News
Buhari’s Re-Election Dangerous To Economic Dev -HSBC …APC FG, Stinking Can Of Corruption -Timi Frank
Nigeria’s current economic struggles look set to continue if President Muhammadu Buhari wins a second term in office, the multinational banking and financial services company, HSBC, has said.
The company stated this in a report by its Global Research unit, entitled, “Nigeria, Papering Over the Cracks”, obtained by London-based Telegraph, yesterday.
According to the financial institution, although President Buhari’s “approval ratings sit near all-time low a development, it said, “largely reflects the impact of Nigeria’s painful recession in 2016-17 and the sustained economic hardship that has accompanied his presidency, including rapidly rising joblessness, and poverty,” the President will once again lead the APC into the 2019 elections.
It, however, stated: “A second term for Buhari raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”
The multinational banking group, which is Europe’s largest by total assets, noted that while higher oil prices have brightened Nigeria’s macro outlook, boosting export earnings, improving the supply of foreign exchange, and supporting naira stability, the Buhari administration was yet to address the economy’s structural shortcomings.
Specifically, it said: “Economic growth remains sluggish and reliant on the rebound in oil output while the non-oil economy, which accounts for about 90 per cent of GDP, continues to languish with many service sectors still mired in contraction. Joblessness continues to rise, up almost three-fold in three years to 19 per cent in Q3 2017, pushing the number in poverty to 87million.
“Meanwhile, current account improvements may have pivoted on higher oil prices, but they also derive from on-going import restrictions and limited FX access for many sectors of the economy. All told, we see growth capped at about 2.5 per cent over the next two years – a welcome recovery from the 2016 contraction, but less than half the rate of the previous cycle.”
It further stated that in addition to failing to address the country’s ongoing reliance on oil revenues and the issue of inadequate nonoil tax collection, the administration was also grappling with the challenge of having a large share of its budget directed to debt service.
The company noted that while the Federal Government’s debt management strategy of issuing external debt to redeem more expensive short-term government securities is helping reduce debt service costs in the near term, it “exposes the fiscal position to exchange rate risk in the event of a future decline in oil prices and naira devaluation.”
In addition, it stated that high oil prices has not translated into nonoil growth, adding that: “Nigeria’s reliance on fuel imports means rising international oil prices are pushing up the cost of fuel subsidies, estimated by the Petroleum Products Pricing Regulatory Agency (PPPRA) at USD250m in May alone.”
Besides, HSBC projected: “Oil prices at current levels therefore suggest a fuel subsidy that could total $1.5billion in H2 2018, and about $2.5billion for the year as a whole, which would equate to almost 20 per cent of last year’s gross oil revenue.”
It, however, stated that while the, “polls look set to be a closely contested affair” and the, “political environment favours a return to power for the PDP, yet the opposition remains weak and fragmented, and has yet to declare its presidential candidate.”
The Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu, declined comments on the report but referred our correspondent to the Chief Economic Adviser to the President.
However, the referral could not be reached as at the time of filing this report.
Meanwhile, former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has described the President Muhammadu Buhari’s-led administration of a stinking can of corruption.
Frank was reacting to claims by the Chairman, Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay, in an interview with a national daily, that President Muhammadu Buhari was being soft on corrupt politicians in his cabinet and within the All Progressives Congress (APC) in order to “win the 2019 elections” and to “strengthen democracy.”
In a statement signed, yesterday, Frank insisted that it is fraudulent to cover-up graft and protect accused persons – who occupy enviable positions in this regime – under the guise of ensuring the re-election of Buhari or strengthening democracy.
Frank noted that the recent defection of a former Governor of Akwa Ibom State, Senator Godswill Akpabio, from the Peoples Democratic Party (PDP) into the APC was one out of the multitude of allegedly corrupt politicians who have taken permanent refuge in the Buhari’s administration in order to escape the lawful prosecution for their nefarious deeds.
The Bayelsa-born politician said: “We know that that the allegations of false NYSC exemption certificate against the Minister of Finance, Kemi Adeosun, has since been swept under the carpet. The grass cutting scandal involving the immediate past SGF, Babacheer Lawal, remains a no go area. The bribery allegations against the Chief of Staff to the President, Abba Kyari does not warrant investigation and prosecution by a government claiming to fight corruption!
