The Nation Newspaper

Tag: scorecard

  • Buhari’s three-year scorecard

    President Muhammadu Buhari will be three years in the saddle by tomorrow. State House reporter AUGUSTINE EHIKIOYA writes on the impact of the Buhari-led administration on Nigerians.

    DISENCHANTED with the 16-year reign of the Peoples Democratic Party (PDP), Nigerians voted for a change of government and the symbol of that change is Muhammadu Buhari, who won the presidential election in 2015 under the platform of the All Progressives Congress (APC).

    The inauguration of President Buhari on May 29, 2015 for four-year tenure rekindled the hopes and aspirations of many for a better Nigeriansere were great hopes and aspirations for a better Nigeria.

    With one more year to the expiration of the four-year contract, many Nigerians are expressing mixed feelings.

    To critics of the APC-led administration, Buhari has not lived up to expectation in the delivery of his campaign promises. They argue that Nigerians, who voted the PDP out of office, are yet to reap the much-expected dividends of democracy.

    Former President Olusegun Obasanjo is at the forefront of those who have scored the government below average.

    In an open letter published in the media in January, Chief Obasanjo gave a damning verdict of poor performance on the Buhari government, alleging increasing poverty, insecurity, poor economic management, nepotism, gross dereliction of duty and tolerance of misdeeds.

    Stressing that there was lack of progress and hope for the future, the former president counselled Buhari not to seek reelection next year.

    But, to Buhari’s supporters, Nigeria has never had it so good. They argue that those opposed to the re-election of Buhari are those who plundered the nation’s commonwealth prior to the coming on board of the present administration.

    The said the Buhari’s administration should be commended and not condemned. A ruin of 16 years under the administration of the PDP cannot be fixed in three years.

    So far, it has been so good, they said, listing the achievements recorded in various sectors of the economy within the spate of three years.

    According to them, the administration has delivered on its key promises of anti-corruption fight, security and economy.

     

    Whistleblowing

     

    Under the whistleblowing policy, a whopping N13.8 billion was raked in from tax evaders, N7.8 billion, $378 million and £27,800 from public officials who were exposed by whistleblowers.

    The administration through its increased oversight on Ministries Departments and Agencies (MDAs) has uncovered underpayment of N526 billion and attracted $21 billion to the Federation Account by revenue generating agencies between 2010 and 2015.

    While addressing the issue of poor levels of remittance of operating surpluses by MDAs, the Joint Admission Matriculation Board (JAMB) remitted N7.8 billion last year as against the N51 million remitted between 2010 and 2016.

    Through the activities of the Presidential Initiative on Continuous Audit (PICA), 54,000 fraudulent payroll entries have been identified, with payroll savings of N200 billion.

    As at March, the Treasury Single Account (TSA) had recorded inflows of a total sum of N8.9 trillion from MDAs.

    The TSA has resulted in the consolidation of more than 17,000 bank accounts previously spread across commercial banks in the country and in savings of an average of N4 billion monthly in bank charges associated with indiscriminate government borrowings from the banks.

    The use of Bank Verification Number (BVN) to verify payroll entries on the Integrated Personnel Payroll Information System (IPPIS) platform has so far led to the detection of 54,000 fraudulent payroll entries.

    To boost the anti-graft battle, Nigeria, which joined the Open Government Partnership (OGP) in July 2016 and became the 70th OGP country, has been elected to lead the OGP alongside Argentina, France and Romania. All four new members of the OGP Steering Committee will serve for three years beginning from October 1 this year.

     

    The Efficiency Unit

     

    The Buhari’s administration created the Efficiency Unit (EU) to spearhead the efficient use of government resources and ensure reduction in recurrent expenditure. The EU’s efforts have resulted in N17 billion in savings on travel, sitting allowances and souvenirs.

    With the quantum of stolen funds from the oil and gas sector, the Buhari’s administration pushed for oil and gas reform in line with best international practice,

    The controversial Offshore Processing Arrangement (OPA) was cancelled and replaced with a ‘Direct Sales and Direct Purchase (DSDP)’ scheme with reputable offshore refineries.

    The Petroleum Industry Governance Bill (PIGB) has been passed into law by the National Assembly. It is awaiting the assent of the President. The bill was in the National Assembly for 17 years.

    In 2016, the Federal Government exited the cash call arrangement by which the NNPC traditionally funded its share of the crude oil exploration and production Joint Ventures (JVs) with International Oil Companies (IOCs).

    The Cash Call obligations consistently put pressure on the government’s finances. A failure to fully fund them has resulted in the accumulation of debt arrears of $6.8 billion as at December 2015.

    Besides the achievements recorded in the fight against corruption, his supporters believe the administration has secured the country in the past three years.

    The critics, however, see the increasing herdsmen killings in the land since the beginning of this year as a dent on whatever achievement recorded on security.

    To fight insurgency in the Northeast, the government revitalised the Multi-National Joint Task Force (MNJTF) to combat trans-border crimes and the Boko Haram insurgency.

    The President’s camp disclosed that more than a million Internally Displaced Persons (IDPS) have returned to their homes and communities since 2015 in the Northeast, which they fled before this administration came into power.

    More than 13,000 Boko Haram hostages have been freed from Boko Haram captivity. They include 106 of the Chibok schoolgirls abducted in April 2014 and 105 of the Dapchi Girls abducted in February 2018.

    Under the Buhari administration, Boko Haram’s operational and spiritual headquarters “Camp Zero” in the dreaded Sambisa Forest was capture by troops in December 2016.

    Following the feat, the Nigerian Army conducted its Small Arms Championship from March 26 to 31 last year, in the forest, a measure aimed at enabling the Armed forces to dominate the area and avoid regrouping by the terrorists.

    As part of the achievements attained in security, public secondary schools resumed in Borno State on Monday September 26, 2016. It was two years after closure.  Arik Air also resumed flights to Maiduguri in May last year, three years after it suspended operations to the city.

    The Maiduguri-Gubio and Maiduguri-Monguno roads reopened in December 2016, after being closed for three years, while the Maiduguri-Bama-Banki Road was reopened in March 2018, four years after it was seized by Boko Haram.

    The chairman of the Christian Association of Nigeria (CAN) Borno State chapter was said to have declared the 2017 Easter celebrations in the state as the best and safest since 2009.

    With increased insecurity in the Northcentral, the government deployed a Joint Military Intervention Force (JMIF), comprising Regular and Special Forces personnel from the Army, Air Force and Navy, the Nigeria Police Force, Department of State Security (DSS), and Nigeria Security and Civil Defense Corps (NSCDC).

    The administration recorded major arrests and dismantled other crime syndicates in the past three years.

    Though critics of the battered economy inherited in May 2015 is far from total recovery, the Buhari camp believe the economy is on a steady path of growth, especially after coming out of recession between 2016 and 2017 and with the 1.95 per cent Gross Domestic Product (GDP) growth rate achieved in the first quarter of this year.

    They also believed that the administration’s priority sectors of agriculture and solid minerals maintained consistent growth throughout the recession because of the commitment to diversify the economy.

    Inflation has fallen for the fifteenth (15th) consecutive month, while external reserves have hit their highest levels in five years.

    The government claimed that the new Forex Window (FX) Window introduced by the Central Bank of Nigeria (CBN) in April last year, now sees an average of $1 billion in weekly turnover. It has attracted about $45 billion dollars in inflows in its first year, signaling rising investor confidence in Nigeria.

    It also claimed that the stock market ended last year as one of the best-performing in the world with returns of about 40 per cent.

    About five million new taxpayers have been added to the tax base since 2016 as part of efforts to widen government revenue sources.

