Mohammed Shosanya

Dr. Oladele Alake, Minister of Solid Minerals Development, and Geoffrey Pratt, United States Assistant Secretary for Energy and Natural Resources, have initiated talks on financing mining projects and infrastructures in Nigeria.

The talk was initiated on the sidelines of the Mines & Money conference in London.

The agreement entails the establishment of a joint team comprising officials from both countries to delve into financing options, extending credit to mining firms, and bolstering infrastructure in the mining sector.

Pratt’s visit to Alake was sequel to a prior meeting with President Bola Ahmed Tinubu, where Tinubu sought U.S. support for Nigeria’s economic revival.

He expressed the U.S.’s interest in becoming Nigeria’s preferred partner in developing the solid minerals sector.

He highlighted the U.S.’s encouragement of direct foreign investment through various institutions and laws and pledged to collaborate with Nigerian counterparts in framing the necessary framework.

Alake welcomed this initiative, stating that the Ministry of Solid Minerals Development has outlined a seven-point agenda as a roadmap to revitalize the sector.

The agenda includes the establishment of the new Solid Minerals Development Company, a revamped security architecture for mine operations’ safety, and extensive data generation to mitigate risks in the sector.

He emphasized that the credit facility and foreign direct investment promised by the U.S. align with the mutual interests of both nations.

He pointed out that minerals like lithium, crucial for clean energy globally and essential for manufacturing electric cars, make this collaboration significant.

Hajiya Fatima Shinkafi, the executive secretary of the Nigerian Solid Minerals Fund, commended the U.S. for its investment in mining infrastructures in Central Africa.

She encouraged a similar partnership with the Fund, reinforcing the collaborative efforts between Nigeria and the United States in advancing the mining sector.

Mohammed Shosanya

The Managing Director of the Niger Delta Development Commission (NDDC), Dr Sam Ogbuku,says the interventionist agency is owed over N2 trillion naira.

Ogbuku,whi said this when he appeared before the House of Representatives’ Committee on NDDC, chaired by Hon Ibori-Suenu Erhiatake,said the is sum was the accumulation of 15 percent of the allocation of the nine states that make up the region, which is due to the Commission since 2000 but has never been paid.

He lamented that despite the passing of the 2021, 2022 and 2023 budgets of the Commission, they were yet to get the funds till date.

He added: “I want to raise an important issue. When we talk about funding. The NDDC Act says the monthly allocation from the Federal Government is 15 percent of the allocation of nine states of the Niger Delta. But I can assure you that since the inception of the NDDC, it has not gotten that. The Federal Government only budgets what it wants to give to NDDC for that year and they give it that year. If you look at the 15 percent, we are not getting the 15 percent.

“Even with the removal of fuel subsidy and with the increment of states allocation NDDC is still where it is. So, these are issues we want you to help us resolve and we have done our calculation that from 2000 till date we can say we are being owed over N2 trillion from what is supposed to be due NDDC.”

Ogbuku said that despite fast-tracking the three-year budget of the Commission, they were yet to get the funds.

“We also came in at a point where NDDC never had a budget for 2021, 2022 and 2023. These budgets were before the National Assembly and we had to fast track the passage of those budgets and those budgets were eventually passed in April this year. However, since the budget was passed, it has not been handed over to us up till now. We would pray and plead with you to ensure that as fast as possible, you also facilitate the process for us to have the budget because the budget year is already coming to an end,” he said.

He also said due to the huge debt burden of the Commission, which was due to a malfunctioning of the system, they had to launch a public private partnership (PPP) arrangement in April this year, where private and public entities can also fund projects in the NDDC.

Chairman of the NDDC Board, Chiedu Ebie, assured that they would maintain the best of relationships with the committee and National Assembly.

He also promised that they would work as a team to ensure that the narrative of the commission is changed for the better.

Chairman of the Committee, Hon Ibori-Suenu Erhiatake, promised to look into the issues raised by the Commission, with a view to addressing them.

She said the committee wants to be able to work with the Board to achieve the goal of changing the narrative of the Niger Delta and the Commission to improve the lives and conditions of the people of the region.

She said every member of the committee is committed and ready to carry out their mandate effectively.

“It is very important we create a platform for synergy in implementation of these policies and programmes for the general benefit of Nigerians and especially the people of the Niger Delta. I assure you that this committee is willing and ready to partner with you to make sure that the dividends of democracy are brought to the region and the narratives that had been set by the previous board are changed for the better.

“On this note I would want to seek your cooperation as a board and to ensure that every information we get from you is what we can work with as a committee and that everything we do henceforth is in the discharge of our duties to our people.

“On the issue of the budget, we would look into and find out why it hasn’t been transmitted to the Commission. For the time frame I cannot really say, but now you have brought it to our attention, we would look into it.”

Mohammed Shosanya

President Bola Tinubu Wednesday presented the 2024 National Budget, identifying national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security as some priority focus of the Appropriation Bill.

Speaking at a joint session of the National Assembly on the 2024 Federal budget proposal in Abuja on Wednesday, President Tinubu said the nation’s internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

He said the proposed budget prioritizes human capital development, with particular attention to children, stressing that human capital remains the most critical resource for national development.

He said: “To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector.

“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024,” the President affirmed.

Speaking on the economy,he said a stable macro-economic environment is crucial in his administration’s bid to catalyze private investment and accelerate economic growth; hence, his government shall continue to implement business and investment friendly measures for sustainable growth.

“We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.

“Emphasizing on the public-private partnerships, President Tinubu stated that the country has strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors.

