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Christianity EtcRe: Hardship: PFN Declares 40-day Prayer, Fasting by coputa(m): 7:45am On Nov 08, 2024
Nigeria do not need too much prayers because God has already provided the country with what will make the people live a good live.

All these praying is a huge distraction, what Nigerians should do now is to engage their leaders,and hold them accountable for their actions
Christianity EtcRe: Do You Have A Prayer Need ? by coputa(m): 7:39am On Nov 08, 2024
Myprayercity:
Send to me president@tolulopeilori.com


God bless you.
Are you interceding
PoliticsRe: South-South Generated The Highest Revenue In 2023 - StatiSense by coputa(m): 11:28pm On Nov 07, 2024
LegendHero:
TOTAL REVENUE GENERATED BY ZONE, 2023

South South — ₦2.31 trillion
South West — ₦2.22 trillion
North West — ₦1.41 trillion
North Central — ₦1.34 trillion
North East — ₦911.65 billion
South East — ₦823.54 billion

Revenue = Net FAAC + IGR
ALL THREE IGR DOESN'T IMPACT OR IMPROVE THE STANDARD OF LIVING OF THE PEOPLE, NIGERIA NEED A HIGHER GDP WHICH IS THE TRUE MEASUREMENTS OF STANDARD OF LIVING OF THE PEOPLE
PoliticsRe: Chief-Of-Army Staff, Taoreed Lagbaja Is Dead - Bayo Onanuga by coputa(m): 10:16am On Nov 06, 2024
I thought they denied that he wasn't sick
Foreign AffairsHere's The Richest Country In Africa, Not South Africa Or Nigeria by coputa(op): 6:14pm On Nov 05, 2024
Seychelles has been ranked the richest country in Africa by Global Finance Magazine, ranking 56th out of 193 nations globally in 2023.

Seychelles has Africa's highest GDP per capita, at $16.7 billion, according to the World Bank.

This group of 115 islands in the western Indian Ocean, the Seychelles is a dream destination for many people because of its crystal-clear waters, powdery white sandy beaches, green environment, and diverse yet unique biodiversity.

Visitors can enjoy secluded beaches, go for mountain hikes and helicopter rides, or spend all day lounging on the white sandy beaches.

The highly developed country, with a population of 131,219 according to Worldometer's elaboration of the latest United Nations data, has a largely tourism-based economy, with fishing and processing of natural resources like coconut.


Why is the Seychelles so rich?

More than 70% of hard currency revenue comes from the tourism industry, which employs 30% of the workforce. Tuna fishing comes in second.

Interestingly, plantation farming was the major source of income for this country before tourism took over.

Per capita output has increased seven times since the Seychelles gained independence in 1976, surpassing the previous level of near-subsistence.

A country’s GDP is a means of determining the wealth of the country.

This figure is arrived at by dividing the total economic output by the population of full-time residents, which is why countries like South Africa, Egypt, and Algeria, African countries with the largest economies, aren't the richest African countries.


Many of the richest countries globally are also the smallest in size and population, like San Marino, Luxembourg, Switzerland, and Singapore. They benefit from sophisticated financial sectors, attractive tax regimes, and thriving tourism.



Email: eyewitness@pulse.ng
BusinessRe: Inflation Forcing Hotels To Shut Down, Operators Lament by coputa(op): 3:51pm On Nov 05, 2024
PEACE2023:
New new hotels are opening in owerri and no old one is folding
I wonder
PoliticsWhy Waziri Atiku Abubakar Should Cut President Bola Tinubu Some Slack-Reno Omokr by coputa(op): 2:50pm On Nov 05, 2024
huhWhy Waziri Atiku Abubakar Should Cut President Bola Tinubu Some Slack

Yesterday, Waziri Atiku Abubakar, in a critique of President Bola Ahmed Tinubu's leadership, made several statements that perhaps were not an accurate reflection of the situation we now find ourselves in as a country.

Firstly, I supported, campaigned for and believed in the candidacy of Waziri Atiku Abubakar. However, the election was not stolen from him or the Nigerian public by either the Independent National Electoral Commission or the All Progressives Congress.

It would have been hard for us in the Peoples Democratic Party to win the 2023 Presidential election.

And the reasons for my assertion are logical.

If, as a united political party, the PDP could not defeat the APC and President Muhammadu Buhari in 2019 despite our best efforts, how could we have vanquished them in 2023 when we were disunited?

We had 11,262,978 votes in 2019. By 2022, Peter Obi had left us with the 1,693,485 votes we got in the Southeast. Then the G-5 Governors, namely, Nyesom Wike (Rivers state), Seyi Makinde (Oyo state), Samuel Ortom (Benue state), Okezie Ikpeazu (Abia state) and Ifeanyi Ugwuanyi (Enugu State), departed and ended whatever hopes we had of getting at least 25% of the votes cast in their states.

Then we lost the other strongman of Kano politics (Senator Rabiu Musa Kwankwaso) with his two million votes. And the second strongman, then Governor Ganduje, was with Tinubu.

So, while Tinubu was adding, we were subtracting.

If you minus the Southeast votes, Kano votes, and Oyo, Benue and Rivers, you will see that it roughly equals the 6,984,520 votes polled by Waziri Atiku Abubakar in 2023.

We in the PDP were not rigged out, nor was the election stolen from us. Rather, we were defeated by the disunity in our party.

It was for the same reason we lost the 2015 election when the PDP split into PDP and n-PDP, with the n-PDP and its four Governors eventually merging with the APC along with Kwankwaso.

2023 was just a replay of 2015. History did not repeat itself. We rather repeated history.

On the economic front, I supported Waziri Atiku Abubakar because he promised to do three cardinal things to redirect Nigeria's economy in the right direction. These are:

Fuel subsidy removal
Floating the Naira, and
Devolution of power

President Bola Tinubu is now doing all three of these. We in the PDP should be pleased.

Let me address some alternative policies that Waziri Atiku Abubakar proposed.

Waziri Abubakar said he would have taken a gradual approach and would not have been as drastic as President Tinubu had been.

Given the reality of what the Tinubu administration inherited from the Buhari regime, I do not know if that would have been possible.

Have we forgotten so soon that the Buhari administration illegally borrowed ₦50 trillion through ways and means and depleted our foreign reserves, leaving behind more debt than all past governments combined?

The Buhari regime claimed they left a foreign reserve of $37.08 billion, only for JP Morgan, our reserve bankers, to publish a letter stating that they lied and our reserves were actually just $3.7 billion. The fallout of this is that Buhari's Governor of the Central Bank of Nigeria panicked and was arrested as he tried to flee Nigeria.

Faced with these realities, how would any responsible government have carried on spending $1 billion monthly on fuel subsidy and another $1.5 billion monthly defending the Naira and a further $300 million monthly subsidising electricity while servicing a total debt of almost $100 billion racked up by the previous administration with 92% of our revenue as at the end of Buhari's tenure? Please fact-check me.

This is even as the Buhari government had sold future contracts for Nigeria's crude oil, meaning that almost nothing was coming into the treasury for the first six months of the Tinubu administration.

Let us be realistic.

