Business
FG Clarifies Management Of External Reserve
The Federal Ministry of Finance has said President Jonathan’s administration did not in anyway squander the national reserve.
This is contained in a statement issued by the ministry in Abuja, on Wednesday.
“ it is absolutely not true that the administration of President Goodluck Jonathan has squandered the nation’s reserves.
“The facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at 43.13 billion dollars, comprising the CBN’s external reserves of 31.5 billion dollars, 9.43 billion dollars in the Excess Crude Account (ECA) and 2.18 billion dollars in Federal Government’s savings.
“These figures can be independently verified from the CBN’s records,” it said.
According to the statement, the figure of 67 billion dollars cited in some recent commentary is factually incorrect.
It added that it was a misconception to think that reserves are immutable or cast in stone.
It added that since May 2007, the reserves had fluctuated in line with developments in the international oil market, rising from 43.13 billion dollars at that time, peaking at 62 billion dollars in September 2008 during the Yar’adua and Jonathan’s administration.
It said that then, the oil prices reached a peak of 147 dollars per barrel, and falling subsequently to as low of 31.7 billion dollars in September 2011.
“This fall in reserves was largely a result of the vicissitudes of the global economy and oil market which caused the CBN to intervene, using some of the reserves, to defend the value of the naira.
“ The Excess Crude savings, which it should be noted is a component of the reserves, was largely used to cushion the economy at the height of the global financial crisis in 2008-2009.
“ As a result, Nigeria was one of the few countries in the world that did not seek assistance from international financial institutions at that time.
“ The fiscal stimulus used to shore up the economy during that period was shared by all three-tiers of government.
“Similarly, savings in the ECA were also used to pay for fuel subsidies for the entire nation and that sharing continued after the crisis ended,” he said.
It noted that from 2012, such payments had been published each time they were made.
It blamed the quest by the governors to the depletion of ECA, adding that most of them kicked against continuous building up of the account.
The statement noted that it was on record that states even took the Federal Government to court on this matter, and the case was still pending at the Supreme Court.
It added that the present administration had established the first ever Sovereign Wealth Fund for the nation in which savings were being made for future generations of Nigerians and important infrastructure investments were being supported.
“ It is also a matter of public knowledge that the fund would have generated more savings and investments if the same sort of opposition that blocked savings in the ECA had also not been at work,” it said.
It further explained that the Federal Government and states, had in 2009 in common agreement, took 5.5 billion dollars from the ECA to invest in Independent Power project.
Today, various state governments are shareholders in the projects and hold share certificates confirming their stake in the projects.
It stated that it was not correct to say that the nation’s external reserves were dipped into or misapplied by the administration.
“ Anyone familiar with foreign reserves management will be aware that the Federal Government cannot dip its hands into the external reserves.
“ Like in other countries, the management of external reserves is one of the statutory mandates of the Central Bank of Nigeria (CBN).
Section 2 sub-section (c) of the CBN Act (2007) states that the Bank shall “maintain external reserves to safeguard the international value of the legal tender.
“No President since the democratic dispensation has contravened this Act.
Business
Minister Constitutes Tech Committee On Aviation Ties With Angola
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
Business
NIWA Wants Deeper Private Investment In Blue Economy
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
Business
Discount Airfares: Qatar Airways, Access Bank Extend To Dec
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
Corlins Walter
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