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Tag: Osinbajo

  • Osinbajo launches Fed Govt’s social intervention programme in Iwo

    Vice-President Prof. Yemi Osinbajo yesterday launched the social intervention programme of the Federal Government, called “TraderMoni” in Iwo, the headquarters of Iwo Local Government Area of Osun State.

    Osinbajo said the intervention programme was designed to support micro business across the country.

    The Vice-President, who said no government in the history of the country had implemented such an economic-boosting programme, maintained that the Federal Government under the All Progressives Congress (APC) was really interested in the welfare of the people.

    He noted that the “TraderMoni” will boost micro and small scale businesses as well as bolster petty trading and commercial activities across the country.

    The Vice-President said beneficiaries would be given N10,000 each to be paid to them within six months.

    He added that any of the beneficiaries who pays back the loan within stipulated period would qualify for N15,000.

    Osinbajo said: “TraderMoni scheme is targeted at petty traders, market women, artisans and small scale business entrepreneurs to cater for ultra-micro enterprises. The policy of the Federal Government is to support businesses, not just big business but particularly small, medium-sized businesses and micro businesses.

    “The idea is that we want to ensure that we give whatever support to people to boost their businesses. For instance, if we give you N10,000 and you refund it within six months, then you qualify to collect N15,000. If you pay back the N15,000, you qualify to get N20,000.”

    He hailed President Muhammad Buhari for prioritising the welfare of Nigerians.

    The Vice-President said the people could reciprocate the President’s good gesture by re-electing him in next year’s general elections.

    The Executive Director of Bank of Industry (BOI), Mrs. Toyin Adeniji, said 30,000 persons had benefited from the loan.

    The bank and Government Enterprise and Empowerment Programme (GEEP) are major partners in the programme.

    Mrs. Adeniji noted that the beneficiaries are from 36 states and the Federal Capital Territory (FCT)

    She said: “Our agents have already met the market women at their points of sales to register them. They would get the money and pay it back immediately through Mobile Wallet. In fact, many people have started receiving the alert.

    “Under ‘TraderMoni’ traders don’t need any document or property to collect N10,000 loan from the Federal Government. They only need to register, get captured and receive the money through their phones. The repayment plan is for six months and beneficiaries would pay a paltry N250 interest on the N10,000 and qualify for a bigger loan thereafter.”

    Prof Osinbajo, who was accompanied by Osun State Governor Rauf Aregbesola and the All Progressives Congress (APC) candidate, Alhaji Gboyega Oyetoal, visited the Oluwo of Iwo, Oba Abdul-Rasheed Adewale Akanbi, in his palace.

    Oba Akanbi described Osinbajo as “an honest man who doesn’t lie”.

    The Oluwo, who regretted the poor state of the road linking Iwo to Osogbo and Ibadan, sought the intervention of the Federal Government to repair it.

  • Atiku attacks Osinbajo on restructuring debate

    Former Vice President Atiku Abubakar yesterday took a swipe at Vice President Yemi Osinbajo’s recent dismissal of restructuring as a necessity for the nation.

    He carpeted Osinbajo for reducing the restructuring debate to a geographical concept.

    Atiku, in a statement titled why Nigeria needs to be restructured, said:  “It is a surprise that the Vice President would take such a position and, in particular, fail to appreciate the connection between Nigeria’s defective structure and its underperformance.

    “It is unhelpful to reduce the construct of “Restructuring” to a geographical concept as VP Osinbajo does, which in itself demonstrates a lack of appreciation of the core tenets of the concept.”

    According to him: “Restructuring is not just about the devolution of powers to the states, it is about transforming the respective roles of the federal, state and local governments to perform more efficiently in matters of territorial as well as economic governance.

    “Above all, when we talk about restructuring, we are not talking about just constitutional tweaks, we are talking about a cultural revolution.”

    The Peoples Democratic Party (PDP) presidential aspirant went on:  “It is not about re-shuffling a few responsibilities or resources but about disrupting the authoritarian politics our democracy has inherited from its military and colonial rulers of past.

    “Viewed this way, Nigeria needs to be restructured. Nigeria has operated a faulty system of federalism especially under military governments.”

    He faulted the current federal system, saying there must be devolution of power for Nigerians to enjoy democratic dividends.

    Atiku explained:  “It is all too obvious that the current arrangement does not respond to the needs of the people at the local level.

    “We have all too often lied to ourselves that the politicians sitting in Abuja can effectively respond to the needs of a population in far remote locations as Kaura Namoda, Iseyin, Arochukwu or Bama.

