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Tag: Nasarawa State University

  • Three Nasarawa varsity students feared dead in stampede

    Three Nasarawa varsity students feared dead in stampede

    Three students of the Nasarawa State University, Keffi were feared dead on Friday in a stampede when the students looted rice given for distribution by the state government.

    The incident occurred at the convocation square where the bags of rice were kept awaiting the arrival of Gov. Abdullahi Sule for the commencement of distribution.

    According to a student witness, Moses Ajah, the surging crowd of students waiting to enter the square over powered the security personnel and broke in through the gate thereby causing a stampede.

    He described the incident as very unfortunate.

    “Some of the students were struggling with the police over the rice and as more students got information, the situation degenerated.

    “As we speak, some students are injured and receiving treatment at the school clinic,” he said.

    Read Also: Warehouse looting: No cause for alarm in Lagos, say NEMA, police

    He said some students picked up bags of rice and ran to their hostels and other places of residence even as the governor was yet to arrive to inaugurate the distribution.

    As at the time of filing this report,  police officers were seen retrieving the palliatives from students.

    When contacted, Mr Abraham Ekpo, Information and Protocol Officer of the University, said he was aware of the incident but yet to get details about it.

    The News Agency of Nigeria (NAN) recalls that  Sule recently embarked on a palliative initiative for students of tertiary institutions in the state.

    He has  visited Federal University, Lafia, College of Education, Akwanga among others where he distributed 7.5 kg bags of rice and N5,000 to each students.

  • Discordant tunes over minimum wage

    After several months of foot-dragging, the new N30,000 minimum wage implementation has begun. TOBA AGBOOLA writes on the economic implications of the new wage.

    Following the implementation of the new minimum wage any moment from now, the debate on whether it will enhance workers’ living condition and favour the economy has continued to occupy the front burner of national discourse.

    While some people say an increase in the minimum wage will boost the economy, others disaggree. Those who say the economy will do well with the wage increase believe that it is a stimulant that the government must quickly inject to attack the downturn in the economy.

    They say the best thing for the government to do is to increase its spending, especially in areas where the purchasing power of the people will be enhanced.

    To some, an increase in minimum wage is not the best approach to help workers or the economy. They say any increase in the minimum wage is usually accompanied by a rise in the cost of commodities in the market because traders will want their share of the pay rise. They said what the government needs to is to provide the enabling environment for businesses to thrive.

    They also argue that there is high inflation rate and any further increase in the minimum wage will increase the level of money supply, thus, worsening the problem.

    An economic expert, Prof. Uche Uwaleke, who is also the head of Department, Banking and Finance, Nasarawa State University, Keffi said the new minimum wage would not lead to inflation contrary to speculations by some people.

    “I do not agree that it will lead to inflation and this is because our aggregate demand is still weak.

    “Recall that the last economic recession was caused by weak aggregate demand when many state governments could not pay salaries due to reduced FAAC allocations from dwindling oil prices.

    “The economy has been making a slow recovery since the exit from recession. So, the associated economic expansion from implementing the new minimum wage will be salutary for the economy having negligible impact on the general price level,’’ he said.

    Uwaleke recalled that the monthly reports by the National Bureau of Statistics (NBS) had shown that inflation in Nigeria, against the backdrop of low economic activities, was more of cost-push than demand-pull.

    This, he said, was driven more by high cost of fuel, electricity and transport.

    To him, historical evidence does not also support the claim that the new minimum wage would worsen inflationary pressure.

    “In 2011 for instance, when the minimum wage was increased from N7,500 to N18,000, inflation rate actually dropped from over 13 per cent the previous year to less than 11 per cent.

    “So, with increased output and a focus on capital spending, inflation spike arising from this development becomes a non issue,’’ Uwaleke added.

    For the Secretary, Council of Academic Staff Union of Osun State Owned Tertiary Institutions, Olusegun Lana, the increment of the national minimum wage is one of the legal mechanisms through which the purchasing power of the people can be enhanced. When their purchasing power is enhanced, it will have a positive effect on the economy.

    “Artisans, traders and other segments of the society will feel the impact and through that, the economy will come alive. In fact, this increase is long overdue,” he said.

