The Nation Newspaper

Tag: policies

  • How policies can drive agro-based economy

    Until the early 70s, agriculture was the mainstay of the nation’s economy, accounting for 80 per cent of its Gross Domestic Product (GDP) and its major export income earnings before losing its place to oil. This is largely on account of the easy access to cash that oil provides.

    Agriculture experts said in reinventing agriculture in an oil-economy, such as Nigeria’s, the solution does not necessarily lie in commercial or large-scale agriculture. This view contradicts the enduring myth that extensive farming is always more productive than small-scale agriculture, which continues to guide agricultural policy in quite a number of developing countries.

    Ironically, studies conducted in developing countries have shown that there is an inverse relationship between farm size and agricultural productivity: smallholder farmers in these parts of the world are generally more productive than large-scale farmers. It was, however, observed in the studies that it may not be the case for developed economies. A publication by a global non-profit organisation that promotes rural smallholder farming, Landesa Rural Development Institute, quotes a research finding as follows: “Smallholder farms in developing countries can generally be more effective than large-scale farms in helping governments and donors achieve their poverty alleviation, food security and many other development goals.”

    For most smallholder farmers in developing countries, farm size does not put any constraint on their productivity and their capability to assist their countries in achieving food security and rural economic development. Rather, their biggest limitations have been, among other things, lack of capital and material resources, poor access to technology and innovation, and the presence of obstacles to trade.

    For this reason, stakeholders in the agriculture sector posit that the Federal Government should put the right strategy in place to empower smallholder farmers who actually hold the key to true transformation in the nation’s agricultural sector.

    In a bid to give a new lease of life to the agricultural sector, diversify the economy and enhance foreign export income by ensuring food security and job creation, the Federal Government established the Agricultural Transformation Agenda (ATA) and other agricultural policies.

    Unlike what obtained in the era of administrations that preceded the erstwhile government, this agriculture intervention has remarkably been receiving the much-needed support from the private sector in recent years.

  • Buhari advised to unveil sound ecenomic policies

    Buhari advised to unveil sound ecenomic policies

    •‘Gani’s legacy intact’

    Ondo State Governor Olusegun Mimiko at the weekend urged President Muhammadu Buhari to initiate a well-defined economic policy.

    He advised the Federal Government to pursue its privatisation policy with the aim of interest to promoting the interest of the masses.

    Mimiko spoke during the sixth Gani Fawehinmi Annual Memorial Lecture and Tribute at the Cultural Centre, Akure.

    The event was attended by dignitaries and human rights’ activists who included the former Governor of Kaduna State, Alhaji Balarabe Musa, the National  Chairman, National Conscience Party (NCP), Dr. Tanko Yinusa and the Chairman of the Gani Fawehinmi Memorial Organisation, Comrade Ayodele Akele.

    The governor said the President should pursue his anti-corruption crusade without favouritism or intimidation.

    Mimiko, who enjoined the President Buhari-led government to fashion out a clearly defined  economic policy said his administration would fight poverty through its Caring Heart programmes of qualitative education, healthcare and urban renewal.

    He extolled the virtues of Fawehinmi, saying he left behind an indelible legacy.

    According to him, Fawehinmi’s core essence was to uphold human rights, liberate the masses and use the instrumentality of power to lift them from poverty.

    He said his administration embarked on programmes aimed at liberating the people from poverty by giving equal access to the children and wives of the rich and the poor.

    The governor said: “The children of the privileged and the less privileged learn under the same roof in our mega schools. People have transferred their children and wards from private primary schools to our public mega schools.

    “The wives of the privileged lie side by side in the same ward with the wives of the poor because they cannot get such better service elsewhere.”

    He stressed the need for public servants to demonstrate capacity and reinvent themselves for service delivery.

    In his lecture, entitled: ‘Socio-economic Challenges in the Contemporary Nigeria’ a human rights activist, Mr. Femi Aborisade, attributed poverty to politics.

    He said: “Poverty can only be abolished by politics. Buhari needs to fulfil his campaign promises as encapsulated in his ‘covenant with Nigerians’”.

