The Nation Newspaper

Tag: Our fears

  • Our fears for 2019 elections, by Secondus

    •’PDP will take back power’

    Peoples Democratic Party (PDP) National Chairman Prince Uche Secondus yesterday expressed reservations about the ability of the Independent National Electoral Commission (INEC) to conduct free and fair elections next year.

    He said the umpire has become a willing tool in the hand of the ruling All Progressives Congress (APC) to achieve its continuity agenda.

    Declaring open the PDP National Convention in Port Harcourt, capital of Rivers State, the national chairman alleged that APC and INEC were collaborating to undermine the electoral process, lamenting that a free and fair election is not part of the APC”s agenda.

    He urged the over 3,000 delegates who converged on the Adokiye Amasiemeka Stadium that PDP will work with global agencies to insist on transparent polls.

    Secondus highlighted the imperative of power shift in next year’s election that we will take back governance in 2018.”

    He urged delegates from 36 states and the Federal Capital Territory (FCT) to elect a competent flag bearer among the 12 aspirants to challenge President Muhammadu Buhari at the polls

    Secondus said the PDP will condUct a credible and transparent shadow poll to elect a competent candidate.

    Urging Nigerians to reject the APC at the poll, he said: President Buhari, it is time to go home. “Let us take back our country.”

    He said the police invitation to PDP chieftains, including Senate President Bukola Saraki and Senator Dino Melaye, following a protest against rigging in Abuja, smacked of intimidation of the opposition.

    The convention kicked off around 8.30 pm, following the directive by the Convention Committee, led by Delta State Governor Ifeanyi Okowa.

    He explained that the process was delayed by the painstaking accreditation of delegates, which was time-consuming.

    But, the delay was also not unconnected with the late arrival of aspirants to the venue due to last minute consultations and horse trading.

    In his speech titled: “Nigeria, take back your country,” Secondus said the PDP performed better than the APC when it was in power.

    He alluded to the reforms across the sectors, the setting up of anti-corruption agencies, and political stability for 16 years.

    The Chairman said the reform process has transformed the PDP from election-winning vehicle into an agenda-setting institution.

    Secondus said the party now controls the two arms of the National Assembly, noting that the Senate President and House of Representatives Speaker have returned to the fold. He said in its bid to win power in 2019, PDP is working with other 40 opposition parties to fight the PDP.

    Reflecting on the state of the nation, Secondus said all is not well.

     

  • Budget 2017: Our fears, hopes by stakeholders

    Budget 2017: Our fears, hopes by stakeholders

    •Govt urged to focuson implementation

    Despite signing the 2017 Appropriation Bill into law six months behind schedule, stakeholders believe the real issue is with the implementation of the Approriation Law, report SIMEON EBULU, LUCAS AJANAKU, OKWY IROEGBU-CHIKEZIE, EMEKA UGWUANYI COLLINS NWEZE and TOBA AGBOOLA.

    BARELY 24 hours after signing the 2017 Appropriation Bill into law, Nigerians yesterday expressed their reservations. They   spokes of their fears and expectations of the N7.44 trillion Budget of Economic Recovery and Growth.

    It was Appropriation Bill was on Monday signed into law at the Presidential Villa in Abuja by Acting President Yemi Osinbajo, about 25 days after it was passed by the National Assembly at a joint session of the Senate and House of Representatives.

    Not a few of the stakeholders expressed concern that an Appropriation Law that should have started running since January was signed almost halfway into the year.

    The former Executive Director, Keystone Bank Limited, Richard Obire, said the delay in signing the budget was not good for the economy, pointing out that the Federal Government has barely six months to implement the budget.

    However, he said the delay may not affect the implementation of the recurrent expenditure considering that government has been paying salaries to workers. On the other hand he said the capital expenditure remains the one that is adversely affected by the delay.

    He said: “By delaying the signing of the budget, many projects that would have been initiated and completed within the period may not be completed within the fiscal year”, adding that the delay will rub off negatively on the budget implementation.

    Noting that the N143 billion injected into the budget by the National Assembly is on the expenditure side, Obire said raising the expenditure vote would trigger an increment on the deficit side of the budget, a development he said, would require more borrowing.

    He argued that more cash would be required fund through borrowing, thus increasing the chances of government competing with the private sector in the debt market.

    Obire said the deadline for signing the budget was Monday, after a 30-day window.

    “That delay was not good at all for the economy. But now that it has been signed, the next approach will be to ensure it is well implemented for its positive impact to bear on the economy to be realised,” he said.

    He said the recurrent expenditure was estimated at N2.99 trillion, capital expenditure (N2.18 trillion) and N2.36 trillion was allocated to fiscal deficit.

