Business
FG approves N11.8bn for aviation equipment, maintenance centres
The federal executive council (FEC) has approved N11.8 billion for the procurement of equipment and setting up of a firefighting trucks, and aircraft maintenance centres in Katsina state and Abuja, respectively.
The council gave the approval on Wednesday at a meeting presided over by President Muhammadu Buhari.
Hadi Sirika, minister of aviation, who briefed journalists after the meeting, said the approval was critical as it would enable the ministry attend to issues with fire tenders in the country.
“We got approval for the award of contracts for the establishment of a fire truck maintenance and refurbishment centre in Katsina state and this is a very critical procurement for us,” Sirika said.
”It is to attend to all the issues we are having with fire tenders all over the country.
“Past governments used to shift this firefighting equipment back to Europe where they were manufactured, just to get them refurbished and brought back at a cost and time; thus exporting our labour and foreign exchange.
“But the Buhari government decided that we should establish one of such centres.
”The approval was for N7, 913, 949, 964, inclusive of 6.5 percent value added tax (VAT).”
Sirika said when fully established, the centre would cater for aviation firefighting trucks as well as other heavy-duty vehicles.
”That centre will cater for aviation firefighting equipment including all other firefighting equipment around the country,” the minister said.
”In fact, it is not going to be limited to firefighting but it will be for heavy-duty vehicles that could be maintained.”
Further speaking, Sirika said with time, as the workers in the centre gain experience, the centre will go into assembly of such trucks in Nigeria and eventually begin to manufacture such vehicles locally.
He added that N3, 985, 432, 685 was approved for the construction of the building that would house the maintenance centre.
The minister also disclosed that the ministry got approval for the full business case for the establishment of a maintenance and overhaul facility in the country, where aircrafts would be maintained in Nigeria.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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