FG’s Massive Investment In Construction, A Pinnacle To Economic Growth And Recovery The Vice President, Prof. Yemi Osinbajo, SAN, has stated that the Administration of President Muhammadu Buhari adopted one of the most effective strategies to drag the nation’s economy out of the woes of recession through massive spending and investment in the construction industry. Professor Osinbajo noted that the present government understands very clearly the critical role the construction sector plays in a nation’s industrial and economic development. He added that ‘’apart from providing houses for the citizens and roads to facilitate societal integration and movement of goods, the construction sector creates formation and wealth in the economy.’’ According to him, the multiplier effect and employment generated by the on-going construction of National Housing Programme, covering all the 36 states of the federation and FCT is as a result of massive spending on construction by government. Speaking at the 27th Biennial Conference and General Meeting of the Nigerian Institute of Quantity Surveyors in Abuja, the Vice President, represented by the Honourable Minister of State II for Power, Works and Housing, Surv. Suleiman Hassan Zarma, mnis, said the theme of the conference: ‘’Developing the Economy for Sustainable Growth- The Construction Industry as an Effective Stimulant’’ is a key component of the Change Agenda of Mr President. He commended the President and members of the Institute for demonstrating responsibilities to contemporary issues relating to government for the growth and development of Nigeria, adding that Government will sustain the collaborative efforts with key stakeholders like the professionals, contractors and manufacturers to bring about the much desired transformation in the industry. Earlier in her opening remarks, the President of the Nigerian Institute of Quantity Surveyors (NIQS), QS Mercy Iyortyer stated that the choice of this year’s theme is part of the Institute’s ongoing efforts in contributing to the change mantra of the present administration in the area of sustainable economic growth and national development. QS Iyortyer on behalf of the Institute commended the government of the day for taking the bull by the horn in getting the country out of recession thereby reducing dependency on oil revenues and diversifying the economy by harnessing other industries such as agriculture, manufacturing and solid mineral as well as tackling other macroeconomic factors. The president of NIQS appealed to the government to consider reformations in the sector by constituting a Construction Industry Board or Council comprising key players in the Industry who will advise, plan and execute reforms that will galvanize the Industry into the needed stimulant for sustainable economic development and growth. There were keynote addresses by the FCT Minister, Muhammad Musa Bello, past Presidents of NIQS and other major stakeholders in the sector that graced the occasion. The meeting is expected to issue a communiqué at the end conference which will be forwarded to the appropriate authority for necessary action. ...

Federal Executive Council approves N27billion for reconstruction of Gombe – Biu road The Federal Executive Council today approved the sum of N27billion for reconstruction of Gombe – Biu road. The Council also approved N458million as consultancy fee for implementation of the National Economic Recovery and Growth Plan and the endorsement of the Nigeria National Building Code. These were the decisions taken by the Federal Executive Council today which held under Vice-President Yemi Osinbajo today. Briefing State State House correspondents after the meeting, Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed that the Gombe-Biu 117 kilometres road project which connects Gombe,Yobe, Adamawa and Borno states, will boost agricultural activities and power supply in the affected states. Mr Fashola however stated that the road project excluded the nine kilo metres already constructed by the Gombe state government. The Minister also disclosed that the Nigeria National Building Code, which was approved by the National Council on Housing, Land and Urban Development, was also endorsed by the council. Minister of Budget and National Planning Udoma Udo Udoma, who also briefed alongside Mr Fashola, told the correspondents that the Council approved the engagement of Malaysian based consultants to conduct a study that would aid the implementation of the National Economic Recovery and Growth Plan at the cost of (N458Million) 1.5 million dollars. ...

FG Recovers $64.6m Electricity Debt From International Customers The Federal Government on Monday announced that it had recovered 64.6 million dollars electricity debt from its international customers. Minster of Power, Works and Housing, Babatunde Fashola announced this at the 21st monthly power sector meeting in Asaba. Fashola, in a text of his opening remark made available to the News Agency of Nigeria (NAN) in Abuja, said that the money recovered was from Benin and Niger Republics. He said that Nigerian Bulk Electricity Trader (NBET) would work out modalities for distribution of the fund to the value chain operators. The minister also announced that Rural Electrification Agency (REA) had completed guidelines for the operation of the rural electrification fund. He said that the fund would help vulnerable groups and communities to gain access to funding to support their electricity development programme. “By way of explanation, the rural electrification fund was created by section 88 of the Electric Power Sector Reform Act (EPSRA) of 2005 to promote support and provide rural electrification access. “The fund will provide a partial single payment capital subsidy and or technical assistance to eligible private Rural Power Developers, NGOs or communities to invest in options such as hybrid mini grids or solar home systems to scale up rural access to electricity. “What they are likely to get are minimum amounts of N3.5m and maximum amounts of N106m or 75 per cent of project cost whichever is less,” he said. According to him, REA will publish details of the guidelines and eligibility. These, he said, were only headline items of developments that characterised the progress the government was making month after month, especially since March 2017. He said that progress was also being recorded at the distribution levels. He listed the recent achievements in the franchise areas of the Benin DisCo to include the newly completed Asaba main 2x15MVA injection substation commissioned on Monday. Fashola said the completion of the substation was expected to improve service by reduction of load shedding and increase power supply to Okwe, Akuebulu, Jarret, Ogbeofu, Osadebe way, Okwe housing estate and Oduke. “Minute by minute, hour by hour, day by day, week by week and month by month we have not only gained momentum, we are seeing progress that inspires us to continue, because the power problem can be successfully managed by Nigerians.” On further measures to improve power supply in the coverage areas of the Benin DisCos, Fashola said Asaba – Benin 330KV line was energized to service on Nov. 3. Asaba 330kv substation is now being fed from both Benin and Onitsha. “The line also raised the number of circuits from Onitsha to Benin to three. According to him, a 40mva 132/33kv mobile transformer is undergoing installation at Auchi with in-house capacity to be commissioned in two weeks time. Fashola also disclosed that a new 330/ 132kv substation would be constructed at Okpai with a 132kv line from the station to service a proposed 132/33kv substation at Kwale. He also hinted that installation of a new 60mva 132/33kv transformer would commence at Irrua transmission station any time from now. The minster thanked well-meaning Nigerians who acknowledged that their experience on the power supply had improved, adding that their honesty inspired government and the operators to continue the improvement. He, however, admitted that there were other challenges that must be collectively addressed. On estimated billing and metering, he also explained that government and sector operators were anxiously awaiting for the regulation from NERC to open up meter supply business. ...