    Aborisade urged the Federal Government to rename the headquarters of the National Human Rights Commission after Gani Fawehinmi and establish a Freedom Square in Abuja in his honour.

    The chairman of the occasion, Musa, described the late legal icon as an energetic and a patriotic Nigerian, who devoted his life to the Nigerian project and liberty of the masses.

  • Don seeks viable agric policies

    Don seeks viable agric policies

    The  Federal Government has been urged to introduce policies that will make the agricultural sector more viable and productive to tackle increasing unemployment.

    The Country  Representative, Harvest  Plus, Dr  Paul Ilona made the call, at the meeting  of  the  Capacity Building in Agricultural Education in Nigeria (CBAEN) Project  at  the  Federal College of Agriculture(FCA)Akure, Ondo State.

    According to him, unemployment rate which  stood  at  5.3 per cent in 2006  increased  to   29.5 per cent  in 2013.

    Delivering a paper,”Training and capacity building in value chains: Creating and strengthening linkages for job creation, profitability and agricultural transformation, Ilona said  good  policies would    make agricultural sector more viable and productive , ensuring  income for farmers to encourage others to join the agricultural sector.

    He   emphasised the need for agricultural financing and investment to enhance production in the country.

    He called for measures to mitigate the challenges of climate change, emphasising  the need for harvest security to prevent post-harvest losses to ensure increased revenue for farmers.

    Ilona  emphasised the need for a chain of market with competitive businesses ready to buy farm produce to prevent post-harvest losses.

    According  to him,  agriculture is the nation’s  greatest strength and critical for the country’s industrial growth.

    To increasing incomes in the sector, he  stressed the need to ensure diversification into cash crops, livestock and value addition on commodities.

    He said farmers would also be further encouraged,in addition to their food crop farming diversify into the cultivation of cash crops and livestock.

    According to him, there is the urgent need to reflect on agricultural policies to ascertain business ideals and attractiveness to the youths.

    He believed the youth should be better off if  their concerns with agricultural mechanisation, transportation, water and other basic amenities were provided. He   said young people would be more interested in value addition than actual production.

    CBAEN is an initiative of the Switzerland Government and sponsored by Bern University of Applied Science, Switzerland.

    The focus of the programme is to increase the capacity of agricultural trainers, extension workers and agricultural students in value chain approach,  to open more opportunities  in the production of various agricultural commodities, such as, cassava, cocoa, aquaculture and livestock among others. This will, ultimately reduce youth unemployment , alleviate poverty and reduce social vices, particularly illegal immigration of youths to foreign countries.

    The  beneficiary institutions  include FCA, Akure, FCA, Ishiagu, FCA, Umudike, Agricultural and Rural Management Training Institute(ARMTI), Ilorin; Nigeria University Commission, National Board for Technical Education, Agricultural Research Council of Nigeria, Abuja and Ondo State Agricultural Development Project (ADP).

    The CBAEN team on the  Planning Mission included: Prof. Robert Lehmann (Bern University of Applied Science, Switzerland) and Dr. Ingrid Fromm (Bern University of Applied Science, Switzerland), Mr Andreas Brogers (Representative of the Switzerland Ambassador) and Prof. Placid Njoku (CBAEN consultant).

    Stakeholders, such  as  Cassava Adding Value for Africa (CAVA), HarvestPlus, Syngenta, Nestle, Plantation Industries Limited, WAAPP, among others, made pledges and commitments to partner with Federal College of Agriculture, Akure in various case studies that will form part of the CBAEN project.

  • Experts to aviation minister: consolidate on existing policies

    Stakeholders in the aviation sector have called on the minister of aviation, Chief Osita Chidoka, to consolidate on existing policies, programme initiatives as well as stimulate incentives that would accelerate the development of the sector.

    They said the minster could only be adjudged to have contributed significantly to the development of the sector if he succeeds in putting in place the sector’s master plan that would define how the different policies and programmes would be implemented to enable aviation contribute significantly to the gross domestic product from its paltry less than one per cent .

