The Nation Newspaper

Tag: Udo Udoma

  • Thugs invade A’Ibom Assembly as five APC lawmakers lose seat

    There was pandemonium on Monday at the Akwa Ibom State House of Assembly as armed thugs invaded the premises of the assembly complex to stop the sitting of the House.

    The hoodlums numbering over a hundred arrived the assembly complex situated at Udo Udoma road, Uyo in the early hours of yesterday and blocked the main entrance to the complex.

    The thugs, our correspondent gathered, were mobilized by the five lawmakers who had recently defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

    It was also learnt that the invasion of the Assembly Monday by the hoodlums was aimed at preventing the House from sitting to declare the seats of the five APC lawmakers vacant.

    The thugs blocked the main entrance of assembly complex and also disrupted vehicular and human traffic in and out of the complex. They made bonfires and shot sporadically into the air.

    But for the intervention of the security operatives, the thugs would have gained entrance to the Hallowed Chamber of the House. However, the hoodlums succeeded in smashing some doors and windows of the assembly complex.

    Amid the tension, the assembly, however, went ahead to hold its plenary during which it declared the seats of the five APC lawmakers vacant.

    Read Also: Over 100 cultists surrender arms in A’Ibom

    The affected legislators include Idongesit Ituen (Itu), Gabriel Tobby (Etim Ekpo/Ika), Victor Udofia (Ikono), Otobong Ndem (Mkpat Enin), and Nse Ntuen (Essien Udim).

    The Speaker of the state house of assembly, Mr. Onofiok Luke said the House took the decision in line with section 109 sub. 1G of the 1999 constitution as amended.

    The House also passed a motion urging Governor Udom Emmanuel to name either the Akwa Ibom state University or the Ibom International Airport after a former Governor of the state, Obong Victor Attah in commemoration of his 80th birthday today.

  • Buhari to inaugurate $250 million brewery in Ogun

    President Muhammadu Buhari is set to inaugurate $ 250 million dollars new brewery, International Breweries PLC (IB Plc), sited at Flowergate Industrial Scheme, Sagamu-Abeokuta Expressway, Ogun State.

    IB Plc which is part of the AB InBev group, the world’s largest brewer has Trophy, Hero, Betamalt, Grandmalt, Castle lite and Eagle lager as its products line. It also recently launched a global brand, Budweiser.

    The plant is the company’s fourth brewery in Nigeria, after those in Ilesa, Onitsha, and Port-Harcourt, demonstrating the country’s capacity to attract foreign direct investment to drive socio-economic growth and development.

    The Plant Manager, Mr. Tony Agah, who made this known to reporters at the at brewer’s state – of – the – art facility on Monday, said it will be the Company’s largest plant within the group in Africa, outside of South Africa.

    Agah added that it will also significantly engenders multiplier impact on the value chain within Ogun State, its environs as well as provides direct and indirect employment.

    According to him, other dignitaries expected to join President Buhari to perform the commissioning of the facility on August 28, include Minister for Commerce and Industry, Mr. Okechukwu Enelamah, Minster for Budget and Planning, Mr. Udo Udoma, President of the Nigerian Stock Exchange, Mr. Oscar Onyeama, the global Chief Executive Officer of AB InBev, Mr. Carlos Britowill.

    Read Also: Buhari  marks Eid -El-Adha with prayers, 800 metres walk

    Also, the Company’s Managing Director, Annabelle Degroot, described the plant as a major step towards the company’s strategic goal of producing high-quality drinks locally.

    Degroot said “International Breweries Plc is a brand that places a premium on quality.”

    Degroot assured that Nigerians will be treated to the best traditions in brewing, with outstanding recipes, superior ingredients, innovation and world-class techniques and provide a great opportunity to engage qualified locals.

    “One of the objectives of the company is to create job opportunities for the people of Ogun state as well as Nigerians in general.

    “The plant will also be instrumental in empowering farmers as most of the raw materials required will be sourced locally. This will, in turn, contribute to the economic development of the country,” she said.

    On his part, Otunba Michael Daramola, the Corporate Affairs Director said that establishment of the plant in Nigeria is in further recognition of the corollary between having prestigious brands and a befitting world-class setting.

  • Osinbajo launches initiative to boost agriculture, power, others

    Osinbajo launches initiative to boost agriculture, power, others

    Vice President Yemi Osinbajo has launched the Economic and Growth Recovery Plan (ERGP) Focus Laboratories on power, agriculture and manufacturing to fast track economic growth.

    Osinbajo said in Abuja on Tuesday that the newly inaugurated Focus Labs would further boost economic growth and ensure that Nigeria continued its journey of building a competitive economy.

    “The labs will operate by bringing together all private and public sector officials to achieve the ERGP’s objective of reaching seven per cent economic growth by 2020.

    “The Focus Labs are being conducted in three selected areas to accelerate investment and job creation.

    “These specific areas are agriculture and transport, manufacturing and processing and finally power and gas sector,” he said.

    Osinbajo explained that the laboratory groups were meant to bring private/public sector participants and potential investors together to think through the implementation of the specific areas of focus.

    “We believe that working together as a group we will be able to achieve these specific objectives that have been set out for us,” Osinbajo said.

    Sen. Udo Udoma, Minister of Budget and National Planning, said that the government was far from achieving the targets captured in the ERGP.

