lHE GUARDIAN, Tuesday, March 1,2011
BUSINESS
119
Business Moneyline P29
Appointments P37
Waiting for borrowing criteria: The entertainers' story
A fresh vista for women in leadership positions Senate to assistFMN on facilities
a-~
Senior Special Assistant to rhe President/National Coordinator, National Agency for Poverty Eradication Programme (NAPEP), Magnus l. Kpakol (right); and Foreign Affairs Minister. Odein
By Wole Shad... nQUED by the appalling r decay of infrastructure in the nation's aviation sector, the Senate has promised to work with the management of Federal Airports Authority of Nigeria towards resolving the many challenges facing the agency's operations. The Senate Committee on Aviation, led by Senator Sylvester Ndubuisi Anyanwu, after their tour of facilities at the Lagos airport at the weekend, noted that the visit availed them the opport unity to explore the complexity of the operations at the airport, after inspecting newly installed facilities, including the 3D security machines, which were installed to tackle the menace of security threats and the new power improvement project, which is designed to improve power supply at the airport. Anyanwu acknowledged that
Ajumogobia, discussing areas of collaboration at the Foreign Affairs headquarters. in Abuja, yesterday.
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IFAD tasl<s Nigeria on food price volatility Minister decries poor handling of agric projects From Joke Akanmu, Abuja, wilh agency reports
25 years of neglect cannot be remedied in two
ernment to focus more on creating a stable policy, rural development and making fanning attractive to young people and providing adequate finance for fanners to produce more. He said easy access to food was crucial to Nfgeria andAfiica as a whole because of increasing population. The Minister of State for and Rural Agriculture Development, A1haji Najeem Awodele Adewole, said the slow pace of work at the site of the 25,000 tonnes capacity silo complex at Ikenne, was wortisome. . Adewole pointed out that the project, which waS awarded since 2009, was yet to be completed, even though substantial payment of over NI billion was made to th~ contractors handlingthe project-Shirke Nigetia Limited.
"'O-IE Federal Government has years. But we must again begin the formation and .1 been urged to exercise cau- strengthening of the foundation for a vibrant agrition in addressing hike in food prices, as predicted by the Food cultural sector. and Agricultural Organisation addressing the causes of the agricultural commodities, pre(FAD). food prices, should also look at venting fanners from selling The note of caution, which the fundamental causes of the their produce at reasonable came fi'om the International crisis. prices. Fund for Agricultural He noted that rural infrastrucHe said: "25 years of neglect Development (IFAD), came just ture in Nigeria had long been cannot be remedied in two as the government eX[1tessed neglected with hugeconcentra- years. But we must again begin dissatisfactionoverslowpaceof tion of investments on health, the fonnation and strengthenwork on the silo complex at education and water supply in ing of the foundation for a Ikenne, Ogun State, which was city areas. vibrant agricultural sector. Only targeted at addressing food According to him, the high when we do that consistentIr. security issue. concentration of resources in can we achieve a reversa. IFAD President, Dr Kanayo the cities to the neglect of rural "We cannot continue to make Nwanze, in an intetview with infrastructure, has affected the policies and changing them ti,e News Melley ofNigeria, on profitability of agricultural pro- year after year. If policies are not Monday, inRome, said the food duction. reliable, then you create disinHe pointed out that the lack of centives to invest in agriculprice crisis required serious Investment over a lon~ period ture," he added. attention. Nwanze said ~?~ern_m"~:,~~",.<,:~~~..iT.1':~~:',~~~~:.:tinlI,'!~..,~~~,!!:~,!!~~~~~~,~2.~"~":;~,,, .., ,.,.,~~~~~~E~~~~~G~,~~
Abuja light rail project to gulp N357.6b From Terhemba Daka, .\buja
A N estimated N357.6 billion
£1($235 billion) may be required this year to fast-track the Abuja light rail project, expected tD be completed by 2013. the contractor, Chinese Civil Engineering Construction Company (CCECC) has said. The FCf Minister, Senator Bala Abdulkadir Mohammed had earlier expressed fear over fund paucity which, he said, may stall the multi-billion Naira light rail project due to a cut in the 20ll Fer fiscal budget. CCECC Project Manager, Chang Weijin, who conducted members of the Nigeria Society of Engineers (NSE), on a
facility visit round the various project sites, said funding had been the major snag delaying work on the project. "Since February last year till now, this project has no budget, so we are suffering from the budget issue and another one is the issue of compensation by the resettlement department. They cannot complete the demolition or clear the site. "Up to date, the total expenditure on the project is $213.8 million, while our total budget requirement for 2011, from the 1st to the 4th 'quarter, is $235,299, 534." A break-down of the total figure showed that $99.4 billion would be required for the 1st
quarter, $45.1 billion for the 2nd quarter, while $38.1 billion is needed in the 3rd quarter and $61.9 in the 4th quarter. It was gathered at the weekend that as at June 30,'2010, a total of $148, 860, 23.6, taxeS inclusive, was paid to the company by the FCf administration. However, the project manag· er disclosed that, the Federal Capital Territory Administration (FCfA) owes the comp"any an outstanding paymentof$I45 million, which had been due for payment. He further disclosed that, aside the $145 million, a total of N2 billion is outstanding for compensation to owners of
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plots affected by the project. "Apart from the outstanding payment, the outstanding compensation payment for lot 1 & 3 is N2 billion for us to be able to clear and continue with the project. We also have the issue of affected embassy plots, like EU Embassy, UN, NNPC mega station etc. these kinds of obstacles, have not been removed, so, we cannot move fast," he said, so Accordingto him, the company is currently focusing on Ring road 2, the National Stadium station and will continue from Ring road 2 to Idu and Kubwa, after which it CONTINUED ON PAGE 20
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