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Oyo Govt To Partner MAX NG/YAMAHA To Improve Transportation



Oyo Govt To Partner MAX NG/YAMAHA To Improve Transportation

The Oyo State government on Tuesday reiterated its readiness to partner MAX NG/YAMAHA Corporation, Japan to develop the transport sector in the state.

The governor, who hosted the management of the MAX NG/YAMAHA Corporation, Japan at the Head of Service, Conference Room, Secretariat, Ibadan, said the company’s vision and mission were in tandem with the vision and dream of the state.

A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, indicated that the governor was represented by the Secretary to the Government, Mrs. Olubamiwo Adeosun.

He noted that the administration in the state was doing a lot across different sectors and would continue to explore opportunities wherever it could come from in order to develop the economy of the state.

He said: “A lot of what you are doing definitely resonates with our vision and dream in Oyo State. There are four main pillars we are pursuing and I can see that the summary of what you are doing can key into the pillars as we are looking at health, education, economic expansion through agribusiness and on top of all that is security. We must secure our land to ensure that investors like you are safe.

“Congratulations on the assembly plant that you launched today and I wish you all the best. I am also glad you have had a good time with all the government officials you have met in the state. If there is an issue as you expand your business in Oyo State, feel free to approach me or other government officials that you have met.

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“As you rightly said, we are a pacesetter state and we mean business. So, there is a lot that we are doing across different sectors in line with our vision and priorities and we will continue to explore opportunities of where we can do more.”

The governor explained that recently the government commissioned the Ultra-Modern Okada and Tricycle loading points to facilitate the easy transportation of residents in the state capital and to boost the transportation sector

“Even in the transportation sector, around last week, we launched motorcycles and tricycles loading points, which is a pilot scheme.

We understand that we need them today as a vital part of our transportation, but how do we organise them? How do we get data?

How do we make it safe and secure so that it can become what people can admire?

“That is the pilot scheme and if it works well, we will be extending it to other parts of the city and other parts of the state entirely.

“I also heard you talk about electric cars. This is exciting, because even if we keep dreaming that Nigeria has plenty of fuel, oil, fossil and all that, we will continue to drive on the path we are and the world is going to leave us behind.

“So, we look forward to partnering with you in so many areas as you expand your business in Oyo State,” he said.

Earlier, the Executive Assistant to the governor on Administration, Rev. Idowu Ogedengbe, had on behalf of Governor Makinde commissioned the assembly plant of the company, which it said would be the basis for the future production of all the various innovative products the company would be bringing into Oyo State.

While speaking at the commissioning, Ogedengbe said: “This is a means through which our young people will be gainfully employed.

The company will be giving the tricycles and three-wheelers to willing employees or business persons at virtually no cost. What they only need is to get a good recommendation.

“You will recall that the governor, a few days back, commissioned the ultra-modern park for tricycles and motorcycles at Agodi and, for us, we are mindful of developing the modern transportation sector.

“We know that, globally, tricycles and motorcycles are means of transportation. So, rather than ban them in Oyo State, we want to see how we can integrate them into our system in a way that will be efficient and globally acceptable.

“Max.NG came to make a proposal to His Excellency that they would like to partner with us to ensure that as the government is expanding the infrastructure in the transport space, they are also bringing in the modern transport equipment to support the aspiration of the government.

“They are starting with tricycles, three-wheelers, and motorcycles.You come, pick your tricycle and pay over a period of 18 months. You pay at your convenience; from Mondays to Fridays and people don’t even need to pay on weekends.

“So, you can see that their system is quite accommodating, as they also have different strategies in terms of taking care of the health care of their beneficiaries.”

In his comments, the co-founder of MAX.NG, Mr Adetayo Bamiduro, said that the company had plans for the state in the area of financial inclusion, mobility transportation, logistics, identity management, data and mobile application development for the progress and economic development of the state.

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Nigeria’s Headline Inflation Rises To 21.9%



Nigeria's Headline Inflation Rises To 21.9%

Nigeria‘s headline inflation has risen to 21.09 per cent according to the Consumer Price Index (CPI) report for the month of October.

The CPI report which was released on Tuesday by the National Bureau of Statistics (NBS) said that there was an increase of 0.32 per cent from the 20.77 per cent recorded in September.

The data suggests that the headline inflation rate climbed by 5.09 per cent in October 2022 as compared to the same month the year before (October 2021).

