IMF Thumbs Up For Nigeria’s Economy, Says “It’s Recovering”

April 3, 2019

The International Monetary Fund (IMF) has said that the Nigerian economy is recovering with increased Gross Domestic Product (GDP) and falling inflation at the end of 2018.

The Executive Board of the IMF, who said this in a report at the conclusion of the Board’s consultation with Nigeria, said: “Nigeria’s economy is recovering.”

In the report, according to a statement issued in Washington, DC by a spokesperson for the Fund, Lucie Fouda, the Fund noted: “real GDP increased by 1.9 per cent in 2018, up from 0.8 per cent in 2017, on the back of improvements in manufacturing and services, supported by spillovers from higher oil prices, ongoing convergence in exchange rates and strides to improve the business environment.

“Headline inflation fell to 11.4 per cent at end-2018, reflecting declining food price inflation, weak consumer demand, a relatively stable exchange rate and tight monetary policy during most of 2018, but remains outside of the central bank’s target range of 6-9 per cent.

“Record holdings of mostly short-term local debt and equity and a current account surplus lifted gross international reserves to a peak in April 2018, while the three-times oversubscribed November 2018 Eurobond helped cushion the impact of outflows later in the year.”

IMF said, however, that persisting structural and policy challenges continue to constrain growth to levels below those needed to reduce vulnerabilities, lessen poverty and improve weak human development outcomes, such as in health and education.

The Fund said that a large infrastructure gap, low revenue mobilisation, governance and institutional weaknesses, continued foreign exchange restrictions, and banking sector vulnerabilities were dampening long-term foreign and domestic investment and keeping the economy reliant on volatile oil prices and production.

“Under current policies, the outlook remains therefore muted. Over the medium term, absent strong reforms, growth would hover around 2½ per cent, implying no per capita growth as the economy faces limited increases in oil production and insufficient adjustment four years after the oil price shock.

“Monetary policy focused on exchange rate stability would help contain inflation but worsen competitiveness if greater flexibility is not accommodated when needed. High financing costs, on the back of little fiscal adjustment, would continue to constrain private sector credit, and the interest-to-revenue ratio would remain high.

“Risks are moderately tilted downwards. On the upside, oil prices could rise, prompted by global political disruptions or supply bottlenecks. Bold reform efforts, following the election cycle, could boost confidence and investments, especially given relatively conservative baseline projections.

“On the downside, additional delays in reform implementation, a persistent fall in oil prices, reduced oil production, increased security tensions, or tighter global financial market conditions could undermine growth, provoke a market sell-off, and put additional pressure on reserves and/or the exchange rate.”

The Executive Directors, in their assessment, welcomed Nigeria’s ongoing economic recovery, accompanied by reduced inflation and strengthened reserve buffers.

They noted, however, that the medium-term outlook remains muted, with risks tilted to the downside.

In addition, long standing structural and policy challenges need to be tackled more decisively to reduce vulnerabilities, raise per capita growth, and bring down poverty, they said.

Directors, therefore, urged the authorities to redouble their reform efforts, and supported their intention to accelerate implementation of their Economic Recovery and Growth Plan.

They welcomed the Nigerian authorities’ tax reform plan to increase non-oil revenue, including through tax policy and administration measures.

They stressed the importance of strengthening domestic revenue mobilisation, including through additional excises, a comprehensive Value Added Tax reform, and elimination of tax incentives.

Securing oil revenues through reforms of state owned enterprises and measures to improve the governance of the oil sector will also be crucial, they said.

Directors highlighted the importance of shifting the expenditure mix toward priority areas.

They welcomed, in this context, the significant increase in public investment but underlined the need for greater investment efficiency, while also recommending increasing funding for health and education.

They noted that phasing out implicit fuel subsidies while strengthening social safety nets to mitigate the impact on the most vulnerable would help reduce the poverty gap and free up additional fiscal space.

With inflation still above the Central Bank target, Directors generally considered that a tight monetary policy stance is appropriate.

They also urged ending direct Central Bank intervention in the economy to allow focus on the central bank’s price stability mandate.

Directors commended the authorities’ commitment to unify the exchange rate and welcomed the increasing convergence of foreign exchange windows.