    The highlight of the budget showed that the Ministry of Power, Works & Housing got the highest vote of N586.54 billion. The Transport Ministry got N256.52 billion and Education and Healt ministries were allocated N455.41 billion and N308.46 billion respectively.

    A one-time President of the Chartered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu, said signing the budget was not as important as what the budget can do for the economy. “It is not about signing. The question is; will the budget help the economy?

    Unegbu pitched his tent with the Acting President’s position that the National Assembly lacks the power to raise the budget, but that they can cut it, warning that the executive may not implement the additional projects imported into the budget. He, however, said the budget passage and signing would reduce the level of unemployment in the country, even as he regretted the small allocation to education.

    Unegbu said: “Education should have the lion’s share because of its importance in the socio-economic development of the country. Overall, the budget signing is good news for the economy and a great start.”

    On his part, the President, Manufacturers’ Association of Nigeria (MAN), Dr. Frank Udemba Jacobs, commended the N7.44 trillion Budget and expressed the hope that the implementation would commence soon to compensate for the nearly six-month lost.

    He criticised the practice of rolling over of development plans into another year, saying the practice makes planning difficult.  Jacobs regretted that the uncertain nature of the country’s budget process has conditioned many to either plan outside the document, or take the initial figures mentioned during the budget presentation.

    “The first half of the year has gone and the signing now kick-starts financial market’s strategy that is targeted at the country’s fiscal plans. Budget is about time and resources”, he said.

    Responding to a question on whether the sectoral votes as exemplified by about 30 per cent of the budget going for capital expenditure is commendable, the MAN chief lauded the new development, hinging his commendation on the deplorable state of infrastructure, which affects business operations.

    According to him, if the implementation is carried out judiciously, there would be a significant improvement on the national basic infrastructure.

    The Director-General of the Lagos Chamber of Commerce & Industry, Mr. Muda Yusuf, welcomed the signing of the budget as a step forward.

    He told The Nation that it would put an end to the suspense and uncertainty caused by the non-passage and signing of the budget.

    According to him, the next level of expectation is its speedy and effective implementation so that the citizens can get the desired value from the budget.

    Yusuf canvassed for a review of the entire budgetary process and to set timelines for every stage of the process.

    He advised that specific time frame must be set for the presentation of the budget to the National Assembly, for the consideration of the Appropriation Bill by the National Assembly and for the assent by the President.

    The LCCI director-general suggested the enforcement of discipline of timing into the budgetary process, stressing that delivering a budget halfway into the financial year does not augur well for the overall economy.

    Yusuf said: “There is also an urgent need to define the limits of authorities of the executive and the legislature on the Appropriation Bill. A judicial pronouncement is imperative to determine the extent to which the National Assembly can make changes to the Appropriation Bill. This issue has become a recurring factor in the delay that have characterised our budgetary process.”

    To organised Labour, the delay in the assent to the 2017 Budget notwithstanding, its full implementation would have a positive effect and also take care of moving the economy out of recession.

    The Secretary-General of the National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN), Mr. Issa Aremu, said urged the Ministries, Departments and Agencies (MDAs) to hit the ground running.

    Aremu said: “Although the budget is coming very late, it is better for it to be late than never. The various agencies of t government should be allowed to do their job without undue interference or hindrances. The only way the budget can make a meaningful impact is for the government to ensure its full implementation.”

    Applauding the N7.44 trillion Appropriation Act for focusing on reflating the economy through import substitution and patronage of made-in-Nigeria goods, he called for the immediate constitution of a tripartite committee by the government to agree on a new minimum wage, after which a supplementary budget should be sent to the National Assembly for its implementation.

    He said: “Our union will support President Muhammadu Buhari to realise the vision of import substitution and jobs creation. We demand that the disbursement of this huge fund should revive local industry, reopen closed factories and should not be spent on financing frivolous imports and perpetuate unemployment.”

    President of the United Labour Congress (ULC), Joe Ajearo, insisted that the  full implementation of the  budget should not be downplayed, saying that is the only way Nigerians can feel the impact of the budget.

    Reacting, former President, Association of Telecoms Companies of Nigeria (ARCON), Emmanuel Ekuwem, commended the huge capital component of the budget. He advised the Federal Government to ensure its effective implementation.

    According to him, investment on infrastructure and construction would accelerate Nigeria’s exit out of recession, create massive job opportunities and ensure a boost in the national gross domestic product (GDP).

    Dr. Ekuwem, who is also the chairman, Teledons Group, an information communication technology (ICT) firm, advised the government to lay emphasis on Nigerian content in the implementation of the budget.

    He said local content involvement in the budget must be holistic, ranging from the use of local hardware, software and expertise, warning that the failure to do this will lead to capital flight and further worsen the weakened Naira.

