The Nation Newspaper

Tag: Fed Govt

  • Fed Govt on cautioned on trade treaties

    The Raw Material Research & Development Council (RMRDC) and the Manufacturers Association of Nigeria (MAN) have urged the Federal Government to be cautious on certain international conventions and treaties.

    They said if Nigeria fails to renegotiate some of the treaties it has entered into such as the Common External Tariff (CET), Economic Partnership Agreement (EPA),  the nation’s industrial sector may be sacrificed on the altar of globalisation.

    RMDRC Director-General,  Dr. Dikko Ibrahim,  who spoke at a business roundtable  with manufacturers and other stakeholders in Lagos yesterday said the manufacturing  sector  is currently facing  stiff competition. The competition he stated is due to bilateral and multilateral trade agreement such as the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS), CET, impending EPA and other World Trade Organisation (WTO) trade policies that are transforming the world economy into a vast free-trade zone.

    He advised government to be wary of those treaties especially the CET that requires all member countries to abandon their individual, separate and different tariff structures and adopt a uniform set of tariffs in their trade relations with third countries.

    He urged government to take advantage supplementary protection measures (SPM) window which is available till December 31, 2019 to grow indigenous businesses.

  • Fed Govt, MTN partner on achieving SDG

    MTN Nigeria has partnered with the Federal Government to achieve the United Nations (UN) Sustainable Development Goal (SDG) of ensuring healthy lives and promoting the wellbeing of all across the country.

    Specifically, the telco, through its corporate social responsibility vehicle, MTN Foundation, is focusing on combating maternal and child mortality through its Yellow Heart Initiative in partnership with the Federal Ministry of Health.

    On the partnership, the Minister of Health, Prof. Isaac Adewole, said the initiative had raised hopes on the sustainability of the Federal Government’s drive to provide adequate care for mothers and their children.

    Represented by the Permanent Secretary in the ministry, Mr. Clement Uwaifo, the minister commended MTN Foundation for the laudable initiative.

    He said: “The initiative is set up to address the high maternal and child mortality through targeted interventions especially among vulnerable and indigent families across select locations in Nigeria. The national launch will be followed by implementation in the selected states of the first phase of the project namely Ogun, Oyo, Abia, Cross River, Kaduna and Niger.”

    The Chairman, MTN Foundation, Prince Julius Adelusi-Adeluyi, said Yellow Heart is an urgent call for purposeful action, adding that the Foundation remains irrevocably committed to the cause. He commended the support of the government and solicited for more partners in executing the programme.

    “It is in working collaboratively- public, private, and non-­profit parties- that we can improve the health and survival rate of women and children in our country. We are truly excited to be a part of this movement; we stand with and applaud the Federal Government and the Ministry of Health, as they champion this project which will create the much-needed awareness for improving maternal and infant health in our nation.

    “Our long-standing partnership with the government has facilitated the establishment of mammography centres; provision of equipment to maternal wards and primary health care centres; improved access to primary health care through the Y’ello Doctor mobile clinics and enabled the delivery of much needed services to expectant and new mothers. We have made a long term commitment to the health, wellbeing and survival of our people” Adelusi-Adeluyi said.

    At the event, the Executive Secretary, MTN Foundation, Ms. Nonny Ugboma, said the Yellow Heart logo is representative of the objective of the campaign and Nigerians and particularly mothers should watch out wherever they see it.

    “The logo fuses the mother and newborn child in close proximity at an angle that forms the shape of a heart illustrating the deep and enduring connection that exists between the two. The Yellow Heart campaign stems from our appreciation of the importance of women and children to our nation’s future. This is why the MTN Foundation is passionate about making life brighter for mother and child,” she said.

    The Yellow Heart campaign will involve various health fora that will be used to create awareness on the state of maternal and child mortality in each State, the challenges, on-going interventions and future plans to improve the health of mothers and children. Key stakeholders will be informed of MTN interventions in the state and intimated on the current Yellow Heart Project. Health workshops will also take place to provide information to pregnant women and new mothers.

    In 2014, Nigeria and 192 other countries represented at the UN formally agreed to a set of 17 SDGs which are a non-binding framework to coordinate global development efforts over the next 15 years.