    “Only the autonomy of the local governments and the states both of which are closer to their people than the Central Government in Abuja can guarantee this and result in more effective decisions.

    “Only when local administrations are on the saddle, will there be greater accountability for decision making as well as improved flexibility, adaptability and ability to change as a result of a reduction in bureaucracy.”

    Restructuring, according to him, is an evolving phenomenon with even developed tweaking their structures for economic and political benefits.

    He said: “Even the United Kingdom is restructuring its political and economic systems to enable a better union among its component parts. Businesses restructure for better performance. Even families do!”

  • Nigeria saves $200m yearly from fertiliser plants’ revival, says Osinbajo

    The Federal Government is determined to achieve food security. It plans to revive 20 fertiliser blending plants this year. Vice President Yemi Osinbajo says the revival of 11 of the plants is saving the country $200 million yearly.

    The Federal Government is counting the gains of its investments in the reactivation of fertilizer blending plants that were hitherto moribund. The revitalisation of plants had saved the country over $200 million dollars annually in foreign exchange.

    Vice President Osinbajo, who broke in his keynote address at the 17th Joint Planning Board and National Council on Development Panning meeting in Abeokuta, said the reactivation of the plants had also saved the government over N60 billion in budgetary provisions for fertiliser subsidies.

    Prof Osinbajo was represented by Budget & National Planning Minister Udo Udoma Udoma at the meeting organised by the Federal Ministry of Budget & National Planning in conjunction with the Ogun State government.

    The programme has as its theme: “Accelerating the implementation of the Economic Recovery and Growth Plan (ERGP): The role of stakeholders.”

    Osinbajo noted that the administration, under President Muhammadu Buhari’s watch, was proud of the successes recorded in the agricultural sector.

    The Federal Government is relying on the agriculture and solid mineral sectors to diversify the economy from oil.

    According to the vice president, the development made it possible for the purchase of fertiliser at prices up to 30 per cent cheaper.

    Besides, the country import less rice than it did few years ago, he said.

    The vice president described the ERGP as a departure from other plans introduced by previous administrations, because it contained clearly defined objectives, priorities and targets.

    He said: “Indeed, I am glad to note the partnerships that some states like Kebbi and Lagos have entered into in a bid to support the agricultural development and food security objective of the ERGP.

    “I am aware that the National Committee on Export Promotion is implementing a plan to enhance export promotion and economic diversification in line with the Zero Oil Plan (ZOP) initiative.

    “We have equally budgeted N44.2 billion in the 2018 Budget for the establishment of Special Economic Zones in the country six geo-political zones to drive local manufacturing and exports.

    “We are also paying close attention to the Mining sector by reinforcing the Mining Regulatory Agency. About N644 million has been voted for this in the 2018 Budget.

    “We are ready to set up a National Gold Purchase Scheme. The Centre Bank of Nigeria (CBN) is also advancing discussions on the modalities for gold purchase toward enhancing liquidity in the sector.”

    Osinbajo reiterated the present administration’s resolve to continue to promote good governance, saying that it was an important enabler of economic growth and development.

    The vice president noted that the government was institutionalising reforms that focused on intensifying efforts to detect diversion of public resources to private wealth, and punishing culpable institutions and individuals.

    His words: “In addition to recovery of huge sums looted by unpatriotic Nigerians and properties acquired with ill-gotten monies, over N3 trillion has been brought into the Treasury Single Account (TSA) since June 2015.

    “The accounts of revenue generating agencies are being audited to ensure full compliance with statutory and legal provisions on the generation and remittance of revenues to government.”

    Commending the programme organisers, Governor Ibikunle Amosun said the initiative would go a long way in boosting the economy.

    He lauded the President for his timely restructuring of the economy.

    “Amosun said: “The ERGP, launched in 2017 to chart a course for the Nigerian economy is a laudable initiative that must be sustained and built upon. We must continue to deepen the conversation on development across all tiers of government.”

    There is a target by three players in fertiliser production to hit 4.9 metric tons production capacity before the end of the year. The three players are: Notore Chemical Industries Plc, Dangote Fertiliser Ltd and Indorama Eleme Fertilizer & Chemicals Limited (IEFCL).

    The Notore plant, with capacity to produce 0.5 metric tons per annum (mtpa) is located in Onne, Rivers State; Dangote Fertiliser Ltd, located within the Lekki Free Trade Zone (LFTZ) in Lagos, has three mtpa capacity and Indorama Eleme Fertiliser & Chemicals Limited, based in Eleme, Port Harcourt, Rivers State, has 1.4mtpa.

