Connect with us

Economy

NBA carpets FG over decision to build new refineries without due process

Published

on

Spread the love

NBA carpets FG over decision to build new refineries without due prpcess

The Nigerian Bar Association (NBA) has taken a swipe at the Federal Government on its recent decision to build new refineries without open competitive bidding in spite of the magnitude of the project which is contrary to the public procurement act.
The national President of the Association Mallam Abubakar Mahmoud who spoke at its National Executive Council meeting (NEC) which took place in Lokoja Kogi State said many Nigerians were taken by the decision.
According to him, “It will send wrong signals to businesses and indeed investors, they creat doubt and the commitment of Government to transparency.”
He therefore asked the Federal Government to revamp many of the legislation on agencies that play key role in the management of the countries economy.
The President listed the agencies that require surgery to include the public procurement act, the privatization act, the infrastructure concession and regulatory commission act.
According to him, “There is a perception that these legislation establishing the agencies are no longer effective and have become a shadow of their past.
“We urge the Government to take a hard look at these laws and agencies that have direct bearing in economic management and enhancing transparency.”
Mahmoud indicated that there is need to see a new vigor in the economic management generally and in enhancing the effectiveness of the institutions.
“We therefore commend the senate for passing the resolution stopping this project without complying with due process of public procurement.
“We commend the senate also for passing the petroleum industry governance bill which is one of the bills proposed by the national assembly dealing with the petroleum sector.”
“We hope that when passed the bill will greatly enhance governance in the petroleum sector and achieve the much needed transparency.”
According to him, it will facilitate passing of the remaining bills dealing with the fiscal aspect the revenue management framework and the downstream administration and the host community issues are speedily dealth with and finally laid to rest their nearly two decades effort to reform the legal frame work for the management of the petroleum sector.
Mahmoud also commended acting president Yemi Osibanjo for the three executive orders recently signed into laws that are aimed at removing obstacles to private business, Government budgeting and movement of people and goods between Nigeria and other countries.
“The others are aimed to promote transparency and efficiency in Nigeria’s business environment, support local content in public procurement by the federal Government as well as ensure timely submission of budget estimates by ministries, agencies of the federal Government.”
He called on the federal Government for a diligent and effective implementation of the policies and emergency in the executive orders especially with regards to timely submission of annual budgetary estimates of the federal agencies.
“The NBA commends the federal Government in the effort at the diversification of the Nigerian economy and the promotion of made in Nigerian goods.
He said Nigeria being blessed with a large and youthful population and a large domestic market should focus its recovery on promoting growth through domestic consumption.
He said the Nigerian economy has been in recession since 2015 which was triggered by falling oil prices in the international market and compounded by failure to plan during the period of high oil prices.
“There are indications that the economy is now beginning to pick up and we are gradually easing out of recession.
“We commend the Federal Government on the various initiatives to revamp the economy.
The recent improvements however has by no means translated to improved quality of life for most ordinary Nigerians.”
He said the figures coming out of the National bureau of of Statistics on unemployment and poverty have continued to be dismal.
He indicated that the business community have continue to express concern and scepticism as to the adequacy of government plans and strategy.
“To tackle the current economic recession and redress the Nigerian economy the government recently launched the economic recovery and growth plan a four year plan aimed at restoring growth and microeconomic stability as well as the diversification of the economy.”
He commended the Government for the plan is expected to lift Nigeria out of economic recession at least by 7% between now and 2020.
Mahmoud said the NBA wish to aggressively pursue the implementation of the various programs and initiatives under the EFGP.
He l recommend strongly that the implementation must first be on creating more jobs and quality employment for the Nigerian youths.
The President pointed out that many Graduates trained in the sciences are roaming the streets without any gainful employment which he said was unacceptable in a country with huge deficit in infrastructure, bad roads, poor housing and poor schools.

Mahmoud also challenged the Federal Government on the dismal state of the Lokoja/Abuja express way which has been under construction for more than 11 years.
He said, “The contract was awarded in 2006 at the cost of N42B it was revised in 2011 to the cost of N116B and this project has remained uncompleted.
“I use this opportunity to call on the federal authorities to ensure the speedy completion of this road.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Humanitarian minister flags off special grant for rural women in Plateau

Published

on

By

Spread the love

Humanitarian minister flags off special grant for rural women in Plateau

The Minister of Humanitarian Affairs, Disaster Management and Social Development has launched the one off payment of a special Grant  for rural women in Plateau state.

Over one hundred and fifty thousand women will receive a one-off special grant of twenty thousand naira each in all the 774 local government councils across Nigeria.

On her maiden launch of the special funds distribution held at the Banquet hall, Government House, the minister said the grant was a one-off disbursement to rural women to mark the International Day of Rural Women. 

“Since the inception of President Muhammadu Buhari’s Administration in 2015, the Government has been paying more attention to protecting and promoting the plight of the poor and vulnerable in the country.
This she said informed the decision to initiate the National Social Investment Programme (NSIP) as a strategy for enhancing social inclusion.

