The Nation Newspaper

Tag: months

  • Inflation drops by 15% in 11 months, says Emefiele

    Inflation drops by 15% in 11 months, says Emefiele

    The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said inflation rate declined by about 15 per cent over the past 11 months as fiscal and monetary reforms continue to impact positively on the Nigerian economy.

    Delivering the 47th Convocation Lecture of the University of Nigeria, Nsukka, (UNN) entitled “A Mindset for Succeeding in Today’s Nigeria” yesterday, Emefiele pointed out that inflation had declined from a peak of 18.7 per cent in January 2017 to 15.9 per cent in November.

    The apex bank chief lauded the improvements in the macro economy noting that the Gross Domestic Products (GDP) recovered after five quarters of continuous contraction, recording positive growth of 0.7 per cent and 1.4 per cent respectively in second and third quarters of 2017.

    He added that the exchange rate has appreciated significantly from N525/$1 in February 2017 to about N360/$1 now, tapering premium across various windows and segments of the market.

    “Foreign exchange supply has improved since the establishment of the Investors & Exporters Window, with autonomous inflows of over $10 billion through this window alone from April 2017 to date. Foreign Exchange Reserve has recovered significantly from a low of just over $23 billion in October 2016 to about $35.2 billion by November 27, 2017,” Emefiele said.

    He pointed out that the World Bank’s “Doing Business Indicators” for 2018 indicated improvement in Nigerian macro economy as Nigeria rose by 24 places to rank 145 out of 190 countries.

    According to him, there has been a significant boost in local production, which is due to CBN’s development finance efforts and the dogged implementation of its foreign exchange policies.

    “Today many local manufacturers are reporting major boosts to their revenue and profit,” Emefiele said.

    Emefiele said that the growing Nigerian population presents additional opportunities for economic empowerment for Nigerians.

    He noted that Nigeria is now estimated to have a population of over 180 million people and this population is predicted by the United Nations to grow to 398 million people in 2050, which would make Nigeria, the third largest in the world by that time.

    According to him, the population trend presents a significant opportunity for Nigerian graduates to turn whatever challenge they may be facing into opportunities that can harness these demographic shifts.

    “Imagine what would happen if Nigeria and Nigerians cannot provide food, shelter, clothing, health, education, and other basic things for this teeming population. Even though these trends should already begin to bother current leaders in our country today, I believe that young Nigerians can begin today to see these trends as opportunities and think of what they can do take advantage of the situation,” Emefiele said.

  • The ember months’ myth

    The ember months’ myth

    Earlier this month, five persons died and many others were seriously injured in an early morning multiple road mishap at the famous Kara Bridge, just by the Lagos end of the Lagos-Ibadan Expressway. Viewing the gory scene of the tragic event through various media platforms was quite distressing. Three of the victims reportedly died instantly while the other two died in the hospital.  Reports had it that about 55 people were involved in the accident, 40 men and 15 women.

    An account of the incident revealed that a tanker laden with 33,000 litres of Automotive Gas Oil (diesel) rammed into a stationary truck carrying brewery products. The resultant oil spill on the road resulted in the multiple crashes involving some trucks and cars. Conservatively put, not fewer than 16 vehicles, comprising eight trucks and eight vehicles were involved in the multiple crashes allegedly caused by the spilled diesel on the road.

    As if the lives that wasted through the gruesome incident weren’t enough for that day, reports had it that two other people died in another accident which involved a collision between a truck and a train in the Fagba axis of Lagos State, on same day. So, it was a rather busy day for men and officials of the Lagos State Emergency Agency, LASEMA, who had to move immediately from that incident on the Kara Bridge straight to Fagba for rescue operation.

    Characteristically, many have tried to establish a connection between these bloody incidents and the usual ‘ember’ months’ tragic jargon.  The so-called ‘ember’ months, which refer to the last four months of the year from September to December, are naturally regarded as tragedy-prone period. This belief is so entrenched in the consciousness of the people that various religious groups and other relevant institutions regularly organize special prayer sessions and seminars with a view to minimizing ember months’ havoc.

