News

Tinubu Inherited A Bankrupt Country – NSA, Nuhu Ribadu

Published

4 weeks ago

November 14, 2023

The National Security Adviser, Nuhu Ribadu, has lamented that the current administration inherited a bankrupt country that was responsible for the budgetary constraints.

According to him, the revenue generated by the Bola Tinubu-led administration is being used to repay what was taken from the country.

The NSA stated this on Monday in Abuja at the Chief of Defence Intelligence Annual Conference 2023.

Ribadu, however, said despite the financial constraint that has affected budgetary allocations, the Federal Government would do everything within its power to ensure that there is a robust and viable defence management and apparatus in the country.

He said, “I assure you that the Federal Government will not rest on its oars in ensuring a robust and viable defence management and security apparatus to address contemporary challenges even in the face of enormous budgetary constraints.

“Yes, we’re facing budgetary constraints. It is okay for me to tell you. Fine, it is important for you to know that we have inherited a very difficult situation, literally a bankrupt country, no money, to a point where we can say that all the money we’re getting now, we’re paying back what was taken. It is serious!

“But this administration is doing its best to meet our requirements, particularly the armed forces, and I believe that you leaders will be able to testify to that,” the former chairman of the Economic and Financial Crimes Commission told the gathering.”

He also said the armed forces under the current leadership has shown serious commitment to addressing the prevailing security challenges bedeviling the country.

“Let us come together as one and continue to support our armed forces and other security agencies with this work of securing our country for peace and stability.

“They have done an amazingly good job without talking and I believe that with the support and the resolve of the leadership we have today in our country, things will only be better.”

Headline

DSS To Start Using Weapons Produced By Personnel – Bichi

Published

6 hours ago

December 9, 2023

Ifunaya Emeka

The Department of State Services (DSS) said on Saturday it will soon unveil weapons produced by its personnel.

This was disclosed by the DSS Director General, Yusuf Bichi, at the graduation ceremony of the Executive Intelligence Management Course (EIMC) 16 participants in Abuja, the nation’s capital.

According to him, the DSS will soon begin to “produce what it eats and eat what it produces.”

Among the weapons the Secret Service will soon unveil are Unmanned Aeriel Vehicles (UAVs), he stated.

Bichi also assured that the agency will continue to support the National Institute for Security Studies to succeed in its quest to impart knowledge that will enhance security in the country.

He charged the participants to utilise the skills they have acquired to develop the country, urging Nigerians to remain patriotic and shun those whom he described as warmongers who want to set the country on fire.

Also at the event is the Vice President, Senator Kashim Shettima.

The Executive Intelligence Management Course (EIMC) 16 commenced in February 2023 with 89 participants drawn from 35 agencies across Nigeria and four other African countries, namely, Niger, The Gambia, Rwanda and Chad.

Three participants lost their lives during the period, leaving 86 participants who graduated on Saturday.

Headline

53 power projects worth ₦‎122bn to be completed by May 2024 – TCN

Published

2 days ago

December 8, 2023

Ifunaya Emeka

The Transmission Company of Nigeria (TCN), has said that 53 ongoing power projects worth N122 billion is to be completed by May 2024.

TCN and power distribution companies with support from the Central Bank of Nigeria (CBN) will finish up these projects that are currently being constructed across the country.

Punch reports that the projects entail the delivery of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, reconductoring existing transmission lines (conductors and accessories), upgrading of the existing 132/33KV substations, and construction of 33KV line bays.

While visiting three different projects at Ojo, Isolo, and Oworonshoki Transmission stations in Lagos on December 6, Mathew Ajibade, Programme Coordinator at TCN, mentioned that once these projects are finished, they will increase the company’s ability to transport electricity by over 1,000 megawatts.

He said:

“The projects are currently being implemented through the project management office at the TCN headquarters in collaboration with both TCN field engineers and the Discos technical team. The time set for completion of the projects is May 2024 latest. PMO made progress with the implementation of the programme despite challenges encountered and is committed to ensuring the successful implementation.”

Tumba Tijani, who is the Assistant Director and oversees the Infrastructure Finance Office at the Central Bank of Nigeria (CBN), clarified that the central bank provided a loan for the project in August of last year. This loan was given at a 9% interest rate.

He mentioned that a total of N85.43 billion has been given out to 53 different contractors involved in the projects. This money has been disbursed into the Advance Payment Guarantee account to help these contractors carry out their tasks.

He said:

“The CBN in continuation of its intervention in the power sector approved the sum of N122, 289, 344 for the programme Nigeria Electricity Market Stabilization Facility-3 based on the projects estimated for the identified projects.

The facility aims to resolve the transmission/distribution interface bottlenecks to improve supply to end users and unlock the unutilized generation capacity in the country,”

Why transmission?
The Minister for Power, Adebayo Adelabu, mentioned before that even though the country has handed over the responsibility of generating and distributing power to private entities, the part that handles transmitting electricity is still managed by the government.

However, this area hasn’t seen enough progress mainly because the infrastructure, such as substations, transformers, and power lines, is getting old and isn’t strong enough.

Adelabu promised that the government would focus on reorganizing and improving this infrastructure. The aim is to ensure that all Nigerians experience better and more reliable electricity supply across the country.