On February 26, 2024, Waziri Atiku Abubakar said President Bola Tinubu should learn from the Argentine President, Javier Milei, and implement his reforms like Milei handled his.

Waziri had said:

"Both leaders inherited a disoriented economy, but both applied different measures for recovery. President Javier Milei of Argentina was sworn into office on 10 December 2023. He inherited a worse condition than Nigeria’s. But what he did to return his country to a place where investors are ‘starting to believe’ should serve as a lesson to Nigeria’s Bola Tinubu.”

Interestingly, on Friday, September 27, 2024, the world's preeminent financial and economic medium, The Financial Times, in a headline 'Argentina’s poverty rate soars above 50% under Javier Milei' revealed that rather than praise, the Argentine leader is receiving knocks, as his reforms are not achieving the desired results.

Poverty in Argentina is at its worst rate ever at 57%, and, according to FT, "136,000 jobs have been wiped out since Milei took office."

Additionally, according to the International Monetary Fund, Argentina is now officially in recession as its economy has contracted by 3.5% in the last quarter and inflation hit a world record of 236.7%.

In contrast, Nigeria under Tinubu has experienced two quarters of unprecedented trade surpluses, and at the end of August 2024 had a record breaking ₦14.6 trillion trade surplus and a GDP growth of almost 3%, as Nigeria now exports more than she imports. Inflation had been tamed and minimum wage has been increased.

Next month, for the first time since Major General Aguiyi-Ironsi abrogated true federalism with his Unification of Assets Decree Number 34 on May 24, 1966, Local Governments will receive their funding directly due to the Tinubu administration's judicial victory at the Supreme Court on Thursday, July 11, 2024, granting autonomy to local governments.

Our foreign reserves hit a record of $40.2 billion because we no longer indulge in the politically popular but economically unreasonable act of defending the Naira with $1.5 billion each month.

Now, imagine if President Tinubu had taken that February 26, 2024 advice from Waziri Atiku Abubakar to copy what Milei did, where would Nigeria be?

That alone shows that President Tinubu's judgment is much better than Waziri Atiku Abubakar is giving him credit for, and it should be Javier Milei who ought to learn from Nigeria's Tinubu, not vice versa!

Reno Omokri

Gospeller. Deep Thinker. #TableShaker. Ruffler of the Feathers of Obidents. #1 Bestselling author of Facts Versus Fiction: The True Story of the Jonathan Years. Hodophile. Hollywood Magazine Humanitarian of the Year, 2019. Business Insider Influencer of the Year 2022.
BusinessRe: Inflation Forcing Hotels To Shut Down, Operators Lament by coputa(op): 2:07pm On Nov 05, 2024
Omalicious1:
I thought a full grown man said that Tinubu is doing well.
He is one of his tribesman
BusinessInflation Forcing Hotels To Shut Down, Operators Lament by coputa(op): 8:45pm On Nov 04, 2024
The high rate of inflation in NIgeria is taking its toll on hotels, forcing them to shut down operations, industry operators have cried out.

Hoteliers have called on the government to intervene in the industry to address the escalating cost of doing business.

In separate interviews with The PUNCH, the stakeholders noted that their challenges were confirmed by recent figures from the National Bureau of Statistics, which revealed that inflation in the restaurants and hotels division contributed 0.40 per cent to Nigeria’s headline inflation rate, which rose to 32.70 per cent in September.

The hospitality sector is hit hard by high fuel costs and erratic electricity supply, according to the President of the Nigeria Hotel Association, Dr Patrick Anyanwu, who described the situation as “unbearable”.

He stated that hoteliers’ challenges date back to 2020 but have intensified under the current administration.

He said, “You go to buy fuel, formerly you could manage fuel at N800/litre, but now it has gone up to N1,200/litre. Members are complaining about energy. Many have started closing their establishments. If somebody feels that diesel they bought at over N20,000 only gets them a handful of customers, are they not going to close up?”

Anyanwu highlighted the high cost of electricity, worsened by an inconsistent power supply from distribution companies, which leaves hoteliers paying inflated bills.

We are not receiving sufficient electricity. The amount the Discos (power distribution companies) are sending to our members, when you assess it against the type of bills they are bringing, you will ask yourself, ‘when did you consume this?” he said.

Anyanwu called for urgent government intervention, noting, “We are still advising those in government to consider the masses. We are the ones that brought them in. We asked them to go there and represent us.”

Similarly, the President of the Nigeria Hotel and Catering Institute, Gbenga Sumonu, painted a bleak picture of the hospitality industry.

The economy has greatly been unstable with the hyperinflation we are facing as investors today. This situation has affected all facets of operation, from high interest rates and rising material costs to exorbitant energy expenses,” he added.
https://www.google.com/amp/s/punchng.com/inflation-forcing-hotels-to-shut-down-operators-lament/%3famp

Foreign AffairsHere's How Much Kamala Harris Is Worth by coputa(op): 8:21pm On Nov 04, 2024
Vice President Kamala Harris' wealth comes from her decades in public service, book royalties and investments.

Harris, 60, and her husband, Douglas Emhoff, also 60, are worth about $8 million, according to an estimate by Forbes.

Day jobs
The Democratic nominee for president spent most of her adult life in government, starting out as district attorney in San Francisco, before serving as California's attorney general and then as a U.S. senator before becoming President Joe Biden's running mate in 2020.

Harris was San Francisco's district attorney from 2004 to 2010, making about $200,000 a year by the end of her tenure, according to Forbes. She took a pay cut when she became California's attorney general, earning $159,000 a year.


Harris was elected to the Senate in 2016, a job that comes with a salary of $174,000 a year. As vice president, Harris makes $235,100 a year.

Emhoff was an entertainment lawyer for three decades before giving up a lucrative career to support Harris.

Public disclosures
The vice president has regularly disclosed her income and assets in forms filed with the Office of Government Ethics.

Released by the White House in May, the latest public disclosure report for 2023 shows Harris taking a hands-off approach to investing, with the vice president's portfolio holding millions in passively managed index funds.

The form shows eight different funds that Harris is invested in as part of two deferred compensation plans accrued during the period she was employed in California, while also a participant in certain defined benefit pension plans. Those pensions are worth less than $1 million, according to Forbes.

Emhoff listed 30-plus investments, most passively managed as well.

The form showed asset ranges for each fund, instead of the specific amounts invested.

Both Harris and Emhoff disclosed cash holdings that could total $850,000 or more, based on the ranges shown.

An analysis by Barron's pegged the couple's holdings — including retirement accounts, other investments and cash — at between $2.9 million and $6.6 million.

The disclosure also shows Harris and Emhoff holding a family trust called The KDH/DCE Family Trust.

A gift that keeps giving: Beyoncé
Illustrating an investment style dubbed "boring" and relatively free of financial conflicts by financial experts interviewed by CNBC, the most tantalizing detail of the form could be a gift valued at $1,655.92 from Beyoncé Knowles-Carter: tickets to a concert by the superstar singer. (Beyoncé's "Freedom" is Harris' campaign song, and the the musician has endorsed her candidacy.)

Harris was also gifted tickets by ESPN to a football game between Florida A&M University and her alma mater, Howard University, worth $1,890.00.

