Connect with us

News

‘FG Needs $5bn To Stabilise Economy’

Published

on

Minister of Finance and Co-ordinating Minister of Economy, Dr.Ngozi Okonjo-Iweala, declared yesterday. That for Nigeria’s economy to retain its current stability, the excess crude account which had been depleted to the tune of $4.1billion now, will have to be jerked up to about $5 billion,
The minister made the submission at the National Assembly while fielding questions from members of the Senate Committees on Finance and National Planning during Consideration of the 2015-2017 Medium Term Expenditure Framework (MTEF) as a working document for the 2015 budget insisted that Nigeria is not broke in spite of some cash fluctuations in the system.
Okonjo-Iweala said: “Nigeria as a country has quite enough assets and I think anybody inside and outside will agree to that. That is why it is very difficult when people say the country is broke, I say absolutely not because if we wanted to mobilise any of our assets to cover, we could do that. Of course it could take a little bit of time.
”However, that does not mean that we cannot have some cash flow fluctuations, we just have to manage it because we have an economy that is reasonably self-sufficient. We are able to manage ourselves well and everybody is willing to do a few things we should be able to get there”, she added.
Specifically responding to a question on whether the 2015 budget would be a workable one or not, based on its proposed parameters in the MTEF document, the minister said whatever oil price benchmark will be approved by the National Assembly, the most important thing is for the country to arrive at a price that will give leverage for enormous savings against times like this.
Her words: “My belief is no matter what is settled on at this point in time, what is pleasing and that brings us all together is the realisation that what we were trying to say a few years ago has happened and it is happening in front of us and all of us need to come together to find a solution.
Whatever the decision will be, even if we agree on another benchmark, we still need measures to be in place because we have no idea on whether the oil price will continue to drop or go up.
She said “I think we need to prepare ourselves in two or three scenarios and we can share some of the scenarios that we have been thinking about that will guide our development of those contingency measures.”I think that the excess crude account was built to be able to cushion us at times like this, when we have some kind of difficulties and I think it played that role to perfection during the crises of 2008, when oil fell to 38 to 40 dollars per barrel, even worse than what we have now. At that time we had saved up quite a lot of money as such we were able to draw at least for a quite a few months to carry the economy.

Continue Reading

News

Declare Buhari’s Seat Vacant, Owuru Urges Court

Published

on

The candidate of the Hope Democratic Party (HDP) in the last presidential election, Chief Ambrose Owuru, has approached the Federal High Court in Abuja, asking it to declare the seat of President Muhammadu Buhari vacant.

Owuru, who was among the four petitioners that went to tribunal to challenge Buhari’s re-election, in his fresh suit, sought for an order to restrain the Independent National Electoral Commission (INEC), from “undertaking or planning any other election into the office of the President”, in 2023.

The Plaintiff, in his suit marked FHC/ABJ/CS/480/2021, maintained that Buhari is “an unlawful President that is illegally occupying the Presidential seat”.

It would be recalled that Owuru and his party, HDP, had in an earlier appeal they litigated up to the Supreme Court, insisted that the Justice Mohammed Garba-led Presidential Election Petition Tribunal, erroneously dismissed a petition they lodged against the return of Buhari of the All Progressives Congress (APC), as winner of the presidential election that held on February 23, 2019.

They specifically prayed the apex court to sack Buhari on the premise that he emerged through an illegal process.

According to the Appellants, INEC, failed to follow condition precedents stipulated in the Electoral Act, when it unduly postponed the presidential election that was originally fixed for February 16.

The HDP claimed that its candidate, Owuru, secured over 50million votes in a referendum that was conducted by both electorates and observer networks that were dissatisfied with the unilateral postponement of the presidential election by INEC.

However, in a unanimous decision, a five-man panel of Justices of the Supreme Court led by Justice Mary Odili, struck out the appeal for constituting “a gross abuse of the judicial process”.

Meantime, in the fresh suit, Owuru and his party argued that their suit against Buhari at the Supreme Court was inconclusive.

The Plaintiffs argued that the case was fixed outside the 60 days period that was allowed by the law.

Owuru asked the court to declare him the authentic winner of the last presidential poll, as well as, to issue an order for his immediate inauguration to take over from Buhari.

He prayed the court to declare that he is entitled to serve out a tenure of 4 years after his formal inauguration.

More so, the HDP presidential candidate, aside from asking for Buhari’s immediate removal from office, equally prayed the court to compel him to refund all salaries, allowances and emoluments he collected while he unlawfully stayed in office as President.

Owuru also asked the court to give an order that salaries, allowances and emoluments be paid to him from May 29, 2019, when he ought to have been sworn in, till date.