    The reality, however, is that the so called ‘ember’ months are not really spiritually jinxed as many might want to swear they are. Tragedy occurs in ‘ember’ months just as it does in every other month of the year. Ascribing needless spiritual and mythical undertones to tragic happenings during the ‘ember’ months could just be the usual Nigerian way of trivializing issues. Rather than clothing the ‘ember’ months in a garb of gratuitous mystery, the pragmatic way of explaining dreadful events during these months is more human than mythological.

    The truth is that there is usually an increase in the tempo of public, private and corporate activities during this period.  Religious bodies are equally not left out of the frenzy of the season as they organize various events during the period. The ‘ember’ months are always the busiest on our roads for obvious reasons and the tumultuous air of festivity do not really help matters. It is a period when people are in so much haste to make all the money they have not made since the beginning of the year. Hence, commercial drivers, who usually embark on five trips per day, capitalize on the aura of festivity to go for 10 trips. This, naturally, comes with its fatal consequences. It is only logical that when there is a mass exodus of people from one place to the other, there is bound to be a measure of uncertainty and disorder.

    The bottom line, therefore, is that tragic occurrences are bound to happen during the ‘ember’ season because of the intensity of human activities. In a bid to be part of the various end-of-year activities slated for the period, a lot of people throw caution into the wind by disregarding critical safety issues. Vehicles are driven irresponsibly. Alcoholic drinks are consumed with reckless abandon while social outings are organized as if tomorrow will not come. The atmosphere, during the season, is often filled with unusual allure and jollity. It is in the midst of this hilarity that avoidable human blunders that result into diverse kinds of misfortunes usually occur.

    Hence, it is imperative for everyone to, first and foremost, have a changed perception of the ‘ember’ months. Hence, conscious efforts must be made to disrobe the months of every garb of unfounded mysticism. It is only when we are convinced that the dangers associated with the months are human rather than mythical that we could really make considerable progress in averting disasters during the months.

    Therefore, enforcement of existing laws and attitudinal change is central to making any progress. Sadly, law enforcement agents are also involved in the mad ‘ember’ months’ rat- race. In a bid to make some ‘extra’ buck to furnish special festive ‘necessities’ , they usually engage in treacherous compromise that encourages lawbreakers to go un-punished. The result, of course, is the continuation of avoidable circle of pandemonium and sorrow.

    Consequently, as we march towards the end of the year, we must modify our views on the ‘ember’ months. We must not get involved in any pointless extra-ordinary end of the year ‘rush’ that could endanger our lives, and indeed, those of others. Those who have to organize social events to correspond with this period should do so bearing all safety precautions in mind. Commercial drivers and other road users must respect the sanctity of the human life by observing required road safety measures.

    Perhaps, more importantly, relevant government agencies must step up enlightenment campaigns as well as enforcement strategies to guarantee that ‘ember’ months’ crashes and other related tragedies are reduced to the barest minimum. In this respect, the Federal Road Safety Corps, FRSC, and the Lagos State Traffic Management Authority, LASTMA, should be commended for their various ‘ember’ month’s safety strategies, in Lagos and adjoining states.

    However, there is a need for them to intensify efforts in this direction while more appropriate government agencies should also come on board the ‘ember’ months’ re-orientation and re-awareness project. Presently, the Lagos State Ministry of Information and Strategy is embarking on an ‘ember’ months’ responsiveness campaign across the state. The objective is to change the attitude of the people towards these months and offer key safety tips.

    As it has been previously affirmed, it is critical to re- affirm that tragic happenings during ‘ember’ months are promoted by reckless human actions. It is only in living modestly and responsibly that we can avoid the dangers and hiccups that are generally associated with ember months. If only we could rid ourselves of our usual ‘ember months’ excesses, we would discover that nothing is actually wrong with the months.