“The Grant for Rural Women programme was introduced to sustain the social inclusion agenda of the Buhari Administration, including the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years. It is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria. 

“The grant of N20,000.00 will be disbursed to over 150,000 poor rural women across the 36 States of the Federation and the Federal Capital Territory.

“The grant is expected to increase access to financial capital required for economic activities.
“It is our hope that the beneficiaries of this programme will make good use of the opportunity to increase their income, enhance their food security, and generally contribute towards improving their living standard”.

Farouq also thanked the Minister of Women Affairs, Pauline Tallen for her contributions in ensuring a smooth take- off of the program in Plateau state.
She also used the opportunity to present assorted grains from the National Food Reserve, approved by President Muhammadu Buhari as palliative for distribution to vulnerable persons affected by the  restriction of movement to curtail the spread of COVID-19 pandemic. 

Food items presented to the state include 71 trailer load of Maize, Sorghum and Millet  to cater to 294,199 households.

Earlier, the Governor of Plateau State Dr Simon Bako Lalong expressed immense gratitude to the minister for her visit to the state. He acknowledged the role of women in the society especially the rural women. 

“This palliative will assist vulnerable people affected by the COVID-19 pandemic and other disasters like conflict and flood.  
“This occasion is unique because it also features the disbursement of cash transfer to 500 rural women to mark the International Day of Rural Women.
“I am also delighted to note that 3005 pregnant and lactating women In Plateau state are currently receiving an additional five thousand naira as top-up of the Conditional Cash Transfer.
“This will go a long way in improving the lives of women and children in Plateau state particularly their health and economic empowerment”.

Governor Simon Bako Lalong in his comments 9noted that 26,004 vulnerable households in Plateau state were already receiving the Cash Transfer of N10,00 bi-monthly while 47,000 others await payment. He said the  state has 231,870 households on the State Social Register with 877,301 individual households. He appealed to the federal government to extend other social and intervention programs to capture those on the waiting list. 

The theme for this year’s International Day of Rural Women is “Building rural women’s resilience in the wake of COVID-19”.

Continue Reading

Economy

Apprehension over Buhari’s misgivings on recession

Published

on

By

Spread the love

Apprehension over Buhari’s misgivings on recession


President Muhammadu Buhari left many Nigerians more confused when he admitted that the country’s economy may slip back into another recession in the third quarter of 2020, even while in the Fourth quarter.
Buhari expressed the misgivings while presenting the N13.1 trillion budget for 2021 with a deficit of N4.8 trillion that will be financed mainly by borrowing.
Many Nigerians were led to believe that the recession afterall may have since started going by his admittance while quoting the previous quarter.
This is more so as the President seem to be re-echoing what
Nigeria’s finance minister Zainab Ahmed had said in August 2020.

Ahmed had warned that unless Nigeria achieves a very strong third quarter 2020 economic performance, the country may slide into recession.
“Nigeria is exposed to spikes in risk aversion in the global capital market, which will put further pressure on the foreign exchange market as foreign portfolio investors exit the Nigerian market,” the minister  had said.
“Nigeria’s Q2 GDP growth is in all likelihood negative and unless we achieve a very strong Q3 2020 economic performance, the Nigerian economy is likely to lapse into a second recession in four years with significant adverse consequences.”
The President also said the projected GDP growth will be  negative in the third quarter of the year while the fourth quarter just started.
As such, the president said the economy may lapse into the second recession in four years, with significant adverse consequences.
However, inspite of the apprehension, Buhari assured Nigerians that his team were working assiduously to ensure rapid recovery in 2021 saying there is no cause for any alarm.
“We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years,” he added

Buhari said the country’s economy is currently facing challenges with the macroeconomic environment being significantly disrupted by the coronavirus pandemic.
“Real Gross Domestic Product (‘GDP’) growth declined by 6.1 per cent in the second quarter of 2020. This ended the 3-year trend of positive, but modest, real GDP growth recorded since the second quarter of 2017,” the president said.

Continue Reading

Economy

Despite concerns over whooping N3.12tr for debt servicing, FG gives hope

Published

on

By

Spread the love

Despite concerns over whooping N3.12tr for debt servicing, FG gives hope

Not perturbed by concerns raised by stakeholders over N4trillion borrowing the Federal Government has pledged to meet up with it’s debt obligations with N3.12trillion for its servicing in the 2021 budget proposal.
President Muhammadu Buhari gave the indication Thursday when he presented the 2021 budget proposal of N13.08trillion to the National Assembly in Abuja.

According to him, the amount represents an increase of N445.57 billion from N2.68 trillion in 2020.
“We remain committed to meeting our debt service obligations.

“Hence, we have provisioned N3.12 trillion for this in 2021, representing an increase of N445.57 billion from N2.68 trillion in 2020.
“A total of N2.183 trillion has been set aside to service domestic debts while N940.89 billion has been provided for foreign debt service.

“N220 billion is provided for transfers to the Sinking Fund to pay off maturing bonds issued to local contractors and creditors.’

Continue Reading

Trending