Harris has earned more than $500,00 in royalties from books she's authored, including "Smart on Crime," the 2019 children's book "Superheroes are Everywhere," and her 2019 memoir, "The Truths We Hold."

Harris and Emhoff own a home together in Los Angeles that is worth more than $4 million, according to Forbes.


Copyright ©2024 CBS Interactive Inc. All rights reserved.
CelebritiesRe: Uche Ogbodo's ₦50M Shop Burgled (Photos, Video) by coputa(m): 8:08pm On Nov 04, 2024
Sonofgod1990:
How do you mean? Or you think I'm joking?
ok, you are one of the online billionaires
CelebritiesRe: Uche Ogbodo's ₦50M Shop Burgled (Photos, Video) by coputa(m): 7:58pm On Nov 04, 2024
Sonofgod1990:
Eyaaa. How I wish I could get her contact. I could have love to give her 10 million. Take heart my dear
do not make fun with another's mystery,be careful
CelebritiesRe: Uche Ogbodo's ₦50M Shop Burgled (Photos, Video) by coputa(m): 7:57pm On Nov 04, 2024
Exceed15:
N50 million??
dealing on foreign clothes and accessories is expensive
PropertiesRe: Builders In The House, What Could The Cause Of This? [photos] by coputa(m): 11:34am On Nov 04, 2024
The house is sinking,so the structure is bending , ihe foundation is weak due to aging or structural defect,

Mix cement and sand, then fill it up
PoliticsNigeria Wastes Gas Enough To Power 3m Homes by coputa(op): 8:46pm On Nov 03, 2024
Nigeria wasted an estimated 3,057 megawatts (MW) of electricity potential on the back of gas flaring over the past nine months of 2024.

BusinessDay’s findings show that the amount of gas flared in the first nine months of 2024 can provide electricity to power more than three million homes.

“The rule of thumb for an industrial nation is about 1MW for every thousand population,” PricewaterhouseCoopers alluded to this in a report entitled, ‘Privatisation in the Power Sector: Navigating the Transition.’


This waste, which continues to undermine the nation’s energy potential, highlights a major inefficiency in Nigeria’s energy sector and raises concerns about the environmental and economic impact of gas flaring.

The situation has persisted as Nigeria records multiple national grid collapses caused by infrastructural deficits and gas feedstock shortages.

Data from the Nigerian gas flare tracker of the National Oil Spill Detection and Response Agency (NOSDRA) show the country flared about 200.5 million standard cubic feet (Mscf) of gas in the first nine months of this year.


Despite an installed generation capacity of around 13,014 MW and an operational output closer to 4,000 MW, as per data from the Nigeria Electricity System Operator, power supply remains a serious challenge in Nigeria.

As Africa’s top oil producer, Nigeria has long struggled with energy issues, but recent power outages have underscored persistent inefficiencies within the sector.

Three major widespread blackouts occurred last month, when the national grid, managed from Osogbo, Osun State, experienced a collapse, leaving many Nigerians in the dark.

The blackout affected large portions of the country, halting daily routines and worsening living conditions for many. Businesses, households, and vital services were all impacted, adding to frustrations over the nation’s unstable power infrastructure.


Power distribution companies across Nigeria reported that their networks were down, leaving customers in all 36 states without electricity.

Since the power privatisation 10 years ago targeted at improving sector performance, the grid has collapsed more than 150 times.

Experts continue to stress the need for gas commercialisation, better regulation, investment in floating liquefied natural gas (FLNG), and updates to the Petroleum Industry Act to address the nation’s energy issues.


Atiku Jafar, an energy and infrastructure analyst, said Nigeria needs to prioritise investment in gas infrastructure, pipelines, and storage.

He said, “We need to create better market conditions for gas-to-power in Nigeria. So, natural gas product investment has got to be commercially viable.

“The country needs to ensure that the pricing structures for gas are commercially viable and those who supply natural gas to GenCos are being paid to avoid supply shortfalls. And you can only ensure that if you have a financially viable sector.

“The power sector has liquidity challenges and that is largely because electricity distribution companies (DisCos) are unable to collect the tariffs on the power they supply to consumers and that gives us a market shortfall.”

DisCos across Nigeria collected N168.7 billion in revenues in August 2024, achieving a collection efficiency rate of 80.91 percent.

The Nigeria Electricity Regulatory Commission (NERC) released a fact sheet detailing the performance of DisCos for the month, showing that customers were billed a total of N208.5 billion.

NOSDRA also revealed that the country incurred a staggering loss of $22.9 billion to gas flaring over the past decade, from 2011 to 2021.

Preye Orodu, lead engineer at KEOT Synergy, highlighted the importance of a practical push supported by a robust infrastructure network.

He said: “The Nigerian Gas Flare Commercialisation Programme of 2016 and the Gas Flaring, Venting, and Methane Emissions Regulation of 2023 are significant initiatives aimed at ensuring local gas availability in various forms to improve the standard of living in Nigeria and boost the country’s GDP.

“The new regulations, which render gas flaring uneconomic, combined with the 11 percent domestic gas price hike in April 2024—from $2.18/MMBtu to $2.42/MMBtu under the Gas Pricing & Domestic Demand Regulation, 2023—have the potential to enhance the return on investment for gas development projects.”

Orodu said that a portion of the liquefied petroleum gas (LPG) consumed domestically is imported, contributing to uncertainties in the supply chain.

“Moreover, the gas market is ripe, with a shortage of LPG for cooking, the potential for future CNG use for local consumption, and opportunities in gas-to-chemical conversion.

“These resources are near flare sites and can be accessed via virtual pipelines, reducing the need for extensive physical pipeline infrastructure.”

Earlier in the year, Iziaq Salako, minister of state for the environment, had announced that NOSDRA would initiate periodic reviews to ensure that both international and indigenous oil companies remain committed to ending routine gas flaring by 2030.

He said: “Collaborative efforts of government institutions have led to the development of methane guidelines. In addition, the Federal Ministry of Environment through the National Oil Spill Detection and Response Agency will be commencing the periodic review of the plans of international and indigenous oil companies to ensure they stay on course to end routine gas flaring by latest 2030.

“Furthermore, Nigeria is poised to embark on methane reduction projects that will enable Nigeria’s commitment to methane reduction and meeting net zero emissions by 2060. It is therefore reassuring to see initiatives such as the project methane mitigation and reduction in Nigeria’s oil and gas sector, which is being initiated with today’s event.”


© 2023 - Businessday NG. All Rights Reserved.
PoliticsWhat I Would Have Done Differently If I Were The Nigerian President - Atiku by coputa(op): 7:46pm On Nov 03, 2024
I’ve been inundated with inquiries of what I would have done differently if I were at the helm of affairs of our country.

I am not the president, Tinubu is. The focus should be on him and not on me or any other. I believe that such inquiries distract from the critical questions of what President Bola Tinubu needs to do to save Nigerians from the excruciating pains arising from his trial-and-error economic policies.


However, I understand and appreciate the challenges faced by citizens in seeking alternatives to what is not working for them.


