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Ndigbo Made Very Bad Investment In 2015, Ngige Insists

Sen. Chris Ngige
Sen. Chris Ngige

Minister of Labour and Employment, Senator Chris Ngige has described politics as an investment which Ndigbo made bad outing in the 2015 presidential election.

He stressed that as far 2015 is concerned, Ndigbo made a very bad investment, saying: “we put all our eggs in one basket despite clear signs we shouldn’t.

“We should therefore not allow such ill-advised investment to repeat in subsequent elections.”

Senator Ngige, in a statement by his Special Assistant on media, Nwachukwu Obidiwe, asked his kins men and women to start to strategically positioning themselves for 2019 and avoid a repeat of what happened in 2015.

“Other zones are already strategizing and we must not be caught napping.

“Just as all reasonable politicians in the South East accept that we played bad politics in 2015, we should effectively put it behind us.

“The resilient nature of the Igbo allows no room for self-pity. We have met greater challenges and surmounted them.”

The Labour minister then listed the names of individual Igbo bigwig who has seen the need to join APC, saying: “it is for this reason that I and the APC in the South East have been welcoming our leaders like Chief Jim Nwobodo, Senator Ken Nnamani, Senator Emma Agboti, Senator Nkechi  Nwogu, Senator Andy Uba, Chief Chukwuemeka Nwogu- my predecessor in the Ministry of Labour, Professor Onyebuchi Chukwu, former Minister of Health, former Enugu State Governor, Sullivan Chime and host of others people who have seen the need for this.”

He assured South Easterners that he and his mates are working hard to ensure that Igbos do not lose out from the ruling APC administration.

“However, as I said in the interview, the bad investment of the 2105 is not enough to marginalize anybody.

“The present administration of President Muhammadu Buhari does not look in that direction.

“I and other APC leaders in the South East shall continue to make sure that the Igbo is fairly treated.

“Every piece of information is not for the pages of newspapers but I wish to re-assure that we are doing much more than eyes can see to ensure that the South East is not left behind in the distribution of infrastructures.”

He mentioned some projects in Igboland which have benefitted the igbos, citing as an example the going work on all the major federal roads in the South East; Enugu- Onitsha, Enugu- Umuahia-Abia-Port Harcourt, Port Harcourt -Owerri, Oba-Nnewi– Arondizuogu- Okigwe, to mention a few while Julius Berger has been mobilized for the  2nd River Niger Bridge.

He asked: “when last did that happen in the South East?

“There is also the Benin-Onitsha rail line which was not originally in the Jonathan-PDP rail masterplan. We have included that.

“By my pedigree, as the former President General of Aka-Ikenga for eight years, member of Ohaneze Strategic Committee and member, Imeobi Ohaneze, I will advise that our people should cry no more over spilt milk as there is  room enough to feed the cow well and get milk in better quantity and quality.

“That is politics for you. A word is enough for the wise,” he added. [myad]

2 Female Teachers Fight In Classroom In Front Of Students Over Boyfriend

Teachers fight over boyfriend

A teacher and a classroom aide at a Georgia middle school were reported to have threw punches and pulled each other’s hair in the presence of minor children while school was in session, over a boyfriend who each of them claimed was hers.

DeKalb Police charged Brittany Randolph-Johnson and Milan Ethridge with disrupting operations at Stone Mountain Middle School in downtown Atlanta and disrupting the peace, Fox 5 Atlanta reported.

The police report says that Randolph-Johnson and Ethridge “engaged in a verbal and physical altercation in the presence of minor children” at the school while school was in session, the station reports.

WGCL-TV quoted a student as saying that Randolph-Johnson and Ethridge were arguing about a male teacher. The teacher and the aide were fired, WSB-TV reported.

“I mean that’s not a good example in front of kids,” parent Valerie Stewart told the station. “That was just bad. It was just bad.”

Students say school officials examined cellphones and made students delete video of the fight, according to the station.

The DeKalb County School District said it was not aware of staff looking through student phones.

Source: NAN. [myad]

2nd Anniversary: My Headache Is Media Attack – Akwa Ibom Governor

Governor Udom Emmanue of Akwa Ibom state
Governor Udom Emmanue of Akwa Ibom state

Governor Udom Emmanuel of Akwa Ibom State has said that the “clog in the wheel of our progress as a people” has been the spate of blackmails and hate media campaigns by certain opposition elements against his government.

