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Oil Price Drop Won’t Endanger Nigeria – Jonathan …As FG Lowers Budget Benchmark To $65
President Goodluck Jonathan yesterday assured Nigerians and foreign investors that contrary to fears being expressed in many quarters, the Nigerian economy will remain stable despite the drop in global oil prices.
A statement by his Special Adviser on Media and Publicity, Dr. Reuben Abati, quoted the President as giving the assurance while granting audience to a delegation of multinational industrial giant, General Electric, at the Presidential Villa, Abuja. The firm’s Vice Chairman and CEO, Mr. John Rice, led the delegation.
The President added that the Federal Government would do everything possible to maintain domestic economic stability. He said the government might even perform better under the current situation since the best always come out of challenging situations, and pleaded with the company to maintain its confidence in the country.
“We promise our people that even with the drop in oil prices, the economy will be stable. I urge you to maintain the confidence you have in this country before the oil price drop, and even expect better management from us.
Sometimes, it is when you are challenged that you do better than when everything looks good. So, I assure you, other investors in this country and all Nigerians that the government will do everything necessary to stabilise the economy and that the drop in the price of crude oil will not create so much distortion in our economy,” Jonathan was said to have told the delegation.
The President thanked GE for its commitment to increase its investment in Nigeria with the attendant benefit of job creation for many more Nigerians. He also welcomed GE’s plans to set up a facility in Calabar to manufacture components for the oil and gas sectors.
Rice told the President that GE has committed about $30 million to the development of the Calabar Plant and was already undertaking the training abroad of some Nigerians who will work there.
He expressed his company’s appreciation of the support and encouragement being extended by the Federal Government to foreign investors and assured the President that fluctuations in global oil prices will not affect the commitment of GE to the country.
Meanwhile, the federal government has lowered its budgeted oil price for a second time in less than a month, signaling government revenue is set to plunge.
The medium-term budget plan for 2015 to 2017 will be based on an oil price of $65 a barrel, Paul Nwabuikwu, an Abuja-based spokesman for the Finance Ministry, said in an e-mail .
On November 16, Finance Minister Ngozi Okonjo-Iweala cut the proposed benchmark price to $73 a barrel for 2015, down 5.8 percent from this year’s budgeted price.
Global oil prices have plunged more than a third since June, roiling Nigeria’s markets, eroding foreign-currency reserves and prompting policy makers to devalue the naira for the first time in three years.
With crude exports accounting for about 70 percent of government income, the revenue slump may force authorities to curb spending in an election year. “It is a realistic price for the country,” Bismarck Rewane, chief executive officer of Lagos-based consultancy Financial Derivatives Co., said by phone from London.
“The cut will mean a significant reduction to the budget. The government has to push for the legislature to accept it.” The revised budget plan was submitted to the National Assembly for approval, Nwabuikwu said.
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NARD Raises Alarm Over Exclusion From Specialist Allowance

The Nigerian Association of Resident Doctors (NARD), has decried the continued exclusion of its members from payment of specialist allowance despite performing specialist functions in various health institutions across the country.
It also condemned the persistent casualisation and poor remuneration of members by chief executives of tertiary hospitals.
The President of the association in Akwa Ibom State, Dr Osundara Tope, raised the concerns while addressing a press conference where he read the communique issued at the end of the May ordinary meeting and scientific conference with the theme: “The Medical Profession: Policies, Politics, and Future Prospects,” held in Uyo at the weekend.
The communique was signed by the association’s President, Dr Osundara Tope, Secretary-General, Dr. Odunbaku Kazeem Oluwasola, and Public and Social Secretary, Dr. Amobi Omoha, respectively.
“The OGM observed with disappointment the continued exclusion of resident doctors from the payment of specialist allowances, despite their active role in delivering specialist care across various health institutions.
“The OGM strongly condemns the continued and persistent casualisation and the consequent poor remuneration of doctors by the chief executives of tertiary hospitals .The meeting also expressed disappointment over the non-payment of arrears from the upward review of the CONMESS salary structure and other outstanding salary arrears,” the communique read.
The association condemned federal government’s failure to pay the 2024 Accouterments Allowance arrears and persistent shortchanging of its members for the past 16 years due to absence of consequential adjustments to the CONMESS structure, which it noted was a breach of the 2009 Collective Bargaining Agreement.
He further expressed disappointment over lack of response to multiple correspondences on the issue, emphasising that such contradicts the National Policy on Health Workforce, which advocates improved incentives to retaining healthcare workers.
According to Tope, “The OGM notes with concern the persistent short-changing of members for 16 years, due to the absence of consequential adjustments to the CONMESS structure, in breach of the 2009 Collective Bargaining Agreement.
“This contradicts the National Policy on Health Workforce, which advocates improved incentives to retaining healthcare workers.
“The OGM is dismayed at the lack of response to multiple correspondences sent over the past six months regarding the consequential adjustments.The OGM condemns the Federal Government’s failure to pay the 2024 Accoutrement Allowance arrears.”
The meeting further expressed displeasure over the delay in addressing welfare issues in Obafemi Awolowo University Teaching Hospital including the non-payment of outstanding March 2024 salaries, the 7–14 months of arrears still owed to Residents and Medical Officers of the association
It therefore demanded immediate payment of the arrears of the 25/35% upwardly revised CONMESS, and other salary arrears and full implementation of consequential adjustments to the 2019 and 2024 minimum wage on basic salaries and allowances, along with accrued arrears.
News
Piracy: Maritime Organisation Set To Deploy Men To Waterways

