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Tag: recession

  • Corruption cause of recession, says Osinbajo

    Corruption cause of recession, says Osinbajo

    •Dogara, Tambuwal seek poverty eradication, devolution of power 

    VICE President Yemi Osinbajo said yesterday failure to create the needed safety nets in the nation’s economy resulted in the nearly two turbulent years of economic recession.

    Osinbajo made the observation while opening a two-day legislative summit titled: ”Legislative Framework for Economic Growth and Sustainable Development”, organised by the House of Representatives Tactical Committee on Economic Recession.

    He said Nigeria was plunged into economic recession between 2016 and 2017 because the past administration failed to save for the rainy day during the time of surplus.

    According to the Vice President, running of an unstable economic structure that is largely import-based resulted in the recession.

    Osinbajo said the  nation’s import bill was $1 billion prior to recession, but necessary buffers to absorb its effects were not put in place by the government.

    The most dangerous cause of the recession, Osinbajo noted, was corruption which he said contributed most to the slide into economic decline.

    “If N20 million is expended on a road project that ought to go for N10 million, there is no way the country won’t be plunged into recession,” he said.

    The vice president acknowledged the legislature’s contribution in moving the country out of recession, but said there is need to pass annual budgets in an expeditious manner.

    He said proper taxation and increase in power transmission would also guarantee continuous  progress for the country.

    HOUSE of Representatives Speaker Yakubu Dogara has said poverty has to be eradicated for Nigeria to put an end to gale of violence.

    The Green Chamber, he said, is committed to providing the legislative backing required to permanently remove Nigeria from recession and return it to the path of economic growth.

    His words: “The fight against violence is the fight of the 21st century. So, many nations have lost their civilisations or have become failed states due to violence. Poverty and misery serve as fuel to violence. For citizens of democracy to defeat violence, they must first defeat extreme poverty. Our democracy cannot survive the 21st century, unless we eliminate extreme poverty and violence.

    “Therefore, the most important work for democracy now is eliminating extreme poverty and expanding economic opportunities for all. This is a fight government alone cannot win,”

    The Speaker urged the private sector, the citizens and democratic institutions to stand up and be counted.

    Sokoto State Governor Aminu Waziri Tambuwal, a former Speaker and the chairman at the event, said devolution of powers to the state would engender sustainable economic growth.

  • We won’t relapse into recession, says Buhari

    We won’t relapse into recession, says Buhari

    President Muhammadu Buhari, in this interview published in the current edition of African Economy,  races through a slew of social, political and economic issues in Nigeria.  Excerpts:

    THE war on corruption is so dear to your heart.  But critics claim that it is fraught with double standards.  What are the efforts to ensure the anti-corruption war does not wane?

    Right from campaign times, we identified three priorities to tackle. We pledged to secure the country by fighting insecurity, fight corruption, and to revive the economy, so that Nigerians, particularly youths, would get jobs.

    We have been committed to these three focal areas. But to answer your question directly, people would always talk and criticize, particularly when things rub them down the wrong way. We are tackling corruption without compromise, and without treating anybody as sacred cow. Our consciences are clear that we don’t have double standards, and we will continue the battle without let or hindrance. Those who criticise can continue, while we keep on with the war against corruption without looking back.

    Although your government has waged relentless battle against Boko Haram and subdued the insurgents, the challenge has persisted. Why?

    You say the challenge has persisted, but can you honestly say it is with the same intensity as it was when we assumed power in May, 2015? That was a time when the insurgents controlled not less than 14 local governments, out of the 774 local governments in the country. They took battles to towns, cities, police and military formations, and the like. But today, they have been degraded so much that they strike only in the fringes, and do cowardly suicide bombing attacks, using young girls. The menace is no longer what it used to be, when they struck at will in different parts of the country. They were in North West, North east, North central, and even used to strike in Abuja and Kogi. Today, they are largely restricted to the fringes of Borno State. Those who live where Boko Haram used to be so endemic are the ones who can tell you of the difference this administration has made in their lives.

    After five consecutive quarters of negative growth, Nigeria’s economy finally exited recession in the third quarter of this year with the National Bureau of Statistics announcing a modest 0.55 percent growth. What strategy have you adopted to reposition the economy for sustainable development?

