₦airaland Forum

Some persons do not understand that a lot of work is put into governing a country,they just think the president and his administration are busy doing nothing,let a breathing space please. Alot is done,there would always be enemy/enemies of state,who would want to jeopardize this hard work. Nigerians look more at the bright sides,and works put into the not too fantastic sides please!

This is really interesting to know that PMB is more concerned about the well-being of the state rather than fight for what party wins,unlike PDP who are always eager to win every. The president understands that the life of every citizen matters. God help this administration to continue strong.

Funds on second Niger Bridge..Slash by NASS
Funds on Enugu terminal Airport slash by NASS
the Take-off Grant for the Maritime University in Delta State, a key strategic initiative of the Federal Government, was cut from 5 billion Naira to 3.4 billion Naira.
Funds for the East-West Road, Bonny-Bodo Road was equally slashed

All in the Presence of Deputy senate President, Ike Ekweremadu from Enugu state, south East..

Its no longer business as usual of chop i chop by institutions of Government, Nigerians deserve to know the truth, Cause the truth shall set us free...

Nbote:
Hahahahaha... I swear dis govt is funny, I'm guessing it's jus d way "poor and vulnerable" Nigerians have been receiving #5000 too abi.. Wen was d "poorest" Nigerians list compiled and Wat were d criteria? Well na campaign season b dis so expect more of such lies.. A country dat doesn't have a database of its citizens wants to "share " money to dem... Deception at its peak..



If what happens exactly?? Are U unaware dey claim to be paying "poorest" Nigerians #5000 monthly?? D govt already is a fraud so let's stop pretending we don't know

Its not a fraud, it happens under the conditional cash transfer Programme, if you dont know you ask and stop misleading people,
The National Cash transfer programme provides targeted transfer to poor and is happening in 20 states, to 297,973 caregivers;do your research bro...

Talking about history of referendum in Nigeria, all the referendum held all want through a process whereby the Federal Government then gave them the go ahead to hold such referendum, and was even giving logistics support, and financial support to the organizers of the referendum election,, Hence, this IPOB Declaration of wanting to hold referendum without the FG support is illegal.
God help Nigeria this act will not lead to tumor oil for the Nigeria political sphere....

Bloggers and online newspaper writers keep chunking out false stories in order to get traffic and viewers, and heat up the polity unnecessarily or divide the country the more among ethnic and religion lines. to be sincere there is no truth in the story of FG tending to recruit ex Boko haram member into the Army and Police,, its an unacceptable allegation and should be look into by the necessary bodies..

Even if when Abiola was Alive him and Buhari never got along, it is important to note that The Nigeria Project is bigger than any individual issues between two men, as Nigeria comes first before any personnel relationship, that is what Buhari has done..

This is same reason why PDP will lost the 2019 Elections, how can they carry out a campaign in Ekiti with know Looter like Atiku at the forefront..This is just a joke and all i see are men that are more interested with Money than men are interested in the well being of the Nation..

For the 16th month, inflation rate continued a downward trajectory, declining from 12.48 per cent in April to 11.61 per cent in May.

This is just as the US Federal Reserve Wednesday hiked its benchmark short-term interest rate a quarter percentage point and indicated that two more increases are likely this year.

The Fed pushed interest rate to a range of 1.75 per cent to two per cent and this may have negative effect on capital flows to Nigeria and may compel the Central Bank of Nigeria (CBN) to maintain its tight monetary policy stance.

THISDAY had reported on Monday that Nigeria’s external reserves has maintained a sustained decline in the past three weeks as foreign portfolio investors (FPI) continued to weigh the possibility that the US Fed would raise interest rate at its meetingWednesday.

Meanwhile, the latest inflation figures released by the National Bureau of Statistics (NBS) showed that the Consumer Price Index (CPI), which measures inflation stood at 11.61 per cent (year-on-year) in May 2018, saying: “This is 0.87 per cent points less than the rate recorded in April 2018 (13.34) per cent. “

However, by this claim, the NBS inadvertently contradicted itself, having put the inflation rate for April at 12.48 per cent last month, contrary to its latest report alluding to April inflation rate as 13.34 per cent.

