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FG approves N28bn for Abuja-Kaduna road

…As FCT disburses N1.7bn for water provision The Federal Government has approved N28 billion for the construction of a new dual carriage way linking Abuja to Kaduna through the Lower Usman Dam. Works Minister, Mr. Mike Onolememen, made this disclosure last week in Abuja. Onolememen, who said the road would run through Bwari to Gurara, … Continue reading

Reminder: 50 percent of custom revenue drops due to local rice production – Shamsdeen Usman

Nigerian Minister of National Planning, Dr Shamsdeen Usman has disclosed that with the upsurge in the local production of rice in Nigeria, the custom revenue often generated from the importation of the staple food has dropped to about 50 percent. Shamsdeen made the disclosure in Lagos yesterday at a joint press briefing organised by the … Continue reading

Eyewitness Progress Report on The East-West Highway Mega Project – Ebi Bozimo

The East-West Highway Mega Project 30 September 2013 at 17:32 I am an unabashed devotee of programs like MegaStructures on the Discovery Channel(TM) where amazing design and construction projects from different parts of the world are depicted and in my enthusiasm, it is easy to miss ongoing projects underway right near me.   I drove … Continue reading

Jonathan makes history, hands over PHCN GENCOs, DISCOs to new owners today

A total of approximately $3.3 billion is to accrue to the Federal Government coffers as proceeds from the sale of the five Generation (GENCOs) and ten Distribution (DISCOs) companies, whose assets are being transferred to the core investors today. However, out of the sum about $2.137 billion has been realised from the transactions. It would … Continue reading

Nigerian oil and gas industry celebrated another milestone as AOS Orwell Operational base, another NCDMB milestone

Abuja – The Nigerian oil and gas industry celebrated another milestone in the development of indigenous infrastructure for the delivery of world class well construction service which has demonstrated that with Nigerian Content policy and law, it is possible to attract investment in-country and domicile real value creation within the Nigerian economy. Delivering a keynote address … Continue reading

Nigeria signs power project agreement with China for the 700 mw Zungeru hydro power plant

Nigeria and China have signed an agreement worth $1.293billion (N 206.686 billion) on a major Hydroelectric Power Project. Minister of Finance Ngozi Okonjo-Iweala, said, on Saturday at the signing ceremony, that the project, located in Zungeru, Niger State, is expected to generate 700,000 kilowatts or 700 megawatts of power. She added that the contract awarded … Continue reading

Petrol Price Crashes Below N97 in Abuja Filling Stations

Against the grain of public perception that once prices of products go up, they never come down, the pump price of premium motor spirit, PMS, popularly known as petrol, has not only crashed in some petrol filling stations, it has gone below the official amount fixed. In some of the stations, petrol now goes for … Continue reading

Recurrent Expenditure Escalated Due To Struggle For ‘National Cake’ – Etomi

A former Chairman of the Business Law section of the Nigerian Bar Association, George Etomi on Friday explained that the reason the recurrent expenditure has risen far above the capital expenditure is as a result of the hustle to partake of the ‘national cake’. Speaking on Channels Television’s Business Morning, Mr Etomi explained that until … Continue reading

R.I.P. PHCN as historical handover of power supply to private sector is Monday September 30, 2013

Vice President Namadi Sambo has announced plans to handover the Power Holding Company of Nigeria (PHCN) to successor companies by Monday 30th Setember next week. The Vice President who spoke at a meeting on power sector reforms in Abuja also announced that outstanding payments of pensions and gratuities of workers of the defunct PHCN have … Continue reading

Nigeria NNPC produces 2.19 mil b/d crude, earns $20.9 bil from exports in Jan-Jul: CEO

State-owned Nigerian National Petroleum Corp has produced an average 2.19 million b/d of crude oil over January-July, and earned $20.9 billion from crude exports over the same period, according to NNPC CEO Andrew Yakubu in a statement issued by the company late Thursday. Output and revenue however, could have been higher if not for large-scale … Continue reading

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