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Tag: Udoma Udo Udoma

  • Education must be prioritized – Osinbajo

    Vice President Yemi Osinbajo on Tuesday said that the education sector must be given the needed attention at all times since it is critical for the development of any nation.
    He made the remark during the opening of two-day workshop on sustainable funding of Nigeria’s education sector at the old Banquet Hall of the Presidential Villa, Abuja.
    Osinbajo, who was represented by Minister of Budget and National Planning, Udoma Udo Udoma, said that government must give priority to funding of education and how to deliver quality education to its citizens.
    “Education is very important. It is critical to the development of any nation. Therefore, all governments must give priority to how best to achieve quality education,” he said.
    According to him, adequate funding and strategic planning are knitted and must be pursued together.
    He said that the President Muhammadu Buhari’s administration has perpetually increased funding for the education sector.
    He said: “We have consistently supported the education sector by raising its budget every year since we came on board. For instance in the first budget that we did, we took up the capital allocation for education to N35.99 billion in 2016.
    “Then in 2017 we took it up to N56.81 billion and this year 2018, the current capital budget for education is N102.9 billion” he said
    The Vice President also urged participants to come up with innovative ways by which increased funding of education can be achieved in Nigeria.
    The Minister of Education, Adamu Adamu said that there was need to also focus on teachers’ training to make the profession more attractive and to enhance the quality of education at all levels.

    Read Also: Fed Govt committed to PIB passage, says Osinbajo

    Adamu emphasized the need for adequate funding and planning, in the quest to move the education sector forward, adding that sustaining the sector is a responsibility of all.
    “The main problem actually is, if a teacher doesn’t get a very good pre-service training, he is not likely to offer anything useful to his pupils or students. Education is a responsibility of all and I call on the State and Local Governments, our agencies, parastatals and indeed all Nigerians to join hands, so that we will be able to raise the funds needed to fund education,” the Minister appealed.
    Speaking earlier, Mr Harnas Chandy, who gave a goodwill message on behalf of the World Bank, commended Nigeria for taking timely steps that will help determine Nigeria’s education plans and spending.
    He said countries have to move fast to improve the quality of education by making the right investments on education.
    He said Nigeria is a global key player that has to play its critical role at all times.
    “The world needs to improve. There are some key players in the world and Nigeria is a key player in the world; Nigeria is a key global player and for the world to do well, Nigeria has to do well,” he stressed.
    Chandy however lamented that fifty percent of children in school across the globe were not getting the needed education.
    The workshop was attended by critical stakeholders in education from the thirty six states of the federation.

  • FEC approves 2019/2021 MTEF

    Projects N8.73 trillion for 2019 Budget 

    Pegs oil price at $60 per barrel 

    The Federal Executive Council (FEC) on Wednesday approved the 2019/2021 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP) .

    The Minister of Budget and National Planning, Udoma Udo Udoma, disclosed this to State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    He said that the MTEF/FSP is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.

    Inputs from stakeholders, he said, are part of the final document.

    The key assumptions highlights being proposed for 2019 budget, he said, included oil price benchmark of $60 per barrel, oil production of 2.3 million barrels per day, exchange rate of N305/$1, and GDP growth rate of 3.01%.

    He said that the MTEF projects budget for 2019 of N8.73 trillion, which is about N400 billion less than N9.12 trillion for 2018.

    According to him, the document will be transmitted to the National Assembly for consideration.

    The Minister of Finance, Zainab Ahmed, also disclosed that FEC approved Nigeria to receive $1.5 million loan from Africa Development Bank for Lagos-Abidjan expressway.

  • FG releases N460bn capital expenditure – Udoma

    The Federal Government says it has released N460 billion of the N2.1 trillion capital expenditure for 2018 budget implementation.

    Minister of Budget and National Planning, Senator Udoma Udo Udoma made this disclosure in Bali, Indonesia on Wednesday after meeting with a delegation of Afreximbank officials on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and World Bank.

    Udoma told journalists that more money will be released if the National Assembly approves the executives request for another round of.

    According to the Minister of Budget, “the amount of capital releases as of today is N460 billion. We just need a resolution of the National Assembly on the Borrowing Plan then we can fund it even more. We are spending money on N-Power, School feeding, Trader Moni. We are conscious to meet the needs of the vulnerable.”

