"₦121.86trn Debt: Provide Breakdown On Utilization Of Borrowed Funds, Peter Obi Tells FG"
Photo credit: TheCable.
Peter Obi, a presidential candidate of the Labour Party in the 2023 election, has asked the government to provide a detailed breakdown on the utilisation of borrowed funds.
Obi’s demand followed his concern on the rapid accumulation of debt in Nigeria — which he described as “alarming” in a post on X on Monday.
He said the government’s borrowing reached a staggering N121.86 trillion at the end of the first quarter (Q1), warning that if the current trend persists, the total amount borrowed could exceed N150 trillion by the end of the year.
“I have consistently maintained that borrowing is not inherently problematic, as long as it is utilized for productive purposes that drive economic growth and development,” Obi said.
Photo credit: Google.
"Obajana-Benin Road: FG Terminates Contracts With Construction Firms Over ‘Non-Performance’"
Photo credit: TheCable.
The federal government has terminated its contracts with Mothercat, Reynolds Construction Company Ltd (RCC) and Dantata & Sawoe for non-performance on the dualisation of the Obajana-Benin road project sections two, three and four.
In a statement on Monday, David Umahi, minister of works, said the construction companies have failed to meet their contractual obligations as required by the standard conditions of the contracts.
“The Federal Ministry of Works has terminated contract numbers 6136, 6137, and 6138 with Mothercat Ltd., Dantata & Sawoe Construction Ltd., and RCC Ltd., respectively,” the statement reads.
“The projects affected by this termination are the dualisation of Obajana-Benin Road and Section II (Okene-Ali) in Kogi/Edo.
"FG, MAN to Host 3-Day National Manufacturing Policy Summit"
Photo credit: Leadership News.
The federal government, in collaboration with the Manufacturers Association of Nigeria (MAN), is organising a three-day national manufacturing policy summit scheduled for July 2-4, 2024.
According to a statement by the spokesman of the vice president, Stanley Nkwocha, the summit with the theme, “Rethinking Manufacturing,” will be held at the Banquet Hall of the Presidential Villa, Abuja.
President Bola Ahmed Tinubu who is expected to attend the event as the Special Guest of Honour will also declare the summit open.
The President will also reinstate the administration’s commitment to industrial growth and economic diversification.
The Office of the Vice President, the Federal Ministry of Industry, Trade and Investment (FMITI), National Institute for Policy and Strategic Studies (NIPSS) and other partners will play key roles in the summit to bring together stakeholders from Ministries, Departments and Agencies (MDAs), multilateral partners, regional institutions, and industry leaders to forge a new path for Nigeria’s manufacturing sector.
"Rotary Donates 36-Bed Accommodation To LASUTH for Patients’ Relatives"
Photo credit: Punch Newspapers.
As part of efforts to provide support to families of patients accessing care in Lagos, the Rotary Club, Ikeja GRA, has donated a 36-bed apartment to the Lagos State University Teaching Hospital, Ikeja, for relatives of hospitalised patients.
The donation makes LASUTH the first public hospital in Lagos State with accommodation for patients’ relatives, according to the Chief Medical Director of the tertiary hospital, Prof. Adetokunbo Fabamwo.
The club said the apartment would address the challenge of accommodation that families and relatives face whenever their sick loved ones are hospitalised at the health facility.