“Need I talk about the large-scale corruption being perpetuated by officials of the Central Bank of Nigeria (CBN) who have elected to operate varied exchange rates regime to defraud the country with the active connivance of their collaborators in the presidency.
“The corruption in the NNPC rightly exposed by the Minister of State (Petroleum), Dr. Ibe Kachikwu, does not warrant investigation because the presidency is involved in it.
“Only recently, N100billion tax evasion scam by Alpha Beta – a tax consulting firm owned by A chieftain of the APC, Asiwaju Bola Ahmed Tinubu, was exposed. Yet, the Economic and Financial Crimes Commission (EFCC) does not deem it fit to commence investigation into the activities of the company simply because an APC chieftain would be put in the eye of the storm!
“The Governor of Rivers State, Chief Nyesom Wike, has severally petitioned the EFCC with a call on the anti-graft body to investigate corruption allegations against the immediate past governor of the state, Chibuike Rotimi Amaechi – the Minister of Transportation under the Buhari’s administration -yet apart from acknowledging that it indeed received the said petitions, the EFCC has since turned a blind eye to the allegations,” he lamented.
He said while the government has been on asset-freezing-and-loot-recovery-spree, especially from the members of the opposition political parties or those considered to be anti-Buhari accused of corruption, the real looters in government and politicians with corruption allegations against them within the ranks of the APC are sitting pretty at ease enjoying underserved amnesty.
He said: “We know several top officials of this government and members of their families who have continued to acquire choice assets and those building mansions in their states of origin and abroad since they joined this government in 2015.
“Those perpetuating corruption under this government whose names have never been mentioned are legion compared to the few names mentioned above and very soon we shall expose them with concrete evidence to prove their corrupt activities.”
He called on the EFCC to immediately recommence the investigation and prosecution of all those with corruption baggage in President Buhari’s administration and the APC or lose its credibility both at home and abroad for ever.
He added that the EFCC and other security agencies will henceforth lack the moral right to prosecute members of the opposition political parties or any Nigerian accused of corruption should they fail to immediately prosecute the identified corrupt elements in this administration and the APC.
He also called on the international community to note clearly that Buhari is not fighting corruption but rather persecuting and repressing members of the opposition to remain in power, should he fail to order the prosecution of his cronies and party faithful with clear corruption allegations against them.
“These corrupt personalities hiding inside the government of Buhari and the APC will remain a test case for the EFCC as their investigation, arrest and prosecution or not will determine whether or not the anti-corruption policy of the Federal Government is genuine or a cheap political tool to retain power and remain relevant beyond 2019,” he declared.
News
China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle
The Mayor of Housing, My-ACE China, has alerted the Governor of Rivers, Akwa Ibom, and Abia states to what he calls an emerging ‘Economic Triangle’ within their states.
Mr China, a real estate success strategist who has won numerous local and international awards, has thus drawn the attention of the governors of the concerned states to the emerging development and has urged them to intentionally accelerate the emergence of the economic triangle.
Speaking to newsmen in Uyo, Akwa Ibom State capital at the conclusion of his business trip to the state, Mr China, who is the managing director of the Housing and Construction Mayor Limited, said the envisaged economic corridor would compete favourably with the Lagos economic hub or even better.
He said: “Talking about ‘Economic Triangle’, the only place that can wrest economic power from Lagos is Akwa Ibom, Abia, and Rivers states axis or corridor. This corridor contains more than Lagos has, if they can be interconnected with smooth roads, ports, and if their blue potentials are unlocked. They will not only wrest power from Lagos but would be more lucrative.”
The investor who is behind the emerging Alesa Highlands Green Smart City in Eleme, near Port Harcourt, said the new ‘Economic Triangle’ has a bigger potential due to massive land assets with the corridor plus blue economy and the existing hydrocarbon industry.