    Minister of Finance, Zainab Ahmed, also revealed that after her meeting with Afreximbank team, there is an understanding that Nigeria may likely increase its shareholding in the bank because of the value such increased shareholding holds for Nigeria.

    According to Zainab Ahmed, “part of what we discussed is the possibility of increasing our shareholding and we discussed some of the projects and programmes that Afrexim is supporting in Nigeria. Afrexim has a very large portfolio in Nigeria. About 40 percent of the bank’s portfolio is in Nigeria with support to the government but largely to the private sector. We have the need to increase our shareholding in the bank because there is a lot of value that we are getting from Afrexim Bank” she said.

    The finance minister said they also discussed the setting up of a medical park in the Federal Capital Territory (FCT) “which is a discussion that has been going on for quite a long time. There was also a discussion on the establishment of Quality Assurance Centres in Ogun and other parts of the country. We also discussed the setting up of Industrial Parks in collaboration with the Federal Ministry of Industry, Trade and Investment in three Centres- Lekki, Kano and one in Kaduna” Zainab said.

    Asked to comment on Nigeria’s delay in signing the African Continental Free Trade Agreement (AfCFTA), Zainab Ahmed maintained that “Trade Agreements are not things that the government will just enter into without due consultations with stakeholders in the private sector. We need to discuss with the private sector and agree with operators in that sector before we join. The discussions have been going on but we have not reached a consensus. We need to reach a consensus before we agree to sign.”

    On his part, President of the Afreximbank, Dr. Benedict Oramah said, “Nigeria is still a major shareholder in the bank, although of recent, it has fallen back in terms of its relative position. That is why we have had this discussions with the Minister of Finance to see how Nigeria could return to the position it was.”

    Asked to give details of Nigerian government’s current holding, Dr. Oramah said, “the equity holding of Nigeria is a Nigerian affair. In terms of Nigerian government, it is number three today. But they have always been number one or number two in the past. Egypt and Zimbabwe are now number one and two respectively.”

    He said Afreximbank has “gotten assurances that the government would look at it and we hope that Nigeria’s holdings would come to the levels that would reflect the size of the Nigerian economy.”

    In terms of the bank’s business in Nigeria, Oramah said Afreximbank has an exposure of more than $3. 2 billion. “We are supporting virtually all the banks in Nigeria in terms of lines of credit to be able to do export and import as well as in terms of supporting SMEs. We are also supporting many private businesses. We are into manufacturing and other activities. Beyond that we are also pursuing what I would call impacting initiatives.”

  • We need creative ways of tackling poverty-Osinbajo

    The Vice President, Professor Yemi Osinbajo, says the Federal Government is focusing on more creative ways of getting Nigerians out of poverty and also improve the country’s Human Capital Development indices.

    Osinbajo made this known while chairing a meeting of the National Economic Council (NEC ), Steering Committee on Human Capital Development on Wednesday at the Presidential Villa, Abuja.

    He said that the Federal Government was committed to lifting Nigerians out of poverty as a crucial agenda towards attaining intended development outcomes.

    “Poverty as we know is both a cause and consequence of some of what we are looking at in our human capital development deficit.

    “Really, I think we need to focus a lot more on some of the more creative ways of getting our people out of poverty.

    “ And of course, we have some social investment programs, we are looking at some of the examples of what India did, some have been tried and tested in such huge populations.

    “I think there is a need for us to sensitize our people to why we need to get a large segment of our people out of poverty. Recently, we have been launching the TraderMoni scheme, which is basically giving credits to petty traders across the country in the markets and all that.

    “We must do even more in terms of giving credits and whatever assistance and support to people.

    “Obviously, the more money people have, the better it is for them, so they can apply their little resources to some of what we are expected to do to improve human capital development,” he said.

    Osinbajo harped on the importance of improving data collection at all levels so as to ensure effective tracking of Human Capital Development outcome areas in the states.

    On his part, Aliko Dangote, President, Dangote Group, told State House correspondents that the Dangote Foundation was committing 50 million dollars to the fight against malnutrition in Nigeria.

    Dangote said that the foundation was focused on three major areas-health, education and empowerment.