    Claiming that the tax revenue increased to N1.17 trillion in the first quarter a 51 per cent increase on the first quarter figure of last year, the N2.7 trillion spent on infrastructure in 2016 and 2017 budgets was unprecedented.

    The administration claimed that 14 moribund blending plants have so far been revitalised under the Presidential Fertilizer Initiative (PFI) with a total capacity of 2.3 million metri tonnes (MT) of NPK 20:10:10 fertilizer.

    The benefits included annual savings of $200 million in foreign exchange, and ¦ 60 billion annually in budgetary provisions for fertilizer subsidies.

    The scheme has also made it possible for farmers to purchase fertilizer at prices up to 30 per cent cheaper than previously available.

    The contributions of solid minerals to the federation account have tripled from N700 million in 2015 to N2 billion in 2016 and to N3.5 billion in 2017.

    President Buhari, who inherited N12.1 trillion in debt with N5.4 trillion annual service cost on the inherited debt, reduced the service cost to N3.9 trillion by 2016.

    Under Buhari, there was $7.3 billion in Eurobond issuances in 2017/18, to fund the 2017 budget and to refinance maturing Treasury Bills and lower the cost of borrowing for the government.

    This debt refinancing strategy is paying off as Treasury Bills rates have dropped from 16-18 per cent to 10-12 per cent over the last year.

    The oversubscription of the recent Eurobond (the first issuance in 2017 saw orders in excess of $7.8 billion compared to a pre-issuance target of $1 billion) have demonstrated strong market appetite for Nigeria and showed confidence by the international investment community in the country’ economic reform agenda.

    Nigeria’s first Sovereign Sukuk Bond, to fund 25 major road projects across the country; raised N100 billion, Diaspora Bond, Nigeria’s first ever Diaspora-targeted Eurobond, to fund part of the 2017 Budget; raised US$300m, while Green Bond, Africa’s first Sovereign Green Bond Programme, to fund infrastructure projects that tackle climate change; raised N10.69 billion.

    In the past three years, the Buhari administration extended more than N1.9 trillion to state governments, to enable them meet their salary and pension obligations, especially in the face of dwindling oil revenues.

    The Anchor Borrowers Programme (ABP) introduced by the CBN substantially raised local production of rice in 2016 (yields improved from 2-3 tonnes per hectare to as high as 5 – 6 tonnes per hectare) and produced a model agricultural collaboration between Lagos and Kebbi states.

    Besides attracting over N300 billion investments in the Rice Value Chain, the ABP has encouraged the establishment of eight rice mills. It has doubled the country’s paddy production to 2014 levels.

    The milled rice production has increased from 2.5 MT to about four MT, while rice exports from Thailand to Nigeria have dropped from 1.23 million MT in 2014 to 23,192 MT by November last year.

    To boost the ease of doing business in Nigeria, the Buhari administration has issued three Executive Orders within a year. The orders have positively impacted the local small scale business environment.

    The administration has demonstrated a single-minded commitment to upgrading and developing the transport, power and health infrastructure.

    In May, the government launched the Presidential Infrastructure Development Fund (PIDF), under the management of the Nigerian Sovereign Investment Authority. The PIDF is kicking off with seed funding of $650 million.

    In March, the Nigeria Sovereign Investment Authority (NSIA) invested $10 million to establish a world-class Cancer Treatment Center at the Lagos University Teaching Hospital (LUTH) and $5 million each in the Aminu Kano University Teaching Hospital and the Federal Medical Centre, Umuahia to establish modern Diagnostic Centres.

    It launched the N701 billion Payment Assurance  Programme (PAP) designed to resolve the liquidity challenges in the power sector by guaranteeing payments to Generating Companies (GenCos) and gas suppliers, transmission expansion and rehabilitation programmes.

    All these have resulted in a 50 per cent expansion in grid capacity since 2015 from 5,000 megawatts to 7,125 megawatts at December 2017.

    It is expected that more than 2,000 megawatts additional power generation capacity would be added by the end of this year.

    The Energising Economic Programme (EEP) was launched to bring reliable and efficient power to economic clusters and markets across the country.

    The Distribution Expansion Programme (DEP) was approved by the Federal Executive Council (FEC) in February to deliver 2,000 megawatts of unused power capacity to consumers.

    Scoring the administration high, Buhari promoters believe that the government has invested in people, ensured justice reform, improved diplomacy and international relations and enthroned new vision for the Niger Delta region in the past three years.

    They, however, added that with the support of the people, more progress would be made in the next 12 months.

     

  • Lagos senator lifts senior citizens, presents scorecard

    NO fewer than 50 All Progressives Congress (APC) members from the Lagos East Senatorial District benefitted from the empowerment programme initiated by Senator Gbenga Ashafa.

    The beneficiaries, including senior citizens and widows, were yesterday given cash gifts at the Mercy Hall on CMD Road, Ketu, where an End-of-the-Year Thanksgiving/Town Hall Meeting was organized for the constituent.

    At the event were party chieftains from the zone. They include: former deputy governor Prince Abiodun Ogunleye; one-time Lagos House of Assembly Speaker Jokotola Pelumi; APC elders Olorunfunmi Bashorun and Bushura Alebiosu, among others.

    Ashafa used the platform to present his scorecard. The senator told his audience that, the highlight of which was on efforts to ensure the reconstruction of the Ikorodu-Shagamu Highway.

    According to him, the Power, Works & Housing Minister Babatunde Fashola, has assured that the contract for the road’s redevelopment will be awarded in the first quarter of next year.

    He said: “Having observed the perennial starin and discomfort experienced by commuters on this road, I partnered with other legislators from Lagos East to urge the Minister of Power, Works & Housing to prioritise the award of this project.

    “On October 18, the minister directed the permanent Secretary of the ministry to respond vide a letter, confirming that the said project has been prioritized and that procurement process for the project had indeed commenced.”

    Ashafa, who chairs the Senate Committee on Land Transportation, told his constituents that he has sponsored six Bills and four Motions in the current Eighth Senate.

    His words: “It is noteworthy that the Nigerian Drug Law Enforcement Agency Act Amendment Bill is ready for the the third and final reading while the Nigerian French Langauge Village Establishment Bill just got passed into Law on Tuesday, 19th December, 2017. It is my earnest hope that the NDLEA Amendment Bill would be passed into law soon as well.”

    On what he has done for his constituency, the senator listed the presentation of Small-Medium Enterprises (SMEs) tools and social welfare projects as some of his interventions to lift the peoples’ living standard.

    He spoke of the training of scores of youths from the district in agricultural entrepreneurship programme he organised in collaboration with the SMEDAN and the medical outreach from more than 3000 have so far benefitted, as some of his footprints.

    Ashafa also listed the “No to drug abuse campaign”; “Bank of Industry (BoI) loan for Lagos East contituents”; “Establishment of a well-equipped Information Communication Technology (ICT) centre in Ikorodu” and “Construction of seven solar boreholes across the Lagos East Senatorial Zone”, as his empowerment schemes.

  • Another look at Obiano’s scorecard

    Anambra State governorship election holds on Saturday, November 18, and the past few weeks have been electrified by the campaign of the contestants.

    The contenders include Governor Willie Obiano of the All Progressives Grand Alliance (APGA); Tony Nwoye, All Progressives Congress (APC); Oseloka Obaze, People’s Democratic Party (PDP).

    They also include Godwin Ezeemo, Progressives Peoples’ Alliance (PPA); Osita Chidoka, United Peoples Party (UPP); Oby Okafor, Advanced Congress of Democrats (ACD) and Henry Onuorah, Peoples Party of Nigeria (PPN).

