Tag: PRESIDENCY

  • NLC writes presidency on ASUU strike

    NLC writes presidency on ASUU strike

    The Nigeria Labour Congress (NLC) has made another move to intervene in the impasse between the Academic Staff Union of Universities (ASUU) and the Federal Government.

    The Acting General Secretary of the union, Mr. Chris Uyot, told the News Agency of Nigeria (NAN) on Monday in Abuja that the union had written a letter to the Presidency.

    “The leadership of NLC has written a letter to the Presidency seeking leave to intervene in the crisis which is now in its sixth month.

    “We have sent a letter to the presidency today, December 9. We want to intervene in this matter.

    “The turn of events is causing a lot of disaffection which can easily be resolved, that is if the government is willing to talk about it,” Uyot said.

    Uyot said that NLC President Abdulwahed Omar met with the leadership of ASUU in Abuja as a preliminary step to articulate their position before meeting with the Presidency when invited.

     

     

  • Presidency and the future billionaires

    More Nigerian billionaires in high numbers will in the next 15 to 30 years lead the global Forbes list if the declaration by President Goodluck Jonathan last week Monday is anything to go by.

    Aliko Dangote and very few other Nigerians have only been able to make the list of the richest men and women in the world.

    Jonathan made it clear that the present set of young entrepreneur Nigerians and others coming behind them will not become billionaires through advanced fee fraud or other illegal or illicit businesses, but through legitimate businesses under the Youth Enterprise With Innovation in Nigeria (YouWIN) and other programmes his administration has lined up to revolutionalise creation of jobs for the teeming Nigerian youth.

    He was particularly happy to announce that the YouWin programme alone has been able to create over 27, 000 entrepreneurs in the country, who have in turn employed thousands of Nigerians in their businesses.

    Declaring the third edition of the YouWin programme open at the Banquet Hall of the State House, Jonathan said: “The success rate in the implementation and operation of the YouWIN is commendable. The exhibition by few of the awardees which we inspected today is quite

    encouraging and it confirmed that Nigeria has very great youths, from interior decoration to art work to chemical engineering, technology and ICT and electrical engineering, we are all fascinated.”

    “We believe that these youths can take this country to a greater height. The products here will compete with the best in the world. We are gradually building a middle-class of Nigerians. In the next fifteen to thirty years, some of the top billionaires in this country will be among you,” he added.

    At the occasion, the President also declared that the era of god-fatherism experienced in many aspects of Nigeria’s daily life has been 100 percent eliminated in the YouWIN programme.

    He said: “The YouWIN programme demonstrates this administration’s commitment to reward merit and performance. YouWIN grants recipients have confirmed that they received the award without knowing anybody.

    There is no room for god-fatherism in this programme. Nigeria is the god-father of everybody.”

    “With this programme and other programs that we are coming up with, we are gradually moving our country from the belief, because sometimes young people don’t believe in themselves again because they have tried and seeing people they are better off than getting opportunities they are not getting, they begin to lose hope that without knowing the god-fathers, they can’t get anything from their country. We will all collectively change that focus,” Jonathan said.

    While 3,600 youths are expected to win grants of between N1 million and N10 million in the third edition of the YouWIN grants for their businesses, the Minister of Communication Technology, Mrs. Omobola Johnson encouraged Nigerians to apply online, stressing that winners are blindly selected based on their business ideas and proposals.

    It is not only good to create billionaires assisting the country to move away from its overdependence on oil revenues, acts of god-fatherism should be checked especially in every sphere of Nigeria’s economic life. It will really be commendable if these Nigerians who have so far got these grants under the YouWIN programme actually emerged winners without any manipulation from any quarters. For this alone, I will say Nigeria is on the right path.

    But the government should also begin to carry out this ‘No god-fatherism’ revolution in the civil service in order to ensure that employment into the service, promotions, selection for foreign and local courses and trainings, and retirements from service and other staff benefits and disciplinary actions are purely done on merit.

    The private sector is not exempted from the menace of god-fatherism as a contractor who knows no one in the system or refuses to grease the palms of some civil servants may have his or her contract payment file stagnated in a director’s table for several months or in a worse scenario, the file may be declared missing. This must change too.

  • How to resolve Presidency, G-7 Governors’ feud – Kalu

    Former Governor of Abia State, Orji Uzor Kalu, on Thursday canvassed compromise between the national leadership of the ruling People’s Democratic Party (PDP), and the aggrieved G-7 governors as the only solution to the intractable crisis rocking the party.

