President Muhammadu Buhari and Prime Minister of Pakistan, Shahid Khaqan Abbasi
President Muhammadu Buhari has expressed disappointment over poor trade and induetrial relationship between Nigeria and Japan. “Nigeria-Pakistan cooperation is very historical. Military training has been very consistent and I am impressed by the efficiency of officers trained in Pakistan. “But the performance of our countries in relation to trade and industrial cooperation had been very disappointing.” President Buhari spoke today, Saturday, at a bilateral meeting with the Pakistani Prime Minister, Shahid Khakan Abbasi, on the margins of the ninth D-8 summit in Istanbul, Turkey. Buhari stressed the urgent need for the strengthening of the Nigeria-Pakistan Joint Commission as a veritable platform to strengthen economic and trade relations between both countries. The Nigerian leader said that his administration had identified the socio-economic problems of his country, saying that he is working to promote national development through international trade, industrial growth and the improvement of infrastructure. He then called on Pakistan to take full advantage of the new climate of investment promoted by his administration. “There are a lot of opportunities, for us to harness, in the manufacturing sector, agriculture, commerce, solar energy and the electricity sector.” President Buhari told the Pakistani Prime Minister that Boko Haram terrorist group had been degraded, adding: “we have moved them out from their strongholds in the North East. We have denied them space and even their attacks on soft targets are becoming less often. “Even the opposition (party) recognises that there is a considerable improvement of security in the North East.” In his remarks, Abbasi said that both countries had similar prospects and challenges, including large population, key regional players in economy and security; the fight against terrorism, improving governance and the domestic economy. He said that Pakistan will continue to share experiences with Nigeria in the fight against terrorism towards developing effective strategies and results. The Pakistani Prime Minister then presented a manual on strategy and tactics of dealing with terrorism to the President, which he said, had been put together by his country’s army. On the Joint Commission, which next meeting falls on Pakistan to convene, the Prime Minister said that his country is now ready. He requested President Buhari to undertake a state visit to Pakistan at the earliest possible time. Meanwhile President Buhari has called on African leaders to speak ‘with one voice’ independent of foreign influence, to achieve economic integration, development, peace, and security on the continent. Speaking at a bilateral meeting with President Alpha Conde of Guinea last night, Friday, in Istanbul, Turkey, President Buhari said that leaders should learn from history to effectively tackle conflicts, violent extremism, and proliferation of small arms and light weapons. The two Presidents, who met on the margins of the ninth D8 Summit in Istanbul, exchanged views on bilateral relations as well as regional and international issues of mutual interest. President Buhari assured his Guinean counterpart, who is also the current Chairman of AU, that Nigeria would continue to strengthen its engagement with all AU member states to address current security challenges in restive areas such as South Sudan and Libya, and the political crisis in Togo. In his remarks, Conde praised Nigeria’s leadership on the continent, particularly President Buhari’s great job on anti-corruption and his strong voice on African issues at the international stage. The Guinean leader stressed the need for Guinea and Nigeria to accelerate economic cooperation, particularly in the natural resources sector, where Guinea boasts of 25 percent or more of the world’s known bauxite reserves.[myad]
President Muhammadu Buhari and D8 Memebrs at Istanbul, Turkey
President Muhammad Buhari has rallied the support of members of the Developing 8 (D8) for the establishment of African single market being championed by the Union (AU).
“I am pleased to inform you of positive market development in Africa that will support our efforts as members of the D8 to enlarge or market, facilitate our trade, investments and develop our economies. In Africa, we are in the threshold of finalizing negotiation to establish the first ever single market for trade in goods and services on our continent, in the continental free trade area for Africa.”
President Buhari, who made this position known, when he addressed the 9th edition of the D8 meeting today, Friday, in Istanbul, the commercial capital of Turkey, said that the establishment of a single market in the African continent would go a long way in boosting investment and economic development of member states.