Explaining, Mayor of Housing said Aba (Abia State) provides the biggest fabrication capacity in West Africa to supply goods to the Gulf of Guinea; Port Harcourt provides access to the Gulf of Guinea for off-taking Aba products, and the Uyo provides deep sea port at Ibaka and international airport facilities as well as forest reserves for massive agro-economy.
He said with sea ports in Rivers State and deep seaport in Akwa Ibom, and international airports in Rivers and Akwa Ibom, Aba can focus on adequate power supply and fabrication boom to supply a new booming market around the economic triangle.
By doing this, he said, jobs would spill out in huge quantities and more manufacturers would be drawn from all over Africa to boost the fast coming African Continental Free Trade Agreement (AfCFTA). He said Nigeria would thus have two major trade nodes in West Africa; Lagos and the PH/UYO/Aba triangle.
He said goods going to or coming from Chad, Niger, and the rest of Central Africa can head to the Lagos ports or to the Ibaka/PH ports zone in the new economic triangle.
He said with power supply made stable, good roads, excellent security system, and ease of doing business enthroned in the zone, the South-South and South East would become the biggest economic nerve in the near future.
Mayor of Housing called on governors of the three states to be intentional about the new corridor, put away political differences (if any), and create this corridor by agreeing on projects each state would execute with a short period of time so the states would be linked by good roads, communication, security, trade laws, concessions to investors, etc.
He remarked that northerners were already heading to the Onne Port in Rivers State to export goods, saying creating a commission to oversee the development of the ‘Economic Triangle’ would fast-track its emergence.
He observed that people of the three states are peaceful and usually preoccupied with zeal for economic prosperity, saying that if they are linked to such huge opportunities staring at them in the emerging economic triangle, they would totally shun violence and focus on prosperity.
Mr China insisted that the emerging economic triangle would form a big node not only into the Gulf of Guinea economic zone but into Africa because AfCFTA is about production, certification, market availability, and easy transport nodes by sea and air. He said the new economic triangle boasts of all the factors.
“They can only realise this by working together, through collaboration. One state cannot do it but a triangle of the three will create it through seamless interconnection, ports, industrial park, etc. The people will be the richest and internally generated revenue (IGR) will be the biggest in the country,” he said.
News
Tinubu Nominates Ex-INEC Chair Yakubu, Fani-Kayode, Omokri, 29 Others As Ambassadors
President Bola Tinubu has sent the names of 32 ambassadorial nominees to the Senate for confirmation, days after he sent the first batch of three names.
Among them are the immediate past chairman of the Independent National Electoral Commission, Mahmud Yakubu, an aide to former President Goodluck Jonathan, Reno Omokri (Delta), and former Enugu State Governor, Ifeanyi Ugwuanyi, among others.
“In two separate letters to the Senate President, Godswill Akpabio, President Tinubu asked the Senate to consider and confirm expeditiously 15 nominees as career ambassadors and 17 nominees as non-career ambassadors,” read a statement on Saturday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
In the statement titled, ‘Tinubu nominates 32 additional ambassadors,’ Onanuga noted, “There are four women on the career ambassadors’ list and six women on the non-career ambassadors’ list.”
“Among the non-career ambassador designates are Ogbonnaya Kalu from Abia, a former presidential aide, Reno Omokri (Delta), former chairman of the Independent National Electoral Commission (INEC), Mahmud Yakubu, former Ekiti first lady, Erelu Adebayo, and former Enugu governor, Ifeanyi Ugwuanyi.
“Others are Tasiu Musa Maigari, the former speaker of the Katsina House of Assembly, Yakubu N. Gambo, a former Commissioner in Plateau State and former Deputy Executive Secretary of the Universal Basic Education Commission.
“Professor Nora Ladi Daduut, a former senator from Plateau; Otunba Femi Pedro, a former Deputy Governor of Lagos State; Femi Fani-Kayode, a former aviation minister from Osun State; and Nkechi Ufochukwu from Anambra State are on the nomination list,” the statement read.
