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Tag: FG

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FG’ll fund 50% of $2bn fibre project with loans – Bosun Tijani

Alex Omenye The Federal Government will provide 50% of the $2 billion needed to implement Nigeria’s 90,000-kilometer fibre optic project, according to Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy. Speaking on Arise TV on Friday, Tijani revealed that the government’s contribution will be secured through loans as part of its borrowing […]

Minister threatens to revoke Kogi-Benin Road contracts
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FG to review Lagos-Calabar coastal road to six lanes

Alex Omenye The Federal Government has announced a cost-saving review of the Lagos-Calabar Coastal Road project, reducing the number of lanes from 10 to six. Minister of Works, David Umahi, disclosed this on Friday during a tour of the project, citing the need to address design variations and unforeseen challenges, including the evacuation of up […]

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FG achieves 256% increase in meter installations in Q3

The Federal Government’s efforts in Nigeria’s electricity sector have led to substantial progress, with the installation of 184,507 new meters in Q3 2024, marking a 256.01% increase from the previous quarter. The Nigerian Electricity Regulatory Commission also reported the issuance of 50 new licenses, permits, and certifications. The was disclosed by NERC in its Q3 […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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Nigeria secures $1.7b from W’Bank, AfDB for renewable energy

Nigeria is set to deploy renewable energy with a $1.7 billion investment from the World Bank, African Development Bank, and a new $250 million facility from the International Finance Corporation. The Rural Electrification Agency announced in Abuja on Wednesday that over 3,700 primary healthcare and agricultural facilities will be electrified under the new e-H.E.A.R.T. project. […]

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FG allocates N47bn to boost agric, medical education

The Federal Government of Nigeria has set aside N47 billion to improve agricultural and medical education across the country. The funding aims to strengthen food security and develop a more robust healthcare workforce to support national growth. This was disclosed by the Minister of Education, Dr. Tunji Alausa, during a meeting with Pro-Chancellors of federal […]

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FG approves N263bn for power substations devt

The Federal Executive Council has approved a funding of N262.75bn (€161.33 million) for the first phase of the Presidential Power Initiative. This phase includes the engineering, procurement, construction, and financing of 330/132 KV and 132/33 KV substations in various locations, including Onitsha, Offa, Abeokuta, Ayede, and Sokoto. This was disclosed by the The Minister of […]

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FG raises N1.1tn via Sukuk to finance road projects

The Federal Government of Nigeria has raised N1.1 trillion ($657.6M) through six Sovereign Sukuk to finance 124 federal road projects across the country’s six geopolitical zones. These projects will cover a total of 5,820 kilometers, aimed at enhancing infrastructure and fostering economic growth. The Director General, Security and ExchangeCommission, Dr. Emomotimi Agama, made this disclosure […]

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FG secures $600m agric loan to boost food security

The Federal Government of Nigeria, through the Ministry of Agriculture and Food Security, has successfully secured over $600 million in foreign agricultural loans in 2024. This funding aims to enhance food security, and boost agricultural production. According to information from the ministry’s website, the government obtained a $134m loan facility from the African Development Bank […]

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Blue economy policy to strengthen maritime governance – Oyetola

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has hailed the National Policy on Marine and Blue Economy as an inclusive framework to strengthen maritime governance. He stated that the policy aims to position the sector as a key contributor to national prosperity, in alignment with the sustainable development goals of Africa’s Agenda 2063. […]

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FG proposes Fly Nigeria act to boost aviation – Keyamo

The Fly Nigeria Act, introduced by the Federal Government, aims to boost the aviation sector by requiring government-funded travel to prioritize Nigerian flag carriers. Aviation Minister Festus Keyamo presented the Act during a stakeholders’ engagement event on Friday, highlighting its potential to revitalize the industry and strengthen local airlines. Keyamo referred to the Fly Nigeria […]

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Nigeria, UN partner to boost bioethics development

The Federal Government and the United Nations Educational, Scientific, and Cultural Organisation are preparing to strengthen their partnership on bioethics development in Nigeria through a planned Memorandum of Understanding. This was disclosed in a statement by the Minister of Innovation, Science, and Technology, Uche Nnaji, on Friday. Bioethics involves the ethical principles and guidelines that […]

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Minister targets $23bn exotic livestock breed market

The Minister of Livestock Development, Dr Idi Maiha, has urged the Raw Materials Research and Development Council to spearhead the transformation of Nigeria’s livestock sector through research and development. Maiha emphasized that this initiative would position Nigeria to tap into the $23 billion exotic livestock breed market and boost the country’s leather production capabilities. This […]

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