    Chairman, Nigeria Labour Congress (NLC), Bayelsa State chapter, John Bipre-Ndiomu  said the need to increase the minimum wage of workers in Nigeria is long overdue considering the skyrocketing prices of goods and services in the country.

    He said the argument on whether or not an increase will help the economy is untenable, misplaced and unthinkable.

    He said: “I will also want to know if the wages of senators and members of the House of Representatives is helping the economy. Is it only the workers’ income that will be a problem to the country? Nigerians know too well that the salaries of workers cannot take them home. Whether anybody likes it or not, there is the urgent need to increase the minimum wage of Nigerian workers. The current inflationary trend in the country has rubbished workers’ salaries. So, it has become a necessity, not a luxury, to increase workers pay.

    “You can imagine a worker buying a bag of rice for N18,000 and the salary of that man (worker) is N18,000. How do you want such a person to cope with life? Such a worker, no doubt, will be like a living dead.

    “Sometimes, in a situation like this, the best way to help the economy is to pump money into the system. If workers have no money to go to the market, production will definitely not take place.”

    To the Chairperson, Transition Monitoring Group, Dr Biola Afolabi-Akiyode, an increase in minimum wage is not the best approach to helping workers or the economy of Nigeria.

    “If you look back at the history of wage increases, you will discover that any increase in the minimum wage is usually accompanied with a rise in the cost of commodities in the market because traders will want their share of the pay rise.

    “We already have a high inflation rate and any further increase in the minimum wage will increase the level of money supply, thus worsening the problem,” he said.

    To him an increase in the minimum wage will put pressure on private companies and state governments that cannot even pay the present minimum wage.

    “Don’t forget, when prices of commodities go up as a result of wage increase by the Federal Government, both the private and the public workers will bear the brunt because we all shop from the same market.

    “So, what the government should do is, rather than increasing the minimum wage, it should create an enabling environment for the people, through investment in massive infrastructure and other basic amenities, to drive down cost of production,” he said.

    Tope Fasua, an Abuja -based economist and chief executive of Global Analytics Consulting Limited, said a bit of inflation, although not significant, should be expected if workers’ salaries are increased.

    “Naturally if there is a wage increase, a bit of inflation should be expected. But, whatever rise in inflation should not discourage the government from increasing the salaries of workers.

    “In other words, you cannot say the proposed increase in workers’ wages will trigger a five per cent increase in inflation or thereabout,” he said.

    According to Fasua, one of the economic myths in Nigeria is people believing there is more money in the hands of everybody when a certain group of people gets a pay raise.

    Therefore, everyone tends to increase prices faster than the effect of inflation, trying to cover up, mindless of the people in the private sector who might not benefit from the proposed increase in public servants’ wages.

    “To a large extent, many private sector people cannot be forced to increase their workers’ wages along with the public sector,” he said.

    For the Lead Director, Centre for Social Justice (CENSOJ), Eze Onyekpere, whoever says a new minimum wage will spike inflation has no basic understanding of what inflation really means.

    “Whoever says the proposed increase in the minimum wage will spike inflation is an economist without a school. They have no understanding of what inflation is. When the National Assembly announced jumbo allowances for its members’ in 2017, what effect did it have on the country’s economy?” he asked.

    Rather than increasing inflation, the CENSOJ boss said an increase in the minimum wage would be a great thing to happen to the Nigerian economy, as workers would have more disposable income at hand.

    “Buying more will stimulate demand from industries that are producing as well as a lot of inventory in their warehouse,” he said.

    He said the benefits of an increased income for the workers will not be limited to salary earners, but also others in the economy (their dependents, relations).

    At the end of the day, he said, it will be a win-win scenario for everyone and will also motivate them to improve service delivery.

    However, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, during a debate on the new minimum wage said he does not believe the proposed increase in the minimum wage will spike inflation. Rather, he says the increase will stimulate output growth in the economy.

  • Oyedokun is ICTRD’s first executive secretary

    The International Centre for Tax Research and Development (ICTRD) has appointed Godwin Oyedokun as its first Executive Secretary.

    Oyedokun is bringing on board his wealth of experience as a chartered tax professional as well as his credentials and indepth knowledge of local and global taxation issues towards  the realization of the center’ s objectives for a responsible government .