    But the field is dominated by Obiano, Nwoye and Obaze because of the forces behind their candidacy or circumstances of their run.

    Former Governor Peter Obi’s name is closely linked to Obaze and many wonder if Obi is seeking a third term through the back door.

    Obi, the only PDP chieftain backing him, has demonstrated openly his desire to get Obiano sacked so as to “teach” the governor a little political lesson.

    APC chieftain, Arthur Eze, is a major sponsor and financier of Nwoye, another example of politicians sponsoring candidates into political office with the hope of having a firm grip on state resources through their benefactors.

    But it appears Obiano represents the conscience of the people of Anambra, not just by virtue of his party, APGA, which has done so much for the state in the past 12 years, but by his achievements in office for three years and eight months.

    He enjoys the support of town union associations, market men and women groups, autonomous communities, traditional rulers, religious leaders and leaders of thought across political divides.

    But he cannot take the race for granted.

    The charged political climate in the state hinges on the battle of the political godfathers and their surrogates to get rid of Obiano from office and reactions to The Enablers in the blueprint he unveiled in the early days of his administration.

    The Enablers include Trade and Commerce, Agricultural Revolution, Security of Lives and Property, Improved Healthcare Delivery, Quality Education and Oil and Gas.

    The document was crafted as the easiest way to impact public and private sector workers as well as traders and artisans.

    Anambra is generally regarded as safe. The Obiano administration understands the symbiosis between security of lives and property and has invested money, energy, time and strategy in security.

    What has stabilised the business and economic environment is not the function of a fat treasury the administration inherited but the way resources have been deployed to benefit the people.

    A retired police chief who lives in Awka recently told me that “if all governors are as passionate about securing their environment the way Obiano is, development in every part of the country would be taken for granted.”

    Data obtained from the Anambra State Chamber of Commerce, Mines and Agriculture showed that “in the last three years, the number of small scale industries has increased by 38 per cent as against what it was before Obiano’s inception, and a total of 126 medium-scale industries that were moribund have come back to life.”

    Most of those who fail to see the impact of Obiano’s administration on agriculture are detached from the people, the farms and markets.

    They are used to life in Abuja and Lagos where they dash from fast food restaurant to supermarket to grocery store in search of processed agricultural produce.

    They get confused when they hear that what is in Sokoto is now in the sokoto trousers they are wearing.

    In this era of economic downturn, when life is unbearable for the average Nigerian, Anambrarians have seen an alternative in farms that yield bountiful produce that put cash in their pockets.

    Obiano uses his “Choose Your Project Initiative” to bond with the 177 communities in the state and – adapting banks’ “Know Your Customer (KYC)” – has worked out modalities to interface with voters to make governance felt.

    He gives the people the opportunity to choose the projects they want.

    Nearly all roads in the state are asphalted because the N20 million each community now gets to meet basic needs was in the past used by politicians to drink Champagne.

    Obiano’s performance does not depict a man who does not understand the dynamics of governance, demands of his people and preparedness to satisfy them. Other governors are content flagging off projects they are not ready to complete. But his priority is to attend to projects inherited from his predecessor, Obi.

    Not even the frosty relationship between him and Obi has stopped him from completing projects initiated by Obi.

    Obiano has completed the construction of 51 of the 101 road projected carried over from the Obi era, given N10 million each to 65 markets for facelift and built the first Anambra Broadcasting Service (ABS) digital television.

    To further open up the state economy, he recently flagged off an Anambra Airport City Project in Umueri sitting on 1,500 hectares of land.

    It is funded with $2 billion pooled by a consortium of Chinese and Nigerian firms, and is expected to be completed in three years and provide 1,200 direct jobs and 3,600 indirect ones.

    Tax payers’ money is not involved because the project is in a Build, Operate, Manage and Transfer (BOMT) arrangement.

    Obiano has intervened in health, education, industrialisation and welfare which nobody can take away from him.

    He has not satisfied everybody but the feeling from the majority speaks volumes about his scorecard.

    Unlike in neighbouring Kogi and Imo States where public workers grumble against governors, Anambra workers are at peace because, to Obiano, their welfare is not negotiable. It is a priority. That is why Anambra workers have nicknamed him alert Governor because they receive their pay before the end of every month.

    Anambra State Nigeria Labour Congress (NLC) Chairman, Jerry Nnubia, said: “We have seen governance down to the grassroots. We have experienced security of lives and property in Anambra.

    “The agricultural revolution embarked upon by our able and hardworking governor has witnessed a harvest of plenty, and the basic infrastructure being put in place makes him qualified and deserving to go for a second term.”

    Diaspora Anambrarians also assess Obiano creditably.

    Nchekwube Nwabunnia, an indigene of Nibo in Anambra who lives in the United Kingdom recently wrote about Obiano, saying: “In my candid opinion, Willie was able to sustain Anambra and put Anambra first among equals in a recession.

    “It takes only a great mind to keep the state’s economy afloat while other states are in economic disaster.

    “Workers’ salaries are paid, roads and bridges are constructed. Low quality roads inherited from the immediate past regime are being maintained, investment in agriculture, which is the bane of Nigeria economic diversification, is championed by Anambra.

    “Why do we need a change of government? Is it for strong personality or for strong institution? For the independent-minded and those who have vision, we need to strengthen our state by voting Willie Obiano for a second term.

    “For the political jobbers, you may wish to go for building strong personality, but I can assure you that the majority of Ndi-Anambra are with APGA as ever. Willie is working, Willie we want; Willie will win.”

    • Ubochi, a political analyst, wrote in from Owerri.

     

  • Scorecard of CSR impact in communities

    The importance of sustainable develop-ment otherwise called Corporate Social Responsi-bility to companies cannot be overemphasised as it is the key to the survival and continued profitability of companies.

    According to a 2013 report, companies are expected to be an active participant in solving the most pressing social and environmental issues. Corporations that disregard this consumer-demanded role risk more than their reputation many global citizens say they would boycott if they learned of irresponsible behavior. Companies are increasingly demonstrating that sustainability reporting provides financial value and drives innovation, adds global professional services company, KPMG.

    As a confirmation to this, Chief Responsibility Officer, CSR Nigeria Ken Egbas said recently at a symposium organised by Nigeria Institute of Public Relations, Lagos chapter in Lagos that brand handlers should begin to think and strategise towards CSR that are sustainable, “If truly they want customer to loyal to their brands and embrace their products in the markets, brand owner should tie their CSR activities around sustainable initiatives like education, health and so on, so that the impacts of the CSR last longer than expected,” he advised.

    Key into this is MTN Nigeria through its foundation, in fulfilling the promise of improving the quality of lives in Nigeria communities, MTN Foundation, ‘What Can We Do Together.’ The initiative has impacted over 10 million Nigerians in 400 communities and 347 local government areas across Nigeria. In these 347 local government areas, project delivered and installed by MTNF include 40 transformers, 40 boreholes and 14,200 school furniture. In addition, the foundation has donated 66 orphanage homes as well as supply of medical equipment to 80 primary healthcare centres.

    At Ijaiye Community High School, an MTN’s subscriber and a soft ware engineer who is the project nominator living at Ifako Ijaiye Local Government, Lagos State, Mr Popoola Suleiman said he could not expect that what he took like play could turn to something that will affect and impact positively the education of over 500 students of Ijaiye community high school and by extension makes him hero in the community.