    It is on record that the Nigerian economy had begun to slow down since 2014, and went into recession in 2016. Before we came, oil prices were as high as $100 per barrel, and even between $110 and $120 per barrel. But we had no savings, no infrastructure; nothing to show for this fortune. The money was just frittered away. Then, shortly after we got into office, oil prices crashed to $39, and even dropped to as low as $27 per barrel at a time. Oil was the mainstay of our economy. We didn’t prepare for the rainy day, so when the rain came, it beat us heavily.

    The economy went into recession, because it had been unfortunately primed to do so many years earlier. But we rolled up our sleeves, tackled recession, and we are back to the path of growth. We will strive to sustain it, and place the economy on the route of sustainable growth. We are diversifying the economy through agriculture, mines and steel development, manufacturing, and many other ways. We are ensuring that Nigeria will no longer be a mono-product economy, and in no distant time, the people would begin to feel the impact of the exit from recession. Like I said when the news came of Nigeria exiting recession, we would not consider the job as done, until the living condition of the average Nigerian improves. Statistics are good, indicating that the economy has returned to the path of growth, but beyond statistics, the people must feel it.

    We would not relapse into recession again, because we would not do the profligate things that were done in the past. We will continue to keep an eye on economic growth, fight corruption and free funds for development. We have the Economic Reconstruction and Growth Plan (ERGP), which I launched in April, 2017.  It is meant to reposition our economy on a sustainable basis, and we will keep at the work.

    Mr President, many foreign investors would like to know the main investment opportunities in Nigeria?

    There are opportunities for foreign investors in many sectors of the Nigerian economy —agriculture, mines and steel development, manufacturing, services and so on. We have introduced the Ease of Doing Business Action Plan. We have liberalised visa policies, and we are constantly andconsistently dismantling anything that can hinder business people and investors in the country. Nigeria is a very attractive investment destination, and by the time our efforts on infrastructure yield positive results, we will see more successes.

    Nigeria’s external reserves have grown, thanks to rising global oil prices. What are you doing to ensure that they don’t get depleted as happened in the previous dispensation?

    With prudent management of the economy, we trust that the reserves would continue to appreciate. Our watchword is prudence. We will curtail unnecessary importation, eat what we can produce locally, and curb all wastes.

    How would you like Nigerians to remember your government?

    I will love this administration to be remembered as one that met a vandalised Nigeria, and reset the buttons on almost all areas of national life — political, social, economic, local and international image. We are doing our best, and we will continue to do so. God is kind to us, giving us good rains and rich harvest for two consecutive years, and very soon, we would not have cause to import grains. We would be remembered as the government that put Nigeria on the path of food self-sufficiency. We would feed ourselves and export food, as well. The economy will be diversified and would be resilient to crash in oil prices in the international market.

    I also want this government to be remembered as one that cleaned up the political space, especially in the area of elections. We would bequeath clean electioneering to the country, secure our land within and without, and give Nigerians a pride of place locally and internationally. We will do our best, offer honest leadership, and surely God will crown the efforts.

  • Recession, blessing in disguise, says Adeosun

    Recession, blessing in disguise, says Adeosun

    The federal government has described the recent recession experienced by the country as a blessing in disguise.
    Minister of finance in an article circulated among media houses on Sunday  was optimistic that “not very long from now, Nigerians and the world will look back on this recession we have just emerged from, and realise that it was the turning point in Nigeria’s journey to true growth and greatness.”
    Adeosun pointed out that the most important elements of any reform effort tend to be the least flamboyant. The Buhari administration she said, is “confident that in the months and years ahead” and Nigerians and the world will see the full impact of the “foundational resetting that the Buhari administration has been focused on since 2015.”
     
    According to the finance minister, “what is remarkable, yet not as talked about, is the way we have worked so hard to exit the recession, reset the economy and reposition it for a brighter future for the present and future generations of Nigerians.”
    “The Administration of President Muhammadu Buhari is laying the foundation for the kind of economic growth that makes a real impact in the lives of citizens.”
     
    The downturn in the nation’s fortunes she noted “has inspired unprecedented levels of fiscal responsibility, in line with President Buhari’s determination to fight Nigeria’s endemic corruption.”
     
    She noted that one strong demonstration of the present administration’s will to combat corruption “has been a Whistleblowing Scheme we launched months ago that empowers citizens to report public corruption.” 
     