But a closer look at the info graph contained in the report reflected the accurate rate for April.

The statistical agency stated that in the May figures, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

COICOP is a classification and analysis of individual consumption expenditures incurred by households, non-profit institutions serving households and government according to their purpose.

It includes categories such as clothing and footwear, housing, water, electricity.

On a month-on-month basis, the Headline Index increased by 1.09 per cent in May 2018, up by 0.26 percentage points over the rate recorded in April 2018.

The percentage change in the average composite CPI for the 12 months period ending May 2018 over the average of the CPI for the previous 12 months period was 14.79 per cent, indicating a 0.41 percentage point decline from 15.20 per cent posted in April 2018.

The composite food index rose by 13.45 per cent in May 2018.

This rise in the index was caused by increases in prices of potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

On month-on-month basis, the food sub-index increased by 1.33 per cent in May 2018, up by 0.42 percentage points from 0.91 per cent recorded in April.

The average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April (18.89) per cent.

The ”all items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.7 per cent in May 2018, down by 0.2 per cent from the rate recorded in April (10.9) per cent.

On month-on-month basis, the core sub-index increased by 0.98 per cent in May 2018.

This was up by 0.11 per cent when compared with 0.87 per cent recorded in April.

The highest increases were recorded in prices of hairdressing saloons and personal grooming establishment, vehicle spare parts, fuels and lubricants for transport equipment, books and stationery, domestic services and household services, pharmaceutical products, paramedical services, medical services and passenger transport by road.

The average 12-month annual rate of change of the index was 11.83 per cent for the 12-month period ending May 2018; this is 0.19 per cent points lower than 12.02 per cent recorded in April.

Also, all items inflation on year on year basis was highest in Kebbi (14.65 per cent), Yobe (13.68 per cent) Jigawa (13.62 per cent), while Kwara (8.87 per cent), Kogi (9.07 per cent) and Delta (9.22 per cent) recorded the slowest rise in headline year- on -year inflation.

Month-on-month basis however, May 2018 all items inflation was highest in Adamawa (1.98 per cent), Kwara (1.79), and Kaduna (1.70 per cent), while Kogi (0.02 per cent), Lagos and Ogun (0.52 per cent) and Cross River (0.56 per cent) recorded slowest rise on a month- on-month all item basis in May 2018.

In May 2018, food inflation on a year-on-year basis was highest in Yobe (15.86 per cent), Kebbi (15.62 per cent) and Jigawa (15.56 per cent), while Kogi (8.54 per cent), Benue (9.93 per cent) and Akwa Ibom (11.13 per cent) recorded the slowest rise in food inflation.

On month-on-month basis, however, May 2018 food inflation was highest in Taraba (2.80 per cent), Adamawa (2.38 per cent) and Enugu (2.36 per cent), while Kogi, Oyo and Ekiti all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in May 2018.

The Federal Reserve hiked its benchmark short-term interest rate a quarter percentage point Wednesday and indicated that two more increases are likely this year.

The move pushes the funds rate target to 1.75 per cent to 2 per cent. The rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate instruments.

In an unusually terse statement that ran just 320 words, the Federal Open Market Committee changed multiple phrases from its previous missives, pointing to a more optimistic view on economic growth and higher inflation expectations.

Though the statement contained less than half the words of some of the committee’s typical communiques, there was a lot to unpack in the language.

https://www.thisdaylive.com/index.php/2018/06/14/in-nigeria-inflation-declines-further-to-11-61-as-us-hikes-interest-rate/

No hiding place for the corrupt in Nigeria anymore, Its just a matter of time all those that looted in one way or the other will get convicted,
Before people will come and start saying its because he is a PDP Member that is why he is facing trails to know that Joshua Dariye is a serving senator of the APC..beyond party affinity what is bad is bad..