    This MTN Foundation initiative aligns with SDG 3 which is to “ensure healthy lives and promote wellbeing for all at all ages’.

    According to this SDG, by 2030 global maternal mortality ratio would have been reduced to less than 70 per 100,000 live births; end preventable deaths of newborns and under-five children; end the epidemics of AIDS, tuberculosis, malaria, and neglected tropical diseases and combat hepatitis, water-borne diseases, and other communicable diseases; halve global deaths and injuries from road traffic accidents; ensure universal access to sexual and reproductive health care services, including for family planning, information and education, and the integration of reproductive health into national strategies and programmes; and substantially reduce the number of deaths and illnesses from hazardous chemicals and air, water, and soil pollution and contamination.

     

  • Fed Govt, Qua Iboe Power Plant sign $1.1b power purchase agreement

    The Qua Iboe Power Plant Ltd (QIPP) and the Nigerian Bulk Electricity Trading Plc (NBET), yesterday, signed a Power Purchase Agreement (PPA), to build a 540-Megawatt gas-fired power plant.

    The plant, to be located in Akwa Ibom, is expected to cost $1.1 billion.

    QIPP, NBET, Nigeria National Petroleum Corporation (NNPC), Ministry of Finance, agreed to a Put and Call Option Agreement (PCOA).

    The PCOA details Federal Government’s obligations in supporting QIPP’s PPA.

    QIPP is developed by Africa Energy Infrastructure Company, Black Rhino, Dangote Group and NNPC, following the purchase of the right to develop the project from Mobil Producing Nigeria (MPN).

    QIPP will be one of the lowest cost thermal power plants in Nigeria because of its efficient combined cycle design and competitive gas price, giving its 20 –year gas sales agreement with MPN.

    The plant, which is expected to add additional power to the grid, will unlock investments in transmission infrastructure, including a 58-kilometre transmission line to be built by QIPP.

    Chairman of Black Rhino and Emir of Kano, Muhammadu Sanusi , said QIPP would utilise Nigeria’s gas resources to increase electricity generation to reduce cost of power.

    He said the agreement was the beginning of financing in the nation’s power sector.

    “Hopefully within the next few months, we will be able to get the financial close, which will bring in $1.2 billion into this project.

    “We hope with Dangote Group and other partners, this is just the beginning of financing in the power sector, after this we have the Kano solar plants.“

    Sanusi  said QIPP was an example of how Federal Government and private investors could work together to develop infrastructure that with real  impact on the country.

    The Chief Executive Officer of Dangote Group, Alhaji Aliko Dangote, said the Black Rhino and Dangote partnership would close the gap between generation capacity and the energy required to underpin the nation’s economic growth.

    Black Rhino’s Chief Executive Officer Mr Brian Herlihy said QIPP would catalyse further infrastructure investment in Nigeria and support  government in building a sustainable power sector.

    Minster of Power, Works and Housing, Mr Babatunde Fashola, said the 540MW PPA  was consistent with the policy of government as shown in the Economic Growth  and Recovery Plan (EGRP).

    Fashola  said  one of  the  pillars of  EGRP was the production and supply of sufficient  power  to  Nigerians.

    He said the process that potentially adds 540 megawatts  to the nation’s power store, fits  into the incremental power programme of government.

    The minister noted that the ministry has begun a review for the construction of Ikot Ekpene line,  saying QIPP would utilise the line on completion.

    “We held long meetings with Niger Delta Power Holding Company of Nigeria (NDPHC) and we must acknowledge its commitment to deliver.

    He urged all partners to get involved in it to deliver the project on time.

    Earlier, NBET’s Managing Director Dr Marilyn Amobi said the project started as an alliance between NNPC and its joint venture  partners.

    She said the project was a response to government’s call to investors to contribute to the investment in the electricity supply industry.

  • Gas key to Fed Govt’s diversification plan, says NGA

    Gas key to Fed Govt’s diversification plan, says NGA

    The Nigerian Gas Association (NGA) has said the inclusion of gas sector in Federal Government’s economic diversification plans will engender substantial growth.

    NGA Chairman Mr. Thomas Dada stated this during a night with Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, and inauguration of NGA Advisory Board in Lagos.

    Dada said the inclusion of the gas sector in the economic diversification plans of the government became necessary in order to fully tap into opportunities that abound in the sector.