Governor Emmanuel, who spoke during the  events to celebrate his second year in office, wondered why people engage in the campaigns of falsehood, hatred and blackmail even two years after election had been won and lost.

Governor Emmanuel appealed to such people to separate politics from patriotism, adding: “instead of being professionals in the profitless business of pulling others down, let us all be experts in the lucrative business of forgiveness.

“This is no time for anger, resentment, bitterness and desire for recrimination against people. Those sentiments can only deaden our spirit and lead to self-inflicted wounds.”

He said that he had come to serve Akwa Ibom people and that he shall not be deterred until he accomplishes his mission.

Governor Emmanuel said that this year’s celebration was an opportunity to celebrate prosperity, report progress and renew the deep and unbridled commitment to the development of the State which he christined: “the land of Promise.”

He attributed the milestones of his administration’s success since 2015 to the spirit of God.

The governor dedicated the gains of the last two years to the people of the state.

“our victory remains your victory and our mandate shall continue to be your mandate, and we remain committed to impacting your lives and bringing meaningful developments that will help change your circumstance.”

Governor Emmanuel who congratulated the president and all Nigerians on the 18 years of democracy in Nigeria after several years of military rule and truncated starts, maintained that it is the collective responsibility of all to make the best out of the opportunity.

“Democratic values, traditions and culture have been embraced and internalized by Nigerians and that’s a great and wonderful thing worthy of celebrating, which is what we are doing today.”

The Governor said that his two years in the saddle have made Akwa Ibom to be a shining example of good governance, saying that without good governance,democracy may not be well appreciated.

“This anniversary is worth celebrating for we have worked to make our people realize that dividends of democracy also exists beyond the literary definition.”

He took time to highlight some of his achievements which have endeared him to the people.

Emmanuel described his as a government that is grounded on result and not merely on applause.

“In just two years, we have built on that foundation of greatness, and defied a tempestuous economic climate to put finishing touches on a marvelous edifice for posterity.”

He looked at what he called “moral rebirth programme” of his government, including the Dakkada philosophy and said: “we encouraged our people to come out of the cocoon of self-pity and burst forth to claim the faith of greatness which God almighty has endowed us all, with.” [myad]

The Eagle Returns

dotun oladipo

A front-line online newspaper outfit, The Eagle Online, published in Lagos, Nigeria by Premium Eagle Media Limited is back.

The online newspaper took a break a couple of weeks ago to enable it change its host and put in place a new theme, both of which have been fully accomplished.

The Managing Editor of the newspaper, Dotun Oladipo, in a statement, thanked the newspaper’s numerous readers for their understanding and patience.

He assured them that the purpose of going off for a few days is to serve the readers and advertisers better.

Oladipo said that though the site has been upgraded but that there might be still some challenges yet to be noticed by the IT team.

He therefore called on the reading public and cherished advertisers to draw the attention of the management to such challenges to enable the IT team to make The Eagle Online available for easy reach.

“In case you our dear reader encounter any challenge, please do let us know so we may quickly rectify it.”

Oladipo said that the newspaper can be reached via mobile and WhatsApp number 08094000057 and email: info@theeagleonline.com.ng for any complaint.

“The aim of the break is to give our advertisers and readers a whole new experience to make it worth their money and time. Our goal, ultimately is to offer better service.” [myad]

Spanish Agro Investors Are Coming To Nigeria – Embassy

Farmland

The Embassy of Spain in Nigeria has announced that more Spanish companies in agro business are on their way to Nigeria because of the current efforts at developing agricultural sector.
The Embassy’s Chief Economic and Commercial Counsellor, Mr Pablo Segrelles, told the News Agency of Nigeria (NAN) in Lagos that the Spanish companies are ready to offer new technologies to Nigeria.
“Spain has leading companies in agricultural development. We are looking at introducing technologies for increasing Nigeria’s agricultural yields. We are happy that Nigeria has realised that her economy has to be diversified. And we know that Nigeria’s agricultural potential is huge.
“And with Nigeria now taking the development of her agricultural sector very seriously, Spanish companies believe that this is the moment to invest in Nigeria.
“We are going to be more interested in the development of Nigeria’s agribusiness. We want to strengthen our relations with Nigeria in the development of her non-oil sector.”
Segrelles expressed optimism that Nigeria’s current agricultural development strides, if sustained, would reposition the nation and Spain’s bilateral trade and economic relations in the next two to three years.
The Counsellor said that the companies are prepared to add value to Nigeria’s agricultural products, as well as her food chain, for export and domestic consumption.
Segrelles assured of plans by the companies to train and create employment opportunities for more Nigerians in the course of their investment in Nigeria. [myad]

I Have Dealt With Endemic Land Racketeers In Abuja – Minister

FCT minister Muhammad Bello

Minister of the Federal Capital Territory Administration (FCTA), Malam Muhammad Musa Bello, has said that his administration has successfully dealt a blow on the endemic land racketeers around the corridors of power.