They noted that a unified market based exchange rate and a more flexible exchange rate regime would support inflation targeting.

Directors also stressed that elimination of exchange restrictions and multiple currency practices would remove distortions and facilitate economic diversification.

They welcomed the decline in nonperforming loans and the improved prudential banking ratios but noted that restructured loans and undercapitalised banks continue to weigh on financial sector performance.

Directors also recommended establishing a credible time bound recapitalisation plan for weak banks and a timeline for phasing out the state backed asset management company AMCON.

Directors urged the authorities to reinvigorate implementation of structural reforms to diversify the economy and achieve the Sustainable Development Goals.

They pointed to the importance of improving the business environment, implementing the power sector recovery programme, deepening financial inclusion, reforming the health and education sectors, and implementing policies to reduce gender inequities.

Directors welcomed improvements in the quality and availability of economic statistics and encouraged continued efforts to address remaining gaps, including through regular funding.

Source: NAN.,

PDP Describes APC, Others As Oppressive Forces, As Gov Wike Wins Re-Election In Rivers

Editorial staff

April 3, 2019

The Peoples Democratic Party (PDP) describes the ruling All Progressives Congress (APC) and the African Action Congress (AAC) and “compromised security agencies” as oppressive forces.

Reacting to the re-election today, Wednesday, of Governor Nyesom Wike in the Rivers Governorship election, the PDP said: “Governor Wike’s record 700,000 votes margin of victory over the disgraced combined anti-people forces of the All Progressives Congress (APC) and the African Action Congress (AAC) and compromised security agencies speaks volume of the resilience of the people of Rivers State in the face of intimidations, harassment and manipulations by oppressive forces.

“The victory reinforces the confidence of the people in the resoluteness of asserting their democratic choice of leadership as well as standing in defence of their mandate to the end.”

A statement today, Wednesday by the PDP spokesman, Kola Kola Ologbondiyan said that governor Wike’s victory had demonstrated that the will of the people “will always prevail against every form of suppression as were eminently manifested in the desperation by the APC leaders, particularly, the Minister of Transportation, Rotimi Amaechi, to forcefully and violently take over control of the state against the wish of the people.”

The party remembered those who were killed “by agents of the oppressors during the election,” adding that they did not die in vain.

“And those who shed their innocent blood will surely be brought to book.”

Nigeria Immigration Boss Angry With Politicians, ‘Big Men’ Defying Checks At Borders

Editorial staff

April 3, 2019

Nigeria Immigration Service boss, Muhammad Babandede

The Comptroller-General of Immigration, Muhammad Babandede, is angry with big time politicians and those he called ‘big men’ who are in the habit of passing through the borders without submitting themselves to checks.

“There are people who cross our borders without appearing before immigration. In recent time, some politicians and big men think they can pass through the borders without passing through immigration officers.

“It is an offence under the Act, you are liable to punishment regardless of whoever you are. You and the officer involved will be prosecuted because officers don’t have immunity, because it is a law that a person must present himself and pass through immigration.”

The Immigration boss, who spoke in Abuja during the decoration of 14 Assistant Comptrollers-General (ACGs) who were recently promoted, admitted that politicians have been evading immigration checks lately even as he vowed that such would no longer be tolerated as any officer or “big man” caught would face stiff punishment.

Babandede disclosed that 15 persons who falsely claimed to have lost their e-passports are being prosecuted.

He advised the new ACGs, the CG to be more dedicated and supervise those who are working under them.

“You must be very vigilant and watch people who cross our borders.”

Outbreak Of Meningitis: 8 Die In Niger State

Editorial staff

April 3, 2019

No fewer than eight people have been reported dead in Borgu Local Government Area of Niger State as a result of the outbreak of cerebrospinal meningitis, which is usually caused by hot weather.

The Executive Director in the State Primary Health Care Development Agency (PHDA), Usman Ndanusa, who confirmed the development in an interview with the News Agency of Nigeria (NAN) today, Wednesday, in Minna, the State capital, admitted that the agency has not done cerebrospinal meningitis immunization this year because of lack of vaccine.

Ndanusa, who is a Pharmacist, listed Magama, Borgu, Agwara and Mariga Rijau local government areas as the flashpoints of the disease, even as only Borgu has so far lost eight people to the scourge from March till date.

