Tag: Senate

  • Senate dumps Peace Corps bill

    The Senate on Tuesday stepped down further consideration of the controversial Nigeria Peace Corps (NPC) bill.

    Senator Bayero Nafada had presented the report of the Senate and House of Representatives on the bill to the upper legislative chamber.

    Senator James Manager (Delta South) was the first to kick against further consideration of the bill.

    Manager noted that due to several issues raised about the establishment of the Corps, “there is something hidden somewhere about this bill.”

    Deputy Senate President, Senator Ike Ekweremadu, also appealed for caution in going ahead with the bill.

    Ekweremadu reminded the Senate that the promoter of the Nigeria Peace Corps has been having a running battle with the Federal Government.

    He noted that the promoter of the Corps was charged with 90 count charge recently.

    The Senate, he said, should not give a stamp of authority to a body the federal government considers a fraud until the truth about it is established.

    He prayed the Senate to allow its committee on Judiciary to consider issues raised against the bill.

    Senate Minority Leader, Godswill Akpabio, also said the bill should be stepped down.

    Akpabio said that legalizing the Corps is akin to legalizing MMM through which millions of Nigerian youths lost millions of naira.

    He noted that most people knew that MMM was a fraud.

     

  • Senate: Nigeria’s number one enemy

    Senate: Nigeria’s number one enemy

    Among the functions of the Nigerian senate is to scrutinise and pass bills into law, and also, an oversight of the conducts of government officials.

    For the avoidance of doubts, Nigerian senators (I stand to be corrected) are the highest paid Senators in the whole wide world, in terms of salary, allowances and what have you. It’s also safe to say, they are the most nonfunctional set of senators in the whole world compared to their remunerations. 

    Nigerian senators spend more time out of the Lawmaking chamber than they actually do making laws in the chamber, They are also the most useless among the two chambers of the NASS (Senate and HoR) in Nigeria. 

    Their precedent has always been self-serving and to always enact policies and pass bills that are anti-people while blocking bills and policies that are pro-people

    They are also the most useless among the two chambers of the NASS (Senate and HoR) in Nigeria. 

    Their precedent has always been self-serving and to always enact policies and pass bills that are anti-people while blocking bills and policies that are pro-people.

    Senators ideally, are supposed to be in the house to represent their people, be the voices of their people and make sure they make laws that favour their people by enacting laws and passing bills that actually benefit the population as well as block policies that aren’t good for Nigeria as a country and the majority of its populace, but the reverse is always the case with our lawmakers, it’s almost as if they are there for themselves and their immediate families, they only go there to enrich themselves and their cronies, make it hard for serious government appointees and public servants to function properly, a double whammy given their own non-functional state.

    The 2015 election ushered in a new era in the history of Nigerian politics, a new party with a different ideology than we have had in the past, new leadership. A party built around people with integrity, we were all ecstatic after the 2015 elections, in which for the first time since 1999, we were able to wrestle power from the party of vampires and yam eaters, a party that was built around thieves and killers.

    To many of us, having someone like General Muhammad Buhari as the President and C-in-C of Nigeria was all a Nigerian could ask for from God, and having members of the ruling Party APC as the majority in the National Assembly was a plus for us, as we thought in our wildest imagination, the President wouldn’t have difficulties governing and bringing the necessary CHANGE APC as a party promised Nigerians. 

    Alas, we were all wrong, it was only a wild imagination, we were duped. For the record, most of these lawmakers rode on the back of the CHANGE APC promised Nigerians, they rode on the popularity of President Muhammadu Buhari to win their elections, only to go to the house and become the biggest stumbling block to his policies that are supposed to make life better for the Nigerian populace.

    It all started when the 8th senate was convened, The current senate President who I supported by the way at first for the position of the number three citizen of Nigeria, until he connived with PDP, the party that has inflicted so much pain on Nigerians and went against his own party that brought him to power. 

    The All Progressive Congress by the way interfered in the leadership tussle of the National Assembly after people like Bukola Saraki persuaded them to do so to avoid a divided house among the APC lawmakers who were supposed to be the majority and take control of the house, only to go ahead and rebelled against the party by betraying them and aligning with PDP lawmakers in the National Assembly to criminally amend some of the constitution of the National Assembly to become the senate President. 