“This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

“As we approach the COP28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship,” he said.

He also stated that a conservative oil price benchmark of 77.96 U.S. Dollars per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar was adopted for 2024 as well.

Giving breakdown of the 2024 Appropriation Bill, the President said, “An aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

“Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

“The budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023, which represented 6.11 percent of GDP. The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and 1.05 trillion naira draw down on multilateral and bilateral loans secured for specific development projects.”

The President, further assured of his administration’s commitment to a broad-based and shared economic prosperity, saying, “We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.”

He also said efforts will be made to further contain financial leakages through the effective implementation of key public financial management reforms.

He commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa’s largest population.

“As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year. I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget.

Additionally, only projects and programs that are in line with the sectoral mandates of MDAs and those which are capable of realizing the vision of our administration should be included in the budget,” the President declared.

In his earlier remarks,Senate President, Godswill Akpabio urged President Bola Tinubu to prevail on Heads of Ministries Departments and Agencies not to leave the shores of the country in the course of budget defence, noting that they would be needed to justify their budget estimates.

Mohammed Shosanya

Chief (Mrs.) Ifeoma Felicia Nkwocha,mother of the Managing Director of Integral Communications Nigeria Limited, Engr. Onyeka Nkwocha,is dead.

She died after a brief illness at the age of 67,the company’s General Manager,Mr.Ifeanyi Nihe,said in a statement on Tuesday.

The company will be closed for business on Tuesday, December 5; Thursday, December 7 and Friday, December 8, 2023,in hour of the deceased,Nihe said.

According to the statement,the service of songs will be on December 5 and December 7 while the interment will be on December 8 at the Late Chief R.O. Nkwocha’s compound, Uruogbo village Enugu-Ukwu in Anambra State.

“The thanksgiving service will be on December 10, 2023 at Emmanuel Anglican Church by Nkwo Market Enugu-Ukwu in Anambra State as indicated in the Funeral arrangements”,the statement.

The company added that,during the break,its company’s digital channels and social media platforms will remain available to attend to its customers’ urgent needs as it always try to serve them better at all times.

Integral communications Nig. Ltd is a company that specializes on sales and installation of mobile phones, computers (Laptops and Desktops), printers and copiers, Iphones, Phones, special gadgets, CCTV systems, intercom systems (PABX), Network Switches,Procurement etc.

The company was incorporated in August, 2005 and has since been offering the above mentioned services from its corporate headquarters at No 38 Old Aba, Rumuobiakani, Port Harcourt, Rivers State and its branches both in Rivers State and FTC.

Renowned for quality products and services, this has endeared to it numerous clients, ranging from walk-in clients to corporate organizations, cooperative societies, Federal government institutions,agencies and educational Institutions.

Mohammed Shosanya

The Nigeria’s President Bola Ahmed Tinubu,Tuesday wrote to the House of Representatives, seeking the approval for the Federal Government to borrow $ 8.699 billion and €100m in the 2022-2024 external borrowing plan.

The President also asked the House to grant him audience to present the proposed N27.5trillion budget for the 2024 financial year before a joint session of the National Assembly on Wednesday, November 29, 2023.

His requests were contained in two separate letters addressed to the Speaker of the House, Rt. Hon. Abbas Tajudeen, who read the correspondences at the plenary on Tuesday.

He explained that the loans were intended to fund projects which cut across sectors, particularly infrastructure, agriculture, health, education, water supply, roads, security, and employment generation as well as financial management. among others.

He said: “I write with reference to above subject matter and to submit the attached Federal Government 2022-2024 external borrowing rolling plan for consideration and approval of the National Assembly to ensure optimum implementation of the budget.

“Honourable members of the lower chamber may wish to know that the past administration approved the 2022 -2024 borrowing plan at the Federal Executive Council held on 15 May, 2023”

He complained about the removal of fuel subsidy and its associated impact on Nigeria’s economy, African Development Bank and the World bank group have indicated interest in assisting the country to mitigate the impact with the sum of one billion USD and 1.5 billion USD respectively; in addition to the FEC approved 2022-2024 external abridged borrowing plan.

He said:Consequently, the required approval is in the sum of 8, 699, 168, 559 USD, and 100 million Euros.

“I would like to underscore the fact that the projects and programmes in the borrowing plan were selected based on positive technical economic evaluation as well as the expected contribution to the socio-economic development of the country including employment generation, skills acquisition, support towards the emergence of young entrepreneurs, poverty reduction and food security to improve the livelihood in all 36 states and the FCT.

“Considering the huge infrastructure deficit in the country and the enormous financial resources required to bridge the gap in funding infrastructure in the face of dwindling financial resources, it has become imperative that we resort to prudent external borrowing to bridge the financial gap which will be largely be applied to key infrastructure projects including power, railway, health among others.

“Given the nature of these facilities and the need to return the country to normalcy, it has become necessary to request the House of Representatives to consider and approve the 2022-2024 external abridged borrowing plan to enable the government deliver its responsibilities to Nigerians through expedient disbursement and efficient project implementation.

“I hereby forward the proposed 2022-2024 external borrowing plan and trust that it would receive judicious consideration and passage of the House of Representatives,” the letter read.

In the second letter, President Bolla Tinubu said: “May I crave the kind indulgence of the House of Representatives to grant me the …1100 hours on Wednesday, 29th November 2023, to formally present the 2024 appropriation bill to a joint session of the National Assembly. While I look forward to addressing the joint session, please accept Rt Hon Speaker, the assurances of my highest regard”