    The Chief Executive Officer, Pinet Infomatic, Lanre Ajayi, urged the Federal Government to follow the blue print of the National Broadband Plan (NBP) outline by the previous administration.

    According to him, there are milestones set in the yet-to-be met plan, which he noted, has been drawing the entire industry back.

    He also urged the government to encourage the growth of the local ICT ecosystem by patronising products and services from the industry.

    Ajayi, who is a former president of the Nigeria Internet Group (NIG), said the Federal Government, as the biggest spender in the economy, should, as a deliberate policy, patronise indigenous and original equipment manufacturers (OEMs) to boost job creation and the economic growth.

    Detecon International Client Partner Olusola Teniola said with every budget which is planned ahead, it’s imperative for the government to put control and monitoring procedures in place to ensure implementation of projects.

    Detecon International is a subsidiary of Deutsch Telecom Group of Germany.

    Teniola said: “If projects are successfully executed and delivered, the social dividend to the communities that need it most will be felt. Financial Year 2017 has only six months more to go and therefore expedient disbursement of funds by government is paramount at this critical time – these funds will fuel economic activity through government spending.”

    An analyst and lecturer at the Pan Atlantic University, Lagos, Dr. Austin Nweze, described signing the budget into law halfway into the year as a challenge on its own unless the government hits the ground running with the implementation.

    He noted that the delay has caused grave setback to economic activities. Companies and industrial concerns have been waiting for the budget for a long time.”

    He, however, expressed doubt over immediate implementation, as according to him, it would take at least one month to implement the budget.

    Nweze also disagreed with the Acting President’s position that the budget would take Nigeria out of recession, pointing at faulty fiscal and monetary policies as reasons. He noted that if the economic fundamentals are wrong, it would be difficult to get the economy right.

    He said: “Signing the budget in half of the year is already a setback. Although, they (government) may extend the execution to May of 2018. Even if they extend the execution of the budget to May next year, it might be difficult to achieve the anticipated objectives of the budget.

    “It’s also important to know that it would take at least one month before the execution of the budget. Do also remember that what the government has been spending illegally before the signing of the budget must be factored into the budget.

    “Also do they have the money to execute it? Sourcing for the funds to execute the budget is a challenge. Although they can borrow from institutions such as the World Bank to fund the budget, to make the budget have positive impact on the economy, the government needs to start implementation immediately, deploy money into the system and ensure that at least 85 per cent of the capital appropriation is achieved and on the appropriate projects in addition to the recurrent appropriation.

    “Also the political rhetoric that having signed the budget into law will get the country out of recession is untrue. That the budget is tied to Economic Growth and Recovery Plan  (EGRP) is only an aspiration. The nation needs more than two budgets to get out of recession in addition to putting place proper fiscal regime and monetary policies. We need to have good policies in place before we begin to make meaningful and sustainable impact on the economy.

    “Nigeria needs to have single exchange rate as against the current multiple exchange rates. Interest rate has to be brought down to boost economy. The government has to encourage domestic production, encourage growth of science and technology and focus less on oil and gas.

    “Currently, inflation is 17.4 per cent, monetary policy rate (MPR) is 14 per cent and interest rate is 25 per cent or above. The Federal Government through the Central Bank of Nigeria (CBN) is only practicing inflation targeting, which is not good enough for our economy.

    “Inflation targeting is the reason interest rate is high. The monopoly and undue control of the foreign exchange market by the government and dependence on importation doesn’t encourage growth of the economy.

    “Power accounts for 65-80 per cent of cost of production underscoring the critical position of power in economic growth. All efforts to make the power sector work seem fruitless because the fundamentals are not right. The government has to focus on making the power sector work by getting the policies and actions right.

    “The government should not focus on short term plans as currently seen because it is not helping the economy. Domestic production has to be highly encouraged to enable the merger of inflation and local production at a point. This will mark the foundation of a stable economy.

    “Currently, the fundamentals are not right. The future is science and technology and should be highly encouraged to diversify the country from dependence on oil and gas.”

     

  • Our fears, hopes on Budget 2017, by Nigerians

    According to her, policies put in place by the government should seek to support viable food production, with a particular focus on income support for farmers and boost employment and growth and tackle poverty in rural areas.

    She said the infrastructure sector should receive greater attention as the government is keen to step up investment despite a challenging fiscal situation.

    Mrs Saka also urged the government to initiate a policy that would stimulate investments in waste management and recycling, which said has a lot to offer the economy.

    The Director General of the Lagos Chamber of Commerce & Industry (LCCI), Mr. Muda Yusuf,   commended the budget for two reasons.