     

    Agency set to revamp 20 plants

     

    There was a plan by the Nigeria Sovereign Investment Authority (NSIA to reactivate 20 fertiliser blending plants by next month.

    As at the last count, the authority has revamped 11 plants this year. The revitalised plants deliver six million bags of fertiliser at 30 per cent below market prices.

    The authority restated its determination to implement President Buhari’s initiative to boost farming output and reduce the economy’s dependence on oil.

    A report by the NSIA shows that the reactivated plants have halted government subsidies and created about 50,000 jobs, thereby saving the government N50 billion (about $139 million) in would-be subsidies this year.

    NSIA’ Managing Director Uche Orji disclosed that the authority plans to rehabilitate the remaining nine plants within a year.

    He put the government’s contribution at $1.5 billion, with the rest including funds owned by the institution and those managed for several government agencies.

    “At the moment, agriculture is our number one area of investment,” Orji said.

    The investment agency has been seeking further growth of the Sovereign Wealth Fund (SWF) which stood at $2 billion in September last year through agriculture.

    Under the Presidential Fertiliser Initiative (FPI), the Federal Government has approved six blending plants for fertiliser production this year.

    Three of the plants have received full approval and are already receiving raw materials for blending of the multi-nutrient NPK fertilisers, the other three await final approval, having already been given provisional approvals by the office of the National Security Adviser.

    It was gathered that when the six new plants all come on stream, it would bring the total number of fertilizer blending plants operating in the country to 17, up from five as at 2016.

    The three blending plants will also add a total of 1.8 million metric tonnes in terms of capacity to the country’s growing fertiliser blending industry.

    The three approved plants and on stream include: Waccot Fertiliser and Chemicals Ltd Auchi, Edo State; Sora Ltd Makurdi, Benue State; Citizen Fertiliser and Chemicals Ltd Kano.

    Those granted provisional approval are Green Technologies, Abak, Akwa Ibom State and the two others located in Zamfara and Gombe states have not been identified.

    The Executive Secretary of the Fertiliser Producers & Suppliers Association of Nigeria (FEPSAN), Rabiu Kwa, described the three new blending plants as an indication of the preparedness of the Federal Government to sustain the gains already made in the PFI.

    The initiative, according to him, has lifted the country from an import-dependent nation to one that produces high quality fertiliser.

    Kwa said FEPSAN members are fully in league with the Federal Government’s drive to provide the inputs needed by farmers to enhance agricultural productivity, expressing the optimism that the sincerity of purpose with which the government had implemented the PFI programme, the country was already on the right path towards food security.

     

  • We’ve lifted Nigerians out of poverty, says Osinbajo

    Vice-President Yemi Osinbajo said yesterday that the President Muhammadu Buhari administration had lifted millions of Nigerians out of poverty in the last three years.

    He was apparently reacting to a statement by British Prime Minister Theresa May that Nigeria had the largest population of poor people.

    Osinbajo said in the same period, the administration laid a solid foundation for a resilient and competitive economy, provided infrastructure and opened space for private investment to accelerate growth and development through the Economic Recovery and Growth Plan (ERGP) initiative.

    The vice-president, who spoke in Abeokuta, the Ogun State capital, at the 17th Joint Planning Board and National Council on Development Planning (NCPD), identified “social investment initiatives” as the vehicles used to pull Nigerians, in their millions, away from the poverty trap.

    He was represented by the Minister of Budget and Planning, Senator Udoma Udo Udoma.

    Osinbajo said the government would invest in Nigerians and give them a better life, adding: “Billions of naira have been committed to tackling infrastructural deficiencies, while resources are being utilised and projects prioritised to ensure transformation of the country.”

    Speaking on the NCPD meeting with the theme: “Accelerating the implementation of the Economy Recovery and Growth Plan: The Role of Stakeholders,” he noted that the Federal Government was committed to ensuring that it delivered on the objectives and targets of ERGP.

    According to him, the administration via the ERGP had revitalised fertiliser blending plants, which assisted Nigeria to save over 200 million dollar annually.

    “We are proud of the successes recorded in the agricultural sector. The revitalisation of our fertiliser blending plants alone has saved the country over $200 million annually in foreign exchange and over N60 billion in budgetary provisions for fertiliser subsidies.

    “This has also made it possible to purchase fertiliser at prices up to 30 per cent cheaper than previously available. We are importing less rice today than we did a few years ago.