    Kalu called for a common ground on the vexed issues among the feuding parties as one of the ways to resolve the impasse.

    He noted that without both parties applying compromise, the polity will he heated unnecessarily, a development, he said is unfavorable for the nation’s democracy.

    The former governor spoke to journalists at the Murtala Muhammed International Airport, Ikeja, Lagos.

    He said such bickering among governors and the Presidency does not portray the country in good light, adding that some sacrifice here and there among the feuding parties will help to give peace a chance.

    He said, “The President and the National Chairman of the PDP should also give in a little bit. They should both find a common ground for the unity of the party and for the unity of Nigerian people.

    “Nigerians people need more of democratic dividends than this impasse. This impasse has taken a lot both from the governors and also from the President and from the party at large.”

     

     

     

  • Presidency supports U.S. action on Boko Haram

    Presidency supports U.S. action on Boko Haram

    The United States declaration of Boko Haram and Ansaru as foreign terrorist organisations is a significant boost to Nigeria’s effort to end their violent campaigns, says Rueben Abati, Special Adviser on Media and Publicity to President Goodluck Jonathan.

    Abati said the U.S. action deepens a strong collaboration with Nigeria, in the fight against global terrorism. The designation denies the groups access to U.S. financial institutions and allows banks to freeze assets held in the United States.

    “What the US has done is an expression of further support for what the Nigerian authorities are doing, and a clear indication indeed that tackling terrorism is a global responsibility,” said Abati. “For the Nigerian government, this is a welcome and constructive development, and it provides further opportunities for deepening the existing collaboration between both countries in dealing with the scourge of terrorism and insurgency.”

    In a meeting in October, Presidents Barack Obama and Jonathan discussed violence perpetrated by armed groups, including Boko Haram in some parts of Nigeria. Abati said both countries have demonstrated determination to defeat terrorism in Nigeria.

    “Both Abuja and Washington will work together to make sure that terrorism does not continue to pose a threat to human progress in Nigeria or in any parts of the world. So there is that existing understanding, and what has happened now just takes it further,” said Abati.

    Abati added that the designation strengthens the Nigeria administration’s efforts to thwart violence often carried out by Boko Haram and Ansaru, which creates chaos and insecurity in several parts of the West African country.

    “It reinforces the position of Nigeria, and puts to end terrorism, [from] the insurgencies to the proliferation of small arms and light weapons….[It] is something that requires the cooperation of the international community,” said Abati. “What has happened is clearly a demonstration of that — that wherever it exists, terrorism is a threat not just to the immediate community, but (also) to the entire world.”

    Abati said the country would hold Boko Haram accountable for the committing gross human rights violations against the people of Nigeria.

    Last June, the Nigerian government designated Boko Haram a terrorist organisation.

    Earlier this year, the government declared a state of emergency in Borno, Yobe and Adamawa states as a strategy to curb violence perpetrated by Boko Haram. The measure has been renewed for a six-month period.

    “The security agencies have shown great capacity in containing this scourge, in routing the terrorists and displacing them, and making it impossible for them to continue to challenge the sovereignty of the Nigerian state,” said Abati.

    Critics, however, say the Federal Government has failed to rein in the violence and insecurity in parts of the country. They accused the administration of failing its core constitutional mandate of protecting civilians from harm. Abati disagreed.

    “That will be an incorrect assessment,” said Abati. “A fair assessment would be a commendation of the efforts of the Jonathan administration, to ensure the security and welfare of all Nigerians…a lot of successes have been recorded and the administration nothing, but commendation. Normalcy has been restored to [some] states [and] the threat of terrorism has reduced.”

  • FG faults World Bank’s claim of 100m destitue in Nigeria

    The Presidency has  faulted World Bank’s  claim that 100 million destitute live in Nigeria.

    A statement by the Chief Economic Adviser to the President, Dr. Nwanze Okidegbe, said that the claim contradicts earler report by the World Bank that poverty has reduced  in Nigeria.

    He said: “We have read with utter dismay the statement by World Bank Country Director, Marie-Francoise Marie-Nelly that 100 Million Nigerians are living in destitution or extreme poverty. This spurious claim is astonishing on a number of levels.”

    “First, it clearly contradicts the position of the World Bank on the level of poverty in Nigeria. During the visit of the Bank’s Vice President for Africa, Makhtar Diop, in May 2013, he declared that poverty has fallen under this administration from 48 percent to 46 percent.”

