Aregbesola Preaches Commitment To Enhance Productivity

Rauf-Aregbesola_Osun-election-resultThe Governor of Osun State, Rauf Aregbesola, has charged public servants to be committed to duty in order to enhance productivity and boost the economy of the state.

Governor Aregbesola gave the charge in Osogbo, the Osun State capital on Tuesday during the yearly prayer to usher in the state’s workforce.

The Governor also identified agriculture as an alternative revenue away from oil in the face of continuous drop in crude oil price.

According to the Governor and his cabinet members, there is an urgent need to boost the dwindling economy of the state as they urged residents and farmers to engage in all forms of farming.

Present at the gathering were royal fathers, religious leaders, market men and women, members of the executive, legislative and judiciary arm of government.

Nigeria’s External Reserves Fall By 15 Per Cent In 2015

external reservesNigeria’s external reserves now stands at $29.30 billion as at December 23, 2015.

Data from the Central Bank of Nigeria’s website shows that the reserves declined by 2.41 per cent from $29.34 billion on December 22.

The external reserves has depreciated by over 15 per cent from $34.49 billion at the beginning of the year.

This represents a $5.15 billion decline so far in 2015.

The drop in the forex reserves value has been attributed to the significant reduction in forex inflow into the country, owing to the fall in crude oil prices.

2013 Budget: Nweke Jnr describes demand for increased benchmark price as tragic

Frank Nweke Jnr, the Director General of the Nigeria Economic Summit Group (NESG) on Thursday said that his group does not support the House of Representatives’ demand to increase the benchmark price of crude oil in the 2013 budget from $75 to $82.

Mr Nweke, who was a guest on Channels Television’s breakfast programme, Sunrise Daily, said that the NESG also does not support the “perennial altercation between the legislature and the executive” arms of governments.

“This latest jack-up in the benchmark price for the 2013 budget is ill-advised. When I first got information about this yesterday, I described it as tragic,” he said.

2013 Budget: Gbajabiamila says issue of benchmark price is unconstitutional

The House of Representatives’ Minority leader, Femi Gbajabiamila on Thursday said the power to decide how the revenue earned by Nigeria is spent is the prerogative of the National Assembly not the executive arm of government.

The lawmaker, who was speaking on Channels Television’s programme, Sunrise Daily, against the fallout between the presidency and the legislature over the benchmark price of crude oil in the 2013 budget, said pegging the price of crude oil is a way through which the Federal Government short-changes the states.

“There is no issue of benchmark vis-à-vis the constitution. If we decide we want a benchmark so that we can save, that part of the constitution needs to be amended. There is no issue of benchmark as far as I am concern,” Mr Gbajabiamila.

The Minority leader said though the House of Representative is yet to receive the 2013 budget, it would improper to present a fresh budget when previous one is yet to be implemented.

“The position of the House is very simple. You don’t jump from one to the other without care of the one that comes before. Again, it is very tardy to present a budget when there is a 2012 Budget that is pending,” he said.

We’ve not started budgeting in Nigeria – Analyst

A budget expert, Emeka Ejikonye on Thursday said what Nigerians generally refers to a budgeting is mere fiscal policy making activities.

Mr Ejikonye, who was speaking on Channels Television’s programme, Sunrise Daily, against the fallout between the presidency and the legislature over the benchmark price of crude oil in the 2013 budget, said until the Nigerian government “start doing budgeting, Eldorado will continue to elude us.”