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In the run up to the 2015 presidential election, leaders and members of APC were very vocal in condemning the then president of the country, President Goodluck Jonathan, for every step he took. This even included attending churches on Sunday, Jonathan’s religion’s holy day of obligation. It was Babatunde Raji Fashola, the then governor of Lagos State and now Honourable Minister of Power, Works and Housing, that succinctly captured the mind of the All Progressives Congress (APC) leaders and supporters then when at the sixth Bola Tinubu Colloquium in Lagos some time in March 2014, he charged at his listeners by asking them if they wanted “someone who spends most of his time in church or mosque, or the man who is ready to spend his time on the job.” That was when life was very sweet as an opposition party especially with the tolerance level of Goodluck Jonathan. At least, Goodluck was spending his time in the country even if, in the hyperbolic words of Fashola, he was spending “most” of it in church. However, fast forward to today, we have the same Fashola who is currently serving as a minister under president Muhammadu Buhari who would remain Nigeria’s most travelled president for a long time in our history. So far, since his inauguration into office on May 29, 2015, President Buhari has traversed 24 countries of the world within a short period of 9 months. Considering our scarce resources, this is too frequent, too costly and is a disturbing development as the nation is in its worst economic quagmire since independence. Never in the history of our nation even when we thought we faced economic recession and hyper-inflation has our exchange rate run on auto-devaluation as it is now. The prices of food stuff and basic items are climbing higher and out of the reach of the common man. The purchasing power of the citizens has been badly eroded while people are not only not getting employed, those who are employed are losing their jobs in droves. The economy is at a standstill! No gainful economic activity going on anywhere. Infrastructural development that characterised Goodluck Jonathan’s administration has since been brought to a halt; our revived agricultural sector is now in a speedy reverse course. While harmless and armless youths protesting peacefully within their constitutional rights are regularly mowed down by mindless security agencies in Zaria, Aba, Onitsha etc, the supreme court has come under several severe attacks from the ruling party as the Honourable Justices of the apex court have resisted the “body language” charm and refused to do the bidding of the party in some of the judgements given by the court recently. Kidnapping has not only returned but assumed a more dangerous and fearful dimension, and the security agents seem overwhelmed. Power supply has become more epileptic than ever even as the DISCO’s have hiked their tariff by about 40% and they still expect Nigerians to pay for darkness supplied in the midst of gross financial powerlessness. There is general disenchantment in the land as the Buhari administration has sufficiently demonstrated a total lack of idea on how to run our economy to attain its full potentials at this time. This fact is further strengthened by the shambolic and embarrassing preparation of a simple budget that is a normal ritual of governments all over the world. Nigerians believe that the budget was fraught with fraud and an indication of the hypocrisy of the current government’s anti-corruption stance. Having suffered so much, the Buhari budget is widely believed to be the “most stolen”, “most missing”, “most padded”, “most denied”, “most investigated”, “most withdrawn” and “most re- presented” budget, yet, there is no outrage in the land over that garbage. If PDP had made that “mistake” during its time, of course, the country would have been on an uncontrollable conflagration, set on by APC. Despite the rapid descent of the country into catastrophic and unbelievable state of socio- political and economic anomie within a very short period, President Buhari carries on as if nothing is wrong. There is no sense of urgency or even needed level of concern for the state of the nation. Buhari keeps globe-trotting as if the solutions to the nation’s woes lie abroad. The sophistry peddled by the administration’s spin doctors, as it was during the presidential campaigns, that the president’s frequent travels has already yielded much fruits for the country is only a lullaby-like tale told to children in order to put them to sleep and prevent their usual late night tantrums. Obviously, the complaints of Nigerians about the worrying situation of things in the country would no doubt have been sounding like tantrums to the ears of government. Given Fashola’s lamentations about former president Jonathan’s frequent presence in church, one would have expected this same man and his likes to caution the president about his needless travels, sit back at home, consult with his cabinet and concerned Nigerians on how we can all move this country forward rather than junketing all over the world in search of foreign solutions to local problems. The argument that he is in talks with some oil producing countries to see how they could help increase the value of oil in the international market by scaling down on output is akin to pouring water in a basket for the purpose of storage. If we are able to get Saudi Arabia to reduce output will a country like Iran not take advantage of that and flood the market with their own oil especially as they have a lot to unleash on the market having been shut out from the international market for a long time as a result of US sanctions until recently. This is more so especially when one considers that Iran would be very happy to do the exact opposite of what Saudi Arabia does even if it is just to spite the Saudis owing to the frosty relations between the two countries. In addition, the pro-Shiite Iranians expressed very strong diplomatic reservations over the recent killings of Shiite Muslims in Zaria by a band of military men led by the Chief of Army Staff, Lt Gen Tukur Buratai. This might just be an opportunity for a pay back by them. It is also instructive to note that a majority of our oil patrons have either found new buyers or have embraced alternative sources of energy. So, whichever way one looks at it, embarking on extensive and expensive diplomatic shuttles majorly for this purpose is not only illogical, it is also antithetic to common sense and beats the imagination of even elementary economists. Little wonder then our president seems to be the only president among the oil producing countries who think the best way to shore up the price of oil worldwide is by diplomatic shuttles. No other president worldwide is travelling for this purpose. Our nation is dying, the president is travelling and his party is parrying the truth about the situation of things and the true outcome of the president’s frequent travels. Let the president return, sit back and spend quality time at home and stop working like a distant learning student! dailypost.ng/2016/02/25/jude-ndukwe-%e2%80%8ba-dying-nation-its-travelling-president-and-the-lying-party/ |