    “Given our current population of about 170 million people, the Country Director’s imagery of 100 million Nigerian destitutes seems to be based on a much higher poverty rate than that of her boss. The question that arises from this absurdity therefore is: who is right?”

    “Second, according to the World Bank itself, to live in extreme poverty is to live on less than $1.25 per day, including the cost of accommodation, clothing, feeding, and other incidentals. $1.25 per day translates into N200 per day (or N6,000 per month).”

    He went on: “On feeding alone, a loaf of bread costs more than N200 in many parts of Nigeria while a plate of food, even from a roadside food vendor, costs about the same amount. More also, there are about 112 million active GSM lines in Nigeria. Even accounting for those who own more than one phone and netting out nearly 44 percent of Nigerians who are under 15 years (and mostly do not have phones), this is not a description of a country with 100 million destitutes living in extreme poverty.”

    According to him, the present administration is undertaking critical reforms in all key sectors of the economy in order to create jobs and reduce poverty.

    “For example, the reforms in the agricultural sector have increased production and created many job opportunities. In recognition of the fact that growth in the Agricultural Sector is pro-poor, we are confident that the consistent growth being recorded in agriculture is translating into further poverty reduction.” He said

    He also pointed out that Nigeria was recently honoured for meeting the Millennium Development Goal (MDG) of reducing people living in absolute hunger by half, well ahead of the 2015 target set by the United Nations.

    He added: “On average, about 20 percent of the Subsidy Reinvestment Programme (SURE-P) is allocated exclusively to protecting the poor through different types of social safety nets. One important area of success is the Conditional Grant Scheme with total conditional cash transfer to almost 40,000 households and recruitment of over 2,000 new health workers working on improving maternal and child health.”

    The Presidential Aide said that rather than engage in peddling easily disprovable and inaccurate poverty numbers, the World Bank should focus its attention on designing programmes and interventions to support the government’s efforts in accelerating poverty reduction in Nigeria.

  • FG faults World Bank’s claim of 100m destitutes in Nigeria

    The Presidency has  faulted World Bank’s  claim that 100 million destitute live in Nigeria.

    A statement by the Chief Economic Adviser to the President, Dr. Nwanze Okidegbe, said that the claim contradicts earler report by the World Bank that poverty has reduced  in Nigeria.

    He said: “We have read with utter dismay the statement by World Bank Country Director, Marie-Francoise Marie-Nelly that 100 Million Nigerians are living in destitution or extreme poverty. This spurious claim is astonishing on a number of levels.”

    “First, it clearly contradicts the position of the World Bank on the level of poverty in Nigeria. During the visit of the Bank’s Vice President for Africa, Makhtar Diop, in May 2013, he declared that poverty has fallen under this administration from 48 percent to 46 percent.”

    “Given our current population of about 170 million people, the Country Director’s imagery of 100 million Nigerian destitutes seems to be based on a much higher poverty rate than that of her boss. The question that arises from this absurdity therefore is: who is right?”

    “Second, according to the World Bank itself, to live in extreme poverty is to live on less than $1.25 per day, including the cost of accommodation, clothing, feeding, and other incidentals. $1.25 per day translates into N200 per day (or N6,000 per month).”

    He went on: “On feeding alone, a loaf of bread costs more than N200 in many parts of Nigeria while a plate of food, even from a roadside food vendor, costs about the same amount. More also, there are about 112 million active GSM lines in Nigeria. Even accounting for those who own more than one phone and netting out nearly 44 percent of Nigerians who are under 15 years (and mostly do not have phones), this is not a description of a country with 100 million destitutes living in extreme poverty.”

    According to him, the present administration is undertaking critical reforms in all key sectors of the economy in order to create jobs and reduce poverty.

    “For example, the reforms in the agricultural sector have increased production and created many job opportunities. In recognition of the fact that growth in the Agricultural Sector is pro-poor, we are confident that the consistent growth being recorded in agriculture is translating into further poverty reduction.” He said

    He also pointed out that Nigeria was recently honoured for meeting the Millennium Development Goal (MDG) of reducing people living in absolute hunger by half, well ahead of the 2015 target set by the United Nations.

    He added: “On average, about 20 percent of the Subsidy Reinvestment Programme (SURE-P) is allocated exclusively to protecting the poor through different types of social safety nets. One important area of success is the Conditional Grant Scheme with total conditional cash transfer to almost 40,000 households and recruitment of over 2,000 new health workers working on improving maternal and child health.”

