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Nigeria’s Recession’ll Not Prolong -Minister

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The Minister of Finance, Mrs Kemi Adeousn, has assured Nigerians that the current economic recession the nation is experiencing will not be prolonged.
She gave the assurance on Friday in Abuja while addressing a news conference.
She said that there was a strategic plan by the administration to see that the recession ended soon and also ensure that the economy recovered fully.
“We have a strategic plan that will take us out of the recession we have found ourselves in; we want to make sure the recession is as short as possible because we do not want a prolonged recession.
“From what we are looking at we do not think that it will be a prolonged recession; we think that some of the initiatives that we are working on will now begin to bear fruits.
“We are on course and are confident that the plan we have put together will work and put the economy back on track. “It is a long term plan that would reposition the economy so that we do not go into this boom and burst circles that are driven by the oil price.
“The economy has to be more resilient than that so that we do not find ourselves back where we are.’’
She said that although there was no specific date to end the recession, the fact that there were measures in place was enough indication that the end of the recession had begun and that Nigeria would come out stronger.
Listing some of the measures the administration had taken to address the situation, she said that since the budget was released in May, over N420 billion had been released and cash backed for capital projects.
She said that the largest sector that the money was spent on was Power, Works and Housing.
She also said that a lot had been done in the defence sector to rebuild the capability of the army, especially on efforts in the North East.
“Agriculture has received significant funding because of the time sensitivity of agriculture and because of the fact that food prices were rising, we needed to intervene so that we could get food prices down.
“There is activity resuming on roads, power projects and health projects and we have released money to water resources and solid minerals.’’
Adeosun also said that there was a cash plan to release another N350 billion which would go into the various MDAs.
“The focus is going to be similar, however, there would also be funding of about N60 billion for the Special Intervention Programme and that is very important in putting money into people’s pockets.
“The school feeding programme and the N-Power teachers corps we will cash back today as part of the N350 billion additional release which would take our total capital spending to about N700 billion.’’
She also said that N50 billion was set monthly as budget support plan for some state governments from the Federation Accounts Allocation Committee (FAAC) to support them with additional money to enable them to pay salaries. She said that the loan had been on for three months for the interested states because some states which were buoyant decided not to participate.
On recovery of assets, Adeosun said that the committee was in the process of collating with the non-cash assets like farmlands, vehicles and houses and that a fixed asset register would soon be opened to determine their value.
She said that the jewelries were from different locations and were being brought together to determine the market value and that the next line of action would be decided by the committee. Adeosun explained that the present recruitment by the police and some other government agencies were made possible by the reduction of ghost workers. She added that the savings that were made from the exercise would enable funding for the new recruitment.
“Sometime in January, personnel cost was N165 billion along with pension cost, but so far so good; we have reduced, through the removal of about 40,000 ghost workers, the personnel cost by around N10 billion per month. “Now we have saved about N100 billion this year.’’
She said that though the times were tough, there was hope for Nigerians, adding that issues around infrastructure were the biggest problems of Nigeria which resulted in high cost of living.
“The biggest problem we have is not wages but the cost of living which is too high so it is not how much money you have but it is what it costs you to live. “The problem we have is that many of the things that people are spending money on are the things government should be doing like roads, power and so on.
“So we have to address these things because that is what will really make impact for the average working Nigerian and so when you address the infrastructure you address the cost of living and that is what this government is working on.’’

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Minister Constitutes Tech Committee On Aviation Ties With Angola

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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.

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NIWA Wants Deeper Private Investment In Blue Economy

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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.

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Discount Airfares: Qatar Airways, Access Bank Extend To Dec

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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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