    Speaking in separate interviews, Sheri Kyari, an aircraft engineer and Mr. Ben Ola, an aviation economist, said recent policies announced by the minister concerning automation of revenue for aviation agencies, streamlining of aviation personnel as well as the service performance index rolled for the agencies would go a long way to fix some of the challenges the aviation sector had been grappling with.

    They said Chidoka’s activities in the last eight months are a pointer to the fact that he appears to have a good understanding of how to fix sore points in the aviation sector.

    While giving a performance scorecard, they listed part of the issues he has attempted to resolve to include rampart corruption in the sector at different levels with the inauguration of an anti-corruption committee in partnership with the Independent Corrupt Practices and Related Offences Commission (ICPC).

    Besides tackling low level corrupt practices among airport workers, the airport authority has attempted to improve security around the airport by restricting the movement of unauthorised persons around the terminal.

    The minister, they said, has engaged stakeholders in interactive sessions to gather input on how to develop the aviation sector.

    Only last week, he convoked an industry gathering where he sought their views on how to move the aviation sector forward.

    Speaking at the interface and discussion session, Chidoka said there are lots of untapped opportunities for the sector, especially Lagos, which, he said, would have positioned itself as hub of aviation in the West African sub-region.

    “We also have weak corporate governance in the industry, poor incentives for private sector participation. Also the under-utilised Bilateral Air Service Agreement (BASA) and under financed domestic airlines are also part of the problem,” he said.

    The minister, however, said that with appropriate policies, programme initiatives and incentives, this industry would pick up speed.

    To achieve the desired result, Chidoka recently collaborated with the Independent Corrupt Practices Commission, (ICPC), to check low-level corruption in the aviation industry.

    He gave the Federal Airports Authority of Nigeria (FAAN) two weeks within which to end the activities of these groups.

    Chidoka said that corruption has scared away a lot of foreign investors from the country. He also ordered the Chief Executive Officers in the aviation agencies to meet in one week and submit a report to his office on how to move the airports in the country forward and also improve on them.

    He warned that if FAAN fails to get rid of touts at airports, especially the Murtala Muhammed Airport (MMA), Lagos, he would not hesitate to take a decisive action against the Managing Director of FAAN, Saleh Dunoma.

    He stated that the federal government cannot sit down and fold its hands and overlook corruption in the system and warned that the government would at any moment from now come down hard on touts.

    To put an end to corrupt activities at the airport, the federal government has installed new Closed Circuit Television (CCTV) cameras in all the strategic places within the airport and monitors the activities of all the officials of the agencies while discharging their duties.

    However, due to the inability of airlines to operate 24 hours into some airports in the country and which airlines have been complaining about, which is not the best for Nigerian aviation, the federal government has not rested on its oars, as it has awarded contracts for the installation of AirField Lighting (AFL) systems in 13 major airports across the country to optimise 24hours airlines services.

    Also deployed is 24 hours surveillance patrol at the five international airports, which include Murtala Muhammed International Airport (MMIA), Lagos, Nnamdi Azikwe International Airport (NAIA), Abuja, Port Harcourt International Airport (PHIA), Mallam Aminu Kano International Airport (MAKIA), Kano and Enugu International Airport (EIA), Lagos.

    Also, is the pronouncement by the Minister of Aviation that airlines operating in Nigeria must have at least a Nigerian in the cockpit beginning from July 1, 2015.

    “Effective from July 1, 2015, all airlines operating both general and commercial services in Nigeria must have a Nigerian pilot in their cockpits. We cannot grow Nigeria without Nigerians. For us to grow Nigeria, we need Nigerians. We have been trying to get information from operators and we got this information from those who operate in the industry. We do know that Nigerian aviation industry has come of age and we hope to maximise the benefits for Nigerians,” he said.

    The policy was also hailed by the Chairman of Airline Operators of Nigeria (AON), Capt Nogie Meggison, who described the policy as a welcome development and that it would help to remove the thousands of unemployed pilots from the street.

  • 2.3GHz spectrum: Bitflux blames delayed roll-out on insecurity, policies

    2.3GHz spectrum: Bitflux blames delayed roll-out on insecurity, policies

    The Chief Executive Officer of VDT Communications, Mr Biodun Omoniyi, has blamed investment challenge occasioned by insecurity and government policies for the delays in rolling out service through the 2.3gigghertz (GHz) spectrum licence it won from the Nigerian Communications Commission (NCC) last year.

