Osinbajo Gives Assurance Of Development In Niger Delta Region

We Hear You, Loud And Clear, Osinbajo Tells ProtestersThe acting President, Professor Yemi Osinbajo has assured the Niger Delta  region of the Federal Government’s readiness to genuinely draw a roadmap, that will  lead to the peace and development of oil producing states.

The acting President, who is on a one day visit to Bayelsa State made this known in Yenagoa, the state capital.

After commissioning a new built Helicopter, Prof. Osinbajo proceeded to the secretariat of the Traditional Rulers Council, where he was received by the first class traditional rulers in the state.

However, the chairman of the Traditional Rulers Council and Amayanabo of Twon Brass, HRM king Alfred Diete-Spiff while welcoming Prof Osinbajo, explained the reasons behind the ongoing activism in the Niger Delta that is now commonly referred to as militancy.

Meanwhile, the Bayelsa state Governor, Seriake Dickson, told Prof. Osinbajo that in spite of all the underlying issues regarding pipeline vandalism and the agitations for resource control, Bayelsa state remains the most peaceful state in the region.

 

Osinbajo Calls For Reform Of Criminal Justice System

Yemi Osinbajo, Military, Divisive Forces, National Unity, Acting PresidentNigeria’s Vice President, Professor Yemi Osinbanjo, has called for the reform of the nation’s criminal justice system to ensure that criminal elements do not escape punishment.

Osinbajo made the call at a lecture with course 25 of the National Defence College in Abuja.

According to the Vice President, the reforms would also help to check the activities of groups like Boko Haram and Niger Delta militants.

He then urged the military to resist divisive forces that undermine national unity and economic growth.

According to him, they are major threats to national prosperity.

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.

Osinbajo Says Nigeria Needs Streamlined Solutions To Recession

osinbajo, recession, nigeria, Nigeria’s Vice President, Professor Yemi Osinbanjo, says Nigeria can only get out of recession by looking at solutions that will take full consideration of Nigeria’s peculiar circumstances and composition.

The Vice President expressed this while meeting with private sector stakeholders at a quarterly business briefing at the Presidential Villa.

He said that Nigeria cannot afford to make the usual error of generalization or speculations, which would not help in stopping the recession.

Professor Osinbajo, who had attributed the current economic recession in the country to the sharp drop in power generation, occasioned by vandalism by militants, reiterated that one of the key areas which needs to be addressed to fast-track the rebound, is the area of power generation.

The power sector, according to him, must be brought back up to 5,000 megawatts from which it dipped in February 2016.

Ease of doing business, reduction of interest rates, and access to finance among other things, should also be looked into.

He expressed optimism that the economic recession the country is battling with would be short-lived if citizens decide to openly shun corruption.

Osinbajo Visits Accident Victims In Anambra, Sympathises With Residents

OsinbajoNigeria’s Vice President, Professor Yemi Osinbajo, has visited the victims of the fuel tanker accident and sympathised with the government and people of Anambra State over the tragic incident.

The Vice President, who made the visit on behalf of President Buhari, who directed him to deliver his condolences, was received by the Anambra State Governor, Willie Obiano, and his Delta State counterpart, Dr Ifeanyi Okowa, at the Asaba Cargo Airport on Wednesday.

After the initial exchange of pleasantries, Professor Osinbajo and his entourage left for Toronto Hospital in Onitsha, where he was received alongside Governor Obiano, by the Chief Medical Director, Dr Emeka Ezeh, who took time to explain how the emergency situation was handled.

He was taken to the ward to see the casualties but journalists and other visitors were denied entrance for medical reasons.

Leaving the hospital with a positive impression of the hospital management in their handling of the emergency situation, Professor Osinbajo and his entourage headed for the scene of the incident, but paused to felicitate with the elders of Onitsha, who trooped out to welcome him.

Addressing the people, he commended the timely intervention of the State government and various hospitals especially, Toronto Hospital, which ensured that the number of casualties was minimal.

Professor Osinbajo also praised the State government for undertaking the hospital expenses of the victims as well as every other intervention, expressing delight that such positive direction is where the country is heading for, where every Nigerian citizen matters.

Governor Obiano at the scene of the incident announce the banning of trailers and all fuel carrying tankers from moving in the day time. He also banned all heavy duty trucks from plying state roads.

The visit was wrapped up with prayers by the Vice President, who asked God to console those who were affected by the tragic incident, assuring the State government, after the prayers, that the Federal Government would always look at whatever areas of cooperation to assist Anambra State even, as consultation had commenced between him and the State Governor.