    He hailed the lifting of the ban on the Export Expansion Grant (EEG) component, noting that it would improve the non-oil export sector as exporters were uncomfortable for as long as the ban lasted.

    Yusuf demanded for better coherence and harmonisation between the fiscal, monetary and trade policies as against the 2016 Budget when the policies worked at cross-purposes with each other.

    On the Oil & Gas sector, the LCCI chief praised the discontinuance of Cash Call, as according to him, the practice affected the financing of the upstream sector.

    Though he described the renewed commitment on Public Private Partnership (PPP) in the delivery of infrastructure as a welcome development, Yusuf, however, knocked the budget on its silence on the foreign exchange policy.

    “Government needs to fine tune or come up with a more credible forex policy to complement the economy”, he added.

    He also advised the government on the need to not only attract Foreign Direct Investments (FDIs) but also domestic investment with the right policies.

    Yusuf lauded the government on its enlightened interest and consequent high budgetary allocation to capital expenditure, power, works, and housing and transportation sector noting that it will lift the economy if adhered to strictly.

    He expressed reservation on the N1.66 trillion allocation to debt servicing, which he said, represented a 34 per cent of the total revenue and 74 per cent of the total capital budget.

    His words: “Though we cannot walk away from prior commitments and debt obligations, going forward the figure should be reduced. If not, it would crowd out the private sector and consequently impact negatively on financial intermediation as a lot of fund would go into Treasury Bill and Federal Government Bonds investments.

    “People would shy away from manufacturing and agriculture and look for the easy way out by investing in government bonds and other financial instruments that are low risk.”

    Carpeting the government on its silence on the interest policy regime, Yusuf advised on the need to stimulate consumption by increasing income and reducing the cost of goods and services.

    He said: “The average man on the street is facing the burden of high cost of goods and services and the need to encourage the manufacturers with low interest rates which will translate to cheaper goods and services for the average person on the street cannot be over-emphasised.

    “The government should of necessity work on checking the high energy costs facing manufacturers all these will add up to ease the burden on consuming public.”

    According to Yusuf, all the assumptions in the budget look realistic except that the oil output projection of 2.2 million barrels per day may be a far-cry with the unrest in the Niger Delta.

  • Our fears, hopes on Budget 2017, by Nigerians

    Our fears, hopes on Budget 2017, by Nigerians

    The 2017 budget is a reflection of the Federal Government’s commitment to restoring the economy onto the path of sustainable growth. LUCAS AJANAKU, MUYIWA LUCAL, OKWY IROEGBU-CHIKEZIE, COLLINS NWEZE DANIEL ESSIET and TOBA AGBOOLA, AJIBADE AKINOLA, capture the expectations of Nigerians on the ‘Budget of Recovery and Growth’

