Vice President Yemi Osinbajo has said that Nigeria will require at least $2.3 trillion over the next 30 years to bridge the gap in the infrastructural deficit.
According to him, the only way to effectively address the massive infrastructural deficit that the country is facing is therefore, by Public-Private Partnership (PPP) arrangement in one form or the other.
Professor Osinbajo, who spoke today, March 18, at the opening of a 2-day retreat for the National Council on Privatization (NCP) in Abuja, to deliberate on the proposed amendment of the Public Enterprises (Privatization & Commercialization) Act 1999, said: “Nigeria will require at least $2.3 trillion over the next 30 years to bridge this gap.” The vice President, who referred to statistics from Nigerian Integrated Infrastructure Masterplan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) 2017-2020, said that the review of budgetary allocation for capital expenditure even over the past decade will show that government resources are completely insufficient for this purpose. According to him, government can take either commercial or concessionary loans for infrastructure development, which he said, is an additional burden on a usually considerably leveraged balance sheet. “There is a large pool of investable funds from both local and international investors for the development and maintenance of infrastructure. But these are only accessible where there is a business case to be made for developing public infrastructure. “So, for both institutional and individual investors, there is far more comfort with lending or with equity participation where a private sector entity partners with a public authority owner of the infrastructure. This way the public partner can play its natural role of a regulator (regulation and policy), leaving business to the private sector whose reason for being is business. So, for investors, PPP presents the best of both worlds.”
Prof. Osinbajo advised the participants drawn from the private and public sectors at the retreat to remain focused on the objectives of the meeting, adding that developing a framework that will be attractive to investors should be topmost in their deliberations. Earlier in his opening remarks, the Director-General of BPE, Alex Okoh said that the current economic environment requires government to adopt innovative ways of attracting resources for infrastructure development. He said that an amendment of the BPE Act will among other things, expand private sector participation in the Nigerian economy as well as attract more foreign capital to different sectors of the economy.
Oyo State Governor, Seyi Makinde, has made it clear that he is ready to resign his position and leave the government house with his bag the way he came in.
“As I stand before you, if I am being asked to leave the seat as the governor, I do not have a pin to go and pick in my office in the Secretariat. I go there with my bag and go back to my house with my bag.”
Governor Makinde, who spoke today, March 17, at the Pan Yoruba Congress held at Mapo Hall, Ibadan, asked: “what do they want to do to Seyi Makinde?”
He emphasized that he would exit the office if that is what the people want, saying that he is not bothered about the title.
According to the governor, that is the reason he had vowed to take decisions in the best interest of the state and Yorubaland, adding that his administration had a duty to ensure that lives and property are secured.
“By virtue of my office, I can see some certain things that you cannot easily see and I stand on my honour to say that I will take decisions in the best interest of my people”, he said.
He said that at the last security meeting, he created a War Room because, he said, the issue of security is beyond rhetoric.
The governor also set up a Task Force on Security, which he chairs.
File photo: Members of IPOB during protest in Anambra
The outlawed Indigenous People of Biafra (IPOB) has said that anybody, including he former Niger Delta militant leader, Asari Dokubo, can form a group to fight for the realization of Biafran Republic from Nigeria, but that Nnamdi Kanu remains the indefatigable leader of the struggle.
Media and Publicity Secretary of IPOB, Mr. Powerful in a statement today, March 17, said: “IPOB and its indefatigable leader, Mazi Nnamdi Kanu have been in the forefront of this struggle for our freedom, and nobody can controvert that. Formation of any pro-Biafra group is no threat to IPOB. Rather, the coming on board of more pro-groups makes the burden of IPOB lighter.
“When Biafra comes eventually, the joy of the new nation will surpass whatever sacrifice made by any group.
“Biafra is for everybody not for one man, therefore IPOB is not against any group both old and newly formed group.”
“IPOB is not interested with the formation of Biafra agitating group. Anybody can form his and her own group but one thing is certain let them maintain stand to fight for Biafra freedom and independence. IPOB will support any group genuinely formed to fight for Biafra freedom.