He said that the land racketeering group that used to operate in Area 11, near the Abuja Geographic Information Systems (AGIS) head office, had suddenly disappeared as a result of the new method his administration adopted.

The minister, who spoke to news men on his score card in the last one-and-half year of his tenure as FCT minister, said that in addressing the mistakes of the past, his administration has been very careful in allocating land, admitting that since coming on board, no land has been allocated.

The minister said that the institutional framework of the FCTA has been strengthened not only to ensure effective service delivery but also maintain institutional memory.

On why he has has not appointed secretaries for the secretariats, the minister said he deliberately allowed the bureaucracy to work so that the management staff would no longer rely on the mentality of having to wait for directives on everything from a minister.

“We decided to strengthen the bureaucracy by allowing the civil servants to work. When ministers come with their political appointees and are gone, there is no institutional memory. That is why we spent a lot of resources on training staff.”

Muhammad Musa Bello promised that his administration would not demolish buildings anyhow, but would rather prefer the global best practice of upgrading and integration where infrastructure would be put in place for the people.

It would be recalled that the Minister was sworn in as the 16th Minister November 11, 2015. [myad]

Osinbajo Confesses: Corruption Is Massively Fighting Back, But We’ll Not Relent

VP Osinbajo

Acting President Yemi Osinbajo has confessed that corruption has been fighting back with tremendous resources, vowing that the federal government will not relent in its efforts to apprehend and bring corruption suspects to justice.

“We are also re-equipping our prosecution teams, and part of the expected judicial reforms is to dedicate some specific courts to the trial of corruption cases.”

The Acting President, in a nationwide Radio and Television broadcast today, May 29, to mark the second anniversary of Muhammadu Buhari administration, admitted that the Nigeria’s system of administration of justice has been quite slow.

“But the good news for justice is that our law does not recognize a time bar for the prosecution of corruption and other crimes.

“In the fight against corruption, we have focused on bringing persons accused of corruption to justice. We believe that the looting of public resources that took place in the past few years has to be accounted for. Funds appropriated to build roads, railway lines, and power plants, and to equip the military, that had been stolen or diverted into private pockets, must be retrieved and the culprits brought to justice.”

The full text of the Professor Osinbajo broadcast is reproduced here:

Dear Nigerians, I bring you good wishes from President Muhammadu Buhari, GCFR, who as we all know is away from the country on medical vacation.