    According to Popoola, “the principal of the school thought I was a staff of MTN when we first met before I told him that I am just a nominator that I live in this community and I saw that the school needed modern furniture and I nominated the school for it. The Principal was amazed and introduced me to the teachers and students and also promised that I would attend the next PTA meeting so that I could be introduced to the parents and the other stakeholders in the school for what I have done, The peak of it all was that I now become the school computer technician, they call me whenever their system developed fault for repair or change of parts and they pay for my service without delay.”

    The vice principal of the school who spoke on behalf of principal and students, Mr. Salami Jimoh commended the MTN for this project, “the school will forever grateful to MTN for this gestures, the time of supply of the school furniture was very appropriate, it was the time government just finished one school building for us and the furniture just fit into the new building, we also thanked the nominator for single out our school in the community for this gigantic project,” he commended.

    Speaking on the initiative, the Executive Secretary, MTN Foundation, Ms. Nonny Ugboma, said that all projects were selected from a pool of thousands of nominations by members of the public in Phases 1 and 2, after rigorous screening and verification exercises.

    “At the end, 200 communities were chosen to benefit in Phase 1, another 200 communities in Phase 2 and announcements were made in the print, electronic and digital media platforms. We are pleased to report that all the 200 projects in Phase 1 have been successfully implemented, while all the 200 projects in Phase 2 are at various stages of delivery and installation,” Ms. Ugboma said.

    Chairman MTNF board of directors, Prince Julius Adelusi-Adeluyi during his remarks at the MTNF ’what can we do together‘ nominators celebration party in Lagos recently confirmed that 1.1Billion naira has been spent on the initiative since inception in 2015 and the foundation has invested over N18billion since when it was established 12 years ago.

  • Abia police present scorecard amid criticism

    The Abia State police command has been criticised for failing to tackle rising crime in the state. A member of the House of Representatives representing Aba North and South Federal Constituency, Ossy Prestige raised the alarm on the crime situation in the commercial nerve of the state. Prestige demanded the immediate deployment of combat-ready policemen in the city to arrest the situation. His call was amplified by the leadership of the Abia State chapter of the All Peoples Congress (APC), urging Governor Okezie Ikpeazu to tighten security in the state. They expressed the fear that if nothing urgent was done, the economic development of the state and Aba would be affected.

    In response, the State Commissioner of Police Adeleye Oyebade launched the Tactical Response Squad (TRS) following the deployment of more personnel and two armoured personnel carriers (APC) by the Inspector General of Police (IGP) Ibrahim Idris.

    The state police command has said their response has yielded fruit, leading to several arrests of hoodlums and recovery of arms.

    Speaking on the command’s achievements, the Police Public Relations officer, DSP Geoffrey Ogbonna said “The Abia State Police Command under the leadership of CP ‘Leye Oyebade, in continuation of her onslaught against crime and criminality in the state, recorded handful of achievements. These were made possible by harnessing the various strategies identified in crime prevention and control.

    “On 07/05/2017 at about 2330hrs, a report was received from one Ibe Torty Kalu ‘m’ of Aba at the Police Control Room in Aba that his Peugeot 504 Saloon Car with reg. no. AJ 72 AAA dark blue in colour was snatched by three (3) armed men at Okigwe road by Rail at about 2315hrs. Consequent upon the report, patrol teams in the area were placed on alert. Then on 08/05/2017 at about 1530hrs, the said vehicle was recovered by detectives attached to Ndiegoro Division at Ibadan road by Ibere road where it was abandoned. Investigation is in progress.

    “On 08/05/2017 at about 1100hrs, following a report at CPS Aba that one Chibueze Agunwa ‘m’ of Osunkwo Triangle Road Aba, defiled 5 years old girl on 22/4/2017 at about 1800hrs and ran away. The suspect has been arrested and will be arraigned in court soonest.

    “On 08/05/2017 at about 1630hrs, a case of defilement was reported at CPS Aba against one Ugochukwu Oleka ‘m’ of Iroanusi Road Aba. The suspect committed the act on an unknown date against a girl of 13 years old in her house. Investigation has been concluded and medical report reveals that the victim is two months pregnant.

    “Upon intelligence gathered by detectives from CPS Aba about the activities of notorious syndicates that specialised in snatching exotic vehicles from neighbouring states; the operatives from CPS Aba on 08/05/2017 at about 1540hrs, recovered one Toyota Highlander Jeep with Reg No. SSM 631 TP from where it was hidden. The owner has been contacted and he affirmed that the vehicle was snatched from him in Lagos in the year 2015. The operatives equally recovered one Lexus RX 300 Jeep with Reg. No. ABC 472 LK on 04/05/2017. Efforts are on ground to apprehend the fleeing suspects.

    The police also reported that they arrested a suspected motorcycle thief, two alleged cultists, one burglary suspect as well as recovering some stolen vehicles, among others.

    Ogbonna urged members of the public to provide the police with useful information that would lead to the arrest of suspected hoodlums in their neighborhood, stating that the police was ready to shield informants.

  • Our scorecard, by AOCOED alumni exco

    Our scorecard, by AOCOED alumni exco

    Adeniran Ogunsanya College of Education (aocoed) Alumni Association has thanked members for the confidence reposed in the executive.

    The association said the vote of confidence expressed by members served as an inspiration to do more amid several challenges still confronting the body.

    The association’s National President, Comrade Adeyemi Adesanya, spoke while presenting the executive’s scorecard to congress at FIJB Event Centre, Isheri, Lagos at the weekend.

    “I feel so elated because the congress expressly said we have done so well,” Adesanya told The Nation.

    Among many achievements, Adesanya said the alumni under his watch trained the college security guards, organised various seminar for the students leadership; raised the association’s internally-generally revenue, and built the alumni secretariat.

    Though there are still many rivers to cross, Adesanya said he was optimistic that the executive whose tenure expired late this year, had rebranded the alumni body, making it a lot easier for whoever succeeded it to continue from where it stopped.

    The congress, which dragged for hours, witnessed arguments and counter-arguments by members, particularly over a draft of the reviewed constitution.

    “The process of constitution review is not an easy thing all over the world,” Adesanya continued, “The fact remains that our constitution is tired and weak. So, we have to catch up with the present situation all over the world. That is why the National Executive Council (NEC) on behalf of the congress set up a committee. The constitution has been reviewed now and the implementation would follow suit.

    “I want to say that AOCOED alumni association has taken a new course. We shall not pretend that there are no challenges.There are, but we need to address them and we are happy the incoming administration will surpass what we have done.’’

  • Our scorecard, by housing commissioner

    Our scorecard, by housing commissioner

    How has the Lagos State Ministry of Housing fared in the last two years? It has done well, says Commissioner Gbolahan Lawal. MUYIWA LUCAS reports

    Last Monday, Lagos State Commissioner for Housing, Gbolahan Lawal, presented his mid-term scord.

    The event was the yearly ministerial briefing in Alausa, Ikeja. He said to boost supply, his ministry has prioritised the completion of its housing estates and entered into a deal with the private sector to do so.

    He said the government had introduced the Rent-to-Own and rental housing policies, to make housing affordable and accessible to the citizenry. The policies, Lawal said, are targeted at low and middle income earners.

     

    Rent-to-own Policy

    On Thursday, December 8, last year, he said, Ambode launched the Rent-To-Own and Rental housing Policies aimed at ensuring that  Lagosians irrespective of status, income and affiliations have access to decent shelter to improve their quality of life. Under the scheme, individuals are required to make a deposit of five per cent of the cost of the housing unit they wish to apply for as the commitment fee and the balance is spread over 10 years. This policy allows allottees to live in the property while paying towards ownership at a fixed rent over the 10 year period.

