‘Suffering But Smiling’: Rewane Presents Scorecard On Nigeria’s Economy

 

The CEO of the Financial Derivatives Company, Bismarck Rewane, has presented a scorecard of Nigeria’s economy in the last five years.

Speaking at the Town Hall organized by Channels Television ahead of the Inauguration Day, he reeled out what he described as 19 indicators and how they influenced the nation’s growth in the last five years as well as predictions for the next two years.

According to him, of the 19 indicators, 11 moved negatively while nine moved positively.

He, however, noted that what was most important was the citizens’ scorecard.

Staple foods such as Garri, Rice and Beans were sold for 13,500, 9,500 and 14,000 in 2014, but now, a bag of each costs 6,500, 15,000 and 19,000 respectively.

Tomatoes which cost N4,300 for a 50kg bag, has now also gone up by 319% to become N18,000.

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Other key indicators which Rewane mentioned were unemployment and underemployment which according to him, was 29.4 per cent in 2014 but is now 43.2 per cent.

The Misery Index was 38.7 in 2014 and its 54.57 in 2019, while the life expectancy in 2014 was 52 years, and is now 53 years.

As part of efforts to keep the key indicators growing positively, Mr Rewane gave some recommendations as stated by the International Monetary Fund (IMF).

“The IMF says economy is recovering – they are recommending that we stop multiple exchange rates, improve tax collection, stop the waivers and exemptions and tighten money supply,” he said.

‘Many Would Have Given Up’: What Buhari Told Ministers At Valedictory FEC Meeting

 

President Muhammadu Buhari has praised his ministers for the “successes recorded” in his first term.

Speaking during the valedictory Federal Executive Council meeting on Tuesday, he explained that the administration inherited a broken economy which eventually went into a recession in 2016.

According to him, the situation was further compounded by insecurity and massive corruption and many would have given up but rather, they remained resilient.

“Many would have given up. Indeed, many outside commentators said our situation was well-nigh hopeless. However, we all came together and pushed forward to deliver our campaign promise to rescue our country from its parlous state,” the President said.

While thanking the ministers for their efforts and contributions, he asked them to continue their duties till May 28, 2019, when they would hand over their schedules to the permanent secretaries of their respective ministries.

Read his full speech below.

CLOSING REMARKS BY H.E. PRESIDENT MUHAMMADU BUHARI
AT THE VALEDICTORY SESSION FOR MEMBERS OF THE FEDERAL EXECUTIVE COUNCIL (2015 – 2019) AT THE STATE HOUSE COUNCIL CHAMBER ON 22ND MAY, 2019.

Today’s Federal Executive Council meeting is the last time we will meet as a cabinet before the commencement of the second and final term of this Administration.

2. Our first meeting in this chamber was in November 2015. Over the past three and a half years, we worked together to deliver our campaign promises. I strongly believe that it is this teamwork that led to the successes recorded during our first term.

3. Some of our colleagues, with whom we started this journey, unfortunately, are not here to join us in celebrating our successes.

4. Specifically, I must recognize our late brother, James Ocholi SAN who passed away in a fearful motor accident with his wife, Blessing and son, Joshua only four months after being sworn in as a Minister.

5. I want us to all put him, and indeed his family, in our memory. He was a true patriot committed to our CHANGE agenda.

6. I also acknowledge the contributions of other Council members who resigned before the completion of our tenure to pursue other opportunities.

7. You will recall that when we started this journey, our country was facing numerous challenges.

8. We inherited a broken economy which eventually went into recession in the second quarter of Fiscal Year 2016. The situation was further compounded by insecurity and massive corruption.

9. Many would have given up. Indeed, many outside commentators said our situation was well nigh hopeless. However, we all came together and pushed forward to deliver our campaign promise to rescue our country from its parlous state.

10. Although we all had a common vision, we frequently had heated debates in this room on the best way to achieve our goals. These differing views are what made the decisions we took all the more rational.

11. It is this quality that made me retain my cabinet for the full term.

Each of you in this room has a unique skill and strength. We are a reflection of the Nigeria we aspire to achieve. A diverse but tolerant nation where no one is silenced and where every opinion should be heard and considered.

12. I want you all to leave this meeting proud to have served your nation to the best of your ability.

13. You should be proud to have been part of the Government that liberated the local governments previously under Boko Haram rule.

14. You should be proud to have contributed to our food security and economic diversification agenda which led to the revival of our rural agrarian economy.

15. You should be proud to have been part of the team that developed the Economic Recovery and Growth Plan which led Nigeria exiting its worst recession in decades.

16. You should be proud to have introduced the social investment program that enhanced the livelihoods of millions of Nigerians.

17. You should be proud to have participated in settling outstanding pensions of many senior citizens abandoned by previous governments while supporting state governments to meet their salary arrears.

18. And of course, you should all be proud to have overseen the most ambitious road, rail and airport rehabilitation programs in the history of our country.

19. I want to put on record, that your achievements in the last three and a half years has guaranteed your position in the history books of this nation. You have certainly built the foundations for an improved economy and a more purposeful government.

20. Although today is our last council meeting, I expect all of you to continue working until Tuesday, 28th May 2019 when you will officially hand over your schedules to your respective Permanent Secretaries. Your handing over letters should be submitted to the Office of the Secretary to the Government of the Federation.

21. I want to conclude by thanking all of you for agreeing to serve our nation during these difficult times. I want to use this opportunity to recognise the silent partners to this cabinet, your spouses, families and friends, who supported you through these years.

22. I wish you the very best of luck and pray for your successes, for dear families and our for country in the years ahead.

Thank you and God Bless the Federal Republic of Nigeria.

We Want The World To See June 12 As Nigeria’s Most Important Day – Garba Shehu

 

The Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Garba Shehu, has shed some more light on the comments made by the Minister of Information, Lai Mohammed, about the President’s inauguration on May 29, being a low-key ceremony.

During an interview on Channels Television’s Politics Today on Monday, Mr Shehu explained that while May 29th remains significant as the inauguration day, all ceremonies associated with the inauguration have been deferred to June 12.

“We want the world to see June 12 as this country’s most important (day) as far as democracy is concerned,” he said.

He further explained that the May 29 inauguration will still be marked because according to the Constitution, the four-year term officially ends on the 29th.

“Let me say emphatically, it is important that the President and the governors are being inaugurated on the 29th.

“Constitutionally, that must take place because their four-year term (2015-2019), expires on the 29th.

“However, the President will be swearing an oath, taking the oath of office as would the governors be doing, but the big ceremonies associated with the inauguration have been deferred to June 12, in order that we empower, we activate this day in a big way”.

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On the venue of the event, he noted that it would take place at the Eagles Square, Abuja and the missions in the country, embassies, and other key figures will be duly represented.

“Delegations will come but we are welcoming them on June 12,” Shehu added.

Also speaking on the matter, a senior Advocate of Nigeria Adetokunbo Kayode, explained that it is economical to avoid multiple ceremonies and public holidays.

He said, “I think that prudence actually determines that it is done in a low-key fashion because of the ceremony that will come on June 12, so I think it’s okay.

“Holidays cost money, secondly, ceremonies cost money so it may be that the President wants to be very circumspect about how much he spends on these ceremonies”.

The Information Minister had during a press conference earlier today, explained that the country cannot afford two major celebrations within a two-week interval.

He noted that details of the events slated for the two ceremonies will be unveiled at a world press conference on May 20, 2019, in Abuja.