    I was one of those who were rooting for Senator Bukola Saraki to become the Senate President because of his vibrancy and public engagements, but after what he did to the party that gave him a lifeline; urging them to interfere only to go ahead and double cross them, I like million other Nigerians became enraged. 

    Such level of treachery shouldn’t be condoned in a party that promised Nigerians, a departure from the past, a dream I together with thousand other youths helped sold to Nigerians. We felt betrayed, to make matters worse, included in the deal the senate president signed with the opposition was making their man the deputy senate president, that was the beginning of complications for the APC in the upper chamber, it then mean, whenever the senate president is not around to preside over the house, then a member of the minority party will be presiding over lawmakers from the majority, a slap in the face to the President and the Party itself. Such is the level of ridicule Bukola Saraki exposed APC to.

    Mr Saraki as it stands is a compromised individual, because he will have to impress the evil members of PDP to Remain Senate President and will equally have to make it hard for APC to achieve anything meaningful as long as he remains the Senate President,  because helping APC in achieving its objectives means stepping on the toes of PDP as a Party and it’s lawmakers, who will do anything humanly and inhumanely possible to make APC fail and look bad, which means, As long as Bukola Saraki remains President, APC as a party and Nigeria as a country can kiss having any meaningful policy that needs legislation before getting executed goodbye. 

    Personally, I would’ve argued that there are Senators that are Pro Nigeria and are trying to make a difference in the National Assembly, but it’s hard to argue in support of that, it’s crystal  clear all the senators are there for their own selfish reason and not to represent their people, it can be succinctly put that no Senator is there to improve the living condition of ordinary Nigerians, because none of them have been able to show they are different, non of these Senators have been able to even attempt going against the current leadership to show they are not happy with the way things are being done, instead, the few that tried, got compensated with juicy committees appointments and the rest as they say, has been history ever since, it then means, their actions have not always been about the populace but about themselves. 

    The ones that won election and went into the Senate by riding on APC and President Buhari’s popularity and by deceiving people that they are activists, happened to be worse than their PDP rogues they even met there, they have been the biggest supporter of the current leadership that have made sure no meaningful bill is passed in the house, their rewards can be seen in their constituency allocations, where they have the largest chunk in their respective states, pretty sure, if you go to their constituencies, you won’t see half what was allocated to them. 

    Even honourable Gudaji Kazaure that a lot of Nigerians admire because of his courage in always saying the truth as it is and being one of President Buhari’s biggest supporter in the House of Representatives, came out during the budget padding saga in which Abdulmumin Jibrin Exposed the fraud in the house and said they know the budget padding fraud is true but they are still behind the Speaker, It then means, even the most courageous Members of this 8th Assembly are protecting their own interest first and foremost, Nigeria’s interest comes after, even if we should believe Nigeria’s interest comes first for you, if you aren’t doing anything in the Nass to convince us, then you aren’t making any difference. 

    To make matters worse, The senators aren’t doing the work that took them to the Upper Chamber, they have refused to pass the bills that the President sent to them to make the fight against corruption a little bit easy, they have refused to also sponsor bills that will make life of an average Nigerian better, they are also bent on frustrating the appointees that are doing their job excellently. 

    One of those instances, is the confirmation of the Acting EFCC Chairman, Ibrahim Magu, the Senate who Nigerians have no atom of respect for nor confidence in by the way, believes the Acting EFCC Chairman has dirt on him, hence the reason they are rejecting his nomination. 

    This is the Second time President Buhari is sending Magu’s name to the Senate for confirmation, but in both instances, he was rejected because the senators whose leadership and some members are undergoing trials for corruption-related allegations and offences and numerous others under the radar of EFCC feels Magu, who is been doing an excellent job so far is not fit for the job, who are they kidding.

    To me personally, I don’t care about what Magu does or doesn’t, the fact that Majority of these Senators think Magu is not fit for the job means he is the man for the job, that alone is convincing to me, being rejected by the senate is the only credibility a nominee needs, even though, to some extent, the Presidency should share in the blame for not handling the issue properly, the DSS is answerable to President, even though, I am aware, the issue of the conflicting report the DSS sent separately to the Presidency and the Senate was addressed by the Presidency, as Ibrahim Magu wasn’t found wanting in the alleged report, and Senator Bukar Mustapha representing Katsina north senatorial district also asserted after the screening brouhaha that the decision of the senate to reject the acting EFCC Chairman wasn’t based on the DSS report, it then means, the senate acted on their own volition, it’s their own way of frustrating the fight against corruption which is the number one problem Nigerians have been facing and are still facing.