    “I am glad to note the partnership some states, such as Kebbi and Lagos have entered into in a bid to support the agricultural development and food security objective of the ERGP. I expect to see more of such model agricultural collaboration among other states,” he said.

    The vice-president identified the Gross Domestic Product (GDP), security and inflow of foreign investments as areas where the ERGP had helped the country to experience success.

    “I am aware that the National Committee on Export Promotion is implementing a plan to enhance export promotion and economic diversification in line with the Zero Oil Plan (ZOP) initiative. We have budgeted N44.2 billion in the 2018 budget for the establishment of Special Economic Zones in the country’s six geo-political zones to drive local manufacturing and exports.

    “We are also paying close attention to the mining sector by reinforcing the Mining Regulatory Agency. About N644 million has been voted for this in the 2018 budget. We are ready to set up a National Gold Purchase Scheme. The Central Bank of Nigeria (CBN) is advancing discussions on the modalities for gold purchase towards enhancing liquidity in the sector.

    “I believe that to accelerate implementation of the ERGP and deliver on its target of 7 per cent GDP growth by 2020, we need massive private investment. And that underscores the significance of the ERGP Focus Labs. I am pleased to note that this exercise has yielded positive outcome.

    “In the past few months, we have taken a number of decisions that will further facilitate the realisation of the massive private investments unlocked in these labs. I think the states must be commended for their willingness to cooperate and assist in making these investments to happen.

    “From our reports, some of the states have responded positively to a number of approvals that were required from them. The success of the Labs is a testimony to what partnership between the public and private sector can achieve when they work together for public good,” he added.

     

     

     

  • We’ve lifted millions of Nigerians out of poverty – Osinbajo

    … Stresses Nigeria saves over 200 million dollar annually by revitalising fertiliser plants.

    In what appears like a reaction to the assertion by the British Prime Minister, Theresa May, that Nigeria harbours the largest population of the world’s poorest, Vice President Yemi Osinbajo, on Thursday declared, however, that President Muhammadu Buhari – led administration has “lifted millions of Nigerians out of poverty” in the last three years.

    Osinbajo added that within the same period, the administration has also laid a solid foundation for a more resilient and competitive economy as well as providing the needed infrastructure and opened the space for private investment to accelerate growth and development through the Economic Recovery and Growth Plan (ERGP) initiative.

    The Vice – President who made this known in Abeokuta, the Ogun State capital, at the 17th Joint Planning Board and National Council on Development Planning (NCPD), identified “social investment initiatives” as the vehicles used to pull Nigerians, in their millions, away from the poverty trap.

    Osinbajo was represented at the occasion by the Minister for Budget and Planning, Senator Udoma Udo Udoma.

    He assured that the government would continue to invest in Nigerians and give them a better life, saying “several billions billions of naira had been committed to tackling infrastructural deficiencies” while resources were also being judiciously utilised and projects prioritized to ensure rapid transformation of the country.

    Speaking on the NCPD meeting with the theme, “Accelerating the implementation of the Economy Recovery and Growth Plan: The Role of Stakeholders,” he noted that the federal government is committed to ensuring that it delivers on the objectives and targets of ERGP.

    According to him, the administration via the ERGP, has revitalised fertiliser blending plants which assisted Nigeria to save over 200 million dollar annually.

    “We are proud of the successes recorded in the agricultural sector. The revitalization of our fertilizer blending plants alone has saved the country over $200 million annually in foreign exchange and over N60 billion in budgetary provisions for fertilizer subsidies.

    “This has also made it possible to purchase fertilizer at prices up to 30% cheaper than previously available. We are importing less rice today than we did few years ago.

    “Indeed, I am glad to note the partnerships that some states like Kebbi and Lagos have entered into in a bid to support the agricultural development and food security objective of the ERGP. I expect to see more of such model agricultural collaboration among other states,” he said.

    He also identified the Gross Domestic Product (GDP), security and inflow of foreign investments as areas where the ERGP has helped the country to experience successes.

    “i am aware that the National Committee on Export Promotion is implementing a plan to enhance export promotion and economic diversification in line with the Zero Oil Plan (ZOP) initiative. We have equally budgeted N44.2 billion in the 2018 Budget for the establishment of Special Economic Zones in the country’s six geo-political zones to drive local manufacturing and exports.

    “We are also paying close attention to the Mining sector by reinforcing the Mining Regulatory Agency. About N644 million has been voted for this in the 2018 budget. We are ready to set up a National Gold Purchase Scheme. The CBN is also advancing discussions on the modalities for gold purchase towards enhancing liquidity in the sector.