    VDT is the driver of Bitflux, a consortium of VDT Communications, Bitcom Systems Limited and Superflux. The firm had defeated second national carrier, Globacom, to clinch the wholesale licence during an international auction in Abuja.

    Omoniyi, who spoke in Lagos on the sideline during the unveiling of the International Standards Organisation Certification, (ISO) 20000-1:2011 the firm got from the British Standards Institute (BSI), said the business operating environment has no incentives  for foreign direct investments, lamenting that the firm had to postpone its initial plan to roll out in the first quarter of this year.

    He said: “Bitflux won the 2.3GHz spectrum licence that was auctioned by the NCC last year, and VDT Communications is the major driver of Bitflux, which is a consortium of VDT Communications, Bitcom Systems Limited and Superflux.

    “The truth of the matter is that we are eager and ready to roll-out the service across Nigeria, and we would have done that earlier, but for the investment challenges in the country. We are, however, ready to roll-out, having signed Memorandum of Understanding (MoU) with an international vendor to supply equipment that will facilitate service rollout.

    “Initially, we wanted to rollout in the first quarter of the year, but that plan has been shifted by two weeks, which means we have a new date to commence service by April, this year.”

    He said in the past one decade when the firm began operation in the country, it has invested a lot of money in building a world-class technology firm that has become a pride, not only to the country but the international community.

    According to him, the continuous growth in technology solution has kept the firm at par with foreign service providers, adding that because the firm competes favourably with foreign firms, its customers are proud to do business with it. “We are not losing customers in anyway; instead, our customer base is increasing by the year,” Omoniyi said.

    “We have invested so much in this business to grow it to the level in which it is today. In 2001, when we started, we had only three branches, but today we have 46 operating branches in all the 36 states of the federation, including Abuja.

    “A company we promoted paid $25 million, which is more than N5 billion in the dispensation of our naira value just to acquire operating licence. The company needs at least, four times of that amount, which is about N20 billion to roll out services and that is a lot of money, and that is the kind of industry we are into. It is quite capital intensive,” he added.

    On the certification, he said: “The struggle to earn international certification is an unending one. About three years ago, we earned the certification for ISO 9001, which is a certification for quality management service. But today we are celebrating our ISO 20000 certification, which we recently earned, and which is an advanced certification to ISO 9001.

    “What this means is that as the business grows and expands, we will be getting more certifications and also consolidating on the ones we already have. The ISO 20000 is not a destination, but a journey because we are still eyeing more certifications like ISO 27000, ISO 28300 and many more that will still come up.

    “The truth is that we must continually improve on previous certifications because the British Standard Institute, which offers the certifications, will continually carry out audit surveillance on previous certifications to find out if the holders of such certifications are operating in conformity with the standards of the certifications.”

  • APC campaign: Jonathan’s harsh tax policies killing industries

    APC campaign: Jonathan’s harsh tax policies killing industries

    The All Progressives Congress (APC) Presidential Campaign Organisation (APCPCO) has said the harsh tax regime and high electricity tariff under the Peoples Democratic Party (PDP)-led Federal Government are forcing many industries to close shop.

    The APC campaign assured Nigerians that the party would not impose any harsh tax regime on Nigerians, but would rather employ existing tax policies of government to fund its people-oriented programmes.

    Director of Media and Publicity of the APC Campaign Organisation, Mallam Garba Shehu, said in a statement in Abuja that under the President Goodluck Jonathan administration, the people and the business community were reeling under multiple, discriminatory and harsh tax regime.

    He said: “The prevailing harsh tax regime under the PDP government has caused untold hardship on the population while manufacturing industries are threatening to shut down their operations because of the high electricity tariff imposed on them when they depend largely on generating sets to power their factories.

    “An APC administration will make life more bearable and manageable for both the citizens and the business sector by entrenching discipline in public administration across all sectors of governance.