I hope Tinubu and members of his administration are humble enough to borrow one or two things from our ideas in the interest of the Nigerian people. I would now go ahead and articulate some of our ideas that would have had the potential to transform our beloved country.

IN GENERAL
We would have planned better and more robustly: My journey of reforms would have benefited from more adequate preparations; more sufficient diagnostic assessment of the country’s conditions; more consultations with key stakeholders; and better ideas for the final destination.

We would have been guided by my robust reform agenda as encapsulated in ‘My Covenant With Nigerians’, my policy document that sought to, among others, protect our fragile economy against much deeper crisis by preventing business collapse; our document had spelt out policies that were consistent and coherent.

We would have sequenced my reforms to achieve fiscal and monetary congruence. Unleashing reforms to determine an appropriate exchange rate, cost-reflective electricity tariff, and PMS price at one and the same time is certainly an overkill. Add CBN’s bullish money tightening spree. As importers of PMS and other petroleum products, removing subsidy on these products without a stable exchange rate would be counterproductive.

We would have been more strategic in our response to reform fallout. We would not over-estimate the efficacy of the reform measures or underestimate the potential costs of reforms. I would recognise that reforms could sometimes fail. I would not underestimate the numerous delivery challenges, including the weaknesses of our institutions, and would work assiduously to correct the same. I would, as a responsible leader, pause, reflect, and where necessary, review implementation.

I would have led by example. Any fiscal reform to improve liquidity and the management of our fiscal resources must first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process. I (and members of my team) would not have lived in luxury while the citizens wallow in misery.

We would have communicated more effectively with the people, with civility, tact, and diplomacy. Transparent communication with the public is essential to build public trust, which in turn is important to ensure that the public understands what the government is doing.

We would have consulted more with all stakeholders to learn, negotiate, adapt, and modify, among other policy goals.


We would have been more strategic in the design and implementation of reform fallout mitigating measures. I would not run a ‘palliative economy’ yet, we would have robust social protection programme that will offer genuine support to the poor and vulnerable and provide immediate comfort and security to enable them to navigate the stormy seas.

SPECIFIC MEASURES
We would have undertaken extensive reforms of the public sector institutions to maximize reform impact.

We would have placed special focus on security viz:

•Commenced on day one, the reform of security institutions with improved funding, and enhanced welfare. My Policy Document had spelt out a Special Presidential Welfare Initiative for security personnel that we would implement

•Adopted alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighbourliness.

We would have launched an Economic Stimulus Fund (ESF), with an initial investment capacity of approximately US$10 billion to support MSMEs across all economic sectors.

How would this have been funded?
Details are in my Policy Document.

Alongside the ESF, we would have launched a uniquely designed skills-to-job programme that targets all categories of youth, including graduates, early school leavers as well as the massive numbers of uneducated youth who are currently not in education, employment, or training.

To underscore our commitment to the development of infrastructure, an Infrastructure Development Unit (IDU) directly under the President’s watch would have come into operation. The IDU will have a coordinating function and a specific mandate of working with the MDAs to fast track the implementation of the infrastructure reform agenda within the framework provided herein. The IDU will hit the ground running in putting the building blocks for our private sector driven Infrastructure Development Fund (IDF) of approximately US$25 billion.

To engender fiscal efficiency and promote accountability and transparency in public financial management, we would have committed to a review of the current fiscal support to ailing State-Owned enterprises. We would’ve also begun a process review of government procurement processes to ensure value-for-money and eliminate all leakages.

We would have initiated a review of the current utilization of all borrowed funds and ensured that they were deployed more judiciously.

SUBSIDY REMOVAL
Yes, I have always advocated for the removal of subsidy on PMS because its administration has been mildly put, opaque with so much scope for arbitrariness and corruption. Mind boggling rent profit from oil subsidy accrued to the cabals in public institutions and the private sector.

I would have prioritized the following:

First, tackling corruption. Fighting corruption should have commenced with the repositioning of the NNPCL, which is a huge beneficiary of the status quo. Its commitment to reform and capacity to implement and enforce reforms is suspect. The subsidy regime has provided an avenue for rent seeking, and the NNPCL and its guardians will be threatened by reforms.

Second, paying particular attention to Nigeria’s poor refining infrastructure. We are by far the most inefficient OPEC member country in terms of both the percentage of installed refining capacity that works and the percentage of crude refined. We would’ve commenced the privatization of all state-owned refineries and ensure that Nigeria starts to refine at least 50% of its current crude oil output. Nigeria should aspire to export 50% of that capacity to ECOWAS member states.

Third, adopt a gradualist approach in the implementation of the subsidy reforms. Subsidies would not have been removed suddenly and completely. It is instructive that when I was Vice President, we adopted a gradualist approach and had completed phases 1 and 2 of the reform before our tenure ended. The incoming administration in 2007 abandoned the reforms, unfortunately. The majority of the countries that review or rationalize subsidy payments adopt a gradualist approach by phasing price increases or shifting from universal to targeted approach (Malaysia, 2022 and Indonesia, 2022 -2023). In many EU economies, complete withdrawal often takes 5 years to effect. The gradualist approach allows for adjustments, adaptation and minimizes disruptions and vulnerability.

Fourth, implement a robust social protection programme that will support the poor in navigating the cost-of-living challenges arising largely from reform implementation. We would’ve invested the savings from subsidy withdrawal to strengthen the productive base of the economy through infrastructure maintenance and development; to improve outcomes in education and healthcare delivery; to improve rural infrastructure and support livelihood expansion in agriculture; and develop the skills and entrepreneurial capacity of our youth in order to enhance their access to better economic opportunities.

ON FOREIGN EXCHANGE REFORMS
I also made a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.

What would I have done?
A fixed exchange rate system was out of the question because it would not be in line with our philosophy of running an open, private sector friendly economy. On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged our Central Bank to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option.


© 2024 Vanguard Media Limited, Nigeria
PoliticsRe: How Tinubu Marginalised Other Ethnic Nationalities To Favour Yoruba - SR by coputa(m): 7:13pm On Oct 28, 2024
I think former president muhammadu buhari did same,it's only good luck Jonathan that's is detribalise during his tenure
PoliticsRe: Gunmen Abduct FRSC Official In Enugu, Demand ₦‎50 Million Ransom by coputa(m): 8:55am On Oct 28, 2024
agulion:
This country will not work, we are just wasting our time as one Nigeria
it is me and you that will not make it to work, even if they decimate Nigeria into 100 countries,the Nigerian character is still there
PoliticsRe: Wike:niger Delta Militant Group Threatens To Bomb Oil Installations by coputa(op): 6:03am On Oct 28, 2024
HgAkpobomeEr:
Wike should ignore these threats and focus on his work.
which work, to destroy Rivers State
PoliticsWike:niger Delta Militant Group Threatens To Bomb Oil Installations by coputa(op): 8:42pm On Oct 27, 2024
A Niger Delta militia group, the Niger Delta Development Force, has threatened to shut down oil installations in the Niger Delta region.

The group stated it would destroy the facilities if President Bola Tinubu fails to caution the Minister of the Federal Capital Territory, Nyesom Wike, over alleged attempts to undermine the administration of Governor Siminalayi Fubara of Rivers State.