    REACTIONS yesterday trailed sectoral allocations in next year’s N7.298 trillion Budget estimate proposed by President Muhammadu Buhari for consideration by the National Assembly.
    The reactions came barely 24 hours after Budget & National Planning Minister Udoma Udo Udoma gave the breakdown of the ‘Budget of Recovery and Growth’ in Abuja.
    Three ministries – Interior, Education, Defence and Health – got the lion’s share of the estimate. The minister put the votes of the three ministries at 70 per cent of the budget size.
    Those who reacted to the sectoral allocations expressed reservations but urged the President to ensure the implementation of the budget to the letters by the Ministries, Departments and Agencies (MDAs).
    Many decried the allocations to some sectors as inadequate and what they described as shoddy implementation of past budgets.
    The President, Nigerian Institute of Estate Surveyors and Valuers (NIESV), Dr. Bolarinde Patunola-Ajayi, said the N529 billion allocated to the Ministry of Power, Works and Housing was inadequate.
    He wondered how far the vote could go in a ministry comprising three major infrastructure sectors that require huge capital investment.
    The NIESV chief contended that given the high cost of providing infrastructure, the allocation of N529 billion to a sensitive ministry was just a drop in the ocean.
    Patunola-Ajayi said that about $1billion will be required to provide 1000 mw of electricity.
    His words: “This is a figure that is just the equivalent of the total budget for the ministry. In solving the housing deficit alone, over N1 trillion is required; just as rehabilitation or construction of major roads across the country will take more than N529 billion.”
    He, however, said that it may take up to two years before ongoing projects being implemented by the ministry would be completed for use considering their design and nature.
    “Hence, there may be provisions for same in the next budgetary allocation of the coming year”, Patunola-Ajayi said, adding: “Therefore the allocation is a bit of this, and a bit of that. The question is what are we expecting as derivatives? The details of the budget are likely going to throw light on this.”
    Patunola-Ajayi argued that “any time there is an appreciable mobilisation for execution of projects in these sector, the lives of many are touched, positively.
    “The consultants, contractors, suppliers and manufacturers of materials, artisans, labourers, transporters, food vendors and families of all operators in these categories will be the immediate beneficiaries from the budget; while government will also be a beneficiary of the taxes that will be paid by these category of people which ultimately will mean they have contributed to the gross domestic product (GDP) of the country.”
    According to them, shoddy implementations of budgets by successive administrations had stunted the nation’s socio-economic growth.
    The President, National Association of Telecoms Consumers of Nigeria (NATCOMS), Deolu Ogunbanjo urged the President to monitor the MDAs for effective implementation of the budget and efficient application of the votes.
    He described budget as transitional for the Buhari administration, being the one complete severance with the last administration.
    Ogunbanjo counselled the Federal Government to stop the blame game and settle down to business reminding that the investment environment was inclement and that Nigerians had waited endlessly for the dividends of democracy.
    The President, he said, should intensify efforts at restoring peace to the troubled Niger Delta to sustain oil production in the region.
    He said: “With the spate of vandalism of oil installations and gas pipelines in the region, it will take the President’s intervention to restore peace for crude oil production to hit the 2.2 million barrels per day projection.
    “Mr President should get experts around him to implement the budget to its optimum. It is gladdening the budget is being processed early. This will facilitate its implementation.
    “A situation where budgets are only approved in the second quarter of the year makes a mockery of its implementation. The government must do everything within its capacity to secure peace so that oil production and even electricity supply would be assured.”
    An oil and gas sector operator, Dr Diran Fawibe, described the projections in the budget as realistic, especially the 2.2 million bpd target because of the President’s commitment to end militancy in the oil-bearing communities.
    Lamented the problem in the Niger Delta with the springing up of several militant groups and vandalism, Fawibe expressed the hope that the government will be able to negotiate with the different groups in the days ahead.
    According to him, negotiating with the militants should not be seen as a sign of weakness on the part of the President but rather a demonstration of statesmanship.
    He said the government could realise its $42.5 per barrel (pb) benchmark with the rapport between members and non-member-countries of the Organisation of Petroleum Exporting Countries (OPEC) on production freeze agreement.
    Also reacting, a professor of Energy Economics, Wunmi Iledare, said the government may achieve some of its projections as contained in the 2017 Budget proposal.
    He said the 2.2 million barrels per day projection and the $42.5 oil price benchmark were realistic, taking into consideration the resolution of problems in the global oil market.
    Iledare said that problems such as militancy in the Niger- Delta region and low crude production among others must be resolved; arguing that oil revenue would increase once the militants stopped sabotaging government efforts.
    He said: “$42 per barrel of crude oil is possible, and not probable. Even $45 per barrel of crude oil is possible. Though the likelihood of getting $45 per barrel of crude oil is low, but it can be achieved by the government, when micro and macroeconomic problems have been solved.”
    Stressing that achieving the N5 trillion revenue projection from oil alone could be tough, the professor suggested the government should have set its budget below N2 trillion from oil.
    Analysts at FBN Capital said in a report released yesterday that the underlying assumptions for the 2017 Budget were: average crude production of 2.2 mbpd; an average crude price of $42.5/pb and an average exchange rate of N305/$ (the current interbank rate).
    The report explained that not for the first time, an outperformance on the oil price may compensate for an underperformance on production.
    The Federal Government may pursue an “engagement with the oil producing communities” but will surely have to compromise with the various parties responsible for the sabotage.
    They (analysts said in the report: “The FGN budgets tend to work with the exchange rate in effect at the time of submission, and for good reasons. The rate is, of course, effectively administered and not the floating model envisaged in June.
    “We have to move to a flexible arrangement if the FGN’s economic vision is to be realised and we doubt very much that the rate would then remain at N305″.
    The FBN Capital listed its watchlist for 2017 and beyond as the standard Value Added Tax (VAT) rate of five per cent, the mounting burden of debt service, the external/domestic mix of borrowing, its personnel costs and disbursements under its flagship social interventions.
    It said: “Among events outside the FGN’s control, we have to single out the impact of the Trump presidency on United States U.S. interest rates and on the Chinese economy in addition to the oil price.
    “We welcome the relatively early submission of the budget to the assembly. We also recall the suggestions from the federal finance ministry that the regrettable delay in the final sign-off on this year’s budget (to May) was balanced by important procedural victories at the expense of the legislature, and hope that these successes are visible in 2017.
    “The assembly has a track record of pursuing its institutional agenda ahead of the policies of the political parties in whose names its senators and representatives have been elected”.
    A member of the Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA), Mrs. Cynthnia Saka, believed the planned diversification of the economy from oil to agriculture, solid minerals and other sectors would boost the budget success.
    Mrs. Saka noted that according agriculture more attention would go a long way to rejuvenate the nation’s economic growth.
    According to her, enhancing expenditure in the farm and rural, social and infrastructure sectors would address those sectors requiring immediate attention.
    The current economic recovery plans, she added, should provide a short-term, reasonably targeted stimulus for creating jobs and boosting the economy. She suggested the implementation of strategies, fundamental and long-term re-orientation of the economy to a model to promote wealth generation.