    The impact in terms of recoveries she stated “has exceeded our expectations. The tighter rein on public finances allowed us invest US$500 million in our Sovereign Wealth Fund, during a recession.”
    A lot of the work the Muhammadu Buhari administration have done over the last two and half years, Adeosun said “has been focused on dismantling the old ways of doing things, rebuilding them, and empowering and fortifying our institutions with technology to block loopholes, discourage abuse, and prevent a relapse into the destructive ways of the past.”

     The new Nigeria that is desired she said, “will not happen without this kind of foundational reform that imposes on us new ways of thinking and of doing things.”

    The early results the finance minister said “are already being seen. A concerted focus on agriculture has seen our rice imports from Thailand dropping by 90 per cent between 2015 and 2016, and replaced by locally grown variants.”

    The government, Adeosun pointed out is “pursuing unprecedented cooperation with foreign governments and powers, as part of our transparency and anti-corruption drive. For the simple reason that a disproportionate amount of public funds looted in Nigeria end up in the United Arab Emirates’, Nigeria has signed bilateral agreements with the UAE Government on extradition, exchange of information, and repatriation of stolen public funds.”

    Adeosun lamented that “there is of course a lot of resistance to reform, by vested interests within and outside the system. But we are not fazed. The work of reform goes on. It is, to borrow from the Nigerian novelist, Chinua Achebe, morning yet on Creation Day.”

  • Impact of recession will soon be over, cleric assures

    Nigerians will soon stop feeling the impact of recession, Senior Pastor of Praise Arena, Jummy Adetoyese-Olagunju, has stated.

    He asked them to be optimistic and sustain prayers for President Muhammadu Buhari.

    He said the recent data by the Nigeria Bureau of Statistics on the nation’s exit from recession is an indication of answered prayer.

    Speaking with our correspondent in his office, Adetoyese-Olagunju noted recent developments have clearly shown God was bent on fixing the recession fever.

    According to him: “OPEC took considerations of our peculiar situation. Nigeria and Libya were given unrestricted production, which is indeed an uncommon favour.

    “That implies that our dollar will become stronger, the economic that was just thriving to survive will now have a better leverage.”

    The cleric, a energy expert, said if the nation succeeds in attracting new investors to the oil sector, things would take a turn for the best.

    He pointed out the agriculture, tourism, mining, transportation, manufacturing and arts sector offer the nation’s best opportunities to increase Gross Domestic Products (GDP).

    He supported calls for diversification of the economic while pleading oil-producing communities should be included in development plans.

  • What Nigeria must do to exit recession totally-NBS boss

    What Nigeria must do to exit recession totally-NBS boss

    The statistician General of the Federation/CEO, National Bureau of Statistic (NBS) Dr. Yemi Kale has strongly advised that the country needs to step up ongoing economic reforms to forestall a relapse into economic recession in the future.

    He gave this charge at the weekend the Institute of Directors (IoD) Nigeria Members’ Evening in Lagos.

    According to him, the economy has been recovering and has now exited recession as of Q2 2017 but still need to remain focused and continue with reforms which need to be sustained and scaled up.

    He said, more efforts are thus required to diversify the economy in line with the Economic Recovery and Growth Plan (ERGP) 2017-2020.

    While tracing the immediate causes of Nigeria’s recession to fall in oil price in mid 2014 and the low fiscal buffers that forced a depletion of foreign reserves, Kale said regrettably that the economy is still growing at a negative rate of -0.18 per cent despite being out of recession, owing to the dysfunctional economic structure of the country.

    He further explained that the economy witnessed a strong growth in gross fixed capital formation component at 7.64 per cent in Q3, year on year, sustaining trend since Q4 2015, while investment share of GDP stood at 14.09 per cent in Q3 2016.

    However, the Share of Investment to GDP year to date of 15.8 per cent has also been higher than Q1-Q3 2015 put at 15.1 per cent.

    Speaking earlier, President/ Chairman of Council, IoD Nigeria, Ahmed Rufai Mohammed, who spoke on the theme: ‘Beyond Recession: Outlook for the Nigerian Economy,’ said the Institute is concerned about the tough economic environment and sufferings in the country.

    “There is need for a way out of the economic downturn in Nigeria, this therefore informed a reason for directors to meet, share experiences, brainstorm on the challenges and come up with recommendations for inclusive economic growth plan for the nation such that is practicable and implementable.”