    To kickstart the scheme, the government dedicated a total of  5008 housing units in 12 housing estates spread across the state’s three Senatorial Districts. The Estates includes Sir Michael Otedola Estate, Odoragunshin, Epe,  336 units;  Chois City, Agbowa, 400 units; Alhaja Adetoun Mustapha Estate, Ojokoro, 32 units; Hon. Olaitan Mustapha Estate, Ojokoro, 48 units; Oba Adeboruwa Estate, Igbogbo- Ikorodu                256 units; Egan Igando Housing Estate, Alimosho, 684 units; Igando gardens, Igando Alimosho, 492 units; Igbogbo IIB Housing Estate, Igbogbo Ikorodu, 360units; Odo- Onosa/ Ayandelu,      660 units; Iponri Estate, Surulere, 132 units; Sangotedo Estate, Sangotedo, Eti- Osa, 1,188  units, and Ajara Estate, Badagry, 420 units. At present, about 500 Lagosians have benefited from this scheme.

    Lawal explained that the policy is not just about provision of shelter, it is also about economic stimulation and empowerment. “The new homes provided will require furniture and home gadgets such as electrical/ electronic appliances etc. The increase in demand for these items is expected to stimulate production and consequently economic growth,” he explained.

    The commissioner said the Rent-To-Own  programme is the cheapest and the easiest means of becoming a property owner in the state. Over 12,000 applications have been received, while 1,420 applicants from sectors, such as the public service; construction; banking and finance and informal sector have been pre-qualified.

    Lawal called for the support of the allottees, urging them to assume responsibility for the estates and its facilities. He admonished them to cooperate with the facilities managers appointed by Government in ensuring that the facilities are put to good use.

    “Efforts should be geared towards ensuring that the environments are kept clean always. The allottees are to ensure that they pay their rent as at when due and embrace maintenance culture. The Ministry has also taken over all abandoned Estates and working towards their completion so as to meet the need of the Rent-To-Own Policy,” he said.

    To ensure the sustainability of government housing estates, the Ministry has appointed facility managers for some of its estates while other estates are expected to have facility managers soon. This is to arrest deterioration of the estates.

     

    Rental housing policy

    This policy, Lawal said, allows the tenants to occupy government houses, paying monthly rents after an initial one month deposit. This policy is targeted at those with regular source of income who may be more interested in rental housing than home ownership. He said for this scheme, 20 per cent of the housing units dedicated to the Rent-to- Own policy were reserved for rental housing.

     

    Public-Private Partnership (

    The Commissioner said to ensure the sustenance of the Rent-To-Own scheme and meeting up with the high demand for housing units by Lagosians, the government, in partnership with private developers, is constructing 20,000 housing units in the next five years under the Lagos Affordable Public Housing (LAPH).

    Already, the government has approved joint venture partnership with six developers who have already mobilised to sites. The estates to be built under this partnership, will be christened “Jubilee Housing Estates” in commemoration of the 50th anniversary of the creation of the state. They are to be sited in the following locations: Ijora Badiya, Imota, Ayobo, Idale (Badagry), Ilamoye-Isolo , Abijo, Tolu (Ajegunle) , Abule Ado, Ikota, Ibeshe, Owutu and Igbogbo.

    Towards the completion of Ilubirin housing estate, approval has been granted for the remodelling of the estate from a hitherto purely residential complex into a mixed development of residential, commercial and leisure through public private partnership (PPP). The commissioner also said that $5 million would be injected into the Illubirin estate within five years.

    “Ilubirin is a work-and-play environment, and the capital to be injected as at the last time, is $5million in five years,” Lawal said.

    He is hopeful that more private developers would be granted approval soon to increase the number of JVs.

     

    The Master Craftsman Project

    In the country, the dearth of skilled workforce made up of masons, carpenters, steel fabricators, plumbers, electricians, painters, and joiners, tillers, has been a major contributor to the problems of housing delivery.

    Stakeholders are worried that the housing and construction industry is becoming more and more dependent on foreigners to fill the skill gap created since indigenous artisans are gradually aging and there are not sufficient new ones being trained to replace them.

    This realisation necessitated the Master Craftsman Project initiative of the present government. Through the Ministry of Housing, the state has been able to create a platform through which artisans and workers in the built environment are trained and re-trained to acquire modern skill and be certified.

    The initiative, Lawal said, is intended to redress the dearth of skilled workers in the building industry. The project is being undertaken in collaboration with relevant professional bodies such as the Nigerian Institute of Builders (NIOB) and Lagos State Technical and Vocational Education Board (LASTVEB).

    Under the programme, artisans were trained for six weeks at LASTVEB Technical  Centres in Ikotun, Ikorodu and Epe. They were trained on new approaches to do their job. Last year, the first set of craftsmen   were trained in masonry, furniture and carpentry, plumbing and pipe-works, electrical installations, painting and decorations. Their syllabus was based on the National Vocational Qualification Framework (NVQF) designed by National Board for Technical Education (NBTE) and Nigeria Institute of Building (NIOB).

    The Commissioner said the craftsmen at the end of the programme, were presented with their tools during the graduation  last month. One of them, Mr.  Murtala Kasali, praised the government for the project, saying that it is a platform to learn new ways of doing things.

    The commissioner said the craftsmen would be provided jobs in the various construction sites of the Ministry and also in maintenance works across the Ministry’s housing estates.

    In addition, a database of all certified Lagos State Master Craftsmen  has  been created for ease of reference for all Lagosians.

  • IFC, SEC to implement corporate governance scorecard

    IFC, SEC to implement corporate governance scorecard

    Securities and Exchange Commission (SEC) and the International Finance Corporation (IFC), a member of the World Bank Group, will begin the implementation of the Nigerian Corporate Governance Scorecard in January 2017.

    In 2014, IFC and SEC partnered to develop the Nigerian Corporate Governance Scorecard which was launched in November 2015. Following the launch, both institutions have jointly trained various stakeholders to prepare for implementation. These stakeholders include chief finance officers, company secretaries, audit committee and board chairpersons. The training sessions generated awareness for the new disclosure requirements of SEC. These disclosures will be used annually to assess corporate governance practices of listed companies in the country.

    Both SEC and IFC at the weekend confirmed that the implementation of the Nigerian Corporate Governance Scorecard will start in January 2017.

    Director-General, Securities and Exchange Commission (SEC), Mounir Gwarzo said a major focus of the apex capital regulator is to provide regulatory oversight to ensure public companies comply with best practices in corporate governance and boost their performance.

    “Having built considerable market awareness for the scorecard with IFC’s support, we hope that as companies comply, they will improve their performance and contribute to growth in the nation’s economy,” Gwarzo said.

    According to him, the scorecard will identify strong performers through enhanced disclosure, strengthen investor confidence and encourage foreign investments in the country.

    Country Manager, Nigeria, International Finance Corporation (IFC) Eme Essien Lore noted that IFC works with firms to attract and retain investment by promoting the adoption of good corporate governance practices and standards.

    “We have partnered with SEC over the last two years, developing the corporate governance scorecard and sensitising stakeholders. We hope that as implementation begins in January 2017, the trained officials would translate progress made into ongoing processes that boost performance, attract investments and help the economy grow,” Essien Lore said.

    Corporate governance refers to the structures and processes by which companies are directed and controlled. Companies become more accountable and transparent to investors, which encourages new investments, boosts economic growth, and provides employment opportunities.

    Corporate governance scorecards are quantitative tools used to measure the level of observance of a code or standard of corporate governance. The scorecard was developed using indicators from the SEC code of corporate governance and will assess individual, sectorial and market-wide level of compliance with standards of best practices.

