President Muhammadu Buhari has stated that Nigeria will require approximately 1.5 trillion dollars over a ten-year period to reach an adequate level of National Infrastructure Stock.

President Buhari delivered the figure on Tuesday in Glasgow at a COP 26 high-level side event on building global infrastructure organized by US Vice President Joe Biden, EU Commission President Van Der Leyen, and UK Prime Minister Boris Johnson.

‘‘Nigeria is ready for your investments in infrastructural development in the country.

‘‘My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.

‘‘We look forward to working with you in this regard,’’ he told world leaders at the high level meeting on the margins of the climate change conference.

President Buhari also hinted that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid lifting 100 million Nigerians from poverty by 2030.

‘‘There is a nexus between infrastructural development and the overall economic development of a nation.

‘‘My administration identified this early enough as a major enabler of sustainable economic development and the realization of other continental and global development aspirations particularly the 2030 Agenda for Sustainable Development Goals.

‘‘On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.

‘‘In solving these problems, we embarked on a massive infrastructure expansion programme in the areas of Health care, Education, Transportation, Manufacturing, Energy, Housing, Agriculture, and Water Resources.

‘‘We provided more financial resources for these policies, charted new international partnerships and pursued liberalization policies to allow private sector participation.

‘‘We introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures our infrastructure expansion projects is cross-sectorally integrated and environmentally friendly, ’’ he said.

The President , however, welcomed the G7 countries for its ground-breaking plan to mobilize hundreds of billions of dollars of infrastructure investment for low – and middle-income countries.

He noted that the “Build Back Better World” plan, an initiative of the G7 countries, is expected to be a values-driven, high-standard, and transparent infrastructure partnership.

‘‘It is our fervent hope and expectations that this plan will be pursued to its logical conclusion in order to bridge the infrastructural gap between the North and South,’’ he said.

The President also used the occasion to outline the principles, values and standards Nigeria would like to see from infrastructure initiatives and the challenges the country has faced in partnering with donors on infrastructure development.

‘‘The aim of pursuing quality infrastructure investment is to maximize the positive economic, environmental, social, and development impact of infrastructure and create a virtuous circle of economic activities, while ensuring sound public finances.

‘‘This virtuous circle can take various forms in stimulating the economy,” he said.

The Nigerian leader noted that infrastructure investment should, therefore, take into account economic, environmental and social, and governance aspects, guided by a sense of shared, long-term responsibility for the planet, consistent with the 2030 Agenda for Sustainable Development.

The President added that the positive and negative impacts of infrastructure projects on ecosystems, biodiversity, climate, weather and the use of resources should be internalized by incorporating these environmental considerations over the entire process of infrastructure investment.

‘‘Domestic resource mobilization is critical to addressing the infrastructure financing gap. Assistance for capacity building, including for project preparation, should be provided to developing countries with the participation of international organizations.

‘‘Quality infrastructure investment also needs to be tailored to individual country conditions and consistent with local laws and regulations.

‘‘Furthermore, Infrastructure projects should align with national strategies and nationally determined contributions for those countries determined to implement them, and with transitioning to long-term low emissions strategies, while being mindful of country circumstances,’’ he said.

The President also called for the environmental impact of infrastructure investment to be made transparent to all stakeholders, noting that this will enhance the appreciation of sustainable infrastructure projects and increase awareness of related risks.

…We Are Taking Precautionary Measures- NEMA

The acting coordinator of the National Emergency Management Agency (NEMA), Ibrahim Farinloye, has confirmed a large gas leakage in the vicinity of Computer Village, Awolowo Rd, Oba Akran, Medical Road, Anifowoshe, and Ikeja.

Farinloye, who called in to a live TV program on Wednesday morning, notified people of the situation and advised them to keep careful and avoid the impacted region.

“I want to tell everyone that all relevant agencies are on the ground to ensure safety at the site,” he said.

We’d want to advise everyone to keep away from the scene.”

Obinna Iyiegbu, alias Obi Cubana, a popular socialite and businessman, has been detained for money laundering by the Economic and Financial Crimes Commission.

The Anambra-born club owner, who arrived to the EFCC offices in Jabi, Abuja, around noon on Monday, was still there as of 10.11 p.m.

As of press time, allegations against the socialite were hazy, but a source revealed that his case involved alleged money laundering and tax fraud.

“Obi Cubana was detained and brought to the EFCC offices on Monday afternoon over allegations of money laundering and tax fraud,” according to the source.

Detectives are questioning him right now.”

Wilson Uwujaren, spokesman for the EFCC, said he had not yet been briefed on the situation.

Obi Cubana, Mr Ibu, and the UAE envoy are honored at the Nollywood New Yam Festival.

Obi Cubana reacts to a fan tattooing his name on his skin.

Obi Cubana made news in July when he conducted a spectacular burial for his mother in Oba, Anambra State, with over 200 cows butchered.

…Judicial Budget Increased by N10bn

The National Assembly’s upper chamber has announced that it will have a debate on the armed security agents’ assault of the residence of a Supreme Court Justice, Justice Mary Odili, in Abuja.

When the Senate reconvenes, it will hold a plenary debate on the invasion under the heading “urgent national concern.”

Recall that security personnel raided the supreme court justice’s home on Friday.

However, Justice Mahamud Tanko, the Chief Justice of the Federation, remained silent for several hours following the invasion.

Senator Opeyemi Bamidele, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, revealed what the Senate will do when it reconvenes on Monday in Abuja, during an oversight visit to the Chief Justice of Nigeria ((CJN)) in his Office.

“We cannot pretend not to be aware of the embarrassing situation on the invasion of Justice Mary Odili’s residence by security agencies on Friday Night,” Bamidele said. “We take the matter seriously, and by the time we return to plenary session, we will discuss the matter as urgent of National Importance.”

Speaking on the Judiciary’s budget for 2022, Senator Bamidele stated, “it is trite to mention that the 2022 budget budget estimate for the Judiciary is N120 billion, merely indicating a N10 billion increase over the sum which was appropriated in the 2021 Appropriation Act.”

“Even though this increase is not enough to meet the competing needs and challenges of the Judiciary, we must commend the present administration for listening to the voice of reason and clamour from various quarters advocating for increased funding for the Judiciary.”

Responding to the Chairman’s opening remark, the Chief Justice of Nigeria disclosed that there is no any interference from legislators or executives arm of government on their activities, adding that the National Assembly has not failed Judiciary.

He said: “Legislative arm of government has not failed us, there is nothing that we want that have not been granted by the lawmakers. You are doing right thing. If you see that something is going with wrong Judiciary, call our attention to it. There is no interference from Legislature and Executive on our activities.”

He submitted that the Judiciary is ready to accept correction if something is going wrong.

In her submission, the Ag. Chief Registrar of Supreme Court, Hajo Sarki Bello informed the lawmakers that 75 percent budget performance has been recorded in term of releases and 60 percent in expenditure .

She said that N368 million was appropriated to cater for the official vehicles of the Hon. Chief Justice of Nigeria and the Hon. Justices of the Court.

He added that last year, eight Hon. Justices were appointed in to the bench of the court and the sum was therefore for the procurement of one additional vehicle each for eight newly appointed Justices in the interim pending the availability of the funds to procure the remaining vehicles.