News
Lagos Govt. To Reconstruct Airport Road.
FOLLOWING the approval granted to the Lagos State Government by the Buhari led Federal Government to commence a total reconstruction of the International Airport Road from Oshodi area of the state, Governor Akinwunmi Ambode has expressed his administration’s readiness to commence the deployment of contractor to the site.
The State Governor, Ambode disclosed this on Wednesday through a statement issued by the Secretary to the State Government, Mr Tunji Bello.
The governor lauded Nigeria’s Acting President, Professor Yemi Osinbajo, for his statesman-like approach to issues and for fast-tracking the process.
“We are very appreciative of the good gesture of His Excellency, the Acting President for acceding to our request which is not only very timely but a very heartwarming one. Posterity will never forget this genuine developmental action”, the statement reads.
The governor further described the approval as a 50th birthday gift to the people of Lagos State, stressing that it was a further demonstration of the determination of the present administration to ensure the effectiveness of the Executive Order on improving the Ease of Doing Business recently signed by the Acting President.
Also, he commended President Muhammadu Buhari for providing the enabling environment to induce foreign direct investment into the country, while expressing optimism that with the upgrading of the International Airport Road which he noted is the gateway to the nation’s commercial nerve centre, Nigeria would attract new investments.
It would be recalled that the governor raised an alarm about the present state of the Murtala Mohammed International Airport Road, which he described as a national disgrace, reiterating that its required immediate attention to salvage the nation’s image.
He added that Lagos State has a design for the reconstruction of the Airport Road as well as the funds to embark on the project, but was yet to get an approval from the Federal Government.
“The road linking Oshodi to the International Airport, you would all agree with me is a national embarrassment.
“In the spirit of the regeneration and urbanisation that this administration has set out to achieve, we believe strongly that the image that is exhumed by the decadence of that road must be repaired and we took it upon ourselves to appropriate the 2017 budget that the House of Assembly should approve the total reconstruction of the Airport Road from Oshodi to the International Airport.
“The state currently has a design of 10 lanes to come from Oshodi to the International Airport with interchange and flyover that would drop you towards the Local Airport. The contractor is already set to go and everything, as I said, has been completed and we already have the cash but alas, we are having challenges with the Federal Ministry of Works and Housing.
“This is a Federal and not a State road. The Federal Ministry of Works believes that they should do the road, but they have not been able to do it all these years past.
“I just want to appeal to the Federal Ministry of Works to let go or reimburse us with whatever it is that they are owing us and even if they are not willing to pay us now, we have the money to do it.
“It is a national disgrace and we would not be part of it. We would like to do it as part of the celebration of Lagos at 50,” the governor had submitted.
However, the Federal Ministry of Power, Works and Housing had explained that the delay in granting the request of Lagos State was because the memorandum conveying the request which was already before the Federal Executive Council was yet to reach completion stage.
The ministry said, “the Federal Ministry of Power, Works and Housing Ministry has presented the Memorandum conveying the request of the Lagos State Government to the Federal Executive Council, as was done with a similar request by the Kaduna State Government in 2016.
“Due to the fact that two of the roads also connect Ogun State, the Federal Executive Council could not reach an immediate decision on them because it requested the input of the other State Government affected”.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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