“I honestly don’t know how people sleep when workers have not been paid. The workers have to pay rent, buy food, send their children to schools and they have healthcare to take care of.”
President Muhammadu Buhari, who expressed such worry today, Friday, when he received in audience, the All Progressives Congress (APC) delegation from Benue State, led by Senator George Akume, said that the Federal Government’s bailout to states and Paris Club funds were basically to alleviate the sufferings of the people, describing misappropriations of such funds as unjust and unfair to workers.
The President told the APC delegation that the Federal Executive Council (FEC) has been monitoring the plight of workers across the country and utilization of the bailout and Paris Club funds by some states.
He vowed that leaders who have been undermining the economy by denying workers their benefits, while stuffing personal accounts with public funds will not escape the current anti-corruption dragnet.
“I assure you that my main interest is all Nigerians in all parts of the country. Therefore, if anybody who tries to create any impression that I prefer any group across ethnicity or religion let him dare me by being caught red handed stealing public funds. I will deal with him.”
“I thank you for your courage to come and see me. This visit has resuscitated our morale.”
President Buhari said that the Federal Government has made significant progress in diversifying the economy by investing in agriculture and encouraging more individuals and entrepreneurs to go into farming, pointing out that Nigeria would soon become self-sufficient in feeding its citizenry.
“We are proud of what we have achieved with resources at our disposal.”
He listed ongoing road, rail, sea port, airport and power projects as hallmarks of his administration’s commitment to improving lives.
President Buhari said that the Ministry of Agriculture and the Central Bank of Nigeria will be further motivated to work together and support all interested Nigerians to take up farming on commercial scale.
He noted that the killings across the country, including in Benue, Zamfara and Taraba, were carried out by “ungodly’’ people who have no religious or ethnic inclinations.
“We know about herders. The ones we knew carried sticks, and sometimes cutlasses to cut foliage for their cattle. We now have people who carry AK 47s and pretend they are herdsmen.
“We are working hard to secure our borders. We are going to see how the old cattle routes can be opened. We will control movement. Please beg our people to be patient.”
The President pointed out that security personnel were already uncovering the network of the killers and arresting them.
In his remarks, the leader of the delegation, Senator Akume said that the narrative in the state about the Federal Government is fast changing for the positive as more people have discovered the good intentions of President Buhari to secure lives and property, and alleviate poverty.
“Your Excellency, Mr. President, we know your commitment to Nigeria. We know how much you love the country and will be ready to die for the good cause.”
Senator Akume, who is a former governor of Benue State, told the President that APC members have started sensitization and mobilisation of voters for the 2019 elections, and that more people have accepted the party and its manifesto in the state.
He commended the President for the flag-off of the dualization of the Abuja-Keffi-Lafia-Makurdi road, calling for more attention to be paid to the Makurdi-Otukpo road and the water projects in Gboko and Otukpo.
“You have worked hard to stop herdsmen and farmers clashes in Benue. It is important to note that many people used religion and ethnicity to score cheap points. Religion was used in Benue for sinister purposes.”
On corruption, Senator Akume said the President has made significant difference by tackling perpetrators.
Aisha Buhari, wife of President Muhammadu Buhari has advised mothers across the country to break the culture of silence over violence being meted to their daughters.
The President wife, who lamented over the increasing rate of gender-based violence (GBV), especially against young women, stressed the importance of mothers reporting such cases.
Speaking today, Friday during an advocacy visit on #JusticeforOchanya by members of the FGGC Gboko Old Girls Association, at the Presidential Villa, Abuja, Aisha Buhari said that the unfortunate fate of Ochanya Ogbanje shows how women suffer high levels of risk at the family and community level, especially in the hands of close relations.
She noted that this barbaric culture, which destroys those who are supposed to be protected, is neither the culture of Nigeria nor that of African.
She said that protecting women and girls from all forms of violence is part of government’s obligation to protect life and property of citizens, as provided in the Violence Against Persons Prohibition (VAPP) Act of 2015 and the Child Rights Act of 2003.
She lamented the dearth of data on the trends, patterns, features and driving factors behind gender based violence, and called for the establishment of a tracking mechanism through a National Dash Board on Gender-Based Violence trends across the country to better track efforts at prosecuting and rehabilitating offenders, as well as compensating victims and their families.
She called on the Inspector-General of Police to expedite action on the arrest and prosecution of all those involved in the murder of Ochanya.
Leader of the team, Dr. Ngozi Azodo, said that the circumstances of Ochanya’s death has brought home the reality and magnitude of the sexual abuse of minors in our societies.
According to her, the biggest justice for Ochanya is the assured protection of every single child to ensure that never again, will another child, no matter their place in society, have to endure what Ochanya endured.
She commended the show of indignation by Nigerians over what happened to Ochanya and called for concerted action to end the evil trend.
She also called for the use of the platform of the 16 Days of Activism Against Gender-Based Violenceset aside by the United Nations, and commencing on the 25th November, 2018 in order to galvanize action to end violence against women and girls around the world.
President Muhammadu Buhari has sent the Minister of Defence, retired Brigadier General Mansur Dan-Ali, to Chad for an emergency meeting with the Chadian President, Idris Deby, on the renewed attacks by Boko Haram insurgents around the Nigeria–Chad border.
The News Agency of Nigeria reports that Dan-Ali had on Thursday, briefed President Buhari on security development across the country.
He also briefed him about the recent killings of some Nigerian soldiers by the Islamic West Africa Province, a break-away Boko Haram sect, operating along Nigeria–Chad border.
AFP had quoted security sources on November 21, saying no less than 44 soldiers were killed during the attacks, which occurred at Metele, a remote village bordering Nigeria and Chad.