    “Second, the party will plug all loopholes through which public funds are being lost. When these loopholes and accompanying wastages are plugged and corruption reduced to a minimum or totally stamped out as promised by our presidential candidate, General Muhammadu Buhari, the government will have reasonable quantum of funds for social investments programmes in education, health, and safety nets such as free school meals for children, emergency public works for unemployed youths and pensions for the elderly.

    “Third, an APC government will seek to ensure that all existing laws and policies on taxation will be implemented judiciously while tax authorities and administrators will be encouraged to do their work with the utmost transparency.

    “The PDP is obviously scared of the credible alternative, which the APC represents and will go to any length to lie to Nigerians on any issue, including those on which the APC has not expressed a position. The majority of Nigerians are looking forward eagerly to the advent of an APC administration as a panacea to the deceit and fraud that has characterised the administration of the PDP in the last 16 years.

    “In view of the mood of the nation and the glaring cases of stealing, corruption, fraud and looting that is the character of the administration, we advise the PDP spokesperson to save his breath and make the burden of change and power transfer lighter by advising his party and their government functionaries to start preparing hand-over notes”.

  • ‘Okorocha’s policies ‘ll guarantee him second term’

    ‘Okorocha’s policies ‘ll guarantee him second term’

    The Pro-Chancellor/Chairman, Governing Council of Imo State University (IMSU), Prince Alex Mbata, says Imo State Governor Rochas Okorocha’s  policies will earn him people’s vote at the election. He spoke with reporters in Owerri, the state capital.

    What is your view on the governor’s policies? It has received a lot of bashing with some of his political opponents saying it is not working?

    You need to go to Imo State and ask the people if it is working or not. It is not enough for some people to stay in Lagos and throw stones instead of commending the good job Owelle is doing. The truth is that Imo has never had it so good not just in education but on all fronts. But if there is any area the governor has scored close to 100 per cent, it is in education. His free education program alone is enough to give him second term in office. Students in the state primary and secondary schools are not just going to school free but getting stipends and things like uniform and sandals. The people of Imo are no fools , they know a government that has done well and would do everything to ensure continuity with their votes. Education is the biggest industry in Imo state and Owelle’s government has invested heavily in that area and as I said earlier that alone is enough to bring him back to Douglas House. In fact, as things stand now there is no vacancy there. Outside education, the governor has equally done well. For the first time since after Mbakwe, we are having a government that is developing every part of the state simultaneously. Go to Orlu, Okigwe , Uguta, the story is the same. So, why won’t such a governor get a second term. What Imo people should rather be praying for is for the governor to keep doing what he has started when he returns. His rescue mission agenda must continue. Imo can’t afford to return to the land of Egypt when we are on the march to the promised land.

    Whatare your plans for the university?

    I must start by saying a big thank you to Governor Okorocha for the appointment, which came late last year. I m happy the governor deemed me fit to serve the state in that capacity and I won’t disappoint him and the people. First, my vision is to take the university to the next level. I m by his grace a very successful entrepreneur. Whatever I touch becomes gold and this is courtesy of God’s grace and now that I m involved in the state university, I will do my best to ensure that it becomes one of the best in the country. You know many employers don’t want to engage graduates of state universities, but IMSU will be different. You know the governor is passionate about education and with his support we will make IMSU a real citadel of learning. I have held meetings with the authorities of the university and we are going to ensure that the problems of the university are solved.

    So far, what have you identified as the major problems of the university?

    As you know the university is a young one when compared with the first generation universities like UNN , ABU and UI. So it would understandably  have the problem of infrastructure, that of hostels to accommodate the students etc. But, the state government is doing all it can to change all that. The governor deserves a pat on the back over what it has done to the University’s Teaching Hospital in Orlu. A lot more will be done to the other programmes of the university. My vision is for the university to have world class facilities and we are on the same page with the governor on this.

    How can the youths be prepared for a better future?