  1. Today marks the second anniversary of our assumption of office. We must thank the Almighty God not only for preserving our lives to celebrate this second anniversary, but for giving us hope, strength and confidence as we faced the  challenges of the past two years.
  2. Our administration outlined three specific areas for our immediate intervention on assumption of office: these were Security, Corruption and the Economy.
  3. In the Northeast of our country,  the terrorist group Boko Haram openly challenged the sovereignty and continued existence of the state, killing, maiming,and  abducting, causing the displacement of the largest number of our citizens in recent history. Beyond the North East they extended their mindless killings, as far away as Abuja, Kano And Kaduna.
  4. But with new leadership and renewed confidence our gallant military immediately began to put Boko Haram on the back foot. We have restored broken-down relations with our neighbours, Chad, Cameroon and Niger – allies without whom the war against terror would have been extremely difficult to win. We have re-organized and equipped our Armed Forces, and inspired them to heroic feats; we have also revitalized the regional Multinational Joint Task Force, by providing the required funding and leadership.
  5. The positive results are clear for all to see. In the last two years close to one million displaced persons have returned home. 106 of our daughters from Chibok have regained their freedom, after more than two years in captivity, in addition to the thousands of other captives who have since tasted freedom.
  6. Schools, hospitals and businesses are springing back to life across the Northeast, especially in Borno State, the epicentre of the crisis. Farmers are returning to the farms from which they fled in the wake of Boko Haram. Finally, our people are getting a chance to begin the urgent task of rebuilding their lives.
  7. Across the country, in the Niger Delta, and in parts of the North Central region, we are engaging with local communities, to understand their grievances, and to create solutions that respond to these grievances adequately and enduringly.
  8. President Buhari’s New Vision for the Niger Delta is a comprehensive peace, security and development plan that will ensure that the people benefit fully from the wealth of the region, and we have seen to it that it is the product of deep and extensive consultations, and that it has now moved from idea to execution. Included in that New Vision is the long-overdue environmental clean-up of the Niger Delta beginning with Ogoni-land, which we launched last year.
  9. More recent threats to security such as the herdsmen clashes with farmers in many parts of the country sometimes leading to fatalities and  loss of livelihoods and property have also preoccupied our security structures. We are working with State governments, and tasking our security agencies with designing effective strategies and interventions that will bring this menace to an end. We are determined to ensure that anyone who uses violence, or carries arms without legal authority is apprehended and sanctioned.
  10. In the fight against corruption,  we have focused on bringing persons accused of corruption to justice. We believe that the looting of public resources that took place in the past few years has to be accounted for. Funds appropriated to build roads, railway lines, and power plants, and to equip the military, that had been stolen or diverted into private pockets, must be retrieved and the culprits brought to justice. Many have said that the process is slow, and that is true, corruption has fought back with tremendous resources and our system of administration of justice has been quite  slow. But the good news for justice is that our law does not recognize a time bar for the prosecution of corruption and other crimes, and we will not relent in our efforts to apprehend and bring corruption suspects to justice. We are also re-equipping our prosecution teams, and  part of the expected judicial reforms is to dedicate some specific courts to the trial of corruption cases.
  11. We are also institutionalizing safeguards and deterrents. We have expanded the coverage of the Treasury Single Account (TSA). We have introduced more efficient accounting and budgeting systems across the Federal Government. We have also launched an extremely successful Whistleblower Policy.
  12. The Efficiency Unit of the Federal Ministry of Finance has succeeded in plugging leakages amounting to billions of naira, over the last two years. We have ended expensive and much-abused fertilizer and petrol subsidy regimes.
  13. We have taken very seriously our promise to save and invest for the future, even against the backdrop of our revenue challenges, and we have in the last two years added US$500m to our Sovereign Wealth Fund and US$87m to the Excess Crude Account. This is the very opposite of the situation before now, when rising oil prices failed to translate to rising levels of savings and investment.
  14. Admittedly, the economy has proven to be the biggest challenge of all. Let me first express just how concerned we have been, since this administration took office, about the impact of the economic difficulties on our citizens.
  15. Through no fault of theirs, some companies shut down their operations, others downsized; people lost jobs, had to endure rising food prices. In some States civil servants worked months on end without the guarantee of a salary, even as rents and school fees and other expenses continued to show up like clockwork.
  16. We have been extremely mindful of the many sacrifices that you have had to make over the last few years. And for this reason this administration’s work on the economic front has been targeted at a combination of short-term interventions to cushion the pain, as well as medium to long term efforts aimed at rebuilding an economy that is no longer helplessly dependent on the price of crude oil.
  17. Those short-term interventions include putting together a series of bailout packages for our State Governments, to enable them bridge their salary shortfalls – an issue the President has consistently expressed his concerns about. We also began the hard work of laying out a framework for our Social Intervention Programme, the most ambitious in the history of the country.

 

  1. One of the first tasks of the Cabinet and the Economic Management Team was to put together a Strategic Implementation Plan for the 2016 budget, targeting initiatives that would create speedy yet lasting impact on the lives of Nigerians.

 

  1. Indeed, much of 2016 was spent clearing the mess we inherited and putting the building blocks together for the future of our dreams; laying a solid foundation for the kind of future that you deserve as citizens of Nigeria.

 

  1. In his Budget Presentation Speech to the National Assembly last December, President Buhari outlined our Economic Agenda in detail, and assured that 2017 -would be the year in which you would begin to see tangible benefits of all the planning and preparation work. It is my pleasure to note that in the five months since he delivered that speech, we have seen tremendous progress, as promised.

 

  1. Take the example of our Social Investment Programme, which kicked off at the end of 2016. Its Home Grown School Feeding component is now feeding more than 1 million primary school children across seven states and would be feeding three million by the end of the year. N-Power, another component has engaged 200,000 unemployed graduates – none of whom needed any ‘connections’ to be selected. Beneficiaries are already telling the stories of how these initiatives have given them a fresh start in their lives.
  2. Micro credit to a million artisans, traders and market men and women has begun. While conditional cash transfers to eventually reach a million of the poorest and most vulnerable households has also begun.
  3. Road and power projects are ongoing in every part of the country. In rail, we are making progress with our plans to attract hundreds of millions of dollars in investment to upgrade the existing 3,500km narrow-gauge network. We have also in 2017 flagged-off construction work on the Lagos-Ibadan leg of our standard-gauge network, and are close to completing the first phase of Abuja’s Mass Transit Rail System.
  4. In that Budget speech in December, the President announced the take-off of the Presidential Fertilizer Initiative. Today, five months on, that Initiative – the product of an unprecedented bilateral cooperation with the Government of Morocco – has resulted in the revitalisation of 11 blending plants across the country, the creation of 50,000 direct and indirect jobs so far, and in the production of 300,000 metric tonnes of NPK fertilizer, which is being sold to farmers at prices significantly lower than what they paid last year. By the end of 2017, that Fertilizer Initiative would have led to foreign exchange savings of US$200 million; and subsidy savings of 60 billion naira.
  5. The Initiative is building on the solid gains of the Anchor Borrowers Programme, launched in 2015 to support our rice and wheat farmers, as part of our move towards guaranteeing food security for Nigeria.
  6. All of this is evidence that we are taking very seriously our ambition of agricultural self-sufficiency. I am delighted to note that since 2015 our imports of rice have dropped by 90 percent, while domestic production has almost tripled. Our goal is to produce enough rice to meet local demand by 2019.  In April, the President launched our Economic Recovery and Growth Plan which built on the foundations laid by the Strategic implementation Plan of 2016.  The plan has set forth a clear vision for the economic development of Nigeria. I will come back to this point presently.
  7. Another highlight of the President’s Budget Speech was our work around the Ease of Doing Business reforms. As promised we have since followed up with implementation and execution. I am pleased to note that we are now seeing verifiable progress across several areas, ranging from new Visa on Arrival scheme, to reforms at our ports and regulatory agencies.
  8. The President also promised that 2017 would see the rollout of Executive Orders to facilitate government approvals, support procurement of locally made goods, and improve fiscal responsibility. We have kept that promise. This month we issued three Executive Orders to make it easier for citizens to get the permits and licenses they require for their businesses, to mandate Government agencies to spend more of their budgets on locally produced goods, and to promote budget transparency and efficiency. The overarching idea is to make Government Agencies and Government budgets work more efficiently for the people.
  9. The impact of our Ease of Doing Business work is gradually being felt by businesses small and large; its successful take-off has allowed us to follow up with the MSME Clinics -our Small  Business support programme, which has taken us so far to Aba, Sokoto, Jos, Katsina, and we expect to be in  all other states in due course.
  10. Let me note, at this point, that several of our Initiatives are targeted at our young people, who make up most of our population. From N-Power, to the Technology Hubs being developed nationwide, to innovation competitions such as the Aso Villa Demo Day, and our various MSME support schemes, we will do everything to nurture the immense innovative and entrepreneurial potential of our young people. We are a nation of young people, and we will ensure that our policies and programmes reflect this.
  11. One of the highlights of our Power Sector Recovery Programme, which we launched in March, is a N701 billion Naira Payment Assurance Scheme that will resolve the financing bottlenecks that have until now constrained the operations of our gas suppliers and generation companies. Let me assure that you will soon begin to see the positive impact of these steps.
  12. Our Solid Minerals Development Fund has also now taken off, in line with our commitment to developing the sector. Because of our unerring focus on Solid Minerals development over the last two years, the sector has, alongside Agriculture, seen impressive levels of growth – in spite of the recession.
  13. On the whole, just as the President promised in the Budget Speech, these early months of 2017 have seen the flowering of the early fruit of all the hard work of our first eighteen months.
