Tag: reduction

  • Firm introduces drug for stress reduction

    Klat Pharmaceuticals has launched a new herbal drug Ginklat, in Abuja to reduce high stress rate.

    It said the drug eliminates physical and mental stress.

    “It also boosts erection in men. That’s why it is tagged super magic vitamin,” he said.

    Its Managing Director/ CEO Emmanuel Olouha, said the decision to introduce the Ginklat capsule into the market stems from the need to solve stress related issues that affects the people. “The aim of introducing the Ginklat capsule into the Nigerian market stems from the need to solve teeming stress- related issues . The super combo effect of this drug makes it a premium capsule”, he said.

    He continued: “The secret combination of Ginseng, Vitamin E and Zinc Sulphate makes the Ginklat capsule to work like magic. It restores energy, reinvigorate erection for a satisfactory sexual performance in men, renews stamina, serves as anti-oxidant and relieves your whole body”.

    “The components of Ginklat are Ginseng, Zinc, and Vitamin E. Ginseng helps to stimulate physical and mental activities among people who are weak and tired. It improves thinking ability and cognition, and has anti-inflammatory effects. Zinc, present in the drug, supports Male and female reproductive health and fertility, improves Athletic performance and strength, boost human immune system and prevent cancer, improves cardiovascular health, sleep, cognition and energy level, prevents Diabetics and more sensitive to insulin. Zinc is a super antioxidant, it promotes brain health, and elevates mood while avoiding depression. On its part, the Vitamin E, which is one of the components of the drug, protects against toxins such as air pollution, premenstrual syndrome, eye disorder, and the likes. It improves immunity level, reduces cholesterol, reduces anti-age agent, and prevents heart diseases, diabetes, cataracts and cancer (lungs, prostrate and pancreatic)”.

  • Manufacturers seek 3%  interest rate reduction

    Manufacturers seek 3% interest rate reduction

    The Manufacturers Association of Nigeria (MAN) has canvassed a reduction in interest rate to between three and five per cent. The prevailing rate does not support the government’s economic diversification drive, it said.

    MAN President Dr. Frank Udemba Jacobs, who spoke during the week on the sideline of the association’s Council in Lagos, said: “One of the challenges we have is funding.We are concerned with the high interest rate that banks charge manufacturers. Government is serious about diversification but they cannot diversify at this current rate. We hope the government will reduce the rate to three to five percent.”

    He condemned multiple taxation, insisting that it is wrong for companies moving goods from one place to another to pay the same tax in every local government. He said there should be a one-stop-shop where taxes are paid.

    Jacobs recalled his recent discussion with Central Bank of Nigeria (CBN) Governor Godwin Emefiele, where he (Emefiele) made good his promise to make further concessions for manufacturers in foreign exchange (forex) allocation.

    “Apart from the 41 items that are not valid for forex, all the 10 sectors said that they have been getting forex allocations now. I want to report to you that CBN has been allocating foreign exchange to some of our members now,” he stated.

    Jacobs urged the government to hurriedly assent to the budget to ensure its full and timely implementation.

    “We are happy that a huge sum was allocated to infrastructure in the budget, which is a major bane of industrialisation. Energy is still a major problem for manufacturers and railways that should be conveying goods at  relatively cheap costs are still not there. It is our hope that when its full implementation starts, some of these challenges will be addressed,” he said.

    On the lingering fuel crisis, Jacobs stated that it has had a huge impact on the economy, noting that when factories cannot get fuel, they will not produce and it will  create problems.

    Jacobs also maintained that the widely held belief that locally-made goods are inferior to imported ones is  wrong, pointing out that for a manufacturer to be a MAN member, the products of such a firm must meet acceptable standards.

    He further said MAN has signed a Memorandum of Understanding (MoU) with the Standards Organisation of Nigeria (SON) to ensure quality standards.

    “We have MoU with SON, such that any MAN member must ensure that any product they make in Nigeria meet standards. Similarly, those in food and drugs have MoU with National Agenda for Food, Drug Administration and Control (NAFDAC), which has quality parameters they have to meet. So no manufacturer who is a member of MAN can produce substandard products,’’ he clarified.

    The MAN chief expressed optimism that with the media hype that is going on today about awakening the consciousness of people on the need to patronise made-in-Nigeria goods, sooner or later the attitude of Nigerians will change.