    Read Also: Osinbajo  didn’t meet political groups in Kano – Presidency

    He said that the government planned to improve power generation and its operational capacity to 10 Gigawatts by 2020, but  two years to the deadline, it had only succeeded in generating four Gigawatts.

    Udoma said that the Focus Laboratories would eliminate the bottlenecks that hinder private sector investment in the agriculture, manufacturing and power sector.

    He said this was important because 245.1 billion dollars was required to implement the ERGP, out of which 195.98 billion dollars was expected from private sector and 49.15 billion dollars from the public sector.

    Udoma said that the three main objectives of the initiative were to create new investment opportunities for critical projects, job creation and resolution of complex inter-agency problems that inhibited private sector investment.

    The highlight of the event was the inauguration of the Central Steering Committee which comprised all ministers, permanent secretaries of Ministries of Budget and National Planning as well as representatives of the Vice-President’s office.

    He also inaugurated the Core Working Groups for Agriculture and Transport, manufacturing and processing as well as Power and Gas Supply, headed by their respective ministers.

    NAN

  • FEC approves two- year MTEF

    FEC approves two- year MTEF

    The Federal Executive Council (FEC) on Wednesday approved the Medium Term Expenditure Framework (MTEF) for 2017 to 2019.

    The Minister of Budget and National Planning, Udoma Udo Udoma, disclosed this to State House correspondents at the end of the meeting presided over by President Muhammadu Buhari.

    According to him, the 2017 Budget and others will be based on the framework.

    He said the oil price benchmark for the period includes $42.5 per barrel for 2017, $45 per barrel for 2018 and $50 per barrel for 2019.

    Oil production in the framework, he said, has been pegged for 2.2 million barrels per day for 2017, 2.3 million barrels per day for 2018 and 2.4 million barrels per day for 2019.

    According to the minister, the framework fixed growth rate at 3 per cent for 2017, 4.26 per cent for 2018 and 4.04 per cent for 2019.

    Udoma said the exchange rate of N290 to $1 has been projected.

    He said the framework will be forwarded to the National Assembly for approval.

  • FG not meeting revenue targets – Udoma

    The Minister of Budget and National Planning, Senator Udoma Udo Udoma, on Thursday said the Federal Government has not been achieving the revenue targets set for revenue generating agencies.

    Udoma told the Senate Appropriations committee that the dwindling government’s revenue profile led the government to call for a meeting in Kano  to review the situation.

    The minister was invited by the Senate to give up date on the performance of the 2016 budget.

    Udoma also attributed low capital releases to low revenue inflow.

    He noted that for the first quarter, government was running at about 55 percent in terms of revenue expectations.

    He said, “There is a revenue meeting going on in Kano State hence I won’t be able to give adequate revenue breakdown because we are not with the document here.

    “That is why it is the expenditure figure that we will be able to give you. The Kano meeting was called to review revenue and the revenue situation because we are not achieving revenue targets which we set for the revenue generating agencies.

    “In personnel releases, the budget was N1, 723, 819, 398, 198 but what we released was N871, 459, 760, 939 which comes to about 50 percent.

    “This is the way it should be because we are already in July and we have gone six months which is half of the year.

    “For overhead, the budget is N218, 368, 364, 886 and we have released N52, 913, 047, 226 (25 percent).

    “The National Assembly gave us till May next year to carry out the capital expenditure and we still have 10 months of capital spending to do.”

  • FG will target 100% budget implementation – Udo Udoma

    FG will target 100% budget implementation – Udo Udoma

    The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Friday said despite the late signing of the 2016 budget, the administration would target 100 per cent implementation.

    He gave the assurance while briefing State House correspondents shortly after President Muhammadu Buhari signed the Appropriation Bill in Abuja

    The minister said the budget was anchored on 38 dollars per barrel of oil benchmark, adding that the projection was also based on 2.2 million barrels of crude per day production.

    “Our aim will always be 100 per cent implementation.

    “We know that because we started late we may not achieve it, but 100 per cent achievement is our aim.

    “We start with that aim because the budget is a law and we try to implement it as quickly as we can,’’ the News Agency of Nigeria quoted the minister as saying to journalists on Friday.

    Udoma said the highlight of the budget would be given later but disclosed that what was signed by the President was slightly lower than what he presented to the National Assembly.

    He said revenue assumptions by the executive and legislature were the same as well as the size of the deficit, adding that the ministry would set up monitoring committee to ensure effective implementation.

  • MTEF: FEC to hold emergency meeting Monday

    MTEF: FEC to hold emergency meeting Monday

    The Federal Executive Council will hold an emergency meeting on the Medium Term Expenditure Framework (MTEF) on Monday.

    The meeting which will be presided over by President Muhammadu Buhari is expected to approve the MTEF in preparation for the presentation of the 2016 Budget.

    The Minister of Budget and National Planning, Udoma Udo Udoma, told State House correspondents on Saturday that his ministry would seek FEC’s approval for the MTEF next week.

    However, the minister did not give a specific date for the meeting.

    Udoma spoke with journalists shortly after Vice President Yemi Osinbajo visited the old Banquet Hall of the Presidential Villa where officials working on the 2016 Budget have been working.

    He said the government is working hard to ensure the budget is ready before the year ends.