Tag: direction

  • Direction

    We only asked him for a direction and He said….

     

    AWUSUBILLAI…. What’s that for?!?

  • Kogi’s ‘New Direction’ to Golgotha

    SIR: “The greatest patriotism is to tell your country when it is behaving dishonourably, foolishly, viciously” – Julian Barnes.

    It is with the above declarations in mind that I am calling on the presidency to save us from the governor of Kogi State, Alhaji Yahaya Bello.

    This call has become imperative and exigent owing to the lack of focus and directionless approach to governance by the governor of Kogi State and his retinue of “New Direction” team.

    Today, Kogi is worse off under Bello’s administration; one can only imagine and wonder the real direction in this “new direction” especially when one considers the billions of naira that had been released to his administration and the non-payment of workers’ salaries for more than 12 months.

    Schools have been closed for over four months, due to the ongoing strike action embarked upon by workers of all the tertiary institutions in Kogi State.

    If it could take the governor, an accountant by profession, a year to conclude the staff verification exercise in just 21 local government areas of the state, and yet the people couldn’t receive their pay, something is either wrong with him or he is wrong with something.

    The people of Kogi State, especially the workers, are having hard times to survive due to the non-payment of salaries of workers and retirees.

    This is becoming increasingly unbearable and most of them are dying because there was no way they could take care of themselves despite serving the state dedicatedly and dutifully.

    If non-payment of salaries and arresting of critics is what the Kogi State government meant by his “New Direction” agenda, then it’s a direction to nowhere and I urge the acting President to call the governor to order because this new direction has brought agonies, pains and death to the good people of Kogi State and in all honesty, the new direction is a road to Golgotha which needs urgent redirection to relieve the people of the state from the suffering and pains they are currently going through under the “White lion” in Lugard’s house.

    There is no better time to save the good people of Kogi State from the harsh situation than now.

    Though “The truth is inconvertible, malice may attack it, ignorance may deride it but in the end there it is” — with due respect to Winston Churchill.

     

    • Sheyi Babaeko,

    Leeds, UK.

  • Govt’s economic direction now clearer, says LCCI

    Govt’s economic direction now clearer, says LCCI

    The Federal Government’s direction has become clearer, following its release of the Medium Term Expenditure Formework (MTEF) and the Fuiscal Strategy Paper (FSP), Lagos Chamber of Commerce and Industry (LCCI) Director-General Mr. Muda Yusuf has said.

    Speaking with The Nation, Yusuf said with the release of the MTEF and the FSP, business operators now have clearer indications of the government’s disposition towards the petroleum Industry Bill (PIB) and other reforms in the oil and gas sector.

    He said the 2016 budget has also given some insights into the economic plans of the administration. “Clearly, the situation with regards to the policy direction of the government is much better today than it was few months ago,” Yusuf said.

    He, however, said LCCI still expects further information and insights into the policy framework with regards to public private partnership and the scope for private sector investment in infrastructure provision. “This is very important in the light of the serious revenue constraints that the government is faced with,” he noted.

    Meanwhile, the LCCI chief has described the scrapping of the fixed electricity charge by the Federal Government through the National Electricity Regulatory Commission (NERC) as ‘laudable’. The fixed charge is that component of the tariff that commits electricity consumers to paying an approved amount of money mostly on a monthly basis, irrespective of whether electricity is consumed during the billing period or not.

    But NERC Chief Executive Officer (CEO), Dr. Sam Amadi, while announcing new electricity tariffs in the country recently, said electricity consumers would no longer pay the contentious and vexatious fixed charge included in the monthly electricity bills issued by the 11 DISCOs in the country. He said consumers would now only pay for what they consume monthly (pay-as-you-consume).

    But Yusuf, who lauded the removal of the fixed charge, said the provision of meters to consumers should be accelerated to put an end to the phenomenon of estimated billing. He said the NERC and the Minister of Power, Mr. Babatunde Raji Fashola (SAN)  had argued that the tariff review was a major plank of the Power Sector Reform and is critical to the delivery of power.

    He said the purpose, according to them, is to make electricity tariff cost -reflective to make investments in the sector attractive and sustainable. “It is difficult to fault this position, especially in the light of the clamour by the citizenry for a private sector driven power sector.  In any event, it will still be cheaper (even with the review) than individual firms or households providing electricity through generators powered by diesel, petrol generators or LPFO,” Yusuf said.

    He was, however, quick to warn that “electricity consumers should not be made to pay for inefficiency or corruption costs.  It is important to evaluate the elements of the current costs especially the integrity of procurement processes and other operational expenditure under the current dispensation. The risk of bloated costs exists and should be addressed.”

