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The N712billion To Rebuild Lagos Airport Is From Tinubu's Fuel Subsidy Savings, Floating Of Naira – Keyamo.

Keyamo disclosed the development while speaking on Channels TV programme, stating that the funds would be drawn from savings made following the removal of fuel subsidies.

The Minister of Aviation and Aerospace Development, Festus Keyamo, has defended the plan to spend N712billion to revamp the Terminal One of the Murtala Muhammed International Airport in Lagos State, saying it is funded through savings from President Bola Tinubu's removal of fuel subsidies and floating of naira.

Keyamo disclosed the development while speaking on Channels TV programme, stating that the funds would be drawn from savings made following the removal of fuel subsidies.

He said the airport's roof is leaking, and the facility is decrepit and foul-smelling.

"You see people selling Indomie and all kinds of kiosks erected there. The ceilings are failing, and the carousels are not working because their parts are not in the market anymore,” he said.

The government's recent approval of ₦712 billion for the airport terminal upgrade has drawn widespread criticism, with many describing it as a misplaced priority by the Tinubu administration.

Critics argue that the move comes at a time when millions of Nigerians are struggling with record-high inflation, rising hunger, and an escalating cost of living—conditions largely attributed to the government's removal of petrol subsidies and the unification of foreign exchange rates.

In response, Keyamo clarified that the project would not be funded through the regular budget but through the “Renewed Hope Infrastructural Funding,” a special infrastructure fund designated for such developments.

“This government promised Nigerians major infrastructural upgrades across Nigeria, from the savings we are having now from the subsidy removal and the floating of the naira,” he added that the project is expected to span 22 months.

The minister warned that without rebuilding the airport terminal, many foreign airlines might withdraw from operating in the country.

“Without this, some international airlines will threaten to stop flight to your country when you don’t have a good airport, a good runway, because it affects insurance because when the runways are not good, the terminals are good, the insurance will go up because they will say that place is not safe to fly to,” he explained

Keyamo emphasised that once completed, the terminal would compete with major aviation hubs across Africa, including those in Ethiopia, South Africa, and other countries.

According to him, “As it is today, you cannot land in Lagos (local airport) and try to connect to an international flight, maybe to Ghana

“Lagos is not a hub, but that was the plan in 1977 when it was designed and in 1979 when it was commissioned. You cannot process one passenger from one terminal to another, so that has stunted the growth of aviation.

“What we are trying to do in Lagos now is to make Lagos a very modern airport and create a proper hub to begin to compete with other hubs in Africa. So, we want to completely pull down Terminal One.

“It is not a refurbishment; we are tearing it down, only the pillars will remain, the carcass, the decking. Everything will go, and they are going to redesign now," Keyamo added. - according to Sahara Reporters.

OIL PALM FARMING: ADVANTAGES AND DISADVANTAGES

Oil palm farming is a profitable investment, but its success depends on several factors. It is not auto financial investment. It requires careful planning, significant capital, and adherence to sustainable practices to mitigate environmental and social risks. Now let us look at advantages of oil palm farming.

Benefits Associated with Oil Palm Farming include:

1. High Yield and Demand: Oil palm is one of the most efficient oil-producing crops, yielding significantly more oil per hectare compared to other oil crops like soybean or sunflower. Palm oil is widely used in food, cosmetics, and biofuels, ensuring consistent global demand. Its demand is always more than supply from time immemorial.

2. Profitability (High Revenue Potential): Due to its high yield and demand, oil palm farming can generate substantial revenue, especially in regions with favorable growing conditions (e.g, tropical climates). It has produced millionaires more than any other sector especially in South East Asia.

3. Long-Term Investment: Oil palm trees start producing fruit after 2.6-3 years under GAP and remain productive for 40 to 50 years. Thereby, providing long-term income to investors.

Dark sides and Challenges

Despite huge profits accrue to oil palm farming, there are some challenges oil palm investors should take into account before invest in the agro sector.

1. Initial capital Investment: Establishing an oil palm plantation requires significant upfront costs for land, seedlings, fertilizers, and labor. In other words it is capital intensive.

2. Maintenance Costs: Regular pruning, pest control, and fertilization are necessary to maintain high yields. Maintenance is very difficult and it costs a lot of money.

3. Labor-Intensive: Harvesting and processing oil palm fruits require skilled labor, which can be costly in some regions.

4. Market Risks (Price Volatility): Palm oil prices fluctuate based on global supply and demand, which can impact profitability.

5. Bush Burning: Fire can destroy your oil palm farm and delay the yield for years.

6. Climate change: This is a big threat to oil palm farmers and contributes to low yield.

7. Poor planting material: You may end up planting inferior seedlings thinking that you are doing right investment nothing knowing that you are just wasting you time. Therefore, it is very pertinent to source for quality seeds/seedlings.

Therefore, after weighing the advantages/disadvantages and you want to invest in oil palm farming, CONTACT, Center for Hybrid Economic Trees (CHET)

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At #CHET we sell hybrid palm Seedlings and other economic trees like coconut, orange, mango, ogbono, avocado, passion fruit, ukwa (breadfruit), udara (African apple), ogbono, pawpaw, bitter kola, oha, etc.

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According by informate eh, Over 500 Unknown Gunmen Reportedly Surrender in Orsu, Imo State..

See children don turn crimin@ls finish ooh
What's really going on??

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The US has sent two nuclear submarines close to Russia, after the threat of the former pres of Russia to Donald Trump