Connect with us

Business

Buhari unveils economic recovery plan in December

Published

on

Insists on $29.9b loan in meeting with Saraki
Following two days of brainstorming in Abuja, various teams drawn from the public and private sector have concluded work on various aspects of a new and comprehensive economic blueprint for Nigeria.

Minister of Budget and National Planning, Senator Udo Udoma whose ministry organized the retreat stated that contrary to critics’ misleading opinion that the federal government lacks an economic programme, President Muhammadu Buhari had laid out one in his 2016 Budget speech.

According to the minister, the president’s economic vision, the Strategic Implementation Plan drawn up by his ministry along with vibrant ideas canvassed or analysed at the retreat would be harmonised and launched as the federal government’s comprehensive economic development programme next month.
“It is helpful to note that the National Economic Recovery and Growth Plan will play a signalling role, while also promoting coherence and coordination.
“In other words, by putting government strategies, directions, policy priorities and intended initiatives in one place, other stakeholders are better able to take their own strategic economic decisions.
“In addition, economic actors in various sectors will be guided by commonly derived objectives in the plan which promote coordination and prevent duplication and needless dissipation of scarce resources.
“The planning process also provides an opportunity to review the trajectory of the economy, especially in the context of regional and global developments,” Senator Udoma stated.
According to him, the federal government’s focus on stimulating and revitalising the Nigerian economy is yielding positive results already, especially through the reforms in agriculture, stimulated investment in the solid minerals sector and the ‘Made in Nigeria’ campaign.
He noted that government’s identification of 45, 000 ghost workers through the Treasury Single Account and the liberalization of fuel supply which curbed daily consumption by 30% and saved $4. 5 million daily expenditure through elimination of false subsidy claims are among the recent economic gains.
Pointing out that Nigeria has been grappling with the ‘triple shock of prices, production and power’ for most of 2016, he stated that economic recession, collapse of oil prices and the vandalisation of oil pipelines that has a negative effect on electricity and gas supplies are serious challenges.
He said that the two-day retreat was conceptualised to provide an opportunity for stakeholders from the various sectors of the economy to consult and exchange views on the medium-term economic plan and facilitate enduring macroeconomic stability, economic diversification, ease business competitiveness, enhance social inclusion and assess governance processes towards enhancing rapid economic growth.
Among government officials present at the retreat, along with private sector players were the Minister of Mines and Steel Development, Mr.  Kayode Fayemi, Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, Minister of State for Health, Dr. Alhassan, Permanent Secretary in Ministry of Budget and National Planning, Hajia Fatima Mede, Special Adviser to the President on National Planning, Alhaji Tijani Abdullahi and a Deputy Governor of CBN, Dr. Sarah Alade.
Eminent experts invited to lead brainstorming sessions on macroeconomic reforms include Mr. Bismarck Rewane, Professor Akpan Ekpo, Dr. Abraham Nwankwo from Debt Management Office and Dr. Yemi Kale who heads the National Bureau of Statistics.
Those who examined various aspects of economic growth drivers are Mr. Bode Agusto, Professor Olu Ajakaiye, Mansur Ahmed, Mr. Linus Adie, Mr. Segun Awolowo and Dr Yemi Dipeolu, Economic Adviser in the office of the Vice President.
Those invited to analyse ideas for improving business competitiveness include Mr. Frank Nweke, Dr. Ayo Teriba, Dr. Obadiah Mailafia, Ambassador Chiedu Osakwe, Mrs Yewande Sadiku and Mr. Louis Edozien.
Aspects of social inclusion and job creation in the forthcoming economic blueprint were handled by Professor Ode Ojowu, Professor Joe Umo, Dr. Martina Nwordu and Mr. Afolabi Imoukhuede who is SSA to the Vice President on Job Creation.

Facebook Comments
Continue Reading
Click to comment

Leave a Reply

Business

Nigerians open one million bank accounts monthly: NIBSS

Published

on


Mr Niyi Ajao, Managing Director, Nigeria Inter Bank Settlement System (NIBSS), says one million bank accounts are opened monthly by Nigerians as the nation’s financial inclusion rate increased to 63.6 per cent from 45.4 per cent recorded in 2016.

Ajao made the disclosure at the launch of the 2018 Financial Inclusion Survey by Enhancing Financial Innovation and Access (EFInA) on Tuesday in Lagos.