    The ICTRD is a non-profit organization and research center geared towards the advancement of taxation both in Nigeria and globally, with a primary objective to ensure that government utilize the tools of taxation for the benefits of the people.

    The centre is also focused on the development of knowledge enhancing programs aimed at educating citizens on their civic rights and responsibilities.

    A statement from the centre explained that with this new appointment, Oyedokun will provide internal and external leadership for the centre as well as expand ICTRD’s role as a thought leader, influencer and convener on taxation and development.

    Read Also: Oshiomhole appoints Ebugbulem as chief press secretary

    Commenting on the development, Oyedokun said: “I am honoured to take on this position of leadership for the centre, we will ensure that all hands are on deck to realize the objectives of the society for a developed society and improved economy.

    “Under my directive, I will also ensure that  both the external and internal resources of the centre are put to work to see to the expansion of ICTRD role and to ensure effective integration and efficient operations across the organisation in support of its mission and strategic goals.”

    Also speaking, Founder of ICTRD, Morenike Tejuade Babington- Ashaye, expressed confidence on  the appointee   as one who perfectly fits for the role judging  his antecedents and records, adding that she was optimistic that the centre would reach its peak under his governance.

    Oyedokun is a multidisciplinary professional consultant and scholar practitioner of good repute with over 25 years experience and over 27 professional qualifications both locally and internationally.He  holds a PhD with specialization in Taxation and has shown exemplary leadership heading various functions including being  a  a co-founder and the Chief Technical Consultant of  OGE Professional Services Ltd as well as  President at OGE Business School.

    He  is presently  a Senior lecturer at Accounting Department of Nasarawa State University and  a member of the Governing Council of the Chartered Institute of Taxation ,CITN. He is also  the Chairman of the Education Committee of the council .

     

  • NANS convention: Between fact and fiction

    Genuine students have really been pained that, over the years, some so-called stakeholders (non students) took it upon themselves to always choose or select the leadership of the National Association of Nigerian Students (NANS) for students. This had been the culture for many years. Bonafide students never had a say in who became the NANS president and other officers.

    The just-concluded convention was tailored to toe a similar path. For the avoidance of doubt, before the convention proper, some of the members of the convention were bribed and they sent their thugs after Gideon Obande, a top contender from the Nasarawa State University, Keffi (NSUK), and he sustained injury on his face for no reason.

    It is worrisome that the election that was to be conducted on Saturday July 7, 2018, was delayed by some already compromised convention members until Tuesday July 10, 2018. By then, most of the real delegates (presidents of the Students’ Unions Government) that were to vote at the convention faced logistics challenges and needed to return to their respective school.

    Gideon was left at the mercy of a compromised convention organising body that was mostly populated by non-students of  higher institutions in Nigeria. When the convention reconvened, the organising body accredited 272 delegates for voting. After the election, the votes turned itself to 275. Where did they get the additional three votes?

    In fact, some of the people accredited were not worthy to be called students based on the fact that they were thugs imported to rig the election. This made Gideon and members of his camp to pull out of the convention. Then, the legitimate delegates who found him worthy elected him as NANS president.

    It was when students at the convention were probing the additional votes and shouting “we no go gree” that Gideon pulled out of the election where the legitimate students voted him as their leader.

    It is very unfortunate that there were a lot of electoral frauds and irregularities on the just concluded convention. Gideon had no any other option than to pull out of the convention because there was no provision for taking any issues to the court of competent jurisdiction by the aggrieved parties based on the fact that NANS is not a registered organisation with Corporate Affairs Commission (CAC). It is just a pressure group that cannot sue and be sued.

    The outgoing Senate President of NANS, Comrade Taiwo Bamigbade from the Federal University of Technology, Akure (FUTA) who had benefitted from a free, fair and credible election equally pulled out of the convention. He was the one who organised a fresh election where Gideon emerged as NANS president.

    We are aware that the so-called stakeholders will never allow NANS to have just one president because of their selfish interest. That was why they declared one Bamidele Danielson as their president.

    However, as a member of the Convention Planning Committee, I can authoritatively announce that students’ community in Nigeria has spoken with one voice. They have elected Gideon Obande as NANS president and nothing will change this fact. Whoever is parading himself as NANS president other than Gideon is an impostor who is being pushed by a group of discredited stakeholders who are using the name of NANS to curry political favour.

