The Federal Government has allocated N146.14 billion as counterpart funding for the Lagos Green Line Metro Rail Project, a 68km rail network that will stretch from the Lekki Free Zone to the Marina, connecting key areas of Lagos, including Victoria Island (VI), Lekki, and Ajah.This funding will be transferred to the Ministry of Finance Incorporated (MOFI), which will handle the counterpart funding on behalf of the Ministry of Transport for the development of the project.This allocation is part of the proposed N49.74 trillion budget for the 2025 fiscal year and falls under the Ministry of Transport’s total allocation of N256.73…
Author: Oladi Samuel
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The Lagos State Government has warned residents of potential temporary water leakages as it works to upgrade water infrastructure.Engr. Mukhtaar Tijani, Managing Director of the Lagos State Water Corporation (LSWC), confirmed that increased production at the Iju and Adiyan Waterworks is part of a broader initiative to ensure a reliable water supply, as stated on the government’s website.This update follows a recent water disruption affecting areas like Mainland, Ikeja, and Surulere, caused by a pipe leak near Maryland Mall. Production at both the Iju and Adiyan Waterworks was temporarily halted when the leak was observed.While immediate action was taken to…
The Federal Government, in the N49.74 trillion proposed 2025 budget, has allocated N41.49 billion specifically for rail infrastructure and modernization projects.For the 2025 fiscal year, the Ministry of Transport will receive a total allocation of N256.73 billion to support its initiatives. Of this amount, N223.80 billion is earmarked for capital expenditure, with N30,986,636,237 designated for personnel costs and N1,940,798,202 for overheads.This information was obtained from the 2025 copy of the Federal Government’s Final Budget Proposal, which outlines plans for extensive infrastructure development.Key rail-related projects under this allocation include the completion of the Abuja-Kaduna railway project, the Lagos-Ibadan rail line, and…
Tech giant, Microsoft, has announced plans to invest approximately $80 billion in AI-enabled data centers to train AI models across the globe.The Vice Chairman and President of Microsoft, Brad Smith, disclosed this in a blog post highlighting the company’s commitment to AI as part of a broader strategy to respond to China’s daring moves in the tech space.He, however, noted that more than half of the total investment would be in the United States, reflecting Microsoft’s commitment to its home country and its confidence in the American economy.“In FY 2025, Microsoft is on track to invest approximately $80 billion to…
The Federal Government has earmarked a significant sum of N17,313,619,734 in the 2025 budget for the provision of Group Life assurance for employees of Ministries, Departments, and Agencies (MDAs), as well as members of the National Youth Service Corps (NYSC).The allocation includes expenses for administration and monitoring to ensure effective implementation.Group Life Assurance, a mandatory policy in Nigeria under the Pension Reform Act 2014, requires employers in the public and private sectors to provide a minimum of three times an employee’s annual salary as a death benefit in case of an untimely demise.This initiative demonstrates the Federal Government’s commitment to…
The Central Bank of Nigeria (CBN) has confirmed the voluntary resignation of 1,000 staff members as part of a restructuring process driven by its ongoing adoption of digital technologies.The move is aimed at streamlining operations and addressing redundancies arising from the transition to a more tech-driven banking model.This was revealed by Bala Bello, a deputy director representing the CBN Governor, Yemi Cardoso, during an appearance before an ad hoc committee of the House of Representatives probing the initiative.The committee was established following concerns over the scale of the resignations and the payment of ₦50 billion in compensation to the departing…
The Federal Government of Nigeria has allocated N12,420,122,743 in the proposed 2025 budget for the insurance of sensitive assets, marking a significant step toward protecting critical infrastructure and resources amid escalating risks.This allocation, highlighted in the budget submitted to the National Assembly in December, is designed to provide financial coverage for key government properties, facilities, and systems that are deemed vital to the nation’s operational stability.These assets include essential infrastructure, IT systems, and other strategically significant resources, many of which face potential threats ranging from natural disasters to vandalism and cyber-attacks.President Bola Tinubu on December 18, 2024 presented the “Budget…
Do Kwon, the South Korean founder of Terraform Labs, entered a not-guilty plea to a nine-count criminal indictment during a court appearance in the United States.Kwon, known for creating the TerraUSD stablecoin and another cryptocurrency that collectively lost an estimated $40 billion, faces charges including securities fraud, wire fraud, commodities fraud, and conspiracy to commit money laundering.Court Proceedings and Detention The hearing, held in Manhattan federal court yesterday, followed Kwon’s extradition from Montenegro last week. U.S. Magistrate Judge Robert Lehrburger ordered Kwon to remain in custody after his attorney, Andrew Chesley, stated that his client would not seek bail at this…
The United States could potentially acquire up to 400,000 Bitcoins in 2025, according to Nigel Green, CEO of deVere Group.Green, known for his optimistic forecasts about cryptocurrency, suggests that this move, which he terms the establishment of a “Strategic Bitcoin Reserve,” could cement Bitcoin as a fundamental pillar of U.S. financial policy while driving an unprecedented bull market.This insight was shared in a note provided to crypto. news.Green’s prediction aligns with the recently proposed Bitcoin Act of 2024 by Senator Cynthia Lummis, which outlines plans for the U.S. government to acquire one million Bitcoins over a five-year period.While the ambitious…
Immigration, Refugees and Citizenship Canada (IRCC) announced that it will not accept new applications for the Parents and Grandparents Sponsorship Program (PGP) for the year 2025.The decision comes as part of a strategy to address the current backlog and focus on processing existing applications submitted in 2024.Immigration News Canada (INC) reports that IRCC will prioritize the processing of up to 15,000 PGP sponsorship applications throughout 2025.No new PGP applications in 2025In its recent update, IRCC confirmed that it will not be accepting any new sponsorship applications under the PGP for the year 2025. The department will instead focus on processing…