     

    • Ogunbiyi is of the Ministry of Information and Strategy, Alausa, Ikeja.

  • Three months after, Fed Perm Secs yet to take oath

    Seven permanent secretaries appointed by the federal government are yet to take office three months after their appointment.

    This is creating disquiet following the furore generated by the reinstatement of former Pension Reform Task Team (PRTT) into the civil service before President Buhari’s intervention which led to his sack.

    Then acting President Yemi Osinbajo in August approved the appointment of 21 Permanent Secretaries.

    Fifteen of them were sworn in on August 16and assigned them portfolios.

    These are: Anagbogu, Ifeoma Nkiruka (Anambra State), Women Affairs; Wilson-Jack Didi Esther (Bayelsa), Service Welfare, Office of the Head of the Civil Service of the Federation, OHCSF; Gekpe Grace Isu (Cross River), Information Culture, and Aliboh, Leon Lawrence (Delta), Budget and National Planning.

    Uwaifo, Osarenoma Clement (Edo), Ministry of Health; Afolayan, Ayodele Olaniyi (Ekiti) Common Services, OHSCF; Abdullahi Abdulazeez Mashi (Katsina), Ministry of Communications; Adebiyi, Bolaji Adekunle (Lagos) Labour and Employment, and Ibrahim, Musa Wen (Nasarawa) Water Resources.

    Odewale, Samson Olajide (Ogun), Special Duties, OHCSF; Adesola Olusade (Ondo), Youths and Sports; Umar,  Mohammed Bello (Sokoto) Special Services, Office of the Secretary to the Government Federation; Aduda, Gabriel Tanimu, (FCT), Political Affairs Office, OSGF; Akpan, Edet Sunday(Akwa Ibom), Trade and Investment, and Ehuria, Georgina Ekeoma (Abia), Cabinet Affairs Office, OSGF.

    Those yet to be sworn-in because of lack of vacancy for their states to fill are: Suleiman Mustapha Lawal  (Kano), Ekaro Comfort (Rivers) Adekunle, Olusegun Adeyemi (Oyo) and Apata, Dayo (Ekiti), Bitrus Bako Nabasu (Plateau) Osuji, Ndubuisi Marcellinus (Imo) and Mu’azu Abdulkadir (Kaduna).

    They have been idle since having handed over in their previous offices. They have only been earning salaries without doing anything.

    Sources said many attempt to get their swearing in listed on the agenda of the Federal Executive Council (FEC) had been unsuccessful.

    There are fears that leaving the perm secs in limbo might not be known to President Muhammadu Buhari.

    ‘If the President could promptly respond to the Maina issue, ordering an investigation into the controversy; if he could direct the reinstatement of Governor Willie Obiano’s security personnel in Anambra State; if he could appoint a Secretary to the Government of the Federation and swear him in within 24 hours, that means President Buhari has listening ears’, the source said.

  • Labourer jailed 10 months for stealing tyres

    A Mararaba Grade 1 Area Court, Nasarawa State, has sentenced a 23-year-old labourer, Dominic Etim, to 10 months’ imprisonment for stealing four tyres valued at N80, 000.

    Etim, who lives at Aso B in Mararaba, was arraigned on a charge of theft.

    The Judge, Mr. Albert Maga, however, gave the convict an option of N8, 000 fine.

    He said the prosecution had proved its case beyond reasonable doubt; therefore, the convict was guilty as charged.

    “The prosecution presented three witnesses and had established beyond reasonable doubt that the defendant was guilty.

    “I hereby sentence you (Dominic Etim) to 10 months’ imprisonment with an option of N8, 000 fine,” Maga ruled.

    He ordered the convict to pay N70, 000 as restitution to the complainant for the stolen tyres.

    The labourer was first arraigned on August 28 for theft, to which he pleaded not guilty.