    I use this medium to say congratulations to Gideon Obande – the number-one student of Nigeria.

    • Ibrahim is the secretary of NANS Convention Planning Committee and a Post-graduate Building student, ABU, Zaria.

  • Nasarawa approves five-year single tenure for varsity VC

    Nasarawa House of Assembly on Tuesday approved a five-year single tenure for Vice-Chancellor for the state-owned University, Keffi and other principal officers of the institution.

    The Speaker of the House, Alhaji Balarabe Abdullahi, announced this in Lafia while announcing the passage of  a Bill for a Law to Amend the Nasarawa State University Law 2001,” during the House proceeding.

    He commended the sponsor of the bill, Mr Daniel Ogah Ogazi, (APC-Kokona East) and his colleagues for ensuring that the bill saw the light of the day.

    The sponsor, who is also the Deputy Majority Leader of the House, had moved a motion for the passage of the bill and seconded by Alhaji Mohammed Okpoku (APC-Udege/Loko).

    Ogazi commended the speaker and his colleagues for giving adequate attention to the passage of the bill.

    According to the speaker, said that when the bill is passed into law by the governor, the Vice-Chancellor of the university shall hold office for a single term of five years.

    He added that the vice-chancellor shall no longer be eligible for appointment until 10 years, after leaving office.

    “Within a period of 90 days and not later than 60 days to the expiration of the tenure of the existing Vice-Chancellor, the successor to the Vice-Chancellor shall be appointed.

    “The Registrar shall hold office for a single term of five years except when his tenure is expiring the same time with the Vice-Chancellor, that his tenure shall be extended for one year only and no more, “the bill stated.

    The bill further stipulated that the directorates in the university were to be headed by Directors and shall hold office for a single term of five years only.

    “Directors of Works and Maintenance, Physical Planning, Health Services and Information, Communication and Technology shall hold office for a single term of five years only, the bill also stipulated.

    “Also, there shall be Deputy Vice-Chancellor (Academics) and DeputyVice-Chancellor (Administration) in the office of the Vice-Chancellor whose tenure shall be two years, subject to renewal for another two years, “it stated.

    The speaker, therefore, directed the Clerk of the House to produce a clean copy of the bill for governor‘s assent.

    The News Agency of Nigeria (NAN) reports that the bill will be called “Nasarawa State University, Keffi Amendment Law 2018, when signed into law by the governor.

     

  • 2018 Budget: Experts canvas for harmonious relationship between executive and legislature

    Experts have called on the executive arm of government to work closely and harmoniously with the legislators in future budget preparations.

    By working harmoniously, it is believed that there will be less friction and delay in the passage of the budget.

    Speaking exclusively to The Nation on the recently passed and signed 2018 budget and the concerns raised by President Muhammadu Buhari over the tinkering of the budget by the National Assembly, two economists, Professor Uche Uwaleke of Nasarawa State University and Odilim Enwegbara an economic analyst noted that cooperation between both arms of government remains the safest way to an acrimony free budget process.

    According to Odilim Enwegbara a development economist and financial expert who serves as Chairman/CEO at Pan Africa Development Corporate Company (PADCC) “the executive will be better off involving strategic committees the National Assembly at earlier and every other stages of designing the budget so that once it comes to the lawmakers it becomes easy to sell, having participated in making important inputs at all the stages of its designing.”

    Odilim Enwegbara said he completely sympathizes “with the president given his current frustration that our federal lawmakers have introduced projects that have not been fully given cost/benefit analysis, including procurement and implementation planning, but then, I also believe that given the president’s politics that lacks broad national interest that presents all Nigerians as his equal constituents, it is understandable why our federal lawmakers have take away from the president the allocation of projects in a way that it would be just and fair to all Nigerians.”

    On his part, Prof Uche Uwaleke, Head of Department, Banking and Finance of Nasarawa state university and the first Professor of Capital Market told The Nation that “there is no doubt that bringing them (legislators) in at an early stage will help solve this problem. Last year, the National Assembly increased the budget, the year before last same thing happened leading to allegations of padding.”

    According to Prof. Uwaleke, “the important thing is that both arms have to work together. Right now the fate of the 2018 budget hangs in the balance it is starting late, elections are around the corner, by February we have elections, this is June it means it is going to extend up June 2019 and the first term will end by May 29, we have lost a lot of ground already but let’s see how much can be gained.”

