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Tag: Fed Govt

  • Pharmacists laud Fed Govt, M&B on vaccine production

    •Seeks ExpeditedMedicines’ Access Programme (E-MAP)

    The Pharmaceutical Manufacturing Group of the Manufacturers Association of Nigeria (PMG-MAN) has praised the Federal Government for supporting local production of vaccines.

    The Federal Ministry of Health and May & Baker (M&B) have entered into partnership on vaccines production in the country.

    In a statement, PMG-MAN Executive Secretary, Dr Obi Peter Adigwe, said the partnership was the most sustainable and effective approach to ensuring national security and self-sufficiency in this critical area.

    Adigwe said: “Local medicines’ manufacturers in Nigeria have long been associated with the production of high quality, affordable medicines. It is on record that Nigeria still has the biggest cluster of World Health Organisation (WHO) certified companies in Africa, and incidentally, May & Baker is one of them.

    “Local medicines’ manufacturers are also at the forefront of innovative and contextual solutions to local healthcare issues, such as this commendable partnership that you have initiated. This is evidenced by our robust and comprehensive engagement with a wide range of policymakers and stakeholders”.

    Adigwe further canvassed the Expedited Medicines’ Access Programme (E-MAP), a proposed collaborative contractual partnership between the health ministry and local manufacturers.

    He said the E-MAP was in line with the administration’s vision and aspirations aimed at providing affordable, high quality medicines in a sustainable and cost efficient way.

    Adigwe said the programme design involved combining innovative manufacturing practices with contextual logistics and supply chain management that would achieve effective, cost efficient and timely provision of high quality medicines.

    He drew the attention of the Health Minister, Prof Isaac Adewole, to Acting President ‘Yemi Osinbajo’s Executive Order on local content in public procurement mandates to all Ministries, Departments and Agencies (MDAs) to give preference to local manufacturers.

    Adigwe stressed that Osinbajo specified locally manufactured medicines in Section 4F and the need to patronise them extensively.

    He said it was on account of this that his association was appealing to the health ministry to begin the relevant processes for the implementation of E-MAP. He added that the implementation will not only grow the capacities of local manufacturers, but also increase the possibility of job creation.

    The proposed vaccine production has been on hold since 1991, but was reactivated and upgraded to establish a company called Bio-vaccines LTD, which will be jointly owned by the Federal Government and May & Baker Plc.

    At the signing ceremony by the Federal Government and May & Baker Plc, last month, Adewole said it would further secure lives since the production of vaccines was now considered a security issue.

    He said: “We have considered vaccines as a security issue, it is not only health but we need to consider the security of all Nigerians particularly our children. So, with this agreement, we will be able to produce those command vaccines and from 2021 and beyond, every other vaccine that is necessary will also be out on board for administration to Nigerians”.

  • PenCom: Fed Govt’s workers enrolment begins next week

    PenCom: Fed Govt’s workers enrolment begins next week

    The National Pension Commission (PenCom) plans to embark on a nationwide pre-retirement enrolment exercise for retiring employees of Federal Government Treasury Funded Ministries, Departments and Agencies (MDAs)  between July 3 and August 30.

    The Commission said the exercise is for the purpose of payment of retirement benefits,  the Commission’s Head, Corporate Communications, Emeka Onuora explained in a statement.

    According to him, the exercise is intended for employees in the service of the Federal Government Treasury funded MDAs who are due to retire between January and December, 2018 by virtue of their  attaining 60 years of age or 35 years in service whichever is earlier and 65 years or 70 years of age for employees of tertiary institutions.

    He stated that the exercise also involves those who have already retired but are yet to be enrolled.

  • Fed Govt, Germany sign 10m euros polio aid agreement

    Fed Govt, Germany sign 10m euros polio aid agreement

    NIGERIA’s efforts to eradicate polio yesterday received a boost as the German government pledged to assist the country with 10 million euros.

    The agreement for the funding was signed in Abuja between Foreign Affairs Minister Geoffrey Onyeama and the German Ambassador to Nigeria Mr. Bernhard Schlagheck.

    Onyeama said the 10 million euros grant would facilitate Nigeria’s quest to totally eradicate polio.

    He noted with concern government efforts had some setbacks due to the activities of terrorism in the Northeast.

