Lawyer Paints Reps N45M Allownace Demand Different Shades Of Wrong

Malachy UgwumaduNigerian lawyer, Malachy Ugwumadu, on Thursday decried a reported demand of a total of N45 million naira quarterly allowance by members of the House of Representatives, stating that such a move would demoralise the people.

Members of the House had on Wednesday reportedly held a closed door meeting with their leaders to clamour for increase in the quarterly allowance, from N27 million per quarter to N45 million per Rep. Reacting to this development via a telephone interview on Sunrise Daily, Ugwumadu said the misalignment between the needs of the people and the activities of the operators of government was a “recipe for some form of very serious concern”.

The public affairs analyst said the figures being reeled out by the lawmakers was not in tandem with the reality of what the citizens earn particularly when placed against the backdrop of the minimum wage, “which is 18,000 naira, and the resentment which they also stand against policies and activities of government would ordinarily advance the well-being of the Nigerian people.”

He mentioned that the lawmakers were creating problems for themselves and that “even if they earn more than that 45 million naira per quarter, you cannot have the safety to enjoy it”.

“The country that has just concluded the rebasing system in which we are made to believe that Nigeria is now the biggest economy in Africa and one of the best in the world, that does not translate practically in terms of what the people are experiencing on daily basis,” he added.

He further stated that “those kinds of signals clearly point out to the fact that the government has become publicly animated to the welfare and well-being of the people.”

Ugwumadu also faulted the action on moral grounds, especially “when you arrogate the rights to fix your own emoluments,” stressing that the right to increase or fix salaries and emoluments was within the jurisdiction of the Revenue Mobilisation Allocation and Fiscal Commission.

It “is never the responsibility of those occupying those offices,” he added.

The lawyer advised that legal action be taken to deter the House from taking such a step.

“I think that beyond making these things campaign issues, organisations and institutions that have varying concerns with this development can approach the court and seek restrictive orders to prevent them (Representatives) from this recklessness that has turned us into a very country,” he said.

Ministers, Policy Leaders React To Nigeria’s GDP Growth

Min of FinanceSome well-meaning Nigerians have been reacting to the national Gross Domestic Product as released by the National Bureau for Statistics, describing the exercise as very key in policy making by both the private and public sectors of the economy.

In an interview with Channels Television after the special press conference where the new figure of 510billion dollars was released by the NBS, Minister of Information, Mr Labarn Maku, said that the GDP could have done better if not for incessant insurgency in the land.

Also speaking, the Acting Governor of the Central Bank of Nigeria, Mrs Sarah Alade and the Director-General of the Securities and Exchange Commission, Mr Arunma Oteh, said that the new figure would definitely enable policy makers and analysts obtain more accurate set of statistics to work with.

For over two hours they sat listening to the presentation of the rebased GDP estimate for Nigeria 2010-2013, and the key point was that with the new figure of $510billion GDP, Nigeria now ranks as the 26th largest economy in the world, just behind Argentina, Belgium, and Poland, but ahead of Austria, South Africa, Venezuela and Colombia.

On a per capita basis, Nigeria stands at about $2,688 per capita and occupies the 121st position in the world; a figure with which Nigerians are being cautioned not to get carried away especially as the growth is coming amidst insecurity in the land.

How investors would apply the new figures in their judgement of where best to invest funds was of paramount importance and this could only be achieved if the investors had confidence in the figures.

Building this confidence was made possible by the injection of independent bodies in the data collection to ensure that the numbers were consistent.

The Minister of Finance and Supervising Minister of the Economy, Dr Ngozi Okonjo-Iweala, revealed, “The work that was done by the Chief Statistician and his team was subjected to review by a panel of six Nigerian experts; Professor Olu Ajakaye, Professor Akpan Expo, Dr. Ayo Teriba, Dr Doyin Salami, Profesor Garba and Dr, Yemi Fagbeunsi.

“The Statistician(s) had all along an IMF consultant working with them because that is the key job of the multilaterals, particularly the IMF (International Monetary Fund). We later subjected the numbers again to checks through a team of multilateral institutions. The African Development Bank, the World Bank and the IMF, all took a look, so it’s been quite a rigorous process.”

One of the highlights of the new figure is that Nollywood (1.2%) and telecommunications (8.7%) have emerged as major areas alongside the agriculture sector (22%), with the share of oil and gas (15.9%) dropping in the new GDP; a lesson that Nigeria should double efforts to grow the other sectors.

The Bureau for Statistics expressed optimism that the exercise would be a regular issue, at least every five years; a challenge to both the private and public people to become more creative in policy making.

Rebasing The GDP: Nigeria Emerges As The Largest Economy In Africa

CBNNigeria has emerged the largest economy in Africa.

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

 

Nigeria’s GDP For 2013 Is $510 Billion

CBNNigeria has emerged the largest economy in Africa

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

 

Nigeria Now 26th Largest Economy In The World, And Its Per Capita GDP Is 121st In The World

CBNNigeria has emerged the largest economy in Africa

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

Current GDP Structure Is Outdated – Statistician

The Statistician General of the Federation and Director General of the National Bureau of Statistics, Dr. Yemi Kale, has said that the current structure of the nation’s Gross Domestic Product (GDP) is outdated.

He said this on Business Morning while discussing the National Bureau of Statistics’s plan to rebase the GDP.

Rebasing the country’s GDP “is about getting our figures right” because it should be done every 5 years, as is the practice in many countries in the world, he said.

He further disclosed that the rebasing exercise was last carried out in 1990.

“We are basing our GDP which is basically structured by the economy and which policies have been based on a pattern, structure that existed in 1990.”

Changes in products, technology, policies over the past 23 years are yet to take effect on the current structure of the nation’s GDP, hence “we might, at the end of the day, misinform decision makers and therefore get our policies wrong”.