    He said before now, people enjoyed foreign goods, but the point must be made that whenever anybody patronises any imported good in favour of the locally manufactured one, the nation exports employment and imports unemployment.

    The MAN boss lamented the closure of many companies, attributing it to lack of power supply.

    “If you don’t have enough power and diesel to power your generator, or your generator gets old and you cannot replace it, chances are that you will close down the factory,” he said.

    He also identified multiple taxation, which, according to him, could force a business owner that cannot cope to close the factory. “Even the interest rate of 23 to 25 per cent can make a manufacturer close down, he added.

  • NYSC denies reduction in corps members allowance

    NYSC denies reduction in corps members allowance

    The management of the National Youth Service Corps, NYSC Tuesday denied social media reports of a 25 percent reduction in corps members allowance.

    The NYSC in a statement issued by the Director of Press and Public Relations of the Scheme, Abosede Aderibigbe said the statement is false, mischievous and a figment of the writer’s imagination

    The statement reads in parts, “The attention of the NYSC Management has been drawn to a statement being circulated in the Social Media about a purported reduction in Corps members’ allowance by 25 percent.

    “Management wishes to inform Corps members and other members of the public that the statement is false, mischievous and a figment of the writer’s imagination.

    “Corps members, in particular, are hereby enjoined to disregard the rumour and remain focused as they continue the service to their fatherland.” Statement said.

  • Reps differ on population reduction

    Reps differ on population reduction

    •’It’s anti-Muslims’

    There was confusion in the House of Representatives yesterday during a motion by Babatunde Gabriel Kolawole (APC, Ondo), urging the Federal Government to take steps to curb population explosion.

    Some northern lawmakers  said the motion should be trashed because it was anti- Islam, but others insisted the motion was in the national interest.

    Kolawole said: “A report by the United States-based Population Reference Bureau (PRB) in its 2011 World Population Data Sheet, released last year states that Nigeria’s population would be 433 million by 2050, subsequently making Nigeria the third largest country in the world by 2050.

    “The implication of this is that Nigeria would be the third largest behind India and China, even bigger than the United States of America (USA) and with only a 10 per cent of landmass.”

    He said although Nigeria had hit the 166 million mark, about five million people were added to the population  yearly.

    Kolawole expressed concern that the National Population Commission (NPC) was not researching and monitoring the National Information Databank and advising the President on population matters.

    “Unbridled population growth rate puts pressure on the country’s finances and infrastructure, especially roads, housing, education, health, economy, and is a catalyst for unemployment, crime, poverty, among others.”

    He prayed the House to urge the Federal Government to curb an eventual population explosion by coming up with a population reduction policy and direct the National Orientation Agency (NOA) to educate Nigerians on family planning.

    The first salvo against the motion was from a two- term member, Sanni Abdul, who insisted that the motion be trashed.

    According to him, Nigeria’s  landmass could accommodate any population increase, hence it was unnecessary to consider legislative intervention for population reduction, let alone for members to sit and waste time debating it. “It is a waste of legislative time,” he said.

    Balarabe Salame (APC Sokoto) said Kolawole was targeting Islam and Muslims, adding that Islam abhors population reduction.

    But Olowookere Ajisafe opposed Salame’s position, saying  “if population is not controlled, every other thing would be affected”.

    Intervening, the Speaker, Yakubu Dogara, said the motion was not against any religion.

    He stressed the need to plan and decide if the country could absorb five million annually.

    “There is no attack, it’s about policy. It’s not against Islam or Christianity, it’s for planning. We must sit down and tell ourselves, can we accommodate five million more per year? We are representatives of the people, I don’t see how it’s against a particular religion, it’s for policies on population management,” Dogara said.

    He referred the motion to the committee on Justice and Population for “advice on how to proceed.”

  • U. S., Nigeria sign $2.3b pact on poverty reduction

    U. S., Nigeria sign $2.3b pact on poverty reduction

    The United States (US), through the U.S. Agency for International Development (USAID), and the Federal Government signed a developmental assistance agreement covering the next five years.

    Vice President Yemi Osinbajo and USAID/Nigeria Director Michael T. Harvey signed the agreement during a ceremony at Aso Rock Villa.  U.S. Embassy Acting Deputy Chief of Mission Shawn E. Flatt was also present.