    “I just have to take this opportunity to express our profound gratitude to the government of Germany for this support.

    “As you know, we have come very close to eradicating polio in the world, but you know there are still one or two issues.

    “And, the problem we have in the Northeast has exacerbate the situation and made it more difficult to eradicate.”

    The German envoy expressed optimism that the grant would go a long way in achieving the desired goal.

    “Germany is to support Nigeria with €10 million to eradicate polio in Nigeria.

    “We have engaged with the government of Nigeria for some time mostly under the assistance of the WHO and we want to continue with our engagement.

    “As I said together with government of Nigeria, we had achieve some remarkable successes here in Nigeria, on some outstanding issues.

    “We want to increase and consolidate our engagement and that is actually what we just did, I hope very much that polio will be removed from the country before long,” he said

    The ceremony was witnessed by representative of National Primary Health Care Development Agency (PHCDA).

    The Director of Logistics, PHCDA, Iyabo Dara Dara, remarked that Nigeria would soon be declared polio free.

    “I think in the next two to three years we should be polio free because we are spending almost one year now without any case of polio again.

    “I think this will go a long way in helping in activities that we have planned,” the director.

  • Diaspora fiesta: Fed Govt, Lagos target 15m audience

    Diaspora fiesta: Fed Govt, Lagos target 15m audience

    At a time when many Africans in the Diaspora are eager to connect with their roots, Lagos State and the Federal Government are creating a veritable platform for such reunion. This, according to the Senior Special Assistant to the President on Diaspora, Mrs. Abike Dabiri-Erewa, is the forthcoming Badagry Diaspora Festival.

    She said no fewer than 15 million Nigerians in Diaspora would be encouraged to trace their roots back home through the festival holding from August 23 to 25 at Badagry.

    Special Adviser to Lagos State Governor on Overseas Affairs and Investment, Prof Ademola Abass, represented Lagos State at the joint press conference in Lagos. Both governments said the festival, which would be a replica of the 1977 Festival of Arts and Culture otherwise known as FESTAC 77, had been designed to assist Africans in Diaspora to reunite with their ancestral roots.

    Apart from putting issues of Africans in diaspora on the front burner, the festival, according to Dabiri-Erewa, would also providea  platform to showcase the rich cultural heritage of Lagos State and Nigeria to the world and also promote tourism potentials of the country.

    The presidential aide, who praised Governor Akinwunmi Ambode for throwing his weight behind the festival, said the event would host the largest gathering of Africans in the world, and that it was a thing of joy that many Africans in diaspora had already indicated interest in tracing their roots back home.

    She said: “For the first time, we have been having in Badagry a festival that brings people in the Diaspora together but when we attended this festival few years ago, we sat together and said this would be the biggest cultural event to come out of Africa. And so after years of planning, we have been able to come out with this programme this year coming up from August 23 to 25.

    “The United Nations already has declared 10  years as its decade for Africa, and so within the said decade, Nigeria in particular, and Lagos will be putting up one of the biggest gatherings of the Diaspora all over the world in Badagry later this year.

    “One of the unique events of the festival is the ‘Door of Return’. A lot of people and things were taken out of Africa and Badagry in particular, and so our people in Diaspora would be coming back through that door that we are calling the Door of Return, which is the opposite of ‘Point of no Return. Beyond that, we will be showcasing the beauty and culture of Lagos State in particular and Nigeria in general through the festival,” Dabiri-Erewa said.

    On  the number of people in the diaspora expected to grace the festival, Dabiri-Erewa said many Nigerians in the diaspora have already indicated interest to be part of it, adding: “We don’t have an accurate database but we are working on 15 million Nigerians in the diaspora and a lot of them are already coming.”

    Prof Abass said the Lagos state government was delighted to partner with the Federal Government and other promoters of the festival, as the event was in sync with the cardinal objective of the present administration in the state to use tourism, hospitality, entertainment and sport to promote excellence.

    He said apart from the fact that the festival was coming at a time the state was celebrating the 50 years of its existence, the festival would be utilised to showcase the giant strides of Governor Ambode’s administration in transforming Badagry to the next tourism hub in Africa.

    “This festival is going to be utilised to promote the huge efforts that the present administration in Lagos State has been putting into turning Badagry around in terms of infrastructure, in terms of tourism and so many other things and so this forthcoming celebration falls squarely within our government agenda to promote tourism and also promote investment.

    “As you know, we are developing a sea port in Badagry among so many other things and so the festival will be a win-win for everybody especially for us in Lagos State,” Abass said.

    One of the promoters of the festival, Mr Babatunde Mese-Waku, President of African Renaissance Foundation said a Brazilian, Baye De Santos, whose root has been traced to Ketu in Benin Republic, would be honoured at the festival for his contribution towards promoting issues relating to Africans in diaspora.

    Managing Director of Agile Communications Ltd, the marketing firm for the festival, Mr Rufai Ladipo, said series of activities have been lined up for the festival including carnival procession, boat regatta, fishing competition, dark era procession, Diaspora dinner, beauty pageant, cultural displays, heritage site visits, heritage night, festival market, international music concert and international symposium among others.

  • Fed Govt raises $300m from Diaspora Bond

    Fed Govt raises $300m from Diaspora Bond

    The Federal Government yesterday raised $300 million from its first Diaspora Bond issued in the International Capital Market . The fund was raised at the rate of 5.625 per cent for a tenor of five years, Debt Management Office (DMO) Director-General Abraham Nwankwo said.

    He said the Diaspora Bond was targeted at Nigerians in the Diaspora to enable them contribute to national development. The bond, he said, was structured as a retail instrument to appeal to a wide base of investors, adding that it was offered through private banks and wealth managers, rather than the institutional investors that deal in large volume transactions.

    “There was considerable interest from investors from all over the world, with the issuance attracting initial orders of about 190 per cent of the offered amount. Final subscriptions were about 130 per cent of offer at the final price for the transaction,” he said.

    Nwankwo said the Diaspora bond had opened a new source of financing for projects for the country’s development. This new window, he said, would enhance the funding liquidity and flexibility of the economy, which are necessary characteristics as the country gathers momentum towards the attainment of advanced economy status.

    The DMO boss said the bond issuance would attract foreign exchange into the country, serve as a viable way of diversifying government sources of funding, and a means of obtaining cheaper external financing.

    It will equally open a new and parallel source of liquidity for the country in the commercial window of the International Capital Market relative to the Eurobond, since this will be targeting different classes of investors.

    More than 50 per cent of the N2.21 trillion deficits in this year’s N7.44 trillion  budget will be funded through external borrowing.

    Finance Minister Mrs. Kemi Adeosun said Nigeria is the first African country to issue a bond targeted at retail investors in the United States, a market highly regulated by the United States Securities and Exchange Commission (US SEC). The only previous US SEC registration for an African country was targeted at institutional investors.

    She said the issuance of a bond registered by the US SEC provides an opportunity to access a wide range of investors. In addition, Nigeria can now routinely access funds from private banks and wealth managers in the US and European markets: this opportunity is not available to other developing countries that have only issued Eurobonds. To have received the approval of the US SEC indicates that the highest level of transparency and accountability in the economic process has been attained.

    She said the bond would impact the country’s credit, transparency and financial market development index rating. The Diaspora Bond is the first bond issued by an African sovereign registered with both the US SEC and the United Kingdom Listing Authority (UKLA) and targeted at retail investors.

    “With the successful issuance of the debut Diaspora Bond, Nigeria will establish a programme for raising funds from Nigerians in Diaspora to provide an avenue for continuous participation in the development of the economy by Nigerians in Diaspora and other Friends of Nigeria,”she said.

    In 2013, the country unveiled plans to sell diaspora bonds worth between $100 million and $300 million to Nigerians living abroad. But the government did not appoint a book runner to actualise the plan.

    According to the bond issuance plan, a road show was led by Nwankwo. The DMO boss led the government’s delegation to the roadshow because the Finance minister stayed home to deal with the newly signed N7.44trillion 2017 budget. The budget was signed by Acting President Yemi Osinbajo on June 12.

     

  • Fed Govt too big, says Ekweremadu

    Fed Govt too big, says Ekweremadu

    THE functions of the Federal Government, as presently constituted, are too big and should be adjusted, Deputy Senate President Ike Ekweremadu said yesterday.

    Speaking in Abuja, Ekweremadu said the Federal Government as presently constituted was too large and difficult to operate.

    According to him, the states have little roles to perform whereas the Federal Government is overburdened with responsibilities.

    “We believe that the Federal Government as presently constituted is too big and we need to adjust it.

    “In a situation where you have in the concurrent list only about 16 items, most of the other things are in the exclusive list.

    “It doesn’t make sense. So, we need to find a way of trimming the Federal Government to the benefit of the component states.

    “So that some of these issues don’t become federal issues and that is the idea of federalism.

    “We are looking at that, things like arbitration, agriculture, environment and such issues. Some of these things should go to the concurrent list and even the Police,” he said.

    The deputy president of the senate noted that the solution to Nigeria’s security situation was the decentralisation of the Police and allowing state governments to have their police.

    He pointed out that each state varied in the kind of security challenges and the kind of policing required.

    On the fear that state government could hijack the force in their states, he said that there should be a commission to oversee the state police just like the National Judicial Council (NJC) oversees the judiciary.

    “We cannot decentralise the police now because some people are still opposed to it.

    “But I think it is beginning to make sense that you cannot be able to deal with our security situation in Nigeria except we change our security architecture.

    “There is no place in this world where a federal system has a unitary type of policing which we have now.

    “This is why we will continue to get it wrong in solving our security problems.

    “It is not going to work until we change the architecture of our policing: a federal state as big as Nigeria must have to adopt a decentralised police.

    “But we need to first take Nigerians to the level where they will understand this,’’ he said.

    Also, Ekwerenmadu said that local governments should also be given some level of autonomy so that they too could perform their functions.

    He said the reason for scrapping local governments’ account and merging it with state governments was that the states could contribute some money to what the local governments receive from federation accounts.

    “We need to create some level of independence for the local governments, especially in the area of funding.

    “We can look at Section 162 of the constitution where the issue of withdrawing the local government account was created.”

     

     

  • Fed Govt lists projects to be funded from budget

    Fed Govt lists projects to be funded from budget

    The Federal Government has set aside N100 billion for the construction and rehabilitation of 65 roads and bridges to enhance transportation, according to  Minister of Budget and National Planning, Sen. Udoma Udo Udoma.

    He said the amount was earmarked for the rehabilitation of Lagos/Ibadan road, N13.1 billion for Kano/Maiduguri road and N10.63 billion for Enugu/Port- Harcourt road.

    “We have N7 billion for the second Niger Bridge which connects the East with the rest of the country on that sides because it connects not just from Delta but all the way to Lagos.

    “N7.12 billion for Abuja/Abaji/Lokoja road, N9.25 billion for the Obajana junction to Benin road, N7.5 billion for the Onitsha/Enugu dual carriage way and N7 billion for the construction of the Bodo/Boni road.

    “Let me say something about the Bodo/Boni road, it is again one of the things that this government is doing, we are tapping private sector partnership for infrastructure.

    “This is a partnership between the Federal Government and the LNG company and we want to make sure that the road can be completed quickly,’’ said the minister.

    Udoma said that N3.3 billion was earmarked for the rehabilitation of the Ilorin/Jaba road, N3.5 billion for the dualisation of Odukpaleitu and N1.5 billion for the dualisation of the Kano/Katsina road.

    He said that N2.24 billion was allotted for the dualisation of Suleja/Minna road, N2.3 billion for Gombe/Numan/Yola road and N2.7 billion for Kano/Western by-pass, among others.

    He said: “ Nigerians must be able to move around, goods and services must be able to move around, you cannot talk about industrialisation unless you can move goods and services around.

    “So, that is important and that is why we have voted so much to roads and transportation.”

    Udoma said funds had been allotted for the construction of the terminal building at Enugu Airport, rehabilitation of Abuja Airport and the inland ports and supply of cargo hanging equipment at Baro.

    On healthcare, the minister said: “We have voted N4.8 billion for the global fund and GAVI counterpart funding, while N4.8 billion for polio eradication initiative.

    “And I did say that water is life, so we have over a hundred billion naira for water supply, rehabilitation of dams and irrigation projects nationwide.

    “We have N6.5 billion for rural roads and water sanitation and N4.13 billion for guaranteed minimum price payment.

