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TInubu approves infrastructure fund for states as FAC shares N907 billion

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The President, Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.

The approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC), on Thursday July 20, 2023, in Abuja.

A statement by Chief Dele Alake, Special Adviser to the President on Special Duties, Communication and Strategy, said the new Infrastructure Fund will enable the States to intervene and invest in the critical areas of Transportation, including farm to market road improvements; Agriculture, encompassing livestock and ranching solutions; Health, with a focus on basic healthcare; Education, especially basic education; Power and Water Resources, that will improve economic competitiveness, create jobs and deliver economic prosperity for Nigerians.

He said that the Committee also resolved to save a portion of the monthly distributable proceeds to minimize the impact of the increased revenues-occasioned by the subsidy removal and exchange rate unification-on money supply, as well as inflation and the exchange rate.

Out of the June 2023 distributable revenue of 1.9 trillion Naira, only N907 billion will be distributed among the three tiers of government, while N790 billion will be saved, and the rest will be used for statutory deductions.

These savings will complement the efforts of the Infrastructure Support Fund (ISF) and other existing and planned fiscal measures, all aimed at ensuring that the subsidy removal translates into tangible improvements in the lives and living standards of Nigerians.

The Committee commends President Tinubu for the bold decision to remove the petrol subsidy, and even more importantly, for providing necessary support to the States to cushion the effects of the subsidy removal on Nigerians.

 

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2027: ACF urges northerners to shun selfish politicians

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As time ticks father towards the 2037:general election, Arewa Consultative Forum, ACF, have advised northerners to shun politicians who are desperately seeking power to advance their selfish interest, at the detriment of the welfare of the people.

Chairman of ACF, Mamman Mike Osuman stated this in his opening remarks at the 79th National Executive Officer Council, NEC, Meeting held on Wednesday at the Forum’s Secretariat, Kaduna.

He said evidence abounds that many current elected and appointed leaders remain disconnected from ACF’s aspirations and programmes.

However, the ACF acknowledged that some have been supportive and have assisted financially.

According to him; “Since our last meeting on 21 August 2025, our Region has continued to face grave difficulties natural disasters, tragic loss of lives, and the harsh vicissitudes of daily existence. Terrorism, armed banditry, insurgency, and kidnapping are on the rise, as witnessed in Kwara, Southern Kaduna, Katsina, Benue, and other locations.

The consequences have been devastating, with families and communities violently uprooted and displaced.”

The Chairman stated that these displacements have resulted in overcrowded camps and informal settlements with limited access to basic services, increasing the risks of malnutrition and mortality among survivors.

He added that, repeated attacks and the climate of fear have disrupted education, leading to school closures across affected areas. Rural economies have been severely strained, travel has become unsafe, and access to farming, schooling, and healthcare has been discouraged.

“Insecurity has deepened to such an extent that external military assistance has been required.”

Osuman reiterated that the existence of ACF as a socio-cultural organization must not be merely ceremonial or rhetorical.

“it must be principled, sincere sacrificial, and action-driven. It must engage constructively with governments at national and subnational levels in the pursuit of peace, stability, and the civil rehabilitation of its people.”

He explained that the grim situation has further heightens ACF’s concern and underscores the urgent need our State Chapters to be proactive.

“As our Region approaches a national election cycle, ACF must cooperate with relevant authorities to ensure peaceful and credible elections. We must educate and enlighten our people on their civic responsibilities and the necessity of abiding by the laws of our fatherland,” he stressed.

He announced the constitution of a 9-man Code of Conduct and Ethics Committee, headed by Professor Nuhu Mohammed Jamo, former Dean of the Faculty of Law Ahmadu Bello University, Zaria and former Special Adviser to the Senate President on Constitutional and Comparative Law and Legal Drafting.

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Breaking: Nigeria to hold presidential election February 20 next year

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Nigeria will hold presidential election about one year from now, on February 20, 2027.

The Independent National Electoral Commission (INEC) announced this on Friday and said the National Assembly elections will also hold the same day.

INEC said governorship and State Houses of Assembly polls scheduled has been scheduled for March 6, 2027.

The INEC Chairman, Prof. Joash Amupitan, disclosed the election timetable at a news conference in Abuja today.

INEC had on February 4 indicated that it had completed work on the election timetable and schedule of activities despite the delay.

The commission noted that it had submitted its timetable to lawmakers but cautioned that some items in the schedule of activities could be affected depending on when the amended Electoral Act is eventually passed.

 

 

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Otedola hails Dangote refinery, says Dollar could exchange below N1,0000 in few months

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Nigerian billionaire businessman, Femi Otedola has hailed Dangote refinery for its massive impact in the nation’s oil industry, saying due to huge foreign exchange saved as a result of the milestone achieved by the refinery, the naira could trade below ₦1,000 to the dollar before the end of the year.

Otedola made this known on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.

According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.

He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.

“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.

He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.

The expansion will also include the production of 2.4 million tonnes of no polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.

Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.

 

 

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