GRBusiness
N93.27bn Imo State Debt Profile Worries IEDI
Group says the people are facing hardship
The Imo Economic Development Initiative, IEDI, made up of Imo elites, has expressed concern over the sad and troubling state of economic development of Imo State.
The group is particularly concerned over the declining state of the economy of the state with its rising debt profile.
Maurice Iwu, chairman, IEDI, in a letter made available to Realnews said as at December 31 2016, according to the Debt Management Office, Imo State was owing N93.27 billion, up from N26 billion in 2011. He stated that a review of the states’ sustainability index, a report which profiles the viability and sustainability of states showed that Imo State ranked number 22 in the whole country, a marked decline from the 17th position it occupied on the same index three years ago (2015).
“We are concerned about our poor position in the ease of doing business ranking in the country. We are currently ranked 34th out of 36 states. With such a dismissal rank, Imo has little or no hope of attracting new businesses to alleviate the unemployment and generally boost the economy of the state. We are concerned about the poor contribution of our legacy industries to job creation efforts, despite considerable government investment in these industries. These legacy industries include ADAPALM, Standard shoe, Cardboard and Packaging, and Resin and Paint Industry,” Iwu said in the letter written on behalf of the group.
The group similarly pointed out the obvious low activity level of international multilateral funding and donor agencies assisted projects in the state. It noted that in the past, funds from these organisations had gone a long way in assisting the delivery of government projects.
Besides, it noted the “low level of participation by the state in federal government intervention funding mechanisms especially in agriculture, health and SMEs activities.”
As if that was not bad enough, it said: “We are concerned about the transportation challenges especially in Owerri municipality. These challenges have been heightened by the stopping of tricycles from plying the roads without the provision of an adequate alternative means of mass transit.
According to the group, the economic stagnation in the state is a big concern, charging: “We believe this is as a result of poor money circulation within the lower strata of the society.”
Hence, the letters advised the state government: “We suggest that government should ensure that salaries are paid as and when due to minimise the hardship in the state. In conclusion, we are of the view that if effort is made, and measures introduced, to improve our rankings in various crucial indices; pay workers, pensioners and contractors as and at when due, key into external and alternative funding sources as well as find a lasting solution to urban mass transit issues; the economy of the state will improve considerably.”
According to Iwu, the IEDI seeks primarily to contribute to the development of Imo State through private sector funding and leveraging on available federal and state governments resources. Its membership is made up of key stakeholders in Imo State including captains of industry, members of the academia, technocrats, retired senior military and security personnel, as well as other professionals of Imo State origin.
The group is interested in various aspects of the socio-economic development of the state and possible ventures that would empower the people, create wealth, reduce poverty – while at the same time yield benefits to promoters.
Finance
AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC
The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.
In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.
AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.
“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.
Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.
We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).
No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”
In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.
‘’The money has been paid into public account,” Dele Oyewale was quoted as saying
Finance
Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge
The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.
EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.
EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.
The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu
Counts one to four of the charge, read,
“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.
“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”
This and three other charges were stated against him. They read;
“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.
“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”
“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”
Transport
Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration
The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.
“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”
It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.
The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’
“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.
“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.
“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.
He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.
In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.
The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.
The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.
The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.
The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.
It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.
-
News5 days ago
Fuel Price Skyrockets To ₦1000 Per Litre In Some States As Scarcity Sets In
-
News4 days ago
FG Declares May 1st Public Holiday To Mark Workers’ Day
-
News4 days ago
“There Would Be total Blackout For Three Months If Electricity Tariff Hike Is Not Implemented ” – Minister Of Power Warns
-
News3 days ago
Nigerians Seek Woman Who Spoke Out Eloquently Against Fuel Scarcity In Viral 1994 TV Clip
-
News2 days ago
Anambra State Government Arrests Man For Marrying Off His Underage Daughter
-
News2 days ago
IPOB Declares May 30th As Sit-at-home Day Across The Southern East States To Honour Biafran Fallen Heroes
-
Education19 hours ago
Federal Government Sets To Commence School-To-Work Scheme
-
News2 hours ago
Lady Dies After Friends Pushed Her Into Boiling Pot Of Fresh Pepper In Delta State