The Nation Newspaper

Tag: Minister of Finance

  • Osinbajo chairs NEC meeting

    Vice President Yemi Osinbajo on Thursday presided over the National Economic Council (NEC) meeting at the Presidential Villa, Abuja.

    The meeting which will deliberate on the minimum wage request, among other issues, started around 11.26am when Osinbajo arrived the Council chamber.

    After rendition of the National anthem, opening prayer was offered by Plateau State Governor, Simon Lalong.

    Read Also: We’ve credible plans to get Nigerians out of poverty, Says Osinbajo

    Among state governors in attendance included Lagos, Zamfara, Adamawa, Kebbi, Jigawa, Niger, Ekiti, Bauchi,

    Among the deputy governors in the hall included Nasarawa and Ogun.

    Also in attendance were the Secretary to the Government of the Federation (SGF) Boss Mustapha, Minister of Labour, Chris Ngige, Minister of Finance, Zainab Ahmed.

    Others at the meeting included Minister of Budget and National Planning, Udoma Udo Udoma, FCT Minister, Mohammed Bello, Minister of Education Adamu Adamu, CBN Governor, Godwin Emefuele.

  • Nigeria-Brazil agriculture project to gulp $1.1billion loan

    The Minister of Finance, Zainab Ahmed, on Thursday said that $1.1billion loan would be required for the implementation of the Nigeria-Brazil Cooperation Project Agriculture “Green Imperative.”

    She made the disclosure while speaking at the launching of the project at the old Banquet Hall of the State House, Abuja.

    According to her, the loan will be majorly provided by the Brazilian Government.

    The launch of the project, she said, is part of Buhari’s administration moves to reposition and diversify Nigerian economy in a sustainable way.

    The loan, she said, will be provided in kind through the supply of agricultural machineries and implements in form of Completely Knocked Down (CKD) parts.

    She said that the project is designed to repay the loan facility through its proceeds, stressing that the repayment will not bring any fiscal burden on the tax payers.

    She said “The project we are launching today will be implemented with a total loan package of US$1.1billion majorly from the Brazilian Government which will be disbursed in four tranches over a period of two years.

    “It is pertinent to state here that greater percentage of the loan will be provided in kind through the supply of agricultural machineries and implements in form of Completely Knocked Down (CKD) parts.

    Read Also: How Atiku blocked restructuring as VP, by Osinbajo

    “This arrangement is expected to reduce fiduciary risks and create more employment opportunities for our teeming youth and those that will be involved in assembling the machineries and implements.

    “Another important benefit of the project is that its implementation will be purely private sector led in all its operations including the assembling of the machineries/ implements, operation of the service centres and the agro-processing centres.” she said

    She also said that the project will be implemented in all the 774 Local Government Areas of the country in phases.

    The Minister called on the Nigerian private sector, youth and women to get ready for the business.

    The selection of the participants for the project, she said, will be done on merit to ensure success of the project.

    “We will ensure that participation is devoid of politics and any form of nepotism.” she stated

    She also explained that the Buhari’s administration was not unaware of the desire of many Nigerians to obtain external loans.

    Speaking on moves to diversify the economic before Buhari’s administration, she said “Even though, past efforts were made to diversify the economic base of the country, the external revenue inflows remained stubbornly monolithic, i.e. mainly from oil.

    “It is in this regard that this administration sees it as a national emergency to explore every possible opportunity to grow the non-oil sector. Accordingly, today, we are here to launch one of the products of the diversification initiatives of the Government, christened ’Green lmperative’.

    “Let me first of all congratulate His Excellency, President Muhammadu Buhari for his visionary leadership and approval given for this project. Permit me also to congratulate His Excellency, the Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo for his relentless commitment as the leader of the Economic Management Team, to this project right from its conception till date.

    “Also, I will be remiss, if l do not appreciate the unyielding commitment of the Honourable Minister of Agriculture and Rural Development, Chief Audu Ogbeh who had personally led Nigerian delegations to Brazll to initiate and develop the project with the Brazilian ’think tank’ and relevant stakeholders.

    “As you are probably aware, the Green lmperative is designed to promote agricultural mechanization, create employment opportunities for our energetic youth and help achieve food seIf- sufficiency.