In a statement signed on Sunday by its spokesman, Justin Alabraba, the group expressed particular anger over an alleged plan by Wike to use a friendly judge to secure a ruling in his favour, which would stop local government allocations to the state on Monday.

The statement added, “Our members will not hesitate to shut down oil installations if any judge in Abuja issues a pronouncement that financially incapacitates local governments in Rivers State, preventing them from fulfilling their duty to the people.

Any further move against Fubara by Wike will be met with the destruction of oil installations. Since Tinubu seems intent on turning a blind eye, let us all face the consequences together. Rivers State does not belong to Wike, and he cannot conclude his eight-year term without harassing those who helped him get there while now seeking to disturb his successor.”

The group warned that there would be no turning back if a judgement is issued against Rivers State, insisting, “We will bomb and continue to destroy oil installations. This is not a threat; it is a promise. Enough is enough. Wike and Tinubu cannot take us for granted any longer.”

punchng.com © 1971- 2024 Punch Nigeria Limited
RomanceRe: My Life Is Finished by coputa(m): 8:23pm On Oct 27, 2024
Mrwhite09:
if you know about a strategy to quit these killer habits, dont bother to tell me because there is nothing which I have not tried.
If at thirty years of age you do not have the will power to quit something that's not good for your well-being,then you are a Lily livered human.

You do not accept anything that's thrown at you in life, you must learn the art of discipline to choose what is best for you.
Nairaland GeneralRe: Two Things That Make Me Sad About Life by coputa(m): 3:27pm On Oct 27, 2024
Solofresh2:
The two things that makes me sad about life whenever I think about it is losing a loved one and a loved one losing me to death😥

Even if we pray to live very long can we really move on from living to see some of our loved ones die.

When I think about death, it makes me feel sad and heartbroken.
A believer is not afraid of death, because he has done it for mankind.
HealthRe: Benefits Of Raising Pigeons by coputa(m): 11:17am On Oct 27, 2024
mcsekereonfm:
Benefits Of Raising Pigeons


Among a lot of domestic animals Pigeon is mostly popular. Since, most of the case pigeon is raising due their outer beauty. In ancient time pigeon was raised for transferring letter from one place to another. In ancient time it had heard that kings were used pigeon for sending different kinds of massage from one place to another. On the other hand, pigeon is counted as a symbol of peach all over the world. For celebrating different kinds of constructive work pigeon is selected.
Most important thing is that there is not any additional cost to raise pigeon. Pigeon can be easily tamable. Pigeon can raise in a small place and this place can be a short corner of your house or veranda of your house. Even it can be possible to raise them by hanging a basket with the house ceiling. For this reason, pigeon can be raise both in city and village.

Pigeon meat is very tasty and restorative. Specialist says, pigeon meat contains protein more than any other birds meat. As a result to fulfill extra protein as well as non-vegetarian food meat of pigeon is taken. Many person have successes by raising pigeon as a business. Pigeon generally lives in pair. In a pair one male and one female lives together. They lives 12-15 years. As much as they alive they always laid eggs and birth their child by eggs.
Benefits of Raising Pigeon’s:
To raise pigeon there are so many benefits and the amount of benefits are huge more than disadvantages.

1. Actually a well pigeon can give 24 pieces of eggs in a year and it can be possible to get new pigeon from each of the eggs. In the next 4 weeks these child’s becomes fit for eating and selling.

2. Among all the other domestic or pet animal, pigeon is very easy to raising.

3. It can be raising in a short range of space. Even it can be possible to raise them by hanging a basket with the house ceiling. Due to short space of Foster age, raising pigeon cost is really very less.

4. Most of the case pigeon arranges their own foods by themselves and that’s why extra care and cost is not needed.

5. It can takes 5 to 6 months to laid egg by an adult pigeon. After overcome this short time a pigeon can able to laid egg 12 pairs in a years. In the middle of 26 to 28 days child of pigeon becomes perfect for eating and also for selling in the market. Generally child of pigeon use for patients to give them extra protein for recovering.

6. The eggs hatch in just 18 days, the baby birth in the usual way. After next 5 to 6 months the child is start to given the eggs themselves. Therefore pigeon have to raise their own family traditions in a natural law.

7. The meat of pigeon is highly demanded and it is tasty as well as restorative. Besides, pigeon meat is cheaper than other meats in the market.

It is not very weird to get few pairs of pigeon in the middle of one year if raising a pair of good species of pigeon. Raising Pigeon can be taken a good and profitable business since there are not any huge cost as well as pigeon is not affected by disease frequently. For this cause raising pigeon as a business is surely very profitable.
very educative,is pidgeon meat edible, how much is the pair
HealthRe: . by coputa(m): 11:08am On Oct 27, 2024
Goldplucker:
Please how do I go about it.. which should I take first
you are playing with your life,see a doctor asap
HealthRe: 40 Characters by coputa(m): 11:05am On Oct 27, 2024
Go to the hospital and see a doctor,nairaland is not an hospital
HealthWant A Better Smile? Stop Rinsing After You Brush by coputa(op): 11:02am On Oct 27, 2024
When you're finished brushing, do you rinse out your mouth? It's an action that's likely ingrained in you since you were a kid. That's what so many of our parents taught us, after all. You've probably also spent your entire adult life doing the same thing, but that's actually not the right way to brush. Luckily, it's not too late to change. I used to rinse my mouth thoroughly after brushing my teeth to get rid of the toothpaste taste, as you might also be doing. But all that's accomplishing is lowering the efficacy of your toothpase.

In an interview with Edmond Hewlett, consumer adviser for the American Dental Association and a professor at UCLA School of Dentistry, I learned exactly why I shouldn't rinse after brushing my teeth. Leaving the toothpaste in my mouth longer lets the fluoride do a better job of protecting against tooth decay and gum disease. Read on to learn why it's best to skip the rinse after brushing and get further tips on how to optimize your dental care.


Why you should stop rinsing with water after tooth brushing
Fluoride is an important ingredient in toothpaste that helps make your tooth enamel harder and more resistant to acids that cause cavities. Hewlett says it's the most well-established effective ingredient in toothpaste, so make sure yours has fluoride.

When brushing your teeth, you clean any film and bacteria from food and sugary drinks. When you go a step further and skip rinsing, you're leaving the fluoride from the toothpaste in your mouth for a longer time, giving you a better effect from the fluoride.

Wait at least 15 minutes after brushing to drink water. After brushing your teeth, Hewlett explains, your saliva will clear the toothpaste out so you won't taste it all day.

What if you've always rinsed after tooth brushing?
If you're just learning about this tip, you may think you've been undoing all your hard work of brushing every day. That's not true. Hewlett says as long as you brush the standard twice a day for 2 minutes each time, the fluoride will remain in your mouth to help protect your teeth.

You're still doing what you need to do to have good oral health and protect your teeth. Not rinsing is just an extra step to help the fluoride be even more effective.

"When you measure a person's fluoride levels in saliva, if they don't rinse, there's more fluoride," Hewlett said. However, it won't be a waste of your time if you rinse. He said research is still being done to determine the difference it makes in the long term to prevent cavities.