jimharry21:How much are d prices of these items today? much higher than what they were in May 2015. According to u PDP 'ruined' Nigeria in 16 yrs, but it has taken APC just 9 months to overtake PDP. Because the prices of those items u mentioned are much higher today than when PDP left. who knows what they will be if we are to give APC 16 yrs!!! |
By Julia Payne and Ulf Laessing ABUJA (Reuters) - Almost a year after winning an election on promises to fix Nigeria, Muhammadu Buhari's grand vision of reform is fading, with power centralised in his increasingly remote presidency and the bureaucracy in disarray. After axing almost 50 top civil servants and 40 ambassadors and shaking up ministries in a bid to exorcise endemic graft, the 73-year-old former military ruler has even started cancelling some weekly cabinet meetings. His aides said this was because under his predecessor, Goodluck Jonathan, the meeting had become a forum for ministers to hand out over- priced contracts to friends. Critics say the effect has been to leave government rudderless while Africa's biggest economy flatlines. Power is concentrated in Buhari's office, where files pile up on the desk of his chief of staff. Ministers appointed only in November - more than six months after Buhari's victory - are reluctant to make decisions, diplomats say. Government insiders admit things may be getting worse before they get better, but say that is to be expected given the scale of the task in hand. "Of course it's chaos. We're rebuilding a whole system. There is no depth in the bureaucracy," said a senior government source who asked not to be named. Buhari is too often absent to provide enough personal guidance, according to his critics. Since taking office in May, he has been on 26 overseas trips, visiting Saudi Arabia and Qatar this week, where officials say he hopes to drum up interest from investors. His opponents complain that his external focus comes at the expense of the two pillars of the domestic economy - the oil-producing Niger Delta and Lagos, the sprawling megacity that serves as Nigeria's commercial capital. He has visited neither as president. NO BUDGET Buhari has won plaudits from ordinary Nigerians for fighting graft as part of a crackdown on an elite whose wealth has grown for decades while most of the country's 170 million people remained in poverty. The army under his command has also reconquered territory from the Boko Haram group in the north, though the jihadits still regularly stage suicide attacks. But the ascetic general has not yet delivered on a promise to create jobs by ending reliance on oil. His civil service cull has cut avenues for graft but also created knowledge gaps, to the point that the government has so far been unable to produce a viable budget. Buhari last week fired a senior budget official who had been appointed in August, after he helped to produce a draft which labelled car or computer purchases as capital expenditures, according to Nigerian research group Budgit. One billion naira - more than $5 million at the official exchange rate - had been budgeted for office furniture alone. "This was really depressing when we expected that this should be a total shift from the wasteful culture that we had had in the past," said Oluseun Onigbinde, founder of the group. Buhari fired most of the top management at state oil firm NNPC but his replacements have struggled to get a grip on the massive and opaque entity, officials say. Some projects have been delayed as the newcomers struggle to locate the relevant files in the four NNPC towers. With no regular meetings, ministers are still trying to figure out what they can achieve, officials say. Buhari merged several ministries but since a cabinet retreat in November, he has left them to drift. Buhari's aides counter that the cabinet meets whenever there is something to decide, and that the government needs time to work out detailed plans - including funding - for such daunting tasks as road-building or the improvement of Nigeria's notoriously erratic power supply. But a senior civil servant who asked not to be named said ministers struggled to get the attention of Buhari's office. "There is a proposal, a consultancy does a study but then the report gets ignored," he said. Buhari asked Vice President Yemi Osinbajo to coordinate economic policy, but diplomats say he is being sidelined as the president personally handles all key issues, including a freeze of the naira exchange rate that is crippling investment. That leaves businessmen wondering how the West African oil producer can survive its worst economic crisis for decades. "Policy statements hang but there's no trickle down," said Prince Ike Ubaka, head of the All Farmers Association of Nigeria. af.reuters.com/article/topNews/idAFKCN0VY1KJ?feedType=RSS&feedName=topNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FAFRICATopNews+%28News+%2F+AFRICA+%2F+Top+News%29&&rpc=401 |
ABUJA - Apparently jolted by the governors
threat to reduce the minimum wage, the Trade
Union Congress, TUC, has asked the federal
government to review the current minimum
wage with the aim of increasing it. This was even as the Congress has urged the federal government to outrightly reverse the privatization of electricity distribution companies, DISCOS, and also cancel the increase in the electricity tariff, saying that had failed. Speaking during a courtesy call on Vice President Yemi Osinabjo at the presidential villa, Abuja, the president of TUC, Mr Bobboi Kaigama, posited that by March this year, the National Minimum Wage (Amendment) Act 2011 would be five years old, arguing that by the provision of the of the International Labour Organisation’s Minimum Wage Fixing Convention 131 of 1970, an ad hoc committee should be raised every five years for the review. He said: "We use this opportunity to serve notice that it is time for the FG to set up that committee and mandate it to kick start work on the fixing of a new minimum wage. We trust that this will be done immediately to save Nigerian workers from the harsh effects of present day economic realities which is taking tolls on their meager incomes". Kaigama who also described the increased electricity bill "anti-people" also criticized the and the Act of the National Assembly which empowered the regulators to arbitrarily jacking up the tariffs, saying the Act was "very lame, too simplistic and misleading’’. He said: "Any Act that preys on the masses that it is supposed to protect negates the very essence of public policy. "In the same vein, any act that compels the citizens to pay for services not delivered is not only flawed and undemocratic but ultra vires to the power of the National Assembly to make laws for the good of the country". Speaking on the DISCOS, the TUC president said that the sole aim of the DISCOS "is profiteering through fraud’’, saying that "We expect the presidency to issue a categorical statement affirming a return to status quo ante regarding the unit price of electricity,’’ Kaigama said. The president also appealed to the federal government to intervene in the crisis bedeviling the health sector, urging it to ensure even distribution of appointments across over 20 professional bodies in the sector rather than to the Nigeria Medical Association (NMA) alone. This was even as he called on the government to implement implement all agreements reached between it and the Joint Health Sector Union (JOHESU) since 2009. "For the avoidance of doubt, we affirm that no single profession in the health sector can go it alone", he said. www.vanguardngr.com/2016/02/613701/ |