He said that the single market will be a win-win for all, including member countries of the D8, adding that as partners stakeholders should work together to support the single market in African.
Buhari stressed the importance of increasing trade and investment between member countries, saying that as members of the D8: “we need to intensify our activities with a view to enhancing various measures to promote trade and assist business communities from member states to invest in our countries and widen our cooperation. We need to work hard to establish integration, manufacturing structures and market.”
The Nigerian leader expressed the nation’s commitment to upholding international trade and development best practices and that Nigeria is ready to host D8 ministers’ of industries in a meeting slated for between November 14-17, 2017, in Abuja.
“Nigeria is committed and actively promoting the policy of trade and investment for growth. The gains from trade are reflected in greater competitiveness, full productivity, job creation, consumer welfare and prosperity. Economies that grows fastest and at more sustainable rate are those that actually promote trade and attract investment. We are committed to creating an enabling environment and making Nigeria an attractive place for business and investment.”
He congratulated the outgoing leaders of the D8 for their commitment to the overall development of the body and reaffirmed the commitment of Nigeria to upholding the objective upon which the body is built. [myad]
Intels Nigeria Limited, maritime logistics company in which the former Nigerian Vice President, Atiku Abubakar has an investment interest, has finally apologized to the Nigerian government for violating the law on the Treasury Single Account (TSA) which led to termination of contract by the Nigerian Port Authority (NPA).
The co-founder of Intels with Atiku, Gabriele Volpi, who apologized on behalf of the company, also apologized to the Nigerian Ports Authority, saying that he was not involved in the botched negotiation between Intels and the NPA even as he pledged that his company would transfer all the revenue collected from the boat monitoring and supervision services to the Treasury Single Account as the NPA had demanded. “We want to apologise to the federal government and NPA over this disagreement with Intels. I was not personally involved in the negotiations with NPA, but we apologize for what has happened. “We intend to comply with the directive of government and transfer all the revenue to the TSA because we are a law-abiding company,” Mr. Volpi was quoted as saying. He said Intels will cooperate with the federal government and the NPA in the development of Nigeria’s maritime sector, including the construction of the Badagry deep seaport in Lagos State. Following the revocation of its pilotage contract, Intels had threatened to walk away from its multi-billion dollars investment at the Badagry deep seaport in Lagos. “We are committed to co-operating with the government and NPA in the development of Nigeria’s maritime sector and this includes the Badagry deep seaport. “The Badagry deep seaport is a massive undertaking which will cost billions of dollars and will be the biggest in Africa and would turn Nigeria into a regional hub for ships bringing goods to the continent. “It will also help to move a lot of shipping activities at the Apapa and Tin-can Island ports and help to decongest Apapa, so we are serious about our investments in Nigeria.”
The Federal High Court, Abuja, has approved the application of the Economic and Financial Crimes Commission (EFCC) for interim forfeiture of 14 properties linked to a former Minister of Federal Capital Territory (FCT), Bala Mohammed.
Bala Mohammed is standing trial bordering on abuse of office, false declaration of assets and a N864 million fraud before an FCT high court by the EFCC which had seized the said properties in September.
Counsel to EFCC, Ben Ikani, told the Court that some of the properties were suspected to have been acquired from proceeds of unlawful activity having filed an ex parte application on Wednesday.
“Some properties reasonably suspected to be proceeds of unlawful activities and crimes kept and concealed in names of proxies and nominees have been recovered and seized,” the affidavit deposed by the EFCC, read.
Some of the properties seized are:
Undeveloped plot measuring 1.26 hectares at 1261 Cadastral Zone C16, Industrial Area 1 Extension, Abuja under Diakin Telecommunications Ltd
Undeveloped plot measuring 8, 657.30 square meter at 13 Cadastral Zone D06, Karasana West, Abuja under Bal Vac Mining Ltd
Undeveloped plot measuring 1.45 hectares at 1248 Cadastral Zone C16, Industrial Area 1 Extension, Abuja
undeveloped plot measuring 2.7 hectares at 4525 Cadastral Zone A09, Guzape, Abuja under Bal VAc Mining Ltd.