He said with the rise in the rate, the efforts of stakeholders in the financial industry were beginning to pay off.

Ajao, however, said that there was need to do more if the country would meet the 20 per cent exclusion rate by 2020.

According to the survey, 63.6 per cent of Nigeria’s adult population of 99.6 million have access to financial services, while 36.4 per cent, equalling 36.6 million of the adult population are financially excluded.

Out of the 36.6 million adult population that are financially excluded, 55.9 per cent are women, while 44.1 per cent are men.

The survey also showed that 39.7 per cent of the population are banked.

Ajao said that NIBSS, which holds data for the banking industry had recorded up to one million new accounts being opened in banks on a monthly basis.

He said that majority of the new accounts were opened by people who already had accounts.

The managing director said that more than 30 million Bank Verification Number (BVN) holders had continued to make more transactions as the volume of electronic transactions grew.

“When we look at the figures for adult population for EFINA report for 2016, 96.4 million and now 99.6 million.

“This is about 3.3 per cent growth of adult population if you look at the number of financially included, 56.4 million as at 2016 has grown to 63.6 million in 2018 that is a growth of 11 per cent.

“So, the increase is way above the population growth and that means the efforts of all players have yielded fruits but we need to continue with the efforts.

“This is because we still have a lot to conquer if we must achieve the 20 per cent exclusion by 2020.

“We have seen NIBSS Instant Payment (NIP) which we use to gauge the payment behaviour of Nigerians from 2016 up,” Ajao said.

He said that the inclusion rate was growing slowly until 2018 when the volume doubled year on year.

“This year by our projection, we will be doing one billion NIP in 2018. We did half of that in 2017.

“It is clear that what we are experiencing is that it is the few banked people that are doing all the transactions.

“Throughout 2017, the volume of transactions kept on growing, instant payment, Point of Sale (POS), bulk payment, even during the recession when the value of transaction became smaller, we were having more and more volume done.

“That again points out that we are winning the war gradually against cash. More people that would have done cash are now doing e-payment,” Ajao said.

“However, the few banked are the ones doing majority of the transactions.

“This year alone, we have 9.9 BVN holders do all the instant payment transactions we saw in the third quarter and that shows the structure we have in place.

“This growth looks much lower than what we see in the bulk of e-payment, it is this same account holders who are opening new accounts and who are doing more transactions.”

Facebook Comments
Continue Reading

Business

NNPC educates Senate on NLNG dividend account

Published

on


The Nigerian National Petroleum Corporation (NNPC) has shed light on the probe of alleged illegal withdrawal from the Nigerian Liquefied Natural Gas (NLNG) Dividend Account by the Senate, clarifying that there was nothing illegitimate about it.

In a statement, the NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, said the clarification was made by the corporation’s Chief Financial Officer (CFO), Mr. Isiaka Abdulrazaq, at an interactive session with the media over the weekend in Lagos.

The release stated that in a detailed presentation, the CFO clarified that the Senate probe was not about missing money as was being insinuated in some quarters, but rather an investigation into whether NNPC acted legally in withdrawing the sum of $1.05bn from the NLNG Dividend Account to support fuel importation.

According to the release, while granting the statutory right of the legislators to carryout oversight functions, NNPC CFO said that relevant extant laws such as the Appropriation Act 2018 defines revenue from NNPC as net of cost, indicating that NNPC has the right to defray the cost of its operations from earnings.

He also cited the NLNG Act which explicitly provides that NNPC could defray its cost from the dividends, as one of the legal grounds relied upon for the expenditure without recourse to appropriation by the National Assembly.

Expatiating further on the matter, Mr. Abdulrazaq, according to the release, cited the case instituted by some state governments in 1999 seeking the interpretation of revenue on account of their contention that all accruals from oil and gas operations amount to revenue and should be swept into the Federation Account.

The ruling on that case by the Supreme Court in 2002, according to him, was in tandem with NNPC’s position that revenue is accruals net of cost.

“We have provided the legal authority on which we rely to use funds from the NLNG Dividend Account to the Senate. We believe they will reason with us. But if need be, we will seek legal opinion on it”, the CFO stated.

On the general impression that NNPC and indeed the entire Oil and Gas Industry is opaque, Mr. Abdulrazaq contended that in the light of efforts made by the Management of the NNPC since the inception of the President Muhammadu Buhari administration to entrench a culture of transparency, nothing could be further from the truth.