    According to her, policies put in place by the government should seek to support viable food production, with a particular focus on income support for farmers and boost employment and growth and tackle poverty in rural areas.
    She said the infrastructure sector should receive greater attention as the government is keen to step up investment despite a challenging fiscal situation.
    Mrs Saka also urged the government to initiate a policy that would stimulate investments in waste management and recycling, which said has a lot to offer the economy.
    The Director General of the Lagos Chamber of Commerce & Industry (LCCI), Mr. Muda Yusuf, commended the budget for two reasons.
    He hailed the lifting of the ban on the Export Expansion Grant (EEG) component, noting that it would improve the non-oil export sector as exporters were uncomfortable for as long as the ban lasted.
    Yusuf demanded for better coherence and harmonisation between the fiscal, monetary and trade policies as against the 2016 Budget when the policies worked at cross-purposes with each other.
    On the Oil & Gas sector, the LCCI chief praised the discontinuance of Cash Call, as according to him, the practice affected the financing of the upstream sector.
    Though he described the renewed commitment on Public Private Partnership (PPP) in the delivery of infrastructure as a welcome development, Yusuf, however, knocked the budget on its silence on the foreign exchange policy.
    “Government needs to fine tune or come up with a more credible forex policy to complement the economy”, he added.

    He also advised the government on the need to not only attract Foreign Direct Investments (FDIs) but also domestic investment with the right policies.
    Yusuf lauded the government on its enlightened interest and consequent high budgetary allocation to capital expenditure, power, works, and housing and transportation sector noting that it will lift the economy if adhered to strictly.
    He expressed reservation on the N1.66 trillion allocation to debt servicing, which he said, represented a 34 per cent of the total revenue and 74 per cent of the total capital budget.
    His words: “Though we cannot walk away from prior commitments and debt obligations, going forward the figure should be reduced. If not, it would crowd out the private sector and consequently impact negatively on financial intermediation as a lot of fund would go into Treasury Bill and Federal Government Bonds investments.
    “People would shy away from manufacturing and agriculture and look for the easy way out by investing in government bonds and other financial instruments that are low risk.”

    Carpeting the government on its silence on the interest policy regime, Yusuf advised on the need to stimulate consumption by increasing income and reducing the cost of goods and services.
    He said: “The average man on the street is facing the burden of high cost of goods and services and the need to encourage the manufacturers with low interest rates which will translate to cheaper goods and services for the average person on the street cannot be over-emphasised.
    “The government should of necessity work on checking the high energy costs facing manufacturers all these will add up to ease the burden on consuming public.”
    According to Yusuf, all the assumptions in the budget look realistic except that the oil output projection of 2.2 million barrels per day may be a far-cry with the unrest in the Niger Delta.

  • Our joy, our fears, by parents of returnee Chibok girls

    Our joy, our fears, by parents of returnee Chibok girls

    THE nation’s air has been filled with excitement since the news of the release of 21 of the secondary school girls kidnapped by the dreaded Boko Haram sect at Chibok, Borno State, since April 2014. Their release came after they had spent about 900 days in the den of the dreaded sect along with their more than 200 other colleagues.

    While many see Thursday’s release of the 21 girls as a sign that the remaining 197 who are yet unaccounted for will return, others see it as a development that portends a bitter-sweet experience for the affected parents because of the heart-rending experiences the returnees will narrate to them and the revelation of the identities of those that are dead as well as the circumstances that culminated in their demise.

    Fatima Abba-Kaka, a member of Bring Back Our Girls (#BBOG), the advocacy group at the forefront of the agitation for the release of the girls, said in an interview with our correspondent: “For some of the parents, the arrival of these girls will mean the truth about those that Boko Haram claims have been killed. These ones will probably tell the real story of the girls that lost their lives.”

    Mr. Hosea Tsambido, the Chairman, Kibaku Area Development Association (KADA), Abuja, an umbrella body for members of the Chibok community, was allowed audience with the girls when they arrived Abuja. He noted that while the girls were all emaciated, they were well composed and acted in very normal and respectful manner. He also said they were very excited when he introduced himself to them.