    Read Also: Group demands Oshiomole’s resignation, Buhari to call Osinbajo to order

    “I think we really need to wake up and meet most of our development goals, in education, in health, and also in empowerment.

    “One of the things that we are doing is to make sure that we tackle malnutrition.

    “The Dangote Foundation has announced a decision to spend 50 million dollars so that we can fight malnutrition in most of the states that are affected, which we have started rolling out,” he said.

    He said that the foundation joined the committee to make sure that targets were set and met.

    On his part, Minister of Health, Professor Isaac Adewole, said that the committee was the working group that had been meeting to look at the impact of government intervention programs in economy, education, health, among others.

    “The issue of Human Capital Development is a measure of how we care for our citizens; and so, this is like bringing everybody to the table at the highest level.

    “We have the governors, and there is a renewed commitment even at the states because we cannot go far except the states are really on the table.

    “There is enough Federal Government commitment; enough of Federal Government involvement, but we need to bring the states on board,’’ he said.

    Speaking, Kaduna State Governor, Malam Nasir El-Rufai, said that the committee received a presentation on the framework for further investments in the key areas of health, education, social inclusion as well as empowerment.

    “We had a very good meeting and we hope that the outcome of the meeting and the work of the core working group will bring out very clear plans and strategies to invest more in education, healthcare, nutrition, empowerment, gender inclusion, as well as job creation for our young people,’’ he said.

    The meeting was also attended by the  Minister of Finance, Zainab Ahmed, Minister of Labour and Employment, Dr Chris Ngige and the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, .

    There were also representations from development partners- World Bank, DFID and the Bill and Melinda Gates Foundation.

  • We’ve lifted millions of Nigerians out of poverty – Osinbajo

    … Stresses Nigeria saves over 200 million dollar annually by revitalising fertiliser plants.

    In what appears like a reaction to the assertion by the British Prime Minister, Theresa May, that Nigeria harbours the largest population of the world’s poorest, Vice President Yemi Osinbajo, on Thursday declared, however, that President Muhammadu Buhari – led administration has “lifted millions of Nigerians out of poverty” in the last three years.

    Osinbajo added that within the same period, the administration has also laid a solid foundation for a more resilient and competitive economy as well as providing the needed infrastructure and opened the space for private investment to accelerate growth and development through the Economic Recovery and Growth Plan (ERGP) initiative.

    The Vice – President who made this known in Abeokuta, the Ogun State capital, at the 17th Joint Planning Board and National Council on Development Planning (NCPD), identified “social investment initiatives” as the vehicles used to pull Nigerians, in their millions, away from the poverty trap.

    Osinbajo was represented at the occasion by the Minister for Budget and Planning, Senator Udoma Udo Udoma.

    He assured that the government would continue to invest in Nigerians and give them a better life, saying “several billions billions of naira had been committed to tackling infrastructural deficiencies” while resources were also being judiciously utilised and projects prioritized to ensure rapid transformation of the country.

    Speaking on the NCPD meeting with the theme, “Accelerating the implementation of the Economy Recovery and Growth Plan: The Role of Stakeholders,” he noted that the federal government is committed to ensuring that it delivers on the objectives and targets of ERGP.

    According to him, the administration via the ERGP, has revitalised fertiliser blending plants which assisted Nigeria to save over 200 million dollar annually.

    “We are proud of the successes recorded in the agricultural sector. The revitalization of our fertilizer blending plants alone has saved the country over $200 million annually in foreign exchange and over N60 billion in budgetary provisions for fertilizer subsidies.

    “This has also made it possible to purchase fertilizer at prices up to 30% cheaper than previously available. We are importing less rice today than we did few years ago.

    “Indeed, I am glad to note the partnerships that some states like Kebbi and Lagos have entered into in a bid to support the agricultural development and food security objective of the ERGP. I expect to see more of such model agricultural collaboration among other states,” he said.

    He also identified the Gross Domestic Product (GDP), security and inflow of foreign investments as areas where the ERGP has helped the country to experience successes.