    He said the sector hsld  much prospects in view of its 187 trillion standard cubic feet (scf) of proven gas reserves and over 600 trillion scf of unproven gas reserves at the disposal of Nigeria.

    The NGA organised a dinner for the chief executive officers of oil and gas companies at the Eko Hotel & Suites, Lagos where Baru was the special guest of honour. Dada said the gas sector had potential that could easily translate to growth. He said the potential if well harnessed, would accelerate the growth of the economy.

    He said gas is used for domestic purposes by individuals and industrial concerns and petrochemical industries as well as by turbines to generate electricity. It is also exported as liquefied product, among other usages.

    Dada said: “Gas is used across the value chain. The power generation companies (GenCos), fertiliser companies, refinery plants and other institutions use gas a lot. Gas has a multiplier effect on the economy as it provides windows for improving productivity and earning income for the operators including the government. Diversification seeks to move the country from a mono-economy, which is oil, to a multiple economy that comprises of various sectors. Diversification engenders growth and gas would help in this regard.”

    He said while some potentials have been discovered by the operators including the government, others are yet to be unearthed, urging the government to put in place concrete measures to discover and utilise them well for the growth of the economy.

    According to him, the sector provides net revenue for the government, after oil, advising the government against focusing on non-oil sectors alone, in its diversification programmes.

    Dada said gas is the only antidote to the power problem in Nigeria where about 70 per cent of the electricity generated is through the gas turbines.

    “Once gas is made available for the power sector, there would be electricity and economic growth. Companies depend solely on power for operation and the moment firms have electricity to bank on, activities and revenue would shoot up. More people would get jobs and the Gross Domestic Product (GDP) would increase as well. Conversely, where there is no gas, there is no power and no economic development,” he added.

    He observed that some fields that contain associated gas are idle due to neglect, advising operators to explore gas in those fields with a view to improving productivity in the economy.

    Dada said huge gas deposits are available upstream, midstream and downstream segment of the oil and gas sector for collection, warning against wastage of the resources.

    Also, Dr. Maikanti Baru said stakeholders in the gas sector must play one role or other if gas will influence the growth of the economy. He said the issue of making gas contribute to economic growth must be left at the doorstep of the Nigerian Gas Association alone, and enjoined the support of the Advisory Board that was constituted by NGA on the matter.

    The Board, Baru said, is made up of tested and experienced personnel in the oil and gas industry, adding that it is time for them to make their experience to bear on the gas sector.

     

  • Fed Govt, Osun, NGOs fight malaria with nets

    Fed Govt, Osun, NGOs fight malaria with nets

    Malaria is considered a major health challenge that hinders the development of countries, especially those in African, where over a million lives, including expectant mothers and children under the age of 0-5 years are affected.

    Mindful that the disease remains one of the biggest challenges and which causes 11 per cent of maternal mortality in Nigeria, the Federal Government and key stakeholders are making serious efforts to ensure that the rate at which the disease spreads is reduced maximally.

    In a bid to curb the spread of the disease, the Federal Government and various international organisations have stepped up advocacies to ensure people are adequately sensitised to preventive measures and how to get treated if affected.

    One of the measures through which the spread of malaria can be curbed is the use of Long Lasting Insecticide-Treated Nets (LLIN).

    Lately, the Osun State government, through its Ministry of Health, in collaboration with a number of non-governmental organisations that include the Catholic Relief Services, the National Malaria Elimination Programme, the World Health Organisation and the Society for Family Health, embarked on the replacement of LLIN campaign across the state in furtherance of the 1.6 million nets distributed in 2013.

    The Commissioner for Health, Dr. Rafiu Isamotu, revealed that, in February this year, the team, which comprised officials of the various organisations and the state government envisaged 4,974,662 as the population expected to benefit from the programme.

    He said: “The team toured the entire state with a mandate to distribute for the population about three million nets as part of its mandates.”

    Also, the Manager for the LLIN Replacement Campaign, John Ocholi told Southwest Report that the nets are chemically-treated and endorsed by the World Health Organisation to protect people from mosquito bites that cause malaria.