    The NERC explained that the tariff review was the result of a transparent, rigorous and credible rate review process that will lead to greater reliability in the provision of electricity. The commission added that with the review, “more people will progressively have access to the grid, more meters will be deployed and the need for self generation would be gradually reduced.”

    However, the LCCI chief pointed out that pricing is only one component (although fundamental) in the power delivery chain. “There are other issues such as availability of gas, security of gas infrastructures; adequacy of investment in gas infrastructure; security and adequacy of the transmission lines; huge indebtedness by the Ministries, Departments and Agencies (MDAs) to electricity distribution companies (DISCOs) and the general framework to mitigate the risk of investment in the sector. All these need to be sorted out in order to inspire investors’’ confidence,” he added.

    On the controversial Central Bank of Nigeria (CBN) Foreign Exchange (forex) policy, the LCCI chief said it is notable that President Muhammadu Buhari during his budget address to the National Assembly assured the nation that the forex policy will be reviewed.

    “One of the challenges of the investment environment is the foreign exchange policy especially the liquidity problem in the foreign exchange market,” he pointed out, adding that “Investors have issues with the exchange controls, the restrictions of importers of 41 items from access to the foreign exchange market, the restrictions on export proceeds, restrictions on the use of debit naira card abroad and above all, the liquidity crisis that has been created in the foreign exchange market.”

  • Let’s strike a bold new economic direction

    The Nigerian National Bureau of Statistics recently informed us that 60.9% of Nigerians live in ‘absolute poverty’, and that more of us are daily falling into that category. One of our former presidents, Olusegun Obasanjo, has warned repeatedly that youth unemployment in our country is over 70%, stating that it is a major factor of our poverty and that Nigeria, for this reason, is sitting on a time bomb. Most Nigerians don’t understand the enormous weight that youth unemployment means. Our youths (aged 17 to 38) constitute the overwhelming majority of our population. Some statisticians say that people of this age bracket constitute as much as over 60% of our population. But they are not merely the majority amongst us, they are also the naturally strongest, most dynamic and most capable of production. They produce and nurse most of our babies and therefore have an enormous impact on our national character. They are the most agile, most inquisitive, most inventive and most venturesome section of our population. When we say that 70% of them are unemployed, we are saying something of tremendous importance. We are saying that we are losing the productive contribution of the largest, strongest, most dynamic and most productive section of our population. Rather than receiving production from them, we are having to provide for them from the little that the rest of us are able to produce. That is a major reason why more and more of us are falling into abject poverty. Massive youth unemployment is not something we should even think of living with. It is too dangerous. For instance it is not only robbing us of productivity, it is also plunging our society into crime. Denied productive employment, the agile hands and legs of our youth are producing aberrant behaviour in all sorts of fearful directions. As a result, informed observers classify Nigeria as one of the most unsafe places in the world in peacetime.

    For decades, the truth of our existence as a country has been hidden from us (especially from the leaders and rulers of the nation) by the large revenues from crude oil. Our federal rulers could look at the endless seas of cash brought in by the rents and royalties of crude oil and delude themselves that we are a rich country. Our state governors and local government managers could go to Abuja and return with fat cheques and also deceive themselves that we are a rich country. Upon that whole edifice of self-deception, they proceeded to build a gigantic culture of public corruption. But now, the oil bonanza seems to be vanishing. Our self- deception is about to come to a crashing halt. We are obviously about to confront some very unpleasant truths as a nation. It is time for us to rush back to our youths – the most productive part of our economy- and call upon them to help. A bold new direction is urgently called for in our economy.

    Fortunately at this critical moment, we have a president who has promised change and has declared war on the culture of public corruption. It is therefore greatly welcome that President Muhammadu Buhari, in his first budget, is promising major steps towards youth development in order to empower and employ our youths. We must pray that he is able to push it as fast and as far as the situation demands. While he and his men are putting together the elements of the programme on youth development, I would like to offer him the suggestion that he should look at what Singapore did between 1965 and 1975. By 1965 Singapore was a desperately poor province of the Federation of Malaysia. It had no resources in land, forests, minerals, or even soft water. It was riddled with violent, corrupt and riotous politics. Almost all its youths were unemployed and unemployable. Crime was rampant. To do business at all, business owners usually had to surrender to extortion and make regular secret payments to criminal gangs. Masses of youths frequently rioted in the streets and the federal government regularly deployed security forces there to tackle the riots. One huge riot in 1965 went on for three months! As a result of this constant trouble, the federal prime minister proposed at the parliament that Singapore be expelled from the federation. Parliament overwhelmingly approved and Singapore suddenly found itself a separate country without any preparation. No country can be poorer than that. The leading Singaporean politician, a lawyer named Lee Kuan Yew, wept as he made the devastating announcement to his country. “For me and for Singapore”, he sobbed over the radio, “this is a day of anguish”.

