Umaru Yar’Adua, Nigeria’s president, is about to reach the year’s anniversary of his swearing-in on May 29, 2007. Facing calls for faster action on reforms from many Nigerians, Mr Yar’Adua says he will enact key measures within the next 12 months, saying the next year will be ”very interesting for Nigeria.” He also seeks to reassure investors of his commitment to ensuring fiscal discipline, fostering respect for the rule of law, and harnessing private capital to repair Nigeria’s crumbling road, power and rail networks. The president, who was flown to Germany for medical tests last month, also offers assurances on his state of health.


FT: What do you think have been your achievements in your first year since taking office?

YAR’ADUA: I think my greatest achievement is the effort to institute a strict culture for respect for the rule of law in Nigeria. All the problems this country is facing can be traced to breakdown of respect for the rule of law, regulations, procedures and due process in almost every aspect of our national life, including interaction between our citizens. Once you have a system, where law and order, established regulations and procedures are not being respected, you find even in personal dealings, business dealings in the market place, between individuals, there is no respect for decent dealings that are governed by civilised behaviour. Respect for the rule of law is the basis for civilisation.

FT: One of the things that investors have been asking about on this theme is very much the sanctity of contracts. A lot of privatisations that were conducted by the last government have been reversed or re-examined. What assurances can you give to foreign investors that Nigeria is indeed a safe place to invest?

YAR’ADUA: The effort by the government to ensure compliance with the rule of law, that will govern all forms of business relations…whether it is government or between corporations themselves…In the courts, whether it is business disputes, or arbitrations, everybody will know and be certain about their clear position. When people say that privatisations conducted were reversed, they don’t give examples.

Many privatisations have taken place in the past. When it comes to the notice of government that a particular privatisation has taken place in violation of existing laws, and other people who have competed now write petitions, government is duty bound to examine that particular transaction and find if they are correct and then take action…There is the case of Mittal, Ajaokuta Steel…If the transaction was carried out, in violation of due process, but even then this administration allowed the transaction to go on, until Mittal itself violated the terms of the transactions….If you take the asset and then violate the terms of the agreement entered, and this is brought to the attention of government, now government has the duty to look into this and see. If it is established that yes, truly the other party has violated the terms of the agreement, it should just not hold back and sit back, because we want to observe the sanctity of agreements; you observe the sanctity of all agreements entered if they are in conformity with the law and they are being implemented and executed in conformity with the lawful agreement signed. Where there are violations, government is duty bound when these violations are brought to its attention to look into it and take action.

Finacial Times

FT: So investors can be confident that you will take every action to ensure macro-economic stability?

YAR’ADUA: Yes…At no time have we allowed the macro-economy to get out of gear. Discipline has been brought in to the pattern of spending. For example, throughout this year from the time we took over, new projects are not being awarded, efforts are being made to complete ongoing projects, that is what caused a lot of fiscal indiscipline. When you have ongoing projects, and then you start giving projects everywhere, until actually your capacity to spend is over-stretched, and then you even begin to borrow to put more funds into the system.

Since then we have never borrowed, we have never raised a bond, we have never put extra funds into the system, and all this is to maintain the macro-economic stability. The measures we are taking to keep macro-economic stability are more stringent than they had ever been, and we are infusing a greater discipline in terms of fiscal management and fiscal responsibility.

FT: Given that you’ve mentioned these various violations of the law, how much confidence do you have personally in Governor Soludo’s helmsmanship of the central bank?

YAR’ADUA: As far as I am concerned, I don’t have much complaints about governor Soludo. My assessment is that he’s doing well, but just like any other person he can make mistakes, genuine mistakes, out of maybe misunderstandings of the ways the law should be applied…You have to note that in several of my public pronouncements I have insisted that everybody in Nigeria in positions of authority, including the president, must conduct themselves in conformity with the law, and wherever there is a breach, it has to be corrected.