  14. We opened the year with an overwhelmingly successful Eurobond Offer – evidence of continuing investor interest in Nigeria. We have also launched the Economic Recovery and Growth Plan (ERGP) 2017-2020, to build on the gains of last year’s Strategic Implementation Plan. And the implementation of our 2017 Budget, which will soon be signed into law, will bring added impetus to our ongoing economic recovery. In the 2016 Budget we spent 1.2 Trillion Naira on infrastructure projects, another milestone in the history of this country. Our 2017 Budget will double that investment.
  15. That budget also provides for substantial investment to implement the rollout of Industrial Parks and Special Economic Zones (SEZs), as well as our Social Housing Programme. The Industrial Parks and Economic Zones will fulfill our ambition of making Nigeria a manufacturing hub, while the Family Home Fund of our  Social Housing Programme will provide inexpensive mortgages for low-income individuals and families across the country.
  16. These plans offer yet more evidence that we are ramping up the pace of work; the work of fulfilling all that we promised. In the next two years we will build on the successes of the last two. We have demonstrated a willingness to learn from our mistakes and to improve on our successes. The critical points that we must address fully in the next two years are : Agriculture and food security, Energy, (power and Petroleum,) Industrialization and Transport infrastructure. Every step of the way we will be working with the private sector,  giving them the necessary incentives and creating an environment to invest and do business.
  17. Our vision is for a country that grows what it eats and produces what it consumes. It is for a country that no longer has to import petroleum products, and develops a lucrative petrochemical industry.  Very importantly it is for a country whose fortunes are no longer tied to the price of a barrel of crude, but instead to the boundless talent and energy of its people, young and old, male and female as they invest in diverse areas of the economy.
  18. And that vision is also for a country where the wealth of the many will no longer be stolen by or reserved for a few; and where the impunity of corruption – whether in the public or private sectors – will no longer be standard operating practice; a land rid of bandits and terrorists.
  19. As citizens you all deserve a country that works, not merely for the rich or connected, but for everyone. And our promise to you is that we will, with your support and cooperation, take every step needed to create that country of our dreams.
  20. We also know that this journey will of necessity take time. But we will not succumb to the temptation to take short-cuts that ultimately complicate the journey. We did not find ourselves in crises overnight, and we simply do not expect overnight solutions to our challenges.
  21. The most important thing is that we are on the right path, and we will not deviate from it, even in the face of strong temptation to choose temporary gain over long-term benefit. As the President has summed it up: “The old Nigeria is slowly but surely disappearing, and a new era is rising.”
  22. And so we commemorate this second anniversary of our administration with confidence and optimism. I firmly believe that we have put the most difficult phase behind us; and we are witnesses to the ever-increasing intensity of the light at the end of the tunnel. We ask for your continued cooperation and support, to enable us realise all our best intentions and ambitions for Nigeria. On our part We will continue to carry you along on this journey, speak to you, explain the challenges, and share our Vision.
  23. And while we all daily pre-occupy ourselves with pursuing the Nigerian Dream – which is the desire to better our lives and circumstances vigorously and honestly – it is inevitable that grievances and frustrations will arise from time to time.
  24. This is normal. What is not normal, or acceptable, is employing these frustrations as justification for indulging in discrimination or hate speech or hateful conduct of any kind, or for seeking to undermine by violent or other illegal means the very existence of the sovereign entity that has brought us all together as brothers and sisters and citizens.
  25. Nigeria belongs to all of us. No one person or group of persons is more important or more entitled than the other in this space that we all call home. And we have a responsibility to live in peace and harmony with one another, to seek peaceful and constitutional means of expressing our wishes and desires, and to resist all who might seek to sow confusion and hatred for their own selfish interests.
  26. Before I end this speech, let me ask for your continued prayers for the restoration to full health and strength  and the safe return of our President.
  27. I congratulate all of you on today’s commemoration of this important day in the democratic calendar our country. Nigeria is on a journey of greatness, and together we shall arrive at the destination of our dreams.
  28. May God bless you all, and bless the Federal Republic of Nigeria. [myad]