    “Let me at this point thank the Government and people of Brazil for their support and commitment to this project. Nigeria and Brazil have similar climatic and soil conditions that make Brazilian agricultural implements easily adaptable in Nigeria. I understand that a tractor manufactured in Brazil in 1946 is still in use till today. This is the kind of technology that we will need in this country.

    “I do hope such rugged tractors are what you will deploy for this project. I will like to express my appreciation to other partners like the Deutche Bank and Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) for their support in this project.

    “l have no doubt that this project will help to ensure food self – sufficiency, create more employment opportunities for our teeming population and also help transform the economic land scape of Nigeria.” she said

  • Shittu attends FEC meeting

    The Minister of Communication, Adebayo Shittu was among cabinet members who attended the Federal Executive Council (FEC) meeting on Wednesday.

    The meeting chaired by President Muhammadu Buhari started around 11.08a.m at the Council Chamber of the Presidential Villa, Abuja.

    A fortnight ago, Shittu and the immediate past Minister of Women Affairs, Aisha Alhassan, were disqualified from participating in the Oyo and Taraba states governorship primary elections, respectively, under the All Progressives Congress (APC).

    While Shittu was disqualified for not taking part in the compulsory one year National Youth Service Corps (NYSC) scheme, Alhassan was disqualified over issues of loyalty to APC.

    Shittu also failed to present any NYSC exemption certificate to the APC screening committee.

    While disqualifying him, the National Chairman of the APC, Adams Oshiomhole, had stated: “He (Shittu) admitted that he did not do the mandatory NYSC as provided for under the law and in his own judgment, his being a member of the House of Assembly in the state and now as a Minister of the Federal Republic, that these were enough sacrifices. But for us as a party we know that NYSC is a mandatory scheme.

    “It is not something you may elect to do or abstain from doing and my understanding of the NYSC Act is that no employer of labour is permitted to employ anyone who graduated under 30 years and who did not obtain an exemption for reasons as provided for in the NYSC Act.

    “So, for us, not participating in the NYSC raises very serious moral issue as well as legal issue.

    Read Also: Buhari receives 1042-pages achievement compendium at FEC

    “After interviewing him, we were convinced that….for our party, there are clear lessons we need to learn from our recent past when people…anyway, we were convinced that if he did not do NYSC, that for us, was enough to disqualify him and we had to find the courage to do so.

    While Alhassan had immediately resigned from the cabinet, Shittu arrived for the first FEC meeting after his disqualification around 10.56a.m.

    He exchanged pleasantries with his colleagues before taking his seat.

    President Buhari called for rendition of the opening National anthem at the FEC meeting around 11.08a.m

    Opening Muslims prayer was said by the Minister of Information, Lai Mohammed , while the Christian prayer was offered by the Minister of Science and Technology, Ogbonnaya Onu

    Recall that the immediate past Minister of Finance, Kemi Adeosun, had resigned from the cabinet due to fake NYSC exemption certificate presented to get the job.

    Her ignorance of the status of the certificate she had presented could not save her from losing her seat in the cabinet.

  • FEC approves N348.59 billion for Akwanga-Gombe road 

    The Federal Executive Council (FEC) has approved N348.59 billion for the road linking Akwanga though Jos to Gombe.

    This was disclosed by the Minister of Power, Works and Housing, Babatunde Fashola.

    He was with the Special Adviser on Media and publicity, Femi Adesina, Minister of Finance, Kemi Adeosun and the Minister of State for Petroleum, Ibe Kachikwu.

    Read Also:Enugu spends N40bn on road construction in two years

    According to Fashola, the project which will be completed in 48 months, covers 420.6 kilometers.

    He said “FEC approved N348.594 billion contract for the construction of 420.6 kilometers Akwanga-Jos-Bauchi-Gombe road. The project scope is the expansion of the current two-lane highway into a dual carriage way.

    “What is significant about it is that it completes the integration of the north central with the south east and the north east.

    “Council had previously approved the Abuja-Keffi Road and the Akwanga-Lafia-Makurdi Road all in the north central. In May this year, Council had also approved Nineth Mile Enugu to Makurdi road that connects the south east to the north central.