IF Men like Tinubu,start drumming support for Buhari it means that the relevance of people like OBJ in the south west is gradually going down.

Buhari deserve a second term not just because of the declaration of june 12 as Democracy day, but for the fact that he has invested in people, provide ease of doing business nationwide and zero influence on MDAs, less i forget the growth in Agricultural products..

Good development by the FG, am beginning to wonder if the people of Nigeria are more interested in bad news or good news,,Evidently see the low traffic on this page because its a good development and hence they will not even bother to click this page,, God help Nigeria with this kind of ethno-religious politics...

Like it or hating this Present Government has increased the tax base, make tax more efficient and because of its ease of doing business policy they are really supporting SMEs like no government has done before..

Fani Kayode is just one stomach infrastructure politicians coming up everyday to say UN-founding things that will divide the country along ethnic lines or hating up the polity unnecessary, if not for such why will a stateman like him just come up with such allegation as if the government wants to silent all opposition when Nigeria is not North korea...Any body that has case in court to answer will come and say Government is after him or her.. funny politicians...

Babanah:
You are not telling the entire truth. This swap arrangement will also reduce the usd income to Nigeria.RMB can only be used to pay for imports from China.

am not sure you read the entire article.. cause if you do.. u will know that what you mentioned actually is one of the reasons behind the swap - to reduce the pressure on the dollar to Naira exchange rate

FACTSHEET

CURRENCY SWAP AGREEMENT BETWEEN NIGERIA AND CHINA | April 2018

Background

In 2011 the Central Bank of Nigeria (CBN) decided to convert a portion of its external reserves into the Chinese currency, Renminbi (RMB). At that time Nigeria was one of the first countries in the world to do this. This policy decision was appropriate because:

• The RMB was becoming more of an international currency, given China’s expanding influence in global trade; and

• China is one of Nigeria’s largest trading partners. Indeed, as of end-2016, bilateral trade between both countries stood at about US$14.7 billion. In fact, imports from China accounted for 35 percent of total imports, with the second country (India) accounting for only 5.8 percent.

Currently, about 4.5 percent of Nigeria’s external reserves is denominated in Renminbi.

In further reflection of these realities, the Central Bank of Nigeria (CBN) decided to pursue a Bilateral Currency Swap Agreement with China’s Central Bank, the People’s Bank of China (PBOC) in order to broadly ease trade transactions between both countries by avoiding the use and/or influence of a third currency.

After more than two years of painstaking negotiations, this agreement was signed by the CBN and the PBOC on Friday 27 April 2018. Nigeria becomes the 3rd African country to have a Currency Swap Agreement with the People’s Bank of China.

How Will this Agreement Work?

It makes a certain amount of Renminbi available to the CBN and Naira equivalent available to the PBOC, using the 2014 Trade Balances between both countries.

The CBN will then make the Renminbi available to Nigerian banks, who can on that basis open Renminbi Letters of Credit (LC) for Nigerians wishing to do business with Chinese counterparties. This option (Renminbi-denominated transactions) is now available in addition to the current practice of exclusive use of US Dollars for such trades/transactions.

In effect, Nigerians buying goods from China can now pay in Renminbi, while Chinese importers of Nigerian goods can also pay in Naira; instead of in dollars. The incoming Renminbi from Chinese importers will go into the CBN’s Renminbi Reserves, and place it in a better position to honour its obligation to repay to China the RMB value of the Swap Facility when it is due.

The CBN will on its own part encourage Nigerians to use Renminbi to pay for imports from China, which should reduce the pressure on US dollars. Chinese Companies are also likely to eagerly take advantage of the opportunity to pay for imports from Nigeria in either currency.

The RMB would now also be available for prospective Foreign Direct and Foreign Portfolio Investors.

How much will the Chinese Swap Facility be worth?

The Swap Facility is valued at RMB15 billion, which is equivalent to about US$2.5 billion.

Why is the Renminbi important?

The Renminbi is one of the most widely used currencies in the world, on account of China’s status as the world’s largest exporter of goods to other countries.