    The $2.3 billion agreement comes on the heels of President Muhammadu Buhari’s July visit to Washington, D.C.  The agreement covers activities from 2015 through 2020 and aims to help Nigeria reduce extreme poverty in a more stable, democratic society.  Activities will stimulate inclusive economic growth, promote a healthier, more-educated population, and strengthen good governance.

    “This agreement will provide a solid foundation for our two countries to partner together to reduce inequalities across the country,” said Mr. Harvey.  “I commend the Vice President and National Planning Commission for their leadership and support of the activities under this agreement,” he added.

    In an effort to align Nigeria’s development plans with sector-specific strategies, USAID collaborated with the National Planning Commission; the Nigerian ministries of health, agriculture, power, and education; and state-level government counterparts to structure the agreement.

  • Proposals for reduction of diplomatic missions

    Proposals for reduction of diplomatic missions

    One of the main challenges facing President Muhammadu Buhari is the urgent need to reduce the overall cost of public administration in the country. This has soared over the years. There is a national consensus that the bureaucracy at all levels of government has become too large and that a reduction in its size and cost has become imperative. The current sharp decline in oil revenues, which have fallen this year alone by over 60 per cent, leaves the governments of the federation with no choice but to begin to think seriously about how these much needed cuts in the cost of public administration can be achieved. President Buhari is well aware of this challenge and has alluded to it publicly several times. But he has not yet taken any practical or concrete steps to address this lingering problem. It is a difficult and painful task, which requires great care and circumspection, particularly at a time of mass unemployment.

    However, there were recent media reports that while being briefed by the Permanent Secretary of the Foreign Ministry, Ambassador Lulu, President Buhari expressed his concern about the large number of Nigeria’s diplomatic missions abroad, and the huge number of its overall diplomatic workers.  Ambassador Lulu told the press that the President informed him that he intended doing something to reduce the number of our foreign missions. It is also possible that the overall staffing of the Foreign Ministry itself will form part of the review being proposed.

    There is no doubt that the number of Nigerian diplomatic missions abroad has increased significantly in recent years. At independence in 1960, Nigeria had less than a dozen diplomatic missions, mainly in Africa and Western Europe. In 1964, when I entered the diplomatic service, this had increased to about 30, in response to the need to have diplomatic representation in the newly independent African countries. By 1976 the number of our diplomatic missions had increased to 65. The civil war had ended and the need was felt for more missions to be opened abroad. From 1970 to 1976, over 100 new Foreign Service Officers (FSO) were recruited to staff both the expanded Foreign Ministry and the new diplomatic missions abroad. There was also a surge in oil revenues that made the increase in the number of missions and diplomatic workers possible and sustainable.

    Today, we have 119 diplomatic missions abroad and it is becoming increasingly clear that in our present dire financial situation, it is going to be difficult to sustain such a large number of diplomatic missions and workers. In 1964, the overall cost of our total diplomatic establishment, at home and abroad, was only 33 million pounds sterling. Since then, the cost of running both the MFA and our diplomatic missions has continued to rise inexorably. According to an official document issued by the MFA in 2012, by 2006, the total MFA budget appropriation was N25.2b, of which over N20.2b, or 81 per cent, was spent on running our foreign missions. In 2011, budget appropriation for the MFA had increased to over N40b, with our foreign missions still accounting for over 81 per cent of the overall cost. This is where the major operating cost of the MFA is incurred. Average personnel cost of the MFA is less than N4b. Huge as these figures may appear to be, they account for an average of only one per cent of the total federal budget. In fact, it was only in 2007 that budgetary allocations to the Foreign Service reached 1.34 per cent of the budget of the Federal Government.

