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Benin Gets €164.25m African Development Bank Loan

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The African Development Bank (www.AfDB.org) has granted Benin a substantial loan of €164.25 million to enhance urban service delivery and build resilience to climate change-induced flooding.

The African Development Bank (AfDB) has taken a significant step towards improving urban service delivery and mitigating the adverse effects of climate change-induced flooding in Benin. Through the approval of a generous loan of €164.25 million, the AfDB aims to bolster the country’s resilience and uplift the living conditions of its citizens.

Over the past few decades, Benin has witnessed a surge in climatic variability, characterized by frequent extreme weather events and disruptions in seasonal rainfall patterns. This alarming trend has contributed to an increase in the number of communities at high risk of flooding, which has risen from 22 in 2010 to 35 in 2022.

The Secondary Cities Stormwater Drainage Project (PAPVS)

The approved loan will primarily fund the implementation of the Secondary Cities Stormwater Drainage Project (PAPVS), focusing on four key cities in Benin: Porto-Novo, Ouidah, Bohicon, and Abomey. These cities, collectively housing a population of approximately one million, will witness the development of essential stormwater drainage infrastructure.

Comprehensive Project Components

The Secondary Cities Stormwater Drainage Project consists of three main components, each playing a vital role in enhancing urban resilience and improving the quality of life for residents.

Infrastructure Development And Upgrades

Under the first component, a comprehensive range of infrastructure and related works will be undertaken. This includes the construction of 42.7 km of primary and secondary collectors (large culverts) and 62.3 km of culverts. Additionally, significant road improvements will be carried out, covering the asphalting of 18.7 km and the paving of 16.1 km of roads.

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Furthermore, this component encompasses the construction of essential facilities, such as 72 classrooms, 18 blocks of toilets equipped with 36 hand-washing kits, housing for health workers, four drying sheds for fish smoking, two boreholes with hand pumps, a public square, and a public garden. To promote environmental sustainability, a total of 5,521 seedlings will be planted, accompanied by the reforestation of 17.22 hectares. Moreover, comprehensive sensitization programs will be conducted to prevent gender-based violence, including sexual harassment.

Waste Management And Facility Maintenance Mechanism

The second component of the project focuses on establishing an efficient waste management and facility maintenance mechanism. This component will involve training programs, provision of necessary equipment, and the elimination of existing dumps. Moreover, special attention will be given to the gender dimension in waste management initiatives. Furthermore, the project aims to enhance flood-risk warning and management systems while creating a water retention basin and a market gardening area.

Project Management, Monitoring, And Evaluation

The third component encompasses project management, monitoring, and evaluation to ensure the efficient implementation and long-term success of the Secondary Cities Stormwater Drainage Project. Through robust oversight and continuous assessment, the project will achieve its objectives effectively.

Impact And Future Prospects

The comprehensive initiatives undertaken as part of the Secondary Cities Stormwater Drainage Project hold immense potential to transform the urban landscape of Benin.

The project is expected to significantly enhance hygiene standards, reduce water-borne diseases, and promote the enrolment and retention of girls in schools.

Additionally, by improving infrastructure and creating employment opportunities, the project will contribute to the agricultural transformation, industrial development, and overall economic production and competitiveness of Benin.

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The African Development Bank’s loan of €164.25 million to Benin for the implementation of the Secondary Cities Stormwater Drainage Project is a significant stride towards improving urban service delivery and building resilience to climate change-induced flooding.

Through the development of essential infrastructure, waste management mechanisms, and effective project management, the project aims to uplift the living conditions of the people in Porto-Novo, Ouidah, Bohicon, and Abomey.

Furthermore, it aligns with the Bank’s Country Strategy Paper for Benin, focusing on agricultural transformation, industrial development, and infrastructure strengthening.

With these comprehensive initiatives, Benin is poised to enhance its resilience, mitigate the effects of climate change, and promote sustainable development.

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Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

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The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

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Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

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Stock market declines further by N31bn

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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