Connect with us

Breaking News

Why Buhari Released N2 . 3 Trillion Stimulus Package To Nigerians For COVID – 19 – VP

Published

on

images 27 2 Why Buhari Released N2 . 3 Trillion Stimulus Package To Nigerians For COVID - 19 - VP

Vice President, Prof Yemi Osinbajo, has revealed that the Federal Government’s N2.3 trillion stimulus package was designed to mitigate the shock, tackle the vulnerabilities, create and protect jobs, as well as rescue businesses and reposition the economy.
The Vice President stated this in his keynote at the 61st annual conference of the Nigerian Economic Society (NES) themed “African Continental Free Trade Area (AfCFTA) in Post COVID-19 Era: What Next for Nigeria?”
“Our projections showed that without the stimulus, the economy was set to contract by -4.4% in 2020, but with implementation, including ramping up local production, we should be able to limit the negative growth to -0.59%. Let me be clear, our desire to ramp up local production is not a call to autarky but rather an expenditure switching approach which can complement the AfCFTA desire to deepen regional value-chains,” he added.
Referring to Nigeria’s experience with the COVID-19 pandemic, Prof. Osinbajo said, “indeed, one thing that has become clear from our experiences of the last few months is the need for a vibrant and successful AfCFTA.
“The pandemic has exposed our dependence on commodity exports to other parts of the world and on the import of manufactured goods from them.
“As at 2017, intra-Africa trade in goods was $135 billion, which was just about 15% of Africa’s total trade. This is in sharp contrast to trade in other regions, which is as high as 70% in the European Union and 60% in Asia.
“The imposition of export bans, including on food items by some countries and the disruption of global supply chains at the height of the pandemic, showed just how exposed and vulnerable African countries are because of limited productive capacity and a lack of regional value chains.”
The Vice President then noted some of the proactive steps taken by the Federal Government to participate effectively in the AfCFTA.
In his words, “…the Federal Government is investing heavily in power, road, rail and port infrastructure projects. It is also why we are taking active steps to improve the business environment and to facilitate trade across our borders, including through the implementation of the National Trading Platform or Single Window Project. Part of that project is the installation of scanners at our ports.
“Government also realizes, of course, that it needs to be able to enforce trade rules and apply trade remedies so that our partners in the AfCFTA, especially our neighbours, do not take undue advantage of our large market. You will be glad to know that the National Action Committee on the implementation of the AfCFTA, which is chaired by the Honourable Minister of Industry, Trade and Investment, is actively seized with these matters.”
He added that, “if the AfCFTA is to achieve the desired objectives, then it is also very important that Nigeria should push for the implementation of complementary programmes and protocols, including the Protocol on Free Movement of Persons, the pan-African payments system and other sectoral programmes.”
On the need for academics to be more involved in conversations that would deepen public knowledge and understanding of the economy, the Vice President called on members of Nigerian Economic Society to be more engaged in public policy debates.
He said, “I find every often that some public commentators make assertions that have no basis in economic theory or practice, and because they dominate the public space, they contribute to public misunderstanding of economic principles and their application to public policy. Some of you should take up the gauntlet and help to shape an informed and reasoned national discourse on the economy.”

Continue Reading
Comments

Breaking News

To Boost Revenues , FG Posts Treasurers To MDAs

Published

on

images 89 2 To Boost Revenues , FG Posts Treasurers To MDAs

The Federal Government on Tuesday commenced the deployment of professional treasury officers to revenue generating ministries, departments and agencies in a bid to improve the country’s revenue base.
Minister of Finance, Budget and National Planning, Zainab Ahmed, said an important sector with huge potential was the revenue generation arm of the Federal Government Owned Entities.
Ahmed spoke in Abuja at the orientation for directors of revenue in FGOEs organised by the Office of the Accountant-General of the Federation.
She said, “You may all wish to know that analysis of budgets of some of the FGOEs shows that these entities have the capacities, if properly managed, to significantly improve the revenue base of the Federal Government.
“It is in this light that the deployment of the treasury directors is considered expedient to the selected FGOEs as a pilot test.”
The minister explained that the deployment of directors of revenue to the FGOEs was in compliance with presidential approval that was conveyed via the Secretary to the Government of the Federation’s circular with reference SGF.50/S.3/C.9/24, dated October 16, 2018.
She said the circular was on the approved Revenue Performance Management Framework for Government Owned Enterprises.
Ahmed said the government was increasingly concerned about the dwindling profile of revenues, adding that the trend had to be quickly arrested particularly with key revenue generating agencies of government.

Continue Reading

Breaking News

FEC Approves ₦745 Million To Hire Auditors For NDDC

Published

on

images 88 2 FEC Approves ₦745 Million To Hire Auditors For NDDC

The Federal Executive Council (FEC) on Wednesday approved N745 million for the hiring of additional forensic field auditors for the audit of the Niger Delta Development Commission (NDDC).
The Minister of Niger Delta Affairs, Sen. Godswill Akpabio, also disclosed that the council approved the hiring of auditors to ensure that whatever comes out of the forensic audit is acceptable not just in Nigeria but to the international community.
Akpabio said: “The memo that was presented by the Ministry of Niger Delta Affairs was a concluding memo on the procurement of Field Forensic Auditors for the forensic audit of the Niger Delta Development Commission and today the council approved additional forensic field auditors at a total sum of about N745.2 million.
“This brings the total number of field forensic auditors to 16 in addition to the earlier approved Lead Forensic Auditors, Messrs Olumiluwa Bashir and Co.
“These people are now going to be in charge of the nine states of the Niger Delta which has been divided into 16 lots. As I stated earlier, lots one is Ernst and Young for the headquarters.
“They will be undertaking the 19 years of audit and also bring out the organigram for the restructuring of the NDDC for better performance in future.’’
The minister added that the council equally approved the need to attach in
vestigative security agencies to each of the team to ensure transparency in the exercise.

Continue Reading

Breaking News

Bolaji Owasanoye, 136 Others Short – Listed For SAN Rank

Published

on

images 87 2 Bolaji Owasanoye, 136 Others Short - Listed For SAN Rank

Chairman of the Independent Corrupt Practices and other related offence Commission (ICPC), Professor Bolaji Owasanoye and the Executive Secretary of the National Human Rights Commission (NHRC), Anthony Ojukwu, are among 137 lawyers short-listed for conferment with the rank of Senior Advocate of Nigeria (SAN).
A statement released late on Wednesday by the Acting Chief Registrar of Supreme Court and Secretary of the Legal Practitioners’ Privileges Committee (LPPC) , Hajo Sarki, said the 137 short-listed candidates are emerged at advocate filtration stages and academic pre-qualification exercise.
No fewer than 116 out of the 137 are practising lawyers while 21 are from the academia.
Sarki said all qualified candidates short-listed are graded under the category system of the LPPC Guidelines, 2018.
He said: “The general public is at liberty to comment on the integrity, reputation and competence of the candidates.
Sarki added that any complaint (s) presented to the LPPC “must be accompanied with a verifying affidavit deposed to before a Court of Record in Nigeria.
“Please be informed that in relation to paragraph 12 (2). of the Legal Practitioners’ Privileges Committee Guidelines, 2018, twenty copies of such comments or complaints must be received at the office of the Secretary, Legal Practitioners’ Privileges Committee not later than 4.00pm on Tuesday 13th October, 2020

Continue Reading

Trending