    The second being the invitation of Col. Hamid Ali by the senate for his plan to impose import duty on vehicles purchased through the land border from 2015, agreed, its the senate’s duty to summon the Custom boss to appear before it to explain why such measure is being taken, even though it’s obvious the custom are doing their job, I can argue for the fact that the policy is too sudden and will make life difficult for a lot of Nigerians so the process of executing such policy should be made in such a way that there will be enough time frame for every Nigerian to meet up with the payment and provisions should be made for Nigerians to pay through banks and register online without hassle, but the truth is, every car owner is required to pay custom duty no doubt, we are so used to doing things illegally it’s now alien to us when we are asked to do the right thing. 

    Instead of the senators to focus on pressing issues and the main reason they are inviting Col. Hamid Ali, they are so bent on humiliating and frustrating the custom boss because he doesn’t wear the custom uniform, the move which is being spearheaded by Senator Dino Melaye who we all know always acts like a street tout thereby being an embarrassment to our upper chamber, is seen by many as having ulterior motive. 

    Who knows, Dino melaye with his penchant for Exotic cars might be doing that because unlike in the past where he can manoeuvre his way out of not paying customs duties on his toys, is now required to actually pay for them now, therefore, he most exerts his pound of flesh. 

    The custom Boss has explained to them that it’s against the ethics of the military as a retired Army officer to wear another uniform, a Paramilitary one for that matter.

    This man has been doing a tremendous job, generating revenue for the Federal Government of Nigeria, second only to the NNPC, restructuring the customs for better service delivery, we have seen the customs revenue generation shoot up like never before since he assumed office, but The Senate having a different agenda, using the uniform issue as cover to try to frustrate the Custom Boss into quitting his job, we must understand, Nigeria Customs needs Col. Hamid ali more than he needs the organization, and the Hamid ali We all know won’t mind quitting the job if this harassment continues, which will be highly unfortunate for Nigeria, but I hope not, because that will mean the Senators getting what they really want. 

    It’s obvious this 8th senate, the senators that are supposed to be the biggest supporters and enablers of the CHANGE APC promised Nigerians, are like their predecessors in the past, the biggest Enemies of Nigeria, these ones are even worse, because, during GEJ, when David Mark was the SP, at least GEJ was having his way, we could argue that he was clueless and his policies weren’t sound, but at least the senate was on the same page with the executive. 

    These ones are bent on frustrating President Buhari, it’s been two years plus into this government and the senate hasn’t helped the President achieve anything tangible. Such a shame. 

    Nigerians need to wake up before we Allow this golden opportunity go to waste, we have someone of the calibres of President Buhari whose personality is Strong enough to Propose sound and revolutionary policies and we know for a fact, he is going to enforce and execute them for the benefit of Nigerians, if we allow these set of lawmakers thwart his plans for us without achieving anything tangible, then we can be rest assured that we will regret it forever, because finding an incorruptible person with a strong personality and sense of patriotism that is acceptable by both the masses and a reasonable number of elites who the masses have confidence in like President Buhari will be an impossible task, this is the right moment for us to go against the status quo, the only person I know who is willing and capable of stopping the institutionalisation of corruption is President Buhari. 

    We as ordinary Nigerians equally have a part to play in this whole situation, it’s left for us to actually do something or sit back and do nothing and let the opportunity go to waste

    Meanwhile, 2019 might seem far from now, but when the time comes, God’s willing, Nigerians will be able to fumigate the entire system to weed out these crop of politicians who are bent on dragging us back, SAK was an honest mistake on our part, by 2019, the Goats will be separated from the yam. No man or woman will ride on the popularity of any individual ever again. The electoral system is better than it used to be, there won’t be room for rigging, Hopefully, more progressive and competent people will come out to participate in the election.

    Mu’awiyyah Yusuf Muye

    writes from Abuja and Can be reached on twitter @MP_Muye

  • Senate, House disagree over budget passage deadline

    Senate, House disagree over budget passage deadline

    NEXT weeks’ deadline given by the Senate to pass the Budget 2017 at the National Assembly and transmit the document to the Executive for President Muhammadu Buhari’s assent may not feasible after all.