    Read Also: 2018 Budget: NIM boss expresses concern over alterations

    Prof. Uwaleke said he was “happy that the President inspite of the concerns that he raised agreed to accent to the appropriation bill and he also promised to work with the National Assembly to ensure that the budget cycle goes back to the January-December cycle.”

    He lamented that the “implementation of the budget has been negatively affected by the delays over the years. Particularly for this one, it’s more like an ill wind that won’t blow the economy any good.”

    Uwaleke noted that “every sector has been feeling the pinch, the stock market has been bleeding since January partly on the account of the budget delay because when you delay passing the budget, investors don’t have a clear direction of where the government is headed so many of them sit on the fence until a clear direction is provided by the budget document.”

    The budget document he said “is a tool of government for delivering on priorities, so that direction needs to be clear before investors can take a position, that’s part of the reason why the market experienced downward trend compared to what we had in January.”

    Prof. Uwaleke said he did see any justification for the cuts made by the National Assembly to critical capital elements of the 2018 budget noting that “we are yet to hear from them, I don’t think it is proper for the National Assembly to tinker with capital project of strategic national importance.”

    The buck he said “stops at the table of the president, the executive formulates these policies so if the policies are in line with the Economic Recovery and Growth Plan (ERGP) of the federal government, the National Assembly is supposed to key into it and help the president to realize his objectives, so I am not in support of the cuts that they made.”

    He added that “whatever the case is whether or not they are carried along there is no justification for cutting capital projects. What I expected them to have done is, there is projected increase in revenue, you go ahead and increase your own constituency projects because the National Assembly is entitled to being used as a vehicle for delivering dividends of democracy not just the executive arm, because when we elected them even though their functions are well spelt out, but the reality is that the people don’t assess them based on these functions. When you go there (National Assemble) and spend eight years and you have not done anything for your people they won’t happy about it.”

    On his part, Odilim Enwegbara argued that Nigerians should “not forget that this being an election season, lawmakers being the true grassroots representatives of the Nigerian people are bound to showcase federal projects they have brought to their constituents, the same people who may or not reelect them come February 2019.”

    He cautioned the executive arm of government to, “let this be a lesson to the executive that it’ll be better off involving strategic committees of the National Assembly earlier and at every other stage of designing the budget so that once it comes to the lawmakers it becomes easy to sell, having participated in making important inputs at all the stages of its designing.”

  • NSE pricing methodology has provided liquidity for inactive stocks–Experts

    NSE pricing methodology has provided liquidity for inactive stocks–Experts

    Some financial experts on Monday said that the Nigerian Stock Exchange ( NSE ) amended par-value and pricing methodology has provided liquidity for inactive stocks in the market.

    Dr Uche Uwaleke, Head of the Banking and Finance Department at the Nasarawa State University in Keffi, said that the amended par-value and pricing methodology had improved the liquidity of stocks that could not be sold below 50k before now.

    “Since Jan. 29, when it became effective, a number of stocks, including those of ABC Transport Plc. and some insurance companies, which were hitherto, inactive, have witnessed some transactions.”

    Uwaleke said the new stratification of price movements and price limits had narrowed spreads, “ensuring that only transactions that were material would result in price movements’’.

    He said that the market was now more efficient than before as result of the initiative.

    Similarly, Mr Ambrose Omordion, the Chief Operating Officer of InvestData Ltd., who commended the initiative, said that many companies would start to provide information for the investing public to ascertain the position of any company.

    Omordion said that companies would be compelled to submit their results timely for investors to make wise decisions.

    He said that the new methodology would enforce good corporate governance among quoted companies, in a bid to avoid drastic reduction in their share prices.

    “If you don’t want your stock price to move to 10k, you will get investors see reason why they buy or hold your stock by providing the needed information as and when due, apart from quarterly and full year earnings reports”, Omordion said.

    READ ALSO: 116 quoted companies to fall under one-kobo pricing rules

    The new pricing method started on Jan. 29.

    Mr Abimbola Babalola, NSE Head of Market Surveillance and Investigation, said the new method was “aimed at improving liquidity, narrowing spreads and ensuring that all price-improving transactions had material impact.”