    Police prosecutor Agabi Auta told the court that the case was reported at Aso Police Station by the complainant, Pius Ejiofor of Tudun Wada, Mararaba, on August 26.

    He said on the same date at 8a.m., the accused entered the complainant’s mechanic workshop at Mararaba while he was making a phone call and stole four tyres valued at N80, 000.

    Auta said the accused also stole the complainant’s clothes valued at N10, 000.

    “Etim was seen on August 26 by the complainant at Mararaba when he was about to board a bus and was arrested.”

     

  • Investors earn N2.97tr in nine months

    •Got N765b in three months

    Equities’ investors at the stock market netted N765 billion in the three-month period that ended September 30, pushing the year-to-date gain for the first nine months of the year to N2.97 trillion.

    Despite a recurring profit-taking trend that led to tepid performance in September, quoted equities drew on strong rallies in the early months of the third quarter to close the period positive.

    Benchmark indices and sectoral trackers at the Nigerian Stock Exchange (NSE) indicated that Nigerian equities continued to outperform other classes of assets as historically low valuations, improved macroeconomic outlook and foreign exchange management sustained another quarter-on-quarter rally to push average year-to-date return by the nine-month period ended September 30, 2017 at 31.87 per cent.

    While the profit-taking transactions had depressed most equities in the last month, most quoted equities still closed the third quarter at their four-year best performances with double-digit returns, ahead of inflation and benchmark interest rate. The average investors have seen their portfolios rising by almost a third while several investors are considerably higher than the average benchmark.

    The nine-month average year-to-date return represents 15.87 percentage points and 17.87 percentage points above inflation rate and the Monetary Policy Rate (MPR)-interest rate benchmark, respectively. Adjusted for inflation and interest rate, the nominal real return stands positive at 1.87 per cent. Nigeria’s inflation rate stands at 16.0 per cent while the MPR is retained at 14 per cent.

    Aggregate market value of all quoted equities on the NSE closed the third quarter at N12.217 trillion as against 2017’s opening value of N9.247 trillion, representing net capital gain of N2.97 trillion or 32.1 per cent. The All Share Index (ASI)-the benchmark index that doubles as sovereign equities index for Nigeria, crossed nine levels to close September at 35,439.98 points compared with its year’s opening index of 26,874.62 points, representing an increase of 31.87 per cent.

    Investors in the banking sector continued to sustain their lead on the returns’ table with the NSE Banking Index indicating average year-to-date return of 60.46 per cent for the nine-month period. The NSE 30 Index, which tracks the 30 most capitalised companies, posted above average return of 35.75 per cent. The NSE Consumer Goods Index ended the period with 29.35 per cent. The NSE Industrial Goods Index trailed with 24.37 per cent while the NSE Insurance Index posted a return of 10.64 per cent. However, the NSE Oil and Gas Index recorded a negative return of -10.19 per cent as oil and gas stocks continued on downtrend.

    The NSE Pension Index, which tracks stocks specially screened in line with pension investment guidelines, showed that pensioners might be in for wider dining tables with above-average return of 50.81 per cent. The NSE Lotus Islamic Index-which tracks stocks that comply with the Islamic law, recorded appreciable return of 21.01 per cent, underlining the attractiveness of ethical investment in the midst of the rally. The NSE Lotus Islamic Index excludes interest-based banks, breweries, gambling and overleveraged companies among others.

    Quarter-on-quarter analysis showed that the ASI recorded average return of 7.01 per cent, suppressing a downtrend that saw a decline of 0.18 per cent in September. The overall market performance was driven by considerable rally in the consumer goods sector. The NSE Consumer Goods Index doubled the average performance with a return of 15.89 per cent. The NSE Banking Index followed with a gain of 10.6 per cent. The NSE 30 Index recorded three-month return of 7.84 per cent. The NSE Industrial Goods Index rose by 2.69 per cent while the NSE Insurance Index appreciated by 1.36 per cent. The NSE Pension Index and NSE Lotus Islamic Index rose by 5.52 per cent and 8.87 per cent respectively. The NSE Oil and Gas Index was the contrarian index, with a negative return of -13.1 per cent.

    On a month-on-month basis, September was largely dominated by sell pressure as investors sought to monetise capital gains and locked in values into other equities and asset classes. The ASI slipped by 0.18 per cent during the month, driven largely by declines in the oil and gas, industrial goods and consumer goods sectors. The NSE Oil and Gas Index slumped by 6.05 per cent. The NSE Industrial Goods Index dropped by 3.30 per cent. The NSE Consumer Goods Index depreciated by 2.65 per cent while the NSE 30 Index dipped by 0.95 per cent. However, the NSE Insurance Index indicated resurgence with positive return of 1.59 per cent while the NSE Banking Index inched up by 0.11 per cent.

    The third quarter performance of the equities market further consolidated the upswing that dominated the first half of the equities market. Investors had netted more than N2.2 trillion in capital gains in the first half of this year with most quoted equities closing the first half at their four-year best performances. The six-month average year-to-date return stood at 23.23 per cent, equivalent to net capital gain of N2.2 trillion.

    Aggregate market value of all quoted equities closed the first half at N11.452 trillion while the ASI closed at 33,117.48 points.

    The sustained rebound in the equities market so far this year represents a major recovery for hard-pressed Nigerian investors, who had lost N3.98 trillion in the past three years. The stock market had been on a losing streak since 2014. Investors lost N1.75 trillion in 2014 and followed this with another loss of N1.63 trillion in 2015. Against the general expectation that political transition and new government will quicken a rebound, equities closed 2016 with a net capital loss of N604 billion. Aggregate market value of all quoted equities on the NSE closed 2016 at N9.247 trillion as against N13.226 trillion recorded at the start of trading in 2014, representing a net capital loss of N3.98 trillion.

    Meanwhile, total turnover at the NSE last week stood at 1.33 billion shares worth N14.09 billion in 14,703 deals as against a total of 1.1 billion shares valued at N17.86 billion traded in 16,070 deals in the previous week. The financial services sector remained atop activity chart with 1.06 billion shares valued at N7.34 billion in 8,202 deals; representing 80 per cent and 52.1 per cent of the total equity turnover volume and value respectively. The industrial goods sector staged a distant second with 91.35 million shares worth N2.78 billion in 933 deals. The consumer goods sector placed third with a turnover of 70.19 million shares worth N3.4 billion in 2,719 deals.

    The three most active stocks were Continental Reinsurance Plc, Sterling Bank Plc and Access Bank Plc, which jointly accounted for 412.84 million shares worth N1.49 billion in 817 deals, representing 31.14 per cent and 10.55 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 274 units of Exchange Traded Products (ETPs) valued at N636,148 in 18 deals compared with a total of 58 units valued at N90,475 traded in five deals in the previous week.

    A total of 7,424 units of Federal Government bonds valued at N6.689 million were also traded last week in 18 deals compared with a total of 178 units valued at N163,407 traded in two deals two weeks ago.

    Market analysts remained optimistic on the performance of the equities market as many companies indicated their third quarter earnings report might be ready this month.

    “In the coming week, we believe market performance will be majorly driven by investors’ expectation of third quarter 2017 report card. Nonetheless, we advise investors to stay bullish on stocks with sound fundamentals,” Afrinvest Securities stated.

    Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, said the recovery at the stock market was a response to positive changes in the polity noting that the stock market performance usually aligns with macroeconomic outlook.

    According to him, the stock market had remained depressed in the first quarter under poor liquidity amidst uncertain and unrealistic foreign exchange management. But the market turned round in the second quarter with the changes in the foreign exchange management and improvement in macroeconomic coordination.

    Chukwu said the market recovery was boosted by the introduction of the Investors and Exporters’ foreign exchange window and the narrowing of exchange rates between official and parallel rates due to policy stimulation by the Central Bank of Nigeria (CBN).

  • NCC seized pirated works worth N926m in eight months

    NCC seized pirated works worth N926m in eight months

    The Nigerian Copyright Commission (NCC) says it has seized pirated materials worth about N926 million in the last eight months in Lagos metropolis.

    Mr. Obi Ezeilo, the Zonal Manager of the Commission, Lagos Office, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

    He said that the seizures were made between January and August 2017 in several locations within the city.

    “NCC has scaled up its enforcement activities in the last eight months and we have seized pirated items to the tune of over N926 million, removed from containers at Apapa Port, warehouses and shops.

    “So, in terms of enforcement and prosecution, things have dramatically changed over the last eight months and the creative industry should be well aware of that.”

    According to him, 12 suspected pirates were arrested in the last eight months while 21 pending cases are in court.

    He said that the Commission had also closed case files of seven of the suspected pirates.

    Ezeilo said that three containers of pirated materials were seized at Apapa Terminal Port and in seven warehouses in Mushin, Ajegunle, Surulere and Amuwo-Odofin.

    The materials seized included cinematographic works, literary works, CDs and video CDs.

    He said that the commission would introduce a new legislation to strengthen the fight against piracy in the country.

    “The draft copyright bill is undergoing fine-tuning at the office of the Attorney-General.

    “We are hoping that when the new bill becomes law, it will help to make the copyright industry more vibrant, encourage more creativity and address the issue of piracy on the internet.

    “These are the sort of things we are hoping to achieve so that the industry will become a more vibrant industry and contribute more to the economy and the GDP of the country.’’

    Ezeilo said that the commission recently carried out another anti-piracy raid, tagged ‘Operation No Mercy’ at Yaba Book market in Lagos, suspected to be a piracy activity zone.

    “The anti-piracy raid was carried out following intelligence and surveillance report.

    “They were accompanied on the raid by officers of the Nigeria Police.

    “The anti-piracy action proved to be successful as major literary book titles were seized and three suspects arrested.’’

    Ezeilo commended the unwavering support and collaborative efforts by the Nigeria Police and stakeholders in the copyright industry towards the fight against piracy in Lagos.

    NAN reports that the Copyright Decree No. 47 of 1988 established NCC in August 1989.

  • Court jails mechanic three months for stealing bag

    A Karmo Grade 1 Area Court in Abuja at the weekend sentenced a motor mechanic, Murtale Useni, to three months’ imprisonment for stealing a bag.

    Useni, 20, who lives at Jayi Tipper Garage, Abuja, was arraigned on a one-count charge of stealing.

    The convict pleaded guilty.

    The judge, Abubakar Sadiq, gave the convict an option to pay N10,000 as fine.

    Sadiq said the punishment was less severe because he pleaded guilty, and saved the court the pain of prolonged prosecution.

    He warned him against taking to crimes again.

    The prosecutor, Florence Auhioboh, told the court that on August 18, Simon Shaapela, of Behind Water Board, Katampe Extension, reported the matter at Gwarinpa Police Station.

    She said on the same date, about 7 am., the convict went into the complainant’s house without his consent.

    Auhioboh said the convict broke into the complainant’s room and stole his bag, containing his ATM card, clothes, electrical cable and other items.

    She said when the convict saw the complainant coming, he jumped through the window and ran. But he was apprehended and handed over to the police.

    The prosecutor said during  interrogation, the convict admitted committing the offence.

    She said the offences contravened Section 287 of the Penal Code.

    Following his plea, the prosecutor prayed the court to try him summarily under Section 347 of the Administration of Criminal Justices Act, 2015.

  • Federal, states, councils share N2.8tr in six months

    Federal, states, councils share N2.8tr in six months

    The three tiers of government – federal, states and local governments – shared N2.788 trillion between January and June this year, Nigeria Extractive Industries Transparency Initiative (NEITI) said yesterday.