    The Presidential Aide said that rather than engage in peddling easily disprovable and inaccurate poverty numbers, the World Bank should focus its attention on designing programmes and interventions to support the government’s efforts in accelerating poverty reduction in Nigeria.

  • Presidency, Lamido at war over $250m bribery allegation

    Presidency, Lamido at war over $250m bribery allegation

    The Presidency yesterday disputed a claim by Governor Sule Lamido of Jigawa State that he informed President Goodluck Jonathan about a $250 million bribe allegedly collected by a serving minister.

    It rubbished the governor’s statement as irresponsible, false and mischievous.

    President Jonathan’s Special Adviser on Media and Publicity, Dr. Reuben Abati, said in a statement that Lamido’s statement was designed to “impugn the integrity of President Jonathan and cast aspersions on the seriousness of the administration to fight corruption in the country.”

    He said it was mischievous of the governor to say the President “refused to act on information that a serving minister recently collected a bribe of $250 million from an oil company.”

    Abati added:”The Presidency views the patently bogus allegation reportedly made by the Governor in a radio interview yesterday (Thursday) as an unacceptable and callous attempt to unjustly impugn the integrity of President Jonathan and cast aspersions on the seriousness of his Administration’s efforts to curb corruption.

    “The allegation and the claim by Alhaji Lamido that he informed President Jonathan of the acceptance of the huge bribe by an unnamed minister is absolutely without any foundation in fact or reality because no such communication has ever taken place between them.

    “We abhor Governor Lamido’s descent to the unscrupulous, reckless and thoughtless peddling of arrant falsehood in a puerile effort to score cheap political points against President Jonathan for personal and sectional political gains.

    The Presidency challenged Lamido to name the concerned minister and also provide concrete evidence of the bribe.

    “In the event that he is unable to do so, he should be prepared to offer an unreserved apology to the President and Nigerians for his unwarranted and unjust effort to denigrate, disparage and malign the President and the Federal Government.

    “While the Jonathan Presidency will continue to make corrupt public officials answerable for their actions, it will not succumb to harassment and blackmail by self-seeking politicians jostling for personal advantage.”

    Lamido is one of the G-7 governors who are the driving forces of rulig party’s splinter group-nPDP.

  • Presidency versus varsity teachers

    The strike action embarked upon by the Academic Staff Union of Universities (ASUU) over four months and the teachers’ demands seem to be getting too hot to handle.

    Pleas from different quarters on ASUU and the Federal Government to shift ground in order to resolve the crisis and pave way for students to go back to school seem to have fallen on deaf ears.

    About four separate key interventions by the Presidency towards resolving the crisis aimed at making the lecturers return to the classrooms have not been fruitful.

    Initially, the Presidency tried to resolve the crisis through the Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, who handled the issue of lecturers’ allowances on one hand while the Benue State Governor, Gabriel Suswam who headed the Presidential Universities Needs Implementation Committee, tried to resolve the issues of infrastructural decays in the universities.

    But they seem not to have gone far enough as they were not able to prevail on ASUU to call off its strike action.

    Government’s first offer of N100 billion for infrastructural developments in the universities and N30 billion for payment arrears of allowances did not move ASUU as the body insisted on implementation of the 2009 agreement reached with the Federal Government.

    Raising the infrastructure development fund has not made any difference either.

    When these moves failed, what seemed to be a threat to the effect that lecturers who do not report to the classrooms will no longer be paid salaries, also did not deter the lecturers who stuck to their demands.

    In a bid to resolve the matter, series of meetings were held between Vice-President Namadi Sambo, ASUU leadership and other stakeholders. That also did not achieve much as the lecturers continued the strike action.

    The failure of past efforts to resolve the crisis set the stage for a meeting between President Goodluck Jonathan and ASUU leadership at the First Lady’s Conference Room in the Presidential Villa on Monday last week.

    Before the meeting started, it was expected that the crisis has got to its final bus stop and the strike action would be called off few hours after the end of the meeting.

    Exchanging pleasantries with the ASUU team led by its President, Dr. Nasir Isa Fagge just before the 13-hour meeting started, President Jonathan said: “My President, all the problems will be over today. All our children must go back to school.”

    Turning to the Nigeria Labour Congress (NLC) President, Comrade Abdulwaheed Omar, who was with the ASUU team, the President also said: “My President, with you around today, there will be no problem. Our agreement is signed, sealed and delivered.”

