General
Ibadan-Kano Rail Line to Be Completed Soon—Buhari
By Ashemiriogwa Emmanuel
President Muhammadu Buhari has revealed that arrangements are on top gear to complete the Ibadan-Kano rail line, one of the railway projects of his administration aimed at connecting different parts of the country.
He mentioned this while presenting the national budget for the year 2022 to the National Assembly worth N16.39 trillion.
It would be recalled that earlier this year, the Minister of Transportation, Mr Rotimi Amaechi, had said that the federal government was to begin work on the construction of the Ibadan-Kano rail project as soon as the Chinese government approves the sum of the $5.3 billion loan application, after which the contract was approved a year ago.
The Ibadan-Kano railway is part of the 2,700-km Lagos–Kano rail standard gauge line which will offer transport connections from the Port of Lagos to Kano, near the border with Niger.
Speaking on Thursday at Abuja, the President noted the critical ongoing infrastructural projects in the power, roads, rail, agriculture, health, and education sectors.
He also added that the government will soon work on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will link the southern and eastern states and connect to the north.
Presenting the budget, Mr Buhari said, “Capital releases thus far have been prioritized in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health, and education sectors.
“We have made progress on the railway projects connecting different parts of the country. I am glad to report that the Lagos-Ibadan Line is now completed and operational. The Abuja-Kaduna Line is running efficiently. The Itakpe-Ajaokuta rail Line was finally completed and commissioned over thirty years after its initiation.
“Arrangements are underway to complete the Ibadan-Kano Line. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to themselves and to the North.
“Progress is also being made on several power-generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.”
The President also expressed delight in some of the continuous visible progress made on strategic road construction projects which includes the Lagos – Ibadan expressway, Apapa – Oworonsoki expressway, Abuja – Kano expressway, East-West Road, and the second Niger bridge.
On the nation’s health system, Mr Buhari noted the urgent need for strengthening the health infrastructure of the country as a result of the effects of the global pandemic.
He said this necessitated the construction of 52 Molecular labs, 520-bed intensive care units, 52 Isolation centres, and provision of Personal Protective equipment across 52 federal medical centres and teaching hospitals by the government.
“We continue to push our expenditure rationalization initiatives which we commenced in 2016. We hope to commission most of these projects before the end of our tenure in 2023,” he added.
General
National Grid, Mr Ibu Among Top Trending Searches by Nigerians in 2024
By Dipo Olowookere
Many events happened in 2024 in Nigeria but a few shook the nation because of their impact on residents of the country.
According to a report released by Google, the incessant collapse of the national grip, which plunged the nation into darkness, was among trending searches on its platform.
In the report made available to Business Post on Tuesday, the tech giant said this year’s results show a continued interest in the political and economic landscape, with searches related to the US elections, the new national anthem.
“The 2024 Year in Search offers a unique lens into the questions, interests, and conversations that shaped the lives of Nigerians this year.
“From cultural milestones to pressing concerns, these insights reflect how Search continues to be a valuable tool for users to navigate and better understand their world,” the Communications and Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, stated.
Google’s 2024 Year in Search for Nigeria showcased the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention in the year.
Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do.
The music scene in 2024 was marked by a surge in popularity for artists like Shallipopi and Khaid, who also featured prominently in the overall personalities list. The top trending song was “”I Don’t Care” by Boy Spyce”, followed closely by “Ozeba” and “Commas” by Ayra”. Nigerians also showed a keen interest in understanding the lyrics of various songs, with “Ogechi lyrics”, “Ozeba lyrics”, and “Omemma by Chandler Moore lyrics” leading the searches in the lyrics category.
This year, Nigerians continued to demonstrate a strong interest in entertainment with movies like “A Tribe Called Judah”, “Treasure In The Sky”, and “Damsel” topping the movie charts. The top TV series that captured the interest of Nigerian netizens included “Supacell”, “My Demon”, and “Queen of Tears”. In the culinary world, Nigerians explored diverse recipes with “Pornstar Martini recipe” leading the searches.
Concerns about personal well-being and global events were also reflected in search trends. Questions like “How much is dollar to naira today?”, “How to get perfectly defined curls for African hair?”, and “Who won the US presidential election?” topped the list of queries. Nigerians were curious about the meaning of words like “demure,” “steeze,” and “pet peeves,” turning to Search for answers.
General
Fiscal Responsibility Commission Backs Controversial Tax Reform Bills
By Adedapo Adesanya
The Fiscal Responsibility Commission (FRC) has expressed strong support for the controversial Tax Reform Bills currently before the National Assembly.