    According to a statement by NEITI Director of Communications, Dr. Orji Ogbonnaya Orji, the allocation shows a 38 per cent increase on the N2.019 trillion shared in the first half of 2016.

    NEITI said the figure is contained in its Quarterly Review, which focuses on disbursement from the Federation Accounts and Allocation Committee (FAAC).

    The review was based on data obtained by the agency at the meetings of FAAC and data from National Bureau of Statistics, Office of the Accountant General of the Federation, Federal Ministry of Finance and the Debt Management Office.

    Out of $2.788 trillion disbursed in the first half of 2017, the Federal Government received N1.09 trillion, 36 state governments received N923 billion while N549.8 billion went to 774 local governments.

    A further  breakdown  shows that total releases to the three tiers of government was N430.16 billion in January, N514 billion in February, N496.40 billion (March), N418.82 billion (April), N418.82 billion (May) and N462.36 billion  (June).

    However, despite the 38 per cent increase in disbursements in the first half of 2017 when compared with 2016, the three tiers of government suffered significant revenue decline in terms of projected FAAC disbursement.

    “Coupled with the low price of oil is the country’s difficulty in meeting the targeted/budgeted production rate of 2.2 million barrels per day. Production has consistently fallen below two million barrels per day since March 2016. Thus the double “whammy” of low oil prices and lower production that hit the country since 2014 has remained” the NEITI Quarterly Review observed.

    For instance, while the expected FAAC disbursement for the three tiers of government was N4.7 trillion, the actual FAAC disbursement to them was N2.788 trillion, representing a shortfall of over 40.67 per cent.

    According to the publication, “the volatility nature of disbursements to all tiers of government in the first half of 2017 would suggest difficulty in implementing budgets at Federal, state and local government levels. The volatility in revenue inflows will adversely affect planning and expenditure of government and thus likely hamper efforts at stimulating growth and development”.

    The quarterly review added that a total of N513 billion was spent on debt servicing by the three tiers in the first quarter of 2017.

    This was against the N1.276 trillion disbursements in the first quarter. This means that debt servicing took up 40.27 per cent of FAAC disbursement for the first quarter of this year.

    “The figure reveals that debt servicing as proportion of total FAAC allocations is generally higher in the first quarter of the year, after which it falls to lower levels. Based on this, the figure of 40.27 per cent observed in the first quarter of 2017 might be an upper threshold and it would thus be expected that this figure will be lower for the remaining quarters of the year”, the report said. However, the Debt Management Office (DMO) is yet to provide data on the figure for the second quarter of 2017.

    In this direction, the NEITI publication expressed concern that the nation’s debt in relation to revenues appears to have reached critical levels. It further noted that domestic debt servicing constituted 90 per cent of total debt servicing.

    The report remarked that “domestic debt servicing consistently outstrips external debt servicing. In the first quarter of 2015, domestic debt servicing made up over 93 per cent of total debt servicing. This figure did not change much by the first quarter of 2017 as domestic debt servicing was over 92 per centof total debt servicing”.

    On the Paris Club debt refund to the 36 states and Federal Capital Territory (FCT), the NEITI Quarterly Review confirmed that N760.18 billion was released by the Federal Government to the 36 states and the FCT.

    The money, which was paid in two tranches represents refunds of over deductions from FAAC allocations to states and local governments used for quick payment of debt relief granted to Nigeria by the Paris Club between 1995 and 2002.

    The NEITI publication disclosed that Rivers received the highest amount of N44.93 billion followed by Delta with N37.61billion and Akwa Ibom N35.98 billion.  Bayelsa got N34.9 billion and Kano State received N31.74 billion. The Federal Capital Territory, Abuja received the lowest amount of N2.05 billion.

  • Cable thief gets six months

    A Yaba Magistrates’ Court in Lagos State has sentenced a 32-year-old man, Ismaila Mabodu, to six-month imprisonment for the theft of 10 metres of armoured copper cable.