    “We are also constantly in search of knowledge to grow the economy, and build capacity of its members.”

  • Post recession: ‘Fund repatriation injurious to economy’

    Post recession: ‘Fund repatriation injurious to economy’

    Fund repatriation by  foreign construction firms has been identified as a major disincentive to the economy. If the trend is unchecked, the economy will continue to suffer, even in post-recession.

    This was the submission of practitioners and experts at the annual lecture of the Property and Environment Writers Association of Nigeria (PEWAN), at the LCCI Conference Centre, Alausa, Lagos.

    Speaking on the theme: “Economic recovery: The role of  construction sector in post-recession Nigeria,” Chairman on the occasion Dr. Meckson Okoro lamented that foreign firms, usually the beneficiaries of most contracts awarded in the country, repatriated the funds, including profit, to their countries.

    Okoro said this was injurious to the economy.

    President, Building Collapse Prevention Guide (BCPG) and First Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, listed the government’s lack of commitment as a factor militating against the growth of the industry in Nigeria. This, he explained, is caused by the government’s continued patronage of, and support for, foreign firms over indigenous ones. He said it was a disservice to the economy.

    Construction, Awobodu noted, is a determinant of development, warning that if the government’s policies were not tilted to favour construction, the nation might slip back into recession.“Many nation’s development is tied to the construction sector; this sector is the determinant of development in any nation. Government should take investments into construction industry serious, recession can re-occur due to our human errors,” he said, adding that the sector may not record significant growth until the citizens and government learn to use of local construction operators, fearing that recession might return if we failed to do the right things.

    The  Nigerian Society of Engineers (NSE) President, Mr. Otis Anyaeji, who was represented by the Ikeja Branch Chairman of the society, Mr. Akintayo Akintola, also regretted that most projects had become ‘processes’ because of lack of adherence to completion dates. He said conditions for award of contracts were usually and deliberately made difficult to eliminate local engineers, thereby making nonsense of the Local Content Law.

    In his submission, President, Nigeria Institute of Quantity Surveyors (NIQS), Mrs. Mercy Iyorta, represented by the Executive Secretary, Mr. Jide Oke, said the political class’ attitude and other challenges faced by the country were responsible for the recession.

    Oke noted that the infrastructure deficit was huge, adding that the private sector must drive the sector to speed up development.

    Construction is very important, it is the barometer to measure the growth of any nation,” he said.

    Okoro, who commended PEWAN for setting the agenda on issues of economic growth and development, tasked the Federal Government to show more commitment to the sector. He, however, expressed disappointment at the absence of the guest speaker, Minister of Power, Works and Housing Mr. Babatunde Fashola, and Governor Akinwunmi Ambode at the event, .

    “I think it’s not good enough that the invited guest speaker, in the person of Minister of Power, Works and Housing, Mr. Babatunde Fashola, nor the host, the Governor of Lagos State, Mr. Akinwunmi Ambode were neither here, nor represented, knowing full well that the organisers of this event are the message carrier of their activities. Considering Fashola’s portfolio as housing minister, and this being a housing event, he should have at least sent a representative if he cannot be here.I think it’s quite unfair that they were not part of this event,” he lamented.

    In his goodwill address, the Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, expressed optimism that the country would get it right as long as the citizens joined hands with the government in its policies.

    Ooni, who was represented by- Oba Adebanjo Adedinni, the Asoya of Isoya, Ile Ife, and Oba Adetokunbo Awosunle, the Elejesi of Ife Kingdom, assured the organisers of the Ooni’s commitment to the construction industry, especially infrastructure provision and housing delivery.

    “I’m happy with what PEWAN is doing. Without you, the Property and Environment Writers, most of the success we recorded in the sector would have been possible; I thank you. Your continued advocacy on industry matters,” the Imperial Majesty said.

    Other dignitaries at the event were representatives of professional bodies such as the Nigerian Institute of Architects, the NSE, NIQS, the Nigerian Institution of Surveyors (NIS), BCPG, Nigeria Institution of Estate Surveyors and Valuers (NIESV), among others.

    Students from the Technical College, Agindingbi were also in attendance.

  • Traders disagree with govt on recession

    Traders disagree with govt on recession

    The belief that Nigeria has come out of recession may not have gone well with the public, especially traders.