Foreign currency speculators, who launched an unprecedented attack against the naira in the last two weeks, got their fingers burnt on Tuesday when the nation’s currency staged a major recovery, rising to N310 to a dollar at the close of business, compared to N375 at which it sold on Monday. The naira fell to an all-time low of about N400 to a dollar on the parallel market last week fuelling concerns that it would plummet further to N450- N500/$ this week. But findings from THISDAY showed that the naira defied expectations, climbing to as high as N305 to the dollar at some parallel market points in Lagos on Tuesday afternoon, before settling at N310. Forex dealers and currency analysts attributed the significant gain on the parallel market to excess supply of the greenback in the market, even as it looked like a lot of speculators lost the shirts on their back. THISDAY gathered from a reliable source that speculators who thought that by attacking the currency last week, coupled with misplaced concerns that the Central Bank of Nigeria (CBN) was going to stop the allocation of forex for school fees and medical bills abroad, this would compel the central bank and President Muhammadu Buhari to alter their stance against the devaluation of the currency. But they were disappointed when Buhari, in Egypt at the weekend, adamantly ruled out the devaluation of the naira on the grounds that Nigeria does not have the competitive advantage to benefit from an official currency adjustment. Reacting to the president’s stance, speculators who had been betting that the naira would depreciate further, started dumping the dollars with reckless abandon, effectively creating excess supply of the greenback in the parallel market. Commenting on the situation in the secondary forex market, the chairman, Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said: “The market is moving from perception to reality.” Similarly, an analyst at Ecobank Nigeria, Mr. Kunle Ezun, predicted that the naira would edge higher in the coming days. “We expect that the naira would appreciate further. We have always said that what happened last week was purely a speculative attack. Some people felt that if they pushed the naira down to that level, they could force the CBN to devalue, so that when the naira is devalued and the gap widens further, they would now bring out the dollar cash to make a kill,” Ezun said. He however urged the fiscal authorities to introduce policies that would help stimulate economic activities, saying that the fundamentals of the economy were still weak. ABCON also aligned with the federal government’s decision not to further devalue the naira. Gwadabe said this at a media briefing, pointing out that devaluing the naira would create more problems than it would solve. He said that as a way of enhancing transparency in the BDC sub-sector, his association had decided to introduce a forex rate band weekly. This rate band is expected to serve as a guide for all BDCs and the public on the prevailing exchange rate across the country, he added. In addition, it will be operated in line with the regulated forex rate in the economy. “This is to forestall exploitation of forex end users, and also to ensure that end users are informed to avoid falling victims of exploitation. “The band will be announced via weekly press releases that will be circulated to the media for publication. “ABCON will introduce a series of measures aimed at transforming the operations of BDCs in Nigeria to align with global best practices. These include: review and updating of BDC operational manual; introduction of live trading platforms; automation of all transactions and documentation requirements; and increased partnership with the CBN and other relevant agencies. “Further, as part of its responsibility as a self regulatory organisation (SRO), and also in continuation of its aim to transform its members to compete within the global regulatory currency market, ABCON will seek the approval of relevant monetary and fiscal authorities as well as partnership for effective use of the nation's external reserves to enhance domestic trade and foreign exchange management. “To this end, our website and internet platforms will be developed to position BDCs to serve as agents of Western Union and currency auctioneers. “We would also develop platforms that will allow our members to access sources of autonomous foreign exchange like govt agencies, embassies, IOCs and export proceeds, etc,” he explained. He also urged the federal government to introduce policies that would diversify the economy to increase non-oil export earnings, and reduce imports. This, according to him, would lead to increased foreign exchange inflow and a reduction in demand for foreign exchange. In addition to policies that would diversify the economy, ABCON suggested that the CBN should review the policy of dollar importation into the economy for the purpose of defending the naira. According to the association, the central bank should introduce a policy whereby the naira is used to intervene in the real sectors of the economy to boost productivity. Furthermore, Gwadabe said as a way of reducing demand for dollars, the CBN should explore the option of promoting the use and acceptability of naira for transactions within the West African sub- region. He added: “We observe that this is already happening at the level of informal trading activities within the sub-region, and it is our belief that this can be replicated at the level of formal economic activities.” Meanwhile, the Chairman of Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, has expressed concern over the uncertainty arising from the federal government’s foreign exchange policy, warning that it is threatening macroeconomic stability in the country and is unsustainable. He stated this yesterday at the 2016 Standard Bank West Africa Investors’ Conference tagged, “Unlocking Nigeria’s Potential…Growth through Diversification” He said the federal government’s foreign exchange policy is the biggest uncertainty facing the country today following the lack of economic policy direction and the likely composition of Buhari’s economic team for much of the third and fourth quarters of last year. According to him, “The argument at stake is not whether to devalue or not because there has already been an effective devaluation. www.thisdaylive.com/articles/speculators-get-their-fingers-burnt-naira-strengthens-to-n310-/232783/ |