Financial Times

story

make him put our highways in good condition, eletric nko?

story, story, rule of law haaaaaaaaaaa oh pls

rule of law is actually in everyone's interest

the thing I don't understand is this monetary control ting,
the citizens are in dire need of some basics (road, power, healthcare) that require huge amount of funding
but the CBN/minister of finance are always against spending money to control inflation
I think we will have to sacrifice one for the other or perhaps find a good balance,
I doubt very much if the man on the street knows what to do with single digit inflation
even though it relates directly to price of food and services

FT: When do you think we will see these regulations?

YAR’ADUA: They are almost completed. Since we came we have been working on hem. And I think we are almost finished now[b]. Next year will be really a very, very interesting year for this country, very interesting.[/b]


I only hope and pray so, for we have been hearing all dat since Abubakar Tafewa Balewa till date!

Danmasani:

I only hope and pray so, for we have been hearing all that since Abubakar Tafewa Balewa till date!

Only hope and pray? Why are you leaving fasting out?
Dont you want Yaradua's dream for you to come through

I strongly believe that this man has no clue about leadership in this interview he failed to address the revelant issue or needs of the people such as health,power generation, welfare,transporation and other essential infrastructure .this man does not have clue and is surrounded by people who  are only after their own interest  adequate infastructure matter for rapid economic development please don't get me wrong I believe in the rule of law but equal measures should be given to all areas. In april I spent 50k on fuel for power generation does this man not know what that can do to my business if I re invest those sum . I have come to the conclusion that nigeria can nvr get better unless a revolutions takes place and we get rid of all this so called self centered politican who have become parasites to our soul. Nigerians have become so use to abnormalities
God help us in this country

This interview was given to the financial times and so I sort of understand his not addressing the needs of the people but I am apprehensive of his rule of law. From his interview, you almost get a sense that his plans are geared more to helping foreign investors gain better control in the market place than it is at helping improve the market for Nigerian businesses to better compete in the global market.

One of the main reasons why we are were we are today is cause laws were put in place that crippled local businesses and people then felt there was need to circumvent these laws to create a more accommodating environment for themselves and their businesses.

What can we as a nation do but wait to see what his second year will be made of? I mean we have already allowed him come this far with nothing but his rule of law to push in our faces and not much progress on the ground to show for his much touted achievement.

What I believe Nigeria still needs is small government cause big government continues to fail us. After one whole year in a world were things happen in microseconds, we are still accepting of snail-paced progress, makes one wonder if we do not deserve what we continue to get, as a people. At the end of the day, we the people are to blame for whatever comes of this.

Getting frustrated at lack of achievement on this administration's path is getting quite tiring, exhausting and a tad boring. Nothing is news anymore, i mean you can even predict next months headlines: "Yaradua yet to do anything substantial". To be honest at this point all i hope and pray is that the electoral reforms are very seriously addressed. If he does not do anything and just that, then when next election comes it will be vital for the country to have a rich pool of candidates. If i am assured that votes count i will personally go on an email campaign and otherwise to make sure no one i know votes Yaradua into second term. He seems nice enough as a person but this presidential thing does not seem to be working out for him at all and i can see no vision whatsoever. If my life depended on him acting i'll plrobably take a sleeping pill that will knock me out for the next three years because i won't be missing much anyway. As the days go by i keep hoping desperately to be proved wrong about Yaradua and till date the whole charade goes on.

President YAR A'DULL is a CLUELESS MAN. Shikena

let me tell you that when he was campaiging last year he promised emergency on electricity.

I have said it before, I will say it again. Our president either does not know what is called emergency or he is outrightly lieing to Nigerians or maybe to be generous to him, he hasn't got a clue on how to run the country or maybe his health cannot just cope. You can choose which one you think it is more likely.

One thing I know for sure is that this Rule of law and due process is as good as when there are basic amenities in the country.

In another 1 year's time Yar a'dull will be telling us that Nigeria will be good in 2010 and in 2010 he will saying give me 4 more years and you will be in Heaven. After the 2nd term, he himself will be suggesting 3rd term and then he will be talking 2020 as usual.

President CLUELESS should be his new nickname.

Kobojunkie:
What I believe Nigeria still needs is small government cause big government continues to fail us. After one whole year in a world were things happen in microseconds, we are still accepting of snail-paced progress, makes one wonder if we do not deserve what we continue to get, as a people. At the end of the day, we the people are to blame for whatever comes of this.