    IFC’s Africa corporate governance programme is funded by the State Secretariat for Economic Affairs (SECO), Switzerland. IFC is the implementing partner for the programme.

  • My scorecard, by Buhari

    My scorecard, by Buhari

    Text of President Muhammadu Buhari’s Democracy Day address yesterday

    •President gives account of stewardship 

    It is one year today since our administration came into office. It has been a year of triumph, consolidation, pains and achievements. By age, instinct and experience, my preference is to look forward, to prepare for the challenges that lie ahead and rededicate the administration to the task of fixing Nigeria. But, I believe we can also learn from the obstacles we have overcome and the progress we made thus far, to help strengthen the plans that we have in place to put Nigeria back on the path of progress.

    We affirm our belief in democracy as the form of government that best assures the active participation and actual benefit of the people. Despite the many years of hardship and disappointment, the people of this nation have proved inherently good, industrious tolerant, patient and generous.

    The past years have witnessed huge flows of oil revenues. From 2010, the average oil prices were $100 per barrel. But economic and security conditions were deteriorating. We campaigned and won the election on the platform of restoring security, tackling corruption and restructuring the economy. On our arrival, the oil price had collapsed to as low as $30 per barrel and we found nothing had been kept for the rainy day. Oil prices have been declining since 2014 but due to the neglect of the past, the country was not equipped to halt the economy from declining.

    The infrastructure, notably rail, power, roads were in a decrepit state. All the four refineries were in a state of disrepair, the pipelines and depots neglected.

    Huge debts owed to contractors and suppliers had accumulated. Twenty-seven states could not pay salaries for months. In the North-east, Boko Haram had captured 14 local governments, driven the local authorities out, hoisted their flags. Elsewhere, insecurity was palpable; corruption and impunity were the order of the day. In short, we inherited a state near collapse.

    On the economic front, all oil dependent countries, Nigeria included, have been struggling since the drop in prices. Many oil rich states have had to take tough decisions similar to what we are doing. The world, Nigeria included, has been dealing with the effects of three significant and simultaneous global shocks starting in 2014: A 70 per cent drop in oil prices.  Global growth slowdown.  Normalisation of monetary policy by the United States (U.S.) federal reserve.

    Our problems as a government are like that of a farmer who in a good season harvests ten bags of produce. The proceeds enable him to get by for the rest of the year. However, this year, he could only manage three bags from his farm. He must now think of other ways to make ends meet.

    From day one, we purposely set out to correct our condition, to change Nigeria. We reinforced and galvanised our armed forces with new leadership and resources. We marshalled our neighbours in a joint task force to tackle and defeat Boko Haram. By the end of December 2015, all, but pockets and remnants, had been routed by our gallant armed forces. Our immediate focus is for a gradual and safe return of Internally Displaced Persons (IDPs) in safety and dignity and for the resumption of normalcy in the lives of people living in these areas.

    The Economic and Financial Crimes Commission (EFCC) was given the freedom to pursue corrupt officials and the judiciary was alerted on what Nigerians expect of them in the fight against corruption.

    On the economy, in particular, foreign exchange and fuel shortages, our plan is to save foreign exchange by fast-tracking repair of the refineries and producing most of our fuel requirements at home. And by growing more food in Nigeria, mainly rice, wheat and sugar, we will save billions of dollars in foreign exchange and drastically reduce our food import bill.

    We resolved to keep the naira steady, as in the past, devaluation had done dreadful harm to the Nigerian economy. Furthermore, I supported the monetary authority’s decision to ensure alignment between monetary policy and fiscal policy. We shall keep a close look on how the recent measures affect the naira and the economy. But, we cannot get away from the fact that a strong currency is predicated on a strong economy. And a strong economy pre-supposes an industrial productive base and a steady export market. The measures we must take, may lead to hardships. The problems Nigerians have faced over the last year have been many and varied. But the real challenge for this government has been reconstructing the spine of the Nigerian state. The last 12 months have been spent collaborating with all arms of government to revive our institutions so that they are more efficient and fit for purpose:

    • That means a bureaucracy better able to develop and deliver policy
    • That means an independent judiciary, above suspicion and able to defend citizen’s rights and dispense justice equitably.
    • That means a legislature that actually legislates effectively and
    • Above all; that means political parties and politicians committed to serving the Nigerian people rather than themselves.

    These are the pillars of the state on which democracy can take root and thrive. But only if they are strong and incorruptible. Accordingly, we are working very hard to introduce some vital structural reforms in the way we conduct government business and lay a solid foundation on which we can build enduring change.

    An important first step has been to get our housekeeping right. So, we have reduced the extravagant spending of the past. We started boldly with the Treasury Single Account (TSA), stopping the leakages in public expenditure.

    We then identified 43, 000 ghost workers through the Integrated Payroll and Personnel Information System IPRPIS). That represents pay packets totalling N4.2 billion stolen every month.  In addition, we will save N23 billion per annum from official travelling and sitting allowances alone.

    Furthermore, the efficiency unit will cut costs and eliminate duplications in ministries and departments. Every little saving helps. The reduction in the number of ministries and work on restructuring and rationalisation of the MDAs (Ministries, Departments and Agencies) is well underway. When this work is complete, we will have a leaner, more efficient public service that is fit for the purpose of changing Nigeria for the good of the people and for good.

    As well as making savings, we have changed the way public money is spent. In all my years as a public servant, I have never come across the practice of padding budgets. I am glad to tell you now we not only have a budget, but more importantly, we have a budget process that is more transparent, more inclusive and more closely tied to our development priorities than in the recent past. Thirty per cent of the expenditure in this budget is devoted to capital items. Furthermore, we are projecting non-oil revenues to surpass proceeds from oil. Some critics have described the budget exercise as clumsy. Perhaps. But, it was an example of consensus building, which is integral to democratic government. In the end, we resolved our differences.

    We have, therefore, delivered significant milestones on security, corruption and the economy. In respect of the economy, I would like to directly address you on the very painful but inevitable decisions we had to make in the last few weeks, specifically on the pump price of fuel and the more flexible exchange rate policy announced by the Central Bank of Nigeria (CBN). It is even more painful for me that a major producer of crude oil, with four refineries that once exported refined products, is today having to import all of its domestic needs. This is what corruption and mismanagement has done to us and that is why we must fight these ills.

    As part of the foundation of the new economy, we have had to reform how fuel prices had traditionally been fixed. This step was taken only after protracted consideration of its pros and cons. After comprehensive investigation, my advisers and I concluded that the mechanism was unsustainable.

    We are also engaged in making recoveries of stolen assets some of which are in different jurisdictions. The processes of recovery can be tedious and time consuming, but today, I can confirm that thus far: significant amount of assets have been recovered. A considerable portion of these are at different stages of recovery. Full details of the status and categories of the assets will now be published by the Ministry of Information and updated periodically. When forfeiture formalities are completed, these monies will be credited to the treasury and be openly and transparently used in funding developmental projects and the public will be informed.

    On Niger Delta, we are committed to implementing the United Nations Environment Programme (UNEP) report and are we advancing clean-up operations. I believe the way forward is to take a sustainable approach to address the issues that affect the delta communities. Re-engineering the amnesty programmes is an example of this. The recent spate of attacks by militants disrupting oil and power installations will not distract us from engaging leaders in the region in addressing Niger Delta problems. If the militants and vandals are testing our resolve, they are much mistaken. We shall apprehend the perpetrators and their sponsors and bring them to justice.

    The policy measures and actions taken so far are not to be seen as some experiment in governance. We are fully aware that those vested interests who have held Nigeria back for so long will not give up without a fight. They will sow divisions, sponsor vile press criticisms at home and abroad, incite the public in an effort to create chaos rather than relinquish the vice-like grip they have held on Nigeria.