The Economic and Financial Crimes
commission (EFCC) on Tuesday said it could
effectively prosecute the trial of Peoples
Democratic Party (PDP) spokesman, Olisa
Metuh, without involving former President
Goodluck Jonathan in the case. EFCC’s position followed Metuh’s argument that since Jonathan was allegedly involved in the process leading to the payment of funds for his presidential campaign, the ex-president is a necessary witness in the case. Metuh and his company, Destra Investment Limited, are being tried before the Federal High court, Abuja, for allegedly receiving N400m from the office of the National Security Adviser (ONSA) for security services, which he allegedly diverted to fund his party’s activities. They are also accused of flouting the money laundering Act by making $2m suspicious investment. At the conclusion of the prosecution’s witness last week, Metuh filed a no-case submission in court. In the application, he argued among others, that the prosecution has failed to make out a prima facie case against him by not inviting Jonathan as its witness. The EFCC in its response argued that it had conveniently made out a case against Metuh for which the court should direct him to enter defence. The commission argued that Jonathan is not a necessary prosecution witness, saying it has effectively established its case with the number of witnesses invited to testify in court. It urged the court to dismiss Metuh’s no-case argument. thenationonlineng.net/jonathan-not-needed-in-metuhs-trial-efcc/ |
The Independent National Electoral Commission
on Monday reversed its earlier declaration that the
Kogi-Central senatorial rerun election was
inconclusive. The electoral commission, which on Sunday, declared the election as inconclusive, said on Monday, that the candidate of the Peoples Democratic Party, Alhaji Ahmed Ogembe, won the election. INEC Returning Officer, Prof. Rotimi Ajayi, on Monday, at Okene, the headquarters of the senatorial district, said the presiding officers in charge of the areas that were initially cancelled, had copies of the results that were said to have been destroyed by hoodlums during the election. He stated that INEC officials later used the copies with the presiding officers to compute the final results, leading to the emergence of Ogembe as the winner. He stated that Ogembe got 46,503 votes to beat the candidate of the Peoples Progressive Alliance, Senator Nurudeen Abatemi, who scored a total of 32,169 votes while the Social Democratic Party candidate, Dr. Wokili Moses, got 10,064 votes to come third. Ajayi said all the valid votes cast were 89,214 while 1,368 votes were rejected. He declared Ogembe the winner of the election. It will be recalled that the Returning Officer of INEC, Mr. Salihu James, had said on Sunday that Ogembe scored 45,468 votes while Abatemi scored 31,163 votes and Wakili got 9,962 votes. James had announced the cancellation of the results of Otutu ward. He also announced the cancellation of the results in two polling units at Upogoro in Okene and Inozomi wards. He subsequently declared the rerun inconclusive following the cancellation of results in some areas over alleged electoral malpractices. Meanwhile, Ogembe has assured the people of the district of his commitment to develop the district. He said he would lobby the Federal Government towards revamping the Ajaokuta Steel Rolling Mill, which he said had been abandoned since the past 30 years. Speaking with journalists at the INEC office in Okene, Ogembe, who is the incumbent Chairman of Okene Local Government Council, said he knew the basic needs of his constituency and would attend to them. He commended the people of Kogi-Central and INEC for what he described as a free and fair election, saying his victory reflected a popular choice. www.punchng.com/kogi-inec-makes-a-u-turn-declares-pdp-winner/ |
The House of Representatives Committee on Crude Oil Swap has given March 3 as the appearance date for former Minister of Petroleum Resources to appear before it in connection with the $24bn crude oil swap contracts. The committee which is headed by Mr. Zakari Mohammed, dispatched the letter of invitation to Alison Madueke on Monday, February 22. Details later. http://www.punchng.com/diezani-to-appear-before-reps-march-3/ |
For generations the appendix was thought to have no purpose. But now, researchers say they have discovered the true function of this organ, and it is anything but redundant. Researchers now say that the appendix acts as a safe house for good bacteria. The body uses this to essentially “reboot” the digestive system when one suffers from a bout of dysentery or cholera. Conventional wisdom used to claim that this small pouch protruding from the first part of the large intestine was simply redundant or an evolutionary shadow of a once useful organ. For years doctors advised people have their appendix removed and in spite of it’s now-apparent use, most seem none the worse for having it removed. Duke University Medical Centre in North Carolina researchers say that following a severe bout of cholera or dysentery, which can purge the gut of bacteria essential for digestion, the appendix acts as a reserve for good bacteria to emerge. In spite of the findings, Professor Bill Parker says that this does not mean we should cling onto our appendices at all costs. It’s very important for people to understand that if their appendix gets inflamed, just because it has a function it does not mean they should try to keep it in, he explained. So it is sort of a fun thing that we’ve found, but we don’t want it to cause any harm, we don’t want people to say, ‘oh, my appendix has a function’, so I am not going to go to the doctor, I’m going to try to hang onto it.” Nicholas Vardaxis, an associate professor in the Department of Medical Sciences at RMIT University, says that the theory put forward by the Duke University team makes a lot of sense. As an idea it’s an attractive one, that perhaps it would be a nice place for these little bacteria to localize in, a little cul-de-sac away from everything else, he weighed in. The thing is that if we observe what’s been happening through evolution, the higher on the evolutionary scale we are and the more omnivorous animals become, then the smaller and less important the appendix becomes and humans are a good example of that. The actual normal flora bacteria within the appendix, as well within our gut, are the same, so we’ve lost all of those specialized bacteria. So it doesn’t have that safe house type of function anymore, I don’t think. It’s a vestige of something that was there in previous incarnations, if you like. Scientists were led to the discovery by examining the appendices of koalas. Unlike the short human variety, the koala is famous for having an extremely long appendix. This aids in their diet which is almost exclusively made up of eucalyptus leaves. Professor Vardaxis says that in spite of the fact that the human appendix acts in a similar manner to that of koalas, it is unlikely that we will see a shrinking of the Australian marsupial’s organ any time soon. Unless of course we have a massive blight and we get the eucalypt on which the koala thrives dying, then we may find some mutant koalas out there perhaps that will start eating other things, and as they start to eat other things, then over generations and hundreds of thousands of years of time, then surely, yes, the koala’s appendix will shrink as well. Source: WWWN, DWN AFRICA. http://www.dialysisworldnigeria.org/2016/02/function-of-the-human-appendix-finally-discovered-on-dwn-breakthrough |
The acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has stated his commitment to the anti-graft war, declaring that he would be prepared to pay the supreme price if need be in the course of his work. “I am not afraid of anything. I prefer to die fighting corruption if need be,” Mr. Magu told a group of senior lawyers in Lagos on Thursday. The lawyers visited the EFCC boss to express their support for the fight against corruption. Lately, the EFCC has lambasted lawyers and judges in the country, accusing them of helping looters of the nation’s treasury to escape justice and share in the proceeds of corruption. Mr. Magu praised the visiting lawyers for the support, and expressed regret that some unpatriotic Nigerians including senior lawyers have joined forces “with fraudsters and those who looted our commonwealth by becoming coaches and technical advisers on how to escape justice”. He admonished lawyers to allow the interest of Nigeria and good conscience to guide them when accepting briefs. Earlier Femi Falana, a Senior Advocate of Nigeria, who led the group, said they were at the Commission to express support for the EFCC and the chairman for revamping the fight against corruption. He said though lawyers have been accused of attempting to frustrate the work of the Commission, there were however good lawyers ready to support the EFCC in advancing the fight against corruption. He urged the Commission to name and shame those who are frustrating the work rather than generalize the allegation. “Let us name and shame corrupt judges and lawyers. The good ones are prepared to work with you,” he said. He warned lawyers who think they can intimidate the EFCC, that some of them are ready to support and defend the Commission. Luke Aghanenu who also spoke at the event said the Commission should know that corruption will also fight back and the recent attack by some lawyers was a clear example. He said as long as the EFCC does it work rightly, people will always criticize the Commission. Another lawyer, Jiti Ogunye, said the reason he was part of the solidarity visit, was his belief in the integrity of the EFCC chairman and his effort to revamp the fight against corruption. He condemned the activities of some lawyers who were castigating the EFCC as pure criminality and urged them not to hide under the cover of lawyer- client confidentiality to become accomplices to mega graft. He assured the EFCC chairman that, they will continue to support the EFCC as long as it remains truthful and faithful to its mandate. www.premiumtimesng.com/news/headlines/198704-im-prepared-die-fighting-corruption-efcc-boss-magu.html |
kingofchess:the point is dat d financial crunch facing many states today including their inability to pay salaries is not caused by fall in oil price alone but mostly by corruption & mismanagement Got it? |
Monday: Inflation pressures are rising in Nigeria
despite the central bank pegging the currency
for almost a year in the face of plunging oil
prices. Governor Godwin Emefiele has opposed devaluing the naira, imposing restrictions on imports and curbing foreign-currency supply to cope with a more than 45 per cent slump in oil prices since the beginning of last year. Rather than protecting consumers -- the justification used by President Muhammadu Buhari in rejecting calls for a weaker currency -- the policy threatens to stoke inflation as it boosts import costs and pushes the naira to a record low on the black market. The central bank's correlation between the naira and inflation "has already broken down," said Nema Ramkhelawan-Bhana, an economist at Rand Merchant Bank in Johannesburg. "Inflation will average in double digits this year," above the central bank's target of six per cent to nine per cent, she said. Rising food costs, which make up about half of the consumer price index, have pushed inflation to 9.6 per cent in January, the same rate as the previous month and the highest level in three years. Calls to Central Bank of Nigeria Spokesman Ibrahim Mu'azu's mobile and office phones didn't connect and he didn't immediately respond to a text message seeking comment. Ten of the 12 categories of consumer prices surveyed by Standard Chartered Plc in its Consumer Price Tracker showed increases in January from the previous month, according to Razia Khan, chief Africa economist at the London-based lender. That shows "prices are rising, despite attempts to keep the official Nigerian naira exchange rate unchanged," she said in an e-mailed note to clients. The central bank in Africa's largest economy has effectively pegged the naira at 197-199 per US dollar since March by restricting foreign- currency supply, hurting businesses. That's forced them to seek currency on the parallel market, where the naira reached a low of 340 against the dollar on Monday. "The average consumer is already facing a de facto devaluation, and this has driven up prices," Alan Cameron, an economist at Exotix Partners LLP in London, said in an e-mailed responses to questions. While food prices have risen higher than the main rate, pressure in the last few months has come from core inflation, which excludes food costs, he said. Economic growth, which is estimated to have slowed to three percent last year, the lowest since 1999, is set to remain subdued. "Given the drag on economic growth from the foreign-exchange restrictions in place in order to keep the naira steady, there is a big economic cost to avoiding devaluation," said William Jackson, the London-based senior emerging markets economist at Capital Economics.(Bloomberg) ceylontoday.lk/22-118542-news-detail-risks-thwarting-buharis-naira-defence.html |
The naira tumbled further significantly at the
parallel market on Thursday, hitting 391 against
the dollar as foreign exchange scarcity continues
to batter the economy of Africa’s largest oil
exporter.
The currency has entered a free-fall mode against
the dollar at the black market, having lost 26 per
cent of its value in less than two weeks.
The naira had exchange for one dollar at 372 on
the streets of Lagos, Abuja and other major cities
on Wednesday.
The local currency, which closed at 310 against
the greenback last Monday, has been falling
consistently and significantly in the past 11 days.
Forex dealers and financial experts linked the
persistent fall of the naira to panic buying of the
dollar and other major hard currencies by
importers, individuals and businessmen.