    Senate Leader Ahmed Lawan said yesterday that the National Assembly would ensure that the budget is ready for next week, but the House of Representatives said it might take another two weeks to get N7.28 trillion Budget of Recovery and Growth to be ready.

    Speaking with reporters at the State House after meeting with Buhari at the Presidential Villa, Lawan explained that the Senate could not pass the budget in March as intended due to some parameters beyond its control.

     

    But it was a different story at the Green Chamber where House reiterated its stand on the passage of the 2017 Appropriation Bill.

    The lower chamber said it would take another two week.

    Chairman, House Committee on Media and Public Affairs, Abdulrazaq Namdas said the House has not changed its earlier decision, demanding for the release of the budget-related documents.

  • Suspended SGF shuns Senate panel

    Suspended SGF shuns Senate panel

    The Suspended Secretary to the Government of the Federation (SGF), Babachir David Lawal, failed to appear before the Senate panel probing the alleged mismanagement of funds meant for the care of Internally Displaced Persons (IDPs) in the North East, on Thursday.

    The upper chamber convened the hearing to probe the alleged misappropriation of funds allocated to IDPs in the North East.

    The Senator Shehu Sani led ad-hoc committee submitted its interim report on the matter in December last year.

    The report heavily indicted Lawal for allegedly contravening the provisions of the Public Procurement Act, 2007 and the Federal Government Financial Rules and Regulations on the award of contracts under the Presidential Initiative on North-East (PINE).

    Lawal, who has been suspended by President Muhammadu Buhari  following his indictment by the  Senate ad-hoc committee, is also being investigated by a presidential panel over his role in the award of contracts by PINE.

    When the Senate committee submitted its report, Lawal claimed that he was not given a fair hearing.

    The committee invited him to shed more light on the allegation leveled against him.

    Sani, who briefed journalists after about two hours of waiting for Lawal, said members of the panel waited in vain to hear from the suspended SGF.

    He expressed disappointment that Lawal failed to appear before the panel despite being invited.

    The Kaduna Central lawmaker said the committee would compile its report and submit same to the Senate next week.

  • 2017 budget may be ready for Buhari’s assent next week – Senate Leader

    2017 budget may be ready for Buhari’s assent next week – Senate Leader

    The Senate Leader, Ahmed Lawan, on Thursday said the National Assembly would ensure that the 2017 budget is ready for President Muhammadu Buhari’s assent next week.

    Speaking with State House correspondents after meeting with Buhari at the Presidential Villa, Abuja, Lawan said the Senate had intended to pass the budget in March but that was not possible due to issues beyond the lawmakers’ control.

    He said Nigerians should not worry about the budget despite the police raid on the residence of Chairman of Senate Committee on Appropriation, Senator Danjuma Goje, even though it was reported that part of the documents carted away included the budget papers.

    Lawan said, “The good news is that we are doing everything possible to ensure that we catch up the lost time, I am thinking that by next week by the grace of God we should be able to finish our own work and pass the budget to Mr. President to sign.

    “There is nothing to worry about, the National Assembly had intended to pass the budget in March but due to some of the parameters that we had little or no control over we couldn’t pass it in March.

    “It was our desire and design to pass it this month but somehow something happened and all of you here know what happened. The house of one of our colleagues, the chairman of Senate Committee on Appropriations, Senator Danjuma Goje, was raided by the police after a whistle blower gave information and when some documents were taken, part of the budget papers was also included.”

     

  • Buhari seeks Senate’s approval of $6.93bn borrowing plan

    Buhari seeks Senate’s approval of $6.93bn borrowing plan

    President Muhammadu Buhari on Wednesday requested the Senate to urgently consider and approve Federal Government’s 2016-2018 External Borrowing Rolling Plan of  6.93 billion dollars.

    The rolling plan, according to him, is to enable the government commence the reconstruction and rehabilitation of the North-East, provide for the poor and tackle rail projects across the country.

    The president made the request in a letter to the Senate dated April 21, 2017 and read by President of the Senate, Dr Bukola Saraki, at plenary.

    Buhari said “China Eximbank has approved our request for a loan to execute the Lagos-Kano railway modernisation project for a sum of 1.23 billion dollars.

