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Coronavirus: Senate Wants N10.5trn 2020 Budget Cut, Subsidy Removal, Others

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The Senate, yesterday, said a downward review of the N10.5trillion Appropriation Act 2020 had become inevitable amid the sharp drop in the price of crude oil.
It, however, said the modalities to be adopted in the budget review should be agreed to by both the legislature and the executive.
This followed consideration of a report of Senate Joint Committee on Finance, Appropriations, National Planning and Petroleum Resources (Upstream) on the urgent need to monitor and examine the current economic reality caused by sharp drop in the price of crude oil, the emergence of deadly Coronavirus and the uproar within the OPEC community.
The committee, chaired by Senator Solomon Adeola (APC, Lagos) was constituted last week to interface with the relevant stakeholders in the Executive and business community with the intention of bringing out suggestions, solutions and way forward out of the present economic reality.
Lawan warned, yesterday, that following the impact of the ravaging Coronavirus on the economy, Nigeria will be in deeper trouble if as a country, we are not ingenious enough.
Against this backdrop, the Senate has summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed; Governor of Central Bank of Nigeria (CBN), Godwin Emefiele and the Minister of State for Petroleum, Timipre Sylva, to appear before it at plenary next week.
According to Lawan, the summon would enable the ministers and the CBN to abreast the la lawmakers with what was going on at the moment with the economy and then the senators can make suggestions, just as the apex bank boss will come up with some measures that are intended to support the economy.
According to Lawan, the system requires a holistic approach, both fiscal as well as monetary policies, just as he promised that the Senate would come up with speedy legislations that would help create an environment where the nation’s economy does not collapse.
Lawan has also urged the Executive to as a matter of urgency, forward to the Senate the Petroleum Industry Bill (PIB) for quick consideration and passage.
Lawan said: “I think we are in a very challenging period but every challenge normally presents some opportunities. I think like Senator Odebiyi asserted that we should take our opportunities.
“The PIB we had expected by now would have been in the National Assembly but it is not. We had thought we would be able to pass the PIB within this year so that we are able to make our petroleum industry to have the legal framework that investors would find attractive to be here. But we are still expecting that the executive would work faster and harder to present the PIB to the National Assembly in the shortest possible time.
“But before then, now that we know that it is difficult or even impossible to get the foreign loans that we had built our hopes and implementation of our capital budgets on, I think we have to be very ingenious as a country. We have to look inwards.
“The Central Bank of Nigeria has come up with some measures that are intended to support the economy. I think it requires a holistic approach, both fiscal as well as monetary policies and if need be we pass a speedy legislations to create an environment where our economy does not collapse; that our economy is sustained with internal resources.
“But we have to be very careful. If we have to now borrow as a government from the domestic available resources, we should be very careful that we do not crowd out the private sector from getting required loans. So, it is going to be walking a tight rope. But we need to have a plan in which both the executive and the legislature come together.
“We need to listen to them really. I would probably suggest that going forward, in the next one or two weeks that the entire Senate to have a briefing from the Ministries of Finance, Petroleum and the Central Bank so that we are abreast with what is going on and then we can make our suggestions.
“But meanwhile, our Joint Committee continues to engage them, but this is a very tough time and it is a time that we should not suffer only but we should also benefit from this tough time.
“We need to understand what the CBN is talking about. I saw about seven or eight measures that the CBN has come up with to support local investments. We need to engage them and find out whether that is good enough or we can do better because the truth is, every country now will be trying to stay alive.
“So, probably there may not be anything to spare for any other country and if we are not ingenious enough, I think we will be in a deeper trouble. But Nigeria is a very resilient country so we should come together with the executive arm of government and work out a way out of this mess and probably come up with more serious agenda for diversification.”
Citing the committee’s findings, the lawmaker said the effects of the sharp drop in the crude oil price would be felt from May, June and July.
The report therefore recommended that, “Downsizing the Appropriation Act 2020 as passed by the National Assembly is inevitable, but the modalities to be adopted in the review of the budget shall be as agreed to between the Federal Ministry of Finance, Budget and National Planning and the joint committee of the Senate.”
The report also said the revenue-generating agencies must be alive to their responsibility in line with the Fiscal Responsibility Act passed by the National Assembly and other relevant laws of the National Assembly.
Adeola said the committee, at its inaugural meeting with the Finance Minister, Zainab Ahmed, discussed issues bordering on the current Appropriation Act 2020; cost of production of a barrel of crude oil; loss of revenue as a result of gas flaring which runs into several billions of dollars; devaluation of Naira; removal of oil subsidy.
He said, “The Joint Committee looked at the issues discussed from two angles; the short and long term solution.
“The short term solution is to address the sharp drop in the crude oil price which is creating difficulties in funding the 2020 Appropriation Act as passed by the National Assembly.
“The long term solution discussed is the need to consider and pass the Petroleum Industry Bill (PIB), which is yet to be laid before the National Assembly. This will address the issue of cost of production and Gas flaring where the country’s resources are going down the drain and other issues that might affect the petroleum sector.”

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China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle

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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.

 

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Tinubu Nominates Ex-INEC Chair Yakubu, Fani-Kayode, Omokri, 29 Others As Ambassadors

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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.

 

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Investment In Education Remains Top Priority For Gov Fubara – SSG

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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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