    “That completes the spine of the major movement of agro produce and other related produce. The construction period is 48 months.” he said

    The Council (FEC) also approved N12.104 billion for ecological projects across the country.

    Femi Adesina said that the approval covers twelve projects in the country.

    He listed the states for the projects to include Anambra, Lagos, Oyo, Akwa Ibom, Adamawa, Bauchi, Borno, Jigawa, Kaduna, Plateau and the Federal Capital Territory (FCT).

    Kachikwu said that the Council approved the installation of technology monitoring schemes and structures under Petroleum Equalisation Fund (PEF) at a total sum of N17 billion.

    According to him, it is for automated fuel system management and censor network.

    He said “The narrative is that we have all struggled with  this whole subsidy payment and how much is consumed in Nigeria, volumes of products moved out illegally and the whole impact on FAAC accounts.

    “The President has given a very serious mandate that we ought to rein in on this process. The essence of what PEF is doing is that this will enable us track refined petroleum product movement from the point of LC (letter of credit) opening from the vessels that come into Nigeria, up until the point where they are discharged into tanks in Nigeria, and from the tanks into trucks in Nigeria, monitor the trucks till they deliver the products into the storage tanks for the filling stations and they are discharged and sold.

    “So, that will produce a 100 percent wholistic monitoring of this production. For the first time we will be able to tell how much petroleum products we consume in this country. Because, there has been so much going on in terms of the movement of consumption numbers from thirty something million liters a day to 70 million liters to 18 million liters a day during the difficult times.

    “And the challenge the president has given me is to rein that in, let’s know what we consume in reality, let’s know where these products are going and this process will be able to track every truck.

    “So, a typical truck will be licensed with a driver, with a transport company, so if a truck misses, you can find the transporter and the company that takes responsibility.

    “So we expect this to be over a period of three years but we promise that within one year, the real effects of this will begin to show. Obviously you need time to train and to continue to improve the system. We hope that by the time we start doing the 2020 budget in 2019, we would have gotten to a point where a lot of the losses that you are seeing are being tracked and substantially impact will be made in monies that come into the federation accounts.

    “It will help us keep proper data repository of consumption in this country, destruction, data on all trucks that operate, total number of products received, what is sold out of filling stations and it is going to be a collaborative system that involves NNPC, DPR and PPPRA but situate quite frankly in PEF.” he said

    According to him, FEC also approved the revision of contract for the construction of NCMB’s headquarters in Yenagoa, Bayelsa State.

    He said that the project, which was awarded in 2015 at the sum of about N27 billion was on Wednesday revised to N42 billion.

    He said “It is one of the dramatic skyline in Yenagoa and has gone quite substantially far. This reasons for this increase was largely due to foreign exchange variables determinant which was initially about N157 to a dollar but today it is N305 to a dollar and still counting.

    “The whole idea is for contract to be completed. It is a 24 month contract and fairly far gone. We hope that once that is done, NCMB will stop paying rent in the series of buildings that it rented in Yenagoa.

    “But most important, the whole glamour of the south south states during the Vice President visit to the Niger Delta with me and the minister of Niger Delta was largely to see oil companies during foot hold in some of these south south states. The building is larger than what the NCMB needs and already talks are on with AGIP and a few of them who want to position their presence very effectively in some of these areas.

    “If we continue at this pace of construction, Mr. President should be able to commission that building between the end of this year and early next year,” he said.

     

  • FG reconstitutes tax appeal tribunals

    The Federal Government has reconstituted the Tax Appeal Tribunals in the six geo-political zones as well as Lagos and Federal Capital Territory.

    A statement from the federal ministry of finance said the “the reconstitution of the Tribunals is in accordance with Section 2(1) of the Fifth Schedule of the Federal Inland Revenue Service (FIRS) Establishment Act.”

    Minister of Finance, Mrs. Kemi Adeosun, who announced this Thursday in Abuja, said “the Tribunals would adjudicate over disputes arising from the operation of Federal Tax Laws and Regulations in the country.”

    Read Also:Appeal Court upholds tax tribunal’s jurisdiction

    The Minister added that, “the reconstitution of the Tax Appeal Tribunals is an essential part of building tax payers trust and confidence in the fairness of the system and the Federal Ministry of Finance has undertaken a rigorous process to select competent persons on the basis of merit who will be expected to discharge their duties professionally.”

    She stated that the Ministry sought nominations from a number of professional bodies and stakeholders, including the Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), Chartered Institute of Taxation of Nigeria (CITN), Nigeria Bar Association (NBA) and the Nigerian Association of Chambers of Commerce & Industry, Mines and Agriculture (NACCIMA).

    The Tax Appeal Commissioners, according to the Minister, are expected to hold office for a term of three (3) years from the date of appointment.

    Each Tribunal is made up of a Chairman and four Commissioners knowledgeable in the laws, regulations, norms and practices of taxation in Nigeria, management and trade.

     

    1. ABUJA TAX APPEAL TRIBUNAL
    S/N NAME DESIGNATION
    1 Iriogbe Ayo Alice Chairman
    2 Prof. Ishola Rufus Akintoye Member
    3 Ajayi Julius Bamidele Member
    4 Dr. Almustapha Aliyu Member
    5 Nasiru Kuliya Member

     

    1. LAGOS TAX APPEAL TRIBUNAL
    S/N NAME DESIGNATION
    1 Lassise-Phillips Olanrewaju Moshood Chairman
    2 Dike Mark Anthony Chidolue Member
    3 Sanusi Maijamaa Ajiya Member
    4 Mrs Titilola Akibayo Member
    5 Rasaq Adekunle Quadri Member

     

    1. NORTH-EAST ZONE TAX APPEAL TRIBUNAL – SITTING IN BAUCHI, BAUCHI STATE
    S/N NAME DESIGNATION
    1 Bagoni Alhaji Bukar Chairman
    2 Barr. Bashir Maidugu Member
    3 Adamu Ismaila Member
    4 Tijanayi Musa Isa Member
    5 Mrs. Nafisa Shehu Awak Member

     

    1. NORTH WEST ZONE TAX APPEAL TRIBUNAL – SITTING IN KADUNA, KADUNA STATE
    S/N NAME DESIGNATION
    1 Umar Mohammed Adamu Chairman
    2 Isa Kabir Dandago Member
    3 Bayero A.S. Muhammad Member
    4 Abubakar-Gwandu Sameerah Member
    5 Dr. Ahmad M. Kumshe Member

     

    1. NORTH CENTRAL ZONE TAX APPEAL TRIBUNAL – SITTING IN JOS, PLATEAU STATE
    S/N NAME DESIGNATION
    1 Barr. Richard Bala Chairman
    2 Barr. Emmanuel Seungwa Ukera Member
    3 Ogbaenyi Ivan Chikwendu Member
    4 Abdul Zaidu Idde Member
    5 Mrs. Atoki Dupe Member

     

    1. SOUTH WEST ZONE TAX APPEAL TRIBUNAL – SITTING IN IBADAN, OYO STATE
    S/N NAME DESIGNATION
    1 Ajibola Akinmade Chairman
    2 Atitola Felix Bimbo Member
    3 Falade Sufian Alani Member
    4 Mrs. Queensley S. Seghosime Member
    5 Princess Elemanya Ebilah Member

     

    1. SOUTH EAST ZONE TAX APPEAL TRIBUNAL – SITTING IN ENUGU, ENUGU STATE
    S/N NAME DESIGNATION
    1 Chukwuemeka Eze Chairman
    2 Ide John Udeagbala Member
    3 Anyaduba John Obiora Member
    4 Mazi Nnamdi Okwuadigbo Member
    5 Obri Francis Ogar Member

     

    1. SOUTH SOUTH ZONE TAX APPEAL TRIBUNAL – SITTING IN BENIN, EDO STATE
    S/N NAME DESIGNATION
    1 Odiase-Alegimenlen Obehi Chairman
    2 Ala Peters David Member
    3 Mrs. Hilda Ozoh Member
    4 Ajokwu Vitalis Friday Member
    5 Otusanya Olatunde Julius Member

     

     

  • Salaries may be delayed over FAAC deadlock, Says Adeosun 

    …Says NNPC’s explanation on cost not justified

     

    The Minister of Finance, Kemi Adeosun on Thursday warned that if the issues that led to the federation accounts and allocation committee (FAAC) meeting with governors that ended in a deadlocked is not resolved; salaries might be affected in the states.

    The committee members of FAAC, she said, felt that some of the costs presented by the Nigerian National Petroleum Corporation (NNPC) couldn’t be justified hence have decided that rather than approve the accounts, the negotiations continue until the agreements are reached.

    She also explained that President Muhammadu Buhari and Vice President Yemi Osinbajo, have been fully briefed and have supported the Ministry of Finance and the commissioners of finance not to approve those accounts until further explanations on some of the cost being implemented are given.

    The revenue sharing meeting had ended in a deadlock on Wednesday for the third time since January 2018.

    Read Also:FG receives N263.28bn from FAAC allocation in Feb – NBS

    The National Economic Council (NEC) presided over by Vice President Yemi Osinbajo, has demanded explanations from the NNPC for unclear costs the corporation made from FAAC.

    State Commissioners of Finance, who had converged on Abuja with the expectation to collect their states’ share of the monthly allocation, reportedly walked out of the FAAC meeting as they protested the deductions.

    Adeosun, who chairs FAAC, said she brought the matter to the NEC chaired by Osinbajo, with State Governors, Central Bank Governor, and others as members.

    Briefing the State House correspondents at the end of the NEC meeting, Adeosun said “Also in my capacity as chairman of FAAC, I briefed governors on the deadlock that we have got currently in the federation account and explained what happened. And there was quiet and extensive debate on what to do.

    “For the purpose of this briefing, we operate NNPC as a business, we have invested public capital in that business and we have expectations of return and when that return fails lower than our expectations then the owners of this business which in this case is the federal government and states need to act. So, that was what caused the deadlocked yesterday (Wednesday) and we really felt the figures the NNPC was proposing for FAAC were unacceptable. We felt that some of the costs couldn’t be justified and so we have decided that rather than approve the accounts, we will go back and do further work.

    “So further negotiations and interactions is going on with NNPC as we speak. However, we did briefed both Mr. President and Mr. Vice President on the deadlock and asked for their support and their forbearance in this because the consequence of this is that, salaries might well be delayed in many states as a result of this. But we feel that in order to get to the accurate figures that we need, we have asked for forbearance and the governors and the federal government are all in agreement that we need to get to the bottom of those figures.

    “In particular, now that the oil price is now $76 per barrel in the spot market which means that bonny light is about $78, we want to be aggressively putting money away into the excess crude account. So we are very conscious that this period, this window of relatively high oil price might not last and we will like to be able to save. If we cannot get into the federation account the sort of revenues we are expecting then we will not be able to save. So it was a very important point really underscored by all the governors and they really want action taken and they are fully in support of the positions of the Federal Ministry of Finance and the commissioners of finance not to approve those accounts until we get further explanations on some of the cost being implemented.

    On the exactly issue with the NNPC, Adeosun said, “Based on oil price, oil quantity you can pretty much calculate what you are expecting to see in the federation account and if the figure is less, then the right question that any stakeholder must ask is why.

    “So we have been going back and forth with NNPC to try and understand these figures before we can accept them. Remember that the FAAC figures have to be formally accepted by the federation-account committee and we were simply not comfortable with the quantum of some of the deductions made and therefore we could not approve those figures. So even as we speak, there is an interface going on between the commissioners forum, ministry of finance, office of the accountant general, CBN and NNPC but we hope to be able to convene FAAC within next few days.”

    While giving updates on the balances of the federation accounts, Adeosun said, “Items to note on the excess crude account is that in May we had an additional credit of $80.6 million that accrued into the excess crude account.

    “The balances on the excess crude account $1,916,742,289.60, stabilization 18,892,864,216.65, Natural Resources N133, 715,427,387.37.”

    Governor Ifeanyi Okowa of Delta State, who briefed the press alongside Adeosun, disclosed that the NEC approved the financial report of the Nigeria Sovereign Investment Authority (NSIA), for 2016 and update for 2017.

    He said the report indicated a positive profitability over the past five years, at about $8m per year; and $1.25m as assets at a rate of 6.6% return on assets.

    He said, “At the meeting today, we did take the annual reports and accounts of National Sovereign Investment Authority (NSIA) for the year ended 2016 and an update on 2017 activities.

    “The main issue was the NSIA report on five years so far of profitability in all forms with core profits of about N26.28 billion which is about $88 million in 2016. NSIA also reported that the total profit on that management was about $1.25 billion for most part of the year but they had received an extra of $250 million that was received in the third quarter of 2017.

    “It also did report that the returns on assets was up to 6.6 per cent in dollar terms which we considered to be quite good in terms of returns. It is actually shifting its focus now to infrastructure and direct investment locally in the country which is of great benefit to us as a nation.

    “The 2017 activities of the NSIA also include the implementation of Presidential Fertilizer Initiative (PFI) in 2017. They commenced the construction of free health projects in Lagos, Kano and Umuahia, Abia State. They continued with the work, the funding of the work on the second Niger bridge in which they had been involved in the past.

    “They also did invest and own 13 per cent of Bridge Academy Ltd, a network of schools which delivers high quality affordable primary education to lower income earners and it is hoped that they will do that too in other states of the federation.

    “They also did invest in Babagona, an agricultural franchise, that empowers small holder farmers across the country, and in 2018, they intend to focus on executing infrastructure investment across the nation which includes roads, investment in agriculture and health.

    “We are hoping that all this will impact on infrastructure development and development of industrial real estates across the country. Council eventually resolved that the account of NSIA presented to us should be approved and council so approved.”

    The NEC also resolved that a Committee comprising Governors of Kano, Osun, Delta, Anambra, CBN Governor and the Minister of Education should look into what needs to be done urgently in the education sector at the State level and report back to the Council.

    The minister of education said this was in recognition of the fact that more investment is needed in the education sector, while emphasising that collaboration among the Federal, States, Local Governments, Private Sector and Development Partners is very necessary, as the standard of basic education at the State level has fallen drastically.

  • Updated: FEC bids Fayemi farewell 

    The immediate past Minister of Mines and Steel, Kayode Fayemi on Wednesday attended his last Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

    The Council held a valedictory session for Fayemi, who has resigned his appointment to run for the governorship election in Ekiti State billed for July 14.

    President Muhammadu Buhari noted that he was reluctantly allowing Fayemi to go to his state because of his constructive contributions at FEC meetings.

    He said “As I sat here, I watched every minister that spoke and about his contributions, this revealed not only intellect but when he is given the necessary time to contribute to important memorandum, he made contributions. This shows commitment to the progressive of this government and the country.

    “By chance he was given the portfolio of solid minerals and steel development and you know that sector was virtually abandoned. During the colonial days, they took what they wanted from us – tin, columbite and the rest were the priorities until they struck oil somewhere, it was simply priority of investment shifted offshore.

    “When he went in, he began to deal with both Nigerians and foreigners that are exploiting the lack of commitment of those who are responsible of that sector before he went there. If you recall the number of children and women that suffered from the effect of mining in Zamfara State and other parts of the country and the people responsible, knowing that Nigeria will dump as decently as possible.

    “He only briefed me occasionally but he was packing them out of the country, with the cooperation of some his colleagues he will come here and let me know.” he said

    He urged Fayemi to get Ekiti State for APC.

    He said “I hope you will get the Ekiti back for the party. The only time I saw the INEC chair was to insist that go voters Education should be emphasized, so that ordinary Nigerians will believe that Nigeria is beginning to respect them and that their PVC is their status.

    “And then couple with the card readers, God willing we are here with the help of technology. Because, previous elections and I am in the position to say so having lost three times and got to Supreme Court, I know if not for technology, we will be doing the same thing.

    “A lot of constituencies were bought, voters were allocated and results were announced and people were told to go to court if they don’t agree with it.

    “Now, for someone who is looking for the next meal, how is he going to get the money to give   to SAN, to demand for justice for his marginalization.

    “So, we thank technology because with the introduction of PVC and the readers’ card, votes counted. Please go and emphasize this to your constituencies, let Nigerians be respected that they can vote anybody across any party and at any constituency.

    “I think that will give them the pride to voluntarily go and vote. It is not easy to go to Supreme Court three times, but I went through it, I wonder how many people will be proud to go through it in this country.

    “So, we certainly wish you the best of luck but it will take me sometimes to get a substantive minister and more so with the 2019 prospects that I have already indicated. But we need a very strong minister, strong in intellect and courage, so as to make sure that both the Nigerian and foreign collaborators of taking away our resources can be checked effectively.