    “The Chinese have also informed us that the approval of the Lagos-Kano railway modernisation project (Kano-Kaduna Segment) at1.15 billion dollars and the Coastal Railway Project at 3.47 million dollars are imminent,”

    He explained that the funds for the project were available under the China-Africa Fund but were limited, adding that loan applications from African countries were funded based on first-come-first-served basis.

    “Therefore there is an urgent need for us to sign these loans as soon as they are approved or we might lose out in the event that we delay,” the president said.

    “We are already in the process of completing the concession of the Port-Harcourt-Maiduguri Line to immediately link the eastern part of the nation.

    “We fully intend to source further concessionary funding to ultimately upgrade this critical line to high speed standard gauge line.

    “This project forms part of our overall plan to resuscitate the rail transport across the nation and thereby drive inclusive growth,” he said.

    The president said that the request was based on the need to consolidate the relative peace in the North-East.

    “The situation as you are aware has changed dramatically and introduces even more urgency to the situation in the zone than ever before.”

    He said that the capture and destruction of the stronghold of Boko Haram in the Sambisa forest was welcomed news.

    However, he added that the recent unfortunate incident of the bombing of an Internally Displaced Camp (IDP) camp by mistake, and with loss of civilian lives brought to the fore the  need to resettle the people.

    Buhari said to achieve that, there was need for urgent tackling of the identified projects in the spirit of reconstruction and rehabilitation, and also to create jobs.

    According to him, the World Bank has also approved a sum of 575 million dollars to assist the Federal Government in the reconstruction and rehabilitation efforts.

    “The fund is also to assist the Federal Government in the procurement of vaccines and other ancillary facilities for national routine immunisation to eradicate polio after the outbreak in the North-east in 2016.

    “ I am requesting your early consideration of the proposed World Bank-Assisted 500 million dollars loan to help expand the assistance and support to the poor and most vulnerable, especially in this difficult time.”

    The president said that given the current state of the economy and the need to adequately address infrastructural deficiencies, it was imperative for the legislature and executive to work together to get the economy out of recession.

    “Distinguished Senate, an expeditious consideration and approval of this request will go a long way in bringing stability to the North-east.

    “It will also make for improvement on the infrastructure and by extension, a great improvement in the economy and livelihood of our people.”

  • Babachir to appear before Senate panel Thursday

    Babachir to appear before Senate panel Thursday

    The suspended Secretary to the Government of the Federation (SGF), Mr. Babachir David Lawal is expected to appear before the Senate ad hoc committee that investigated the N200 million contract scam that earned him suspension by President Muhammadu Buhari.

    He is being invited for questioning over his alleged role in the mismanagement of funds earmarked for the rehabilitation of Internally Displaced Persons (IDP) in the North East.

    He is expected to appear before the panel at 10am.

    The Senate had indicted Lawal in an interim report submitted by the Senator Shehu Sani led committee. He was indicted for breaching relevant provisions of the Public Procurement Act, 2007.

    Lawal, who is currently being investigated by a presidential panel, was fingered to have run foul of the Federal Government Financial Rules and Regulations on the award of contracts under the Presidential Initiative on North-East (PINE).

    After spurning invitation by the senate panel on two occasions, Lawal was invited again in fulfillment of the principle of fair hearing, which he complained was not extended to him by the Senate panel.

    The invitation letter to Babachir which was signed by the clerk to the adhoc committee, Mr.  Barau Bungudu, asked the suspended SGF to appear for fresh hearing.

    The letter inviting Lawal to the investigative hearing read in part, “You may recall that the Ad-hoc Committee had invited you to appear before it for the second time on Wednesday, 15th March, 2017.

    “The Committee has granted your request conveyed in your letter dated 22nd March, 2017, and re-scheduled the meeting.

    “By this letter, I am directed to formally invite you to appear before the Committee on Thursday, 27th April, 2017“.

     

  • Buhari seeks Senate nod for $12.921b World Bank, Chinese loan

    Buhari seeks Senate nod for $12.921b World Bank, Chinese loan

    President Muhammadu Buhari Wednesday asked the Senate to approve a loan of $12.921 billion as part the 2016-2018 external borrowing (rolling) plan of the Federal Government.