“We have said it time without number that anybody can form any group it likes and use it to pursue the Biafra cause. We are not against any group genuinely fighting for Biafra restoration.
Diplomatic row is looming as Russia, today, March 17, announced the recall of its Washington ambassador to Moscow for consultations on its ties with the United States, but stressed that it wanted to prevent an “irreversible deterioration” in relations.
The announcement from the Russian foreign ministry came after US President, Joe Biden said that Russia would “pay a price” for meddling in US elections and he agreed with the assessment that his Russian counterpart Vladimir Putin is a “killer.
“The Russian ambassador in Washington, Anatoly Antonov, has been invited to come to Moscow for consultations conducted with the aim of analyzing what should be done and where to go in the context of ties with the United States,” Russian foreign ministry spokeswoman Maria Zakharova said in a statement.
Zakharova said the most important thing for Moscow was to determine how to mend Russian-US ties “that have essentially been driven by Washington into a dead end in recent years.”
She said Russia was interested in preventing the bilateral relations’ “irreversible deterioration if Americans understand the risks associated with it.”
The foreign ministry did not reference Biden’s remarks on Putin, but said Moscow wanted to analyze the results of Biden’s first 100 days in office.
Anatoly Antonov, Russian ambassador to the US, gestures while speaking during a round-table discussion in Moscow on the Trump-Putin summit in Helsinki, July 20, 2018. (AP Photo/Alexander Zemlianichenko)
In an interview with ABC News broadcast today, President Biden was asked about a declassified US intelligence report that said Putin tried to harm his candidacy in the November 2020 election and promote that of his rival Donald Trump.
“He will pay a price,” the 78-year-old Biden said.
Asked if he thought Putin, who has been accused of poisoning political opponents, is a “killer,” Biden said: “I do.”
The statement marked a stark contrast with Trump’s steadfast refusal to say anything negative about the Russian president.
Also today, the US government announced that it would expand the export restrictions imposed on Russia earlier this month as punishment for the poisoning of jailed opposition leader Alexei Navalny.
The new measures, effective Thursday, prevent export to Russia of more items controlled for national security reasons, including some technology, software and parts, the Commerce Department said.
The Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello has said that the capital city, Abuja, is now over-stretched with a population of about six million
The minister, who received in audience today, March 17, top officials of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) in his office in Abuja, explained that the FCT currently has an approximate population of six million people as against the 2.5 million envisaged by the master plan.
“So, everything is grossly overstretched and that’s why the FCT Administration, under the leadership of President Muhammadu Buhari, decided that we continue to emphasize on completing ongoing infrastructural projects in the road, rail and water sectors.”
He stressed that Abuja is one of the fastest growing cities in the world with an annual population growth of between seven percent and nine percent.
Malam Musa Bello said that with the number of infrastructural development projects currently going on in the FCT, funding remains a challenge.
He appealed to the body to work out a specific funding mechanism for the FCT to enable its Administration meet its infrastructural development objective for the city.
“As the Revenue Mobilization Allocation and Fiscal Commission, it is your national duty to create a special funding mechanism that is not against the constitution that makes sure that these works in progress are done because as you know, we are considered under section 299 of the Constitution as if we were a state.”
This was even as the leader of the delegation, Dr Chris Akomas told the Minister that they were on an advocacy and sensitization visit to seek the cooperation of the FCT Administration to enable it discharge its duties, one of which is the collation of accurate and reliable data.
“We are visiting all these places because we are talking of data and we are looking forward to data integrity”.
Governor Nyesom Wike of Rivers State has said that he is not excited over the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery by the Federal Executive Council (FEC).
The governor, who was a guest on Channels Television’s Politics Today said that it is not the first time the Federal Government is making promises, many of which he said were yet to see the light of day.
“We have had a lot of promises, we have had a lot of talks and nothing has materialized,” Wike stated.
Governor Wike said that the news was nothing to make anyone jubilate, adding that promises of this nature are only pointers to the fact that elections are around the corner.
