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AFR Business

Buhari tells US parley he’s done my best for Nigerians

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President Muhammadu Buhari says he has done his best for Nigerians despite worsening economic hardship and insecurity. Mr Buhari said this while welcoming the secretary general of the Abu Dhabi Forum, Sheikh Al-Mahfoudh Bin Bayyah and his deputy, Pastor Bob Roberts of the U.S., who visited him in Washington, according to a statement by his media aide Garba Shehu.

He noted that their work promoting multi-faith dialogue was as important to the world as it was to Nigeria.

The president also spoke about the need to raise generations of youths devoid of religious extremism and bigotry, urging the group to continue to target the young people who are the promise of the future.

“Your work is very important in helping, especially the youth, to understand one another and, at the same time, to be proud of their heritage,” stated Mr Buhari. “This great initiative by you will help future generations to plan well and live together in peace. On our part, we will continue to solve our problems, especially as they relate to the youths.”

Mr Buhari, defending his regime’s efforts, added, “We are big in size and population, facing many challenges, but in many areas, we are trying. In seven-and-a-half years, I have done my best.”

The secretary-general said they had come to inform the president and to invite him to attend the conferment upon him of the Abu Dhabi Foundation’s award in recognition of his outstanding achievements in promoting peace and security.

He said the conferment aligned with the foundation’s work in fighting religious extremism, promoting peaceful coexistence and dialogue amongst all religions.

CBN threatens jail over naira abuse

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The Central Bank of Nigeria (CBN) warned on Tuesday in Abuja that Nigerians caught abusing the naira were liable to go to jail.

It warned that those who spray and step on the naira, especially at social gatherings, are liable to six months imprisonment or a fine of N50,000.

Section 21(3) of the CBN Act 2007 says mishandling of the naira is a punishable offence.

Principal Manager, Currency Operations Department at the CBN, Ngozi Etim, gave the warning when she spoke with the News Agency of Nigeria (NAN).

She said the CBN was working with the police, the FIRS, the EFCC and the Nigerian Financial Intelligence Unit to curb the abuse.

She condemned the “spraying” of money in public, adding that the envelope remained the best and acceptable means of extending goodwill at events.

“Money should not be squeezed but be put in envelopes. Oil should not be allowed to touch money; keep it neat like you keep your clothes.

“You do not dirty your clothes and you do not keep your clothes on the ground, so, there is need to keep our naira well,” she said.

She added that the CBN Act empowered it to arrest those who abused the naira, stressing that the naira remains the pride of the nation and must be kept clean at all times.

In his remarks, CBN’s Director, Corporate Communication, Osita Nwanisobi, urged Nigerians to always treat the naira with care.

Mr Nwanisobi condemned the idea of hurling wads of naira notes in the air and stamping on the currency at social functions.

“There have also been cases where people mishandle the naira, deface it, or hawk it at parties. Contrary to the practice of these unpatriotic persons, it is neither cultural nor moral for people to disrespect the currency, which citizens trade in,” he stressed.

There have been videos of famous Nigerians, including politicians, subjecting the naira to abuse.

Naira notes have also become items of trade at garages and motor parks in different parts of the country, especially during festive periods.

The CBN has, however, declared that anybody caught abusing the naira would be punished.

Nigeria will have 30 gigawatts of energy by 2030, says Buhari

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President Muhammadu Buhari says his regime is determined to ensure that Nigeria achieves the vision of 30 gigawatts of energy by 2030.

Mr Buhari made the pledge at a discussion panel on Just Energy Transition at the ongoing U.S.-Africa Leaders Summit in Washington.

He used the opportunity to outline the comprehensive Energy Transition Plan unfolded by his administration in response to the issues associated with climate change.

According to him, as part of the National Renewable Energy and Energy Efficiency Policy, Nigeria set the vision 30:30:30, which aims at achieving 30GW of electricity by 2030, with renewable energy contributing 30 per cent of the energy mix.