    “I believe strongly that to accelerate implementation of the ERGP and deliver on its target of 7% GDP growth by 2020, we surely need massive amounts of private investment. And that underscores the significance of the ERGP Focus Labs. I am pleased to note that this exercise has yielded positive outcomes.

    ” In the past few months, we have taken a number of decisions that will further facilitate the realization of the massive private investments unlocked in these labs. And I think the States must be commended for their willingness to cooperate and assist in making these investments to happen.

    “From our reports, some of the States have responded positively to a number of approvals that were required from them. Indeed, the success of the Labs is a clear testimony to what partnerships between the public and the private sector can achieve when they collectively work together for public good,” he added.

  • Why Lagos port is congested, by Osinbajo

    Vice-President Yemi Osinbajo yesterday said the failure of Peoples Democratic Party (PDP) administrations to invest in infrastructure resulted in the congestion of the Apapa Port, Lagos.

    He said the past administrations failed to invest in the other ports and the rail system when Nigeria earned higher revenues from oil.

    Prof. Osinbajo spoke during a special plenary at the ongoing Annual General Conference of the Nigerian Bar Association (NBA) in Abuja.

    The Vice President said: “I think one of the major failings that we have had as a nation is the failure to invest in infrastructure, especially when we were earning significant sums from oil, and I think that has led to several of what we’re seeing today.

    “The Apapa Port has a 35million metric tonnes capacity; now it’s handling 85million tonnes. So we have so many trucks coming out of Apapa, destroying the roads.”

    According to him, the Federal Government is aggressively addressing the Apapa Port congestion through the development of the rail system and the other ports.

    “We’re opening up the ports in the Southsouth and fixing the rail system. You cannot transport goods around the country without investment in rail,” Osinbajo said.

    The Vice President urged the NBA to purge its ranks of lawyers who specialise in delaying cases and frustrating the anti-graft war.

    According to him, lawyers who abuse court processes are disbarred in other jurisdictions, whereas such practices appear to have become acceptable in Nigeria.

    Asked by the moderator Prof Koyinsola Ajayi (SAN) if Nigeria could end corruption by having leaders with morality, Osinbajo said: “We must understand where we’re coming from and how to resolve that problem.

    “There is a great deal of institutional and moral decay. There is no question about that at all. Just take an example of corruption – it is systemic and has eaten so deep into the society’s fabric.

    “It’s difficult to simply say that we can end corruption by just being exemplars of moral conduct. A lot more needs to be done.

    “One, there is a need to establish a system of consequences for misbehavior. That is a pertinent issue and is one I believe applies to the Bar.

    “The most important thing is that everyone has a responsibility to ensure that there is a consequence (for wrongdoing). One of the major problems that we’ve had is that the legal process is not able to deliver justice within a reasonable time.

    “There are issues that concern public corruption and there are several cases that have been in the court and the government has been criticised for not being able to secure a conviction. There are those who say the prosecution was not prepared. There are those who say the defence engages in dilatory tactics. There are those who say the judiciary is compromised.

    “All of this has to do with our administration of justice system. We must accept some responsibility. The Law Society in England for example accepts responsibility of the discipline of lawyers, including those who engage in dilatory tactics in court.

    “If a lawyer wants to delay a case, or has a strategy of hoping that years after, the matter will be forgotten, that kind of lawyer will lose his shirt in any other jurisdiction. But here, it has become an accepted fact. So, it’s beyond government.

    “All institutions such as the NBA must do something. And it really calls for self-regulation. Government is not going to come up with a law to change that. This is something we (NBA) are in control of. We should be able to say that we’re going to have to put our foot down here.”

    He advised the NBA to take a cue from the Law Society in England and accept the responsibility for conduct of lawyers.

    “There is a sense in which we must accept responsibility for the discipline of lawyers.  The Law Society in England accepts responsibility for the discipline of lawyers, even when lawyers engage in dielectric tactics in court.

    On the questions on Economic Recovery and Growth Plan (ERGP) of the President Muhammadu Buhari administration and how it was transforming the life of the poor people in Nigeria, Osinbajo said that the government started it in 2016 by crafting a budget that took a bottom-to-top approach to tackling the problem of the poor.

    “The approach we adopted from 2016 is two-pronged. One is in first creating safety nets and for the first time we put in the budget a line for what is called the Social Investment Programme.  That is N500billion for the Social Investment Programme.  That is the largest programme of its type in the history of this country.” he said

    He said the Social Investment Programme covered the Conditional Cash Transfer to one million of the poorest, the N-Power Programme, a scheme for providing jobs to 500,000 young graduates and the “Trader Moni” Scheme to two million people.