Your own dental health also plays a role
There are different risk levels for getting cavities per person, Hewlett said. "If you typically don't get cavities, then you should continue using fluoride toothpaste. The decision to rinse or not to rinse after brushing probably won't make a difference."

On the other hand, for those who struggle with cavities, not rinsing is probably a better decision. Additionally, you should get help from your dentist to find out why you're getting cavities regularly. For instance, it could be your eating habits, snacking on sugary foods or not brushing your teeth regularly. If you're at higher risk for cavities, you should do everything you can to help prevent them.

What about using mouthwash after brushing?
Most mouthwashes contain less fluoride than toothpaste, so rinsing with mouthwash right after brushing can wash away the concentrated fluoride from your teeth. Instead, use mouthwash at another time, like after lunch or coffee.

More tips for improving your tooth brushing
Here are some additional tips for keeping your oral health up to par.

Always use a soft bristle toothbrush and never medium or hard. Hewlett said anything but soft can increase the risk of gum recession.
It doesn't matter if you floss before or after brushing your teeth, as long as you floss once daily to remove plaque and stuck food.
You don't have to aggressively brush your teeth to get them clean. While scrubbing your dishes with extra force may make them extra clean, it's unnecessary for your teeth and can lead to gum recession.
Gently brush along the gum line with a soft bristle brush to help prevent gum disease.
Always consult with your dentist for personalized advice. They understand what your oral health profile looks like.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.

© 2024 CNET, a Ziff Davis company. All rights reserved.
EducationUNIBEN Appoints New VC by coputa(op): 7:59am On Oct 27, 2024
The management of the University of Benin has appointed Professor Edoba Omoregie, a specialist in constitutional law and governance, as the new Vice-Chancellor of the institution.

The Chairman of the Governing Council of the university, Professor Shaibu Umaru, announced the appointment on Friday in Benin.

Umaru stated that Omoregie emerged as the 11th Vice-Chancellor of the university out of the 27 candidates who applied for the coveted position.


Born on 5 April 1969, Professor Omoregie is a native of Benin and attended the University of Benin for his first, second, and third degrees.

He was called to the Nigerian Bar in 1992 and conferred with the prestigious title of Senior Advocate of Nigeria in 2021.


punchng.com © 1971- 2024 Punch Nigeria Limited
PoliticsRe: Who Is Nigerians President Father ? by coputa(m): 7:50am On Oct 27, 2024
yyba:
NNAMDI KANU is his father if you disagree that means you are fooling yourself thinking you are fooling nairalanders
please be wise
HealthJapa' Sweeps Nigeria's Hospitals by coputa(op): 5:35am On Oct 27, 2024
The trend of Nigerians seeking greener pastures abroad, often referred to as ‘Japa,’ has become a pervasive trend.


It is no longer news that the mass exodus has had far-reaching implications across various sectors.
Sadly, the healthcare system seems to be the hardest hit.

This is because the departure of skilled healthcare professionals, particularly doctors, has left a gaping hole in Nigeria’s already strained medical infrastructure.

Today, in some states like Lagos, where a doctor sees over 100 patients a day before the emergence of Japa, the ratio has doubled in some hospitals while some clinics are longer functioning because specialists are not available to run them.

The allure of higher salaries, better working conditions, and advanced medical facilities in developed countries has driven countless Nigerian doctors to seek opportunities overseas.

This brain drain has had a devastating impact on the nation’s healthcare system.

One such doctor, a young paediatrician who recently left Nigeria for the United States, admits that it was a difficult decision for her.

“I love my country and my patients, but the challenges were overwhelming. The long hours, the poor working conditions, and the lack of resources made it nearly impossible to provide the level of care I wanted to give”, she told Sunday Vanguard.

However, the departure of healthcare professionals like the young paediatrician has had a profound emotional impact on those who remain.

For instance, a nurse, who works at a public hospital in Lagos, shared her frustrations with Sunday Vanguard anonymously.


Massive shortage
It is no longer news that there is a massive shortage of medical professionals.

For instance, the departure of doctors has exacerbated an already critical shortage of healthcare workers in Nigeria.

This shortage has led to longer waiting times for patients, overcrowded hospitals, and a decline in the quality of care.

For states like Lagos, according to the state Commissioner of Health, Prof Akin Abayomi, there’s a shortage of 30, 000 healthcare professionals in Lagos.

Sadly, many Nigerians, especially those living in rural areas, struggle to access basic healthcare services due to the lack of qualified doctors.

The gap has been widened and may be contributing to a rise in preventable diseases and maternal and child mortality rates.

Also, the departure of skilled medical professionals has also hindered the development and maintenance of healthcare infrastructure. Compounded by the economic situation including the skyrocketing cost of drugs, and medical supplies, some hospitals and clinics lack essential equipment, medicines, and well-trained staff, further compromising the quality of care.

Today, Nigeria has significant challenges as health indices show.

The country currently has very high maternal mortality and high infant mortality.

Nigeria also has neonatal mortality, one of the worst in the world.

According to Abayomi (Lagos State Commissioner for Health) at an event, recently, more shocking is that 16 per cent of Nigerian children suffer from obesity and data suggests that over 30 per cent are abstentive.

Direct impact
The Japa syndrome has had a direct and significant impact on patients.

Many Nigerians have been forced to travel long distances or seek alternative, often less reliable, healthcare options.

This can lead to delayed diagnosis, improper treatment, and even preventable deaths. Additionally, the financial burden of seeking medical care abroad can be overwhelming for many families, especially now there is foreign exchange crisis.

For instance, W.H.O’s ratio for Nigeria is one doctor to every 1, 000 citizens or residents but in Lagos, it is one doctor to every 4, 000 patients, a situation that is better than other states across the country.

This is because there was a dearth of health professionals even before the emergence of brain drain.
Further findings revealed that apart from doctors, the same thing applies to nurses, pharmacists, medical lab scientists and dentists among others.

A case in point is the situation at the Lagos University Teaching Hospital, LUTH, where members of the House of Representatives Committee on Health, on a visit, raised the alarm that five wards comprising 150 beds had been shut down following massive migration of doctors.

Although the Chairman of the committee, Dr Amos Magaji, described the situation as at November last year as worrisome, the situation is still the same across hospitals in Nigeria.

Findings show that more doctors are willing to leave the country.

According to the Coordinating Minister of Health and Social Welfare, Prof Ali Pate, in March, Japa Syndrome has deprived Nigeria of its top talents in the health sector, with no fewer than 16, 000 doctors leaving the country in search of better opportunities abroad.

Pate, who spoke on national television, also disclosed that, in the last five years, the country lost about 15, 000 to 16, 000 doctors to the Japa syndrome.

He said there are about 300, 000 health professionals in all cadres, including doctors, nurses, midwives, pharmacists, laboratory scientists, and others, serving over 200 million Nigerians.
“We did an assessment and discovered we have 85,000 to 90,000 registered Nigerian doctors. But there are 55,000 licenced doctors in the country”, Pate said.

