Economy News Extra Latest News Maritime National Assembly Transportation

Reps Probe Transport Ministry, NIMASA Over Alleged $195Mn Contract Scam

The House of Representatives on Thursday directed its Committees on Marine and Institutions and Public Procurement to commence immediately a probe into the $195 million security contract allegedly awarded to an Israeli outfit to provide security and surveillance on Nigeria’s waterways. The probe of the contract awarded by the Ministry of Transportation was based on […]

Economy News Extra Latest News Revenue Transportation

Buhari Approves N10Bn Intervention Fund For Enugu Airport

President Muhammadu Buhari has approved N10 billion approval special intervention fund for the rehabilitation of key infrastructure at the Akanu Ibiam International Airport, Enugu. The approval was granted after a high powered delegation of South East governors and leaders made a formal request for the purpose during a meeting with the President held in the […]

Economy News Extra Housing & Real Estate Latest News National Assembly Transportation Water

Senator Lawan Advocates Improved Local Contents In Public Projects

President of the Senate, Senator Ahmad Lawan has canvassed the need for improved local contents in all engineering projects undertaken in the country. The lawmaker, who made the remarks late Thursday spoke in Abuja at a book launch on ‘Engineering and Sustainable Rural Development In Nigeria’ authored by Engineer Ahmed Amshi, expressed his belief in the […]

Budgeting Economy News Extra Latest News Maritime Transportation

FG Approves $5.3Bn For Ibadan-Kano Rail Project

Minister of Transportation, Mr. Rotimi Amaechi, on Thursday disclosed that the Federal Government had approved for the execution of Ibadan-Kano standard gauge rail project the sum of $5.3 billion. The disclosure was contained in a statement issued by minister’s Special Assistant Media, Israel Ibeleme, shortly after the 3rd Maritime Stakeholders Interactive Forum held in Lagos. […]

Economy News Extra Latest News Revenue Transportation

Ministry Declares Revenue Collection On Federal Highways Illegal

The Federal Ministry of Transportation has said that revenue collection by state and local government agents along federal highways is illegal and called on the law enforcement agents to halt the practice. The position of the ministry on collection of revenues on federal highways, through erection of road blocks by the sub-national governments agents, was […]

Economy News Extra Latest News Revenue Transportation

LCCI Seeks Automotive Policy Review, Incentives For Local Automakers

The Lagos Chamber of Commerce and Industry (LCCI) has called on the government to consider immediate review of the nation’s Automotive Policy in view of its flaws that are not reflective of the current realities in the industry and attendant negative implications for the development of the local industry. The organized private sector (OPS) group […]

Economy News Extra Latest News National Assembly Transportation

Senate Throws Out Electric-Powered Automobiles Bill

The Senate on Wednesday during plenary rejected a bill proposing the complete phase out of petrol-powered cars in Nigeria and adopting the electric-powered automobiles. The sponsor of the bill, Senator Ben Murray-Bruce, had while presenting the draft legislation argued that it would be cheaper to use electric-powered cars than the current petrol-powered automobiles cars in […]

Economy News Extra Latest News Transportation

FAAN Threatens Airports Shutdown Over Operators’ Debts

The Federal Airports Authority of Nigeria (FAAN), has indicated its readiness to suspend its services at Gombe, Kebbi and Bebi airports as from May 1 following the airports management’s failure to settle their outstanding indebtedness it. The authority’s spokesperson, Mrs. Henrietta Yakubu, in a statement also hinted that more airports or terminals would also cease […]

Economy News Extra Investments/Capital Market Latest News Transportation

Air Peace, Embraer SA, Seal $2.12Bn Aircraft Purchase Deal

Nigeria’s fast-growing commercial airline, Air Peace and Brazilian aviation company, Embraer SA, announced on Wednesday the signing of an order for 10 E195-E2 jets worth $2.12 billion if all purchase rights are exercised. According to the terms of the deal, the order will be included in Embraer’s backlog for the second quarter of this year. […]

Economy News Extra Latest News Taxation Transportation

Aviation Stakeholders Seek Low Tax Regime For Sector

Stakeholders in Africa’s aviation sector have canvassed the need for governments in the continent to review downwards some taxes on airlines, travellers and other air travel-related businesses as a strategic step towards growing the sector. The stakeholders at the weekend also urged African government to stop seeing air transport as luxury service, but as a […]