Diplomatic sources, however, told NAN that the Minister of Defence would also be meeting his Chadian counterpart during his mission to Chad, to identify what had led to the recent increase in Boko Haram terrorism in the area.
The sources, who preferred not to be named, said: “Nigeria has a Chad problem in the Multi-National Joint Task Force put together to secure the Lake Chad Basin area and repeal the Boko Haram terrorism attacks against all the countries neighbouring the lake.’’
According to the sources, Chad is believed to have its own internal security challenges and this has reportedly led to their pulling away their troops manning their own border around Lake Chad.
“That lacuna is being exploited by the Boko Haram terrorists, who go in and out of Nigeria, Niger and Cameroon to launch terrorist acts.
“This is a clear illustration of the fact that terrorism is beyond national borders,” the sources added.
When contacted, the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, said he was aware that the Defence Minister would be going to Chad, but said: “I’m unaware of his mission there.’’
Former President Goodluck Jonathan has raised the alarm over a fake online version of his book, “My Transition Hours’’ which he launched to mark his 61st birthday on Tuesday.
In a tweet on Thursday, Jonathan said: “ We have just been informed that a fake document contrived by mischief makers is being passed on as the e-version and hard copy of the just launched ‘#MyTransitionHours’’’.
“ Also, note that the e-copy of #MyTransitionHours ’is not being marketed, as such, the fake online version could only have been created by those out to deceive the unsuspecting public.
“ We advise the general public to ignore such publication as the chapters and contents are not the same as the book publicly presented two days ago in Abuja. #MyTransitionHours,’’ Jonathan further tweeted.
1. We have just been informed that a fake document contrived by mischief makers is being passed on as the e-version and hard copy of the just launched ‘#MyTransitionHours‘. pic.twitter.com/NddYNR2QUT
As the cover of the book displayed to differentiate the true from the false version, he further threw more light on the difference.
2. We advise the general public to ignore such publication as the chapters and contents are not the same as the book publicly presented two days ago in Abuja. #MyTransitionHourspic.twitter.com/iYOr6sC9Vw
Jonathan in his book accused ex-President Barack Obama of U.S of pushing for his defeat in the 2015 Presidential election.
Jonathan said Obama took unusual step by “prodding the electorate to vote for the opposition” in the election.
“On March 23, 2015, President Obama himself took the unusual step of releasing a video message directly to Nigerians all but telling them how to vote,” Mr Jonathan wrote.
“In that video, Obama urged Nigerians to open the “next chapter” by their votes. Those who understood subliminal language deciphered that he was prodding the electorate to vote for the opposition to form a new government.”
Jonathan said that the message undermined Nigerians and smacked of hypocrisy.
“The message was so condescending, it was as if Nigerians did not know what to do and needed an Obama to direct them,” he said.
The former Nigerian leader added that although Obama, in his message, said “all Nigerians must be able to cast their votes without intimidation or fear,” his government was vehemently and publicly against the postponement of the elections to enable the military defeat Boko Haram and prevent them from intimidating voters.
“This was the height of hypocrisy!” Jonathan declared.
Jonathan’s grouse with Obama went beyond the video. He narrated in the book that the actions of the then U.S. Secretary of State John Kerry, especially his visit to Nigeria after the elections were rescheduled from February 2015 to March belied a plot to humiliate him.
This, he explained, was because even though the decision to postpone the elections was taken by INEC after a meeting of the Council of State, Kerry refused to accept that it was in the interest of the country and the electorate.
“In fact, John Kerry did not accept our reasons for the rescheduling.
“How can the U.S. Secretary of State know what is more important for Nigeria than Nigeria’s own government?
“How could they have expected us to conduct elections when Boko Haram controlled part of the North East and was killing and maiming Nigerians? Not even the assurance of the sanctity of May 29, 2015 handover date could calm them down. In Nigeria, the Constitution is very clear. No President can extend his tenure by one day.”
Despite the criticism that followed the decision to reschedule the election, Jonathan insisted that the decision was the right one and it paid off.
“Anyhow, the six weeks served us well. We received the military equipment we were expecting within that period and our Armed Forces commendably dealt a deserving blow on the terrorists and repossessed all territorial areas of Nigeria previously occupied by the terrorists. Boko Haram was deflated up to the point I handed over to my successor on May 29, 2015.
“We conducted the elections peacefully, even if there were issues raised about its fairness. At least, the nation was relieved that the election held peacefully and that there was no post-election violence.”
“The decision and announcement to postpone the elections were eventually made by the only body which could do so under the Constitution. I should talk briefly about the INEC here because of the insinuations that my administration muscled INEC to make the pronouncement. Of course, nothing could be farther from the truth as people came to realise.
“Yes, the posture of INEC could appear edgy, but it knew it was not ready and that the election was too important to mess up.
“The PVC shortage was everywhere. The lopsided collection of PVC caused an uproar that grew into a national din. The suspected housing of PVCs in the custody of non-INEC personnel was an issue.
There were also issues with card readers. All of these happening despite years of preparation and substantial funds made available. It was all building up to a perfect storm, but those were INEC’s problems which we were willing to help resolve.
“Even then, the security of our country was our job and the military advised as they deemed fit. Before the election was eventually rescheduled by INEC, I summoned all the Service Chiefs, the NSA, the Inspector General of Police (IGP), Director General of State Security (DG DSS), among others to get further information.
“Then I called a meeting of the Council of State and requested the heads of security services and the INEC chairman to attend. These were not apolitical, but at least they could rise above politics and represent the interest of the entire country.
“At the end of deliberations, it was agreed that the elections should be postponed for six weeks in order to create a safer environment for voters and officials on Election Day.
“Let me add that the Council of State comprises all former Presidents and Heads of State, all former chief justices of the federation, and all 36 serving State Governors who are from different political parties.