Bureaux De Change operators in Marina, Ikeja and
Apapa and Abuja told our correspondent on
Thursday that there were no signs yet that the
rising demand for forex especially. www.punchng.com/naira-slumps-391dollar/ |
The Minister of Transportation, Rotimi Amaechi,
has revealed that the Abuja-Kaduna Rail Project
would be launched in May this year. Disclosing this on Thursday while inspecting the project alongside the contractors, China Civil Engineering Construction Company at Idu in Abuja, Amaechi said the project was 100 percent completed. Amaechi noted that the rail will be test-run in March before the launch, by President Muhammadu Buhari in May. According to Amaechi, during the period of test- run, passengers will board for free. “The essence of my tour is to enable us assess whether we are ready for commercial activities and I think we are. I will be travelling from Abuja to Kaduna tomorrow through the rail. “In March, they should start the test-run of the rail services for free, then the proper commercial activity will start in May, where we expect the President to flag-off the use of coaches.’’ The Minister said a total sum of N150 billion would be used to execute the national rail project, with another 60 billion for the Lagos-Kano standard gauge and yet another 60 billion for the Lagos- Calabar project. He said, “What we are doing is implementation of what we met in office. We are not among those who will abandon good ideas. “If we see an idea that is good, we will adopt it. The Lagos-Kano project was awarded by former President Olusegun Obasanjo and we are flying with it. “The Lagos-Calabar project was awarded by former President Goodluck Jonathan and we are also flying with it. What we are doing is implementing those projects that have not been implemented for so many years.’’ Amaechi appealed for that the Abuja Light Rail be used to pick passengers from the city center to Kaduna since the project had yet to commence. “The Abuja light rail is expected to start from Abuja and de-board passengers at Idu from where such passengers will move to Kaduna but since the Abuja light rail is not ready, we shall use their tracks to continue to pick passengers from Abuja until they are ready and then we will disengage the temporary facility. “The role of the station is to convey passengers to Idu, where they will be transferred to the national rail line to proceed to Kaduna,” he said. dailypost.ng/2016/02/18/buhari-to-launch-abuja-kaduna-rail-line-in-may-amaechi/ |
IN THE FEDERAL HIGH COURT
IN THE LAGOS JUDICIAL DIVISION
HOLDEN AT LAGOS
CHARGE NO: FHC/L/553C/2015 BETWEEN: THE FEDERAL REPUBLIC OF NIGERIA …… COMPLAINANT/APPLICANT AND 1.GOVERNMENT EKPEMUPOLO (ALIAS TOMPOLO) 2. PATRICK ZADEKE AKPOBOLOKEMI ……DEFENDANTS 3. GLOBAL WEST VESSEL SPECALIST LTD 4. ODIMIRI ELECTRICALS LTD 5. KIME ENGOZU 6. BOLOBOERE PROPERTY AND ESTATE LTD 7. REX ELEM 8. DESTRE CONSULT LTD 9. GREGORY MBONU 10. CAPTAIN WARREDI ENISUOH |
The Economic And Financial Crime Commission (EFCC) today in Lagos asked the Federal High Court for an order to seize all property, movable and immovable, belonging to wanted former Niger Delta militant leader, Government Ekpemupolo (aka Tompolo) In a public announcement last week declaring Tompolo wanted, the EFCC said the action was in connection with conspiracy and illegal diversion of the sums of N34billion and nearly N12 billion belonging to the Nigerian Maritime Administration (NIMASA). Also charged in the matter are nine other defendants, including a former Managing Director of the agency, Patrick Akpobolokemi. In the exparte motion before the court, the EFCC listed several properties in Delta State reportedly belonging to Tompolo. In a supporting affidavit filed by Adah John Adah of Festus Keyamo Chambers dated February 17, the EFCC recalled that Tompolo has since being charged to court persistently refused and failed to honour the several invitations extended to him. He deposed that following the issuance of the warrant of arrest on January 14, Tompolo absconded and has concealed himself from the security forces in the country looking for him to execute the order. He further told the court that a combined team of the Nigerian police and the military have been combing the creeks and the entire nation for Tompolo, but that he has continued to conceal himself. http://saharareporters.com/2016/02/18/conspiracy-and-illegal-diversion-efcc-moves-confiscate-property-fugitive-tompolo |
and they must find a way of defending whatever they do by blaming Jonathan. na waaoh |
OKDnigeria:and yet under d last administration, foreign direct investment (FDI) was @ its peak. But since d coming of dis administration, with d precarious state of our economy presently foreign investors have been running away from Nigeria |
Minister of Information and Culture, Lai
Mohammed, on Wednesday spoke on why
President Muhammadu Buhari constantly embarks
on foreign trips. Mohammed while briefing State House correspondents on the outcome of the Federal Executive Council meeting, said the trips were designed to tackle terrorism and corruption, which had hitherto been discouraging investors from investing in Nigeria. The minister said: “You do not run a country by being isolated and the personal presence of the President in many of these fora is very important because before now we were almost a pariah state. “The two things that have been driving investments away from this country are terrorism and corruption. “One thing that nobody can fault this President on is his determination to fight these two ills. Mr. President’s presence in these fora is very crucial even to the economy back at home. “What I mean that Nigeria was a pariah state, is that before now the level of corruption was very high that nobody was ready to risk his investment in Nigeria. “The cost of doing business was so high that most international businessmen didn’t want to come here. “Who is coming to invest in a country where there is insecurity? These are the twin problems that Mr. President has addressed in the last nine months.” dailypost.ng/2016/02/17/why-buhari-travels-continually-lai-mohammed/ |
NgeneUkwenu:so anybody who has $600,000 must have stolen it? at least wait till he's found guilty naa |
The governor of Ekiti state, Ayodele Fayose, has dared President Muhammadu Buhari to arrest him. Mr. Fayose said Mr. Buhari is a dictator. “They say he (Buhari) is coming after me, I am ready,” Mr. Fayose said, Friday, during an interview on The Osasu Show which was broadcast on AIT. Mr. Fayose in the interview made reference to the Holy Bible – Hebrew 13: 6 – and said “it is very clear that because we have God, we fear not what men will do to us”. The governor, who is one of the fiercest critics of Mr. Buhari, said everybody can’t belong to the same political party, and that he was entitled to his view. “You can’t silence everyone,” he said. The Ekiti governor in the interview questioned the capacity of Mr. Buhari to solve Nigeria’s economic crisis. He said Mr. Buhari was “still in an analogue stage”, and that the president was clueless on the nation’s economy. “I am saying it expressly, (that) the president does not understand the economy,” said Governor Fayose. “If you understand the economy you can do everything simultaneously without rocking the boat. “You go out telling the whole world that your country is corrupt, you destroy all your people, and you expect them (foreigners) to do business with your people? “That is not how to operate,” said Mr. Fayose. The Ekiti governor insisted that President Buhari’s war against corruption was selective and political. He said, “When (former Nigerian president) Obasanjo left prison, did he declare his assets? “The