Aso Villa Reads for Monday, May, 10th, 2021

Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria

The Petroleum Equalisation Fund (Management Board) on Sunday charged oil marketers to start moving Premium Motor Spirit, popularly called petrol, through the expanding rail network across the country. PEF also announced moves being made by the agency to equalise the price of Liquefied Petroleum Gas, also known as cooking gas, in order to ensure its affordability and accessibility nationwide. Speaking at a briefing, the agency’s Executive Secretary, Ahmed Bobboi, said PEF was looking at how to get oil marketers to start moving products by rail.[Punch]

The Minister of Transportation, Mr. Rotimi Amaechi has given the assurance of the federal government’s support to the Nigerian Shippers Council (NSC) by collaborating with the agency and Plateau State to harness the state’s rich solid mineral resources potential in order to achieve the much needed diversification of Nigerian economy. According to him, Plateau state is known for solid mineral resources such as tin, Platinum, zinc, and iron ore, even as the temperate climate of the state supports certain agricultural produce.[Punch]

Vice-President Yemi Osinbajo says at least 1.5 million Nigerian families will benefit from the Federal Government’s social housing scheme in 24 states. Osinbajo stated this over the weekend, his spokesman, Laolu Akande, said in a statement on Sunday. The Vice-President also said over 2,000 hectares of land with titled documents have been given by 24 states for the President Muhammadu Buhari administration’s Social Housing Programme, while 17 states have indicated interest to participate in the Solar Power programme, both important elements of the ongoing Economic Sustainability Plan.[Vanguard]

The Central Bank of Nigeria (CBN) has disbursed N83.9 billion loans to pharmaceutical companies and healthcare practitioners supporting 26 pharmaceutical and 56 medical projects across the country. CBN Governor, Godwin Emefiele, who broke the news said the fund disbursement was part of the apex bank’s commitment to seeing improved healthcare funding in the country in the face of the Covid-19 pandemic. Emefiele, who was represented by CBN Acting Director, Corporate Communications, Osita Nwanisobi, said the apex bank was also able to mobilise key stakeholders in the Nigerian economy through the Coalition Against Covid-19 (CACOVID) alliance, which led to the provision of over N25 billion in relief materials to affected households, and the set-up of 39 isolation centres across the country. [Tribune]

In its bid to revamp the nation’s economy through the mineral and metals sector, the Federal Government has approved the supply of power to the Aluminium Smelter Company of Nigeria (ALSCON) to facilitate its return to full production capacity. Minister of State for Mines and Steel Development, Dr Uchechukwu Sampson Ogah, made this known during his extensive tour of the ALSCON facility in Ikot-Abasi, Akwa Ibom State. In a statement by the Head of Press and Public Relations Unit of the ministry, Mrs Etore Thomas, and made available to newsmen in Abuja, on Sunday, the minister said the Federal Executive Council (FEC) approval to connect the company to the national grid was a sign of the President Muhammadu Buhari’s administration’s commitment to ensuring that ALSCON is functional.[Tribune]

The Federal Government at the weekend said 20 new Federal marriage registries would be established across the country to address the shortages of marriage registries. The Minister of Interior, Ogbeni Rauf Aregbesola, disclosed this at a national stakeholders’ conference in Abuja. Aregbesola said efforts were on top gear to have Federal marriage registries in all 36 states of the Federation as a way of bringing the registries closer to the grassroots. [The Nation]

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has reiterated the apex bank’s commitment to provide more loans to the youth. The bank chief urged youths to embrace agriculture, declaring the bank’s readiness to support them that are willing to engage in agriculture. [The Nation]

The Federal Government through the Office of the Accountant-General of the Federation has partnered the Lagos State government to train public finance managers across the 20 local governments of the state on the implementation of the International Public Sector Accounting System (IPSAS) accrual basis of accounting. Speaking during the training session which kicked-off in Ikeja on Tuesday, the accountant-general of the federation Idris Ahmed, said,the nationwide training has been packaged to bring up treasury officers at the sub-national level up to speed on the practical steps in the preparation and presentation of IPSAS accrual compliant General Purpose Financial Statements (GPFS).[Business Day]

The rapid rise in the yields of Nigerian debt signals an end to the record low-interest-rate environment that characterised the year 2020. The benchmark 10-year Nigerian government bond yielded 13.3 percent as of Friday, May 7, according to data from the trading platform, FMDQ. That is more than three times the 4 percent return on the same bond only six months ago in October 2020, and marks the fastest uptick in government bond yields since at least 2009. [Business Day pg 1]

US-based Space exploration company, SpaceX has said it is working with the Nigerian Communications Commission (NCC) to secure the required licences to launch Starlink, its satellite Internet service, in Nigeria. Per the NCC, Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa, disclosed this in a meeting with NCC’s Executive Vice-Chairman (EVC). Umar Danbatta on Friday in Abuja.[NIPC]

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