    Tsambido said: “I met them. They looked so emaciated but composed and not acting rude at all. There was nothing to show that their stay with terrorists for so long had changed them. They were so excited when I introduced myself. They know a lot of my siblings back home and still remembered their names.

    “A lot of the parents kept calling me for information as soon as the news broke, to know if their daughters were among the 21. When I eventually got the names and called their parents, I did not actually sense so much excitement from them, because they have been traumatised for so long and it took a while for the news to sink in that their daughters are finally back. The other parents who are not amongst the 21 feel so bad that their daughters are still in captivity.”

    The Chairman of the Chibok parents and father of one of the girls still in captivity, Yakubu Nkeki, said they had been contacted by the Minister of Women Affairs and had been asked to come to Abuja with the parents of the 21.

    He said: “I just spoke with the Minister of Women Affairs. We have been invited to Abuja. We are boarding a vehicle and will hopefully arrive Saturday. My daughter is not among the 21, but as their leader, I am happy for the lucky parents. I am very happy for them that their daughters are back.

    “Most of the parents in Chibok have been rejoicing since the news broke. They have all been trooping to my house in excitement. The release of these 21 has renewed our hope for the release of our other daughters, which is good. We don’t want to think about those whose daughters might have died. The important thing for us is that we have hope and our hope has been renewed by the release of the 21.”

    Another parent, Rev. Enoch Mark, whose two daughters are amongst the abducted girls, expressed excitement about the release of the 21. Although none of his daughters was among the 21, Rev. Mark says he sees the move as a sign that more of them will be released.

    He said: “My wife and I have been unable to sleep since we heard the news. Even though neither of my daughters is amongst the 21, I am still really excited and hopeful because it means that those still alive will all return home soon. I am so grateful to the government for making this possible.”

    Rebecca Isyaku, the girl who escaped by jumping off the vehicle when they were being taken away by Boko Haram more than two years ago, was filled with excitement at the release of 21 of her friends.

    She said: “I am very happy today because I hear that 21 of my friends have been released. I used to think the government could not do it, but this has shown that it can. It even seemed like the government itself felt that it could not do it, but this has shown that it can.

    “Even though we are yet to see or hear the names of those released, we are still happy that 21 of them are back. We will keep demanding until the others return. This has brought more life to the parents. They had been thinking of their daughters but now they have hope. Their faith has been renewed.”

    A member of the Chibok community, who lives in Maiduguri, in a telephone conversation with The Nation, expressed excitement, saying it is what the community has been asking for.

    He said: “We lack word to describe our excitement. This is what we have been asking for. Now that our hope has been restored, we are going to organise prayer and fasting to seek God’s face for the return of the others.

    “We learnt that they swapped a few leaders of Boko Haram for the girls in Banki. Whether it is true or not does not matter. The government can release as many Boko Haram members as they want so that they will release our daughters and other Nigerians in captivity. This singular act by the government has renewed our confidence in the government.”

    Another member of the community and member of the #BBOG, Gyanpany Yanga, said that they were not bothered if a swap for Boko Haram leaders would mean more terrorists out there because they have always seen Boko Haram as still being active with their constant attacks on Chibok and neighbouring communities.

    “I am very happy, honestly. I commend the Federal Government for a job well done. But any of their lapses, we will still talk about it. Not that we are fighting; we are telling them the truth. Let them continue the good work because after they have brought back all the girls and it remains one, we will continue to demand.

    “We are not bothered if it was a swap or not or what it might mean to our community, because Boko Haram is still disturbing in Chibok. They recaptured about four villages a few days ago. So, whether the girls were returned as a result of an exchange or release, or whether their number will increase or not, the government knows that it has to stand up to work as a responsible government.

    “We know the capabilities of our military and how good they are. We recommend them all over the world.”

    The leader of strategic team for #BBOG, Aisha Yesufu, on her part stated that the release of the 21 girls would not be complete until the government puts enough effort into their rehabilitation and reintegration into the society.

    “I am very excited and joyful for the wonderful development. That says a lot for us. It means a lot. We have continuously demanded from the government because we believe in the capability of our government.

    “Today, we have seen it with the rescue, and we know that the remaining 197 out there will also be rescued and we hope that all other that were abducted will be released as well.

    “For us as a movement, the rescue of the Chibok girls is the easy part. The main part for us is to ensure that our girls are rehabilitated and reintegrated into the society and made to get that life that is theirs, which the terrorists tried to truncate.

    “We are not just a movement that demands, we proffer solutions, and part of what we have done is the verification, authentication and reunification system that we passed over to the government. And from what we are seeing on ground, there has been an improvement with the government in this situation than we saw when Amina Ali was found.

