Business
FG Unveils N1tn Economic Relief Package For Nigerians
The Nigerian government has rolled out a massive N1tn palliative and construction project to cushion the effects of the current economic hardship on citizens. The project was announced by President Bola Ahmed Tinubu at the 142nd National Economic Council meeting and aims to boost food production, strengthen the economy, and provide urgent economic relief to Nigerians.
The project includes the immediate rollout of the National Construction and Household Support Programme, which will cover all geo-political zones in the country. The programme will prioritize the Sokoto-Badagry Highway, which will traverse seven states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos. Other road infrastructure projects that will be prioritized include the Lagos-Calabar Coastal Highway and the Trans-Saharan Highway. The project also includes full counterpart financing for the Port Harcourt-Maiduguri Railway and the Ibadan-Abuja segment of the Lagos-Kano
Standard-Gauge Railway. The project will also provide N50,000 grants to 100,000 families in each state for three months, as well as N155bn for the purchase and distribution of assorted foodstuff. Additionally, N540bn will be allocated for household grants, and N10bn will be allocated to each state for CNG buses.
The project is designed to boost food production, strengthen the economy, and provide urgent economic relief to Nigerians. The prioritization of the Sokoto-Badagry Highway project is due to its importance in the agricultural sustainability of the nation.
The project will also create jobs and generate wealth through the production and export of excess food. The government has also announced plans to boost agricultural productivity, strengthen the economy, and provide urgent economic relief to Nigerians. This includes the activation of the Presidential Food Systems coordinating unit, which will be chaired by Vice President Kashim Shettima.
The unit will work with state governments, the private sector, and other stakeholders to boost food production and reduce food insecurity. The government has also announced plans to establish a $1bn agriculture mechanization program, which will provide tractors and other agricultural equipment to farmers.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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