I think the present setting in the country actually encompasses the big and small governments u advocate. take the issue of power generation, which is on the concurrentlist of the constitution. A well meaning president will agresively advocate each state developing its power source with massive fedral assistance. that way we can generate enough power for industrilization. the same goes for education, the fedral government is not constitutionally empowered to get involved in secondary and primary education. but the question is has yaradua made this one of the major priorities of the relevant levels of government.I still advocate a total overhaul of the system. be it small or big government they have collectively failed us.

Dis Guy:
rule of law is actually in everyone's interestthe thing I don't understand is this monetary control ting,the citizens are in dire need of some basics (road, power, healthcare) that require huge amount of funding but the CBN/minister of finance are always against spending money to control inflationI think we will have to sacrifice one for the other or perhaps find a good balance, I doubt very much if the man on the street knows what to do with single digit inflationeven though it relates directly to price of food and services

Governments all over the world spend more money than the nigerian fedral government. the mayoral budget of london infastructure is 11 billion pounds per annum equivalant to 2.75 trillion naira. yet the british economy does not suffer from inflation nor nihilant infastructure.I m not proffesionally competent in financial matters but I think that It all bugs down to the lack of forsight on the part of our present crop of leaders. what we want is to develop our country against the backdrop of inflation.since over 50 percent of economic transactions in nigeria involves the goverment (largely the fedral government) government should 1-    simply ensure that all monies it generates (income) from the nigerian ecomnomy are not paid in cash but by electronic means, including credit, debit and bank transfers. all monies include earnings from all tiers of government including taxations, levies, court fines, import duties, fees and other payments made to goverment parrasatals for registration or services including Nafdac, Son e.t.c and also encourage co-porate and other private institutions to accept this means of payment.2-  1000, 500 and 200 naira nigerian notes should be sytematically and slowly removed from circulation. making 100, 50 and 20 naira our highest denominations or better still soludos idea of re-domination should be embraced.but all these still bugs down to forsight and zero- tolerance for corruption.

I think the present setting in the country actually encompasses the big and small governments u advocate. take the issue of power generation, which is on the concurrentlist of the constitution. A well meaning president will agresively advocate each state developing its power source with massive fedral assistance. that way we can generate enough power for industrilization. the same goes for education, the fedral government is not constitutionally empowered to get involved in secondary and primary education. but the question is has yaradua made this one of the major priorities of the relevant levels of government.I still advocate a total overhaul of the system. be it small or big government they have collectively failed us.

With regards to the power situation, I think majority of state governors lack initiative to be honest.
you hear of contracts of $50m+ going for irrigation and foreign development grants running into several
millions coming into the states regularly; at $1m per 1mw, some state can easily raise funds or access grants
to build power generating plants even if it is just 200MW over a period of three to four years
except there is some sort of law restricting the states from generating (their own)
electricity they can come to an agreement with PCHN to at leat 50% distributed within the
states.

Dis Guy:

With regards to the power situation, I think majority of state governors lack initiative to be honest.
you hear of contracts of $50m+ going for irrigation and foreign development grants running into several
millions coming into the states regularly; at $1m per 1mw, some state can easily raise funds or access grants
to build power generating plants even if it is just 200MW over a period of three to four years
except there is some sort of law restricting the states from generating (their own)
electricity they can come to an agreement with PCHN to at leat 50% distributed within the
states.

considering the present structure of the nigerian fedration, the menopause or direction of the president determines wat happens in most states. wen obj was fightin his curroption and making it the only issue of his presidency, even local government chairmen ho were used to just sharing monhly allocations were shaken. Now that yaradua is sick, almost all the states are sick and all goverment institutiions are.

now that we have agencies to checkmate corruption, cant we either restructure them to prevent curruption. efcc and icpc and others should be involved at the contracting stages and aggressively monitor goverment financial transactions like descent nations do. that way we wont be tie lipped on how much the states spend on power generation but how effectively they do it.

the development of nigeria is a collective responsibility.