Connect with us

News

FEC to Review and Fund Existing Projects

Published

on

Photo Credit: Channels TV

The Federal Executive Council (FEC) has paused several major projects needing additional funding, especially those under the Federal Ministry of Works. These projects, inherited from past administrations over the past 13 years, require augmentation. Minister of Information and National Orientation, Mohammed Idris, explained that President Bola Tinubu has ordered a thorough review to ensure the projects are executed with probity and proficiency before any additional funding is approved.

Minister of Works, David Umahi, is tasked with working alongside the Ministers of Budget and Economic Planning and Finance to streamline these projects for appropriate funding. While new projects like the Lagos-Calabar Highway are not part of this review, the FEC aims to reconsider and re-prioritize inherited projects, seeking alternative funding and evaluating those that can be completed. This reorganization is not just about funding shortages but involves other considerations to ensure efficient project completion.

Additionally, the FEC plans to revamp the National Council on Procurement, which has been ineffective for the past 17 years. A bill to strengthen the council has been sent to the National Assembly and passed its first reading in the House of Representatives. The goal is to create a robust procurement council that enforces financial discipline and scrutinizes all aspects of procurement, aligning with the administration’s vision for efficiency and accountability.


 

Advertisement

News

Nigerians to Start Paying Full Electricity Price as Government Plans to Remove Subsidies

Published

on

Photo source: Google

Nigeria’s Minister of Power, Adebayo Adelabu, has said that Nigerians should get ready for a new electricity pricing system that reflects the actual cost of power.

Speaking during a meeting with heads of the country’s power-generating companies in Abuja, Adelabu explained that the government can no longer afford to keep spending huge sums on electricity subsidies. He noted that the federal government currently owes power generation companies over N4 trillion in unpaid subsidy debts.

According to a recent report by the Nigerian Electricity Regulatory Commission (NERC), while the actual cost of electricity is around N116.18 per kilowatt-hour, consumers only pay N88.2—leaving a gap of nearly N28 per unit that the government has to cover.

Only about 15 percent of power users, those in Band A, are not receiving subsidies, meaning the rest still benefit from the price support. Adelabu made it clear that Nigerians must begin to pay the full value for the electricity they use, although he assured that low-income citizens will still receive targeted support to help with costs.


 

Advertisement
Continue Reading

Business

Skype Finally Shuts Down After 22 Years of Connecting People Online

Published

on

Photo source: Google

Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.

During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.

In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.


 

Continue Reading

News

Trump Says He Won’t Run Third Term but Hand Over to a Strong Republican Leader

Published

on

Photo source: Google

Donald Trump has said he’s not planning to run for a third term as U.S. President. In a recent interview on NBC’s ‘Meet the Press’, Trump said although many people want him to go for it, he’s not considering it.

The former president, now in his second term, said the law doesn’t allow a third term, even though he’s floated the idea before. “To the best of my knowledge, you’re not allowed,” he said, adding that he’s not sure if that’s strictly constitutional.

Trump is now focused on making the most of his current term, saying he hopes to hand over to a “great Republican” when he’s done. The U.S. Constitution’s 22nd Amendment limits presidents to two terms in office.


 

Continue Reading

Trending