Reflecting this reality, the currency has begun to earn the confidence of global markets. In October 2016, it was admitted by the International Monetary Fund (IMF) as the fifth member – joining the U.S. Dollar, Euro, Yen and Pound Sterling – of the basket of currencies that constitute the ‘Special Drawing Right’, the IMF’s supplementary international reserve asset. This implies that other countries can now hold the Renminbi as part of their Foreign Exchange Reserves.

When will the Swap Amount be due for repayment by Nigeria?

This agreement is valid for an initial period of three years, which the two banks can extend by mutual consent. Drawings can be reviewed severally within this three-year period.

Potential Benefits for Nigeria

• It will reduce demand for US Dollars, and as such, reduce the pressure on the Dollar- Naira Exchange Rate. Every Nigerian who does business in China, and whose suppliers agree to receive payment in Renminbi, can now pay in Renminbi, instead of the Dollar.

• Since Chinese importers of Nigerian goods can now, as part of this arrangement, pay for their imports in Renminbi, this arrangement has the potential of boosting Nigeria’s exports to China (currently Nigeria runs a large trade deficit with China), and therefore ultimately redressing the trade imbalance.

• It will increase the speed, volume and convenience of business transactions between Nigeria and China, and also help safeguard Nigerian businesses from the exchange unpredictability that arises when Naira-Renminbi transactions have to go through an intermediate conversion into USD.
How will Nigeria source the Renminbi to make this Agreement operational?

For a start, the Agreement provides for the PBOC to swap RMB16 billion in exchange for N720 billion from the CBN. To the extent that Chinese businesses pay for their imports from Nigeria with RMB, this stock will rise.

Source: Federal Government of Nigeria | statehouse.gov.ng

See how Bias Reuben Abati is writing..
When Reuben Abati was close to the then government of PDP he should have advice his pay masters to declare June 12 as Democracy day so they can get political points as he is widely postulating...The fact is, doing the right thing does not have a wrong time and PDP For 16years could not do it, because of their selfish stand(busy looting) while those that fought for the democracy can bury in history for all they care...
The legality of the declaration- “No doubt, paragraph 2 of the Honours Warrant made pursuant to the National Honours Act provides that ‘a person shall be appointed to a particular rank of an Order when he receives from the President in person, at an investiture held for the purpose.

“But paragraph 3 thereof has given the President the unqualified discretion ‘to dispense with the requirement of paragraph 2 in such manner as may be specified in the direction’. Therefore, since the national awards conferred on Chief Abiola and Chief Fawehinmi cannot be received by them in person, the President may permit their family members to receive same on their behalf...

for June 12 as a public holiday.

Section 2 of the Public Holiday Act was clear about the President’s power to take such an action.

Furthermore, Section 2 (1) of the Public Holidays Act stipulates that in addition to the holidays mentioned in the Schedule to the Act, the President may appoint a special day to be kept as a public holiday either throughout Nigeria or in any part thereof.

“It is crystal clear that the President is not required by law to seek and obtain the approval of the National Assembly before declaring a public holiday in the country.

Just to discredit the president.. senator Abaribe is talking about December 31st 1983, as if it is the first coup that ousted a democratic government, when we have January 15 1966 coup(led by igbos),.
Its a shame on the PDP in 16years, did not recognized the day Nigerians decided to vote freely and fairly without prejudice or religious sentiment.A day that gave birth to agitation for democracy that PDP has enjoyed a lot....

The only reason Buhari kept mute about the 1983 coup was because he had issues with Shagari about not invading Chad, when his troops had advanced to over 50km into chad, Shagari was at the time ordering Buhari and his troops to stand down ,, when it was actually chad that invaded Nigeria at first..Buhari has always been patriotic about National Discourse..

I thought they use to say the whole south east is against PMB/Osibanjo ticket in 2019..Very funny how it is that, those that do not participate in business, have little knowledge of politics and economy indicators that keep on shouting and ranting online that the government has not done anything..