    Ocholi added that the move was imperative as he said governments globally are interested in curbing the deadly disease. He, therefore, called on people, especially the expectant mothers and children to optimise the opportunity by making use of the material.

    Apart from the micro-planning, sensitisation  and advocacy programme, the team visited the ministries, departments and agencies (MDAs), traditional rulers, traders, the media and other relevant stakeholders to persuade them to key into the initiative and create more awareness on the exercise.

    Also, the Osun State Deputy Governor, Chief (Mrs) Grace Titi Laoye-Tomori, was installed as the state’s Net-Ambassador to rally support for the programme. At the investiture ceremony, the deputy governor promised, on behalf of the state government, to ensure the provision of logistics and other mechanisms to assist in the success of the campaign.

    Other community leaders, traditional rulers and government officials at the local level were also installed as Net-Ambassadors for their respective domains.

    In continuation of the efforts to make more people aware of the exercise, officials were drawn throughout the 322 wards to help with household mobilisation. Houses were reached from August 13 to 17, this year with net cards to ensure the eligibility of each household (i.e. father, mother and two children) have a net card while cases with more children attract an extra net card. The Net Cards were the legal tender for the collection of the nets. During the household mobilisation, about 2,762,110 net cards were distributed out of the 2,763,701 envisaged.

    During the process, two beneficiaries of the LLIN, Mr. Adereti Wasiu and Mrs. Ololade Afolabi, praised the state government and its partners for the initiative. They pledged their readiness to make wise use of the nets.

    Meanwhile, on September 6, this year, Osun State Governor, Ogbeni Rauf Aregbesola, presided over the inauguration of the LLIN Replacement Campaign Distribution.

    At the ceremony, Aregbesola underscored the importance of the nets as protective guards against mosquito bites. He promised to restore healthy living apart from dredging water canals that enhance mosquito breeds. He also supported the all-round sensitisation initiative to ensure compliance and adherence to the campaign.

    The Minister of Health, Prof Isaac Adewole, who was represented by the Chief Medical Director of LAUTECH Teaching Hospital, Osogbo, Prof. Akeem Lasisi, said the Federal Government, in its ongoing efforts to rid the country of malaria, is providing about 13 million nets for the six worst hit states. Adewole explained that the Federal Government is planning to reduce drastically the prevalence of the disease by 2020.

    Representatives of the Society for Family Health, Dr. Jenifer Ayate, the Catholic Relief Services, Dr. I. Adebayo, the National Malaria Elimination Programme, Dr. Audu Mohammed, the World Health Organisation, Dr. Tolu Arowolo and the Osun State Commissioner for Health, Dr. Isamotu, all re-emphasised the need for people to be cautious and to embrace the use of the nets to protect their families.

    After the opening ceremony and the distribution exercise with the sampling of the use as well as onward collection by beneficiaries, from September 6 to 10, this year, about 2,470,472 nets were redeemed with net cards out of the 2,912, 850, representing 89.5 per cent reach. In the process, about 12,008 workers were engaged for the distribution across the 30 local government areas.

    After the distribution, 119 independent monitors moved round Osun State from September 14 to 17, to assess the level of compliance with the campaign.

    Households were visited to know the challenges encountered during the drying, hanging and use of the nets. During the end-process as it was called, residents were assisted to hang the nets and re-orientated on the need to sleep under the nets at bed time to safeguard them from mosquito bites.

    At the debriefing was Dr Isamotu, Special Adviser to the Governor on Health, Dr. Gbenga Oyinlola, Permanent Secretary, Osun State Ministry of Health, Dr. Akinyinka Esho and Dr. Ernest Nwokolo, of the Directorate of Society for Family Health, among others.

     

  • Fed Govt raises N6.69b via Monthly Savings Bond

    The Federal Government has generated a total of N6.69 billion through the monthly issuance of the Federal Government of Nigeria Savings Bond (FGNSB) since in March this year. The bond issuance, was in pursuit of its objective of financial inclusion by attracting retail investors into the bond market.

    The amount raised since inception grew to N6.69 billion following the conclusion of the FGNSB Offer for October 2017. Out of the N6.69 billion raised since inception of the FGNSB, N3.71 billion was for the 2-Year Bond while N2.98 billion was for the 3-Year Bond.