    “i am aware that the National Committee on Export Promotion is implementing a plan to enhance export promotion and economic diversification in line with the Zero Oil Plan (ZOP) initiative. We have equally budgeted N44.2 billion in the 2018 Budget for the establishment of Special Economic Zones in the country’s six geo-political zones to drive local manufacturing and exports.

    “We are also paying close attention to the Mining sector by reinforcing the Mining Regulatory Agency. About N644 million has been voted for this in the 2018 budget. We are ready to set up a National Gold Purchase Scheme. The CBN is also advancing discussions on the modalities for gold purchase towards enhancing liquidity in the sector.

    “I believe strongly that to accelerate implementation of the ERGP and deliver on its target of 7% GDP growth by 2020, we surely need massive amounts of private investment. And that underscores the significance of the ERGP Focus Labs. I am pleased to note that this exercise has yielded positive outcomes.

    ” In the past few months, we have taken a number of decisions that will further facilitate the realization of the massive private investments unlocked in these labs. And I think the States must be commended for their willingness to cooperate and assist in making these investments to happen.

    “From our reports, some of the States have responded positively to a number of approvals that were required from them. Indeed, the success of the Labs is a clear testimony to what partnerships between the public and the private sector can achieve when they collectively work together for public good,” he added.

  • Furore over INEC’s N198bn election budget proposal

    …As N/A joint committee puts off consideration

    There seems to be no respite yet for the Independent National Electoral Commission (INEC) regarding its N 189.2 billion budget proposal for the 2019 general elections.

    The joint committee of the National Assembly on Friday put on hold further consideration on the proposal as the legislators failed to resolve some grey areas in the proposal.

    At issue was the differences in modalities between the estimates sent to the legislature by President Muhammadu Buhari and the version submitted to the lawmakers by INEC, even though the figures were the same.

    In his letter to the National Assembly, the President had requested that N143 billion be processed for now, while the remaining N45 billion should processed with the 2019 annual budget.

    But in its own proposal, the INEC requested that the N189.2 billion be processed in one fell swoop, a request that raised dissenting voices among the lawmakers.

    Minister of Budget and National Planning, Udoma Udo Udoma who made a presentation to the committee, aligned with the position of INEC.

    Apparently mindful of the delay in the passage of the yearly national budget, Udoma argued that shifting the processing of the N45 billion to the 2019 budget might put INEC in a tight corner.

    For instance, the 2018 budget was passed in May, just as it was in the two preceding years. On the other hand, INEC would have concluded all elections by March 2019.

    The Minister clarified that the N189 billion request, as presented by the President, was to be vired from funds already appropriated for some projects in the 2018 budget.

    He was however, quick to clarify that the such virement would not affect the N100 billion already allocated to constituency projects of National Assembly members.

    But the lawmakers were divided on whether to isolate the N143 billion meant for INEC from the N45 billion meant for the various security agencies for election duties.

    Read Als0: Sowore’s party gets INEC nod

    The affected security agencies include the office of the National Security Adviser, the Department of State Services (DSS), the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC) and the Immigration Service.

    Some of the legislators argued that the processing of the budget proposal for the security agencies was outside the committee’s mandate, opting to refer that aspect to the Security Committee of the two chambers of the legislature.

    But some others canvassed that it should be accommodated in the ongoing process because the N45 billion budget for security was part of election expenses.

    Another area of disagreement was the source of funding for the N189.2 billion with the lawmakers sharply divided over where over the matter.

    In the course of deliberations, some of the committee members said the source of funding should be left to the Appropriation Committee of the National Assembly to decide.

    In his letter to the National Assembly, President Buhari had raised issues about source of funding for the entire election budget, reason why he requested that only N143 billion be processed for now.

    Relying on the President’s position, the lawmakers pointed out that processing the N189 billion at this point would overshoot the 2018 national budget, as passed by the legislature and assented to by the President.

    At every point the chairman of INEC, Prof Mahmood Yakubu was given the opportunity to make his contribution; he kept reeling out the deadline for the first round of elections in the commission’s timetable by counting the days, hours, minutes and seconds.

    At a point, some of the committee members jocularly said they were being intimidated by the INEC chairman’s time count.

    Eventually, the meeting concluded that the committee would limit its consideration to the N143 billion the President tabled before the legislature for immediate action.