They have come again, if Buhari did not acknowledge june 12, they will start saying he is undemocratic and not sensitive for the fight for democracy in Nigeria.
Now he has acknowledged the date and honored the late MKO Abiola, yet haters of the President still can not see reason, that the president has decided to make it a day for Nigerians to celebrate democracy rather than celebrating Hand over day in May 29th..

What Buhari has done is what Obasanjo could not do.
What Buhari has done is what Yaradua could not do.
What Buhari has done is what Goodluck could not do
Shame to all those that enjoy democracy they never fought for yet could not honored those that fought for the democracy they so much enjoy...
People can say what ever they what to say about Buhari but he has proven to be more democratic than all the president we have had from 1999 till now.....

The way the NASS Leadership hurriedly organised a joint session because of the invitation by the Police to the senate president to come and answer question on alleged involvement in the offa incidence where 33 Innocent Nigerians loss there lives is baffling...
This is Nigeria where everything is seen as ehno-politics..
This is Nigeria where a president decide to allow all institution of government to perform there constitutional right and people start accusing him of weakness and complexities..
This is Nigeria where political office holders are seen as above the law..no big deal if Saraki go and clear his name from the allegation.
And to think that They organised a joint session just because of the senate president ordeal with the police, when other innocent Nigerians have been killed daily and they have not organised any serious meeting for such..SELFISH POLITICIANS WITH SELFISH AGENDA...

Imagine a sitting Governor not even having respect for constituted authority, that he himself is enjoying...
Funny enough, all this derogatory remarks about President Buhari only makes him more popular and stronger , AS Baba does not even care to reply such remarks.. We all remember how Reno and Doyin okugbe continue to talk(Derogatory) about the person of Buhari during the build up to 2015 election..What actually happened was that they were getting likes on twitter while Buhari got millions of vote to win the election...

See how misleading this Topic is..The speaker was only talking about the bill he is sponsoring on the proliferation of small arms and light weapons.
and seeking for urgency of the bill to be passed into law before the 2019 election. as it will help curtail violence during the 2019 elections and above..
And the Topic is painted as if Dogara is raising alarm on the 2019 election....

In 2007 i voted Yaradua, in 2011 i voted Jonathan(got disappointed) and in 2015 i voted Buhari, reason been the massive looting with impunity going on in Jonathan"s administration and sincerely i have not be disappointed with Buhari"s government fight against corruption.
Now, the question Vote Buhari out and who in who? is very valid, cause there is no candidate that has the will(political or economical) to fight corruption as these government will do.

Secondly, in the history of Nigeria politics no government has come in with the fight against corruption as its Agenda. only this present government..

Nigeria would have been s saner Nation by now if successive government had come out to say NO to corruption..
Less i forget the EFCC under Jonathan was like a toothless bulldog...

This is exactly what am saying,, too many fake news everywhere...

Reality, that most Nigerians are forgetting is that before Buhari 24 states were unable to pay salaries, showing signs of an economy heading for comatose,
Boko haram taken over major towns like Bama , Damboa etc. and over 12 local government under Boko haram this two indicators alone is enough to destroy the nation totally.. yet some still believe if Jonathan had win things would have been different, it would have been worse than what we experience in 2016,,...

Everyone is linking this to politics,, but to be sincere its not political as Saraki is senate president today because of the lack of interference from the presidency on senate issues..same way the president is giving zero interference to the trial of Saraki case with the code and conduct bureau same way he is not interfering with the case of IGP vs Saraki... so its not political and it has nothing to do with nPDP and APC..

The Economic and Financial Crimes Commission (EFCC) on Thursday disclosed that it had recorded over 647 financial crimes convictions from November 2015 till date.

Samin Amadin, the EFCC Head of Enlightenment and Reorientation Unit, Department of Public Affairs, disclosed this at the grand finale of Bounce Corruption debate competition for students of tertiary institutions in Abuja.

