Connect with us

News

P-Harcourt refinery will work within 18 months- FG assures

Published

on

Federal Government of Nigeria has assured that the rehabilitation of the Port Harcourt Refinery would be functional within 18 months. 

The Minister of State for Petroleum, Timipre Sylva, who gave the assurance also informed that the government plans to rehabilitate other refineries in the country, insisting that the move is not a waste of funds as believed in some quarters.

Speaking on Channels Television’s Sunday Politics, the former governor said, “Port Harcourt Refinery will work, and certainly within the next 18 months.

“There are plans to also fix the Warri Refinery and Kaduna Refinery and then we would get all those staff to work”.

The government had on March 17 approved $1.5 billion for the rehabilitation of the Port Harcourt Refinery, an amount which many had described as too much for the project.

However,  the minster debunked insinuations that the rehabilitation could have taken less than N500m.

“You see, Nigerians like to bandy figures,” I can tell you, that that cannot be true. We are talking with the professionals.”

While many including members of the opposition have raised eyebrows over the funding for the project, with fears that borrowing for the rehabilitation would future mortgage the country’s future, he said borrowing will only form a part of the project.

ALSO READ  Nigeria : A Nation Yet With Unfulfilled Pledge

“Let me tell you how this rehabilitation is going to be funded; it is not going to be all debts, we are not going to borrow all the monies that are going into the rehabilitation (project)”.

“Some of the money will come from NNPC’s internally generated revenue – from NPDC, some of it will come from the Federal appropriation, and just a little fraction will come from the African Export-Import Bank (Afreximbank)”, he explained.

Comments

News

Rainstorm plunges forty Ogun communities into darkness

Published

on

By

Forty communities in Ogun State have been plunged into darkness following a rainstorm on Sunday.

The downpour, which began midday, destroyed electricity facilities in some parts of the state, leading to a blackout.

“Due to broken poles occasioned by the heavy downpour at Ota and Mowe, customers in the following communities: lyana lyesi, Osuke Town, Egan Road, lyana Ilogbo, Ijaba, Ijagba, Itele, Lafenwa, Singer, Joju, Alishiba, Oju Ore, Tollgate, Eledi, Akeja, Abebi, Osi Round About, Ota Town, Ota Industrial Estate, Igberen, lju, Atan, Onipanu, Obasanjo, Lusada, Arigba, Odugbe, Ado-Odo, Igbesa, Owode,” the Ibadan Electricity Distribution Company (IBEDC) said in a statement late Sunday.

“Olokuta, Hanushi, Bamtish Camp Lufiwape, Eltees Farm, August Engineering, Spark Cear Soap Ayetoro, Amazing Grace Oil, Christopher University, Royal Garden Estate, Pentagon Estate, and environs are experiencing power outages”.

It called on residents of the areas to avoid “contact with the broken poles, saggy wires or any other electrical installation affected by the rain.

“Our technical team is working to clear and replace the broken poles and installations to ensure power supply is restored as soon as possible,” IBEDC said.

A video circulating on social media showed fallen electricity poles on vehicles in a flooded Sango-Ota area of the state.

ALSO READ  Nigeria : A Nation Yet With Unfulfilled Pledge

Continue Reading

News

Israel Vows To Increase ‘Military Pressure’ On Hamas In ‘Coming Days’

Published

on

By

(FILES) Israeli Prime Minister Benjamin Netanyahu (Photo by Abir SULTAN / POOL / AFP)

Prime Minister Benjamin Netanyahu on Sunday said Israel will increase “military pressure” on Palestinian militant group Hamas in a bid to secure the release of hostages held in Gaza.

“In the coming days we will increase the military and political pressure on Hamas because this is the only way to free our hostages,” Netanyahu said in a video statement on the eve of the Jewish holiday of Passover, threatening to “deliver additional and painful blows” without specifying.

Despite an international outcry, Netanyahu has repeatedly said that the army will launch a ground assault on Rafah, a southern Gaza city so far spared an Israeli invasion where more than 1.5 million Palestinians have taken refuge.

The army has said some of the hostages abducted from southern Israel during Hamas’s October 7 attack that sparked the war were being held in Rafah.

Military spokesman Rear Admiral Daniel Hagari said in a televised statement later on Sunday that “the chief of staff has approved the next steps for the war,” without offering details.

“On Passover, it will be 200 days of captivity for the hostages… We will fight until you return home to us.”

Continue Reading

News

FG to Launch CNG Initiative Ahead of Tinubu’s Anniversary

Published

on

By

The presidency announced on Sunday that the Federal Government is gearing up to launch its compressed natural gas (CNG) initiative in May, coinciding with President Bola Tinubu’s upcoming first anniversary in office.

Tinubu had declared the end of the fuel subsidy era during his inauguration, a move that led to a surge in fuel prices.

However, he assured the public of implementing measures to mitigate the impact, including the introduction of CNG-powered mass transit buses and tricycles.

According to presidential aide, Bayo Onanuga, the initiative is now ready to be set in motion after nearly a year in the making.

Onanuga stated in a late Sunday statement, “In all, over 600 buses are targeted for production in the first phase that will be accomplished this year.”

He further elaborated on the plans, mentioning, “A new plant on the Lagos-Ibadan Expressway will assemble thousands of tricycles.”

Onanuga revealed that parts manufactured by Chinese company LUOJIA, in partnership with local entities, are en route to Nigeria and expected to arrive early in May.

He added, “About 2,500 of the tricycles will be ready before May 29, 2024.”

The Federal Government aims to procure “5,500 CNG vehicles (buses and tricycles), 100 Electric buses, and over 20,000 CNG conversion kits,” Onanuga explained.

ALSO READ  Gateway Trade Fair: OGUNCCIMA lauds Dangote Group’s collaboration.

He also highlighted efforts to facilitate the development of CNG refilling stations and electric charging stations.

President Tinubu’s approval of tax and duty waivers in December 2023 has paved the way for collaboration with the private sector to advance the initiative.

Onanuga noted, “The private sector has responded with over $50 million in actual investments in refueling stations, conversion centers, and mother stations.”

Additionally, plans are underway to assist petrol-powered buses and taxis in transitioning to CNG. Onanuga assured, “Thousands of conversion kits for petrol-powered buses and taxis that want to migrate to CNG are also ready with CNG cylinders.”

In response to negotiations with labour unions over the subsidy removal effects, Tinubu has urged patience from Nigerians, expressing confidence in the long-term benefits of his reforms.

As part of the government’s efforts, a package includes a temporary pay increase for federal employees, suspension of VAT on diesel, and social security cash transfers to the poorest citizens.

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending