The Nation Newspaper

Tag: Federal government

  • Fed Govt eyes $2.5b Eurobond sale

    The Federal Government will consider raising $2.5 billion through Eurobonds in the first quarter to refinance a portion of its domestic treasury bill portfolio at lower cost, the head of the Debt Management Office (DMO), Patience Oniha, said.

    She said the country will also try to get back into the JP Morgan Government Bond Index (GBI-EM), with improving liquidity in the local currency market. She said a Eurobond placement will depend on market conditions, pricing and tenor.

    “We are looking the issue probably first quarter depending on what the advisers say and subject to the market conditions,” the DMO director general told Reuters.

    Nigeria could also look at a possible syndicated loan as an alternative, Oniha said, adding that the issue is part of a $5.5 billion fund raising program approved by parliament last year.

    Nigeria has said it plans to refinance $3 billion worth of a local treasury bill portfolio of 2.7 trillion naira ($8.9 billion).

    In November, Nigeria sold $3 billion in Eurobonds, part of which it used to fund its 2017 budget, and then paid off N198 billion in treasury bills.

    Oniha said local debt yields have started to fall after it paid off the bills in December, though debt was still attractive especially to foreign funds looking at emerging market bonds.

    Meanwhile, investors have oversubscribed the first auction of federal government Bond conducted by the DMO in the year.

    This indicates that the capital market still have strong appetite for the FGN Bond despite recent developments in the capital market.

    The oversubscribed bonds will mature in July 2021 and others in March 2027. The 14.50per cent FGN bond expected to mature in July 2021 was allotted at a rate of 13.3800per cent, while the 16.2884 per cent FGN March 2027 bond was allotted at 13.4910 per cent. Both bonds were oversubscribed, by N150 billion, representing 136 percent.

    Giving that the subscription level was higher for the 10-year benchmark bond, this indicates investors’ preference for longer dated instruments.

     

     

     

     

  • APDA vows to dislodge APC in 2019

    APDA vows to dislodge APC in 2019

    The Advanced People’s Democratic Alliance ( APDA ) has urged the Federal Government to opt for establishment of grazing reserves as a strategy to address herdsmen/farmers clashes.

    The National Chairman of the party, Alhaji Mohammed Shittu, gave the advice in a telephone interview.

    Shittu said that grazing reserves would promote peace between farmers and herders and boost the economies of states.

    He urged the government not to consider creating cattle colonies which, he said, were alien.

    “We hear of a plan by the Federal Government to create cattle colonies where herders can breed their cattle to stop clashes.

    Read also: APDA  rejects cattle colonies, opts for ranches, grazing reserves

    “We advise that the government should rather establish grazing reserves not only to achieve peace but to promote development in states.

    “Cattle colonies are alien to our Constitution. Some people might take the word “colony” to mean dominance or occupation.

    “Grazing reserves can be used by all herders whether they are Fulani or not, and it can go a long way to boost the economies of states,” he said.

    He urged the government to let states know the economic value of grazing reserves, particularly its impact on food security.

    Shittu condemned the recent killings in Benue, Taraba and some other states but advised that the killings should not be attributed to all Fulani herdsmen in Nigeria.

    He said that trans-border criminals might be hiding under Fulani herdsmen to unleash terror on innocent Nigerians.

    Shittu said that cattle’s rearing was a viable business all over the world, and that Nigeria could earn much forex from it.

    He urged the government to toe the line of Botswana and the Netherlands earning huge revenues from cattle export though massive investment in cattle breeding.

    On the 2019 elections, Shittu said that the party had begun preparations to succeed.

    He said that although the party was new, it had presence across the country and would do well in the elections.

    “It is wrong for anyone to see APDA as a party that can’t dislodge the APC.

    “Membership makes a party, not the name. We have members, name and the drive to contest, win and move the country forward.

    “We are stepping up preparations including aggressive drive for new members, APDA will bring the real change, APDA will move Nigeria forward,” he said.

    NAN

  • Govt’s plan to repair fertiliser plants excites farmers

    Govt’s plan to repair fertiliser plants excites farmers

    THE Federal Government’s plan to  repair more abandoned fertiliser blending plants in various parts of the country is making farmers happy.

    The Fertiliser Producers and Suppliers Association (FEPSAN) Executive Secretary, Alhaji Ahmed Rabiu Kwa,  told The Nation that more blending plants had begun  production, adding that of the 32  fertiliser blending plants in the country, seven have started production and distribution under the Presidential Fertiliser Initiative (PFI).

    He listed some of the blending plants, which have been supplied with raw materials, including phosphate from Morocco and are blending, as the Fertiliser and Chemicals Limited, Kaduna, which produces 300,000 metric tonnes; Al-Yuma Fertiliser Company (300,000 metric tonnes) in Madobi-Kano; Kano Agricultural Supply Company, which supplies 15 trailers daily and Golden Fertiliser based in Lagos.

    Funtua blending plant has received materials through the rail.

    He noted that fertiliser supply had increased in the last one year  compared to previous years.

    According to him, national volume increased from 500,000 to one million metric tonnes.

    Kwa noted that the PFI saved Nigeria over N200 million in foreign exchange and reduced the price of a 50kg bag from N10,000 to N5,500.

    He said with the level of production from the reactivated plants, farmers were getting the products at affordable prices.

    The Central Bank of Nigeria (CBN) through the National Sovereign Investment Authority (NSIA) provided the funds for the revival of the industry.

    Also, the Nigerian National Petroleum Corporation (NNPC)  has signed a Memorandum of Understanding (MoU) with the Moroccan government for the supply of phosphate, expected to lead to the production of 1.3 million tonnes of fertiliser.

    Kwa noted that the MoU between the two countries would make the product affordable.

    The Nigeria-Morocco fertiliser deal, he added, would help increase local blending capacity to 25 percent of installed capacity and create a 20 million bag market for operators.

    For years, the country has relied on imported fertiliser, despite the abundance of the raw materials for producing fertiliser – urea, phosphate, potassium and limestone – in Edo, Sokoto states and other parts of the country.

    Last year, the PFI programme started yielding results, with the production of more than 4,000 metric tonnes of local fertiliser.

    The Initiative was approved by President Muhammadu Buhari in December 2016 to achieve the local production of one million metric tonnes of blended Nitrogen, Phosphorous and Potassium (NPK) Fertiliser for last year’s wet season farming.

    Earlier, Nigeria’s stock of blended fertiliser was shipped into the country as fully-finished products, even though urea and limestone, which constitute about two-thirds of the component of each bag, are available locally.

    The PFI’s objective is to procure the four raw materials from Morocco, and Muriate of Potash (MOP) sourced from Europe – and blend these to produce NPK fertiliser at a reduced cost.

  • Fed Govt, Switzerland sign MOU stopping illegal dumping

    The Federal Government in partnership with Switzerland’s King and Spalding, a leading Law firm in Geneva, have signed a Memorandum of Understanding (MoU) to stop using the Nigerian market as a dumping ground.

    The agreement was signed in Geneva by Chief Negotiator and Director-General,  Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe for Nigeria and Mr. Daniel Crosby for King and Spalding

    In a statement, yesterday,  NOIN, said King and Spalding are expected to support the drafting of Nigeria’s trade remedy laws, as well as prepare a legal brief on the rationale and requirements for the legislation, which will effectively stop dumping on the Nigerian market, adding that The company’s services are on a pro bono basis

    According to the statement, “Nigeria has been grappling unsuccessfully with increased cases of dumping and other injurious imports in the economy. This is undermining serious efforts of the Federal Government to support local manufacturers and service providers to competitively grow the economy through integration to global value chains, in a rules-based global economy.

    It said dumping in the Nigerian market was illegal and anti-development, saying the legal services and technical support to be provided by King and Spalding, was a major step forward to decisively stop, what it referred to as “this illegal practice and alarming increase of dumping in the Nigerian economy.”

    Nigeria commended King and Spalding for its pro bono support, and said it is  looking forward to a technically solid partnership to establish a rules-based trade remedy infrastructure for Nigeria in 2018.

    Crosby said Nigeria was one of Africa’s most ambitious and exciting economies, saying the Nigerian government’s commitment to economic and social development, while nurturing local businesses and industries, was an important one.

    “We’re extremely pleased to be able to collaborate on a pro bono basis with the Nigerian Office for Trade Negotiations (NOTN) to help establish a WTO-consistent trade remedy system, that will promote free and fair trade, while protecting local entrepreneurs and keeping the country competitive as it integrates further into global markets,” he said.

  • Onyeama receives 491 Nigerian returnees from Libya

    Onyeama receives 491 Nigerian returnees from Libya

    The Minister of Foreign Affairs, Mr Geoffrey Onyeama, has reassured Federal Government’s commitment to return all stranded Nigerians from Libya.

    Onyeama gave the assurance when he received 491 Nigerian returnees from Libya at Port Harcourt International Airport, alongside Rivers Government officials.

    The minister said there were stories of exploitation and suffering by stranded Nigerians in Libya, which compelled Federal Government to act decisively.

    He added that “we made it clear to the Libyan Government that we want to see all Nigerians there. We insisted that we should see all of them, instead of hearing from them.