    But, unfortunately, many days after the meeting ended, the strike action has continued to the detriment of Nigeria’s future leaders.

    Special appeal, through this medium, still goes to the two sides to think about the suffering Nigerian youths and do what is right so that the students can go back to school.

     

  • G-7 governors, the police  and Jonathan presidency

    G-7 governors, the police and Jonathan presidency

    Last Sunday, the Divisional Police Officer (DPO) of Asokoro Police Station, Abuja, CSP Nnanna Amah, disrupted a meeting of the G-7 governors holding at the Kano State Governor’s Lodge in Abuja. He claimed to be acting under instruction. The incensed governors, one of whom was so enraged he could have tackled the impudent police officer had he not been gently restrained by a fellow governor, resisted the attempt and dared the invading policemen to arrest them. The policemen backed down. The embarrassed governors described the police invasion as impunity. I do not think so; we passed the stage of impunity months ago when the public and the National Assembly failed to take firm and clear action to leash the insubordinate and rampaging policemen of Rivers State led by the obstreperous Mbu Joseph Mbu.

    Though the House of Representatives will be inviting the Inspector-General of Police (IGP), Mohammed Abubakar, to explain who instructed Mr Amah to disrupt the governors’ meeting, I doubt whether any serious effort will be made to arrest Nigeria’s slow but sure drift towards fascism. However, it will be interesting to find out who sent Mr Amah and why. Until the IGP explains himself, it is at least evident that the DPO invaded the meeting of the G-7 governors last Sunday, behaved most unpleasantly and irresponsibly, tarried at the venue for much longer than propriety demanded, and gave the impression, as Mr Mbu still does in Rivers State, that Nigeria is not under constitutional rule but is a police state.

    The Abuja invasion is a logical progression from the anomy being engendered in Rivers State by the police. If the Amah-led invasion is not made the last of its type, it will continue and even become worse. For all his insolence, Mr Mbu has either deliberately or inadvertently avoided direct contact with the Rivers State governor, Rotimi Amaechi, not to talk of giving him unlawful orders, as Mr Amah tried to give the five governors in Abuja when he ordered them to disperse. Whether the National Assembly has enough understanding and courage to put effective restraints on the police, and by implication the presidency, is hard to say. But if they don’t, the blame for whatever happens to Nigerian democracy will fall squarely at their feet. The executive couldn’t be blamed, for Nigerians are accustomed to their malfeasances and constitutional infractions, not to talk of their limited perspectives on democracy, rule of law and very poor vision of what kind of country Nigeria should be.

    The judiciary could also not be blamed, for in their limited way, and notwithstanding their sometimes curious judgements on political disagreements, sober and courageous judges now and again rise up to the challenge of dispensing justice without fear or favour. On the other hand, the legislature has indescribably tremendous powers, both at the state and national levels, that it is unimaginable they have failed to use them. Instead, and perhaps for business or other reasons, legislators at all levels prefer to ingratiate themselves with the executive. If the police have not apologised for their open indiscretion in Rivers, it is unlikely they will apologise in the case of the Abuja invasion. But, if against all expectations they do, it will be insincere and offer no guarantees that future violations of the constitution would not occur. The reasons are twofold.

    First is that, increasingly, the police are displaying less and less character than their predecessors who enforced the law in the early decades after independence, and the bond and trust that existed between the people and their police have all but been denuded by years of enthusiastic subversion of both the dignity of the people they are paid to protect and the constitution they swore to defend. Mr Mbu, for instance, could not claim to misunderstand the provisions of the constitution or the demands and application of common sense. His problem is more likely to be a damning want of character than anything else. Were he inclined to disobey unlawful orders, for which at any rate he holds no private or public affection, he knew exactly what the punishment would be. It is of course impossible that the want of character, which did not tempt him to stand up against unlawful orders, could by some miracle become strength of character enabling him to withstand the vagaries of unemployment to which he was certain to be sentenced by his superiors whose orders he had questioned.

    However, what compounds Mr Mbu’s eager insubordination and want of mental and moral fortitude is not simply the humiliation of executing unlawful orders, at least for someone who claims to be a graduate of political science from a prestigious university. His dilemma, if indeed it can be so described, is the men by whom the distasteful orders come to him. For it is abundantly clear that even though his superiors in the police force also suffer a despairing lack of character, and could not stand up to the machinations of presidency forces, Mr Mbu appears compelled to carry out orders emanating from lesser men hovering around the corridors of power anxious to please President Goodluck Jonathan. Neither the top hierarchy of the police nor minions like Mr Mbu and Mr Amah would attempt to question what direction the unlawful orders were coming from nor for what purpose they were meant.