    Two issues arise from this analysis. First, is the state spending more on its foreign representation than other public agencies? Relative to other agencies of the Federal Government, can we really say that the cost of running the Foreign Service, with its enormous global responsibilities, is too much. It is by no means clear that is the case, except that most of the cost incurred in running the Foreign Service and our diplomatic missions abroad is in foreign currencies. It is this that leads the public and the government to demand a reduction in appropriations to the MFA.  For example, defence and national security take an average of 10 per cent of the budget annually, education about seven  per cent, home administration over 12 per cent. So in real and comparative terms, the overall cost to the nation of its Foreign Service is not as high as it seems. The second issue regarding costs is where the cuts, if necessary, are to be made. Is it in the cost of personnel or the number and size of our diplomatic missions abroad? I raise these questions because previous efforts to cut the cost of running the Foreign Service have on the whole focused on the senior staff of the MFA rather than on the large number of our foreign missions, which account for over 80 per cent of the overall cost of running the Foreign Service. As a matter of fact, in 1976 and 1984 when there were purges in the Foreign Service, more diplomatic missions were opened after. This showed that the purges were political and not motivated by any demonstrable need for cost reduction. Only a few years ago, a new diplomatic mission was opened in Juba, South Sudan, and our embassies in Caracas, Belgrade, the Vatican and Prague, which had been previously closed, were all reopened. Even the MFA complained officially about these inconsistencies in the manner our missions are opened, only to be closed later for lack of funding.

    The fact of the matter, often ignored by the government and the public, is that some of Nigeria’s diplomatic missions were opened to accommodate failed politicians and hacks who demand diplomatic postings as compensation from the government. Of Nigeria’s 119 diplomatic missions, about 60 have non-career ambassadors. But only a handful can be said to have what it takes to be a good ambassador. Many of them go abroad to serve themselves and not the nation. A few years ago when I visited Argentina and called on our embassy in Buenos Aires, I met a junior staff there who told me the Ambassador had been absent from his post for over three months. Again when I served in Ankara, Turkey, in 1975, with concurrent accreditation to Iran, I could not understand the reason for having our diplomatic mission in Ankara at the time. Subsequently, I learnt that the two missions were opened to accommodate Brigadier Kurubo. When I went to Teheran, I discovered that Kurubo was not even known in the Foreign Ministry. Our Mission in Teheran was being run by a junior attaché who had not been paid for six months. I duly recommended that one of the two embassies be closed as our residual interest there in those days did not warrant us opening full-fledged embassies there. In fact, I requested a posting back to Lagos after only a year in Ankara.

    Many critics of our foreign representation have pointed out to the lack of resources in running our missions abroad. This is, in fact, the critical issue. For lack of funds most of our missions cannot be run properly and professionally. The Foreign Service is costly and cannot be run on shoe strings as is the case now. For instance, the total MFA budget in 2009 was only US$306 million. South Africa’s budget was US $702 million. In 2010, while Nigeria’s Foreign Service budget fell to $232 million, South Africa’s was US$634. In 2012, our MFA budget was only US$317 million that of South Africa was US$720 million. Yet, South Africa’s GDP is only a third of Nigeria’s. As acknowledged by the MFA publication of 2012, ‘Our diplomatic missions continue to suffer needless and painful embarrassments arising from  disconnection of utility services, ejection of staff from rented apartments, ejection of children from schools for failure to pay school fees and arrears of salaries of the diplomatic and other staff’. In 1989, after verification, the Federal Government settled an accumulated debt of $100 in our diplomatic missions. In 2005, a similar exercise took place with the missions being bailed out again.

    It is up to the government to determine how many diplomatic missions our country should have. A preponderant number of these diplomatic missions are in Africa, our primary area of strategic and political interest. It will be difficult to close any of them. The number and size of our diplomatic missions should reflect the government’s foreign policy objectives and strategies. Nigeria’s global responsibilities and obligations have continued to increase. Yet, in our present challenging financial situation, with oil revenue falling steadily, and the  GDP growth rate projected to decline this year to roughly 2.5 per cent, it is obvious that something concrete and urgent must be done to reduce the cost of governance. As far as MFA is concerned, it is now inevitable, though regrettable, that the number of our foreign missions should be reduced. But it is going to be a difficult exercise. We have over 125 foreign diplomatic missions in Abuja. Exchange of embassies and ambassadors is reciprocal. Foreign countries from which we withdraw our embassies will not take kindly to it. They will almost certainly retaliate by closing their own diplomatic missions too.

  • Reduction of fuel import

    Reduction of fuel import

    •This may be the beginning of what to expect after the elections

    With the report that the Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced fuel import by about 50 percent, Nigerians who have been wondering what could have caused the recent fuel scarcity in the country now have a clue. This is even as the Federal Government has offered no explanation for that policy decision. The Peoples Democratic Party (PDP) had claimed the scarcity was the handiwork of the opposition All Progressives Congress (APC) that has prevailed on the marketers to stop selling fuel to the public. It is disgusting that the PDP is politicising such an issue that has caused untold hardship to millions of Nigerians.