    “We made it clear that they ( Libyans ) are signatories to international conventions and we expected them to have control of those who guard our children.

    “They cooperated with us because of respect for Mr President, there were people who were making money from these children and did not want them to return home.

    “We carried out rigorous outreach to ensure that we have everybody back.”

    The minister noted that the programme was a continuous process that would return all stranded Nigerians from Libya.

    The minister explained that “the Libyan Government got the message that as far as they are Nigerians, we have zero tolerance for molestation.”

    The Secretary to the Rivers State Government (SSG), Sir Kenneth Kobani, who led the state delegation, commended President Muhammadu Buhari for making efforts in returning the stranded Nigerians.

    He said “as a state government, we had no choice really, let me say that the Rivers State Governor made it clear to me that  we should  do everything possible to make sure that this exercise was handled smoothly.

    “The  Rivers State Government would do everything in its power to assist federal agencies handling this programme, because above everything else, we are all Nigerians and this programme is a clear indication that when we work together, we can achieve anything.

    “What you are seeing here today clearly shows that our governor and indeed the President feel same about this issue.

    “On behalf of the Rivers State Governor, Mr Nyesom Wike, I will like to thank President Muhammadu  Buhari, the Minister of Foreign Affairs and his team who worked tirelessly to make the return of our brothers and sisters successful.”

    Reports say that all the returnees were profiled at designated booths at the airport.

    The minister was accompanied by officials from the Nigerian Immigration Service, NEMA NAPTIP and military personnel.

    NAN

  • Fuel scarcity: Ex-CBN director urges FG to repair refineries

    Fuel scarcity: Ex-CBN director urges FG to repair refineries

    Dr Titus Okunronmu, a former Director, Budgetary Department, Central Bank of Nigeria ( CBN ), on Monday, advised the Federal Government to repair all the four refineries in the country.

    Okunronmu said in Ota, Ogun, that the revamping of the nation’s refineries would increase domestic supply and end current scarcity of petroleum products.

    According to him, the government would also earn foreign exchange from the importation of  refined products if the refineries are working at optimal level.

    “By earning foreign exchange from importation of its refined products, the Federal Government would be able to diversify the economy effectively and create jobs for unemployed youths,’’ he said.

    He also urged the government to halt export of crude oil so as to reduce borrowing and pressure on the nation’s currency.

    NAN

  • Petrol scarcity bites harder in Jigawa

    Petrol scarcity bites harder in Jigawa

    As petrol scarcity bites harder in Dutse, residents have urged the Federal Government to take decisive measures to restore normalcy in the supply of the product to the Jigawa capital.

    A correspondent who visited all the filling stations in Jigawa state capital, reported that only the NNPC Mega Station was dispensing petroleum products to long queues of vehicles.

    A cross section of the motorists on Friday noted that the scarcity was artificial, pointing accusing fingers at activities of economic saboteurs.

    A resident, Malam Abubakar Umar, said: “People, especially the poor, are exposed to difficulties in sourcing for the product due to its acute scarcity.

    “The Federal Government must adopt practical measures to check petrol scarcity; such measures are imperative to address this lingering problem once and for all.”

    Another resident, Malam Sani Muhammad, said that the exorbitant prices of petrol had exposed many people to unnecessary hardships and forced some to park their vehicles and alternated with commercial ones.

    Read also: Abuja residents spend Christmas in petrol queues

    Muhammad, who attributed the problem to diversion of the product and hike in its prices by some petroleum marketers, added “even the price of ordinary kola-nuts has now increased”.

    A civil servant, Malam Ahmad Balarabe, bemoaned the devastating effect of the scarcity on many residents in the state capital.

    “Look at the situation most of us find ourselves now; to fuel vehicles, to travel, to buy food stuff, in fact, to do everything now has become a problem.

    “Almost everything is affected by the present fuel scarcity across the country.

    “So the Federal government and other parties concerned should do everything possible within their powers to bring an end to this unnecessary hardship we are experiencing.

    “However, we know that the Federal Government is doing its best for Nigerians,” Balarabe said.

    As at Jan. 4, only the Dutse NNPC Mega Station was selling the commodity to consumers at the official pump price of N145 per litre.

    However, the product is sold for between N250 and N300 per litre at the black market.

    NAN

  • FG commences mass evacuation of Nigerians stranded in Libya

    FG commences mass evacuation of Nigerians stranded in Libya

    A Federal Government Delegation has arrived Libya to commence mass evacuation of Nigerians stranded in the North African country home.

    Mr Sani Datti, the Head of Media and Public Relations, National Emergency Management Agency (NEMA) made this known in a statement on Thursday in Abuja.

    Datti said the delegation was led by Mr Geoffrey Onyema, Nigeria’s Minister of Foreign Affairs, accompanied by the Director-General of NEMA, Engr Mustapha Maihaja and other heads of relevant agencies.

    Datti said that the delegation arrived Tripoli, on Wednesday ahead of the actual evacuation operation expected to commence on Friday to transport stranded Nigerians with two indigenous carriers engaged for the exercises.

    “A total of 5, 037 stranded citizens have been identified for evacuation home.

    “The Nigerian mission in Libya is coordinating the identification of the Nigerian migrants with the support of the International Organisation for Migration.

    “They are being joined by a technical team for the evacuation exercise comprising representatives of all relevant agencies.

    “A reception centre has been established in Port Harcourt where the returnees on their arrival would be formally received and profiled before being transported to their various states,” Datti said.

    He said that the evacuation exercises was being led by the Federal Ministry of Foreign Affairs and coordinated by the National Emergency Management Agency with the involvement of all the relevant agencies.

    Datti said that among the delegation are; Hajiya Sadiya Farouq, the Federal Commissioner, National Commission for Refugees, Migrants and Internally Displaced Persons, Mrs Julie Okah-Donli, the Director-General, National Agency for the Prohibition of Trafficking.

    Others are, Mrs Abike Dabiri-Erewa, the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Comptroller-General, Nigerian Immigration Service, Mr Muhammadu Babandede, and representatives of other security agencies.

    The News Agency of Nigeria (NAN) reports that the evacuation exercise was in line with the directives of President Muhammadu Buhari to evacuate all Nigerian nationals stranded in Libya and other countries.

  • Ex-ANAN Chief advises FG on early passage of 2018 budget

    Ex-ANAN Chief advises FG on early passage of 2018 budget

    Dr Samuel Nzekwe,  a former President, Association of National Accountants of Nigeria ( ANAN ) has advised the Federal Government to push for early passage of the 2018 budget.

    Nzekwe said in Ota, Ogun, on Wednesday that the early passage of the budget would facilitate rapid infrastructure  development.

    He urged the National Assembly to pass the budget on time to allow the government undertake massive infrastructure development in power, roads and rail sector in 2018.

    “There is the need for the Federal Government to work according to the budget so that it could achieve most of its goals in 2018. ” he added.

    Read also: 2018 budget: Expert advises Govt, NASS on early passage

    Nzekwe noted that the late passage of the 2017 budget led to the non payment of local contractors and imposing hardship on the people.

    The former ANAN president said that infrastructure deficit was the major problem facing the nation.

    “Stable power supply and other amenities are the backbone of any nation because no economy can thrive and move forward positively without infrastructure development. ” he said.

    Nzekwe also said that power supply was imperative for the nation’s industries to thrive and provide employment opportunities for youths in order to eradicate poverty in the country.

    The former ANAN boss, however, implored the government to formulate people’s-oriented policies that would benefit all Nigerians in 2018.

    NAN

  • Oyo-Ita tasks federal civil servants on higher productivity in 2018

    Oyo-Ita tasks federal civil servants on higher productivity in 2018

    Mrs Winifred Oyo-Ita, the Head of Civil Service of the Federation, on Tuesday urged civil servants to consolidate the achievements recorded in 2017 by redoubling their efforts toward performing duties.

    Oyo-Ita, who made the call in Abuja while addressing some civil servants in her office after the New Year holiday, commended the civil servants for their commitment and perseverance in 2017.

    She said the Federal Government expected its civil servants to show more commitment and ensure higher productivity in 2018.

    “I am happy to come around this morning to see that quite a number of you are already in the office and this is what we want to see this year.

    “We want to see more commitment and dedication to work.

    “I must congratulate you civil servants that you stood with this administration through thick and thin even in the face of the fuel crisis that ended before the New Year,” she said.

    Read also: Kyari, Oyo-Ita reconcile

    Oyo-Ita said 2018 would be a good year for civil servants, adding that there were a lot of positive signs from the performance of civil servants in 2017.

    She commended President Muhammadu Buhari for keeping his promise of paying salaries and promotion arrears despite the challenges faced by the country in the previous year.

    “Also we were able to achieve the final resolution on the case involving some deputy directors who sat for promotion examination in 2014.

    “The matter has been favorably withdrawn from the court and the injunction has been lifted for deputy directors due for promotion.

    “The affected civil servants for 2015, 2016 and 2017 are to seat for their examinations in the next two weeks,” she added.

    About 400 Deputy Directors had in February petitioned the presidency over their stagnation in service.

    Some of the aggrieved workers went further to challenge their stagnation before the National Industrial Court, seeking redress.

    NAN