library Obasanjo has today, where did the money come from? His house in Abeokuta, where did the money come from? “Even Buhari himself declared cattle and mud houses. He said he doesn’t have money. From where did the (presidential) campaign money come from?” Mr. Fayose said Nigerian leaders weren’t committed to the idea of diversifying the country’s economy. “Each of them looks forward to another election rather than look forward to the future of the country,” he said. The governor also identified lack of electricity power and other infrastructure, including lack of capital, as the major factors against economic diversification in Nigeria. “If I want to diversify, for instance, the money I got for last month was N1.3 billion. And my wage bill is N2.6 billion, aside security, electricity, water and basic essential services to the people. “Do I use this money for diversification at the expense of the people? “No I can`t! “So, it is an uphill task. It is not impossible, but it an uphill task. “My first counsel to the federal government is that they should stop the noise about corruption, and face this economy. “They should be sincere more about the economy than playing to the gallery,” Governor Fayose said. The governor advised the federal government to make agriculture attractive to farmers all over the country. www.premiumtimesng.com/regional/ssouth-west/198552-im-ready-buhari-comes-fayose.html |
https://www.weddingdigestnaija.com/wp-content/uploads/2014/10/image462-682x1024.jpghttp://dailypost.ng/2016/02/16/what-jonathan-told-me-after-he-conceded-to-buhari-ita-giwa/ |
There is growing internal dissent and frustration among Boko Haram’s rank and file members, especially related to their attacks on Internally Displaced Person (IDP) camps, according to statements made to Ahmad Salkida. According to Mr. Salkida on his news site , “there is a raging controversy within the rank and file” of Boko Haram “over its continued attacks on internally displaced camps and other indiscriminate attacks on poor communities in the Lake Chad area over the past months.” Mr. Salkida learned, from speaking with sources placed in the Boko Haram organization, that “many [have been] grumbling silently, some have openly voiced their opposition to the elusive Abubakar Shekau over these ‘unexplained attacks on the innocent.’” It will be recalled that in the past month there have been several Boko Haram attacks targeting civilians, especially residing in IDP camps, killing more than one hundred. The change in tactical focus by the group correlates to the Nigerian military’s increased presence in the Northeast region Boko Haram controlled with near total impunity for several years, according to many analysts. Since February 2015, the Nigerian military and presidential administrations of Goodluck Jonathan and Muhammadu Buhari have made significant progress to reclaim occupied territory from the terrorist group and recover significant weaponry or military hardware. Mr. Buhari announced that the military headquarters would be moved to Maiduguri, the capital of Borno State, to coordinate Nigeria’s offensive against Boko Haram. Sources speaking to Mr. Salkida have said that there is division within Boko Haram’s ranks about the need to attack civilians in IDP camps. One reason to attack these civilians is because Nigerians living in these camps have fled to the protection and support of the Federal Government, which is in opposition to Boko Haram. According to one source speaking with him, “these refugees are seen by a segment within the group’s leadership as supportive of the government’s war against the group and therefore deserving of the group’s attacks.” Other Boko Haram members believe attacking these camps, “shows nowhere is safe for these people and continues to pile pressure and embarrassment on the government.” Mr. Salkida notes that “a growing number of the insurgents are unhappy with the way the original design of the group is fading out and it is increasingly being replaced by individual vengeful ploys instead of a campaign by doctrine.” He has found that there has been “raging disquiet” among many Boko Haram members and some have deserted or left to fight in Libya and Syria. One deserter told Mr. Salkida that “I am convinced that the innocent that we killed in cold blood will change places with us on the day of judgment, they may find solace in the Lord and those of us that have not changed our ways, may burn in Hell.” There have been increased reports in recent months of Boko Haram members storming remote villages and looting it of foodstuffs as well as suicide attacks on soft targets like IDP camps and markets. saharareporters.com/2016/02/15/growing-division-desertion-among-boko-haram-members-over-attacks-civilians |
Former Minister of State for Education, Prof. Jerry Agada has restated his loyalty to his boss, Senator David Mark stressing that he is and would remain his boss for life. Agada who stated this in a chat with newsmen in Makurdi yesterday said his defection from the People’s Democratic Party (PDP) to the ruling All Progressives Congress (APC) does not mean that he had dumped Senator Mark. He noted that his defection from the PDP was occasioned by the decision of his people of Orokam in Ogbadibo Localy Government area to remain in the main stream politics adding “My defecting from a party does not mean dumping Mark. I am the first permanent Secretary and first Minister to come from Orokam after which no other person has been appointed from that area to fill these posts. That was why my people decided I defect to the ruling party to attract such democracy dividend to the area.” The former Education Minister who insisted that the David Mark did well for the Idoma people in his 16 years at the Senate however called on people of Benue South Senatorial District to vote according to their conscience in the Saturday’s rerun election. sunnewsonline.com/new/i-remain-loyal-to-david-mark-despite-my-defection-prof-agada/ |
Nine days after he wrote the Nigerian government advising against the plan to secure a $3.5 billion loan, Femi Falana, a human rights lawyer, has said he would commence legal proceedings against the government.www.premiumtimesng.com/news/top-news/198417-3-5-billion-loan-falana-commence-legal-suit-nigerian-government.html |
This is d kind of things dat make pple wonder if d Chibok girls debacle ever happened at all |
The Nigerian Air Force has denied reports that it’s operatives had located the missing girls of Government Girls Secondary School, Chibok.www.punchng.com/naf-denies-locating-missing-chibok-girls/ |
Master Bakers in Kogi have resolved to hike the
price of bread and other confectioneries in the
state in response to high production costs. NAN gathered that the decision was reached at a recent meeting of the state chapter of the Association of Master Bakers and Caterers in Lokoja. Chief Gabriel Bamidele, chairman of the association in the state, told NAN in an interview on Saturday that as a result of the increase in the price of baking items, his members were left with no other choice. Bamidele hinted that the bakers had been incurring losses in recent times, adding that unless there was price increase, many bakeries in the state would be forced out of business. He said that given the present situation, there was no going back on the decision as they could not afford to continue operating at a loss. “The decision became expedient given the fact that prices of items like flour, sugar, yeast, vegetable oil and other items required for baking have skyrocketed. “The truth is that many of us have been merely struggling to stay in business. Our profit margins as bakers are increasingly getting slim. “The only way to remain in business is to have marginal increase in the price of our products”, he said. On the percentage of the expected increase in price, Bamidele declined to be specific but assured that it was not going to be significant. He said that it would not go beyond the reach of the common man, adding that unreasonable price increase would have an adverse effect on their market. He said that Kano State branch of the association only recently embarked on strike action and caused scarcity of bread in the state, but added that Kogi bakers did not consider the Kano option as feasible. www.pmnewsnigeria.com/2016/02/13/bakers-resolve-to-hike-price-of-bread/ |