    “ Rural roads are important because our farmers are in rural areas and a lot of their produce is wasted because of the difficulty of evacuation, access roads will be provided to the farmers.

    “We have earmarked about N20 billion for the promotion and development of value chain across the different commodities and we are doing them item by item.”

     

     

     

     

     

     

  • Eurobond: Fed Govt, UBA, Zenith raise $2.5b

    Eurobond: Fed Govt, UBA, Zenith raise $2.5b

    • Fitch, S&P to rate more banks

    • Rush for Eurobond continues

    The Federal Government and two commercial lenders have raised $2.5 billion through Eurobond in the last four months. The Federal Government raised $1 billion in February and $500 million in March while Zenith Bank Plc and United Bank for Africa (UBA) Plc raised $500 million each within the periods.

    The Federal Government’s $1 billion Eurobond offer, the fourth since 2011, was oversubscribed by nearly 800 per cent. The over-subscription surprised not a few pundits.The offer, which comes at $200,000 denominations and multiples of $1,000 denominations, will mature on February 15, 2032, with Citigroup Global Markets Limited and Standard Chartered Bank. Stanbic IBTC Capital is the Financial Adviser.

    In March, the government announced that it has priced its offering of the $500 million aggregate principal amount of notes at a yield of 7.5 per cent. The terms and conditions of the $500 million notes,were identical to those of the Original Notes, $1 billion Eurobond, paying a coupon of 7.875 per cent per annum and maturing on February 16, 2032.

    Zenith Bank’s and UBA’s Eurobond offers were both over-subscribed too. Zenith Bank raised $2.1 billion through Eurobond 2022 issue which was more than 300 per cent oversubscribed.The $500 million five-year senior unsecured benchmark bond (144A/REGS) was issued by the Tier-1 lender on the Irish Stock Exchange (ISE).

    The bank’s Eurobond issue recorded success on three counts: pricing, subscription level and global appeal. Details of the issue show that the subscription level makes the issue highest by any non-sovereign and non-supranational company in sub-Saharan Africa. The issue, the lender said, is in addition to the existing $500 million which matures in April, 2019.

    The bond was issued at par with both coupon rate and yield to maturity rate priced at 7.375 per cent, representing 50 basis points better than the sovereign of 7.875 per cent. The rating of both the sovereign and Zenith Bank is B+ with the bond issue also rated B/B+.

    Zenith Bank Plc established a $1 billion Global Medium Term notes in 2014, with $500 million already raised in the first tranche. The first tranche notes were listed and admitted to trading on the Irish Stock Exchange in 2014. The net proceeds of the Second Tranche Notes would be utilized for its general banking business.

    UBA raised $500 million from international investors through Eurobond. Investors in the bond, the Tier-1 lender said, came from different parts of the world, including the United Kingdom, Europe, Asia, the Middle East and the United States.

    The dollar-denominated bond, which was first of such offer by the bank, was 240 per cent oversubscribed. The significant investor demand, analysts say, reflects the strong global investor appetite for the bank’s credit and support for the group’s pan-African financial services strategy.

    UBA, which is a leading pan-African financial institution, offers banking services to more than 14 million customers, across over 1,000 business offices and customer touch points in 19 African countries.

    The $500 million Eurobond by the lender is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish .

    The bank said fund realised from the offering will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

    The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75 per cent, priced at an effective yield of 7.875 per cent.

    Between 2011 and 2013, the lenders have raised $3.9 billion from the Eurobond market as Tier-2 capital (additional capital). In 2014, over $1.9 billion was also raised, especially through Eurobond issuances.

    Currencies Analyst at Ecobank Nigeria, OlakunleEzun, saidEurobond issuances come at attractive rates relative to the domestic market and presently have many viable on-lending outlets.

    He   noted that for the first time in Nigeria’s economic history, the private sector has been enabled to access long-term funds from both the domestic and international capital markets.

    According to Ezun, the 2017 budget shows that both government and private sectors will continue to borrow, adding that more lenders will go for Eurobond because it is cheaper.He said any interested lenders have to submit themselves to rating by two international rating agencies- Fitch Ratings and Standard &Poors (S&P). He said many banks will approach the International Capital Market to raise more funds in the coming months as majority of them are already being rated by the global rating agencies.