“The INEC was then directed to hold meetings with political parties while the NSA was to brief them on the security angle to the rescheduling.
“The vote in favour of the rescheduling was overwhelming. INEC thereafter announced the rescheduling of the election to the nation.
“I must add that beyond security concerns, one finds it difficult to understand how INEC or the political parties would want elections held at a time when more than 30% of the Nigerian electorate where yet to get their PVCs. This would have disenfranchised a significant portion of the electorate.
“The foreign pressure on the issue of election rescheduling was intense. They maintained the curious posture of one who had been deceived before and therefore had every reason to cede no credence to our position. But there was no reason to have such a posture.
“The United States and the United Kingdom were especially agitated. David Cameron, then the U.K. Prime Minister, called to express his concern about the election rescheduling, just as John Kerry came from the United States to express further worry. It was at best unusual and sobering. In fact, John Kerry did not accept our reasons for the rescheduling.
“It was unbelievable because at the back of our minds we knew why the agitation was beyond what meets the eye. There were deeper political interests.
“In attendance at the meeting of the Council of State where the decision to reschedule the election was taken were almost all the living former Heads of State of this country.
“That should have convinced John Kerry of the good intentions of the government. He cannot claim to love and defend Nigeria more than all our former heads of state present at the meeting. I have stated earlier how Kerry’s visit was designed to humiliate a sitting Nigerian President and clearly take sides in the country’s election.
“Anyhow, the six weeks served us well. We received the military equipment we were expecting within that period and our Armed Forces commendably dealt a deserving blow on the terrorists and repossessed all territorial areas of Nigeria previously occupied by the terrorists. Boko Haram was deflated up to the point I handed over to my successor on May 29, 2015.
“We conducted the elections peacefully, even if there were issues raised about its fairness. At least, the nation was relieved that the election held peacefully and that there was no post-election violence,” Jonathan stated in his book.
Nigeria Police have vowed that despite the death of a 30 year old sectional gang leader in the deadly Offa robbery in Kwara State, Michael Adikwu, the Senate President, Dr. Bukola Saraki who was indicted in the incidence will not escape prosecution.
Michael Adikwu, a dismissed police man was said to have confessed before he died that he had killed 22 persons, including pregnant women and Nine police personnel during Offa Bank robbery.
In a statement today, the Force Public Relations Officer, Jimoh Moshood said that the death of the principal suspect “cannot vindicate the Senate President, Senator Bukola Saraki; the law must take its course. Evidence from the Five (5) suspects now in Court are enough to prosecute the Senate President, Senator Bukola Saraki.”
The police spokesman confirmed that all the five suspects that indicted and implicated Senator Bukola Saraki, are still alive and now in Court, even as he condemned what he called “innuendo” in the media attributed to Senator Saraki about the death of the principal suspect.
“The Nigeria Police Force is conversant and mindful of contempt of Court in commenting on cases already before the Court of competent jurisdiction, however, the Force is constraint and compelled to respond to the statement from Mr. Yusuf Olaniyonu, Special Adviser (Media and Publicity) to the Senate President, Senator Bukola Saraki and not on the Court processes and proceedings on the case of Offa Bank Robbery for which Five (5) principal suspects are now standing trial in a State High court in Ilorin, Kwara State.
“For avoidance of doubt, and to correct the insinuations and wrong impressions created by the statement from Mr. Yusuf Olaniyonu, Special Adviser (Media and Publicity) to the Senate President, Senator Bukola Saraki in the minds of members of the public over the indictment and involvement of the Senate President, Senator Bukola Saraki in the case of the Offa Bank Robbery of 5th April, 2018, from the confessions of the Five (5) gang leaders namely; Ayoade Akinnibosun, Ibukunle Ogunleye, Adeola Abraham, Salawudeen Azeez, Niyi Ogundiran arrested for direct involvement and active participation in the Offa Bank Robbery and the gruesome killing of THIRTY THREE (33) innocent persons, the Senate President, Senator Bukola Saraki was indicted by the Five (5) suspects who admitted in their confessional statements to the Police investigators that they were political thugs of the Senate President, Federal Republic of Nigeria, Sen. Bukola Saraki and the Executive Governor of Kwara State, Alh. Abdulfatah Ahmed.
“The Five (5) gang leaders further confessed during investigation that they are political thugs under the name Youth Liberation Movement a.k.a “Good Boys” they also admitted and confessed to have been sponsored with firearms, money and operational vehicles.
i. Lexus RX 300 Jeep with Reg. KWARA, KWA 143 RM with inscription SARAKI on a sticker attached to the vehicle
ii. Mercedes Benz Compressor Reg. LAGOS, LT 496 KJA, these two (2) Vehicles were used for the Offa Bank Robbery by the Five (5) gang Leaders. The first vehicle was later registered after the Offa Bank Robbery to divert attention while the suspects were in detention. These confessions were made before the media and the public on the 3rd of June, 2018. It is therefore, evidently clear that the Senate President, Sen. Bukola Saraki has case to answer in the whole matter.
“It was also discovered during investigations that three (3) gang leaders who participated actively in the Offa Bank Robbery (i) Ayoade Akinnibosun aka AY (ii) Ibukunle Ogunleye aka Arrow and (iii) Adeola Abraham followed the Senate President, Sen. Bukola Saraki to Oloffa’s Palace when the Senate President paid a condolence visit to Offa after the Bank Robbery.
“Further investigation into the matter revealed that all the Five (5) gang leaders namely; Ayoade Akinnibosun, Ibukunle Ogunleye, Adeola Abraham, Salawudeen Azeez, Niyi Ogundiran have direct connection to the Senate President, Sen. Bukola Saraki as a picture of one of the five (5) gang leaders when paraded by the Police was in ‘Aso Ebi’ (trouser) used during the Senate President daughter’s wedding. The Five (5) gang leaders further admitted that they attended the Senate President daughter’s wedding held in Abuja.