The Plaintiff further applied for, “An order of interlocutory injunction restraining the Respondents by themselves and acting through their agents, servants, privies and or proxies howsoever from any further organizing, undertaking or planning of any other election into the office of the President of Nigeria or any such other Presidential Election interfering, harassing and or disturbing the Applicant adjudged acquired right as unopposed and unchallenged winner of the original scheduled and held the February 16 Presidential Election thereof until the 1st Applicant unserved constitutional four years term of office is served pending the hearing and determination of the substantive suit by this honourable court”.

Cited as 1st to 3rd Respondents in the matter were Buhari, the Attorney General of the Federation, and INEC.

Meanwhile, no date has been fixed for the matter to be heard.

Continue Reading

News

World Bank Report Exposes Buhari’s Lies, PDP Affirms

Published

on

The Peoples Democratic Party (PDP) said the report by World Bank that 7 million Nigerians have been pushed into poverty in the last year, has clinically belied the integrity posturing of President Muhammadu Buhari and the All Progressives Congress (APC).

The opposition party said the World Bank report came in the face of the recent claims by President Buhari that his administration has lifted over 10 million Nigerians out of poverty in the last two years.

The PDP asserted that the report by the World Bank has further vindicated its position that President Buhari runs an uncoordinated and clueless administration that thrives on lies, false performance claims, deceit, and perfidious propaganda.

The statement added that, “Nigerians can now clearly see why the APC and President Buhari’s handlers are always in a frenzy to attack our party and other well-meaning Nigerians whenever we point to the poor handling of the economy and on the need for President Buhari to always be factual on pertinent issues of governance in our country.

“Unfortunately, it indeed appears that Mr. President enjoys living in denial while watching millions of Nigerians go down in abject poverty, excruciating hunger, and starvation as our country now ranks 98th out of 107 in Global Hunger Index under his watch.

“Otherwise, why would Mr. President claim that his administration has lifted over 10.5 million Nigerians out of poverty while official figures even from the National Bureau of Statistics (NBS) show worsening poverty rate with 142.2% growth in food inflation and over 82.9 million Nigerians being unable to afford their daily meals due to the failure of the administration to take practical steps to grow and protect the food sector?

“Under President Buhari, Nigerians are now subjected to the worst form of poverty and hardship, with collapsed purchasing power, occasioned by a voodoo economy management that has wrecked our productive sectors and pummeled our naira from the about N167 to a US dollar in 2015 to the current over N500 per dollar.

“It is unfortunate that Mr. President will choose to always bandy fictitious figures and false performance claims, when he has, in a space of six years, destroyed our national productivity and reduced our country to a beggarly nation, a laughing stock and object of pity among the comity of nations.

“The PDP invites Nigerians to note President Buhari and APC’s similar false performance claims in other critical sectors, including power, transportation, road infrastructure, health, education, agriculture, security, aviation among others, where the Buhari administration has been bandying fictitious figures with no tangible project to point at.

“Our party counsels President Buhari, his handlers as well as their party, the APC, to note that Nigerians have seen through their deceitful clams.

“The PDP, once again, urges Mr. President to end his false performance claims and get more competent hands to manage the economy before every Nigerian is turned into a street beggar.”

Continue Reading

News

Amnesty Kicks As FG Pushes Social Media Regulation

Published

on

Amnesty International has strongly opposed the call by the Nigerian Government to regulate the use of social media and online broadcasters.

It would be recalled that the Minister of Information and Culture, Lai Mohammed, had urged the House of Representatives to include regulation of Twitter in the National Broadcasting Commission Act.

The minister made the call at the public hearing on a bill to amend the NBC Act organised by the House Committee on Information.

“I will want to add, that specifically, internet broadcasting and all online media should be included in this because we have responsibility to monitor content— including Twitter,” he said.

Reacting, Amnesty International, in a tweet via its Twitter account, yesterday, kicked against the motion.

It noted that when social media is regulated, authorities can arbitrarily have powers to shut down the internet and limit access to social media.

It further noted that criticizing the government will be made punishable with penalties of up to three years in prison.

“When social media is regulated, authorities can arbitrarily have powers to shut down the Internet and limit access to social media.

“Criticizing the government will be made punishable with penalties of up to three years in prison.

“Regulating social media in Nigeria could be easily abused to punish critics of government policies and actions, and anyone who asks difficult questions could find themselves liable for ‘diminishing public confidence in the government.’

“Seeking a law to prohibit abusive, threatening and insulting behaviour is open to very wide interpretation. This section would pose a threat to critical opinion, satire, public dialogue and political commentary,” the statement added.

Continue Reading

Trending