    They resolved to commence deliberation on the N45 billion for the security agencies as promptly as the President presents that request to them, even before the end of the year.

    On this note, the chairman of the Senate Committee on INEC, Senator Suleiman Nazif adjourned the session indefinitely.

  • Why 2018 Budget is yet to be assented – Udoma

    President Muhammadu Buhari’s decision to carry out a thorough review of the 2018 budget has led to the delay in signing the Appropriation Bill, recently passed by the National Assembly.

    The National Assembly had raised the budget to N9,120, 334,988,225 from the N8.6 trillion presented by President Muhammadu Buhari, showing an increase of N508 billion.

    Minister of Budget and National Planning, Udoma Udo Udoma, spoke at the Presidential Villa after meeting with President Buhari on Monday.

    Buhari had on Nov. 7, 2017 presented the N8.6 trillion “Budget of Consolidation”, to a joint session of the National Assembly.

    According to Udoma, “The President is currently reviewing the budget and as you know, we have a minimum window of 30 days”

    Read Also: Buhari yet to receive 2018 Budget – Udoma

    On when the budget will be signed, he said” the President is currently reviewing it and as soon as he is through, he will sign it. That is what l can tell you for now”

    After six months delay, the National Assembly finally passed the N9.120 trillion and fiscal deficit of N1.955 trillion or 1.73 percent to GDP.

    The amount represents an increase of N580 billion above the N8.612 trillion proposal submitted by President Muhammadu Buhari to the joint session of the National Assembly on the 7th November, 2017.

    The 2018 appropriation bill, the largest in the nation’s history, was premised on key revenue assumptions of oil price benchmark of $51 (an increase of $6 above the $45 proposed by the Presidency); but retains 2.3 million barrels per day and exchange rate of N305/$1USD.

  • Reps to FG: Suspend proposed sale of NLNG

    The House of Representatives has declared that the proposed sale of the Nigerian Liquefied Natural Gas (NLNG) will not be in the interest of the nation’s economy and has urged the Federal Government to suspend the exercise.

    This followed the adoption of a motion by Randolph Brown (PDP, Rivers), who expressed fears that there had been proposals by some prominent Nigerians for the Federal Government to sell the multi-billion dollar NLNG to raise funds to reflate the Nigerian economy.

    He said: “This proposal was a as a result of the recommendation sometime in 2016 after a ministerial retreat for an ambitious fiscal stimulus plan involving the generation and injection of massive foreign capital.

    “The massive foreign capital estimated at between 10 dollars and 15 billion dollars about N 4.72 trillion into the economy to help the recession recovery process.

    “The Minister of Budget and National Planning, Udoma Udo Udoma, stated that one of the ways to fund the plan would be through the sale of some national assets and the proceeds reinvested in the economy to raise the needed capital for infrastructural development.

    “The NLNG is one of the most successful ventures that Nigeria has embarked upon when it’s started from train one through to the sixth train and now the seventh train in the offing.”

    He expressed worry that the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) and the Nigerian Labour union, among other organizations, have seriously frowned at this move.

    He added that they also warned the Federal Government against the proposed sale of national assets, especially the NLNG.

    “Resuscitating the Nigerian economy from the recession is the actual reason for the proposed sale of the NLNG even though there are other options the government may adopt to resuscitate the economy.

    “Also the Government has the option of borrowing on long term against the dividends in the NLNG, convert its Joint Venture Holdings in some multinational oil corporations into incorporated Joint Venture Companies.

    “Another option is to encourage wealthy Nigerians who can afford to buy and therefore rooting for the sale of national assets, to invest in the economy, or to set up their own LNG projects, considering the huge reserves of natural gas in the country.

    “It should be of concern that Nigerian workers will be at the receiving end if the sale was allowed to go unchallenged.

    “Besides, it is not in any conventional economic reality for any nation to resort to selling off its assets during challenging times, as this exhibits leadership laxity and policy myopia”.

    The motion was unanimously adopted after it was put to a voice vote, while Committee on Gas Resources was mandated to ensure compliance.

  • Cabinet members, staff celebrate Osinbajo’s 61st birthday

    Cabinet members, staff celebrate Osinbajo’s 61st birthday

    Vice President Yemi Osinbajo on Thursday celebrated his 61st birthday with cabinet members and his staff at the Presidential Villa, Abuja.