    According to reports, the PPPRA has cut import allocation permits to 1.5 million metric tonnes, in the second quarter, from the previous three million metric tonnes for the first quarter. One of the reasons for the drastic reduction of import quotas is because marketers are demanding that the Federal Government should pay their outstanding subsidy claims. The disagreement arising from the outstanding claims was also responsible for the last round of fuel scarcity in the country, a few weeks back. Then, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, claimed to have solved the problem with the issuance of N100 billion sovereign debt note, out of the N185 billion owed the petroleum marketers.

    The current scarcity traced to the same issue of outstanding debt, confirms that the minister has not solved the problem. As the report indicated, many of the marketers are worried that they may not get their money after the elections, and their fears may be well founded. After all, Nigerians are aware that the subsidy regime is steeped in massive corruption, and any sincere audit of the process will reveal the gregarious corruption going on in the name of fuel subsidy. So, the importers should be afraid, considering the underhand deals pervading that sector.

    As we have severally canvassed on the subsidy scam, corruption in the petroleum products marketing sector is one of the major legacies of President Goodluck Jonathan. It is also a great pity that most of the promises of the government on resolving petroleum products crises in the country have not been addressed. The Federal Government had promised three  ‘greenfield refineries’ to replace the aging ones in the country. That promise remains a mirage. Also, the promise to rein in the fraud in the industry has been more of talk, and less action.

    For us, it is a national tragedy that our country is a major importer of finished petroleum products, despite being a top producer of crude oil. The shame of running down our refineries is another major legacy of the PDP. Yet, every year the party has in the past 16 years engaged in one dubious Turn Around Maintenance after another, at humongous costs to the tax payers. Unfortunately, instead of the refineries getting better, their production capacity has continued to plummet, and today our country imports nearly all her finished petroleum products.

    It is almost certain that the little concern the government is showing to Nigerians on the fuel supply situation is because we are in election season. Once the polls are over, the government is likely to come up with measures that will make Nigerians pay more for fuel, claiming that there is no money to sustain the subsidy regime.

    This is why we again urge Nigerians to reject this irrespective of whatever excuse the government might want to use to effect the policy. Nigeria should have no business importing fuel; we have said that time and again. Any deregulation policy which is anchored on fuel importation should not be paid for by Nigerians. Reduction of fuel import by PPPRA is only the beginning of the bitter pills that Nigerians may soon have to swallow.

  • Ngige knocks fuel price reduction

    Ngige knocks fuel price reduction

    •Agulu Uzoigbo community endorses him

    he senatorial candidate of the All Progressives Congress (APC) in Anambra Central, Dr. Chris Nwabueze Ngige, has said the ruling Peoples Democratic Party (PDP)-led Federal Government cannot find solution to the country’s socio-economic problems.

    He attributed this to the party’s preoccupation with malfeasance, especially in the oil and gas sector, saying the reduction in the pump price of premium motor spirit (petrol) is an insult on the masses.

    Ngige, who is seeking re-election after sponsoring over 12 bills, two of which are laws, addressed a crowd at the weekend, who welcomed him at Agulu Uzoigbo.

    Security personnel had a difficult time controlling the surging crowd.

    The President-General of Agulu Uzoigbo community, Mr. Anazodo, assured the senator that the people would vote for him, as he provided street lights and gave 44 indigenes scholarships.

    At Neni, he was welcomed by dancing troupes and masquerades.

    Ngige urged the people to vote the APC presidential candidate, General Muhammadu Buhari, because he is honest, adding that they should also vote for Cyprian Udenwa and Gozie Onuzulike to ensure equity, fair play and justice.

    The senatorial candidate, who distributed transformers and put in place boreholes in 57 communities, was moved when over 3,200 beneficiaries of the Ngige Scholarship Foundation thanked him for the gesture.

    He promised more scholarships, distribution of small scale business empowerment tools and establishment of skill acquisition facilities, to improve the living standard of the rural dwellers and the unemployed.

