Nigeria Latest News: FG Begins Work On Ikorodu/Shagamu Road | Nigeria News
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Nigeria Latest News: FG Begins Work On Ikorodu/Shagamu Road

This development was relayed by the Minister of Power, Works and Housing, Babatunde Fashola, during the flag off of the project.

Speaking at the event, Fashola disclosed that the 30.1 km road project which cost N20.84 billion, was awarded to Messrs Arab Contractors O. A. O. Nigeria Ltd with a contract period of 36 months.

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Dilapidated road

FG Starts Reconstruction Of Ikorodu/Shagamu Road

Dilapidated road

Dilapidated road

Information received by NIGERIA NEWS shows that the Federal Government has on Monday commenced the reconstruction of the Ikorodu/Shagamu road.

This development was relayed by the Minister of Power, Works and Housing, Babatunde Fashola, during the flag off of the project.

Speaking at the event, Fashola disclosed that the 30.1 km road project which cost N20.84 billion, was awarded to Messrs Arab Contractors O. A. O. Nigeria Ltd with a contract period of 36 months.

Speaking further, the minister revealed that the project would help to boost economic and agricultural activities in Lagos and in the country generally.

According to Fashola, the Federal government concluded the plan on the rehabilitation of the road at the Federal Executive Council meeting which was held on Wednesday, March 28, 2019.

He disclosed that the Ikorodu-Shagamu Road project would start from Ikorodu roundabout and passes through Odogunyan, Ogijo, Likosi, Mosimi, Sotubo and end at Shagamu, Ogun state.

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In the words of the Minister:  “The present government is very strong on  Agric  and very strong on  industrialisation  and, indeed, on energy.”

“President Muhammadu Buhari has said I should tell you that not only are you getting Ikorodu-Sagamu Road, work has also started on Lagos-Ota Road to Abeokuta. And work would continue on Lagos-Ibadan expressway.

“And if we get approval in the 2019 budget, hopefully, we would be able to start work on the last part of the Lagos-Badagry Expressway.”

“Also, the rehabilitation of the road will improve the socio-economic life of the people; generate employment opportunities for both the skilled and unskilled labour. It will equally help in the fight against armed robbery and other forms of crime in the area.”

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Economy

NECO timetable 2019 pdf (download HERE)

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NECO 2019 Leak Questions And Answers Before Examinations?

Nigeria news has made available the NECO 2019 timetable that will commence next month available for candidates sitting for the examination to have the schedule of the examination and time in their devices in a portable format.

NECO has announced the commencement dates for the 2019 examination last month after WAEC did the same which Nigerians secondary schools have finished theirs remaining some other West African countries.

This online news medium understands that NECO is an alternative and sometimes go along with WAEC which students an easily combine for gaining admission into tertiary institution either directly or going through some Alevel programmes like IJMB and Cambridge A’level in Nigeria

 

Download NECO timetable 2019

Click below to download the 2019 NECO timetable

NECO 2019 TIMETABLE PDF

 

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Business

CBN, Governor Emefiele reacts to ‘missing’ of over N600bn

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Breaking News; Buhari appoints Godwin Emefiele, CBN governor for second term in office

The Central Bank of Nigeria, CBN and the Governor of the Apex bank, Governor Godwin Emefiele has reacted to rumour going around on social media and elite that about 600Bilion is missing since 2016.  The reactions of governor Emefiele was received on Monday morning by NIGERIA NEWS

This news was generated as a result of audio recording going around where the board of the CBN are heard saying 644bn is missing.

Here is the full statement made by the apex bank on the issue and audio recording.

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials.

Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation – the beginnings of which was omitted to create a different impression – was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known, the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation. These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.

In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly, those who listened to the audio can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.

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