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Tinubu Directs CBN To Resolve $600M In Trapped Funds

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President Bola Tinubu on Wednesday, issued a directive to the Central Bank of Nigeria (CBN) to establish a quarterly reconciliation platform with foreign airlines.

 

This initiative aims to address the substantial backlog of over $600 million in trapped funds.

 

Simultaneously, during the summit, leading aircraft manufacturer Airbus Industrie predicted a consistent five percent annual increase in Nigeria’s domestic air traffic over the next two decades.

 

However, in the midst of this positive outlook, the International Air Transport Association (IATA) voiced criticism of Nigeria for the multiple charges it imposes on airlines operating within the country.

 

Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the news of the reconciliatory meeting during the ongoing African Aviation Summit in Abuja.

 

He highlighted that this development was among the reasons for President Tinubu’s recent trip to the United Arab Emirates (UAE).

 

Furthermore, Minister Keyamo unveiled three significant roadmap projects: an aerotropolis, an Aircraft Leasing Company (ALC), and a Maintenance Repair and Overhaul (MRO) facility.

 

Additionally, he outlined five focus areas aimed at realizing Nigeria’s vision of becoming a prominent aviation hub in Africa.

 

The key areas outlined encompass infrastructure enhancement, the establishment of an Aircraft Leasing Company (ALC), the development of a Maintenance Repair and Overhaul (MRO) facility, and ensuring the availability of foreign exchange (forex).

 

Keyamo said: “The recent global events further exposed the immense contribution and importance of air transportation as a catalyst for economic development, vital engine of global socio-economic growth, one of the greatest contributors to the advancement of modern society and a key instrument for achieving the United Nations Sustainable Development Goals, SDGs.

 

“These underscore why the world was greatly impacted when international aviation was disrupted by the pandemic and other global occurrences. It is the vision of this current administration to make Nigeria the aviation hub of Africa.

 

“Government welcomes major players in aircraft leasing and head lessors to invest in Nigeria airlines to provide state of the art aircraft.”

 

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NEWS

Adeleke, Sanwo-Olu Jaw-Jaw Over Lagos’ Deportation To Osun

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Osun State Governor, Senator Ademola Adeleke has been in strong conversations with his Lagos State counterpart, Babajide Sannwo-Olu over the alleged deportation of Osun indigenes from Lagos.

A statement from the government of Osun State highlighted that Sahara Reporters had on Saturday published a story about several luxury buses dropping hundreds of youth at Ilesa after allegedly rounding them up in several parts of Lagos State.

According to the statement, “The report was confirmed by an investigation team set up to confirm the veracity of the story by the Osun State Government.”

This, it was gathered has prompted strong conversations between the governors of the two states, which led to the Sanwo-Olu assuring that the matter would be thoroughly investigated.

On the authenticity of the report, Osun State, declared, “The state team reported that eye witness accounts confirmed the dropping of the youths in several luxurious buses by a team suspected to be from Lagos State.

“The state’s report showed that the youths were systematically dropped at Ilesa-Akure Express junction, Breweries; Ilesa – Ibodi – Iginla to Ife Express junction; Osun Ankara Express junction; Imelu Express junction; and Iperindo Express junction.”

It was gathered that Gov Adeleke expressed shock at the development, urging Governor Sanwoolu to look into the matter and put an end to it if the report is true.

Gov Adeleke said, “I spoke with my brother, Governor Sanwo-Olu on the matter. He too was surprised and he denied ever authorizing any such action.

“Governor Sanwo-Olu has promised immediate investigation to unravel the facts of the situation. The Lagos team will update us as quickly as possible.

“I am subsequently directing our security agencies in Osun to mount surveillance in and around Ilesa to track the deported youths and their destinations.

“I will update our people on this development. I urge residents to be calm while the security agencies carry out surveillance.”

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Chaos As Edo Speaker Suspends Shaibu’s Ally, Two Others

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In response to allegations of a conspiracy to impeach him and other high-ranking officials of the Assembly, Speaker Blessing Agbebaku of the Edo State House of Assembly took decisive action on Monday by suspending three lawmakers.

Among those suspended is Donald Okogbe, representing the PDP in Akoko-Edo II constituency, who notably refrained from endorsing the petition that resulted in the impeachment of Deputy Governor Philip Shaibu, a close ally.

The other two lawmakers he suspended are Addeh Emankhu Isibor of the APC representing Esan North-East I, and Iyamu Bright, representing the PDP in Orhionnwon II.

Agbebaku also alleged that the trio had arranged for the presence of traditional healers at the Assembly premises on May 1st, around 1 am, purportedly for ritualistic purposes.

Agbebaku declared the indefinite suspension of the three lawmakers, asserting that external influences were driving them to disrupt proceedings and oust the Assembly’s leadership.

However, the suspension sparked tension within the House as the affected lawmakers vehemently protested against their suspension.

During a chaotic session, the three suspended lawmakers vocally objected, arguing, “Mr. Speaker, you lack the authority to unilaterally suspend any member(s) of the house. You must put it to a vote. Let the members vote on the issue.”

Following the commotion, the Speaker abruptly adjourned the plenary session.

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JUST IN: Ikeja DisCo Reduces Tariffs For Band A Customers

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In a significant development, the Ikeja Electricity Distribution Company (IKEDC) has announced a tariff reduction for its Band A customers.

Effective immediately from Monday, May 6, 2024, customers in Band A will see their tariff lowered to N206.80 per kilowatt-hour, down from the previously approved rate of N225/kWh by the Nigerian Electricity Regulatory Commission.

This decision, disclosed by IKEDC spokesperson Olufadeke Omo-Omorodion on Monday, marks a proactive measure by the company to provide relief to its Band A customers.

Notably, while this adjustment ensures a minimum of 20-hour daily power supply for those on Band A feeders, tariffs for customers on other bands remain unchanged.

IKEDC said “Dear Esteemed Customers, please be informed of the downward tariff review of our Band A feeders from N225/kWh to N206.80/kWh effective 6th May 2024 with guaranteed availability of 20-24hrs supply daily. The tariff for Bands B, C, D, and E remains unchanged.”

Recalls that on April 3, the Nigerian Electricity Regulatory Commission (NERC) revised the electricity tariff for Band A customers dramatically, soaring from N68 per kilowatt-hour to N255/KWh. It’s worth noting that this tariff hike did not affect other customer categories.

Since the release of the supplementary Multi-Year Tariff Order, consumers categorized as Band A have been expressing discontent, citing the significant impact of the tariff increase on their finances.

They have been calling on the Federal Government to reconsider this policy.

However, during an investigative hearing before the Senate Committee on Power last Monday, the Minister of Power, Adebayo Adelabu, issued a stark warning.

He emphasized that if the electricity tariff hike was not implemented, the nation could face a total blackout within the next three months.

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