Also on the list are former First Lady of Oyo, Fatima Florence Ajimobi, former Lagos Commissioner, Lola Akande, former Adamawa Senator, Grace Bent, former governor of Abia, Victor Okezie Ikpeazu, Senator Jimoh Ibrahim, businessman, lawyer and Senator from Ondo State, and the former ambassador of Nigeria to the Holy See, Ambassador Paul Oga Adikwu from Benue State.
Among the nominees for career ambassador and high commissioner-designates are: Enebechi Monica Okwuchukwu (Abia), Yakubu Nyaku Danladi (Taraba), Miamuna Ibrahim Besto (Adamawa), Musa Musa Abubakar (Kebbi), Syndoph Paebi Endoni (Bayelsa), Chima Geoffrey Lioma David (Ebonyi) and Mopelola Adeola-Ibrahim (Ogun).
The other nominees are Abimbola Samuel Reuben (Ondo), Yvonne Ehinosen Odumah(Edo), Hamza Mohammed Salau (Niger), Ambassador Shehu Barde (Katsina), Ambassador Ahmed Mohammed Monguno (Borno), Ambassador Muhammad Saidu Dahiru (Kaduna), Ambassador Olatunji Ahmed Sulu Gambari (Kwara) and Ambassador Wahab Adekola Akande (Osun).
“The new nominees are expected to be posted to countries with which Nigeria maintains excellent and strategic bilateral relations, such as China, India, South Korea, Canada, Mexico, the United Arab Emirates, Qatar, South Africa, Kenya, and to Permanent Missions such as the United Nations, UNESCO, and the African Union.
“All the nominees will know their diplomatic assignments after their confirmation by the Senate,” it read.
Last week, Tinubu sent three ambassadorial nominees for screening and confirmation.
The nominees were Ambassador Ayodele Oke (Oyo), Ambassador Amin Mohammed Dalhatu (Jigawa), and Retired Colonel Lateef Kayode Are (Ogun).
All three are in the pot for posting to the UK, USA, or France after their confirmation.
“More nominees for ambassadorial positions will be announced soon,” Onanuga revealed.
News
Investment In Education Remains Top Priority For Gov Fubara – SSG
The Secretary to Rivers State Government, Dr. Benibo Anabraba, has reiterated that the administration of Governor Siminalayi Fubara remains committed to improving access to quality education at all levels.
Dr. Anabraba gave the assurance while receiving the Deputy Registrar/Zonal Coordinator of the West African Examinations Council (WAEC), Mr Ayanfemi Adeniran-Amusan in Port Harcourt during a courtesy visit.
He emphasised that Governor Fubara remains resolute in sustaining investment in the education sector to improve the quality of teaching and learning.
According to him, “We appreciate the work you are doing and know that our students are amongst the highest in ranking.
“His Excellency, Sir Siminalayi Fubara, takes education very seriously. He is sponsoring the free registration of students for the West African Senior School Certificate Examination (WASSCE) in Government Schools.
“Also, Governor Fubara has approved the establishment of Computer-Based Test (CBT) Centres across the State’s three senatorial districts and the 23 LGAs. The project is intended to improve access to digital learning and examination facilities for students so that our children are at breast with digital literacy, a prerequisite for today’s students.
“We are currently working assiduously to get those centres, both mega and mini, across the three senatorial districts and the 23 local government ready in order to meet up with your deadline,” he said.
The SSG also conveyed the assurances of the Governor to WAEC on Government’s willingness in providing land for its Zonal Office.
Earlier, the Deputy Registrar/Zonal Coordinator of the West African Examination Council, Mr Ayanfemi Adeniran-Amusan, promised to collaborate with the State Government in matters concerning education development.
In another development, the Secretary to State Government, Dr Benibo Anabraba, also met with officials of the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, led by the Assistant Director of Intelligence, Rivers State Command, Barr. Ikediashi Nwamaka.
The SSG while appreciating the Agency for its effort in the protection of vulnerable persons, also raised Government’s concern on the activities of orphanages and care homes in unwholesome practices such as child trafficking, abuse of underaged girls also known as baby-factory, and the lack of regulations on surrogacy.
He however assured that the Rivers State Government has already put plans in place towards legislation to regulate these acts against vulnerable persons, particularly women and children.
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