News
FG Targets $10bn In Crude Accounts
Coordinating Minister for the Economy, Dr Ngozi
Okonjo-Iweala, said in Tokyo on Sunday that Nigeria’s Excess Crude Account
would be built up to $10 billion by early 2013.
Okonjo-iweala made this known while briefing newsmen on the
Nigerian economy at the Annual Meeting of the World Bank and the International
Monetary Fund (IMF).
“I strongly feel and I have shared with the governors, with
Mr. President and vice-president who fully support that the Excess Crude
Account must be built up to $10 billion.
“We should strive to do that in the next few months and we
keep that as buffer.’’
According to her, if the account is built up to $10 billion
dollars and it is not touched for a while, it will serve as buffer.
She noted that there was the need to increase the nation’s
external reserve, considering the population of the country.
“Our reserves are not huge, we are just building backup;
it’s not my place, it is the monetary policy that manages it, but I have
discussed with the CBN governor that we need to build up our reserve to $50
billion, if we can.
“That will be the desires of the fiscal authorities, so I
don’t consider us with the size of the economy and population we have.
“Look at Algeria, their reserve is nearly $200 billion, for
a country much smaller than Nigeria,’’ she said.
On infrastructure, she noted that the country needed about $10 billion yearly to tackle its infrastructural challenges adding that Nigeria would draw from the World Bank’s loan offer with a go-ahead from the National Assembly.
She noted that Nigeria would not draw from the international
monetary resources at the moment to tackle the infrastructure challenges.
“We are trying to put our borrowing to really direct it to
infrastructure, as you know we have gone to other sources, the Word Bank is
helping us with power, so is the African Development Bank.
“Those are very concessional resources. The problem we have
right now is that the meetings from the World Bank; they are indicating that if
we do not pass through external borrowing plan, where we have $1.2 billion,
that has been approved.
“They are very sympathetic to us, they will like Nigeria to
use that money but if the money stays there and it’s not approved for use, they
will have to move it and give it to other countries.’’
Okonjo-Iweala noted that the loan to be taken would be given
at zero interest rate, a 40-year repayment period and 10 years of moratorium
and only 0.7 per cent commitment charge.
She said that the money would be used for power, water and
health care among others, adding that Nigeria could only benefit from the loan,
if the National Assembly approved.
Meanwhile, the Central Bank of Nigeria, Governor, Sanusi
Lamido Sanusi said in Tokyo yesterday that the bank would soon stop the selling
of cash to bureaux de change.
“70 per cent of the dollars that people buy from bureaux de
change are not for transactions outside Nigeria, they move dollars from one
part of the country to the other, in fact, from one part of Abuja to another
part.
“In a briefcase, you can carry $100,000, that’s N50 million.
“We are coming up with policies; we are going to have to
stop selling cash to BDC and credit their accounts.
“If you want to pay for medical bills abroad, you give
hospital account; if you want to pay school fees, do transfer like everybody
else; if you want to travel, do travelers cheques or get money on your card.’’
He said that at the moment, the dollar was becoming
Nigeria’s second national currency, becoming a source of worry to the apex bank
and even to President Goodluck Jonathan.
Sanusi noted that part of the reason why the bank moved to
restructure the Naira was to tackle the genuine need of high net-worth cash
users.
Vice President Kashim Shettima has arrived in Addis Ababa, Ethiopia, for an official State visit at the invitation of the Prime Minister, Dr. Abiy Ahmed.
Upon arrival yesterday, Shettima was received at the airport by the Minister of Foreign Affairs of Ethiopia, Dr. Gedion Timothewos, and other members of the Ethiopian and Nigerian diplomatic corps.
Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, revealed this in a statement he signed yesterday, titled: “VP Shettima arrives in Ethiopia for official state visit.”
During the visit, Vice President Shettima will participate in the official launch of Ethiopia’s Green Legacy Programme, a flagship environmental initiative.
The programme designed to combat deforestation, enhance biodiversity, and mitigate the adverse effects of climate change targets the planting of 20 billion tree seedlings over a four-year period.
In line with strengthening bilateral ties in agriculture and industrial development, the Vice President will also embark on a strategic tour of key industrial zones and integrated agricultural facilities across selected regions of Ethiopia.
News
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers
The Rivers State Government has called on the people of the state especially farmers to access the ?4billion agricultural loans made available by the State and domiciled in the Bank of Industry.
This is as the State Project Implementation Unit (SPIU) of Rural Access and Agricultural Marketing Project (RAAMP), a World Bank project, took its sensitization campaign to Opobo/Nkoro, Andoni, Port Harcourt City and Obio/Akpor local government areas.
The campaign was aimed at enlightening community dwellers and other stakeholders in the various local government areas on the RAAMP project implementation and programme activities.
The Permanent Secretary, Rivers State Ministry of Agriculture, Mr Maurice Ogolo, said this at Opobo town, Ngo, Port Harcourt City and Rumuodumanya, headquarters of the four local government areas respectively, during the sensitization campaign.
Ogolo said apart from the ?4billion, the government has also made available fertilizers and other farm inputs to farmers in the various local government areas.
The Permanent Secretary who is the Chairman, State Steering Committee for the project, said RAAMP will construct roads that will connect farms to markets to enable farmers and fishermen sell their farms produce and fishes.