    “It is working because we can see a substantial improvement in the capacity of people to earn money and to do better for themselves,” he said, adding that the “only way to deal with poverty is to incrementally improve the capacity of people to earn money.”

    He also answered questions on infrastructural development, technological development, ease of doing business and the ideological underpinnings that drive government programmes.

  • IYC commends Seifa for releasing DSS detainees

    …Calls for his confirmation

    The Ijaw Youth Council (IYC) Worldwide on Tuesday applauded the Director-General of the Department of State Security ( DSS ), Mathew Seifa, for making good his promise to review cases and release detainees held in the agency without trials.

    IYC also called on the Presidency to confirm the appointment of Seifa and make him the substantive head of the DSS.

    The Nation reported exclusively that the DSS commenced a process of granting freedom to suspects detained for some years without trials in its facilities in Abuja.

    Seven of the suspects, who were arrested in 2016 in Bayelsa State, were brought to Yenagoa at the weekend.

    They were brought from the DSS Headquarters in Abuja to the office of the DSS in Yenagoa and released to their family members and friends, who milled around the agency’s office.

    Some of the suspects were seen shedding tears of joy in the warm embrace of their friends when they finally marched out of the DSS facility.

    The suspects looked unkempt with overgrown bears, rough skin and dirty clothes.

    One of them, who identified himself as Clinton Ohaigbofa, confirmed that suspects held without trial were being massively released across the country.

    Read Also: IYC, Ohanaeze youths back pro-restructuring candidates

    Clinton, who hails from Ebedebiri in Ogbia Local Government Area, attributed the development to the disposition of the new DSS boss.

    He said they were held in underground cells in Abuja for over two years, adding that they untold hardship.

    The IYC in a statement signed by its Secretary-General, Alfred Kemepado, expressed satisfaction and comfort with the recent strides of Seifa describing him as a true democrat.

    Kemepado said the recent release of persons detained in the custody of the DSS without trial gave hope and value to democracy.

    He, however, urged Seifa to look into high profile cases detainees like that of El-zazaky, the leader of the Shiites in Nigeria and dispense fairness to all.

    He said: “IYC has spoken to colleagues from other ethnic nationalities and most have expressed their confidence that Mr. Seiyefa will tackle the humongous security challenges facing Nigeria today from Boko Haram to the herdsmen palava and to recent activities that threatens our democracy”.

    Kemepado thanked President Muhammadu Buhari and Vice-President Osibanjo for considering a competent son of the South of Nigeria to head the DSS.

    “This is positively contrary to our earlier beliefs that the President disrespected us. We want to appeal to President Buhari to confirm Seifa’s appointment as we are willing to work with him and others to sustain the peace in Nigeria and in the Niger Delta especially.

    “We call on all groups to continue to support Seiyefa with information and prayers for the overall good of all. The IYC appeals to Seiyefa not to yield to the antics of politicians but to uphold the values of his service and also uphold our growing democracy”, he said.

  • Osinbajo tackles Obasanjo, IBB, Jonathan over oil cash

    •VP flays spending on infrastructure

    •‘Restructuring won’t solve our problem’

    VICE-President Yemi Osinbajo has spoken again on how huge funds went down the drain in previous administrations, which earned much and invested little in infrastructure.

    Prof. Osinbajo, who rejected the seemingly popular notion that Nigeria’s problem could be solved by restructuring, said only prudent management of resources could save Nigeria.

    He was answering questions from Nigerians at a town hall meeting in Minnesota, United States on Sunday, according to a statement issued yesterday by his media aide, Laolu Akande.

    On OPEC statistics on oil revenues accruable to Nigeria under successive administrations between 1990 and 2014, the Vice President said not much had been done in terms of infrastructure, despite the huge oil revenues.

    He said: “Under the IBB / Abacha administrations (1990 – 1998) Nigeria realised$199.8 billion; under the Obasanjo / Yar’Adua governments (1999 – 2009), the country got $401.1 billion; and during the Jonathan administration (2010 – 2014), Nigeria got $381.9 billion from oil revenues.

    “The question that we must all ask is, what exactly happened to resources? The question that I asked is that where is the infrastructure?

    “One of the critical things that we must bear in mind and see is that this government, despite earning $94 billion, up until 2017, we are spending more on infrastructure and capital than any previous governments; so we are spending N1.5 trillion on capital; that is the highest we have spent since 1990,” he said.