    The loan approval request was read by Senate President, Abubakar Bukola Saraki in the chamber Wednesday.

    Entitled “Request for approval for Federal Government 2016-2018 external borrowing rolling plan” President Buhari in the a memo dated 21st April, 2017 referred to his earlier letter on the same subject matter.

    It is however speculated that the request for the approval of the loan was part of the $29.96 billion loan request rejected by the Senate.

    The memo read in part, “I wish to refer to my earlier letter in respect of the above subject and to inform the distinguished Senate that the China-Exim Bank has approved our request for a loan to execute the Lagos-Kano Railway modernisation project (Kano-Kaduna segment) for a sum of $1.231billion.

    “The Chinese have also informed us that approval of the Lagos-Kano railway modernisation project (Kano-Kaduna segment) and coastal Railway project, Lagos-Calabar segment, are imminent.”

    The letter listed China-Exim supported project to include 1. Lagos-Kano railway modernisation project, the Lagos-Ibadan segment, $1.231billion; 2. Lagos-Kano railway modernisation project, Kano-Kaduna segment, $1.146billion; 3. Coastal Railway project, Lagos-Calabar segment $3.474billion; making a total of $5.851billion.

    It added, “As you are aware, the funds available under the China/Africa fund are limited and loan applications from all African countries are funded based on first come first serve. And therefore there is an urgent need for us to sign these loans as soon as they are approved or we will lose out in the event that we delay in signing the loan agreement. These loans form part of our overall rail funding strategy.

    “We are already in the process of completing the concession of the Port Harcourt to Maiduguri line to immediately link the eastern part of the nation. We fully intend to source further consessioning funding to ultimately upgrade this critical line to high speed standard guage line. These projects form part of our overall plans to resuscitate the rail transport across the nation and thereby drive inclusive growth.

    “You may also recall my earlier request for the speedy clearance of some emergency projects earmarked for the North East in the 2016-2018 borrowing plan. You will also recall that my request was based on the need to consolidate the relative peace at that time. Since then the situation as you are aware, has changed dramatically and introduced even more urgency to the situation in the zone than ever before.

    “While the capture and destruction of the stronghold of Boko Haram in Sambisa forest was welcome news, the recent and unfortunate incident of the bombing of an IDP camp by mistake with loss of civilian lives, brings to fore the need to resettle the people back to their homes quickly in other to avoid such incidence in the future.

    “However, for us to be able to do this, there is need for urgent consideration of the identified projects, which will enable us to start reconstruction and rehabilitation of the region in other to create jobs for the people and rehabilitate the schools to get the children of the streets into schools.”

    The letter said that the World Bank has approved a sum of $575million to assist the Federal Government in these reconstruction and rehabilitation efforts as well as for the procurement of vaccines and other ancillary facilities for national routine immunisation to eradicate polio after the outbreak in the North East in 2016.

    It said that the projects earmarked for the emergency rehabilitation and reconstruction in the North East are as follows: Previously requested emergency World Bank supported projects.

    1. Polio eradication support and routine immunisation project, $125million
    2. Community and social development project, $75million
    3. Nigeria’s states health programme investment project $125million.
    4. State education programme investment programme investment project $100million
    5. Nigeria youth employment and social support project $100million
    6. Fadama 3 Project $50million; making a total of $575million

    President Buhari also informed the Senate that “our national Social Safety Net programme, which is intended to assist the poor and most vulnerable people in our society nationwide started this January 2017 with the first cash transfer payments in eight states.

    The President noted that “for us to expand the programme to all the states, we need additional resources in addition to our 2017 budgetary allocation.”

    “It is for this reason that I am requesting your early consideration of a proposed World Bank-assisted $500million loan to help expand the assistance and support to the poor, our most vulnerable especially in these difficult times,” he said.

    He listed additional emergency World Bank supported projects to include, “Social inclusion and welfare advancement project $500million”

    President Buhari noted that giving the current state of the country’s economy and the need to urgently address some of the country’s infrastructural deficiencies in other to quickly improve the livelihood of Nigerians, “it has become imperative that we work together in an expeditious way to get our economy out of recession and back to growth.”

    He appealed to the Senate, for an expeditious consideration and approval of the requests, which he said will go a long way in bringing stability to the North East and improvement on the infrastructure and by extension a great improvement in the economy and livelihood of our people.