    “We thank you very much for your contribution for your country. Goodbye, we will come for the inauguration.” he added

    Six members of the cabinet were selected from the six geopolitical zones to speak on Fayemi.

    The Minister of Science and Technology, Ogbonnaya Onu said that Fayemi is both special and unique.

    According to him, he played important roles in the ruling party, All Progressives Congress (APC) and creation of the Progressives Governors Forum.

    Read Also:Ekiti 2018: Election ‘Fire’ will consume Fayose, says Fayemi

    Minister of Interior, Abdulraman Danbazzau said “I found him to be a gentle man and an academic of repute.

    “We became very close during the campaigns. We are going to miss him in this chamber because of his contributions to discussions, which have increased the informed decisions we have taken here.

    “I want to wish him success in the campaign and wish he wins the election.” he added

    The Minister of Women Affairs, Amina Alhassan said that Fayemi has repositioned the Ministry of Mines and Steel in line with President Muhammadu Buhari’s vision.

    She also noted that Fayemi was a gender friendly minister.

    “He is a He for She and has always included women in his programmes. The Nigerian women miss you already.

    On her part, Minister of Finance, Kemi Adeosun said “He is a unique public servant.”

    The Minister of Transportation, Rotimi Amaechi said that Fayemi was instrumental to his success as Chairman of the Nigerian Governors Forum.

    Amaechi, who was former Rivers State Governor, said “It is difficult to speak about Fayemi. You cannot talk about my success as Chairman of Nigerian Governors Forum without talking about Fayemi. I wish him best of luck.”

    Fayemi’s Deputy, Minister of State for Mines and Steel, Bawa Bwari said that the Ministry will greatly miss him.

    He said “What we met on ground at the Mines and Steel Development Ministry, when we came on board, was so discouraging that we didn’t know where to start from.”

    According to him, the success recorded in the sector in the past three years was due to Fayemi’s leadership.

    The Minister of Education, Adamu Adamu, who was not part of those selected to speak on Fayemi from the six geopolitical zones, told his colleagues that he had something to say against Fayemi.

    Complaining that Fayemi, who had been very close to him has now been dodging him since his ambition to get Ekiti gubernatorial seat.

    He also pointed out that Fayemi will be more useful at the national level than in Ekiti State.

    Adamu later urged his colleagues to support Fayemi to win the forthcoming Ekiti gubernatorial election.

    In his remarks, Fayemi, who jokingly said that he would have to learn how to dodge bullets, said that his winning Ekiti State Governorship seat will not be a national loss as it will give more opportunity to serve the country and the President better.

    He said “At occasions like this, words normally fail me. But I have to say thank you to Mr. President for the opportunity to serve the people and also for agreeing for me to run for the Ekiti Gubernatorial seat.”

    He also thanked his colleagues for all their supports in moving the country forward and the progress made in the past three years.

    According to him, he had no regret of been called ‘Buhari’s Boy’, because Buhari stood for transparency and accountability.

  • FEC approves $60 million to scale up RAMP II

    The Minister of Finance, Kemi Adeosun, on Wednesday disclosed that the Federal Executive Council (FEC) has approved to obtain a French Development Agency (AFD) credit of US$60 million for scale up of the Second Rural Access and Mobility Project (RAMP II) to include Imo State.

    Giving briefs on RAMP II, she said “The National Assembly had, in the 2010 External Borrowing Plan of the Federal Government of Nigeria, approved AFD’s credit facility of US$60 million to implement RAMP in Imo State.

    The development objectives of the project, she said, like the first phase (RAMP I), is  to improve transport conditions and bring sustained access to the rural population, through rehabilitation and maintaining key rural transport infrastructure in a sustainable manner in Imo State.

    Read Also: FEC okays $995 million, N15.45 billion for roads projects

    According to her, lack of accessibility, caused by highly deteriorated transport infrastructure, is key determinant of rural poverty and low agricultural productivity.

    She also disclosed that the project is designed around three components.

    The components, she said, included Upgrading, Rehabilitation and Maintenance of Rural Transport Infrastructure, Community-based road maintenance and mechanized maintenance, and Project Management and Strengthening of Imo State road sector Institutional, Policy and Regulatory Framework.