    On concerns over  recovered funds, the Vice President said the Buhari administration was committed to a transparent use of the funds in providing infrastructure.

    He said: “What we are doing with the proceeds of corruption is making it a line in the budget so that it can be accounted for properly; it is not a special fund somewhere that is just being used in any way, but as a single line in the budget for infrastructure, which is our major spend.”

    On agriculture, Osinbajo said the target was to attain self-sufficiency in the production of rice, tomato and other cash crops.

    He said “We are doing a lot of work in agriculture. Take rice, for instance, we are doing a lot in rice production and we have increased local production such that we are no longer spending $5 million daily on rice import.

    “Today, we are doing 11 million metric tons of paddy rice and are now importing only 2 per cent of what we used to import.”

    On Nigeria’s rise on the World Bank’s ease of doing business index, he said though the challenges were daunting, the government was committed to going beyond the 24 places it moved up to in the last rankings.

    The Vice President said that reforming Nigeria’s port system was top on the agenda of government as efforts were underway to improve the turnaround time for cargo clearance at the ports.

    He said: “If you look at the port issue, for example, we must be able to clear our port system; people must be able to import and export their goods in hours not weeks and months.

    “So, we have to work our port system and one of the things we have been able to do is what we call the National Trading Platform or the single window. We are getting to the point where we are going to launch the national trading platform where the whole port system is integrated into one.”

    On improving the health budget at both the state and federal levels, Osinbajo said the focus was on trying to do run the National Health Insurance because funding health care through budgeting has proved to be practically impossible.

    He said: “We simply do not have the resources, the states and Federal Government cannot do enough. So, the National Health Insurance is a very basic part of it and we are currently working now with the World Bank and with the Bill & Melinda Gates Foundation to establish a proper National Health Insurance Scheme.”

    Osinbajo stressed that prudent management of the nation’s resources and the provision of essential needs  of the people were better ways of addressing Nigeria’s development challenges.

    He said: “The problem with our country is not a matter of restructuring and we must not allow ourselves to be drawn into the argument that our problems stem from some geographical restructuring.

    “It is about managing resources properly and providing for the people properly; that is what it is all about.

    “I served for eight years as Attorney General in Lagos State and one of the chief issues that we fought for in Lagos State was what you call fiscal federalism. We felt that there was a need for the states to be stronger, for states to more or less determine their fortunes.

    “So, for example, we went to court to contest the idea that every state should control, to a certain extent, its own resources (the so-called resource control debate). We were in court at that time up to the Supreme Court and the court ruled that oil-producing states should continue to get 13% derivation.

    “While we were at the Supreme Court, only the oil-producing states and Lagos were interested in resource control; everybody else was not interested in resource control for obvious reasons. Now, that is the way the argument has always gone; those who have the resources want to take all of it, while those who do not have want to share from others.

    “My view is that we must create the environment that allows for people to realise themselves economically because that truly is what the challenge is with our country.” he added

    He said the that Buhari-led Federal Government has put in place an economic structure that was able to function properly despite previous challenges, particularly corruption that led to a slowdown in the economy.

    On the impact of corruption on the economy and the solution adopted by the administration, Osinbajo said: “Unless we are able to deal with the fundamental questions, especially around corruption, our economic circumstance will keep going one step forward, two steps backwards.”

    “When you talk about corruption in Nigeria, the truth is stranger than fiction. It is the kind of thing that would cripple an economy anywhere because you simply don’t have the resources for the graft and the greed of the numbers of people who want to steal the resources.

    “All that we have been able to deal with is grand corruption. When we started the TSA, the whole point was to aggregate all of the funds of government that were in private banks. So we put all of the money in the Central Bank so that we could at least see the movement of money and by doing so, we were able to save 50% of the corruption that was going on then.”

    Osinbajo assured Nigerians in the US that Buhari’s administration could be trusted, adding that “we can say for sure that the President is not going to sign off money and just bring it out to share”.

    Nigeria’s Ambassador to the U.S., Mr Sylvanus  Nsofor led other Nigerians within and outside the state of Minnesota to the meeting held in Minneapolis.

     

  • Osinbajo, Ambode, others for The Ambassadors Summit

    This year’s edition of The Ambassadors Summit will have Vice President Prof Yemi Osinbajo, Lagos State Governor Akinwunmi Ambode, as well as the former Cross River State Governor Donald Duke as the special keynote speaker.

