₦airaland Forum

The year 2000 was once the magic year when Nigeria was projected to reach most of her developmental goals, but as we have seen, this did not happen. The President Olusegun Obasanjo regime signed the Millennium Development Goals, MDG, but Nigeria failed to meet the targets by its 2015 deadline. The Ministry of National Planning under late President Umar Yar’ Adua, like the General Sani Abacha regime ten years before it, was besotted with the year 2020 as the magic year during which Nigeria will become one of the top twenty economies in the world. With three years to go, nobody now talks about the “Vision 20-2020”.
The Muhammadu Buhari administration projects that the nation’s economy will grow by 7 per cent in 2020 – when its current term would have expired. Our economy is projected to grow at 3.5 per cent in 2018 and 4.5 per cent in 2019 before making the quantum leap to 7 per cent in 2020, a projection that is looking unattainable. These projections are still based on the crude oil Nigeria will export at a time when the global demand for crude is plunging and competition from the US and other producers is limiting export potentials. All the Medium Term Expenditure Framework, MTEF, projections in the last six years have been wrong. The budget and the MTEF projections for 2016, submitted in late 2015 promised GDP growth of over 3 per cent for 2016. Instead, the nation was embarrassed by a -1.51 per cent (negative) growth and a recession. Yet, the 2017 budget again promised 3.0 per cent GDP growth this year, but the first quarter results have again posted a -0.52 per cent (negative) achievement. The International Monetary Fund, IMF, has already predicted GDP growth of only 0.8 per cent for this year, but our government stubbornly sticks to 2.6 per cent positive growth. It is unlikely Nigeria will even attain 1.5 per cent growth this year. The Federal Executive Council continues to live in fantasyland with the projection of the exchange rate of the 2017 budget projected N305/$1. At one point this year, the exchange rate shot up to N500/$1. It is still hovering between N360 and N370, and we are already in August. The current Economic Management Team, EMT, is a perfect clone of its predecessors. It does not give us realistic projections, and this is not doing our local business stakeholders and foreign investors any good. We must put away politics and jettison false claims from our economic projections if we are to be taken seriously. They are mainly responsible for the failure of our various “visions” and targets. The 2020 MTEF should be properly reset and scrupulously worked upon if we are to meet or even surpass it.

source : http://www.vanguardngr.com/2017/08/mtef-7-target-2020/
CC: r231, Freiburger, Lalasticlala, Seun

Saraki acknowledges receipt of Buhari’s resumption letter

The President of the Senate, Dr Bukola Saraki, has acknowledged receipt of President Muhammadu Buhari’s resumption letter to the National Assembly. Saraki made this known via his twitter handle on Monday.
He said,“I have received a letter from President Muhammadu Buhari informing the Senate that he has returned to the country. “I have also acknowledged the letter.’’ The News Agency of Nigeria(NAN) reports that the letter will be read in plenary when the National Assembly resumes from its recess on Sept. 19. President Muhammadu Buhari had written to the National Assembly informing it of his medical trip to London, which he commenced on May 7. He had transmitted power to the Vice President, Prof. Yemi Osinbajo to act in his absence. He returned to Nigeria on Aug. 19 .

source: http://www.vanguardngr.com/2017/08/saraki-acknowledges-receipt-buharis-resumption-letter/
cc: r231, Freiburger Lalasticlala & Seun

President Trump is dropping plans to create an advisory group on infrastructure, a day after two other business panels were dissolved.

The president has faced a backlash from business leaders over his remarks this week on white supremacists.

A White House official said the infrastructure council, which was still being formed, "will not move forward".

Mr Trump signed an executive order last month to create the group as he looks to spend $1 trillion on infrastructure.

He has made updating US roads, bridges and airports a key part of his legislative agenda.

However, on Wednesday he was forced to disband two other White House business panels amid an exodus of chief executives.

Business leaders quit over Mr Trump's response to a far-right rally in Virginia, which left a woman dead and dozens hurt.

Business mutiny leaves Trump isolated
America - diminished and dismissed

The rally, supported by neo-Nazis and white supremacists, was in protest of the removal of a statue of Robert E Lee, a general who had fought for the pro-slavery Confederacy during the US Civil War.

On Thursday, Mr Trump re-opened the heated debate by denouncing the removal of "beautiful" Confederate statues.

The decision to drop his infrastructure panel comes as the bosses of some of the biggest US companies have criticised Mr Trump's handling of far-right groups.

On Monday, Mr Trump belatedly condemned the white supremacist and neo-Nazi groups that rallied in Charlottesville, Virginia, on Sunday.

But in a rancorous news conference on Tuesday he backtracked and again blamed left-wing counter-protesters for the violence too.

That prompted business leaders to quit his manufacturing and policy councils, and drew criticism from the bosses of firms including Apple and JP Morgan.

Mr Trump had originally planned to draw members of the Advisory Council on Infrastructure from real estate, construction and other parts of the economy.

At the start of the year he said he was planning the panel and named two well known New York property developers to lead it.

Representatives for the developers, Steve Roth of Vornado Realty Trust and Richard LeFrak of LeFrak, could not be reached immediately.

source: http://www.bbc.com/news/business-40968438

CC: r231, seun, lalasticlala

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