He said that the only thing the Agency has embarked on now is the sensitization of the people to prevent the disease from spreading to neighbouring local government areas.

“The agency has carried out sensitization to market places, garages and Local Government Areas,” he said.

“While we are awaiting the federal government intervention for the vaccine, we are calling on all and sundry to live a healthy lifestyle while the heat lasts.”

Ndanusa said that it is absurd that the disease keeps on claiming lives annually because people see it as a jinx or evil spirit that can be handled traditionally instead of by orthodox medicine, even as he called on residents to prevent the disease by living a healthy lifestyle.

“A rich immune system can help prevent an infection from the viruses and bacteria that cause meningitis.

“People should strive to eat fresh fruits and vegetables, whole grains and lean proteins aside this, good exercise is very necessary as well as regular bath.”

Ndanusa advised the people to drink plenty of water and try to get quality sleep by making sure their houses are well ventilated.

Kogi Government In Macabre Dance, By Sufuyan Ojeifo

Editorial staff

April 3, 2019

Still smarting from the national embarrassment of topping the odious table of states that have not been able to keep fidelity to payment of workers’ salaries, which are in arrears of many months, Kogi State is once more in the news. Again, for the very wrong reason! The three arms of government that should be meeting minds on how to ensure that salaries are paid are locked in a macabre dance.

Governor Yahaya Bello has a beef with the Chief Judge of the State, Justice Nasir Ajanah. Although, the executive alleges gross misconduct against Ajanah, the truth of the matter is that it substantially borders on ego trip. Bello, by the way is the executive governor and that makes him the incumbent executive head. The administration of Kogi State under him is very well referred to as the Bello administration. Yet the State Government is not the exclusive preserve of the Executive arm.

To be sure, the government is a collective project in which the Executive, the Legislature (State House of Assembly) and the Judiciary are all independent and interdependent stakeholders. The three arms exercise the power of checking and balancing one another within the ambit of the constitutional provisions so that no arm acts ultra vires of its powers.

I have devoted a substantial time to read up the development in Kogi, which actually began in December last year, but has now reached a head with a motion by the House of Assembly recommending the suspension of the Chief Judge; and my conclusion is that the matter should have been handled differently and in accordance with constitutional due process.

A grapevine had hinted that the State Governor and the Chief Judge fell out with each other when the latter rebuffed the former’s decision to subject him and the judiciary to the ridiculous level of drawing their salary across the table in the guise of auditing staff (salary) payment. The Chief Judge rebuffed that. That resulted in other decisions including alleged suspension of the monthly subventions to the Judiciary and other perks of office. These and others are, however, are at the level of small talks.

But the official narrative that is in the public domains and which I have decided to relate with is the alleged indictment of the Chief Judge by the House Committee on Public Accounts on the basis of its consideration of the State Auditor-General’s reports on the 2016 Financial Statements (Budget performance, analysis on personnel cost, overheads, capital expenditure and revenue performance of Kogi State for the year ended December 31, 2016).

This understandably was the connection of the State House of Assembly, under the speakership of Prince Matthew Kolawole, with the Governor Bello-Justice Ajanah conflict. In a situation of partisan frenzy, a finger of guilt had been pointed at the Speaker for colluding or acting in cahoots with the Governor in a desperate bid to suspend the Chief Judge. There had been a preemptive court action to restrain the execution of the plot and, interestingly, the other party had through proxy petitioned the Chief Judge to the National Judicial Commission (NJC).

The court angle was the right of the Chief Judge to exercise in self preservation while the NJC angle was the Chief Judge’s hurdle that must obligatorily be crossed without any element of culpability. The petition to the NJC remains the best approach to adopt for its procedural correctness as constitutionally prescribed. But, perhaps, Governor Bello considered the NJC process dilatory and too decent.

Did he therefore convince himself that Justice Ajanah should be ignominiously treated? Current developments in the State would appear to validate the supposition. Consider the adoption of the motion by the Kogi State House of Assembly on Tuesday, April 2, 2019, purporting to recommend the suspension/removal of the Chief Judge from office: it is, without a doubt, a violation of a subsisting interim order by a Kogi State High Court that restrained the Governor, the Speaker and the House of Assembly from doing anything or taking any further step in the matter pending the determination of the suit.