“In 2021, Nigeria became the first African country to develop a detailed Energy Transition Plan to tackle both energy poverty and climate change, and deliver Sustainable Development Goals (SDGs) 7 by 2030 and net-zero by 2060,” stated the Nigerian leader. “Our Federal Executive Council approved the plan earlier this year and adopted it as a national policy.”

Mr Buhari told the summit about Nigeria’s plans to eliminate the use of petrol and diesel generators by 2060, noting that the Energy Transition Plan requires that 5.3GW of solar be deployed annually until 2060 to achieve “our targets.”

He added, “Our aggressive power sector reforms have resulted in cost-reflective tariffs in the power sector for the first time since privatisation. Under the Nigeria Electrification Project, over four million people have been impacted through solar mini-grids and solar stand-alone systems.”

Mr Buhari told the summit that his regime was about completing the Zungeru hydropower project, expected to add 700MW to the national power grid, calling for financial and technical support to achieve the desired results.

“For instance, our analysis shows that delivering the Energy Transition Plan requires $1.9 trillion spending up to 2060, including $410 billion above business-as-usual spending. This additional financing requirement translates to a $10 billion investment needed per annum,” said Mr Buhari.

He also disclosed that between 2000 and 2020, “just $3 billion per year” was invested in renewable energy in the whole of Africa.

“Consequently,” Mr Buhari explained, “the $10 billion per year target of our Energy Transition Plan represents a significant scaling of current investment flows, and we need support from the U.S. to mobilise the needed resources.”

Ghana’s president tells Buhari, other African leaders to stop begging for aid

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Ghanaian President Nana Akufo-Addo has called on President Muhammadu Buhari and other African leaders to stop begging for foreign aid and allow the continent to assume its rightful position in the world.

According to Mr Akufo-Addo at the ongoing three-day U.S.-African Leaders Summit, Nigeria, Ghana, Kenya, and others have what it takes to make the continent great.

He said it was time African leaders stopped begging the developed world and concentrated on spending African money on the continent.

“Africans are more resilient outside the continent than inside. We must bear in mind that to the outside world, nothing like Nigeria, Ghana or Kenya: we are simply Africans. Our destiny as people depends on each other,” the Ghanaian president explained.

Mr Akufo-Addo urged African leaders to make the continent attractive to its people by providing quality education and skills that fuel the modern economy.

“We must work together to change Africa’s narrative, which is characterised by disease, hunger, poverty and illegal migration. No matter where you come from, as long as you are black, you are African. We must make Africa conducive for progress and prosperity,” the Ghanaian leader declared, insisting that the time to make change is now as the leaders of the African continent have run out of excuses.

“We have the manpower. We should have the political will. It is time to make Africa work. If we stop begging and spend Africa’s money inside the continent, Africa will not need to ask for respect from anyone. We will get the respect we deserve,” he added. “If we make it prosperous as it should be, respect will follow.”

Meanwhile, the Niger Republic President Mohamed Bazoum, at a session on peace, security and governance, spoke on collaborating with Nigeria to combat the scourge of Boko Haram in West Africa.

“To fight against this cross-border phenomenon, Niger and its neighbouring countries, in particular Nigeria and Chad, set up a mixed force which makes it possible to combat these armed groups,” said Mr Bazoum.

He explained that “most of the young people who join terrorist groups come from pastoral backgrounds,” but the “scarcity of resources forces them to look for other means of subsistence, and the easiest remains the integration of armed groups.”

NNPC plans trillion naira injection after investing N621 billion on roads

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The Nigerian National Petroleum Company Limited (NNPC) is planning to invest over N1 trillion to revamp selected Nigerian roads, months after announcing the release of N621 billion for a similar purpose, the national oil company’s Group Chief Executive, Mallam Mele Kyari, said yesterday.