Gov Ortom Acknowledges Dangote’s Payment Of N700 Million Tax To Benue

Benue State Governor,
Benue State Governor,

The Governor of Benue State Samuel Ortom has confirmed that the Dangote Cement Plc, Gboko Plant, has paid the sum of N700 million tax to the Government of Benue State.

The Governor who spoke at the Dangote Cement’s commissioning and presentation of Tri-cycles in Gboko at the weekend, said that the tax was received last week.

Tri-cycles and mini-depots CSR project were presented to Benue communities by the President of Dangote Group, Alhaji Aliko Dangote who was represented by his Honorary Adviser, Engineer Joseph Makoju.

The Governor promised to address the issue of tax rise and multiple taxations even as he admitted that without Dangote’s payment of the tax, the state would have been in financial mess.

Ortom described the Dangote Group as a dependable partner, commending it for creating direct and indirect jobs opportunities in the State.

“Alhaji Aliko Dangote is a great Nigerian whom God has endowed with wisdom to drive the economy through the private sector. This company is better off compared to when it was in the hands of government. If not for Dangote, BCC Gboko would have been occupied by rats and reptiles.

”Business environment is very harsh in Nigeria. So for this company to have been functioning, it’s really appreciating. It is clear that we have found a new way of working together.

“We are restricted by the downturn of the economy. The capacity to engage people by the government is no longer there. So this new Corporate Social Responsibility scheme is really commendable. The tri- Cycles will facilitate movement and the cement depots will facilitate development and reduce hardship of travelling long distance before getting the product.

“As your Governor I will not allow Dangote to shortchange you, neither will I allow you to sabotage his investment. We need to encourage them.”

Other CSR projects by Dangote Cement in Benue State include: Electrification of villages at Masaje, Ipav, Gaando, Mbayion, Quarry Community, Igyula- Mbayion, Amua- Mbayion, Tsekutsa-Mbayion, some communities at Ukpekpe- Mbayion; procurement of 50 motor cycles on a revolving scheme basis and construction of 14 blocks of classrooms in different host communities in our operational area.

Others are Construction of a bridge at Mkar, donation of N 15million Naira to Yion Clan Foundation, construction of 21 boreholes in some communities of Mbayion, yandev and Ipav(arrangements are  already in place to reactivate non functional ones) and procurement of four (4) trucks of fertilizers on a revolving scheme to Mbayion Community.

Other projects also include: construction of a block of classrooms for the quarry Community, construction of examination hall at Mbatyula Progressive College, Tsekucha, the sum of Ten Million Naira (N10 million) is disbursed annually for Scholarship Grant to Mbayion Students in higher institutions of learning.

Speaking at the commissioning of Tri-cycles and Mini-depots CSR project in Gboko, Engineer Makoju said: “in keeping to our rules of engagement with host communities, which aims at transforming the lives of the people around our operational units, these schemes aim at empowering our host communities economically and socially.”

He said that the new scheme will engage the youths in more productive ventures thereby eliminating idleness and criminality, and as well improve the economic power of benefiting communities and relations as well as enhance their living standards.

He called on the Benue State government to address the recently rapid rise in the number and rate of taxes and levies, saying it is stifling business.

“We are appealing to Your Excellency to please look into these issues with your able State House of Assembly with a view to lessening our tax burden.”

He said that the company is the largest employer of labour outside government in the state.

Plant Director, Jacinto Leyva Miranda said the company has done a lot and will continue in its bid to support its immediate communities.

A statement from the Group announced that the company has vigilante contract with all its host communities which is has been paying over N3 million monthly.

“We do engage some skilled and unskilled youths of the host communities in our employment as part of the Youth Economic empowerment programme,” the statement added. [myad]

Nigeria: Bad Start, Slow Recovery, Rays of Hope, By Muda Yusuf

Muda Yusuf of LCCI

The regime came on board with an exceptionally high goodwill and with very high expectations from the citizens. But the regime was up to a slow start, from the perspective of the economy. The key reforms, especially in respect of the petroleum industry and the infrastructure sectors were also slow in coming. The collapse of oil price and activities of the militants in the Niger Delta regrettably compounded the economic challenges of the country, culminating in a recession. The good news is that the outlook for the short to medium term looks better now than a year ago.

Policy Direction: Absence of an economic blueprint was one of the concerns of the private sector in the early days of the administration. However, the Economic Recovery and Growth Plan, ERGP, launched recently by the President has provided clearer economic policy direction of the administration. This enhanced the level of investors’ confidence and lessened uncertainties. The indications are that the government is committed to the implementation of plan. The establishment of the Presidential Enabling Business Environment Council, PEBEC, is also a boost to investors’ confidence.

Investors’ confidence

This is a body chaired by the Vice President which underscores the political will of the government to drive its activities. The Executive Orders released recently provide further proof of government commitment to fostering an enabling environment for investors.

Forex policy: The forex policy was one of the major challenges faced by investors in the past two years. There were issues of uncertainty, volatility of exchange rate, round-tripping which resulted from the huge differentials in the rates, multiplicity of rates, acute liquidity crises which adversely affected investors’ confidence. However, the recent reforms in the forex market has mitigated these problems. The upswing in oil price and increase in oil output had brought a great relief to investors this year.

The forex regime is moving close to a market driven framework in line with the pointers in the ERGP. The frequent injection of liquidity by the CBN has moderated the rates and improved forex liquidity. The forex policy reviews, especially the creation of the investors and exporters windows, are impacting positively on forex inflows and boosting the fortunes of the stock market. Although there are still some fine-tuning to be done, the forex regime is heading in the right direction.