The suit was filed by the Chief Judge and Chief Registrar of Kogi State High Court and the order referred to supra was made on December 13, 2018 at the behest of counsel to the Chief Judge with the concurrence of defendants’ counsel. According to reports, the said interim order was further renewed on February 4, 2019 by common consent of counsel of both parties. The originating summons was fixed for definite hearing on March 11, 2019 but had to be adjourned to April 30, 2019 due to the ill-health of the presiding judge.

Besides, a member of the House of Assembly, Hon. Haruna Idoko, had drawn the attention of the Legislature to the subsisting order, restraining the Governor and the House of Assembly from doing anything whatsoever on the matter but he was reportedly overruled by the Speaker, a move that reinforced the claim of Speaker’s collusion with the incumbent Executive head. The Speaker had gone ahead to approve the illegal recommendation in the face of the subsisting order and the legal provisions.

As I had noted earlier, the NJC had already been seized of the facts of the matter via a petition purportedly authored by the Executive arm. The petition was submitted to the NJC in December 2018. It would have been neater and tidier if the Governor had waited for the outcome of the NJC’s investigation into the matter. By sidestepping the NJC that is constitutionally vested with the powers of investigation and recommendation of sanctions against judicial officers who are guilty of constitutional infractions, the Executive and Legislature in Kogi cannot escape essential indictment as conspirators in the plot to subjugate and humiliate Justice Ajanah, nay the entire Judiciary, because he is an emblematic representation of the institution.

Indeed, the real culprits in the macabre dance that is playing out in Kogi State presently are the State Governor and the Speaker of the House of Assembly. And the victim of their reckless and rascally action is Justice Ajanah, who has the law on his side, having acted within its ambits and submitted to the observance of due process. He must necessarily deploy the magnitude of the law and constitutionalism in clearing his name.

To acquit himself on this score, he must, beyond reasonable doubts, dismantle all the wild, concocted and vindictive allegations against him. This is the trajectory that he must successfully chart and, at the end of the road, be found to be above reproach like Caesar’s wife. Justice Ajanah, before you are history and posterity. Will history remember you and posterity adjudge you as that man that was assailed by the conspirators with a cocktail of falsehood but overcame them all? Time will tell.

Ojeifo, editor-in-chief of The Congresswatch magazine, contributed this piece from Abuja via ojwonderngr@yahoo.com

Adeleke Describes Court Judgment On Forged Certificate As ‘Purchased Ruling’

Editorial staff

April 3, 2019

Embattled governorship candidate of the Peoples Democratic Party (PDP) in Osun State, Senator Ademola Adeleke has kicked against what he called ‘flawed Bwari Judgment,’ describing it as ‘a purchased ruling, designed to negatively affect the outcome of Osun governorship judicial process.’

In a statement today, Wednesday for his Campaign Organization, Niyi Owolade, the governorship candidate made it clear that the judgment alleging certificate against him and therefore his being disqualified on the basis of such judgment cannot stand.

According to him, the judgment subverted justice by ignoring four critical evidences to rule against validated facts and submissions.

“While we are set to appeal the judgment, we also find it compelling to put the records straight by listing out the fatal flaws in the ruling and why it cannot stand before any court.

“It would be recalled first of all that the matter in question has been addressed by two High Courts’ ruling, affirming that in the face of the constitution, Senator Ademola Adeleke is qualified to run for the governorship office. The two rulings delivered in September 2018 held that Senator Adeleke satisfied all requirements of the law to contest for office. It is trite in law that once a court of coordinate jurisdiction has ruled on a matter, court of similar jurisdiction cannot entertain it. Shockingly, the Bwari judge breached this precept to subvert justice.

“Secondly, we want to note that the judge further erred in law by failing to take note of the expiration of 180 days for ruling on pre-election matters. Even when a December 2018 judgement with respect to the issue was presented, the judge chose to ignore it. We note that the judge violated the law by adjudicating over a matter whose filing and hearing period has expired.

