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National Art Theatre remodeling require another $100m – Emefiele

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3 years ago

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L-R: Minister of Sports, Youth and Development, Sunday Dare; Minister of Information and Culture, Alhaji Lai Mohammed; Governor, Central Bank of Nigeria, Godwin Emefiele and Lagos State Governor, Babatunde Sanwo-Olu, during the inspection of the ongoing rehabilitation of the National Theatre Complex in Lagos on Saturday
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National Art Theatre remodeling require another $100m – Emefiele

With about $100 million already committed in the redevelopment of the National Theatre Lagos, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the project will still require another $100 million from the Bankers Committee and the CBN.

Emefiele said this in Lagos on Saturday when he led members of the Bankers’ Committee on inspection of the project. Also joined in the inspection was the Lagos State Governor State, Babajide Sanwo-Olu; Minister of Information and Culture, Alhaji Lai Mohammed and his counterpart at the Ministry of Sports and Youth Development, Sunday Dare.

He said the remodeled national heritage would be commissioned by President Muhammadu Buhari in November, during which the foundation-laying ceremony of the four adjoining verticals – music, movie, information technology and fashion hubs – would be done.

Emefiele said: “What we are doing is a total rejuvenation of Lagos State by redeveloping the masterpiece right in the centre of Lagos and linking it with the rail.

“This project cost the Bankers’ Committee, by our last estimate, about $100m. So, I must say that $100m or more will be invested in the project”.

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) Governor, has said that the National Arts Theatre, under redevelopment, has started attracting foreign investors’ interest, especially from the United States.

Emefiele, assured that the investment would not go down the drain as every kobo spent in putting life into the 44-year-old complex would be recouped.

He disclosed that the remodeled national heritage, has started attracting foreign investors’ interest, especially from the United States.

“It is a business where the money would be realised. I am happy that foreign investors are already showing interest, we have received inquiries even from the United States from investors who are not only interested in the National Arts Theatre but also the creative industry that we are developing,” Emefiele said.

On his part, Lagos State Governor, Babajide Sanwo-olu, appreciated the Bankers’ Committee for their commitment to the project and expressed confidence that the new theatre would increase Nigeria’s competitiveness in the international creative industry.

Sanwo-olu, said the Hip-hop Award being hosted in Atlanta, the United States, in July was taken outside the country “because there is no place like the National Arts Theatre.

“That will be the last time that that will happen. Subsequently, we will bring Americans back to the new National Arts Theatre.

“Now you can see that there is a lot of restoration, there are a lot of new things that are coming in and I can assure you that it will be comparable to any facility of its kind anywhere in the world,” Sanwo-olu stressed.

The Governor, further said he is is optimistic that this in itself can further help Nigeria to deepen its Gross Domestic Product (GDP) and continue to de-emphasise oil as the only source of revenue.

“We can begin to export all of the talents that will be coming out of this place to the rest of Africa and the world,” Sanwo-olu stated.

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NASS Passes ₦54.99trn 2025 Budget

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4 weeks ago

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February 13, 2025

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National Assembly Complex Abuja.
National Assembly Complex Abuja.
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The National Assembly on Thursday passed the ₦54.99trn 2025 Appropriation Bill.

The bill was passed separately by the Senate and the House of Representatives.

A breakdown of the budget showed N3.645trn for statutory transfers, N14.317trn for debt servicing, N13.64trn for recurrent expenditure and N23.963trn capital expenditure (development fund), with fiscal deficit put at N13.08trn.

The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.

Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trn to N54.2trn, seeking approval from the Senate and the House of Representatives.

The Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.

According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.

He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.

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Court Sacks APC Governorship Candidate In Bayelsa

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1 year ago

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October 10, 2023

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Timipre Sylva
Timipre Sylva
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The Federal High Court, Abuja, has disqualified the All Progressives Congress (APC) Governorship candidate, Chief Timipre Sylva, from contesting the November 11 Guber election in Bayelsa state.

The suit number FHC/ABJ/CS/821/2023 was filed on June 13, 2023, by Deme Kolomo, a member of the APC.

Justice Donatus Okorowo ruled that Sylva, having been sworn in twice and ruled for five years as governor of the state, would breach the 1999 constitution as amended if allowed to contest again.

The judge also declared that Sylva was not qualified to run in the November poll because if he wins and is sworn in, he would spend more than eight years in office as governor

Citing the case of Marwa vs Nyako at the Supreme Court, Okorowo noted that the drafters of the country’s constitution stated that nobody should be voted for as governor more than two times and that the parties to the suit agreed that Sylva was voted into office two times.

He further stated that the Supreme Court ruled in the case of Marwa vs Nyako that nobody can expand the constitution or its scope, stressing that if Sylva was allowed to contest the next election, a person could compete as many times as he wanted.

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Senate stops El-Rufai, 2 Others Confirms Wike, Keyamo, Oyetola, Others As Ministers 

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2 years ago

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August 7, 2023

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Cross Section of Ministerial Designates
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The Senate has put the confirmation of former Governor of Kaduna State, Nasir El-Rufai on hold and confirmed 45 ministerial nominees presented to it for screening and confirmation by President Bola Tinubu.

Two others affected are Stella Okotete (Delta State), and Abubakar Danladi (Taraba State). The Senate said the trio were still undergoing security clearance.

The Senate had spent a week in screening all the ministerial nominees presented to it by the president.

Those confirmed are:

Abubakar Kyari (Borno)

Abubakar Momoh (Edo)

Nyesom Wike – Rivers

Engr Joseph Utserv (Benue)

Senator John Owan Enoh (Cross River)

Hon Bello Mohammad (Sokoto)

Mohammed Badaru Abubakar (Jigawa)

Amb. Yusuf Maitama Tuggar (Bauchi)

Uju Kennedy Ohaneye (Anambra)

Hon. Olubunmi Tunji-Ojo (Ondo)

Nkieruka Onyejeocha (Abia)

Dr Betta Edu (Cross River State)

imaan Sulieman Ibrahim (Nasarawa)

David Umahi (Ebonyi)

Adebayo Olawale Edun (Ogun)

Arch. Ahmed Musa Dangiwa (Katsina)

Chief Uche Geoffrey Nnaji (Enugu)

Mr Dele Alake (Ekiti)

Waheed Adebayo Adelabu (Oyo)

Mohammed Idris (Niger)

Prof Ali Pate (Bauchi)

Dr Doris Anite Uzoka (Imo)

Lateef Fabemi SAN (Kwara)

Rt Hon Ekperikpe Ekpo (Akwa Ibom)

Hannatu Musawa (Katsina)

Ibrahim Geidam (Yobe)

Aliyu Sabi Abdullahi (Niger)

Hieneken Lokpobiri (Bayelsa)

Alkali Ahmed Saidu (Gombe)

Dr Tanko Sununu (Kebbi)

Atiku Bagudu (Kebbi)

Bello Matawalle (Zamfara)

Adegboyega Oyetola (Osun)

Simon Bako Lalong (Plateau)

Abdullahi Tijani Muhammad Gwarzo (Kano)

Bosun Tijani (Ogun)

Dr Mariya Mahmoud Bunkure (Kano)

Dr Iziaq Salako (Ogun)

Dr Tunji Alausa (Lagos)

Lola Ade-John (Lagos)

Prof Tahir Mamman SAN (Adamawa)

Zephaniah Jisalo (FCT)

Uba Maigari Ahmadu (Taraba)

Prince Shuaibu Abubakar Audu (Kogi)

Festus Keyamo SAN (Delta)

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