    Yet, by 1975, 10 years later, Singapore had become one of the most successful economies in the world.  By 1976 when I visited Singapore, most of the world was already celebrating Singapore as “the Asian Success Model”. So how did Singapore do it? The central piece in their programme of development was to focus on the youth and to call them out to work. But first as preliminary, all the politicians agreed to commit to a responsible, cautious and orderly politics. As the country’s partisan and inter-ethnic politics simmered down, the youth riots gradually waned too. Then the government and leaders agreed on a bold new agenda to make the youths employable. Various institutions were created to teach modern job skills. Some businesses were licensed to teach job skills in their premises under government supervision.  All of the training was accompanied by very serious programmes of work ethics. To prepare the younger children for the system, very serious effort was put into improving education at the primary and secondary levels. Within years, Singapore’s workers had become known worldwide as skilled workers and highly dependable employees. As a result, businesses hurried to establish branches in Singapore and investors rushed there. Singapore’s people themselves then developed confidence to start businesses. By and by, a strong programme of infrastructural development followed. Singapore has continued to prosper. Its workmen are proud in their skills and in their efficiency and high work ethics. They are known to always seek to improve their service in all directions. Singapore’s educational system is now widely regarded as one of the best in the world. In fact, in education, this little country has much to teach the world, including even the giant, United States of America.

    In short, Nigeria’s youth development programme must focus on a sound combination of job and entrepreneurial skills and work ethics amongst our youths. It is not enough for a young, agile, intelligent and creative person to have good job skills, it is also critically important that he should be loyal to the success of his employers. A great deal of unemployment among our youth is a result of a lack of modern job skills. Even the job opportunities that are available struggle to find skilled workers. For instance our cities are expanding tremendously and that means a lot of jobs in the building trade. Sadly, it is well known that builders these days are having to recruit workmen from other countries.  A foreign company that won a contract to clean and plumb ships in the Apapa ports just could not find suitable Nigerian plumbers and had to recruit low level plumbers from their own country in Europe. It is also well known that there is a myth in Nigeria and abroad, that Nigerian workers are too disloyal to be employed. Of course the myth is unfair to a lot of our youth, but that’s what myths do – they include the good with the bad. Our youths desperately and urgently need a massive national programme of job and entrepreneurial skills and work ethics. We are well able to turn our economy around in just a few years. One must add of course is the promoter of this programme, each state must be used as the development unit in it and the state authorities empowered for that role. I hope President Buhari’s people are reading this. We must all wish them good success.

  • Nigerian equities slip further as investors await govt direction

    Nigerian equities slip further as investors await govt direction

    The topsy-turvy at the Nigerian stock market continued yesterday as prices of quoted equities generally fell for the second consecutive day. Key benchmark indices indicated overall average decline of 0.37 per cent, equivalent to a loss of N42 billion, yesterday, two points higher than 0.35 per cent decline recorded on Tuesday.

    Quoted equities, which had gained N1.82 trillion in the immediate rally that followed Nigeria’s successful April presidential election and the emergence of President Muhammadu Buhari, has since lost steam considerably as investors wait for the government to form its economic management team and make clear-cut pronouncements on key economic issues.

    Aggregate market value of all quoted equities, which had opened April at N10.718 trillion, closed the month at N11.787 trillion, representing a gain of N1.07 trillion, about 9.97 per cent. The benchmark index for the Nigerian stock market, the All Share Index (ASI), also indicated a month-on-month average gain of 9.3 per cent during the period, rising from the month’s opening index of 31, 744.82 points to close at 34,708.11 points.

    Aggregate market value of all quoted equities dropped yesterday from N11.470 trillion to close at N11.428 trillion. The ASI also decline from 33,602.67 points to close at 33,478.42 points. The negative trade yesterday further depressed the average year-to-date return at the Nigerian Stock Exchange (NSE) to -3.40 per cent.

    “The market has so far been driven by macroeconomic uncertainties as investors continue foot-dragging ahead of policy pronouncement,” Afrinvest Securities stated yesterday.

    Market analysts said investors were being cautious and biding their time to ensure they have a clear view of the economic direction of the new government.