    Babalola said the new rules would effectively remove the current rule which placed minimum allowable price for any stock to trade at its nominal value, irrespective of the market forces.

    According to him, it specifies that stock prices will be determined by market forces of demand and supply as prices can now fall below the initial price floor of 50k to one kobo.

    He said that as a result, stocks would be under new groupings and pricing rules and that price of every share listed on the NSE would be determined by market forces.

    According to him, Group A, shall consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above.

    Group B, shall consist of medium-priced equities that are priced at N5 per share or above, but less than N100 per share for at least four of the last six months, or new security listings priced at N5 per share or above at the time of listing.

    Group C, where majority of listed companies fall, shall consist of equities that are priced at one kobo per share or above, but below N5 per share, or new security listings priced at one kobo at the time of listing on the NSE.

    NAN

  • Technology is vital to the growth of agric sector – VC

    Technology is vital to the growth of agric sector – VC

    Prof. Akaro Mainoma, the Vice-Chancellor of Nasarawa State University, Keffi, on Wednesday said that the growth of the country’s agricultural sector depended on the application of science, technology and innovation.

    Mainoma said this in Keffi when he received participants of the Senior Executive Course 49 of National Institute of Policy and Strategic Studies, Kuru.

    He underscored the need to harness the potential of science and technology in efforts to develop the country’s agricultural sector, saying that nations which had adopted the use of science and technology had since made it.

    He called on farmers to embrace mechanised farming, insisting that it was a veritable means of ensuring food security in the country.

    Mainoma pledged that the university would partner with farmers in its neighbourhood in efforts to enhance their agricultural productivity.

    “The university intends to contribute its quota to the development of agriculture in the state by organising a yearly forum known as “Nasarawa Farmers Day”, beginning from this year,” he said.

    The vice-chancellor said that the forum would provide an opportunity for farmers to interface with experts, who were expected to educate them on the best agricultural practices that could engender the desired results.

    Dr Muhammad Haruna, the Dean of Faculty of Agriculture in the institution, presented a paper on “Strategies to have science, technology and innovation in the development of agriculture and agro-allied industries”.

    He identified paucity of funds and research facilities as well as the lack of linkages with industries as some of the major factors limiting modern agricultural practice in the country.

    Haruna said that the university had adopted science and technology applications in addressing the immediate needs of farmers in some parts of the state, adding that the venture had started to yield positive results.

    Earlier, the leader of the delegation, Prof. Abu Galadima, said that his team was at the university to look at how the institution had been promoting the adoption of science and technology applications in agricultural practices.

  • N54bn pension arrears will boost economic activities – Experts

    Some experts have commended the Federal Government for releasing N54 billion pension arrears, saying it would boost demand for goods and services in the county.

    They told the News Agency of Nigeria (NAN) in interviews on Friday in Lagos that the funds would stimulate economic activities.

    NAN reports that the National Pension Commission (PenCom) is expected to disburse the fund to Pension Fund Administrators (PFAs) for onward payment to retirees.

    Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., a PFA operator, said the release of the funds would boost economic activities through various investments.

    Kurfi, who commended the Federal Government for settling the arrears, saying that part of the funds would find their ways into the bond market, equities market and money market instruments.

    “The development is a good thing because we have many outstanding funds with PenCom; the release of the funds will go a long way in revitalising the economy,’’ he said.

    Kurfi said that PFAs, in line with their mandate to divert part of the money to investable incomes, would invest some of it in the market.

    He called on the government to avoid delays in paying pensioners, noting that some of the beneficiaries could have died before the release of the funds.

    “Pensioners should be paid as and when due for individuals to benefit from it and at the same time to kick-start economic activities”.

    Dr Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University, said that the issue of pension arrears had always been a knotty one for the Federal Government.

    Uwaleke told NAN that state governments were equally facing the same challenge which, in most cases, were due to under-appropriation or shortfalls in projected revenue.

    He said that governments’ inability to settle salaries and pension obligations contributed significantly to the current economic recession.

    “If fund for the pension arrears is released now, it will go a long way in boosting demand for goods and services as well as stimulating the economy, thereby hastening the recovery process,’’ Uwaleke said.