    According to the Nigeria Bureau of Statistics (NBS), Nigeria’s GDP grew by 0.55 per cent in the second quarter of this year, but not a few people were amused by the announcement.

    Some traders who spoke  to The Nation in Ikorodu disagreed with the fact that Nigeria has really petered out of recession  though there is a noticeable marginal difference in certain food items.

    Speaking with Mr. Eze Nnaya, a food item seller, he lamented that nothing has changed and there has not been any difference as far as his line of business is concerned.

    His words, “To be sincere, I have not seen any change, things are still the same, and prices tend to increase daily.  I can only attest to our being out of recession  for instance, when the price of  derica (a measure) of beans  comes down to about N180 from  its current price of N350.

    Similarly, Mr. Ogunlabi Aina, a meat seller, argued that recession is not over, but gradually approaching its end. He added that it is still telling on the economy that Nigeria is still in recession.

    However, Mrs. Chiwendu Okafor, a condiment seller acknowledged the fact that things are better and there has been a huge difference. She said compared to last year the price of condiments has reduced and are more affordable.

    According to findings as at last year 2016, the prices of some food items and live stocks were very high, but as at  September this year, the prices have reduced.

    It is, indeed, knowledgeable that President Muhammadu Buhari has realised that there is still a lot of work to do to make Nigerians  understand that recession is really over.

    According to most of the market sellers, it is insignificant to say that Nigeria has bottomed out of recession unless it brings about positive changes in the living standards of  the people.

    They called for all hands to be on deck in the effort to ensuring the reviving of Nigeria’s economy to its glory days and restore the  value of the naira.

    Above is a table showing the previous price of food items and the current price:

  • NECA: economy still prone to recession

    NECA: economy still prone to recession

    •Fault NBS 2.19% growth

    The Nigerian Employers Consultative Association (NECA) has warned that the economy can relapse into recession unless urgent policy decisions are taken.

    It faulted the report by the National Bureau of Statistics (NBS) that Nigeria had exited recession, saying the economy was still in the woods.

    Speaking in Lagos at a briefing, its President, Larry Ettah, said major policy responses must be considered to ensure sustainable growth, as well as effective implementation of the Economic Recovery and Growth Plan (ERGP).

    Dissecting the report, Ettah observed that while it was positive that headline year-on-year inflation had moderated from 18.72 per cent to 16.05 per cent, largely due to base effects (high base occasioned by shock to energy prices in 2016), several components of inflation still remained high.

    He said other components that remained high include clothing and footwear at 15.8 per cent, education 15 per cent, imported foods 14.1 per cent, furnishings and household equipment maintenance 12.3 per cent, transport 11.7 per cent and health 10.3 per cent.

    He noted that the review of the NBS Gross Domestic Product (GDP) data showed that the marginal growth recorded in the second quarter (Q2) 2017 was weak and fragile, stressing that additional measures were required to ensure sustainable economic growth to the extent that the economy does not relapse into recession.

    “We recommend strong implementation of the ERGP to boost local and foreign investors’ confidence in the Nigerian economy and generate additional investments, which appear critical to building a sustainable recovery.

    “We note that against our population growth rate of 3.2 per cent, any GDP growth lower that two per cent makes no significant impact on poverty, unemployment and inequality and is insufficient to ensure business growth and profitability.

    “We urge economic planners to adopt measures to attain the growth targets stated in the ERGP. Already, we fear that the 2.19 per cent growth target in ERGP for 2017 appears unattainable,” Ettah said.

    He pointed out that the NBS report for Q2 confirmed the dire situation in most economic sectors including manufacturing, trade, telecommunications, hospitality, construction, real estate, transport and professional services. Ettah added that it also showed the poor state of the country’s social sector, as shown by the recession in education and health sectors. He stressed that it was clear that policy responses were yet to reverse these negative trends.

    “We are of the opinion that government needs to adopt specific, targeted and effective policies to attract and promote private capital investments in the Nigerian economy, especially infrastructure and industry.

    “So far, it does not appear as if the rhetoric in ERGP to make markets work and leverage private capital as the engine of growth has been matched by appropriate policy responses,” he said.

  • Recession exit: Insurance sales improve, says CIIN

    Recession exit: Insurance sales improve, says CIIN

    There has ben substantial improvement in the purchase of insurance policies to reflect that the country is out of recession, the President, Chartered Insurance Institute of Nigeria (CIIN), Mrs. Funmi Babington-Ashaye, has said.

