Queen Doosh

Yesterday, members of the Nigerian Senate said they discovered N16billion ‘frivolous’ items in the power wing of the ministry of Power, Works and Housing under the supervision of Babatunde Raji Fashola. This was revealed when the Minister of State for Power, Mustapha Baba Shehuri appeared before the Senate Committee on Power. Senator Adamu Aliero (APC, Kebbi) drew the attention of his colleagues to the items saying, two budget items amounting to N16bn appeared in both the power ministry and Transmission Company of Nigeria (TCN). An analysis of the main budget of the power ministry showed that N4bn was allocated for Kashimbilla transmission on page 47 and N12bn for counterpart funding for transmission lines and substation projects on page 48. He said “The N4bn and 12bn appeared on TCN budget when they came to defend their budget. Why are you presenting the same now? The figure is misleading.” Responding, the minister said it was the same budget but Abaribe interjected sayi...

Federal Government has released the debut Sovereign Sukuk of N100 billion to the Works ministry for the construction of major roads in Nigeria. The bond, which was issued in September 2017, was successfully completed last week. Nigeria's Finance Minister Kemi Adeosun on Thursday handed over the N100 billion proceeds cheque to Minister of Power, Works and Housing Babatunde Fashola. Adeosun, who disclosed that the Offer was oversubscribed to the tune of N105.87 billion, said the milestone was a sign of confidence in the Nigerian economy and the administration of President Muhammadu Buhari. “This is the first Sukuk bond issuance for Nigeria. It is about financial inclusion and deepening of our financial markets. “The proceeds will be used to further support government capital spending for 2017 -the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country. The North Central and South South Zones accounted for five each o...

The Nigeria's Minister of Power, Works and Housing, Babatunde Fashola, has advised Nigerians to accept the reality of increased electricity tariff.

The  Lagos State House of Assembly has announced plans to reduce pension of former governors in the state.