    Well, I’m the CEO of AMB Global group of companies, which has interest in Oil and Gas, real estate, manufacturing and hospitality industry. Ours is a fast growing outfit with corporate headquarters in Lagos. We are investing heavily in Imo State in line with the appeal made by the state government for the state industrialists to come home and invest. ABM now has one of the biggest industries in Imo state and we have only done the first phase of the industry. My vision is to employ as many Imo youths as people as a way of reducing unemployment in the state. If that is done the crime rate in the state will reduce and let me also give the governor a pat on the back in the area of security because he has done al lot in that area. You will agree with me that the rate of kidnapping in Imo has gone down, thanks to the security measures and network put in place by Okorocha

  • SEC to review capital market policies

    SEC to review capital market policies

    Securities and Exchange Commission (SEC) may undertake extensive review of its policies and modus operandi with a view to aligning them with its core mission of investors’ protection and capital market development.

    A source in the know of the workings of the new management of SEC told The Nation that the new management of SEC plans to review existing policies and frameworks to give a new verve to the operations of the apex capital market regulators.

    The erstwhile executive commissioner, operations, Securities and Exchange Commission (SEC), Mr. Mounir Gwarzo took over as the acting director general of the apex capital market regulator on Monday January 12, 2015. He succeeded Ms Arunma Oteh, who completed her five-year tenure on Wednesday January 7, 2015.

    According to the source, the new management would undertake broad-based consultation with key market stakeholders to ensure strong buy-in for its policies and bring all hands on the deck for the task of market development.

    Some of the policies to be reviewed included the minimum capital base for market operators, the status of the NSE as a members-owned self regulatory organization (SRO), the public complaints and enforcement frameworks and application procedures and approval timelines.

    The source hinted that SEC could further align its human resources with core specialties in the days ahead, which will give long-serving professionals in the Commission opportunities to man key market-facing sub-units.

    It should be noted that SEC had extended the deadline for compliance with the new minimum capital requirements for various capital market functions from December 31, 2014 to September 30, 2015. However, the larger segment of the capital market operators had called for a review of the minimum capital base arguing that it violated the principles of risk-based approach that should govern the capitalization of multi-operators market.

    SEC had 2013 announced major increases in minimum capital requirements for capital market functions under a new minimum capital structure that was initially scheduled to take off by January 1, 2015. Minimum capital base for broker/dealer was increased by 329 per cent from the existing N70 million to N300 million. Broker, which currently operates with capital base of N40 million, will now be required to have N200 million, representing an increase of 400 per cent. Minimum capital base for dealer increased by 233 per cent from N30 million to N100 million.

    Also, issuing houses, which facilitate new issues in the primary market, will now be required to have minimum capital base of N200 million as against the current capital base of N150 million. The capital requirement for underwriter also doubled from N100 million to N200 million. Trustees, rating agencies and portfolio and fund managers had their minimum capital base increased by 650 per cent each from N40 million, N20 million and N20 million to N300 million, N150 million and N150 million respectively. A  Registrar will now have a minimum capital base of N150 million as against the current requirement of N50 million. While the minimum capital base for corporate investment adviser remained unchanged at N5 million, individual investment advisers will have to increase their capital base by 300 per cent from N500,000 to N2 million. There is also the ongoing debate on the necessity and adequate framework for the demutualization of the NSE, a project that has been driven mainly in the past by the interest of the SEC.

    The source noted that the acting director general has a better understanding of the capital market operations and required frameworks and operating modalities and will bring this to bear on the operations and rules of the SEC in the weeks ahead.

  • Oil price fall: LCCI backs govt’s policies

    Oil price fall: LCCI backs govt’s policies

    THE  Lagos chamber of Commerce and Industry (LCCI) has thrown its weight behind the fiscal and monetary policy responses by the government to keep the economy afloat in the face of falling oil prices.

    In a statement, LCCI Director-General Mr. Muda Yusuf said the fiscal and monetary policy responses by the government and the Central Bank of Nigeria (CBN) were inevitable, stressing that some of the policies were long overdue.

    He said: “The economic situation has again underlined the critical imperative of economic diversification. An economy that is diversified has a better capacity to withstand shocks. At every turn in our advocacies, we have canvassed the need for the creation of an enabling environment to enhance the productivity of enterprises and consequently ensure economic diversification.”