“We have heard these promises and nothing has happened.”
“If the refinery is going to work, it will improve a lot of economic activities, there will be employment for the people of the state. We will be happy but I am saying that we have had these promises and promises and nothing has happened. So, I don’t want to begin to say hallelujah. Let us wait and see what will happen based on the approval and the statement made by the minister of state, petroleum. We will hold him accountable for it.
“We know, even before the (APC) government came into being, they have promised a lot of things and later they come up to say because of these challenges and that, they are not able to fulfill them.
“We are going into 2023, so many promises will be made, so many approvals will be made.”
The governor said that rather than jump in excitement regarding the approval by the Federal Executive Council, Nigerians must wait and see how the government acts on the rehabilitation exercise as promised.
The Federal Executive Council today, March 17, approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery t the cost of $1.5billion.
Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has advised Nigeria’s Central Bank (CBN) to embrace digital economy and the opportunities it provides, as according to her, digital economy has come to stay.
The WTO boss, who spoke when she visited the CBN Governor, Godwin Emefiele at the apex bank’s headquarters in Abuja today, March 16, said that digital economy provides particularly the young people the opportunity to move forward.
Okonjo-Iweala, who is Nigeria’s former minister of finance, said that Nigeria has enough resources and opportunities to exit the recession, while encouraging the apex bank to use the opportunities presented by the digital economy as remedy, as opposed to banning.
“I think we have what it takes in the country, particularly our young people to do the necessary which is to move forward as to how we are going to create jobs and move this economy in the direction that would support our youths in the future,” she said.
“There are opportunities that can be used in improving trade so that our economy can climb out of this pandemic recession that we are in faster than would have been the case.
“WTO has what we call trade remedies. Without banning things we can be able to protect our industries against dumping and cheap imports if we use those remedies. We can use those remedies as a tool to help our industries.
“Digital Economy has come to stay and people are doing well there. We need to support our young people to make use of the digital economy.”
Okonjo-Iweala emphasized that conversations must start in that direction and also the creative industry should not be neglected as it creates more jobs for the youths.
The CBN Governor responded by saying that the local industry should be given the room to grow as it would create more job opportunities, given the rate of high unemployment
He said that Nigeria is open to business in any part of the world.
A lecturer at the Department of Business management at the Covenant University Ota, Dr. Stephen Ukenna has been alleged to have raped a 17 year old student of his department on top of table in his office.
The Lecturer was said to have invited the student to his office to take part in a surprise birthday party he was organising for one of his friends but allegedly raped her on a table in his office.
According to the report, the young lady immediately reported the incident to her parents on phone subsequent upon which a complaint was lodged at the at Ota Area Command by the parents.
Oyeyemi explained that the Area Commander, Muyideen Obe, deployed his team to the school where the lecturer was arrested and later confessed to the crime.
“The 41 years old lecturer was arrested following a complaint lodged at Ota area command by the parents of the victim who reported that their daughter called them on phone from the school that she was invited by the lecturer to his office on the said date under the pretence that he wanted to plan a surprise birthday party for her close friend.”
“But on getting to the lecture’s office, he locked the office door and forcefully had sex with her on top of the table in his office.”
“Upon the report, the Area Commander Ota, Acp Muyideen Obe swiftly deployed his JWC team to the school where the randy lecturer was promptly arrested.”
“On interrogation, the suspect admitted having carnal knowledge of the victim, but was unable to give any reason for his action.”
Meanwhile, the Commissioner of Police, Edward Awolowo Ajogun, has ordered the immediate transfer of the suspect to the State Criminal Investigation and Intelligence Department for further investigation and diligent prosecution.
The Federal Inland Revenue Service (FIRS) has made it clear that it is still in charge of stamp duties collection, as against the news that went round in social media that the Finance Act 2020 has stripped it of the collection functions on behalf of the Federal Government.