    The Deputy Coordinator of the APC presidential campaign in the Southeast, Chief Uzoma Igbonwa, decried the political position of the Igbo in the PDP-led Federal Government. He blamed former President Olusegun Obasanjo and President Goodluck Jonathan for the slow pace in the reconstruction of the Onitsha-Enugu, Enugu-Port Harcourt expressways and the Second River Niger bridge.

    Ngige also visited communities in Anaocha Local Government, such as Agukwu Nri, Obeledu and Akweze, where he inaugurated constituency projects and was endorsed by the people.

  • Pump price reduction triggers reactions

    Following the reduction of pump price of fuel from N97 to N87, some residents of the Federal Capital Territory (FCT) have expressed mixed reactions to the gesture, while some commended the Federal Government, some saying that the N10 difference is not enough.

    Among some of the residents who spoke with The Nation, Mr. James Omo, an educationist, commended the Federal Government for taking the step to make the reduction without waiting for the general public to rally or protest for it, but expressed fears over how long the price will last.

    Omo said the federal government is known to be habitually increasing the cost of living without minding the feelings of the people, and if the government now went out of its usual way to reduce the pump price of fuel, Nigerians should not celebrate too much, because anything can happen in future.

    “The government needs to be commended for reducing the pump price of fuel, but, to tell you the truth, I do not trust the Nigerian government. This is because if the reduction is coming now at the peek of election, I can boldly say that this is one of their campaign strategies and anything can happen after the election. Because with Nigerian government, anything that goes up, never comes down,” he said.

    Miss Jennet Chukwu, a civil servant said that although the reduction was long overdue, since the price of crude oil crashed at the international market, but that the N10 difference is too small to be celebrating about, saying that the Federal Government should have reduced it to N65 where the present administration met it, instead of N87.

    She said: “I must say that the N87 is still on the high side, because, even when crude oil was sold at over $100 per barrel in the past, we still bought fuel as low as N65. Now that it is less than $50 per barrel, they are reducing to N87 per litre. I do not see why we should be jubilating, because, it is as good as not being reduced.

    “It is obvious that it is because they want to have more things to use for their campaign, that why they removed the N10 and believed that they have done Nigerians a huge favour. If the government wants to prove to us that they really care about us, they should revert back to the N65 per litre, where they met it and they will gain the confidence of Nigerians.”

     

  • Nigerians, Osun Civil Societies Rejects N10 Fuel Pump Price Reduction

    Reactions have continued to trail the reduction of the pump price of petroleum by the Federal Government from N97 to N87.

    Many Nigerians saw the N10 reduction as political, as it was meant to canvass support for the re-election of President Goodluck Jonathan, saying that it was not done with genuine intensions.

    Nigerians argued that if the reduction was done with the aim of objectively reducing petroleum pump price in line with the crash of crude oil prices in the international markets, the Federal Government would have put the price at N45.

    They added that President Jonathan would not wait till election period before reducing the petrol pump price.

    Similarly, a coalition of civil society groups in the State of Osun has rejected the N10 reduction in the petroleum pump price, describing it as ridiculous and meagre.

    The Osun Civil Societies Coalition (OCSC) stated that the N10 reduction does not reflect the fallen price of crude oil in the global market, adding the new N87 pump price was still arbitrary and fraudulent.

    According to the OCSC, the President Jonathan-led Federal Government was being insensitive to Nigerians’ plight and taking the people for granted if it could “ridiculously” take away just N10 from the pump price of petrol.

    Chairman of the OCSC, Comrade Biodun Agboola, in a press statement made available to the medium on Sunday in Osogbo, said N10 reduction was politically-motivated, as it is not commensurate with the fallen crude oil prices in the global market.

    Agboola said; “When crude oil was $119 per barrel, the Federal Government increased the petroleum pump price to N110. However, it was reduced to N97 following massive protest against the unjust and arbitrary hike in the pump price of petrol in 2012.

    “Now that crude oil is $49 per barrel in the international market, the expected pump price reduction should have been between N35 to N40.

    “We however, wondered why the Federal Government delayed the reduction in the petroleum pump price till the election period, when the crude oil price had crashed for almost five months in the global market.”

    Agboola maintained that the Federal Government was still defrauding Nigerians with the N87 fuel pump price, adding that the new price further pronounced the brazen corruption and bad governance in the country.