    The Debt Management Office (DMO) which issues the FGNSB on behalf of the Federal Government said the high level of subscription by investors since the debut offer in March, shows that the product appeals widely to investors. According to the DMO, 9,103 subscriptions have been received so far from investors across the county.

    Analysts praised the DMO for introducing the Savings Bond into the securities market for retail investors and taking the instrument to the grassroots. The DMO plans to sustain investor interest in the product through sensitization of the public about the gains of investing in the Bond which has a competitive fixed interest rate with its income exempted from taxes.

  • Fed Govt recovers N140b from Customs

    Fed Govt recovers N140b from Customs

    The probe by the joint Senate Committees on Customs, Excise and Tariff and Marine Transport has led to the recovery of N140 billion, Senator Hope Uzodinma,  said yesterday.

    Uzodinma, who is chair of the committee spoke yesterday while presenting an interim report on the investigation of the Nigerian Customs Service (NCS) to the House.

    The lawmaker highlighted wrong tariff classification, misuse of procedure codes, abuse of diplomatic cargo, falsification of import documentation and undervaluation, among others, as causes of revenue loss.

    He said the infractions distort the economic profile of the country and place extensive pressures on Nigeria’s foreign reserves.

    “As a result of this exercise, some collection banks have made additional remittances to the Central Bank of Nigeria (CBN) to the tune of N128 billion and evidence of payment and receipt have been received by the committee.

    “From the selected 60 companies, over N12 billion payments have been made to government voluntarily by the companies based on their own internal self-audit after receiving documented evidence of their culpability from our committee.

    “Distinguished colleagues, it is instructive to note that despite all payments made so far made, none of the approved collection banks or the selected companies has fully cleared the established liabilities against them,” Uzodinma said.

    He added that the joint committees would produce a more comprehensive report within eight weeks.

  • Fed Govt acquiring modern arms to fight Boko Haram, says Buratai

    Fed Govt acquiring modern arms to fight Boko Haram, says Buratai

    CHIEF of Army Staff (COAS) Lt.-Gen. Tukur Buratai has affirmed that the Federal Government is acquiring and installing modern technologies in the fight against the Boko Haram.

    He said the development was made possible through government’s collaboration with the United States (U.S.), Israel, United Kingdom (UK), Jordan and the Kingdom of Saudi Arabia. He added that these countries are also helping regarding capacity building for personnel of the Armed Forces.

    The Army Chief did not, however, disclose the categories of technologies that are being acquired to defeat insurgency in the Northeast.

    Lt.-Gen. Buratai spoke at the opening of a four-day international seminar on Managing Asymmetric Security Challenges in the 21st Century at the Nigerian Army Resource Centre, Abuja.

    He announced that the Army under his leadership, in collaboration with the Nigerian Navy and the Nigerian Air Force, has substantially degraded Boko Haram.

    He lauded President Muhammadu Buhari for providing the needed resources to the Armed Forces in the fight against terror.

    According to Gen. Buratai, the armed forces would continue to invest in capacity building for its personnel to enable them update their skills and fine-tune their knowledge.

    Buratai said: “Let me observe that the array of participants in this seminar which cuts across members of the academia, military and other security actors both from within and outside Nigeria clearly shows the seriousness and concern we accord the issue of managing asymmetric security challenges in particular and world peace in general.

    “Let me at this point commend the Nigerian Army Resource Centre for taking this bold step to translate an idea earlier conceived by me into reality.”

    Buratai emphasised that achieving success in tackling the emerging global security threats remains a collective responsibility and urged the participants to take advantage of the opportunities offered by the seminar to exchange ideas, information and knowledge.

    Minister of Defence Mansur Mohammed Dan Ali, who was represented by the Chief of Defence Staff (CDS), General Abayomi Olonisakin, while opening the seminar, described it as timely.

    He noted that the army by hosting the seminar has demonstrated its growing understanding of the complexities of managing contemporary security challenges.

    “This is particularly against the backdrop of our recent experience in responding to the Boko Haram-led insurgency in the Northeast and the grievances induced militancy in the Niger Delta.

    “It is pertinent to say that managing these challenges revolve around the intricate interplay of hard and soft power,” the minister stated.