Mr Amadin said through the efforts of the commission, senior military personnel, lawyers, judges and many politicians are currently facing trial in law courts for corrupt practice.

“Between November 2015 and November 2017, the commission recorded 457 convictions.

“From December 2017 till date, EFCC has also recorded another 190 convictions of persons that have deprived Nigerians of their nation’s
wealth.

“In less than three years, the commission has also recovered N500 billion from those who have looted the nation’s treasury,’’ he said.

Mr Amadin said it was good that youth in Nigeria had gotten themselves involved in public integrity debates to tackle corruption alongside government.

He said the EFCC would continue to collaborate with youth groups like the Youth Initiative for Advocacy, Growth & Advancement (YIAGA) and the MacArthur Foundation to strengthen anti-corruption fight in the country.

Also speaking, Cynthia Mbamalu, the Program Manager, YIAGA, organisers of the event, lauded the commission for its successes in the fight against corruption.

Mrs Mbamalu said YIAGA was set to mobilise 20 million Nigerians to rise against corruption in different communities in the country.



She said the organisation had in 2017 set up radio ambassadors’ network in each state of the federation and that it would soon launch its social orbit in Local Government Areas (LGAs) across the country.

“The Bounce corruption debate is to first frame corruption as a social, economic and political problem that needs to be tackled.

“Bounce corruption will build in citizens the consciousness on how dangerous corruption is to them.

“It is to have different citizens to understand the issues of corruption the way it affects them personally,’’ Mrs Mbamalu said.
https://www.premiumtimesng.com/news/more-news/270584-efcc-records-over-647-convictions-from-nov-2015-till-date-official.html

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planetuzor:
Initiative by the Jonathan Administration

If u have use Wikipedia you would have been more enlighten about the Abuja light rail..most of us just say things out of ignorance or bias without facts or maybe we just blinded by hatred for the present government..
former President Olusegun Obasanjo performed the official groundbreaking ceremony in May 2007 days before he left office. The project was originally linked to the city's bid to host the Commonwealth Games in 2014, however due to the fact that Nigeria lost the bid to host the commonwealth games in 2014 to Glasgow, Scotland. The federal government decided not to fund the project as awarded.. as at November 2010 only 20% of the funds for the project has been released. When the Jonathan administration came on board it only release the funds accrued to the project..
Now, the present government on march 23rd 2017 awarded contract for the completion the remaining part of the lot1a(5.76km) rolling stocks, workshops equipment and the three years mgt contract.. and they also awarded contract for the phase 2(26.77KM) of the Abuja mass transit, And also bought 12 sets of coaches to be used...
Please we should stop deceiving people and learn to read more on any information...

APC will get reasonable amount of vote in south East this time around, mainly because the PDP presidency has not even treat the region well as this present government has done...i watch the launching of the MSMEs clinic in Ariara market in Aba and the way the vice president was lauded for lighting up the market it was indeed a good sign for APC in south east...and we should not forget Npower beneficiaries in the East too that also have relatives and friends....

Abaribe said the APC had grown so “vicious and dangerous” and will find it hard to relinquish power if they lose.
I will not be surprised if some persons fall for this gimmick base on hate,, cause there is no reason a party that has spend 3 years in office(possibly 4) will grow vicious to the extent they will not accept defeat.. as we have seen a party(PDP) 16yrs in office but relinquish power when Nigerians get tired of their maladies..
Further more the president just said that Nigerians are at liberty to vote who ever they want to vote for...that is not the sound of a DO or DIE president....

This is evident to the fact i have always point out, that Corruption in Nigeria has been institutionalized and its already a system that can not be dealt with easily...This security vote has been ongoing for years and Governors are not ready for such system to be abolished...
even if the FG try to stop this funds the state governors will definitely rally round to tackle such from FG...So these is not the present administration faults but a system failure in Nigeria....

ALL I know is Nigeria will shock the world this one this time around....2018 IS OUR YEAR TO MAKE A BIG STATEMENT ON THE WORLD SCENE...FORZA EAGLES....