The bills, developed by the Presidential Fiscal Policy and Tax Reforms Committee on instruction by President Bola Tinubu, aim to improve fiscal governance, transform public revenue architecture boost economic growth.
The Chairman of the commission, Mr Victor Muruako, expressed the support of the organisation at an interaction with academics and journalists on the sidelines of the Fellowship Lecture and Investiture Ceremony of the Capital Market Academics of Nigeria (CMAN) on Monday in Abuja.
According to a statement by FRC’s Head of Strategic Communications Officer, Mr Bede Anyanwu on Tuesday, the agency revealed that a critical analysis of the bills showed that it does not contain any issue or item that could be said to be skewed to favour any region or section of the country.
“The bills rather create a more equitable distribution of resources amongst Nigeria’s federating states,” Mr Muruako added, noting that the analysis also confirmed that the proposed reforms are designed to benefit all Nigerians, particularly low-income earners and Micro Small and Medium Businesses (MSMBs).
Mr Muruako outlined some of the key benefits of the reforms, including tax relief for low-income earners: individuals earning less than N1.7 million annually will pay less income tax, exemption of tax on small businesses with turnovers below N50 million, and exemption of over 90 per cent of small businesses from profit tax payment.
It was stated that the new bills intend to simplify tax administration in the country and make it more transparent.
Increasing revenue for subnational governments as states and local governments will receive a larger share of VAT revenue, empowering them to provide better public services, and improving ease of doing business, noting that reforms will reduce the administrative burden on businesses and make it easier to comply with tax regulations.
The FRC explained that it is upbeat that the tax relief for low-income earners will enhance savings and capital formation at household levels.
The commission also expressed confidence that given the positive correlation between savings and investment, explaining that the increase in small household investments across the board would lead to improvements in the sustainable growth of the nation’s economy.
He also opined that the reduced tax burden on small businesses would give Micro-Small Medium Enterprises breathing space, and enable them to grow organically, hence contributing to a sustained increase in the nation’s GDP in the near future.
On the recent controversies over the bills, Mr Muruako praised President Tinubu for allowing room for further dialogue, appealing to all stakeholders across geopolitical zones to support the bills because their transformative potentials stand to benefit every Nigerian.
General
CSCS Gets Dual Management System Certifications
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc has been awarded the ISO/IEC 27001:2022 and ISO 22301:2019 certifications by the globally renowned Management System Certification Body (MSECB).
According to a statement from the firm, the Managing Director of CSCS, Mr Haruna Jalo-Waziri, said the ISO 27001 is an internationally recognised benchmark for managing information security, ensuring robust protection against data breaches and IT disruptions.
The ISO 22301 standard is an international standard that establishes the requirements for business continuity management systems.
Mr Jalo-Waziri said this recognition underscores CSCS’s steadfast commitment to international best practices in information security management and business continuity.
He noted that the ISO/IEC 27001:2022 certification highlights CSCS’s adherence to stringent information security measures, ensuring robust protection against data breaches and IT disruptions.
Mr Jalo-Waziri said that the ISO 22301:2019 certification also confirms CSCS’s business continuity and readiness to respond to unexpected incidents, minimising disruptions and safeguarding stakeholders’ interests.
“Achieving these certifications is a testament to our deliberate and strategic focus on embedding a culture of excellence, resilience, and trustworthiness in our operations.
“It underscores our commitment to maintaining the highest standards of information security and business continuity in delivering value to our stakeholders.
“These certifications position CSCS alongside leading global organisations that prioritise the confidentiality, integrity, and availability of information systems.
“They further validate the organisation’s dedication to securing its clients’ trust and ensuring operational resilience,” he said.
The CSCS MD added these certifications not only reinforce the trust of its clients, stakeholders, and regulators but also to validate the hard work and dedication of its team.
He said, that as Nigeria’s premier financial market infrastructure, the firm remains resolute in its mission to enable market confidence through best-in-class services and practices.
According to him, receiving these certifications from MSECB strengthens CSCS’s reputation as a reliable partner and a leader in the financial market ecosystem.
He said that the certifications assure stakeholders that CSCS’s processes are periodically monitored to meet and exceed compliance requirements.
This achievement, Mr Jalo-Waziri said, was a significant milestone in CSCS’s journey to consistently deliver secure, resilient, and innovative solutions to the Nigerian capital market and beyond.
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