“In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%.

READ ALSO:  Nigeria’s Inflation Rises Over 18 Per Cent

“This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year (i.e., October 2021) by 5.09%,” the report read.

The report added that “On a month-on-month basis, the headline inflation rate for October 2022 was 1.24%, this was 0.11 % lower than the rate recorded in September 2022 (1.36%).

“The percentage change in the average CPI for the twelve months ending October 2022 over the average of the CPI for the previous twelve months period was 17.86 percent, showing a 0.91 percent increase compared to the 16.96 percent recorded in October 2021.”

The year-on-year food inflation rate in October 2022 was 23.72 per cent, an increase from the previous month’s rate of 23.34 per cent.

“On a month-on-month basis, the food inflation rate in October was 1.23%, this was a 0.21% decline compared to the rate recorded in September 2022 (1.43%).

“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables,” the report further stated.


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N52b Cash Deposited In Banks Over Naira Re-design Policy



N52b Cash Deposited In Banks Over Naira Re-design Policy

About N52 billion cash has been deposited in banks barely two weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes.

There were indications that the deposit sum may increase in the next few days because it is suspected that about N3 trillion cash was in circulation at the time the apex bank announced the policy.

The CBN claimed that some of the identified depositors were politicians, bureau de change operators, businessmen, real estate financiers, and traders.

It was also learnt that the Economic and Financial Crimes Commission (EFCC) and other security agencies have directed banks to keep records of depositors, including institutions.

 READ ALSO: I’m Fully Behind CBN Governor On Redesigning Naira Notes – Buhari

The screening of high-profile depositors, especially currency hoarders and money launderers, may begin soon.

There was the fear that the redesigning of some naira notes may affect cash haul during the ongoing 2023 campaign.

According to a reliable source, who was armed with facts and figures, security and intelligence agencies have confirmed huge cash deposits of N52 billion in banks in less than two weeks.

The source said some representatives of one of the agencies appeared before a Senate Committee on Tuesday in Abuja behind the curtains.

The source said: “As the cash was being taken to banks, we were getting the details of all the depositors and in some cases, we could trace the sources.

“As of Tuesday, over N52billion cash has been deposited in various banks. Some of the deposits have been traced to some politicians, bureau de change operators, suspected money launderers, middlemen, drug barons, businessmen and traders.

“All the banks have been directed by the EFCC and other anti-graft agencies to keep records of cash depositors and their KYC. They are also mandated to make the list available when required.
“With this directive, it will be easier to uncover currency hoarders, speculators and those sabotaging the nation’s economy.”

Responding to a question, the source said: “Some politicians, governors and suspected fronts of Politically Exposed Persons (PEPs) have been on the radar of some anti-graft agencies.

“Some state governments cannot pay salaries because the corrupt table payment system they have adopted is not practicable with the CBN directive.

“Apart from redesigning the notes, the CBN is also complementing the anti-graft agenda of the administration of President Muhammadu Buhari.

READ ALSO: Redesigning Of Naira May Not Hold As Finance Minister Disagrees With Emefiele

“Nigerians have virtually abandoned the cashless economic policy for cash transactions.

“We may be on our way to addressing basic issues compounding our anti-corruption campaign as a nation.”

On October 26, the CBN announced its decision to redesign the naira.
It cited significant hoarding of banknotes, worsening shortage of clean and fit banknotes, and increasing ease and risk of counterfeiting.

It added that over 85 per cent of the currency in circulation is outside the vaults of commercial banks.

CBN said as of the end of September, N2.73trillion out of the N3.23 trillion currencies in circulation was outside the vaults of commercial banks and supposedly held by the public.


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Lagos To Spend N1.6 Trillion Next Year



Lagos To Spend N1.6 Trillion Next Year

The Lagos State government plans to spend N1.692 trillion next year.

The state governor,  Babajide Sanwo-Olu, presented the estimated N1.692 trillion budget estimates for the 2023 to the House of Assembly.

The ‘Budget of Continuity’ comprises revenue of N1.342 billion and deficit financing of N350,000 billion.

READ ALSO: Why We Aren’t Surprised By Wike’s Endorsement Of Sanwo-Olu – Jandor

This further comprises total Internally Generated Revenue (IGR) of N1.108 billion and federal transfers of N234 billion.

The estimate also proposes a recurrent expenditure of N759 billion and Capital expenditure of N670 billion.


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