“Thirdly, the West African Examination Council was also subpoened by the court at the instance of the two APC plaintiffs (working covertly with some moles within PDP) to present evidence of facts that Senator sat for the WASC Exams. The council produced the listing of all students who sat for the May/June examination in 1981 alongside the Senator in addition to the certified true copies of his school certificate result.

“From the evidence produced by the Council, it is crystal clear that Senator Ademola Adeleke was indeed educated beyond the minimum requirement of “up to secondary school level” as stipulated by law and therefore qualified to run for the office of governor in accordance with section 177 (D) of 1999 CFRN (as amended). Not withstanding, the judge still went ahead to rule otherwise.

“The only statutory body empowered by law to determine authenticity of a secondary results is the West African Examination Council and they confirmed the authenticity of Senator Adeleke’s result by producing a CTC of the same result. What evidence did the judge therefore base his ruling on?

“Fourthly, the plaintiffs shocked by WAEC’s testimony, again subpoened the school principal to appear in court to produce evidence of facts as well as to confirm the authenticity of the statement of results. The principal appeared and confirmed that the statement was genuinely issued by the school and that any error noticed on the statement was that of the school,not that of Senator Adeleke. The school did not at any point disown the statement of results.The school owned up to the error which was not about forgery.

“From the foregoing ,we affirm that today’s judgement of the Bwari court is a travesty of justice, a purchased ruling designed to negatively affect the outcome of Osun governorship judicial process.

“We declare unequivocally that the ruling being so glaringly against tested facts and the law cannot stand. It is also clear that the ruling cannot in anyway stop the reality that Senator Ademola Adeleke fulfilled constitutional requirements to be Governor of Osun State.

“We appeal to our numerous supporters and good people of Osun state to remain calm

This is another failed bid in the efforts of detractors and enemies of democracy. Senator Ademola Adeleke is not only qualified but by the grace of God will soon be sworn in as the legitimate Governor of Osun State.

Crime Has No Ethnic Face, By Fredrick Nwabufo

Editorial staff

April 3, 2019

Jelani Aliyu is an engineer and automobile designer. He is celebrated for the design of Chevrolet Volt, an auto brand of General Motors. And he is from Sokoto state. He is one of the Nigerians painting the US automobile design industry “green-white-green”.

Seyi Oyesola is a Nigerian from the southwest. He is celebrated for the co-invention of the CompactOR, better known as the ‘hospital in a box’ – a portable medical portmanteau containing anaesthetics and surgical equipment for health emergencies. His invention is a regarded as a breakthrough for medical practice in Africa.

Ndubuisi Ekekwe is a Nigerian from the southeast. He is known for the invention of microchips used in “minimally invasive surgical robots”. He has other inventions in his portfolio, including a patented microchip for iPhone.

These Nigerians are celebrated globally for their contributions to science, technology and medicine. And they come from the north, east and west of the country. And there are many other Nigerians around the world achieving great feats and pushing the frontiers of human endeavour.

Naturally, the achievements of these individuals are counted for Nigeria and not for their “state of origin” or region. But why do some Nigerians stereotype an entire ethnic group for a crime committed by an individual or a group? Why is it so easy to assert negative fallacies like, “all Igbo are robbers; all Yoruba are fraudsters; all Fulani are terrorists, but it becomes a chore to acknowledge truer realities like, “Igbo are good inventors; Yoruba are great scientists, Fulani are exceptional thinkers and planners?”

Why do we define ourselves by the misdeeds of some stray hounds among us, but not by the great deeds of the lodestars around us? Why must we only seek to denigrate, tear down and abuse one another?

No ethnic group is in short supply of misfits, but where there is one prodigal child; there are 10,000 shining examples of obedience, morality and contentment.

Ethnic profiling and stereotyping is insidious. It survives long after the incident for which it is deployed. I think, it is a very corrosive form of hate speech. Sadly, some Nigerians, no matter how highly placed, submit themselves to the temptations of this vice.

Individuals commit crime, not the ethnic group. The motivations for crimes do not come from the ethos of any tribe, but from personal greed, debauchery and decadence. All ethnic groups in the country have a culture which abhors crime. The Igbo, the Yoruba and the Hausa cosmology extols the virtues of modesty, morality, hard work, fairness and justice.