    The economic misfortune we are experiencing in the shape of very low oil prices has provided us with an opportunity to restructure our economy and diversify. We are in the process of promoting agriculture, livestocks, exploiting our solid mineral resources and expanding our industrial and manufacturing base. That way, we will import less, and make the social investments necessary to allow us to produce a large and skilled workforce.

    The CBN will offer more fiscal incentives for business that prove capable of manufacturing products that are internationally competitive. We remain committed to reforming the regulatory framework for investors by improving the ease of doing business in Nigeria.

    Meanwhile, the first steps along the path of self-sufficiency in rice, wheat and sugar – big users of our scarce foreign exchange – have been taken. The Labour Intensive Farming Enterprise (LIFE) will boost the economy and ensure inclusive growth in long neglected communities. Special intervention funds through the Bank of Agriculture will provide targeted support. Concerns remain about rising cost of foods such as maize, rice, millet, beans and gari. Farmers tell me that they are worried about the cost of fertilizers, pesticides and the absence of extension services. The federal and state governments are on the same page in tackling these hurdles in our efforts at increased food production and ultimately food security.

    I would like to take this opportunity to express my appreciation for the increasing role that our women are playing in revitalising the agricultural sector. Modern farming is still hard and heavy, I salute our  women in sharing this burden. In this respect, I am very pleased to announce that the government will shortly be launching the Women’s Empowerment Fund(WEF), which I have approved to provide N1.6 billion in micro-finance loans to women across the nation to assist in rehabilitating the economies of rural communities, particularly those impacted by the insurgency and conflict.

    With respect to solid minerals, the minister has produced a roadmap where we will work closely with the World Bank and major international investors to ensure through best practices and due diligence that we choose the right partners. Illegal mining remains a problem and we have set up a special security team to protect our assets. Special measures will be in place to protect miners in their work environment.

    For too long, ours has been a society that neglects the poor and victimises the weak. A society that promotes profit and growth over development and freedom. A society that fails to recognise that, to quote the distinguished economist Amartya Sen “poverty is not just lack of money. It is not having the capability to realise one’s full potential as a human being.”

    So, today, I am happy to formally launch, by far, the most ambitious Social Protection Programme (SPP) in our history. A programme that both seeks to start the process of lifting many from poverty, while at the same time creating the opportunity for people to fend for themselves. In this regard, N500 billion has been appropriated in the 2016 Budget for social intervention programmes in five key areas. We are committed to providing job creation opportunities for 500, 000 teachers and 100, 000 artisans across the nation. Also, 5.5 million children are to be provided with nutritious meals through our school feeding programme to improve learning outcomes, as well as enrolment and completion rates. The conditional cash transfer scheme will provide financial support for up to one million vulnerable beneficiaries, and complement the enterprise programme – which will target up to one million market women; 460, 000 artisans and 200, 000 agricultural workers nationwide.

    Finally, through the education grant scheme, we will encourage students studying sciences, technology, engineering and mathematics, and lay a foundation for human capital development for the next generation

    I would like to pay a special tribute to our gallant men and women of the armed forces, who are in harm’s way so that the rest of us can live and go about our business in safety. Their work is almost done. The nation owes them a debt of gratitude.

    Abroad, we want to assure our neighbours, friends and development partners that Nigeria is firmly committed to democratic principles. We are ready partners in combating terrorism, cyber crimes, control of communicable diseases and protection of the environment. Following on the Paris Agreement, COP 21, we are fully committed to halting and reversing desertification. Elsewhere, we will intensify efforts to tackle erosion, ocean surge, flooding and oil spillage which I referred to earlier by implementing the UNEP report.

    We are grateful to the international community notably France, the U.S., United Kingdom (UK) and China, for their quick response in helping to tackle the recent Ebola outbreak in our sub-region. We also acknowledge the humanity shown by the Italian and German governments in the treatment of boat people, many fleeing from our sub-region because of lack of economic opportunity. We thank all our partners especially several countries in the EU.

    We appreciate the valuable work that the UN agencies, particularly UNICEF, ICRC, the World Food Program have been doing. We must also appreciate the World Bank, the Gates Foundation, the Global Fund and Educate-a-Child of Qatar, for the excellent work in our health education and other sectors.

    Fellow citizens, let me end on a happy note. To the delight of all, two of the abducted Chibok girls have regained their freedom. During the last one year, not a single day passed without my agonising about these girls. Our efforts have centred around negotiations to free them safely from their mindless captors. We are still pursuing that course. Their safety is of paramount concern to me and I am sure to most Nigerians. I am very worried about the conditions those still captured might be in. Today, I re-affirm our commitment to rescuing our girls. We will never stop until we bring them home safely. As I said before, no girl should be put through the brutality of forced marriage and every Nigerian girl has the right to an education and a life of choice.

    I thank you and appeal to you to continue supporting the government’s efforts to fix Nigeria.

  • Economic scorecard with low, high points

    Economic scorecard with low, high points

    President Muhammadu Buhari’s ‘Government of Change’, inaugurated on May 29, has come under scrutiny. While some people say that the administration has yet to make good its promise to revamp the economy, one year after, others, citing the re-invigorated fight against corruption and other strategic policies, insist that he has laid a foundation for a strong and resilient economy. Assistant Editor CHIKODI OKEREOCHA reports.

    No one envies President Muhammadu Buhari. Despite inheriting a plethora of economic problems, most of which started manifesting as soon as his administration was inaugurated on May 29, last year, the same problems that presented significant challenges to him particularly in managing the expectations of Nigerians now form the basis for assessing his stewardship one year after.

    For instance, how well has Buhari managed the economic crisis caused by crashing oil prices at the international market, which he inherited? What has the Central Bank of Nigeria (CBN), under his watch, done to achieve exchange rate stability and curb rising inflation, which rose from 12.8 per cent in March to 13.7 per cent in April last month, according to the National Bureau of Statistics (NBS).

    Also, has Buhari sustained the tempo of the fight against corruption, which earned him the respect and trust of Nigerians who freely and overwhelmingly gave him their mandate on May 29? Will history be kind to him for brightening the outlook for other macro-economic indicators such as the foreign reserves that have dropped to $27.8 billion at the last count?

    To what extent has he made good his campaign promise to diversify and industrialise the economy, create jobs, tackle poverty, usher a regime of qualitative education and affordable housing and fund agriculture? Has there been any significant improvement in security especially the fight against terrorism? How has he managed the crisis in the power sector? Has he guaranteed uninterrupted electricity supply?

    These are some of the questions agitating the minds of stakeholders and operators in various sectors, as the performance of the ruling All Progressives Congress (APC) comes under scrutiny one year after. Some of them who spoke with The Nation said that there has not been any significant improvement in the economy because the administration has been rather too slow. Others, however, said that considering the inauspicious time he came into the saddle, he has acquitted himself well.

    Buhari took the mantle of leadership at time the economy was experiencing perhaps its worst turbulence ever. At the home front, the activities of the dreaded Boko Haram insurgents crippled the economy, at least, the entire North East. The growing army of Internally Displaced Persons (IDP) caused by the terrorists exerted significant pressure on government’s lean resources. Kidnappers and the marauding herdsmen also added to the disturbing security challenge in the country.

    As the Director-General (DG), Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Emeka Okereke, observed, “Nigeria is in a battlefield. There is apprehension everywhere; the economy has been stagnant.”

    He said the growing insecurity coupled with the nation’s huge infrastructure gap exacerbated the already harsh business environment for operators in various sectors. Consequently, local and foreign investments dried up as a result of which the economy was grinding to a halt.