    She made this known in an interview with The Nation, noting that the improvement in sales surpassed what was made last year. According to her, although, people have not started feeling the impact of the economy being out of recession, there is hope that things will get better soon.

    She said: “I can see a lot of commercial activities and also a lot of improvement in terms of insurance purchase. If we compare the improvement to what we have last year, we can agree with the Federal Government that technically we are out of recession. But it will take some time before people start feeling the positive impact.”

    Babington-Ashaye, who will be six weeks in office as the president of the Institute, said she will during her tenure make insurance awareness and enlightenment a common issue to be driven by all stakeholders in their various domains.

    She said there is need for insurance operators to confront the lack of general awareness, which is the greatest challenge facing the profession.

    She said: “People lack knowledge about insurance and its importance in all human endeavours, including business undertakings. This manifests in poor patronage of insurance products by the public and the unwillingness to choose insurance as a course of study by the youths.

    “As an Institute, we must continue to take deliberate steps to address these issues with a view to repositioning the profession in the psyche of the people. We must build on the past efforts of our predecessors and the awareness drive of other stakeholders in the industry.

  • Redemption from recession

    •Economic realities must now align with positive statistics

    President Muhammadu Buhari’s cautiously optimistic reaction to the news that Nigeria had emerged from the recession which hit it in late 2015 demonstrates a welcome recognition of the fact that a lot more work has to be done to put the nation’s economy on a truly sustainable footing.

    The National Bureau of Statistics (NBS) declared that the economy grew by 0.55 per cent in the second quarter of 2017, after five successive quarters of contraction.

    The development was attributed to improvements in several sectors, most notably the oil sector, which recorded 1.64 per cent of growth in the second quarter of 2017, compared to -15.60 per cent in the first quarter of the year.

    The non-oil sector grew by 0.45 per cent in the second quarter of 2017, building upon 0.72 per cent growth recorded during the first quarter. Agriculture grew by 3.01 per cent during the second quarter of 2017, as did manufacturing, which grew by 0.64 per cent during the second quarter of the year, improving on the 1.36 per cent rise of the first quarter. Growth was also seen in solid minerals, and electricity and gas.

    Heart-warming as it is, Nigeria’s exit from recession does not automatically imply entry into prosperity for the majority of its citizens. Many of the basic challenges which caused economic contraction in the first place are still largely unsolved, especially the infrastructure deficit, inflation, interest rates and high unemployment.

    If the country is to build upon the encouraging economic signs on the horizon, it has no option other than to tackle its infrastructural challenges decisively. Without a viable transport system, reliable power and water, and well-planned towns and cities at the minimum, it will be difficult to transform positive statistics into clearly-perceived economic growth.

    Resolving the vexed issue of power is particularly important. Nigeria reached 4,158 megawatts in April 2017, an achievement which is extremely inadequate for a nation of about 170 million, and is still beset by challenges of transmission, distribution and costing. Inadequate power supply is a drawback which has negative effects on industry, small-scale businesses and the efficient provision of services.

    Closely allied to this is the vital need to make the country’s agricultural sector more modern and efficient. As the largest contributor to the country’s gross domestic product, and the biggest employer of labour, it is crucial that the sector is better able to deliver staple foods to markets, provide raw material for industry, wean the citizenry off imported agricultural products, and become a viable career option.

    Nigeria’s stubbornly high interest and inflation rates also require attention if economic growth is to become truly sustainable. Combined with persistently high foreign exchange rates, they conspire to make the cost of doing business in the country much higher than it should be.

    Government must move away from the mechanical celebration of data which is all too often disconnected from palpable changes in the lives of ordinary citizens. As President Buhari implied, the most positive economic numbers in the world are meaningless if they do not correspond with actual improvements in the well-being of the majority.

    The country’s economic managers must continue to ensure that all components of the Economic Growth and Recovery Plan (EGRP) are implemented in accordance with laid-down timelines. The various interventions and initiatives enumerated in the plan should be closely monitored and fine-tuned as the need arises.

    It is particularly important that public office-holders re-commit themselves to the hard work and self-sacrifice that are essential to a successful turnaround of the economy; declining to convene Federal Executive Council meetings allegedly because of public holidays runs counter to that spirit.