    With 24 losers to 22 gainers, the downtrend was driven by both the widespread decline in share prices as well as losses recorded by some highly capitalised stocks including Dangote Cement, the largest stock by market capitalization, Access Bank, Zenith Bank, Diamond Bank and Guinness Nigeria.

    Guinness Nigeria recorded the highest loss, in value terms, of N9.75 to close at N174.80. Dangote Cement followed with a loss of N2 to close at N175 while Beta Glass dropped by N1.96 to close at N37.32 per share.

    On the upside, Nigerian Breweries led the advancers with a gain of N1.87 to close at N149.90. Berger Paints Nigeria followed with addition of N1.04 to close at N11.24 while Conoil rose by N1.03 to close at N41.98.

    Total turnover remained around average with the exchange of 204.99 million shares valued at N7.40 billion in 3,704 deals.

  • Jonathan’s govt lacks direction, says lawmaker

    THE deputy Whip of the Lagos State House of Assembly, Hon. Rotimi Abiru, has said that the recent reduction in the pump price of petrol,  by the Federal Government from N97 to N87 per litre is a sign that the Federal Government lacks direction.

    Abiru, who spoke with reporters in Lagos said any responsive and responsible government would have done a proper analysis of the situation before taking any step.

    “A simple analysis, for instance will show that the fuel sellers/fuel importers constitute one per cent of the population, the transport operators make three per cent, passengers make ninety-three per cent and private car owners constitute five per cent.

    “With this analysis, it is clear that the transport operators and the private car owners, which constitute just eight per cent of our population will benefit. The larger per cent of 93 per cent which is the masses will not feel the impact,” Abiru said.

    Abiru queried how the government arrived at N87 per litre for petrol “when the price of crude oil has fallen by more than half. He said the reduction should have been much more than we have today, if the government is serious and really concerned about the well-being of the citizens.

    The lawmaker wondered what effect N10 reduction would have on the economy, goods and services, house rent and transportation.

  • PDP lacks direction, says APC chief

    PDP lacks direction, says APC chief

    One-Time Lagos State Commissioner for Finance Mr. Olawale Edun has urged members of the All Progressives Congress (APC) to remain united in their resolve to oust the Peoples Democratic Party (PDP) in 2015.

    Addressing members of the APC yesterday during the celebration and launch of the party at the Ikoyi/Obalende Local Council Development Area (LDCA), he said the time has come for Nigerians to be free from years of slavery and oppression.

    At the launch, which attracted supporters, Edun said the PDP policies have emasculated the people because they are anti-people.

    He said the party lacks direction, adding that it is choking the people.

    Said he: “Now that we are moving into what appears like a two-party system, the situation where a party has not performed and remains in power will no longer be feasible. Such a failed party can be easily voted out. The PDP has not performed. We can see the impact of poverty on the people, the impact of joblessness, particularly on our youths. Therefore we are looking for a change.

    “For those of us here today, we are celebrating a rebirth. It is a new dawn for our new party because people are enthusiastic. They now have hopes because of the birth of APC. I can assure you that the change will come with quality leadership, good education for our people, provision of infrastructure and the fight against corruption. We cannot just have one party, which is the PDP and the people will be unhappy to continue to tolerate such a situation.”

    Mr. Edun went on: “Now that we have a gathering of political parties that formed the APC, the unity, which we have sought in the past to remove the PDP, will be realised. I assure you that the people are in high spirit, they are hopeful.

    “With this two- party system, the power of incumbency will largely be reduced. It is when you have a fragmentation of opposition political parties that the incumbent will have its way. We are now even talking about performance. The people will look at the record on ground before they cast their votes. This is what obtains elsewhere in the world, which is expected here. Besides, they decided to be united in the APC to actualise the change.”

    A former member, House of Representatives, Mr. Habib Fashinro, hoped that the APC would confront the problems.

    He said APC has tested leaders.

    His words: “We are not just going there to grab power; we want to use it to address the problems facing the country. One thing constant is change. We cannot have the same thing over and over because PDP has violated its terms of contract with the people.”

    Fashinro added that the PDP crisis was having an effect on the country, “yet, the party prides itself as the hope of the masses.”

    He said: “Although we are not bothered about PDP problems, we are bothered about building our own party that will give the masses the direction and hope they desire. Now that politicians have come together to effect that change, nothing, except God, will stop them.”

    According to Fashinro, any government that refused to meet its basic constitution obligations had erred and should consider it foolhardy to expect the people to support it.

    “In developing countries, there are things that are fundamental; things that will make the people feel included. We are talking about infrastructure, health and education. When we tackle these key challenges, it will create employment,” he said.