    Developments at the global scene was perhaps more devastating. Global oil prices have been nose-diving since June 2014, throwing Nigeria, world’s sixth largest oil producer, into confusion. From over $120 per barrel in December 2013, oil price fell to around $60 per barrel in December 2014. By December 2015, oil price crashed to about $32 per barrel.

    Again, by January 19, 2016, the price of Brent crude, which is the world benchmark price, crashed to below $28 per barrel, the lowest in 12 years. Although, there has been a rebound, with oil selling for $48.98 per barrel, as at Monday, May 16, 2016, Nigeria’s revenue troubles are far from over. With oil revenue accounting for more than 75 per cent of government’s revenue and close to 90 per cent of foreign exchange income, it could not have been otherwise.

    The crisis has since induced a sharp drop from the Federation Account, which necessitated a huge financial bailout for some State Governments. President Buhari recently brought nearer home the nation’s grim economic prospects, which he inherited when he said that 27 out of 36 states are broke and unable to pay salaries. The president, who made this known in Abuja at the second National Executive Committee meeting of the APC however, said his administration was battling to stabilise the economy.

    For a criminologist and lecturer in the Department of Sociology, Imo State University, Owerri, Dr. Dan Nkwocha, the battle to stabilise the economy has never been this serious since last year when the finances of many states became precarious because of dwindling federal allocations. He described the administration’s decision to ameliorate the sufferings of workers across the states, through the release of a bailout to 27 states on the verge of financial liquidation as a study in financial crisis management.

    Also citing the reinvigorated fight against corruption, the university don said Buhari is on track. He said, for instance, that the vigour with which has prosecuted the anti-corruption war in the last one year has not only raised hopes that the monster will soon be caged to pave way for real development, but also earned Nigeria the respect of the international community. According to him, the global community had long written off Nigeria on account of pervasive corruption, a toga Buhari is now determined to remove.

    That is not all. Dr. Nkwocha also pointed out that the Treasury Single Account (TSA), through which the Federal Government blocked all revenue leakages, has ushered a regime of transparency, probity and accountability in the running of government’s finances. He said the initiative, which is a fall out of the re-jigged anti corruption war, restored sanity in revenue generation by stopping the duplication of accounts by heads of Ministries, Departments and Agencies (MDAs).

    Under the TSA, Boards and MDAs are barred from operating separate accounts thereby allowing for prompt remittance to a central pool. With initiative, President Buhari recently said the Federal Government has so far mopped up over N3 trillion as revenue accruals since the policy of Treasury Single Account commenced. He said TSA savings will be redeployed and distributed to all the critical sectors of the economy as soon as the implementation of the 2016 budget commences.

    He further stated that the president’s promise to make public details of all recovered stolen wealth during the celebration of his one year anniversary in office on May 29 was heart-warming. He said Buhari had in response to public demands for accountability for monies recovered from indicted former government officials and others facing corruption charges, assured that details of such recoveries will be made public.

    He added that Buhari’s decision to deregulate or remove petrol subsidy was a step in the right direction. He expressed optimism that the removal of subsidy and the eventual increase in the pump price of petrol to N145/litre by the Federal Government would, in the long run, end the incessant fuel scarcity in the country and also reduce pressure on foreign reserves. Besides, it will create jobs and boost investments by encouraging investors to build refineries.

    Because of the nation’s dysfunctional refineries, Nigeria loses a staggering N10 billion to the importation of petrol yearly, according to the Minister of State for Petroleum Resources and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu. With such huge capital flight, he said the only option left to the government was fuel subsidy removal or deregulation of the downstream sector of the oil & gas industry

    For the Director General of Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, “the overregulation of the sector and the subsidy regime had put enormous pressure on government finances and on our foreign reserves. It was evident that the policy choice was not sustainable. The review is in the long term interest of the economy and the people.”

    Yusuf said petroleum subsidy management has been characterised by serious transparency issues for several decades. According to him, there are two components of the subsidy phenomenon. The first is the actual subsidy, which is the differential between the pump price and the landing and other costs of fuel. The second {and more disturbing component} is the blatant corruption inherent in the fuel subsidy regime.

    “For several years, the Nigerian economy suffered severe bleeding from this phenomenon; with subsidy payments in the one trillion naira threshold, and even more. In an economy with huge deficit in economic and social infrastructures, it was simply scandalous. It is in the overall interest of the economy and citizens for it to be discontinued,” the LCCI DG said.

    According to him, one of the benefits will be the free up of resources for investment in critical infrastructures such as power, roads, the rail systems, health sector, education sector etc. “The deficiency in all of these infrastructure areas is phenomenal. Fixing infrastructure will greatly improve productivity and efficiency in the economy and impact positively on the welfare of the people,” he said.

    Also, discarding subsidy, he pointed out, will boost private investment in the downstream oil sector especially in petroleum product refining. This will ultimately reduce importation of petroleum products and ease the pressure on the foreign exchange market as well as foreign reserves. It will also eliminate the rampant patronage, rent seeking activities and corruption that currently characterise the downstream oil sector, while also improving product availability and eliminate fuel queues.

    However, some people believe that Buhari’s economic scorecard is everything but satisfactory. For instance, the former Minister of Education and social critic, Oby Ezekwesili, said the president’s current economic policies are “archaic” and “opaque.” She said his policies are similar to those he promulgated during the military regime he led in the 1980s.

    Speaking in Abuja recently at ‘The Platform,’ a public policy forum, the former Vice President of World Bank said Buhari’s economic principles are not only encouraging massive corruption and abuse of power, but also hurting the poor they were intended to help.

    She said the president was rehashing the same “command and control” approach towards economic issues, which has left the country’s economic indices worse off since he assumed office. “In a year we have lost the single digits inflation status we maintained in past administrations,” Ezekwesili said.

    A Quality Management Practitioner and National President of Association of Systems Management Consultants, Mazi Colman Obasi, also faulted the administration’s approach, which he said favours a makeshift approach to economic management instead of a marshal plan, or a five to 10 years National Economic Development Plan.

    While admitting that “he (Buhari) didn’t create the present economic problems; they only manifested in his time,” he recommended that the administration should use Lagos as base line study to develop a plan on how to grow the economy holistically. He said APC governments at state level appear to be pulling more weight than the one at the centre.

    For Okereke, there is need for an economic think to chart the course for economic growth and development of Nigeria. While pointing out that “Nigerians are yet to see any appreciable improvement in the economy”, he said the economic think than to be so created would come up with a clear cut mechanism and strategy to move the economy forward.

    Other experts who spoke with The Nation pointed out that if Buhari could reposition the real sector by addressing its many challenges, it would ride on it to deliver on his campaign promises, particularly those relating to job creation, security and diversification of the economy. To achieve this, they noted that there is need to close the huge infrastructure gap, particularly power that has been a thorn in the flesh of real sector operators.

    For economist and industrialist Mr. Henry Boyo, getting the economy is not rocket science. “The pillar of any economy is monetary policy and the pillar of monetary policy is interest rate, inflation and exchange rate. When you get those ones right like in other countries you will fix the economy,” he said.

    The renowned economist said there is need to stem the crisis of excess liquidity in the system, which are responsible for the high interest rates, inflationary pressure, and devaluation of the naira. According to him, excess liquidity in the system is caused by Central Bank of Nigeria (CBN) “crazy, merciless, insensitive, and unilateral policy” of substituting naira allocations for dollar-derived revenue.

    He said CBN’s conscious, deliberate and misguided payment arrangements result in market imbalance, which ultimately weakens the naira exchange rate.