“Consequent on all the above, a thorough and discreet investigation was concluded by the Police into the matter and all the Five (5) gang leaders namely; Ayoade Akinnibosun, Ibukunle Ogunleye, Adeola Abraham, Salawudeen Azeez, Niyi Ogundiran arrested for direct involvement and active participation in the Offa Bank Robbery that indicted and implicated Senator Bukola Saraki, Senate President Federal Republic of Nigeria in the Offa Bank Robbery are alive and now in Court.
“Michael Adikwu ‘M’ 30Yrs (A Dismissed Police Man and an Ex- Convict) who confessed to have killed Twenty Two (22) persons including pregnant women and Nine (9) Police personnel and carted away of Twenty Two (22) AK 47 Rifles at the Offa Police Divisional Headquarters during Offa Bank Robbery on the 5th April, 2018 was among the Three (3) gang leaders captured on CCTV footage and later arrested. Michael Adikwu ‘M’ 30Yrs was not paraded along with the Five (5) gang leaders now standing trial because he was taken out to arrest other members of the gang and recover the Twenty Two (22) AK 47 Rifles carted away during the Offa Bank Robbery.
“Michael Adikwu ‘M’ 30Yrs was not murdered but slummed and died in detention while investigation into the Offa Bank Robbery was ongoing. It is also important for the public to know that the deceased Michael Adikwu ‘M’ 30Yrs was not among the Five (5) gang leaders that indicted and implicated the senate President, Senator Bukola Saraki, therefore, his death cannot in anyway vindicate Senator Bukola Saraki. There is a post-mortem examination result in respect of the death of Michael Adikwu ‘M’ 30Yrs.
“The indictment of the Senate President, Senator Bukola Saraki from the confessions of the Five (5) gang leaders namely; Ayoade Akinnibosun, Ibukunle Ogunleye, Adeola Abraham, Salawudeen Azeez, Niyi Ogundiran arrested for direct involvement and active participation in the Offa Bank Robbery was not politically motivated as alleged by Mr. Yusuf Olaniyonu, Special Adviser (Media and Publicity) to the Senate President, Senator Bukola Saraki to the media, but purely criminal case.
“It should be of serious concern to all, that human life is sacrosanct and where investigation has been concluded and suspects arraigned in Court, judicial process must be exhausted and not hindered for the law to take its course in ensuring justice for the families of more than Thirty Three (33) innocent persons including pregnant women that were gruesomely murdered in cold blood by Michael Adikwu and the Five (5) gang leaders Ayoade Akinnibosun, Ibukunle Ogunleye, Adeola Abraham, Salawudeen Azeez, Niyi Ogundiran arrested, investigated and currently standing trial for direct involvement and active participation in the Offa Bank Robbery, than for any individual(s) or any group to attempt futile efforts and desperate distractions to pervert the end of justice is most unfair to the families of the deceased, the State and the society at large.
The Central Bank of Nigeria Monetary Committee has recommended that the apex bank’s anchor borrowers should be extended to other agricultural products such as fish and palm oil.
“The Committee called on the CBN to extend the success recorded under the Anchor Borrowers Programme to other items, including fish and palm oil, etc by introducing more stringent measures to curb access to foreign exchange for products that can be produced within Nigeria.”
These recommendations emanated from a communiqué issued by the Committee at the end of its meeting today, Thursday.
The committee believed that although the domestic economy was recovering modestly from recession, but that the recovery was tepid and efforts should be stepped up to strengthen aggregate output and demand. The Committee therefore advised the CBN to deepen and broaden access to finance to high employment elastic sectors with particular emphasis on small and medium scale enterprises.
Part of the communiqué reads thus:
“The Monetary Policy Committee (MPC) met on the21stand 22ndof November, 2018, amidst a resurgence ofglobal inflationary pressures, increased fragilities in the global financial markets, weakening crude oil prices, continuous capital flow reversal and moderate currency depreciations, especially in the emerging markets as well as a strengthening US dollar and subdued global economic growth outlook. The Committee appraised recent developments in the global and domestic macroeconomic and financial environments, as well as the economic outlook for the first half of 2019.In attendance were eleven (11) members of the Committee.
Global Economic Developments
The Committee noted the contraction in global output, underpinned largely by escalating trade tensions resulting in widespread uncertainty and waning investor confidence. Consequently, global growth in 2018 has been downgraded to 3.7 per cent from the earlier projection of 3.9 per cent. Growth softened in major advanced economies in the third quarter of 2018.In the Emerging Markets and Developing Economies (EMDEs),growth remained divergent, reflecting a combination of country-specific factors.
Thus, growth in the advanced economies is expected to remain at 2.4 per cent in 2018, supported by strong output growth in the US projected at 2.9 per cent. The U.S. expansionary fiscal stance, strong wage growth and continued inflow of capital into U.S. dollar denominated assets, are expected to provide the impetus for growth. In the United Kingdom, growth remained weak, hampered by uncertainties around Brexit negotiations. Growth in the Euro Area, projected at 2.0 per cent, appears to be subdued by low domestic aggregate demand amidst relatively high unemployment and reduced global trade .In the Emerging Markets and Developing Economies, growth was revised downwards to 4.7 per cent from the earlier projection of 4.9 per cent, largely in anticipation of a slowdown in China as the country is confronted with an adverse external trade environment.
Overall, the downside risks to global economic activity remained: elevated financial fragilities and policy uncertainties, the gradual erosion of rule-based multilateral trading system, tighter financial conditions with latent disruptive portfolio adjustments, increased capital flow reversals with potentials for heightened exchange rate depreciation and some volatility, fiscal fragilities and increased debt burden, geo-political tensions and increasingly depressed aggregate demand in some countries. These factors will continue to shape developments for the rest of 2018 and into 2019.