    The incident was said to have occurred at a substation, near Nigeria Railway Corporation (NRC) premises, Yaba, under the coverage of Eko Electricity Distribution Company.

    Police prosecutor Mr. Amoke Akinyele said the convict was arrested by policemen from NRC on August 3, about 3:45 am.

    The accused was arraigned on a two-count charge of wilful damage and the theft of earth cable.

    He pleaded guilty, making the Magistrate, Mr. S. O. Aka Bashorun, to adjourn the case for facts and sentencing.

    When the case came up on August 14, the accused maintained his plea after prosecutor tendered the 10-metre earth cable recovered from him and statements by prosecution witnesses as exhibits.

    Delivering judgment, the magistrate said the offence contravened sections 285 and 350 of the Criminal Law of Lagos State and he was sentenced to six months on each of the two counts.

    While the sentences will run concurrently, the judgment was, however, without an option of fine.

    General Manager, Eko Electricity Distribution Company Mr. Godwin Idemudia said the judgement would act as a deterrent to those engaging in vandalism and theft of electricity cable and other facilities of the company.

  • N100b revenue in five months: Wike has no excuse for non-performance, says Peterside

    N100b revenue in five months: Wike has no excuse for non-performance, says Peterside

    The governorship candidate of the All Progressives Congress (APC) in Rivers State during the 2015 election, Dr. Dakuku Peterside, has stated that Governor Nyesom Wike has no excuse for non-performance, in view of the N100 billion revenue his administration has received from the federation account in the last five months.

    He also described non-performance as the hallmark of Wike’s administration.

    Peterside, in a statement yesterday by his Media Team, lauded the Federal Ministry of Finance for revealing that Rivers got the highest amount of N34 billion from Paris Club refund, in addition to over N75 billion accruing to the state from federal allocations in the past five months.

    He said: “There is nothing on the ground to suggest that Rivers State received the huge amount of money, especially with the sustained insecurity, inability to pay pensioners and staff of the Rivers State Sustainable Development Agency (RSSDA) and non-employment of Rivers youths, among other outstanding obligations.

    “The Rivers governor is busy brandishing projects executed by the immediate past administration of Rt. Hon. Chibuike Rotimi Amaechi and trying to claim credit for same.”

    Peterside, who is also the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), said Wike was running the affairs of the state to the detriment of the majority.

    He lamented the high level of insecurity in many parts of the state, adding that Wike has failed in the area of his primary responsibility.

    The NIMASA chief said: “The first responsibility of a state governor is security of lives and property. Despite the huge revenues that have come the way of our state, Wike is yet to understand that governance goes beyond carrying out a handful of projects. The will to ensure security of lives and property and provision of jobs for our teeming youths go hand in hand.

    “Unemployment is on the rise and this is what is fueling criminality and crimes in the state. Rivers youth have been abandoned to their fate, with no clear policy to enable them to achieve their aspirations.

    “With the amount of money the governor has received in the last five months, in addition to over N100 billion borrowed from banks, there is no reason why our state should not be better secure and courting favours of investors.

    “Since Wike became governor, no major investor, either foreign or local, has looked the way of Rivers State. Despite wasting our money in hosting all manner of events, no serious attempt has been made to employ our youths. Rather than create employment, the Rivers governor has made more people jobless. All visionary policies and programmes of his predecessor (Rotimi Amaechi) have become moribund.

    “The only company engaged in any massive project in Rivers state today is the Nigerian Liquefied Natural Gas (NLNG) on Bonny Island and we all know the roles played by former Governor Amaechi (now Transcription Minister) to bring the headquarters to Rivers State.”

    Peterside, a former member of the House of Representatives, also called on Wike to listen to Rivers people and make his administration open and transparent for citizens to know what accrues to the state and how their commonwealth was being utilised, not for the benefit of a few, but for everybody.