A statement today, March 16 by the Service’s Director, Communications and Liaison, Abdullahi Ismaila Ahmad, the FIRS said that it remains the only federal agency permitted by law to collect Stamp Duties on behalf of the Federal Government of Nigeria. Therefore, the FIRS urges all taxpayers to disregard the aforementioned fake news and continue to pay their Stamp Duties charges to the FIRS nationwide.”
The statement called on taxpayers, tax practitioners and the general public to ignore what it called: “this unfortunate attempt to cause confusion by twisting the Honourable Minister’s speech.
“The attention of the Federal Inland Revenue Service (FIRS) has been drawn to false publications in some newspapers and electronic/social media platforms misquoting a recent speech by the Honourable Minister for Communications and Digital Economy on the administration of Stamp Duties in the country.
“For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the Honourable Minister was misquoted as saying that the administration of Stamp Duty was granted to NIPOST by the Finance Act 2020. The speech attributed to the Honourable Minister was definitely, and unfortunately, quoted out of context.
“For the record, the Honourable Minister merely stated that NIPOST would henceforth produce the ADHESIVE STAMPS required by FIRS to denote Stamp Duties. This position is in line with Section 2 of the Stamp Duties Act (as amended by Section 46 of the Finance Act 2020).
“The Honourable Minister for Communications and Digital Economy, Dr. Isa Pantami, is a patriot with unarguable passion for the rule of law and stability of the country.”
Eleven young enterprising Africans, among them two Nigerians, who have been named Young Global Leaders (YGL) by the World Economic Forum (WEF) for 2021, are to benefit from the Aliko Dangote Fellowship endowed to support African Young Global Leaders.
The beneficiaries are among 112 persons under 40 years of age, selected as Young Global Leaders by WEF, from across 56 countries.
The two Nigerians, Dr. Abasi Ene-Obong, founder, 54gene and Obi Ozor, the founder of Kobo360, joined the ranks of past Nigerian winners, Ambassador Debo Adesina, former Editor-in Chief of the Guardian Newspapers and current Nigerian Ambassador to Togo, and Mr. Simon Kolawole, CEO of Cable Newspapers Ltd.
While announcing the winners, the WEF confirmed that the African YGLs will benefit from the Aliko Dangote Fellowship, made possible by the Aliko Dangote Foundation (ADF). Till date, 73 Young Leaders from Africa have benefitted from the fellowship.
The aim of the fellowship is to increase the quality and quantity of young African leaders by supporting the engagement of African YGLs in the community, such as those from small enterprises or the non-business sector. The fellowship, WEF added, supports YGLs from Africa to participate in global YGL and Forum events.
The YGL award, according to WEF, “is to recognise and create a platform for a dynamic community of exceptional people with the vision, courage, and influence to drive positive change in the world.”
“We are excited to welcome 112 Young Global Leaders for the Class of 2021. From a gender justice and human rights activist to a multi-award winning artist and advocate for indigenous literacy, to a celebrated leader from the world’s youngest country as well as leaders from business, civil society, healthcare and government.”
Giving a breakdown analysis of the winners, the WEF said among the 56 countries represented in the award, eleven leaders hail from Africa and their work brings the promise of a brighter outlook at a difficult time. “They join a group of Nobel Prize recipients, Pulitzer winners, Heads of state and chief executive officers committed to improving the state of the world”, it noted.
Chief Executive of Aliko Dangote Foundation (ADF), Zouera Youssoufou, congratulated Ene-Obong and Ozor for this accomplishment and urged them to continue raising the Nigerian and African flags.
She said ADF was pleased to have worked with 54gene and Kobo360 at the peak of the COVID-19 pandemic in 2020, when CACOVID partnered various organisations for collaborative efforts to complement the government’s intervention to fight the pandemic.
“We are very pleased to see Dr. Abasi Ene-Obong and Obi Ozor recognised in this way given the remarkable work they and their young team have been able to accomplish recently and especially in this past year. 54Gene and Kobo360, have been integral part of the national rapid response to the COVID-19 pandemic displaying exemplary professionalism, efficiency, dedication, and patriotism. Truly inspirational and further proof that Nigerian and African youth are capable of anything given the right opportunities”, Zouera enthused.