Nigerian Air Force has disclosed that it has discovered locations where the Chibok girls are being held captive by the Boko Haram sect. Director of Public Relations of the Air Force, Group Captain Ayodele Famuyiwa, told Channels Television that the areas cannot be attacked for safety of the girls. He said recent aerial bombardment was aimed at the logistics base of the Boko Haram sect. He said: “We have no fears that the girls are not there because that particular location has been under surveillance for quite a while and we suspected maybe it’s a kind of ammunition depot or maybe a workshop that they are using as their logistics place. “Once you take off the logistics base, of course you gradually weaken the resolve of the enemy to be able to prosecute any campaign.” On the use of Unmanned Aerial Vehicles (UAV)m he said, the machines “have the capability to be airborne for up to eleven hours and they are quite cheap to maintain. “So, we have been able to employ the UAV to a great extent to carry out reconnaissance and surveillance basically for intelligence gathering on the activities of the Boko Haram.” Famuyiwa added that the drones have helped the Air Force to understand the terrorists’ pattern of movement and “how to be able to counter them should they want to strike or spring any surprise”. dailypost.ng/2016/02/13/air-force-locates-areas-chibok-girls-are-being-held-by-boko-haram/ |
Rivers State Governor, Nyesom Ezenwo Wike has declared that his administration will support the conduct of free and fair legislative rerun elections by the Independent National Electoral Commission, INEC, in the state. He was, however, quick to warn that manipulators will be dealt with decisively. The governor stressed that people of the state will resist any attempt to rig the forthcoming rerun elections with the aim of subverting the will of the people. Governor Wike spoke on Friday at the Government House, Port Harcourt when he granted audience to the new Resident Electoral Commissioner of INEC in Rivers State, Elder Ikoiwak Aniedi. The governor said: “You must have heard me say, which some people have taken out of context. I want to repeat what I said. We will support anybody that comes to conduct free and fair elections. If anybody has at the back of his mind that he is coming to do the bidding of a particular political party or interest group or that he is coming to the state to impose candidates on the state or rig election, the people will resist. Of course, you know what that means. “You have said it here that it is the duty of the people to elect their representatives. It is not the duty of INEC and it is not the duty of security agents to impose candidates on our State. Your duty is to conduct free and fair elections and we want to believe that INEC will conduct free and fair elections “. Speaking further, Governor Wike said: “The ruling party at the Federal level has boasted severally how they will use INEC and security agencies to manipulate the rerun elections. Don’t allow any security agency to teleguide you because we have told our people that everybody should be firm, everybody should be ready. We will not take any chances, we will follow materials bumper to bumper. We will make sure we have agents in all areas”. The governor urged INEC to ensure that the forthcoming rerun elections in the state are conclusive. Governor Wike called on the INEC Resident Electoral Commissioner to seek the opinion of the commission’s legal department on the legal implications of the rerun elections which will hold on 19th March, 2016, long after the three months stipulated in the Electoral Act and the judgment of the Court of Appeal. He said that the new Resident Electoral Commissioner was a man who understands the terrain of the state and has the capacity to conduct free and fair elections. Earlier, the Rivers State INEC Electoral Commissioner, Elder Ikoiwak Aniedi said that he paid the courtesy call to inform Governor Wike that rerun elections will hold in the state on 19th March for 3 Senatorial Districts, 12 Federal Constituencies and 22 State Constituencies. Elder Aniedi applied for the governor’s approval for INEC to use state schools for the elections from March 18 to March 20, 2016. He assured the people of the state that INEC will conduct free and fair elections in line with the law. He added that the commission will work with security agencies to ensure peaceful polls. http://dailypost.ng/2016/02/12/rivers-re-run-elections-we-will-follow-materials-bumper-to-bumper-wike-warns-rigging-will-be-resisted/ |
The Justice Okon Abang-led Federal High Court, Abuja on Wednesday frowned at the action of the Economic and Financial Crimes Commission, EFCC where it issued a press release on the current trial involving the National Publicity Secretary of the Peoples Democratic Party PDP, Olisa Metuh, without being objective enough. The court made its stance known at the resumed hearing of the case of human rights violation brought against the anti-graft agency by the embattled PDP spokesman. Metuh had instituted a legal proceeding against the EFCC for detaining him illegally for two weeks; an action he claimed infringed his fundamental human right. At the resumed hearing, Metuh’s counsel, Adedioe, SAN, said his client was under trial by the court not by the EFCC or the press. Adedioe while urging the court to prevent the continued misrepresentation of court proceedings said, “It is your lordship that is trying Chief Metuh not the press or the EFCC. We should not justify what is not justifiable.” EFCC’s counsel, Constance Ugwu, in his reaction blamed the media for misrepresentation of court proceedings saying, “I know the press, they have the penchant for sensationalism. This is the problem we have in this country, they will hear what happens, go home and misinterpret.” DAILY POST recalls that that the spokesperson of the EFCC, Wilson Uwajeren had yesterday issued a press statement on the appearance of one of its prosecution witness, detective Junaid Sa’id in the case against Metuh. The statement was, however, perceived by Metuh’s counsels as one-sided, adding that it misrepresented the court proceeding. The legal team of the embattled PDP spokesman are complaining that the EFCC, which is a principal party in the case issued a press release on a current matter before the court and also hid certain facts disclosed in the court which included, Sa’id’s testimony where he said that Metuh never ate his statement while in custody of the commission. Metuh’s legal team also expressed displeasure over the fact that the EFCC’s statement did not reflect the fact that the prosecution witness also read out a section in the Office of the National Security Adviser, ONSA, document wherein it was stated that the N400m payment to Metuh followed due process. In his ruling, Justice Abang ordered that the matter be brought up during the continuation of the criminal matter. dailypost.ng/2016/02/10/armsgate-efcc-escapes-court-wrath-for-releasing-press-statement-on-metuhs-case/ |