A maritime security outfit, Active Marine Surveillance and Coast Guard Limited, says it is ready to deploy its men to ensure security across waterways in Rivers State and Niger Delta.
The group which said this in an interview with newsmen in Port Harcourt also pledged to collaborate with the various security agencies to ensure safety on the state waterways.
Director General of the organisation, Commandant Godwin Amare, said the organisation cannot sit down and watch pirates take control of the waterways in Rivers State and the Niger Delta region.
He said his group is planning to deploy its men to the Bonny, Bille and Degema rivers to check the activities of pirates
According to him, allowing pirates to take control of these waterways will not only affect the economy of Rivers State but the entire Niger Delta region.
He said the paramilitary organisation has the manpower to check piracy on the waterways but required the support of both the federal and state governments especially in the provision of the necessary security equipment such as speed boats.
Amare said the organisation, which protects jetties and waterways from pirates is also involved in search and rescue operations ,adding that his organisation has competent divers who can undertake rescue operations, in deep waters.
“We cannot be sitting down here while our aims and objectives is not being fulfilled. “We want to tell the federal and state governments that we want to come out and join in the fight against sea piracy to make our waterways safe
“The Nigerian Navy cannot do it alone. We want to support the government by deploying our men across waterways in Rivers State and the Niger Delta so that it would be safer for people to travel on the waterways”, he said.
He said the government can assist the organisation by providing them with security boats and other instruments
Amare also disclosed plans by the organisation to embark on a tour of jetties across the region with a view to guaranteeing their safety.
Also speaking, Deputy Commandant, Active Marine Surveillance and Coast Guard Limited, Captain Dain Elekima, said all the creeks in the region need to be combed daily to flush out pirates.
He said his group has the required manpower but needs the support of both the state and federal governments to ensure safety on the waterways.
Speaking the director Finance and Operations Active Marine Surveillance and Coast Guard Limited Captain Emberro Michael said they are ready to work with the Nigerian Navy and Marine police to check all Incidences of insecurity along the waterways.
Captain Michael stressed the need for the federal and state governments to support the group.
By: John Bibor & Claire Julius
News
Weeds Take Over Site Of Border Park In Cross River

The Nigeria-Cameroon border motor park construction site is now overgrown with weeds.
Etung Local Government Area of Cross River State embarked on the project last January 2025 when they cleared the entire expanse of land and deployed machinery to commence construction work.
The international motor park site is situated along the Ikom-Mfum border road, a few distances into Cameroon.
There are outcries and worries by motorists, traders and international travellers who were initially excited over the project, given the volumes of trade and travels between the state and Cameroon Republic.
A visit to the site at the weekend showed how the site of the facility has been overtaken by bush and reptiles.
In an interview, a farmer on Effraya Road, Etomi, in the council area, Mr Anthony Attah, expressed sadness over the seeming abandonment of the project five months after it was commenced.
“I had considered the project a laudable one, and had commended the Council chairman, Henry Anom, for the initiative, considering the economic importance of such a park to the Local Government Area, taking advantage of the Cameroon borders.
“Barely four months after the excavation of the land, the place has become a bush again.”
A business man and cocoa farmer, Everlasting Eriom, also lamented the apparent discontinuation of the project which he believed, would have eased his tasks and boost his cocoa sales.
Eriom said, “Whatever are the reasons for the abandonment, let the administration of Henry Anom note that this is about the only visible project that would etch his name in history books and has the capacity to raking up Council internal revenues.”
Reacting in a statement, the Supervisor for Finance in the Etung Local Government Area, John Ogar explained that the project has been mired in controversy and legal tussle.
“The Executive Chairman of Etung Local Government Area, Henry Anom, conceived the initiative of giving Etung a unique Motor Park Facility as a border local government. Unfortunately barely days after excavating the site to kickstart actual development, we were slammed with a court injunction, as previous administration had given out the parcel of land without proper documentation to guide the current dispensation, so we can’t fight the court.
“We only have to obey the law while we fine-tune measures to have things work out.”
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