I no get.”

The officer was also heard calling out some digits in the video.

The caption read, “Very hardworking Nigeria police officer, “do sharp sharp and go nw” u know the matter😅😅😭😭 #Princemoye1 see ur men.”

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Commenting on the video, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, wrote, “This is not allowed, so shameful. It’s condemned. We need more info about this. We will fish him out.”

Giving updates on the issue, the Lagos State Police PRO, SP Benjamin Hundeyin, disclosed that the command’s Complaint Response Unit have started investigations on the matter.

He wrote, “We will not gloss over this. He is ASP Luka Bashayi, serving at Ogudu Area Command.

“Meanwhile, #Lagos_PoliceCRU has commenced actions on this.”

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