Speaking during a tour of roads in the North-central and South-west, along with the Chief Executive of the Federal Inland Revenue Service (FIRS), Muhammad Nami and top officials of the Ministry of Works and Housing, Kyari stated that in the coming months, Nigerian road users will experience substantial comfort when commuting.

Recall that the programme was being executed under the tax credit scheme which is funded by the NNPC through FIRS and by extension the ministry of works, following Executive Order 007, signed by President Muhammadu Buhari.

Participants under the arrangement were entitled to utilise the total cost, referred to as “Project Cost”, incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability, until full cost recovery is achieved.

In the first phase, the NNPC was expected to construct a total of 1,804.6 kilometres of roads at a total cost of N621,237,143,897.35, with the North-central getting the highest chunk of N244.87 billion and the South-south emerging the second highest beneficiary of the NNPC roads project with the sum of N172.02 billion.

In addition, the South-west has a total allocation of N81.87 billion; it’s N56.12 billion for the North-east, while the South-east has N43.28 billion allocation. The North-west was allocated N23.05 billion.

Among the roads visited by Kyari were the one in Niger State where he carried out an assessment of the reconstruction of Bida-Lambata road in the state, with a length 124.81km and the Lagos-Badagry expressway along the Agbara junction and Nigeria/Benin border.

As a matter of priority, the reconstruction of the selected federal roads is being carried out by the NNPC in order to sustain a smooth supply and distribution of petroleum products across the country.

Kyari stated that the NNPC was taking cognisance of the importance of road infrastructure to the development of the Nigerian economy, explaining that it is the reason it is investing massively in roads infrastructure.

He termed the programme a game changer in the federal government’s quest to scale up infrastructure projects in the country, noting that the NNPC will continue to support any effort of government aimed at growing the Nigerian economy.

The GCEO expressed satisfaction with the progress of work so far done in the project sites visited, adding that the NNPC had done its part in releasing all the funds needed for their execution.

“We are very happy about the state of this road development. We are very happy with this intervention across the country not just in this place. We are doing 1,800km across the country. We are taking another set of over N1 trillion of investments in road infrastructure in the country.

“We believe that this tax credit system which Mr President has put in place is the game changer for our country. We believe that in the next 24 months, there will be massive change to the entire road network in this country and this is why NNPC is your company and working for all of us.

“We think that it is the best way to intervene and bring up our infrastructure. We are adding another set of cash, we have not reached the final numbers, but I know it is over N1 trillion,” he added.

Kyari stated that the quality of work was top-notch, revealing that the consultants deployed during Buhari’s stint at the Petroleum Trust Fund (PTF), were handling the jobs.

“We are using the same consultants in partnership with the Federal Ministry of Works and the FIRS to make sure that this works for all of us and we can see from the quality of work.

“This is the best framework for delivering infrastructure in the country. We are funding partners. We are development partners and enablers. So, whatsoever the FIRS and the ministry of works approve for us, we will consider from our cash flow and fund them,” he assured.

In his comments, the Director, Roads, Ministry of Works, Folorunso Esan, said through the intervention, the NNPC has been able to improve the pace of the project from 10 per cent to about 40 per cent within a very short period.

“From what we can see, the intervention from NNPC has taken this project from 10 per cent to 40 per cent in a very short time.

“And we have achieved a lot and you can see that the construction is still ongoing and what they have done already is quality work which everyone has attested to. And they are ready to complete this project with the funding available,” he said.

In his remarks, the Oba of Ibereko in Badagry, Israel Okoya, stated that prior to the NNPC’s intervention, motorists spent between two to six hours daily on the traffic in the area, stressing that currently travel time of the road has been reduced to less than an hour.

Earlier in Niger state, the Etsu Nupe, Alhaji Yahaya Abubakar, lauded the initiative and called for closer collaboration among the all the parties involved.

Also, Nami stated that: “This road will facilitate trade, movement of people from one destination to another and ensure safety of lives and property.”