    “We must not let the terrorists win with them, because if we just rescue them and allow them to just be, then everything would have been defeated. We need to ensure they are rehabilitated, returned to school and get that education and become the world leaders they are meant to be.”

    While the leader of the group, Oby Ezekwesili, was said to have travelled to the US and was not on hand at the Unity Fountain with the rest of the group to celebrate the release of the 21 girls, her excitement on her twitter handle was infectious as she thanked the government, the Red Cross, the military and the Swiss government for their combined efforts in ensuring the girls’ release.

    Some of the tweets read: “I can only weep right now. You know that kind of cry that is a mix of multiple emotions. Lord, some of our girls are back. It is 4 am in California and I can no longer sleep. Join me in singing the words of Psalm 126. When the Lord turned again the CAPTIVITY.

    “With tears of unspeakable joy at the release of 21 of OUR #ChibokGirls, We cry out and use them as a point of contact for the rest 197. Imagine how it feels for parents of our 21 #ChibokGirls to behold and hug their daughters after 913 days of their captivity. #HopeEndures on.”

    Another member of the group, Fatima Abba-Kaka, in her excitement, said that finally, the group has been vindicated. She said that God has vindicated the group from those who said that the girls were never taken.

    “I feel incredible. I couldn’t eat today or do anything. This is what we have been expecting from our government. We believe in our government. Even when they thought they couldn’t, we believed they could, and they have done it and need to do more.

    “The issue is that if there is negotiation, there has to be an exchange. We gave the government three scenarios—negotiation, military might or a combination of the two. Definitely if you negotiate, you will release their own.

    “Right now, let us get all our girls and abducted people back and then the military can strategise and know how to handle Boko Haram. To me, the life of a single Chibok girl is more than anything. So I am okay with the negotiations.

  • Our fears, by Situation Room

    Our fears, by Situation Room

    The Nigeria Civil Society Situation Room, a coalition of 70 civil society groups monitoring today’s governorship election in Kogi State, yesterday expressed concerns over the welfare of security personnel deployed for the election.

    It said it observed that some of the policemen deployed from various states were kept waiting for hours before re-deployment, with some of them loitering aimlessly.

    Besides, it also feared that the huge security deployment could become a state-motivated instrument for voter intimidation in today’s election.

    It said nothing short of a free and fair election will be accepted to Nigerians.

    “The electoral environment is charged no doubt, and there have been various allegations across the aisle on plans to rig the election.

    “Situation Room takes note of these developments and calls on all stakeholders, especially political parties, to approach this election with responsibility and utmost respect of democratic standards.  We cannot afford to fail Nigerians,” the coalition said.

    In its preliminary statement on the election yesterday, the group said it was hopeful that security operatives would conduct themselves responsibly and adhere to civil and responsible terms of engagement under the rule of law.

    Chairman, Partners for Electoral Reform, Ezenwa Nwagwu, who addressed the press on the coalition’s behalf, urged the Independent National Electoral Commission (INEC) to deliver a first-class election today.

    He said: “Preliminary observations by the Situation Room indicate that voters across the state are highly motivated and mobilised to cast their votes. There are also security concerns during the elections.

    “We are reasonably satisfied with the deployment and conduct so far of the security personnel to the state to ensure a safe, secure and peaceful election tomorrow.

    “The Situation Room, however, hopes that, drawing from its experiences in previous elections, this deployment would not lead to state inspired voter and process intimidation and suppression.

    “However, the Situation Room is hopeful that the entire security machinery will conduct themselves responsibly and adhere to civil and responsible terms of engagement under the rule of law.”

    The Situation Room expressed concerns about the arrangements made for the welfare of the tens of thousands of armed security personnel drawn from other parts of the country.

    It also wants those with special needs, such as nursing mothers, the elderly, those with physical challenges and pregnant women to be given special attention during voting.

    “We have noted so far that like in previous elections, there seems to be scant regard for the overall wellbeing and welfare of these officers of the state.

    “The Situation Room nonetheless urges the state government to assure the electorate of their personal safety and urges voters to go out and peacefully cast their vote.

    “We call on INEC in its role as the Election Management Body to fully acknowledge and make special arrangements for people with disabilities, the elderly and nursing mothers to help them exercise their franchise. This can be effected by giving specific instructions to INEC officials at the voting units,” it said.

    It also warned against people spreading false rumours through the social media that could create unnecessary tension.

    “The Situation Room especially urges the digital public to be discerning in their reading of social media reports as experiences have shown that some of the reports may be replete with deliberate falsehood aimed at misleading the public.

    “We call on all stakeholders in the election process to live up to the expectation of Nigerians and especially call on INEC to deliver free, fair and credible elections in Kogi State.”