    “In view of the above, the Distinguished Senate is invited to urgently consider and approve all the above projects totaling a sum of $6.926billion to enable us commence the construction and rehabilitation of the North East, provide for the poor and most vulnerable people and commence rail projects in ernest,” he said.

  • Senate to hold valedictory session for Adeleke today

    Senate to hold valedictory session for Adeleke today

    Senate President Abubakar Bukola Saraki yesterday asked senators to attend valedictory session planned today for late Senator Isiaka Adeleke.

    Saraki gave the mandate before the upper chamber adjourned plenary in honour of the late Osun West senator.

    The mood in the chamber was indicative of the loss of a man at peace with all senators.

    It started with Senate Leader Ahmed Lawan formerly announcing the demise of Adeleke.

    Lawan, who came under Order 43 (personal explanation), said it was with heavy heart that he announced Adeleke’s death.

    He prayed the Senate, in line with “convention and practice of the National Assembly”, to adjourn plenary in honour of Adeleke.

    He urged the Senate to observe one minute silence as a mark of respect for their departed colleague.

    Lawan said a session of tribute would be held today in honour of Adeleke.

    The Minority Whip, Senator Philip Aduda, seconded the motion, which was unanimously adopted.

    After observing a minute silence in honour of Adeleke, Saraki adjourned plenary till 10am today.

     

  • Nigeria to exist recession third quarter, CBN Governor insists

    Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on Tuesdaysaid that the country would be out of recession in second or first half of the third quarter.
    Emefiele spoke after emerging from a closed session with Senate President, Abubakar Bukola Saraki, in Abuja.
    The CBN boss who said that the Senate President called them to brief and give update to Senate on foreign exchange market, noted that the country’s foreign reserve currently stood at $31 billion.
    He said that the increasing strength of the foreign reserve is giving the CBN the necessary fire power to play in the foreign exchange market.
    “You will all have observed that in the last two months, Central Bank has been involved in some form of intensive intervention in the foreign exchange market and this has fortunately resulted in a downward trend in the parallel market price of foreign exchange from as higher as N525 to as low as N370. Right now it hovers between N370 to N380.
     “I think it’s an opportunity for me to say that we are going to continue this intervention because the reserve looks very good as I speak to you our reserve stands at above $31 billion and that provides us enough of firepower or ammunition to be able to defend the currency and we will do so with all intensity to ensure that foreign exchange is procured by everybody.
     “You want to import raw materials, you will get foreign exchange, you want to import plant and equipment you will get foreign exchange, you want to pay school fees or you are a small business that wants to buy foreign exchange for you to import your small items you will procure foreign exchange.
     “And indeed we have started to see a downward trend even in prices and you have also must observe that inflation is also trending downward.
     “We are very much optimistic that by the end of the second quarter very latest third quarter we should be out of recession that we are in right now.
     “I think what is important is that last week we brought out an announcement which is meant to encourage our foreign investor community to get involved as well in the foreign exchange market. 
     “It is the market or window that is opened for them to inflow their foreign exchange and come into the market on what we called a willing buyer, willing seller basis in which case there will be no form of any price intervention by anybody and indeed even including the Central Bank. 
     “Indeed with the kind of firepower that we have we are also going to play in that market to ensure that as the prices move on based on the managed float regime that we run that we should be able to control the price based on willing buyer and willing seller basis.
    “And we believe on willing buyer, willing seller basis, foreign investors, exporter, non-exporters can come into that market and off load their capital and in doing so, we expect to see a lot of liquidity in that market and as we see much of liquidity in that market, we are very much optimistic that we are going to see high level of convergence we are hoping for,” Emefile stated.

    Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim, who was at the meeting, on his part said that the Senate is happy with the CBN policy direction.
    He said that the Senate would continue  to support the apex bank  in its policy direction to attract more foreign direct investment into the country.
    Senator Ibrahim said, “As usual the leadership of the Senate is always engaging the most important sectors of our economy. So, we had discussion with the Senate President and the Governor of CBN, and we were briefed just as he has given you the overview of the meeting. “That is what we are doing now. We will proffer more solutions which will result in more policy direction very soon because the major import of this kind of meeting is to attract foreign direct investment. So that the economy will be intact and intervention will be sustainable.