    But analysts  admitted the danger of potential pressure that may arise upon the payment of coupon on Eurobonds raised by banks adding that the lenders will require the dollar bi-annually to fulfill obligations to Eurobond holders.

     

     

  • Fed Govt ‘ll address challenges facing aviation industry, says Osinbajo

    Fed Govt ‘ll address challenges facing aviation industry, says Osinbajo

    The Federal Government will address the myriad of challenges facing the aviation industry, Acting President Yemi Osinbajo has assured airline operators.

    He said it is only when challenges confronting the sector is addressed that aviation can be used as a catalyst to position Nigeria as a hub for Africa.

    Osinbajo spoke when officials and members of the umbrella body of indigenous carriers, Airline Operators of Nigeria (AON), met himat the weekend at the Villa.

    He said government would resolve obstacles affecting the sector’s growth to enable Nigeria take full advantage of its natural geographical position as the melting-point of aviation.

    The acting president said the meeting was one of the engagement strategies to obtain firsthand information from airline investors and operators.

    The meeting, he said, offered another vista to ascertain why Nigeria was not yet an aviation hub in Africa despite its many attractions, including natural and human endowments.

    Chairman of AON Captain Nogie Meggison listed the challenges operators are grappling with asincluding the Value Added Tax (VAT).

    He said only domestic airlines are the only mode of transport paying VAT.

    Meggison said other modes,including: marine, road, rail and even the international airlines,were not paying VAT.

    He canvassed the harmonisation of over 35 multiple charges anda reviewing of five per cent ticket sales charge (TSC) to a flat rate.

    He listed other problems affecting the industry as poor navigational and landing aids, high cost and epileptic supply of JetA1, obsolete infrastructure and limiting operations to daylight for most airports.

    He said: “Nigerian airlines fly an average of only five hours as against the average of 10 hours worldwide per airplane. There is also lack of consultations with airlines before introduction of new charges and policies among others.”

    The AON Chairman said: “There is an urgent need for a deliberate economic policy that will support the positive growth of aviation and survival of domestic airlines in the country. For instance, following the air crashes of 2005/06, government came up with a policy to ensure air safety.

    “Similarly, the economic policy for the sustenance of the industry needs to be seriously looked into.

    “Safety and economic policy go hand-in-hand. Where there is no financial profit for airlines, safety would be compromised.

    “A clear economic policy for the survival of domestic airlines is very critical at this time, which has resulted over the years in the death of over 25 airlines in 30 years. Safety and financial economic policy must go hand-in-hand; as airline investors are in the business of aviation for the profit and can’t make profit without safety or have a safe airline without profit.

    “This is one of the main reasonsfor the short lifespan of Nigerian airlines averaging about eight years.”

    The Acting President acknowledged the difficult situation the airlines face and promised to take a closer look into the various issues raised to find ways of addressing them.

  • Association lauds Fed Govt for granting doctors’ request

    The Association of Clinical and Academic Physiotherapists of Nigeria (ACAPN) has lauded the Federal Government for approving that Medical and Dental Council of Nigeria should handle the central posting of house officers.

    This demand has often formed one of the reasons medical doctors go on strike, and at its meeting on June 8, the Federal Executive Council came out with the resolution.

    In a statement, the ACAPN President, Prof Adesoji Rufus Adedoyin, said: “We acknowledge the laudable role of the honourable Minister of Health, Prof Isaac Adewole, in making this possible. This step will facilitate prompt placement of house officers for internship and eradicate redundancy. We congratulate the honourable minister on this feat.

    “Key among these health professionals are physiotherapists. Fresh Physiotherapy graduates are faced with the herculean task of securing a placement on time for their internship training. This has been the case for years. Now that succour is on the way, it will be unfair to exclude Physiotherapy from this arrangement. We are of the opinion that, the central posting arrangement should be extended to MRTB, our regulatory body, in order to take care of the interests of our fresh graduates too.”

    Adedoyin, who is of the Department of Medical Rehabilitation, Obafemi Awolowo University, Ile-Ife, Osun State, stressed that the inclusion of Physiotherapy in the posting arrangement would not only solve the perennial problems fresh graduates face in securing internship placements, but would also portray the government and the Ministry of Health as being fair to all.