    Among the countries participating in the seminar are Bangladesh, Cameroun, India, Mali, Niger, Pakistan, United Kingdom (UK) and the United States (U.S.).

     

     

     

     

     

     

  • Fed Govt accuses Dasuki of plot to stall trial

    Fed Govt accuses Dasuki of plot to stall trial

    THE Federal Government has accused former National Security Adviser (NSA) Mohammed Dasuki of plotting to stall his trial for alleged illegal firearms possession and money laundering.

    Lead prosecuting lawyer in the case Dipo Okpeseyi (SAN) made this allegation yesterday while reacting to a fresh motion by Dasuki before a Federal High Court in Abuja.

    Dasuki, in his motion, wants the court to grant indefinite adjournment until the Court of Appeal determines the application he filed for an order staying proceedings at the trial court pending the determination of his appeal.

    The former NSA’s appeal is against an earlier decision of the trial court to allow some prosecution witnesses to testify behind a shield to be provided by the court.

    Arguing his counter-affidavit yesterday, Okpeseyi said Dasuki’s motion was an abuse of court process, vexatious and calculated to undermine the gains of both statute and case laws in criminal justice administration.

    He added that the motion was intended as “a smokescreen to delay trial, to clog and defeat the end of justice”.

    Okpseyi noted that the motion was premised on the defendant’s claim that there is a referral of some constitutional questions to the Court of Appeal for resolution, under Section 305 of the Administration of Criminal Justice Act (ACJA).

    He argued that what the defendant did was to merely appeal an earlier decision of the court and not the referral of any issue to the Court of Appeal.

    Okpseyi contended that the ACJA prohibits such stay of proceedings being sought by the defendant in the guise of an indefinite adjournment.

    He cited Section 396(3) and (4) of the ACJA, to the effect that criminal trial be taken from day-to-day to run in tandem with the spirit of the Act.

    Okpeseyi also cited Section 306 of the ACJA, to the effect that the trial court shall not countenance an application/motion for stay of proceedings.

    Okpeseyi urged the court to dismiss Dasuki’s motion and allow the prosecution to commence trial.

    Dasuki’s lawyer, Ahmed Raji (SAN) said his client, has by his appeal, referred a constitutional question for the Appeal Court to determine.

    Raji said the meat of his client’s appeal was to test whether Section 232(3)(b) of the ACJA was in compliance with the provision of Section 36(4) of the 1999 Constitution

    He argued that the state of the nation’s laws was that once a motion like this is pending before the higher court, the lower court is enjoined to tarry a while to await the decision of the higher court on the motion

    This, he added, is to avoid a situation where a fait accompli is foisted on the higher court if the trial is allowed to go on and concluded.

    Raji said: “I urge this court to adjourn this matter to allow the Court of Appeal decide the motion pending before it.”

    The defence lawyer further argued that Section 305(1)(b) of ACJA cannot apply in the case, because the defendant had filed an appeal and a motion for state of proceedings before this court.

    The trial judge, Justice Ahmed Mohammed adjourned to November 15 for ruling or beginning of trial.

     

     

  • Fed Govt borrowing to save jobs, says minister

    Fed Govt borrowing to save jobs, says minister

    The Federal Government’s desire to borrow more funds from international creditors is to prevent job losses, Finance Minister Kemi Adeosun has said.

    Mrs. Adeosun, who spoke yesterday at a joint press conference with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the conclusion of 2017 International Monetary Fund (IMF)/World Bank Group Annual Meetings in Washington D.C, said with Nigeria’s source of revenue dropping  by nearly 85 per cent, the country had no option but to borrow.  The option before the country was to either cut public services massively, which should have led to massive job losses, or borrow in the short-term, until it begins to generate sufficient revenues, she said.

    “We felt that laying-off thousands of persons was not the best way to stimulate growth. Also, when we came into office, about 27 states could not pay salary. If we had allowed that situation to persist, we would have been in depression by now. So, we took the view as a government  that the best thing to do was to stimulate growth and spend our way out of trouble, get the state governments to pay salaries, making  sure that the federal government pays and invests in capital infrastructure,” Mrs Adeosun said.

    Emefiele said the apex bank was trying to encourage Nigerians in Diaspora to keep remitting funds home, and also invest in the country, as they do not have any other place they can call home but Nigeria. Nigerians in Diaspora remit $21 billion annually to the local economy.