Many of the past winners have gone ahead to prove their leadership and enterprising ability in their various fields of endeavour to justify the essence of the award and the genuineness of their nomination.
A past recipient, Ambassador Debo Adesina said, “I am delighted to have two more Nigerians on the Young Global Leaders list of the World Economic Forum. This is a great honour and I trust that my compatriots appreciate the responsibility this laurel carries as well as the duties that come with it. Of course, it is a recognition that challenges them to be better at whatever they do, given the illustrious cast of honourees before them.
“In my 2005/2006 class of YGLs were accomplished young men and women who, afterward, went to greater heights by expanding the frontiers of excellence in public service, academia, the professions, innovations and all sorts of fields. I was inducted on the same day with Daron Acemoglu, the cerebral economist-academic who co-wrote the best-selling book, ‘Why Nations are Poor,’ Sergei Brin and Larry Page who both founded Google, Ndidi Nwuneli of LEAP Africa, Brian Molefe in South Africa and Prince Harkon of Norway. Gavin Newsom was Mayor of San Francisco then. He went on to be Lieutenant Governor and is now Governor of the State of California in the USA. There were many more across the world in that class and in the years after who are still working hard to make our world a better place. I welcome the new inductees and urge them to keep the light shining for all.
“There is, indeed, no better time than now for all young men and women all over the world, especially these awardees, to commit themselves anew to the goal of charting a clear course of service to humanity and be veritable tools for global development.
Another recipient in 2012, Mr. Simon Kolawole while reacting to the latest list expressed happiness that more Nigerians are being recognised at the international level for good reason.
“I had a most rewarding experience as a Young Global Leader (YGL) in every sense of it. I gained incredible knowledge from attending short courses at topmost universities and participating in conferences. I interacted with YGLs from diverse cultures and professional backgrounds. The entire experience has helped in shaping my professional career.”
To underscore his nomination, WEF said Dr. Abasi Ene-Obong, Chief Executive Officer and Founder, 54gene, has quietly been making waves at the head of one of Africa’s foremost health technology companies, working in the field of gene technology. 54gene was created in 2019 and its stated mission is to understand the genetic factors that lead to disease in Africa.
The African genome has been understudied and misunderstood, according to 54gene, which addresses a vital gap in research and new healthcare solutions. 54gene’s work is included in Time Magazine’s list of the 12 innovations that will change healthcare in 2020.
Ene-Obong was also listed as one of the 30 most innovative entrepreneurs on the African continent in 2019 by Quartz Africa. Prior to 54gene, he worked in a range of pharmaceutical companies and research organisations. He gained a doctorate from the University of London, holding a PhD in Cancer Biology. He also has a Master’s in human molecular genetics from Imperial College London and a Master’s in Business Management from Claremont Colleges, California. As Africa starts punching its weight in science and technology, Ene-Obong is sure to lead the charge for gene-based innovation.
On his own part, Kobo360 floated by Obi Ozor, is a logistic technology company that aggregates end-to-end haulage operations to help cargo owners, truck owners, drivers, and cargo recipients to achieve an efficient supply chain framework.
With only a click of a button, cargo owners can simply request for any truck of their choice and have their goods picked up and delivered to the required location through an all-in-one robust logistics ecosystem. Kobo360 raised $30 million USD in 2019, backed by Goldman Sachs, an impressive feat for a startup.
It would be recalled that the Forum of Young Global Leaders was founded in 2005 by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, to create a world where leaders take responsibility for a sustainable future while meeting increasingly complex and interrelated challenges. There are 1,400 members and alumni from more than 120 countries till date.
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Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has advised Nigeria’s Central Bank (CBN) to embrace digital economy and the opportunities it provides, as according to her, digital economy has come to stay.
Eleven young enterprising Africans, among them two Nigerians, who have been named Young Global Leaders (YGL) by the World Economic Forum (WEF) for 2021, are to benefit from the Aliko Dangote Fellowship endowed to support African Young Global Leaders.