The MPC also noted that monetary policy in most advanced economies, particularly the US, continued on a path of normalisation in view of strong wage growth and declining unemployment. The Bank of England hiked its policy rate in August 2018, while the European Central Bank (ECB)has given guidance to terminate its asset purchase programme in December 2018. The Committee was concerned that these developments will in the medium term, accentuate capital flow reversals from emerging and developing economies, including Nigeria.
Domestic Output Developments
The Committee noted the positive outlook for output growth, evidenced by the Manufacturing and Non-manufacturing Purchasing Managers Indexes (PMI), which stood at 56.8 and 57.0 index points, respectively, in October 2018, indicating expansion for the 19th and 18th consecutive months. This was attributed to the stability in the foreign exchange market, implementation of the 2018 capital budget and the on-going intervention of the Central Bank of Nigeria (CBN) in the real sector of the economy. However, the recent incidence of flooding across the country and the impact of herdsmen attack on farming communities could affect output growth for the rest of the year.
Overall, the Committee believes that, even though output recovery remains fragile, the effective implementation of the 2018 capital budget, relative improvements in power supply, progress with counter-insurgency in the North-East and sustained intervention by the CBN in the real sector, will improve the investment climate and reduce unemployment. Consequently, the MPC reaffirmed its support for all initiatives designed to stimulate domestic output growth.
Developments in Money and Prices
The Committee noted that broad money (M2) grew by 6.52 per cent in October 2018 over its level at the end-December 2017; and annualised to a growth rate of7.82 per cent, which was below the provisional benchmark of 10.48 per cent for 2018.The growth in M2 was largely due to the significant growth in Net Foreign Assets (NFA) which grew by 20.71 per cent in October 2018, annualised to 24.85 per cent which is above the 2018 provisional growth benchmark of 14.50 per cent. Credit to Government and Net Domestic Credit (NDC) expanded by 7.43 and 2.71 per cent, annualized to 8.92 and 3.26 per cent, respectively; but below the annual benchmark of 13.10 and 17.40 per cent, respectively. Credit to the private sector grossly underperformed as it grew by 1.94 per cent, annualised to 2.33 per cent, below the 2018 benchmark of 12.40 per cent. The underperformance of the monetary aggregates was of concern to the MPC, which urged the CBN to ensure improved credit delivery to the small and medium scale industries, particularly to the unbanked urban and rural populations.
The Committee noted the benign performance of inflation, as headline inflation (year-on-year) decreased to 11.26 percent in October 2018 from 11.28 per cent in September2018aftertwo consecutive months of marginal increases. The drop in headline inflation was driven by food inflation, which moderated to 13.28 per cent in October from 13.31 per cent in September 2018. Core inflation, however, inched up marginally to 9.9 per cent in October 2018 from 9.8 per cent in the previous month. On a month-on-month basis, headline and food inflation also moderated to 0.74 and 0.82 per cent in October from 0.84 and 1.0 per cent in September 2018, respectively, while core inflation increased from 0.64 per cent in September 2018 to 0.80 per cent in October 2018.
The Committee noted that the moderation in inflation was largely seasonally driven and was therefore, unsustainable as prices were expected to pick towards the end of the year. However, the MPC observed that the near-term upside risks to inflation remained; the disruption to agricultural production and distribution arising from flooding, insurgency in the North-East, herdsmen-farmer crisis, high cost of energy, anticipated spending in the run-up to Christmas festivities and campaign-related spending towards the upcoming 2019 general elections. Accordingly, the Committee enjoined the appropriate authorities to continue to address these challenges and to sustain the implementation of the 2018 budget and the Economic Recovery and Growth Plan of the Federal Government to ameliorate the supply side constraints.
Money market interest rates oscillated throughout the review period, reflecting fluctuations in banking system liquidity. Inter-bank call and Open Buy Back (OBB) rates, which stood at16.00and 17.08 per cent, respectively, on September 26, 2018, declined moderately to 14.00 and 16.31 per cent, respectively, on October 24, 2018. On average, interbank call and OBB rates rose from 8.68 and 7.64 per cent in September 2018 to 14.18 and 13.93 per cent, respectively, in October 2018, closing at 10.00 and 9.72 per cent, respectively, on November 21, 2018. The developments in net liquidity position and flows which culminated in higher market rates reflected the impact of higher risk perception in the market, withdrawals from the banking system for monthly statutory disbursements to states and local governments; OMO sales and foreign exchange interventions.
The average naira exchange rate remained relatively stable and converging at both the Bureau-de-Change (BDC) and the Investors’ and Exporters’ (I&E) window segments of the foreign exchange market during the review period. The exchange rate at the I & E window opened at N364.00/US$ and closed at N363.90/US$ with a daily average of N363.87/US$ between September 26 and November 16, 2018. At the BDC segment, the exchange rate opened at N360.00/US$ and closed at N361.85/US$, with a daily average of N360.98/US$, over the same period. The relative stability in the foreign exchange market, the MPC noted, was attributable to the sustained policies of the Bank to increase the supply of foreign exchange from autonomous sources. Gross official reserves decreased from US$42.60 billion at end-September, 2018 to US$41.53 billion on 16th November, 2018.
The Committee noted the bearish trend in the equities segment of the capital market during the review period. Thus, All-Share Index (ASI) decreased by 8.70 per cent from 34,848.45 on August 31, 2018 to 32,058.28 on November 16, 2018. Similarly, Market Capitalization (MC) decreased by 8.72 per cent from N12.72 trillion to N11.70 trillion during the same period. Relative to the end-December 2017, the indices decreased by19.29 and 16.32 per cent, respectively. These developments largely reflect the sustained profit taking activities by portfolio investors as foreign yields become increasingly more attractive abroad. The MPC, however, believes that this trend will reverse in the medium term given the current efforts at further improving investor confidence and the relative stability in the Investors and Exporters (I&E) window of the foreign exchange market.
The Overall Outlook and Risks
Forecasts of key macroeconomic variables indicate a positive outlook for the economy inQ4 of 2018. The Committee expects that the effective implementation of the Economic Recovery and Growth Plan (ERGP) and the 2018 budget, improvements in the security challenges, enhanced flow of credit to the real sector and stability in the foreign exchange market will redirect the economy on a path of inclusive and sustainable growth. Increased production in the oil and the non-oil sectors are also expected to drive output growth in the medium term. The Committee, however, acknowledged the downside risks to this outlook to include: reduced portfolio inflows, weak of fiscal buffers, low domestic credit, and sluggish aggregate demand.
The inflation outlook suggests continued but moderate inflationary pressure to the end of 2018, based largely on increased consumer spending for the Christmas festivities, election-related expenditure and increased pace of implementation of the 2018 Federal government budget. Improvements in the security, increased harvests as well as a stable exchange rate are expected to moderate the rise in inflation.
Overall, the outlook for the economy remains positive witha growth projection of 1.75 per cent in 2018.
Committee’s Considerations
The Committee assessed the macroeconomic environment in 2018 and noted the modest stability thus far achieved in domestic prices, output growth and the financial system. The Committee noted that the economy was on the right path but some key sectors continued to experience significant challenges. The MPC, however, expressed concern about the tepid growth expectations and growing uncertainty in the global financial markets arising from the poor reception of the Brexit deal by British politicians, continuing trade war between the US and her major trading partners, as well as the commencement of US sanctions on Iran.
The Committee believed that although the domestic economy was recovering modestly from recession, however, the recovery was tepid and efforts should be stepped up to strengthen aggregate output and demand. In this regard, the Committee urged the CBN to deepen and broaden access to finance to high employment elastic sectors with particular emphasis on small and medium scale enterprises. The Committee called on the CBN to extend the success recorded under the Anchor Borrowers Programme to other items including fish and palm oil, etc. by introducing more stringent measures to curb access to foreign exchange for products that can be produced within Nigeria.
The MPC welcomed the moderation in inflation in October, reflecting declining food prices. The Committee believes that given the negative output gap, the proposed increase in the national minimum wage would stimulate output growth due to prolonged weak aggregate demand arising from salary arrears and contractor debt. Consequently, its impact on the aggregate price level would be largely muted, given that the monetary aggregates have largely underperformed in fiscal 2018.In addition, the prevailing stability in the foreign exchange market would continue to moderate pressures on the domestic price level.
The MPC noted the improvements in the financial stability indicators, including non-performing loans, capital adequacy and liquidity ratios of the Deposit Money Banks (DMBs). It urged the Bank to sustain its surveillance over the Banking industry by taking prompt corrective measures to further improve stability in the system. The Committee also called on the fiscal authorities to build significant buffers to strengthen the efficacy of monetary policy.
Overall, the MPC considered the options to loosen, hold or tighten. The Committee continues to hold the view that although loosening would encourage the flow of credit to the real sector, help in reduction of the aggregate cost of credit and spur business spending and investment, thereby reinforcing the CBN’s support for output growth and economic recovery, it, however, believed that doing so will reverse more rapidly, the gains of price and exchange rate stability achieved so far given the liquidity impact that would entail. The ensuing liquidity will exert pressure on the exchange rate in the light of increased capital flow reversals arising from monetary policy normalisation by the US Fed. This would further depress the capital market.
As for tightening, The MPC holds the view that, while tightening will strengthen the stability of the foreign exchange market because of its dampening effect on the demand for foreign exchange, it was however convinced that this would simultaneously dampen investment growth, widen the output gap, depress aggregate demand and weaken output growth.
The MPC recognises the fact that it had held the policy rate and other policy parameters constant over the last several meetings. The Committee underscores that by holding its policy position constant; it has confidence in the various policies and administrative measures deployed by the Bank which have resulted in the moderation in domestic price levels and stability in the foreign exchange rate. Thus, a hold position is an expression of confidence in the policy regime, given the gradual improvements in both output growth and price stability. On this premise, the downside risks to growth and upside risks to inflation appears contained.
The Committee’s Decision
In light of the above, the MPC decided by a vote of all eleven (11) members present to HOLD.
In summary, the MPC voted to:
1. Retain the MPR at 14 per cent;
2. Retain the asymmetric corridor of +200/-500 basis points around the MPR;
The American University of Nigeria is set to mark it’s 13th Founder’s Day ceremony on Saturday, November 24, with a keynote address to be delivered by the Senator representing Bayelsa East constituency and Chairman of the Senate Committee on Privatization, Ben Murray-Bruce
In a statement today, Thursday, by the Institution’s Executive Director of Communications and Publication, Daniel Okereke, it said that the event will be held at the Lamido Aliyu Musdafa Commencement Hall on the main campus of the university in Yola, the Adamawa State capital.
The statement said that the annual Founder’s Day is a celebration of the vision, progress and development strides of the American University of Nigeria, which graduated its first set of students in 2009.
It said that the Institution learning community, including its growing student members who come from all the 36 states of Nigeria, South Africa, Cameroun, and around the world, will join the university’s global faculty and staff to reflect on the impact of the University’s Development and Entrepreneurship mantra on the Nigerian and African societies.
“They will also share experience on the unparalleled commitment to education, entrepreneurship, and community development motivation of the Founder and former Nigerian Vice President, His Excellency AtikuAbubakar, GCON.
“In conferring on the AUN Founder the first Global Citizenship Award on its 50th anniversary in 2011, the United States Peace Corps spoke glowingly of his generosity to the cause of education: “No private businessman in Africa has worked harder for democracy or contributed more to the progress of higher education than Atiku Abubakar.”
The statement said that the university’s alumni had already kicked-started the celebrations with a series of colorful weeklong Homecoming events, underlining the strong bond they proudly share with their alma mater.
“AUN alums, having received a quality education with strong emphasis on entrepreneurship and ethical leadership, are presently managing successful enterprises in major Nigerian cities, attending top Graduate Schools around the world or imparting their skills in top local and multinational corporations.”
The statement quoted the Institution’s President, Dr. Dawn Dekle, as being excited about the choice, saying: “as a learning community, AUN is honored to have a statesman, media mogul, and the distinguished Senator Ben Murray-Bruce, OON, as Keynote Speaker.
“President Dekle said Senator Murray-Bruce is the ideal speaker for this year’s occasion given his remarkable background in entrepreneurship, corporate governance, and resource management and also against the university management’s policy push toward greater sustainability.”
The Presidency has described the claim by former President Goodluck Jonathan that there is more corruption in the country compared to when he left office as astonishing, utter surprising, outlandish and untrue..
“The facts on the ground today run contrary to his outlandish claim.”
In a statement today, Thursday, the senior special assistant to the President on media and publicity, Malam Garba Shehu, said that President Buhari, in pursuit of the war against corruption, has set a number of local and international records, one of which is to call judicial officers in Nigeria to account.
According to Garba Shehu, the President is the first to set such a record, adding that this is the first time that top military commanders and Service Chiefs are brought to trial and convictions were achieved on account of corruption.
He recalled that it is also the first time that a ruling party is convicting high profile citizens including former governors, who are members of same party.
“This is the first time the international community is acknowledging the efforts of a government of Nigeria in this regard as manifested by the selection of President Buhari by the African Union as the Anti-Corruption Champion of the continent.
“For the records, this is the first time a ruling party is investigating ranking officers of the administration, including some at the very top.
“In addition to the many firsts recorded by President Buhari’s administration, the government has introduced a lot of changes, considering that the laws relating to the fight against corruption cannot reasonably be static.
“In line with its aspiration to be ahead of the growing sophistication of corruption and financial crimes, the administration has initiated new legislations and proposed amendments to different sections of laws, among which are:
• The Money Laundering Prevention and Prohibition Bill 2017;
• Anti-Terrorism Prevention and Prohibition Bill 2017;
• Nigerian Financial Intelligence Unit Bill 2017 (NFIU);
• Proceeds of Crime Bill 2017;
• Public Interest Disclosure and Witness Protection Bill, 2017 and
• The Mutual Legal Assistance in Criminal Matters Bill, 2017.
“Owing to these efforts and support all of relevant stakeholders, NFIU Act has been passed and President Buhari gave his assent on July 18, 2018. The administration is currently working with the legislature for an expedited passage of the Proceeds of Crimes Bill to make the anti-corruption war more effective.
“Nigerians should dismiss Dr. Jonathan’s hollow boast that he, not President Buhari, introduced schemes such the Biometric Verification Number, VBN, Treasury Single Account, TSA and the Integrated Personnel and Payroll Information System (IPPS). Of what use is the announcement of good policies without the will to implement them?
“Since President Buhari assumed office, Nigerians are witnesses to the huge success recorded through the implementation of the TSA where some government agencies that had over the years remitted peanut amounts or nothing at all are now periodically pumping billions into government coffers.
“Prominent among these remittances include the ones made by Joint Admissions and Matriculation Board (JAMB), Nigerian Ports Authority (NPA), Federal Inland Revenue Service (FIRS), Nigeria Customers Service (NCS) and Nigerian Maritime Administration and Safety Agency (NIMASA).
“While it is also true that the BVN was introduced in 2014 to ensure that all bank accounts have biometric identification of their owners, the lack of will and capacity under Dr Jonathan stalled implementation.
“Today, BVN covers nearly all bank accounts. There are still some individuals who have shielded their identity and are now afraid of enrolling on the BVN platform as this will expose them and their corrupt actions. The law is going after them.
“President Buhari’s administration introduced the whistle-blower policy as a veritable tool against corruption as it gives individuals an opportunity to expose corruption, fraud, bribery, looted government funds, financial misconducts, government assets and any other form of corruption or theft. Within six months of introducing this policy, over 5,000 reports were made through various channels, 365 actionable tips were received out of the 5000 reports. So far more than N200bn has been recovered.
“As the Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), said on Thursday, the former President does not have the facts to claim that there was any serious effort on the part of his administration to fight corruption.
“As at 29th May 2015, when this administration came into office, the EFCC recovery account had only N19.5 billion as revealed by the Minister of Justice and Attorney-General. After one year of the new anti-corruption drive by the Buhari administration, this figure had gone up to N279 billion, and since then a lot more has been recovered.
“Finally, as evidenced from a fleeting look at the book, the former President had nothing to say about his own achievements. If there was a recession, and yes we had a moment in it, was it due to one year of President Buhari’s government?
“In his efforts to blame everyone but himself for his failures, Dr Jonathan heaped the blame for the predictable economic recession on President Buhari, ignoring the seeds sown under him through mismanagement and the process set in firm roots for the decline of the economy. “Evidently, he did nothing to avert the situation.
“As we have explained over and over, the recession in 2016 was caused by years of mismanagement and corruption. In the 16 years of PDP and earlier than that, the country solely relied on oil, the price of which was as high as 140 USD per barrel under their watch. Government simply reticulated oil revenue through personal spending by corrupt leaders, wasteful expenses and salaries; rather than investing in what would grow the economy. There was no investment in infrastructure as President Buhari is now doing in seaports, airports, power plants, railways, roads and housing.
“The oil windfall for the country was mismanaged, and Nigeria’s greatest opportunity for growth was turned into a tragedy. More worrisome, there were no savings. And to compound the problem and compromise growth of the economy, the previous government borrowed heavily, owed contractors and international oil companies. When President Buhari came into power in 2015, the country had accumulated debt, which took it back to the level it was before the Paris Club Debt forgiveness. Nigeria did not have fiscal buffers to withstand an oil shock when oil prices fell to as low as 28 USD.
“The oil shock should and could have been foreseen. When visionary Nigerians and economists foresaw this and warned of the dangers ahead, Dr Jonathan hounded such men as the Emir of Kano, Muhammadu Sanusi 11 and Professor Chukwuma Soludo. Dr Ngozi Okonjo-Iweala, Coordinating Minister of the Economy and Minister of Finance under Dr Jonathan’s administration also warned and she was rebuffed.
“The former President and his party have nothing to say about achievements. They ruled the country for 16 years and what is their record on jobs, power, rail, seaports, airports and internal security, including the crippling disaster of terrorism?”
The Nigerian Election Debate Group (NEDG) and Broadcasting Organizations of Nigeria (BON) have announced the dates for 2019 presidential and vice-presidential election debate for Jan. 19, 2019 and December 14, 2018 respectively.
According to Channels TV reports, Chairman BON, John Momoh, made the announcement today, Thursday at a press conference in Abuja.
Momoh, who is also the Chairman/CEO of Channels Media Group, said the debates will be aired on all BON member radio and television stations across the country and also streamed on social media platforms.
“The Nigerian Election Debate Group and the Broadcasting Organisations of Nigeria are organizing a presidential debate on December the 14th, 2018 and a vice presidential debate on January the 19th, 2019. The debates would hold at the Transcorp Hilton Hotel Abuja and will be broadcast live on all BON member radio and television stations across the country.”
“The debates will also be streamed live on all mobile and social media platforms such as Youtube, Facebook, Twitter And Instagram, to give it a global coverage,” he said.
Momoh added that the debates will focus on the issues that matter most to working families; restoring our economy, providing electricity, creating jobs, securing health care for every Nigerian, making and achieving excellence in every Nigerian school and ensuring safety and security for Nigerians.
He said the NEDG will also set the formats and rules of the debate.
“The Nigerian Election Debate Group would set the format and rules of the debate, handle moderation, outline the criteria for political party participation, ensure the objectivity of audiences and steer negotiations between broadcasters and the parties.
“Nigerians expect the leaders of all political parties to be challenged in a very public and robust way in these debates. not just one of them, but a series of them.”
The Chairman of the House of Representatives Committee on Labour, Employment and Productivity, Ezenwa Onyewuchi, has assured Nigerians that the National Assembly would give the minimum wage bill accelerated hearing and passage.
Speaking in an interview with News Agency of Nigeria (NAN) today, Thursday, Onyewuchi, who represents Owerri Municipal/North/West Federal Constituency of Imo State, said that when the minimum wage amendment bill is sent to them by President Buhari, the National Assembly would do the needful.
“For us, we have to wait here until the president sends in the amendment bill, it will go through the rudiment of law making; pass through the committees at various levels. We know how important it is; we know that the workers are desirous of wage increase, especially the minimum wage, which for me as a committee chairman, I consider it important,” he said.
The lawmaker said although the bill would not negate the normal legislative scrutiny, he assured that it would be given an expeditious passage.
“And for me, we want a living wage, a wage the workers can live on. And essentially, I am in support of it because if you look at it on the last May Day, I was the person that moved the motion on the floor of the House on this same issue of wage increase and minimum wage adjustment.”
“So, I think for me, there is need to take a second look at the minimum wage and by the time it is sent to us, we will give it an expeditious passage,” he said.
On the December deadline given to the Federal Government to complete all negotiations, Onyewuchi said “since the constitution makes provision for amendment to the Minimum Wage Act, at the end of the day, we will find a common ground to agree on a minimum wage for the country.”
“But at the moment, the issue is still with the tripartite committee. I have been briefed by the Ministry of Labour and there seems to be some levels of disagreement. So I do not expect it will be a one-way thing. It is a process; the process has started.”
President Muhammadu Buhari had, on Nov. 27, 2017, set up a 30-man National Minimum Wage Committee headed by former Head of Service of the Federation, Ms. Amal Pepple.
The committee had recommended a N30, 000 minimum wage for workers but the governors, who argued that they were not carried along, insisted it would be impossible for them to implement without reducing their workforce.
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“I honestly don’t know how people sleep when workers have not been paid. The workers have to pay rent, buy food, send their children to schools and they have healthcare to take care of.”
Former President Goodluck Jonathan has raised the alarm over a fake online version of his book, “My Transition Hours’’ which he launched to mark his 61st birthday on Tuesday.
The American University of Nigeria is set to mark it’s 13th Founder’s Day ceremony on Saturday, November 24, with a keynote address to be delivered by the Senator representing Bayelsa East constituency and Chairman of the Senate Committee on Privatization, Ben Murray-Bruce
The Presidency has described the claim by former President Goodluck Jonathan that there is more corruption in the country compared to when he left office as astonishing, utter surprising, outlandish and untrue..
The Nigerian Election Debate Group (NEDG) and Broadcasting Organizations of Nigeria (BON) have announced the dates for 2019 presidential and vice-presidential election debate for Jan. 19, 2019 and December 14, 2018 respectively.
The Chairman of the House of Representatives Committee on Labour, Employment and Productivity, Ezenwa Onyewuchi, has assured Nigerians that the National Assembly would give the minimum wage bill accelerated hearing and passage.