    Among those who attended the brief ceremony at the Vice President’s wing included the Secretary to the Government of the Federation (SGF), Boss Mustapha, Minister of Budget and National Planning, Udoma Udo Udoma.

    Others are the Minister of State for Petroleum Resources, Ibe Kachikwu and the Governor of the Central Bank of Nigeria, Godwin Emefuele, Minister of Water Resources, Suleiman Adamu.

    Also at the brief ceremony was the Senior Special Assistant on National Assembly matters (Senate), Ita Enang.

    The staff and the cabinet members sang birthday song for Osinbajo before he cut the cake at the count of 61.

    Osinbajo prayed that those who had come to celebrate with him that are yet to be 60 years, will live above 60 years while those above 60 years will see many more years.

    He said “I’m grateful to God for preserving my life. It’s just exciting to be one year older. I think we are gradually getting to that class who are called senior citizens and I in some way it places greater responsibility.

    “But I’m immensely grateful to God and thank everyone for the surprise.

    “I pray that our country will be greater and greater, that it will prosper and that we will experience true joy and true peace.” he stated

    Before Osinbajo cut the cake, Boss Mustapha said “We are gathered to share with you on this very auspicious day. Our prayer is that God will continue to watch over you, continue to fill you with wisdom and understanding, that at every point in time as you counsel with Mr. President you will give him Godly counsel, that he will depend on you for insights into the governance of this country and for those of us working with you, we will receive direction to take this country forward and to greater heights.”

     

     

  • Audio: FG orders audit of Dana airline 

    Audio: FG orders audit of Dana airline 

    The Federal Government on Wednesday ordered complete audit of Dana airline.

    The airline had recently been involved in non-fatal accidents in the country, with one of its plane over shooting the runway in Port Harcourt and another one had its door failing off while taxiing at the Nnamdi Azikiwe International airport, Abuja.

    Briefing State House correspondents at the end of the Federal Executive Council (FEC) meeting, the Senior Special Assistant on Media and publicity, Garba Shehu, said the audit will cover the personnel and assets of Dana airline.

    He was with the Minister of Defence, Mansur Dan-Ali, Minister of Budget and National Planning, Udoma Udo Udoma, and Minister of Niger Delta Affairs, Usani Uguru Usani.

    Garba Shehu said “A lot of quality time was spent discussing air safety. The government of Nigeria is very much concerned about safety and the life of Nigerians; this is following the recent air incidents.

    “Minor as they were because there were no fatalities, the government did feel concern and the Minister did the report to the Council on steps that were taken following the last incident in Port Harcourt, Dana aircraft overshooting the runaway. As soon as that happened, a few seconds, a rescue team was there on the ground and few moments thereafter every passenger on board was evacuated. There was no harm to persons and this is something that should be celebrated.

    “Within 24 hours an official investigation had commenced because investigators arrived in Port Harcourt and began work. One week after that a preliminary report was prepared and it was about this that the Council was briefed.

    “Consequently as announced by the aviation authorities, the engineer and pilot of that particular aircraft got their licences suspended and beyond that the government has ordered a complete audit of Dana airlines in terms of personnel, operations, and technical capacity,” he said.

    He also disclosed that the Council has approved the augmentation of the contract sum for the rehabilitation of Burnt Marina Bridge and the Maintenance of Eko (Apobgbon) and Iddo bridges in Lagos State, in Favour of Messrs. Buildwell Plant and Equipment Industries Limited, in the sum of N114, 424,225.05.

    The amount, he said, represented 12 percent of the original contract sum.

    https://soundcloud.com/thenationnewspaper/fg-orders-comprehensive-audit-of-dana-airline

    He said that the contract sum was reviewed from N957, 053,316.45 to N1, 071, 29,541.40 with additional completion period of six months.

    The Council, he said, also approved augmentation for Mangu Dam, in Plateau State to N7.66 billion from original cost of N5.66 billion increasing the total contract sum to N13.2 billion.

    Dan-Ali said that his Ministry presented to the Council the status of the implementation of approved capital projects and achievements of the Ministry of Defence from 2015 to 2017.