    He said that adequate provisions should be made in the annual budget to avoid arrears, especially now that the contributory pension scheme is in place.

    “Government at all levels, when rationing available revenue, should accord priority to the payment of workers’ salaries and pensions of retirees.”

    Reports have it that the Federal Government, on April 6, said it had cleared inherited arrears of accrued pension benefits for 2014, 2015 and 2016 by releasing N41.5 billion and N12.5 billion for January, February and March this year.

    Mrs Kemi Adeosun, the Minister of Finance, confirmed the release of the money in a statement signed by the Director of Information in the ministry, Salisu Dambatta.

    She said the government was concerned about the plight of pensioners who retired under the Contributory Pension Scheme without being paid.

    “Despite conflicting demands for available cash, President Muhammadu Buhari has always expressed concern about the plight of workers and pensioners.

    “Consistent with this, we have released N41.5 billion, which clears the arrears inherited from the previous administration from 2013 to 2015 and underpayments in 2016.

    “This will bring relief to thousands of our elders who have served and deserve to be paid their entitlements promptly and fully.

    “The amount we paid includes arrears and the impact is that those who retired as far back as 2013, who had been unable to access pension under the contributory scheme due to non-payment, will now be paid.”

    The minister said that henceforth, the monthly allocation to PenCom, based on the 2017 appropriation, would be paid regularly along with the monthly salaries of ministries, departments and agencies of the Federal Government.

     

  • Political risk threatens FG’s economic recovery plan – Expert

    An economist, Prof. Uche Uwaleke, on Thursday identified political risk as a major threat to the successful implementation of government Economic Recovery and Growth Plan (ERGP).

    Uwaleke, the Head of Banking and Finance, Nasarawa State University, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja.

    “Indeed, numerous other vulnerabilities remain but the biggest threat to the ERGP, in my view, is the political risk that received no mention under the section.

    “Nigeria’s experience over the years has shown that implementation of development plans suffer neglect whenever there is a change in government.

    “The political will argument holds water only in the context of stability in government when the conceiver (the President) is in office throughout the Plan period.

    “This condition is necessary for the success of the National plan,’’ he said.

    According to Uwaleke, a review of key economic variables over the years indicated that the penultimate and ultimate election years affect economic performance.

    The economist said that government spending usually increased in an election year, adding that this usually fuels inflation rather than encourages growth.

    He said that in 2011 and 2015, Nigeria’s inflation rate increased due to high expenditure associated with the elections.

    The economist said that the forthcoming 2019 election posed a threat to the ERGP’s goal of subduing inflation to single digit level by 2020.

    He said that the success of the ERGP would depend not only on its implementation but also on the commitment of the succeeding administration to see it through to the terminal year.

    Uwaleke, however, suggested that the country needed an enabling law to back up the ERGP.

    He said, “The idea of setting up a Delivery Unit in the Presidency to assist the Ministry of Budget and National Planning in overseeing the ERGP implementation is good but not sufficient.

    “If the Delivery Unit is not a creation of the Law, it lacks the capacity to discharge its duties.

    “To this end, the Federal Government as a matter of urgency, should forward a Bill to be known as the ‘’Economic Recovery and Growth Bill’’ to the National Assembly.

    “The Bill should take care of all issues specific to the ERGP distinct from the current Fiscal Responsibility Act of 2007 which focuses on annual budgets and the three year Medium Term Expenditure Framework.

    “ The government has barely one more year to prove that the ERGP will not go the way of its forebears.

    “ One of the key deliverables of the Plan is to reduce petroleum product imports by 60 per cent in 2018.

    “Therefore, putting in place an enabling law and passing the Petroleum Industry Bill will safeguard the country against the major threat to the ERGP.

    NAN reports that the Federal Government recently unveiled the ERGP, which contained the road map for Nigeria’s economic development.

    The four-year plan (2017-2020) envisages that by 2020, ‘’Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy’’.

    According to the plan, real GDP would grow by 4.6 per cent on average over the plan period while inflation rate would move to single digit by 2020.

    The plan outlines initiatives such as boosting oil production to 2.5 million barrels per day by 2020, privatizing select public enterprises/assets and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018.

    Following the implementation of the plan, unemployment would reduce from 13.9 per cent as of Q3 2016 to 11.23 per cent by 2020.