FrontLineNews

  In the midst of dwindling revenues and skyrocketing subsidy costs, Nigeria has taken a bold step by removing fuel subsidies, igniting controversy and unrest among its population. Despite the opposition’s claims that subsidy removal will disproportionately affect the poor, the government’s redirection of funds towards crucial sectors such as health and education paints a promising picture for Nigeria’s future. The recent World Bank loan of almost a billion dollars for palliative measures may provide temporary relief, but it is not seen a sustainable solution. However, the fate of the much-anticipated Dangote Refinery, meant to reduce Nigeria’s reliance on imported petroleum products, remains uncertain as unforeseen technical difficulties delay its completion.     The Dangote Refinery, announced in 2013 with an initial $3.3bn loan deal with local and foreign banks to fund the construction, was expected to transform Nigeria’s reliance on imported petroleum products and boo...

    The Federal Executive Council today approved the construction of four major roads in Kwara as part of the roads to be constructed under the Infrastructure Tax Credit Scheme( Executive Order 7). The roads are to be constructed by BUA Group at about 300billion Naira. Those involved are Kosubosu- Kaiama-Bode Saadu (130km); Bacita-Shonga-Lafiagi (83km); Eyenkorin-Afon-Offa-Odo Ottin (49km); and Okuta-Bukuro Road which connects to Benin Republic (32km). All the roads come to 294km. According to the State Government, ‘it is believed that upon completion, these projects will revolutionise road travels within KWARA and neighbouring States with huge potentials for development and food security. The Kwara State Government also believes that the approval of the road rehabilitation project is undoubtedly geared towards further opening up the state for economic growth. It therefore thanked President Muhammadu Buhari for the landmark development while also commending BUA Group for keyin...

   Forbes has released its list of world’s billionaires for 2023. The list, which came out Tuesday has a couple of surprises. This is more so since the last year has been full of falling stocks, wounded unicorns and rising interest rates which translated into a down year for many of the world’s richest people. One of the surprises however is the rise of BUA Group chairman Abdul Samad Rabiu. From 7.6Billion Dollars a few months ago, the Billionaire businessman and philanthropist’s rating in Forbes billionaires list has again shot up towering many to become the 249th richest person in the world and closing in on overtaking the third richest man in Africa, Nicky Oppenheimer who stands at 8.4billion Dollars. Rabiu’s latest worth is put at 8.2billion dollars. From 1.6billion Dollars in 2019, Forbes recorded that by 2022 his net worth was 6.9billion dollars and from there has jumped to 8.2billion Dollars in April 2023. 62-year old Abdul Samad Rabiu is essentially into cement and sug...