    The youths’ event, with the theme: The Nigerian Dream: Collective Building for Today and Tomorrow, will hold on September 8 at the main auditorium of the University of Lagos (UNILAG) at 9 a.m prompt.

    Also billed to enlighten over 5,000 working professionals, entrepreneurs, civic leaders, and youths expected at the programme are: presidential aspirants, including Prof Kingsley Moghalu, Mathias Tsado, Ahmed Buhari, Tope Fasua, David Esosa Ize-Iyamu, Dr Kola Christwealth, Eunice Atuejide, Dr Elishama Ideh, among others.

    According to the convener and president of the initiative, Joshua Oyeniyi, the event aims at charting a new course for the youth in the Nigerian project.

    He said: “The Ambassadors Summit is arguably the most consistent platform in South Western Nigeria for the three ‘E’s of our mission, called Engagement, Enlightenment and Empowerment.

    “Since 2014, we have continued to stay true to our vision to raise sterling Nigerian leaders across diverse fields of endeavours. They will have the highest level of ethics, values and convictions necessary to building a vibrant nation and can represent us well anywhere in the world.”

  • Nigeria’s problem not geographical restructuring – Osinbajo

    The Vice- President, Prof. Yemi Osinbajo, has said that simple geographical restructuring is not the problem with Nigeria.

    He said that prudent management of national resources and providing for the people properly were better ideas for Nigeria’s development challenges.

    Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, communicated Osinbanjo’s view in a statement in Abuja on Monday.

    The vice-president was fielding questions from a cross-section of Nigerians at a town hall meeting in Minnesota, U.S., on Sunday.

    Osinbajo spoke on a wide range of issues covering the economy, anti-corruption, health, agriculture among others.

    According to the vice-president, the problem with Nigeria is not a matter of restructuring.

    He said that Nigerians must not allow themselves to be drawn into the argument that Nigeria’s problems stemmed from some geographical restructuring.

    “It is about managing resources properly and providing for the people properly, that is what it is all about.

    “I served for eight years as Attorney General in Lagos State and one of the chief issues that we fought for in Lagos state was what you call fiscal federalism.

    “We felt that there was a need for the states to be stronger, for states to more or less determine their fortunes.

    “For example, we went to court to contest the idea that every state should control, to a certain extent, its own resources; we were in court at that time up to the Supreme Court and the court ruled that oil-producing states should continue to get 13 per cent derivation.

    “While we were at the Supreme Court only the oil-producing states and Lagos were interested in resource control, everybody else was not interested in resource control for obvious reasons.

    “”Now, that is the way the argument has always gone, those who have the resources want to take all of it, while those who do not have want to share from others.”

    He said that Nigeria must create the environment that allowed for people to realise themselves economically because that truly was what the challenge was with Nigeria.

    Osinbajo said that unless Nigerians were able to deal with the fundamental questions around corruption, their economic circumstance would keep going one step forward, two steps backwards.

    “All that we have been able to deal with is grand corruption. When we started the TSA, the whole point was to aggregate all of the funds of government that were in private banks.

    “So, we put all of the money in the central bank so that we could at least see the movement of money and by doing so, we were able to save 50 per cent of the corruption that was going on then.”

    Relying on OPEC statistics on oil revenues accruable to Nigeria under successive administrations between 1990 and 2014, the vice-president said not much was done in infrastructure development in spite of the huge oil revenues earned.

    He said that under the Babangida/ Abacha administrations (1990 – 1998) Nigeria realised 199.8 billion dollars.

    Under the Obasanjo / Yar’Adua governments (1999 – 2009), the country got 401.1 billion dollars; and during the Jonathan administration (2010 – 2014), Nigeria got 381.9 billion dollars from oil, Osinbajo said.

    “The question that we must all ask is that what exactly happened to resources? The question that I asked is that where is the infrastructure?

    “One of the critical things that we must bear in mind and see is that this government despite earning 94 billion dollars, up until 2017, we are spending more on infrastructure and capital than any previous government, so we are spending N1.5 trillion on capital, that is the highest we have spent since 1990.”

    In the area of agriculture, Osinbajo said that the target was to attain self-sufficiency in the production of rice, tomato, among others.

    According to him, the government is doing a lot of work in agriculture as it has increased local production such that Nigeria is no longer spending five million dollars daily on rice import.

    “Today, we are doing 11 million metric tonnes of paddy rice and are now importing only 2 per cent of what we used to import,” he said.

    Nigeria’s Ambassador to the US, Mr Sylvanus Nsofor, led other Nigerians to the meeting. (NAN)