    The second reason is the president himself, a man who has proved infinitely less circumspect about the law or the constitution than his predecessors, whether the boisterously ineffective but still somewhat sensible Olusegun Obasanjo, or the sedate but obviously more sensible and sober Umaru Yar’Adua. Dr Jonathan is a man given to much pontification on the rule of law, democracy, constitutionalism and peaceful co-existence. But no one is as adept as he is at knocking tribal heads against one another, subverting the rule of law, and propounding constitutional rule only when it glorifies and glamorises presidential office.

    To a more circumspect president, the defiance of Mr Mbu in Rivers will be viewed with the considerable alarm any sensible democrat and convinced federalist would feel at so open and shocking a display of disobedience never before seen in these parts, not under the military, and not even under the iconoclast, Chief Obasanjo, who loved to humiliate his opponents. A reflective president would be worried that instigating Mr Mbu against a governor, or Mr Amah against five governors at a time, could lead to a bitter exchange between those saddled with protecting the governors and the invading policemen. Does the president not foresee this danger? And in future, could security aides of governors not be fooled by assassins dressed in police or military uniforms purporting to carry out orders from above, as indeed is already happening at checkpoints and highways?

    My suspicion is that Dr Jonathan has pretended not to appreciate the dangers involved in these matters because of two reasons. One, the wholesale subversion of his enemies favours him, and he might have been advised to use strong-arm tactics if he hoped to retain his seat in 2015; and two, simply because he sadly has no role model either in the Nigerian presidency or elsewhere in the world to look up to. Had the Nigerian presidency been occupied at one time or the other by great statesmen like say, No 10 Downing Street and the American White House were, the photographs of such illustrious predecessors adorning the walls of the exalted office would peer down on an offending president with the withering censoriousness their great acts in times of trouble would tantamount to.

    What great and noble deeds, it may be asked, was Chief Obasanjo noted for, or any of his predecessors? What inspiring vision of country or even leadership could be attributed to any of the gentlemen who ruled Nigeria? And as a country, against what standard do we judge our rulers? Is it against Gowon’s dishonoured promise to hand over the reins of power; or against Babangida’s interminable political and economic experimentations; or against Abacha’s larcenous and hedonistic rule; or against Ironsi’s indefensible naivety, among others? Dr Jonathan has no role model and no example to look up to. Unwilling to create a legacy worthy of emulation, he has both enacted and permitted series of subversive activities against democracy and the Nigerian constitution he swore to protect and defend. He has created a police state in which no one is sure who is governor anymore. And he has surreptitiously begun laying the foundations for fascism from which it would be difficult to extricate the country if a halt is not put to it now, if the stupefied National Assembly would not eschew sentiments to build a solid rampart in defence of our hard-won freedoms.

  • Fitch rating excites Presidency

    Fitch rating excites Presidency

    The latest Fitch’s rating of the economy has continued to excite the Presidency, as Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe yesterday went celebrating.

    The latest Fitch report had rated the Nigerian economy in the ‘BB’ category. Okupe, in a statement, enthused that the rating was an acknowledgement of President Jonathan Goodluck’s “robust” fiscal policies and “landmark” reform agenda.

    He said: “It is indeed gratifying that the respected rating agency acknowledged the robustness of Federal Government’s fiscal policies which has among others, ensured that inflation rate declines to eight per cent (the lowest in five years) as well as ensured that Nigeria successfully avoids exogenous shocks, which could have occurred as a result of severe flood in 2012 and various security challenges occasioned by insurgent activities in some parts on the north”

    According to him, the report is consistent with the verdict of other global rating agencies on the Nigeria economy, adding that the non-oil sector is recording appreciable growth in line with the policy framework of the administration’s transformation agenda.

    “Nigeria’s sovereign and overall external balance sheets, current account surplus, debt service ratio and external liquidity are all stronger than BB category medians,” he added.

    Okupe said the confidence expressed in the economy is also attested to by the volume of investments coming into the country in the last two years, especially in critical sectors.

    Okupe said: “Nigerians will particularly note that the painstaking and transparent execution of critical components of the power sector road map launched by President Goodluck Jonathan shortly on assumption of office, has been commended by economic experts and analysts who described it as one of the largest singular privatisation exercise in the world.