Fredrick is a media personality.

Twitter: @FredrickNwabufo

Certificate Forgery: Court Disqualifies Adeleke As Osun PDP Guber Candidate

Editorial staff

April 2, 2019

An Abuja High Court has nullified the nomination of Senator Ademola Adeleke as candidate of the Peoples Democratic Party (PDP), in the September 22, 2018 governorship election in Osun state. The nullification was hinged on the authenticity of his secondary school education.

The court said that while its findings showed that Adeleke entered secondary school in 1976, there was no record to show that he actually graduated, as his name was no longer seen in the school’s register from 1980.

Delivering judgment today, Tuesday, in the suit filed by two chieftains of the All Progressives Congress (APC), Wahab Raheem and Adam Habeeb, Justice Oathman Musa annulled Adeleke’s nomination on the grounds that he, Adeleke, offended section 177 of the 1999 constitution as amended, which stipulates that candidates for the position of Governor must be educated up to secondary school level.

Justice Musa said that the result Adeleke attached to his form CF001 which he submitted to the Independent National Electoral Commission (INEC) was fake, as it was found to be different from the one presented to the court by the principal of Ede Muslim High School, Ede in Osun State.

Adeleke’s lawyer, Nathaniel Oke, has meanwhile, faulted the judgment of Justice Musa, on the grounds that the judge erred in law by going out of his way to source for evidence to arrive at his “unjust conclusion.”

Nigeria’s Economy: There’s Hope – Ex-Vice President Sambo

Editorial staff

April 2, 2019

Former Nigerian’s Vice President, Namadi Sambo, has expressed hope that measures being taken by the government of President Muhammadu Buhari will eventually lead to economic prosperity for the country.

According to him, government measures, which include the customs control on importation of goods and services that can be found or produced within the country is a major milestone towards building a strong economy.

Namadi Sambo, who spoke today at a seminar with the theme: “Consolidating Interface between Industry and Agriculture for Nigeria’s Sustainable Development” at the ongoing 40th Kaduna International Trade Fair in Kaduna, called on Nigerians to support to the ongoing efforts of the Federal Government to diversify the nation’s economy.

The former Vice President to President Goodluck Jonathan, who commended the government for improving Nigeria’s business environment, expressed optimism that current economic policies would lead to a stronger economy that was less dependent on oil.

He commended the theme of the seminar, adding that it highlighted the growing interest to strengthen the non-oil sector, especially industries and agriculture.

“It is my belief that the seminar will go a long way in generating ideas that will help to developing our private sector, thereby boosting the economic growth and development of our country,

“It is through these avenues that solutions will be developed for the factors that are militating against achieving our socio economic development plans.”

The former Vice President said that the full implementation of the local content policy and the patronage of the made in Nigeria products must be encouraged and supported by all Nigerians.

He urged Nigerians in both private and public sectors to be more proactive in the effort to strengthen the nation’s economy towards faster growth.

“It is through stronger collaborations that such policies will yield positive development towards building a greater nation.”

Namadi Sambo commended the Kaduna State government for supporting the Kaduna Chamber of Commerce, Mines and Agriculture, organisers of the International Trade Fair.

The state government support, he said, has created the enabling environment for trade and commercial activities to flourish in the state.

Tiv, Jukun Hostility Resurfaces: 3 Killed, 2000 Houses, 3000 Yam Tubers Burnt

Editorial staff

April 2, 2019

The old inter-tribal hostility between Tiv in Benue State and Jukun in Taraba State has resurfaced, leading to the killing of no fewer than three people, burning down of over 2,000 houses, 3,000 tubers of yam and personal belongings.

Chairman of Ukum Local Government council in Benue state, Ibellongo Tyokyaa who confirmed the incidence today, Tuesday, said the conflict between the youths of the two communities at the border town of Taraba and Benue States, broke out yesterday, Monday.

An eye witness, Paul Tyona told newsmen that what started like a minor disagreement snowballed into a bloody civil strife which resulted into killings and setting ablaze of houses from both tribes.

Tyona said that as at today, Tuesday, Jukun youths allegedly stormed a settlement called Atsenga and razed down over 2000 houses including 3000 tubers of Yams and personal belongings.

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