Reasons doctors are leaving
According to the President of the Nigeria Medical Association, NMA, Professor Bala Abdul, the number of medical doctors leaving the country has continued to increase and it is affecting the healthcare delivery in the country as the few ones left do the work of the ones who have gone.

Lamenting that Nigerian doctors are now over-stressed, Abdul said the single most important reason Nigerian doctors were leaving the country was their welfare.

He said once their take-home pay is addressed, the country would have addressed more than 90 per cent of the problem.

The NMA President said there is also the issue of job satisfaction, which means providing all that is necessary for doctors to work and for young doctors to train for their postgraduate.

Abdul also noted the issue of security, adding that security was an important factor.

“Doctors and all the healthcare professionals need to improve security. The security of their lives and public health is very important”, the NMA leader said.

Continuing, Abdul said, currently, doctors who have stayed back in Nigeria are experiencing burnout as a result of excess workload.

Abdul said:”Even though they have remained behind to sustain the quality of healthcare because that cannot be compromised, the quality of healthcare is being maintained as much as possible.

“But the number of those who have remained behind cannot cater for the number of patients who are trooping to the hospitals, both the public sector and the private sector.

“What the NMA is doing to cushion this effect is to talk with governments because governments are the largest employers of healthcare professionals to deliver healthcare to patients in this country which we know is a corporate social responsibility of governments to the citizens.

“So we know that the Federal Government has enacted a policy to improve the retention of doctors and also to some extent ensure that the number of doctors going out of the country is reduced and, hopefully, that even some of those who are out of the country may decide to actually come back.”

Bringing back retired doctors
Meanwhile, in Lagos, the state government has come up with the policy of bringing back retired medical professionals.

The initiative has gained momentum, with many healthcare professionals expressing their support.
Commenting on the policy, the Chief Medical Director (CMD) of Lagos State University Teaching Hospital, LASUTH, Professor Adetokunbo Fabamwo, told Sunday Vanguard that it was a step in the right direction but the government should be selective about it.

”You don’t say that because a doctor retired, you want to fill in gaps. And you just bring everybody back whether they are still fit mentally or physically to practice or not. So fitness to practice must be determined”, the CMD said.

Fabamwo said he has always believed that 60 years was actually a young age for a public service doctor to retire.

His words: “If you go abroad, you’ll find very much older physicians still practicing in the public sector, especially in the UK.

“So I believe that even if we retain the retirement age of 60, people who are still fit mentally and physically to carry out their clinical duties can be brought back to work.
“I know for a fact that this is already happening in Lagos State.

“There are quite a number of retired consultants giving contract appointments, you know, and they do one, two, three, four years before they finally go back to rest. So I support it.”

Addressing the issue of Japa syndrome, he said in LASUTH there are four categories of staff that are affected.

”You have nurses, young doctors, other paramedicals like pharmacists, physiotherapists, especially medical lab scientists.

”Then you have, on a very low scale, the consultants. So now, LASUTH has not been too badly hit by this exodus and the reason is simple.

”We have been able to perfect the established system of automatic exit replacement.

“LASUTH has been able to perfect it such that on a quarterly basis, effortlessly, we are able to recruit staff to replace those who left in the previous quarter. We are able to do that effortlessly.”

He said they are recruiting people at entry level, adding that even though they may not really match the experience of those that have left.

Fabamwo pointed out that as long as there are people in place to do the work, the newly recruited professionals would learn on the job and also acquire their own experience as they go on.

‘Average of two doctors resign every month’

On his part, Dr. Moruf Abdulsalam, Chairman of the Medical Guild (an umbrella body of doctors employed by Lagos State government), expressed concern that, on average, two doctors resign from their positions at the state’s secondary facilities each month.

Lamenting the prevalence of ‘Japa’, Abdulsalam highlighted the worsening economic conditions, poor remuneration, lack of work incentives, and insecurity as contributing factors to this trend.
He noted that many doctors who have not migrated abroad now opt for private facilities due to the excessive workload in government healthcare facilities.

The Medical Guild Chairman also alerted that doctors from other states with worse (working) conditions are increasingly migrating to Lagos, turning the state into a transit camp to ‘Japa’.

“Lagos drains other states and serves as a transit camp before the eventual journey out of the country,” Abdulsalam stated.

“The migration has had significant negative impacts on healthcare services. Gross understaffing has led to longer waiting times for patients, reduced quality of care, increased workload for remaining doctors, and higher rates of burnout.

“The Medical Guild has submitted a position paper to the state government outlining ways to limit this migration.

“Some of their suggestions are being implemented, such as the provision of housing units at a 40% discount and the bridging of salary disparities with federal counterparts”.

While the state government has been proactive in increasing the number of horsemanship spaces, Abdulsalam emphasised the need for further measures to retain medical professionals.

His words: “For instance, the Medical Guild was able to extract some housing units from the government at a 40% rebate from the market price for our colleagues to pay on a mortgage basis.

“Efforts are still being intensified to expand this to involve more members.

“Also, the salary disparity between us and our federal counterparts has been bridged through payment of the recently adjusted Commess allowance at the federal level.

“We are also still engaging the government on tax exemption for our professional allowances which form the bulk of our take-home pay.

“We are also witnessing increasing retention of personnel who recently retired being reabsorbed on a contract basis to continue to provide services due to the shortage of manpower.”

”The government has increased the number of horsemanship spaces significantly to shore up the number of available personnel. Lagos presently attracts the highest number of interns doing house jobs across the country”.



© 2024 Vanguard Media Limited, Nigeria
PoliticsRe: The Real Names Behind Depleting ECA And SWF - Ngozi Okonjo Iweala. by coputa(m): 3:45pm On Oct 26, 2024
HISTORY OF THE ECA

The Excess Crude Account is an account used to save oil revenues above the approved benchmark fixed by the government. For instance, according to the 2018 budget, the benchmark for crude oil is $51 per barrel, but the international price of the commodity currently stands at between $71 and $72 per barrel. It means that the excess $20 dollars made from the sale of a barrel of crude will be paid into the ECA.

The Excess Crude Account was established in 2004 by then President Olusegun Obsanjo, following a meeting of the Honorary International Investors Council (HIIC). The HIIC is an organization of prominent investors from around the world that advises the Nigerian government on matters pertaining to the country’s economic development.

Though the objective for the creation of the ECA was a good one — to protect the nation’s economy from external shocks using monies saved from crude oil sales –, there was no law to back it up. The account was supposed to be operated jointly by the three tiers of government,but over the years, successive Presidents have unilaterally approved withdrawals from the account.

In 2008, and again in 2011, the 36 state governments instituted legal actions to prevent the federal government from operating the ECA and making unilateral deductions from the account.

HISTORY OF NON-ACCOUNTABILITY

In an editorial published by The Punch on March 1, 2018, Rose Oko, a member of the Nigerian Senate,was quoted as making the following statement: “It was reported that the ECA increased from $5.16 billion in 2005 to over $20 billion in 2008, and decreased to less than $4 billion by 2010, with no known tracking of its operations.”

Oko was said to have made the comments in support of a motion seeking to abolish the “illegal” ECA.