He also said rural roads would be constructed to farms and fishing settlements, and warned against any act that will lead to the cancellation of the projects in the four local government areas.
According to him, the World Bank and Federal Government which are the financiers of the programme will not condone such acts like kidnapping, marching ground and other acts inimical to the successful implementation of the projects in their respective areas.
At PHALGA, Ogolo asserted that the city will benefit in the areas of roads and bridge construction.
He noted that RAAMP was thriving in both the Federal Capital Territory, Abuja; Lagos and other states in the country, stressing that the project should also be given the seriousness it deserves in Rivers State.
Speaking at Opobo town, the headquarters of Opobo/Nkoro Local Government Area, the project coordinator, RAAMP, Mr.Joshua Kpakol, said the programme would reduce poverty in the state.
According to him, both fishermen and farmers will maximally benefit from the programme.
At Ngo which is the headquarters of Andoni Local Government Area, Kpakol said roads will be constructed to all remote fishing settlements.
He said Rivers State is lucky to be among the states implementing the project, and stressed the need for the people to embrace it.
Meanwhile, Kpakol said at PHALGA that RAAMP is a project that will transform the lives of farmers, traders and other stakeholders in the area.
He urged the stakeholders to spread the information to their various communities.
However, some of the stakeholders at Opobo town complained about the destruction of their farms by bulls allegedly owed by traditional rulers in the area, as well as incessant stealing of their canoes at waterfronts.
At Ngo, Archbishop Elkanah Hanson, founder of El-Shaddai Church, commended the World Bank and the Federal Government for bringing the projects to Andoni.
He stressed the need for the construction of roads to fishing settlements in the area.
Also, a former Commissioner for Agriculture in the state and Okan Ama of Ekede, HRH King Gad Harry, noted that storage facilities have become necessary for a successful agricultural programme.
Harry also stressed the need for the programme to be made sustainable.
In their separate speeches, the administrators of Andoni and Opobo/Nkoro Local Government Areas, pledged their readiness to support the programme.
At Port Harcourt City, the Administrator, Dr Arthur Kalagbor, represented by the Head of Local Government Administration, Port Harcourt City, Mr Clifford Paul, said the city would support the implementation of the programme in the area.
Also, the administrator of Obio/Akpor Local Government Area, Dr Clifford Ndu Walter, represented by Mr Michael Elenwo, pledged to support the programme in his local government area.
Among dignitaries at the Obio/Akpor stakeholders engagement is the chairman, Rivers State Traditional Rulers Council and paramount ruler of Apara Kingdom, HRM Eze Chike Wodo, amongst others.
John Bibor
President Bola Tinubu has ordered the commencement of personnel audit and skill gap analysis across all cadres of federal civil servants.
The president gave this directive in Abuja, yesterday, while speaking at the International Civil Service Conference, reaffirming his resolve to achieve efficiency and professional service delivery in the civil service.
“I have authorized the comprehensive personnel audit and skill gap analysis across the federal civil service to deepen capacity. I urge all responsible stakeholders to prioritize timely completion of this critical exercise, to begin implementing targeted reforms, to realize the full benefit of a more agile, competent and responsive civil service,” the president announced.
Tinubu further directed all Ministries, Departments and Agencies (MDAs), to prioritise data integrity and sovereignty in national interest.
He called for the capture, protection and strategic publication of public sector data in line with the Nigeria Data Protection Act of 2023.
“We must let our data speak for us. We must publish verified data assets within Nigeria and share them internationally recognized as fruitful. This will allow global benchmarking organisation to track our progress in real time and help us strengthen our position on the world stage. This will preserve privacy and uphold data sovereignty,” Tinubu added.
President Tinubu hailed the federal civil service as the “engine” driving his Renewed Hope Agenda, and the vehicle for delivering sustainable national development.
He submitted that the roles of civil servants remain indispensable in modern governance, declaring that in the face of a fast-evolving digital and economic landscape, the civil service must remain agile, future-ready, and results-driven.
“This maiden conference is a bold step toward redefining governance in an era of rapid transformation. An innovative Civil Service ensures we meet today’s needs and overcome tomorrow’s challenges.
“It captures our collective ambition to reimagine and reposition the civil service. In today’s rapid, evolving world of technology, innovation remains critical in ensuring that the civil service is dynamic, digital” the President said.
Head of the Civil Service of the Federation, Didi Walson-Jack in her welcome address told the President that his presence and strong words of commendation at the conference has renewed the morale and mandate of public servants across the country.
Walson-Jack described Tinubu as the backbone of driving transformation in the Nigerian civil service, and noted that the takeaways from past study tours undertaken to understudy the civil service in Singapore, the UK and US under her leadership, is already yielding multiplier effects.
Walson-Jack assured Tinubu that her office, in collaboration with reform-minded stakeholders, will not relent in accelerating the implementation of the Federal Civil Service Strategy and Implementation Plan, FCSSIP 25.
She affirmed that digitalisation, performance management, and continuous learning remain key pillars in strengthening accountability, transparency, and service delivery across MDAs.
Walson-Jack reaffirmed that the civil service is determined to exceed expectations by embedding a culture of innovation, ethical leadership, and citizen-centred governance in the heart of public administration.