Undeveloped plot measuring 64507.03 square meter at 32 Cadastral Zone D06, Carasana Wests, Abuja under Diakin Telecommunications Ltd
Undeveloped plot measuring 1251.15 square meter at 1420 Cadastral Zone B10, Dakibiyu, Abuja under Diakin Telecommunication Limited amongst others.
Ikani said that any interested party who had a reason why the properties should not be forfeited to the government should state so.
The Presiding judge, Nnamdi Dimgba, in his ruling, ordered that the properties be forfeited permanently to the federal government within 21 days. [myad]
President Muhammadu Buhari has described the second republic Vice President of Nigeria, Dr. Alex Ifeanyichukwu Ekwueme ( as one of the founders of Nigeria’s democracy.
In a birthday greeting to Dr. Ekwueme as he clocked 85, the President said that Ekwueme played a major role in mobilizing the group of 34 eminent Nigerians in the 1990s, who moved against all odds in opposing military dictatorship in the country, and enabled the foundation of a liberal and inclusive leadership structure.
Buhari, who joined all former leaders of Nigeria, professional colleagues and friends of the Ekwueme family in celebrating the octogenarian, said that his life’s journey had been a narrative of immeasurable grace, courage and candour.
He recalled Ekwueme’s love for knowledge and search for wisdom which he displayed even at an early age, adding that such quest led Ekwueme into obtaining many degrees in various fields of study, including a doctorate in Architecture even as he became one of the first Nigerians to gain the Fulbright Scholarship to study in the United States.
He also acknowledged Ekwueme’s entrepreneurial spirit in setting up the first indigenous architectural firm in Nigeria, spreading its tentacles to more than 16 cities, until he accepted the national call to serve his father land in 1979 after a long commitment in building his community.
President Buhari said that he had many encounters with the former Vice President over the years and found him to be loving, kind, peaceful with deep commitment to seeing Nigeria become one of the greatest countries on earth. [myad]
Vice President Yemi Osinbajo has assured the people of the Southeast that work on the Second Niger Bridge, which was abandoned for years by the previous governments, will be completed and put to use before the life of the government.
Professor Osinbajo, who spoke at the All Progressives Congress (APC) flag-off in Onitsha, Anambra State today, Friday, said that already, the sum of N2 billion to Julius Berger, the contractor handling the job, for the commencement of the work.
“The APC government is a government that will do everything it has promised. We are not making promises for nothing. The second Niger Bridge, we have been talking about it for a long time, but for the first time, the President went by himself to negotiate the facility to do that second Niger Bridge. That is why the second Niger Bridge is in our current budget and we have provided for it.”
Osinbajo drew attention of the people of Anambra to the exceptional love President Buhari has for the state, adding that the first time that he ran for President, his running mate was from Anambra State and he was late Chief Chuba Okadigbo.
“The second time that he ran, his running mate was from this State also; Chief Ume-Ezeoke. So I want you to give Mr. President thee Gbosas!” [myad]
The National Economic Council (NEC), made up federal and governments of the 36 states of the federation, has set up a Committee of six state Governors to work with the Nigeria Industrial Policy and Competetiveness Advisory Council (NIPCAC) to fashion out national industrialization and competitiveness.
The six state governors are to represent the six geopolitical zones of the country. They are Kaduna (Northwest), Kwara (Northcentral), Ogun (Southwest), Abia (Southeast), Edo (South-South) and Adamawa (Northeast). The Kaduna State Governor will chair the Committee.
We reproduce here, highlights of today’s NEC meeting, presided over by Vice President Yemi Osinbajo
MINISTRY OF INDUSTRY, TRADE AND INVESTMENT
A. PRESENTATION FROM THE NIGERIA INDUSTRIAL POLICY AND COMPETITIVENESS ADVISORY COUNCIL (NIPCAC) BY THE HONOURABLE MINISTER OF STATE, INDUSTRY, TRADE AND INVESTMENT
. NIPCAC identifies obstacles to industrialization, recommend new measures.
. The Honourable Minister of Industry, Trade and Investment made a presentation to the Council on the activities of the Nigeria Industrial Policy and Competitiveness Advisory Council (NIPCAC) thereafter referred to as the NIPCAC.
. She informed the Council that the Federal Executive Council (FEC) approved the establishment of NIPCAC in March 2017 as a vehicle for partnering with the private sector to drive Nigeria’s industrialization agenda.
. Giving the Council an update on the work of NIPCAC, the Minister said NIPCAC has identified eight critical areas requiring urgent government intervention to move the country’s industrialization to the next level. These include:
– Improving broadband penetration nationwide.
– Resolving the nagging issue of multiple taxation.
– Facilitating access to land.
– Providing security to investments.
– Standardizing regulatory requirements.
– Facilitating interacted business linkages.
– Collaborating on project development and maintenance.
– Providing shared facilities.
-Informing the Council that the key role private sector plays in the telecom sector has committed to deploy an additional 18,000km of fibre cables nationwide over the next 12 – 18 months, the Minister prayed the Council to, among others, approve the following:
– Harmonization of Right of Way charges on State and Local Government highways with the Federal Government, which currently charges N145/m.
– Improve access to fibre installation across the States.
– Adopt the 2015 approved list of taxes and levels.
– Discontinue the use of unorthodox means of collection.
– Fast track automation of the entire tax administration and process to eliminate leakages and ensure ease of payment.
– Set up a single collection point for States and Local Government’s fees and levels.
– Develop a digitized land acquisition system.
– Establish a peer review Committee on industrialization ranking of all States of the Federation.
· The Council decided that a Committee of Governors be set up to receive and review recommendations from the Advisory Council.
· The Council also nominated 6 State Governors to be members of the Committee representing the 6 geopolitical zones to work with the NIPCAC in order to advance the course of national industrialization and competitiveness.
The States are Kaduna (N/W), Kwara (N/C), Ogun (S/W), Abia (S/E), Edo (S/S) and Adamawa (N/E). The Kaduna State Governor will chair the Committee.
B. PRESENTATION ON FLOOD OUTLOOK AND CURRENT FLOOD SITUATION IN THE COUNTRY BY THE DIRECTOR-GENERAL OF THE NATIONAL EMERGENCY MANAGEMENT AGENCY (NEMA)
· The Director-General of NEMA briefed Council on the flood situation in Nigeria since the 2012 flood disaster in the country, disclosing that the FG has released N1.6 billion for flood relief, which will be used for intervention in the coming weeks in the affected states.
· He told the Council that the 2012 flood affected over 7 million people, while 597,476 houses were destroyed/damaged and over 363 people killed. The total estimate of damages and losses was put at N2.6 trillion.
· On the current flood situation in the country, the DG informed Council that 9 States have so far benefitted from relief interventions. They are Benue, Kebbi, Ekiti, Kogi, Edo, Ondo, Sokoto, Niger and Enugu.
· Other States affected by the 2017 flood will receive relief materials in the coming weeks.
· The DG appealed to all 36 States of the Federation and the 774 Local Government areas to:
(a) Establish functional State Emergency Management Agencies (SEMAs) and Local Council Emergency Management Committees (LEMEs) and provide professional training, adequate equipment, funding and early Warning Systems in order to combat future emergencies.
· The Council noted that NEMA is a second respondent to disaster only when they are found to be well beyond the capacity of States and Local Governments to manage.
C. PRESENTATION ON SOME ASPECTS OF THE NATION’S HEALTH TATUS BY HONOURABLE MINISTER OF HEALTH
· The Honourable Minister of Health presented a National Health Status report, informing Council as to where we are, where we want to be, and what can be done to take us where should be.
· The Minister also dispelled rumours of Monkey Pox allegedly ravaging 7 States of the Federation.
· He informed the Council that only Bayelsa State has 3 confirmed cases of Monkey Pox.
· He told the Council that the Military is not involved in Vaccination in any State of the Federation and that any information to the contrary is false.
· Addressing the Council, the face of Polio eradication campaign in Nigeria, His Eminence, told the Council that his presence in Council today implies total commitment by the traditional institution in Nigeria to the eradication of Polio in the country.
· His Eminence was also accompanied by the Chief Executive Officer of Dangote Foundation and other Development Partners engaged in the fight against Polio and other related diseases such as Measles and Yellow Fever.
· The Council particularly applauded His Eminence, the Sultan of Sokoto, Alhaji Abubakar Sa’ad for his commitment to the eradication of Polio in the country.
· The Council noted that Nigeria is making very good progress in Polio Eradication and Routine Immunization, but urged States to honour their counterpart funds so as to take immunization in the country to the next level.
D. AN UPDATE ON POLIO ERADICATION INITIATIVES AND STRENGTHENING OF ROUTINE IMMUNIZATION PRESENTED A PRESENTATION BY THE BY THE EXECUTIVE DIRECTOR, NATIONAL PRIMARY HEALTH CARE DEVELOPMENT AGENCY (NPHDA)
· Federal Government rolls out measles vaccination plans ahead of 2017/2018 dry season.
· The Executive Director of the National Primary Health Care Development Agency (NPHCDA) briefed the council on preparations for measles Vaccination ahead of the 2017/2018 dry season, the period normally associated with outbreaks of measles.
· He informed the Council that the Campaign is to be conducted in two phases, with phase one taking care of all the 19 Northern States and the FCT as follows:
· Phase two will take care of 17 Southern States from 8th – 13th and 15th – 20th March, 2018.
· The Executive Director also told Council that 12 States have already paid their counterpart funding for the exercise.
· He listed the States to include; Bayelsa, Borno, Edo, Imo, Kaduna, Kano, Kebbi, Nasarawa, Osun, Sokoto and Zamfara.
· 24 states are yet to meet their obligation for the vaccination campaign.
· He requested the Council to appeal to States who are yet to meet their obligations to act urgently to enable the campaign take off on schedule in all States of the Federation.
· He also appealed to the Council to support:
a. Quarterly release of funds for routine immunization activities.
b. States to set up Emergency routine immunization Coordination Centres as a platform to coordinate and manage routine immunization activities.
c. Directly support and commit to the implementation of the 2017/2018 Measles Vaccination Campaign.
E. UPDATE ON EXCESS CRUDE ACCOUNT AND BUDGET SUPPORT LOAN FACILITY
· The Honourable Minister of Finance briefed the Council on the Excess Crude Account (ECA) and the Budget Support Loan Facility to States of the Federation.
· She informed the Council that the balance in the Excess Crude Account as at 16th October, 2017 stands at $2,309,636,457.88 billion.
· On the Budget Support Loan Facility, the HMF told the Council that there was no budget support loan facility for last month to any State, because the FAAC was in excess of N600 billion. It has been agreed that beyond that threshold there will be no budget support loan facility.
F. UPDATE ON STABILIZATION FUND ACCOUNT AND NATURAL RESOURCES DEVELOPMENT FUND
· The Accountant General of the Federation briefed the Council on the current balances in the Stabilization Fund Account and the Natural Resources Development Fund.
a. He told Council that the balance in the Stabilization Fund Account as at 16th October, 2017 stands at N5,853,204,804.11 billion.
b. He also informed Council that the balance in the Natural Resources Development Account as at 16th October, 2017 stands at N93,114,896,509.12 billion. [myad]
The Debt Management Office (DMO) has said that the first component of the USD2.5 billion, out of the total USD5.5 loan sought by the federal government recently, represents new external borrowing and was provided for in the 2017 Appropriation Act to part finance the deficit in that Budget.
In a statement, the DMO said that the plans of the Federal Government to source for capital from the International Financial Markets was for the good of the economy, adding that the proposed USD5.5 billion comprised two components: USD2.5 billion new borrowing and USD3 billion for refinancing.
“ The first component of USD2.5 billion, represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that Budget.
“It will be recalled that the 2017 Appropriation Act provided for new External Borrowing of N1.067 trillion or USD3.5 billion at an Exchange Rate of USD/N305. Out of this amount, USD300 million has been raised through a Diaspora Bond that was issued in June 2017 leaving a balance of USD3.2 billion out of which USD2.5 billion is to be sourced through a Eurobond Issuance.
“The USD2.5 billion proposed Eurobond, will be used to finance critical road and rail projects included in the 2017 Appropriation Act. Some of the projects are: construction of a Second Runway at the Nnamdi-Azikwe International Airport; rail projects including Lagos-Kano, Calabar-Lagos, Kano-Kaduna, Ajaokuta-Itakpe-Warri, Kaduna-Idu; and the Bodo-Bonny Road with a Bridge across the Opobo Channel.
“These infrastructural facilities will lead to job creation and improve the climate for business thereby contributing to economic growth.”
On the issue of the proposed USD3 billion External Borrowing, DMO said that it will be used to repay some of the existing domestic debt, adding that this is purely a portfolio restructuring activity that will not result in any increase in the public debt as it is an exchange of one type of debt (Domestic) for another (External).
The DMO said that the Domestic Debt Stock as at June 30, 2017 included about N3.7 trillion of Nigerian Treasury Bills (NTBs) with tenors of less than one year and at interest cost of about 17% per annum.
“The short term nature of the NTB stock and the high interest rate, expose the public debt to refinancing risk and high Debt Service Costs. By converting them to External Debt, the tenor will be extended to at least 5 years while the Interest Cost will drop to about 7% p.a. The savings in Debt Service from this exercise is estimated at over N90 billion p.a.
It listed the benefit of the laon, including reducing the Interest Cost of Borrowing as external borrowing in US Dollars is much cheaper at about 7% per annum compared to up to 17% p.a. in the domestic market.
It will also increase stability in the debt stock and that extend the tenor profile of the debt stock as longer-dated External Debt is used to replace short term domestic debt. This would make the debt portfolio more stable, thereby reducing refinancing risk.
“The pressure in the domestic market created by the large government borrowing will be reduced. This will create more space for borrowing by the private sector which will enable them contribute to the growth of the Nigerian economy.
“External Borrowing represent foreign currency into the nation’s External Reserve thereby allowing for a stable exchange rate for the Naira.”
The statement emphasized that the proposed USD2.5 billion new borrowing through Eurobonds to part finance the deficit in the 2017 Appropriation Act and the refinancing of existing domestic debt through external capital raising of USD3 billion, are consistent with Nigeria’s Debt Management Strategy, whose main objective is the increase external financing with a view to rebalancing the public debt portfolio in favour of long-term external financing in order to reduce the cost of debt and lengthen the maturity profile.
The DMO added that in contracting external debt, a conscious effort is made to exhaust all opportunities available from the concessional sources in order to reduce the level of External Debt Service.
It said that all Borrowings are approved by the National Assembly and are included in the Annual Budgets and the Medium Term Expenditure Framework (MTEF).