In 2015, Adams Oshiomhole, the Governor of Edo State, publicly accused then Finance Minister, Ngozi Okonjo-Iweala of illegally withdrawing billions from the ECA. Okonjo-Iwela responded by saying that he had the approval of then President Jonathan to make the said withdrawals.

More recently, the National Economic Council (NEC), comprising the Vice President, the 36 State Governors and the Governor of the Central Bank of Nigeria (CBN), ‘approved‘ the withdrawal of $1 billion from the ECA to boost the counter terrorism operations in the North East. Though the governors of Ekiti and River States, Ayodele Fayose and Nyesom Wike respectively, said they were opposed to the agreement.

However, despite the controversy surrounding the approval, and without the approval of the Senate, President Muhammadu Buhari gave approval for the sum of $496 million to be forwarded to the government of the United States of America for the purchase of fighter jets to be used in the fight against terrorism. Again, this is in contravention of section 80 (3 and 4) of the 1999 constitution as amended.


In his recommendations, Anthony Ayine, the Auditor-General, urged relevant government agencies, as well as the Federation Accounts and Allocation Committee (FAAC), to “initiate the process to legalise the creation of the Excess Crude Oil/PPT/Royalty Account through the National Assembly”.

The Senate had adopted a motion in 2017 calling on the federal government to abolish the ECA, but rather, should pay all monies made from selling crude oil above the benchmark price into the federation account in compliance with constitutional provisions.

Of the two options, it is left to be seen which one the government will take
PoliticsRe: The Real Names Behind Depleting ECA And SWF - Ngozi Okonjo Iweala. by coputa(m): 3:43pm On Oct 26, 2024
HISTORY OF THE ECA

The Excess Crude Account is an account used to save oil revenues above the approved benchmark fixed by the government. For instance, according to the 2018 budget, the benchmark for crude oil is $51 per barrel, but the international price of the commodity currently stands at between $71 and $72 per barrel. It means that the excess $20 dollars made from the sale of a barrel of crude will be paid into the ECA.

The Excess Crude Account was established in 2004 by then President Olusegun Obsanjo, following a meeting of the Honorary International Investors Council (HIIC). The HIIC is an organization of prominent investors from around the world that advises the Nigerian government on matters pertaining to the country’s economic development.

Though the objective for the creation of the ECA was a good one — to protect the nation’s economy from external shocks using monies saved from crude oil sales –, there was no law to back it up. The account was supposed to be operated jointly by the three tiers of government,but over the years, successive Presidents have unilaterally approved withdrawals from the account.

In 2008, and again in 2011, the 36 state governments instituted legal actions to prevent the federal government from operating the ECA and making unilateral deductions from the account.

HISTORY OF NON-ACCOUNTABILITY

In an editorial published by The Punch on March 1, 2018, Rose Oko, a member of the Nigerian Senate,was quoted as making the following statement: “It was reported that the ECA increased from $5.16 billion in 2005 to over $20 billion in 2008, and decreased to less than $4 billion by 2010, with no known tracking of its operations.”

Oko was said to have made the comments in support of a motion seeking to abolish the “illegal” ECA.

In 2015, Adams Oshiomhole, the Governor of Edo State, publicly accused then Finance Minister, Ngozi Okonjo-Iweala of illegally withdrawing billions from the ECA. Okonjo-Iwela responded by saying that he had the approval of then President Jonathan to make the said withdrawals.

More recently, the National Economic Council (NEC), comprising the Vice President, the 36 State Governors and the Governor of the Central Bank of Nigeria (CBN), ‘approved‘ the withdrawal of $1 billion from the ECA to boost the counter terrorism operations in the North East. Though the governors of Ekiti and River States, Ayodele Fayose and Nyesom Wike respectively, said they were opposed to the agreement.

However, despite the controversy surrounding the approval, and without the approval of the Senate, President Muhammadu Buhari gave approval for the sum of $496 million to be forwarded to the government of the United States of America for the purchase of fighter jets to be used in the fight against terrorism. Again, this is in contravention of section 80 (3 and 4) of the 1999 constitution as amended.


In his recommendations, Anthony Ayine, the Auditor-General, urged relevant government agencies, as well as the Federation Accounts and Allocation Committee (FAAC), to “initiate the process to legalise the creation of the Excess Crude Oil/PPT/Royalty Account through the National Assembly”.

The Senate had adopted a motion in 2017 calling on the federal government to abolish the ECA, but rather, should pay all monies made from selling crude oil above the benchmark price into the federation account in compliance with constitutional provisions.

Of the two options, it is left to be seen which one the government will take
PoliticsIPOB Founder Pius Iguh, Commander Emmanuel Onwugu In Our Custody - Military by coputa(op): 11:44am On Oct 26, 2024
Troops of the Nigerian military attached to Operation Udoka in the Southeast zone of the country have reportedly arrested a founding father of the proscribed Indigenous People of Biafra (IPOB).

The troops also arrested at least three notorious leaders of IPOB/ESN during raids on the group’s hideouts in Orsu, Imo State, Amaruku and Arochukwu in Abia State.

Edward Buba, the Director, Defence Media Operations, who disclosed this at Defence Headquarters, Abuja on Thursday stated that the troops also neutralised 24 terrorists and arrested 12 violent extremists.

Buba, a Major-General revealed that the soldiers rescued one kidnapped hostage, adding that arrested suspects have been handed over to appropriate authorities for necessary actions to be taken.

He explained that the raids were carried out in furtherance of the fight to rid the nation of insecurity and take out commanders and leaders of terrorists’ gangs as well as their foot soldiers.

Troops at Forward Operation Base, Orsu, conducted a sting operation that culminated in the arrest of an IPOB terrorist leader. The arrested terrorist leader, identified as Pius Iguh, is a founding father of the ESN group in the Orsu general area of Imo State.

“Similarly, troops at FOB Amaruku conducted a raid that resulted in the arrest of another IPOB terrorist commander identified as [b]Emmanuel Onwugu. He was arrested in Mbano LGA of Abia State.[/b]

“Relatedly troops and security forces in a combined sting operation arrested a notorious cult leader named Ifeanyi Rock. He was arrested with 10 of his combatants in Arochukwu in Abia State,” he disclosed.

The senior military officer noted that the adversaries engaged the troops in a gun duel during the raid but they were finally overpowered and suppressed with superior fighting equipment.

He added, “Troops of Operation Udoka neutralised 24 terrorists, arrested 12 violent extremists and rescued one kidnapped hostage.

“Troops recovered 10 AK-47 rifles, 15 pump action guns, 4 locally fabricated guns, 153 rounds of 7.62mm special ammo, 111 live cartridges, 2 vehicles and 4 mobile phones amongst other items.

“All recovered items, arrested suspects and rescued hostages were handed over to the relevant authority for further action.

“Between 15 and 18 October 2024, troops in separate offensive operations made contact with IPOB/ESN terrorists in Orsu and Obubra LGAs of Imo and Cross River states respectively.

“Troops also made contact with IPOB/ESN terrorists in Arochukwu LGA of Abia State. Following the fire fight, troops neutralized 24 terrorists and rescued one kidnapped hostage.”
https://dailytrust.com/ipob-founder-commanders-in-our-custody-military/

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