“NNPC is very open and transparent. We publish our NNPC Monthly Financial and Operations reports in the media. No one does monthly reporting, not even the international oil companies or the publicly quoted companies. The best they do is quarterly reports. But we do monthly reports of revenue (profit and loss for the entire corporation, including the subsidiaries). We do operations report on how much oil and gas was produced, sold and the monetary value; how much products the refineries processed and how much was imported and sold by PPMC. We do all these to defuse the perception of opacity. Yet some people still say we are opaque, and I think that is not fair”, he argued.

Abdulrazak disclosed that as part of the stewardship accounting designed to make NNPC’s operations transparent to the public, the inherited six-year unaudited accounts of the corporation have been audited up to date, stressing that the account for 2017 has been fully audited, approved and forwarded to relevant authorities.

On fuel supply and efforts to ensure zero-scarcity throughout the end of year festivities and beyond, the CFO disclosed that NNPC has 2.6 billion litres of premium motor spirit (petrol) in offshore and onshore storage that could last for 52 days at 50 million litres per day consumption.

Also speaking at the event, the Chief Operating Officer, Upstream, Mallam Bello Rabiu, said the major focus of the Upstream Autonomous Business Unit of the NNPC was to drive down the cost of crude oil production and link the Oil and Gas Industry with the economy.

According to him, bringing down the cost of production would lead to cheaper energy cost which would in turn boost industrial and economic growth.

He said security and funding that used to be the bane of Upstream operations have been largely taken care of by the corporation through practical engagement with stakeholders in the Niger Delta region and the cash-call exit programme.

The COO said that as part of efforts to drive down cost, the NNPC was looking at extending the Escravos-Warri crude oil evacuation pipeline surveillance contract model to downstream pipelines to guarantee efficient crude supply to the refineries post-rehabilitation.

“Before now, it was not possible to get crude to Warri and Kaduna refineries. But with the kind of security contract in place for the Warri-Escravos Pipeline, we now have 99% crude oil recovery rate. The balance is paid for by the contractor. That is why we have replicated that model for the Trans-Forcados Pipeline to guarantee security”, Mallam Rabiu explained.

Facebook Comments
Continue Reading

Business

FG Excited Over Firm’s $600m Investment In Iron Ore, Steel Production

Published

on


…to generate 36MW of power

The Federal Government at the weekend, expressed excitement over firm’s $600 million (N183 billion) investment in an integrated iron ore mining processing and steel production.

This was disclosed by the Minister of Finance, Zainab Shamsuna Ahmed, during a meeting with the firm, African Natural Resources and Mines Limited, in Kagarko Local Government Area of Kaduna State, led by Mr Raj Gupta.

According to a statement by the Minister’s Spacial Adviser on Media and Communications, Mr Paul Ella Abechi, the investment will boost the solid minerals sector and the entire economy, which will lead to increased revenue generation and job creation under the diversification policy of the Federal Government.

She said, “In a bid to diversify away from oil and increase government revenues, I met this evening with African Natural Resources and Mines Limited led by Mr. Raj Gupta who are investing $600m in an integrated iron ore mining, processing and steel production project in Kagarko Local Government, Kaduna State.

“This is about the first major investment in the mining sector in more than two decades. The project will have a capacity of 5.4 metric tonnes per annum and will create 3,500 direct jobs and thousands of indirect jobs.”

According to her the steel plant will generate 36 megawatts of electricity to the national grid that would boost the already generated megawatts of power for other economic activities.

“About 36 megawatts of electricity is to be generated from the waste heat which will increase power supply to Kagarko Local Government to help develop other industries and urbanize the local area. The surplus will also be added to the national grid.”

The Minister further explained that the company’s steel will carry out beneficiation, pelletizing and convert iron into direct used iron for steel manufacturing and that it will galvanise the industrial space into a hub of production of finished goods for local consumption and export.

“The integrated steel manufacturing project has its focal point in mining iron ore, beneficiating, pelletizing and transforming into Direct Reduced Iron (DRI) which is the primary raw material in steel manufacturing.”

Expressing optimism the Minister said the project will massively impact on the local people and the nation at large based on the potential it has to transform the socio-economic life of Nigerians.

“This project will drive industrial and community development, generate more power, create employment for locals, substitute imports, crude steel production, royalties and reposition the mining sector”, she stated.