The Army Council has approved the granting of Executive Commission to Master Warrant Officer, Garba Abdullahi, a platoon commander of 159 Battalion, Nigerian Army, to the rank of Captain for gallantry. The accelerated promotion was believed to be due to observed outstanding qualities of military professionalism such as gallantry and dedication to service, demonstrated by the Non–Commissioned Officer. A statement by the Director Army Public Relations, Brigadier General Sani Kukasheka Usman, said that Garba Abdullahi’s leadership qualities endeared him to his Commanding Officer who deemed it fit to assign him a higher responsibility as platoon commander of one of the arrowhead sub-units of the Battalion. The statement said that the officer played excellent role to the admiration of both his superiors and subordinates alike. “Under his able leadership, his platoon achieved great exploits of daring, bravery and courage for which the Battalion was reputed. “The 159 Battalion is one of the rugged and most experienced cohesive fighting unit that make up Operation LAFIYA DOLE. The Battalion covers five Local Government Areas in Yobe State and serves as the Brigade’s first line of defence in the northern front adjoining Niger Republic and Borno State. “The Battalion primarily occupies a blocking position from where it conducts Counter Terrorist and Counter-Insurgency operations to defeat Boko Haram terrorists, deny them freedom of action and assist the civil authority in maintenance of law and order and restoration of socio-economic activities within its area of responsibility. Since their deployment into the theatre about two years ago, the unit has contributed immensely to the decimation of Boko Haram terrorists and also involved in humanitarian activities to the host communities. The elevated Garba has played a significant role in all the successful operations achieved by the unit.” The newly commissioned Garba Abdullahi has since been decorated with the badge of his new rank of Captain at the Battalion Headquarters located in Geidam, Yobe State by his Commanding Officer Lieutenant Colonel Owoicho Augustine Obochi, to the admiration of both officers and soldiers of the unit. The statement said that the Chief of Army Staff, Lieutenant General TY Buratai has congratulated the newly commissioned officer.[myad]
Speaker of the Federal House of Representatives, Yakubu Dogara has reminded those agitating for the restructuring of Nigeria that it cannot be done by executive arm of the government just by a stroke of the pen. “Some of the structural imbalances that we are talking about that need what they call restructuring cannot be corrected just by a stroke of the pen. Some of them are actually embedded in the provisions of the constitution. “Even by pedestrians description of the function of government, the Executive cannot make laws; they cannot amend the constitution. They can only initiate the process in an Executive bill.” Speaker Dogara who spoke to news men at the Presidential Villa, Abuja today, Thursday, said that the restructuring processes ultimately revolve within the powers of the legislature, adding:”so, even the committee that is set up by the leadership of All Progressives Congress (APC) on true federalism, by the time they conclude their work, most of the issues they come out with will require a kind of tinkering of the constitution. “So, our feeling is that we should not just close the windows to the earnings of majority of our people. We should listen again to all the stakeholders, listen more to Nigerians and at the end of the day, we will come up with an exercise that meets the expectations and earnings of our Peoples. “We will not just amend the constitution for the sake of amending. We will want the exercise to be very impactful.” The Speaker, who led some members of the House of Representatives to meet with the Nigerian Governors’ Forum (NGF) said that they talked about some constitutional alterations in the National Assembly and most of the Bills the law makers are considering. “Even though l am the Speaker, l can tell you that l can only speak where majority of our members have agreed upon. So it is a bit early for me to conclude. But this is a democracy and in a democracy, the majority matters. “We are aware of the ongoing agitation in the country. Some are calling for restricting of the country and true Federalism. “This is an issue on the manifestos of the APC. It is our feeling as a very responsive and responsible representatives of the people to ensure that this debate is done. And I agree like l said before that the position of the President, that most of these matters and issues should be canvassed at the levels of the National Assembly. “The only way we can get that done is to listen and listen and listen more.”[myad]
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The Debt Management Office (DMO) has said that the first component of the USD2.5 billion, out of the total USD5.5 loan sought by the federal government recently, represents new external borrowing and was provided for in the 2017 Appropriation Act to part finance the deficit in that Budget.
Speaker of the Federal House of Representatives, Yakubu Dogara has reminded those agitating for the restructuring of Nigeria that it cannot be done by executive arm of the government just by a stroke of the pen.