    On the measures, he said they included fiscal and monetary policies taken to stabilise the macro-economic conditions to minimise dislocations.

    These, he said, include reduction in international travels and trainings by Federal Government officials, tax on luxury items, and review of oil price benchmark to $73 from $78 in the 2015 Medium Term Expenditure Framework (MTEF).

    Others are renewed commitment to fiscal prudence, upward revision of revenue target for Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

    Yusuf said on the monetary policy front, some items, such as electronics, finished goods, information technology, generators, telecommunications equipment, and invisible transactions, were excluded from the official foreign exchange window.

    The LCCI said the implication is that transactions involving the enumerated items would be funded at a higher exchange rate from either the interbank foreign exchange market or parallel market.

    He recommended that several budget heads needed to be further scrutinised to ensure cost effectiveness and better transparency in the management of public finance. According to him, they include the: consolidated revenue fund charges, service wide votes, presidential amnesty programmes, capital supplementation and debt services.

    Others are refreshments and meals, foodstuffs and catering, honorarium and sitting allowance, welfare packages, repairs and maintenance. All these budget heads have substantial amounts voted for them in the budget annually. Some of the provisions do not reflect the desired prudence in the management of public funds. Huge savings will be made if a proper scrutiny of the budget heads is made, he warned.

    Yusuf regretted that the biggest platform for corruption in the economy today is the management of subsidy on petroleum products. The pressure it exerts on the government treasury is enormous, he warned.

    He called for an accelerated reform of the oil and gas sector and the passage of the Petroleum Industry Bill (PIB), which he said will mitigate the challenge the subsidy management poses for government finance.

    Furthermore, he cautioned that the tax yield in the economy is not commensurate to the magnitude of activities taking place in the economy.

  • ‘EFFECTIVE SPORTS POLICIES, ADEQUATE FUNDING KEY TO SPORTS’ RENAISSANCE’

    ‘EFFECTIVE SPORTS POLICIES, ADEQUATE FUNDING KEY TO SPORTS’ RENAISSANCE’

    From 15 appearances at the Olympic Games, Nigeria boasts of only three gold, eight silver and 12 bronze medals and the president of the Nigeria Taekwondo Federation (NTF), George Ashiru has described this as an inconsistent achievement pattern, which could be attributed to issues other than a lack of sporting talent.

    In his analysis of Nigerian sports in the last 54 years, the vice president of the Commonwealth Taekwondo Union (CTU) says for Nigeria to fulfill its potential in sports, effective sports policies, massive investment in grassroots development as well as adequate funding are key.

    He said: “In 54 years, we have had various agencies for national sports development, as well as several sports policies published, only to be revised or discarded for another. It stems from the fact that the overall sports vision has been hampered by not having specific national goals and preferred timescales to achieve them. When we did have some sort of goals, they were quickly discarded once there were leadership changes at the apex sports body. The policies that have been highlighted have not adequately captured the entire gamut of sports as a tool for national development, even from the cradle, and have focused more on ideals and on administrative methodology at the federal level than specifics for actualising the goals.

    He added: “National Sports Trust Fund…it is not existent again. Our National Olympic Committee (NOC) is independent only on paper. Our athletes used to get academic scholarships to study anywhere in the world after winning medals…now that is selective, dependent on the particular event and the particular government in power. In situations like these, coaches, athletes, and administrators get weary and end up under-performing.”

    In his submission, Ashiru said: “I would say that the key areas of interest which we should refocus our energy on, is the energising of the High Performance System with professional personnel, independent funding, and a purpose built high performance centre. This organ will continue its quest to find and position elite athletes for podium success. Additionally, massive investment in grassroots development working with the states and local governments to get as many as 1000 youths in each local government sign up for at least one of the various sports unique to their environment weekly.

    Continuing he said: “We need specialised funding for training of all state coaches and grassroots coaches in coaching methodology, science of sports and sports psychology. They need to be brought together in a massive wave of coach training to bring them up to international standards of coaching practice, understanding of elite athlete management, as well as high performance structures. The various federations have to again be provided appropriate subventions for administration so that none is lagging behind in providing the right kind of support for their athletes, coaches and other affiliated members.