Facebook Comments
Continue Reading

Latest News

News6 hours ago

Magu fights for his honour in suit against The Sun

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu has told Justice Doris T. Okuwobi of...

Crime7 hours ago

Man to die by hanging for killing stepmother

A Plateau State High Court sitting in Jos has sentenced a 24-year-old man, identified as Binfa Lamde, to death by...

Hon. Eseme Eyiboh Hon. Eseme Eyiboh
News8 hours ago

Eyiboh blasts Akwa Ibom govt, says peace slogan mere farce

The Campaign spokesperson of the All Progressives Congress, APC, in Akwa Ibom state, Hon. Eseme Eyiboh has described the much-celebrated...

Rev. Samson Ayokunle President of CAN Rev. Samson Ayokunle President of CAN
News8 hours ago

2019: CAN denies endorsing candidates

The Christian Association of Nigeria (CAN), on Thursday said the association did not endorse anyone, but only met with 14...

Paul Merson Paul Merson
Sport8 hours ago

Paul Merson predicts Liverpool vs Manchester United clash

Former Arsenal, Aston Villa player, Paul Merson has tipped Liverpool to defeat Manchester United during the Premier League clash on...

Politics8 hours ago

Mass defection as 3,250 APC, PDP members join APGA in Nasarawa

About 3,250 members of All Progressives Congress (APC) and Peoples Democratic Party (PDP) in Obi Local Government Area (LGA) of...

Senate at plenary Senate at plenary
News8 hours ago

Senate overrules majority leader, Lawan over number of APC, PDP lawmakers

Presiding deputy Senate President, Ike Ekweremadu, Thursday overruled the Majority Leader, Ahmed Lawan, over the partisan membership of lawmakers in...

Nigerian Army Nigerian Army
News9 hours ago

Olowu of Owu, Oba Oyelude calls for support for Nigerian Army

A highly respected traditional ruler in Yorubaland, the Olowu of Owu Kuta, Oba Hammed Adekunle Makama Oyelude, has called for...

News9 hours ago

Prominent Islamic cleric, Sheikh Tijjani Khalifa is dead

A prominent Tijjaniyya sect’s cleric in Kaduna State, Sheik Tijjani Khalifa is dead. According to the News Agency of Nigeria...

NGO In Collaboration to Fight Eye Diseases NGO In Collaboration to Fight Eye Diseases
Health9 hours ago

NGO, FCTA collaborate to fight eye diseases

By Jessica Dogo The Christoffel Blinden Mission (CBM), an NGO, and the Federal Capital Territory Administration would collaborate to rid...

President Muhammadu Buhari President Muhammadu Buhari
News10 hours ago

IGP Idris retires January, make Igbo officer next inspector-general – Intersociety urges Buhari

A rights group, International Society for Civil Liberties and Rule of Law (Intersociety) has called on President Muhammadu Buhari to...

Ibrahim Idris Ibrahim Idris
News10 hours ago

IG of Police, Idris reveals how 2019 election can be credible

The Inspector-General of Police, IGP, Mr Ibrahim Idris has called for collaboration among sister security agencies in the country ahead...

NYSC members NYSC members
News11 hours ago

7 corps members face disciplinary action in Nasarawa

The National Youth Service Corps (NYSC) in Nasarawa State has recommended that seven corps members posted to the state face...

News11 hours ago

Dangote’s NASCON unveils classic seasoning cubes, curry, stew mix

NASCON Allied Plc, a subsidiary of the Dangote Industries Limited has introduced a new classic seasoning cube which consumers have...

Entertainment11 hours ago

Davido, Wizkid, Burna Boy dominate 2018 Soundcity MVP awards [See full list of nominees]

Nigerian artistes, Davido, Wizkid and Burna Boy have emerged with the most nominations in the 2018 Soundcity MVP Awards Festival....

Follow Us On Twitter

Metro Daily Nigeria
@MetroDailyNG

  • Magu fights for his honour in suit against The Sun https://t.co/RMnN38RBNL https://t.co/LT5CGf1W0s
    about 6 hours ago
  • New post: Magu fights for his honour in suit against The Sun https://t.co/MMRIqhuy51
    about 6 hours ago
  • Man to die by hanging for killing stepmother https://t.co/VZFQLq5xOR https://t.co/w0wIiaUuoi
    about 7 hours ago

Facebook

Advertisement

Trending

%d bloggers like this: