Kachikwu Expresses Hope For A Better 2017

Ibe Kachikwu Expresses Hope For A Better 2017The Minister of State for Petroleum, Dr Ibe Kachikwu has urged Nigerians to face the challenges posed by recession and make the best of it in 2017, observing that the recession has brought out the ingenuity in Nigerians to look within.

According to the Minister who spoke at a musical event which took place at his residence at Onicha-Ugbo, Aniocha North Local Government Area of Delta State as part of celebration for the yuletide, “we must make sense out of our situation”.

“Everywhere I go, opportunities abound, the difficulties of today, should challenge us for a better tomorrow,” he said, observing that God has endowed Nigeria with a lot of gifts that should be tapped to make the country greater in 2017.

He emphasised, “God gave us energy to energise the environment; He gave us a beautiful environment and gave us food in abundance if we can use our hands to work on the soil.”

Dr Kachikwu contined, “As much as we may hate what is happening in the country, let the pains of today not frustrate you; let the challenges of today make you better for tomorrow because, in one year’s time, it will go well. We will create a Nigeria we all will be proud of.”

Delta State Governor, Ifeanyi Okowa, was among dignitaries that graced the ‘Night of Soulful Music’ organised by the Minister of State for Petroleum, Dr Ibe Kachikwu.

In a brief sermon at the event which was spiced up by renowned gospel musicians, Rev. Fr. Peter Mobuogwu of the Catholic Diocese of Issele-Uku disclosed that Christmas is about celebrating the love of God.

He sued for peace among Nigerians, asserting, “what we desire now is the peace that comes with Christmas, we are celebrating the great love of God and there is hope that life will continue after now because, God stooped down to take the form of man for our sake”.

I Nearly Absconded From Office – Buhari

buhari, Anti-Corruption, povertyPresident Muhammadu Buhari has revealed that he nearly absconded from office, when he saw there was no money to work for the Nigerian people after winning the 2015 elections.

The President made this confession on Thursday while addressing the Course 38 participants of the National Institute of Policy and Strategic Studies who presented their course work to him in the Presidential Villa.

The President again blamed the Peoples Democratic Party (PDP) for perpetuating poverty in Nigeria for 16 years.

The President who blames the recession in the country on the past administration wondered what the Peoples Democratic Party did with the revenue they made when a barrel of oil sold at 100 dollar per barrel.

“We’ve had 16 years and eight consecutive governments between the other party and you know the unprecedented revenue realized.

“The average production which can be verified was 2.1 million barrels per day from 1999 to 2014. The average cost of each Nigerian barrel of oil was 100 dollars per barrel.

“When we came, it dived to less than 30 dollars per barrel and is now oscillation between 40 and 50.

“Actually, I felt like absconding because 27 out of the 36 states of Nigeria could not pay salaries and we know the lower income groups depend on salaries to pay rent and manage their families.

“I asked, any savings? I was told there was nothing remaining. ‘What have you done on agriculture, power, rail, roads?’ Nothing.” he lamented.

The President, however, promised to bring Nigeria out of recession and make it stronger than he met it.

National Economic Council Approves FG’s Strategies To End Recession

Adeosun, GovernorsThe National Economic Council has approved President Muhammadu Buhari’s strategies to pull the economy out of recession.

This was done during its meeting in Abuja, chaired by the Vice President, Professor Yemi Osinbajo.

The council of ministers and governors debriefed the Finance Minister, Mrs. Kemi Adeosun and the Minister of Budget and National Planning, Mr Udoma Udo Udoma as well as the CBN Governor, Godwin Emefiele on the strategies to take the country out of the woods.

Briefing State House correspondents after the closed-door meeting, the Deputy Governor of Ogun State, Yetunde Onanuga, said that the Central Bank would henceforth adopt best options to manage the situation.

Other areas of urgent intervention were also agreed upon by the council to immediately inject larger funds into the economy, including meaningful diversification and more stringent importation cuts.

Intervention of affordable housing was also among urgent issues discussed, which the council said a target of one billion naira fund has been set up to create a blended pool of long term funds for housing development finance and mortgage provision aimed at delivering 500,000 housing units annually.

The council commended members of the National Economic Team for their diligence and hard work.

The council’s declaration comes barely 24 hours after the Deputy Senate President, Ike Ekweremadu, asked President Muhammadu Buhari to reshuffle his cabinet and redeploy the Minister of Finance and the Minister of Budget and National Planning from their present ministries.

Senate-Ike-Ekweremadu
Deputy Senate President, Ike Ekweremadu

As the Senate began debate on the state of the economy on Wednesday, Ekweremadu said that he was not impressed with the performance of the two ministers and believes they would perform better in other ministries.

Nigeria’s economy had slipped into recession after a report of the National Bureau of Statistics showed that the nation’s GDP contracted by 2.06% in the second quarter of 2016.

The report came just as militant activities have resurged in the Niger Delta, causing the revenue of the nation which comes largely from crude oil sales to drop.

The price of crude, which had dropped in the international market, already taking its toll on the nation’s economy was compounded by the attacks on oil installations in the Niger Delta.

Negative Growth Since 2012
The Minister of Finance, Mrs Kemi Adeosun, had recently said that the country had been in negative growth since 2012 with the hope that it would avoid recession but since the reality of the recession has dawned on the nation, the government was prepared to address it.

Kemi-Adeosun-Minister-of-Finance-Nigeria-on-Economy
Minister of Finance, Mrs. Kemi Adeosun

She said that the tactical plan of the Nigerian government to address its economic challenges would not change in spite of the official confirmation that the country had gone into a recession.

Mrs Adeosun was the guest of Channels TV’s breakfast programme, Sunrise Daily on Tuesday, September 20, where she explained that the solution to Nigeria’s problem remained the same from years past.

“Our plans haven’t changed. We need to stimulate the economy and we are going to do so largely by redirecting expenditure from recurrent into capital because we believe that capital expenditure will create jobs and create more productivity in the economy in the long run and help us to diversify,” she said.

She maintained that getting out of recession remains dependent on how productive the economy becomes as well as how well it can create jobs. “we’ve got to invest in our capital infrastructure,” she said.

Set To Inject Funds
The Minister had few days earlier said that the government was set to inject an additional 350 billion Naira ($1.1 billion) into the economy and raise $1 billion from Euro-bonds by mid-December to ease the recession.

She had told reporters in Abuja that the additional funding, on top of the initial 420 billion Naira released in May, was primarily for capital expenditure projects that would also involve support from local banks and transaction partners.

“We are raising money. As you know the Euro-bond capital raise is on.

Udoma-Udoma
Minister of Budget and National Planning, Mr Udoma Udo Udoma

“We are about to appoint advisers so we we will be raising additional $1 billion.

“Two weeks ago we approved the external borrowing plan and that was very important,” the Minister said.

While local investors feel neglected despite being in greater majority than the foreign investors for which the government is looking to attract back to Nigeria, the Minister for Budget, Senator Udoma Udoma, had reassuring words.

“We are determined to make it easier to do business in Nigeria and we believe that, working together with the private sector, we must surely transform this economy,” he told businessmen during a quarterly business briefing at the Presidential Villa with private sector stakeholders.

Osinbajo Explains How Militants’ Activities Triggered Nigeria’s Economic Recession

Yemi Osinbajo on economic recession Nigeria’s Vice President, Professor Yemi Osinbajo, says activities of the Niger Delta militants are the reasons the country is in its current state of recession.

Professor Osinbajo believes that no country can lose one million barrels of oil per day without suffering tremendously.

Nigeria’s economy had slipped into recession after a report of the National Bureau of Statistics showed that the nation’s GDP contracted by 2.06% in the second quarter of 2016.

The report came just as militant activities have resurged in the Niger Delta, causing the revenue of the nation which comes largely from crude oil sales to drop.

The price of crude, which had dropped in the international market, already taking its toll on the nation’s economy was compounded by the attacks on oil installations in the Niger Delta.

Peculiar Circumstances

The Vice President pointed out that Nigeria could only get out of recession by looking at only those solutions that would take full consideration of Nigeria’s peculiar circumstances and composition.

At a quarterly business briefing at the Presidential Villa with private sector stakeholders on Monday, the Vice President said Nigeria could not afford the usual error of generalisation and speculations that would not take the country out of recession.

Kemi-Adeosun-Minister-of-Finance-Nigeria-on-Economy
Finance Minister Mrs Kemi Adeosun
Udoma-Udoma
Minister for Budget Senator Udoma Udoma

The presidential quarterly business forum, which has in attendance the ministers of budget, finance, trade and industry and captains of industries, is part of efforts to tackle headlong, the economic recession.

The Vice President told the gathering that power, security in the Niger Delta region and improved business environment among important things must be addressed in the short term.

Set To Inject Funds

The recession notwithstanding, the Finance Minister, Mrs Kemi Adeosun, said Nigeria would borrow to pump into the economy for capital projects even as she insisted that interest rates must be reduced.

The Minister had few days ago said the government was set to inject an additional 350 billion Naira ($1.1 billion) into the economy and raise $1 billion from Euro-bonds by mid-December to ease the recession.

She had told reporters in Abuja that the additional funding, on top of the initial 420 billion Naira released in May, was primarily for capital expenditure projects that would also involve support from local banks and transaction partners.

“We are raising money. As you know the Euro-bond capital raise is on.

“We are about to appoint advisers so we we will be raising additional $1 billion.

“Two weeks ago we approved the external borrowing plan and that was very important,” the Minister said.

While local investors feel neglected despite being in greater majority than the foreign investors for which the government is looking to attract back to Nigeria, the Minister for Budget, Senator Udoma Udoma, has reassuring words.

“We are determined to make it easier to do business in Nigeria and we believe that, working together with the private sector, we must surely transform this economy,” he told the gathering.