    “We will put in place policies that will continue to encourage them. We are working on how we can actually link credit bureau arrangement to the foreign borrowing arrangement so that once there is a link between Nigeria and the foreign credit system, it will be easy for them to even borrow from Nigeria,” he promised.

    The CBN boss said the apex bank was also planning to ensure that Nigerians in Diaspora get some form of attachments to the credit system that they have abroad, either in the United States or United Kingdom. That, he said, will make it easy for them to access credit and begin to build their businesses, so that when they retire, they retire back into Nigeria, and they do not retire in Diaspora.

    Mrs Adeosun said that once growth was restored, the country would begin to systematically reduce its dependence on borrowing. “Now, we are talking about tax and what we are saying is that people should be aware of their responsibilities to their nation. The solution to borrowing in Nigeria is that we must pay taxes. If you pay the taxes properly, there is no need to borrow. Of course, there is the responsibility on the part of government to be more responsible and efficient. We are really focusing on this. We are trying to find ways to cut cost. Fundamentally, we must invest. We don’t have the power we need, we don’t have the roads yet and there is a lot of money required to fund these projects,” the minister said.

    Continuing, she said that reducing Nigeria’s tax to Gross Domestic Product (GDP) ration from six per cent to 10 per cent would significantly reduce the amount the country needs to borrow and that would have a wider effect on the economy and bring down interest rate.

    She added that such a move would also create some head room for the private sector to borrow, because they are being crowded out.

    On state borrowing, the minister said state governments’ get borrowing consent from the ministry, which performs Debt Sustainability Analysis and if the repayment is more than 40 per cent of their revenue, such request to borrow is turned down.

    “So, many people are talking of how many loans we are approving; they don’t talk about how many loans we are turning down. Many do not go through and we are constantly monitoring state governments to ensure that the debts that they take on are sustainable. The problem with some of the states that have debt problems are legacy loans that were there before they came in. But since we came in, we have been very strict, trying to make sure states do not borrow more than they can service,” Mrs Adeosun said.

    According to the minister, Nigeria’s debt to GDP ratio is one of the lowest. “We are at 19 per cent, but most advanced countries have over 100 per cent. I am not saying we need to move to 100 per cent, but I am saying we need to tolerate a little more debt in the short-term to deliver the rail, the roads and power so as to generate economic activities, jobs, revenue, which would be used to pay back the debts. But I assure you that this government is very prudent around debt. We don’t borrow recklessly and we have no intention of bequeathing unserviceable debts on Nigerians,” she assured.

    The minister said the Voluntary Asset and Income Declaration Scheme (VAIDS) had so far got positive response from Nigerians. “I had discussions with some high net-worth individuals asking me to speak to the state governors to allow them time to pay. They needed to pay to the state governments. I have discussed with the governors that anyone that comes to them voluntarily for tax payment, should be given time to pay. We don’t want a situation where people willing to pay their taxes are stifling economic activities. We have told the governors, if someone comes willingly, quickly allow them plan to pay,” she said.

    Mrs Adeosun said revenues were needed to provide public services and the burden of taxation must be borne by those whose income allows them to bear it.

    “So, those with higher income should bear greater part of the burden. The problem with Nigeria is that most of our taxpayers are at the lower level. The man on the streets passing traffic, his tax is deducted at source. Why will we not allow billionaires to proportionately pay their taxes? I think we need a mindset change on taxation in Nigeria. So far, we are encouraged by the response of those companies and individuals to this tax amnesty,” she added.

    In her view, the tax amnesty policy is on track. “We’re on track. We expect that at the end of the timeline, everybody will rush and we will raise significant money. We have every reason to believe that this tax mobilisation effort will work and hopefully bring long-term money,” she said.

    “We are trying to do is create enough headroom to invest in capital projects that the country desperately needs. I do not think there is any Nigerian that will say we do not need to invest in power, do the roads, and that will not want us to fix 17 million housing deficits and build rails. These projects will generate economic activities and jobs. We do not need to continue hobbling as a poor nation. We are middle income country now. Nigeria, Angola, and South Africa are middle income countries. We do it jointly and efficiently, but the key thing really is revenue,” the minister said.