    On the project expectation, she said “RAMP II is expected to achieve an improvement in reducing cost of transportation of both passengers and goods, access to health facilities and improved income from agricultural activities in the affected communities.”

  • Inherited debts: FG to settle contractors

    …to clear civil servants’ promotion arrears with N34.2bn

     

    The Minister of Finance, Mrs. Kemi Adeosun, Tuesday disclosed that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015.

    A statement issued and signed by Oluyinka Akintunde Special Adviser, Media and Communications to the Minister of Finance said Kemi Adeosun made this known while appearing before the Ad-Hoc Committee of the Senate on “Promissory Note Programme and Bond Issuances.”

    According Akintunde, “she explained that the debts owed to various classes of contractors, including the terminal benefits of ex-Nigerian Airways workers, would repaid through promissory notes and bonds issuance.”

    The Minister also stated that the unpaid Federal Government obligations constituted a drag on economic activity across many sectors, adding that the present Administration was determined to address the problem.

    She listed the unpaid obligations to include obligations to pensioners and salary and promotion arrears to civil servants.

    With regards to obligations to contractors and suppliers the minister lamented that they in turn, owe banks, thus increasing the quantum of non-performing loans. The federal government is also burdened by backlogs of unpaid electricity bills by the Ministries, Departments and Agencies (MDAs).

    Read Also: Govt to refinance debts with $3b, says Adeosun

    Others are: exporters owed funds under the Export Expansion Grant Scheme and unpaid refunds due to State Governments in respect of projects undertaken on behalf of the Federal Government.

    “The Federal Government is working towards settling these inherited debts. The Small and Medium scaled Enterprises are the lifeline of our nation. The Federal Government will be stimulating the economy by paying these legacy debts,” Adeosun told members of the Ad-Hoc Committee.

    The Federal Government, according to her, has approved the issuance of promissory notes and bonds to settle its contractual obligations subject to the approval of the National Assembly.

    On the ex-Nigerian Airways workers, the Minister explained that their terminal benefits have been reconciled and agreed upon at N45 billion following verification.

    She debunked claims by the ex-workers that there was a presidential approval for the payment of terminal benefits of N45 billion to the workers.

    “There has been a misconception in the media that the President had approved the payment of N45 billion terminal benefits to the workers. There is no presidential approval and no appropriation yet for the payment of N45 billion to the ex-workers,” she said.

    Akintunde noted that earlier, the representative of the Accountant General of the Federation, Mr. Mohammed Usman, told members of the Senate’s Ad-Hoc Committee that the Government has paid N34.2 billion to clear the promotion arrears to workers in the MDAs.

    Usman, who is the Director of Funds in the Office of the Accountant General of the Federation, added that the payment process was still ongoing.

    According to him, “these payments were made to the accounts of the beneficiaries in the MDAs after detailed verification of all documents attached as proof of promotion,” he said.

  • FEC okays $2.5 billion external borrowing for refinancing

    FEC okays $2.5 billion external borrowing for refinancing

    The Federal Executive Council (FEC) on Wednesday approved USD2.5 billion Eurobond external borrowing for refinancing.

    The Minister of Finance, Kemi Adeosun, disclosed this to State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    On the potential savings on the proposed USD2.5 billion refinancing, she said that the estimated proceeds of N762.5 billion will be used to redeem Nigerian Treasury Bills (NTB).

    She said “At estimated current NTB rates of 15% (following mop-up operations by the CBN), the savings from the refinancing of N762.5 billion of Domestic Debt using external capital raising is about  N64 billion per annum.”

    On the impact of the use of the proceeds of the USD500 million issued in November 2017, she said “The proceeds about N162.50 billion were used to redeem NTBs which matured in December 2017.

    “The immediate impact was a significant drop in the Bid Rates at the Auctions of both NTBs and FGN Bonds. In December 2017 and January 2018:

    “NTBs dropped from about 16% to 13%. FGN Bonds dropped from about 16-16.50% to 13.50%

    “This translates to savings for Government on new borrowing while also making the cost of borrowing for the real sector cheaper since the sovereign rate serves as a benchmark for other borrowers,” she added.