Debt management: There are concerns about the rapid growth in public debt stock. Evidently, the debt profile of the government is not sustainable. The IMF in its Article 4 Consultation Report indicated that 66 per cent of the government revenue was used in interest payment in 2016. This is disproportionate and poses a risk to the macro-economy. In the 2016 budget, the sum of N1.36 trillion was earmarked for debt service. This was 35 per cent of revenue and 76 per cent of capital budget. Similarly in 2017 budget, the sum of N1.66 trillion was proposed for debt service. This was 34 per cent of revenue and 74 per cent of capital budget. The public debt stock grew from N9.5 trillion in 2014 to N17.3 trillion in December 2016. Although the exchange rate effect contributed to the sharp increase in the numbers. But this not detract from the reality of rapid increase in debt accumulation. This is something to worry about.

Besides, the debt structure is impacting negatively on the private sector because of the crowding out effect in the financial market. The bulk of the resources in the economy is now being channeled to purchase of government debt instruments at attractive rates of between 18 and 22 per cent rather than lend to investors in the economy. This has also pushed up interest rates to the 30 per cent threshold for private sector investors. This will surely no help the drive to stimulate domestic investment which is most critical to job creation. Recent data indicate that in Nigeria, financial system credit to the private sector as percentage of GDP, is one of the lowest in the world. It is 14.2 per cent when the sub Saharan average is 45 per cent. The figures for the middle income is 96.5 per cent, while and high income countries are well over 146.6 per cent.

Manufacturing sector: The manufacturing sector experienced some major challenges during the past two years. The factors were both external and domestic. The main external factor was the collapse of oil price which affected forex availability and triggered sharp exchange rate depreciation. There was very little the government could do to stem that. However, the policy component of the problem resulted largely from foreign exchange policy choices which aggravated the problem of forex liquidity. The restriction of 41 items from access to interbank forex market added to the plight of some manufacturing firms. The high interest rate and unfair competition from imported products were also factors that constrained the growth of the industrial sector. High energy cost continued to impede the competitiveness of the sector. Capacity utilization was between 40 – 45 per cent over these period.

The import dependent nature of the Nigerian manufacturing sector also posed considerable adjustment challenges for the sector over the past two years. The good news is that segments of the manufacturing sector that had substantial backward integration capabilities had a very good leverage during the review period. Such firms became more competitive and more sustainable and profitable. They are largely in the food and beverage categories.

Agricultural sector

The sector gained government support especially in funding, especially rice farming and processing. However, the pace of mechanization is still low which is why food prices remain an issue in the country. It is only mechanized agriculture that can guarantee food security in a country with a population of 180 million.

Oil and gas: Pace of reforms in the oil and gas sector has remained painfully slow. PIB has still not been passed and this has been stalling the progress of the sector.

In the upstream segment, contracting processes under the joint venture partnership takes between 24 – 36 months. This is a major problem for investors in the sector. This is one reason that no new investors are coming into the sector.

The downstream is equally plagued by the excessive regulation which has made it difficult to unlock the huge potentials of the oil and gas sector. It desirable to fully liberalize the sector so that investors can go into the sector and inject the desired investment. The price cap on the petroleum products is hurting the sector and impeding progress. There is a huge potential to be unlocked in the sector through appropriate policies and legislations. [myad]

Tinubu Has Right Kind Of Leadership Qualities To Move Nigeria Forward – Osinbajo

Osinbajo VP 1

The Acting President, Yemi Osinbajo has said that the National leader of the All Progressives Congress (APC), and former Lagos State Governor, Bola Ahmed Tinubu has the right kind of leadership qualities that can move Nigeria forward.

Osinbajo, who served as attorney-general and commissioner of justice of Lagos State between 1999 and 2007 under the government of Tinubu, said that the then governor appointed him Commissioner without having ever met him in person.

Speaking during an event to mark the 50th Lagos anniversary, the Acting President commended Tinubu for taking cognisance of the diversity of the state while forming his cabinet in 1999, saying: “I did not and I had never met Bola Tinubu before I was appointed commissioner and that says a lot about the kind of individual that he is.

“This is the kind of thinking that makes nations great; that is the kind of thinking that would make Nigeria great. A type of thinking that considers all of our diverse talents; a kind of thinking that does not allow parochialism; a kind of thinking that does not allow us to say anywhere belongs to only a set of people. That is when our country would be truly great.” [myad]

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