    The presentation, he said, covered the strategic policies of the Ministry, including to build and maintain flexible, compact and highly trained Armed forces capable of defending the territorial integrity of the nation.

    He said “The brief also covers the serviceability of the military platforms, operational readiness, future projections and the way forward. During the period under review the Ministry received a timely consideration and approval of its capital projects and the Armed Forces in general.

    “This no doubt resulted to the successes recorded so far in the fight against terrorists and other security challenges in the country. It is pertinent to state that prior to assumption of office by President Muhammadu Buhari, most of the military platforms and hardware were old, worn out, non-functional and obsolete.

    “However, it is gratifying to mention that this administration have made tremendous efforts in the provision of funds for the acquisition of modern military hardware to meet up with security challenges. High priority was also placed on renovation of existing barracks facilities to cater for the welfare of the members of the Armed Forces.

    “Some of the facilities renovated were neglected for over forty years. Between 2015-2017 a total of 18 rehabilitation works have been carried out in various barracks across the six geo political zones by the Ministry. Similarly Defence Headquarters also approved 36 capital projects within the period.

    “The Nigerian Army embarked on 68 approved projects. Nigerian Navy implemented 31 projects while a total number of 64 projects were also implemented by the Nigerian Air force,” he said.

    According to him, he also gave breakdown of capital projects implementation stage by other agencies of the Nigerian Defence Academy.

    “The Armed Forces Command and Staff College implemented 23 capital projects Similarly, the National Defence College got approval for 69 projects some of which were already completed while others are on-going. The Defence space Administration has so far implemented 32 capital projects from 2015-2017. Defence Intelligence Agency has 11 projects approved and most of them are already completed or at various stage of completion The Defence Industries Corporation in Kaduna got approval for 38 projects, some already completed while paucity of funds is affecting the completion of others The Armed Forces Resettlement Centre, oshodi had 38 capital projects approved, most of the projects are already completed It is worthy to mention that since independence no projects of such magnitude and number were achieved in less than 3 years,” he said.

    He also said that the presentation also proposed a way forward for the implementation of a comprehensive reform of the entire defence management system with a view of promoting effectiveness, transparency, accountability and self-reliance.

    According to him, the role of the Presidency/Armed Forces Council and the National Assembly were identified as paramount in the implementation of the defence sector reforms.

    He said that the Defence Headquarters will also improve on training of personnel, improvement on the serviceability rate of equipment by conducting regular audits of existing assets.

    Udoma said that he briefed the Council on the NBS recent report.

    He said “I presented a briefing to the Federal Executive Council today on the most recent Gross Domestic Product and other related economic performance numbers as released last week by the National Bureau of Statistics (NBS).

    “You will recall that it indicated that in the last quarter of 2017 the economy had continued its positive growth trajectory by growing by 1.92%. This is higher than the previous quarter when it grew by 1.40%. And higher still from the 2nd Quarter, when it grew by 0.72%.

    “The numbers clearly show that the economy has fully exited recession. Council members were particularly pleased to note that this growth is very broad based with Agriculture growing at 4.23% up from 3.06% in the 3rd Quarter. Other sectors such as Transportation and storage, Electricity and gas production, Metal Ores, and Industry all grew, particularly noteworthy were the growth recorded in Trade (2.07% and Services (o.10%) after six quarters of negative growth.

    “Council members were also happy to note that overall the non-oil sector grew by 1.45%, it’s strongest since 2015. Inflation is also trending downwards moving down from 18.72% in January 2017 to 15.13% in January 2018. Council members were also happy to see the increasing private sector confidence in the ERGP, and other policies and programmes of the Buhari administration, as evidenced by the increasing capital inflows.

    “Capital inflows in 2017 were US$12,228 million, a growth of 138.6% over the total inflow in 2016 of US$5,124 million. This has been a factor in the build-up of our foreign reserves which have grown from US$23.81 billion in September 2016 to almost US$42 billion.

    “Council members however agreed that whilst these positive results are most encouraging, particularly in the light of where we were in the last few years, the current growth rate is still rather modest and we have to continue to work even harder to achieve the goals of the ERGP of diversifying the economy and achieving our growth targets of 3.5% this year, and 7% by 2020.

    “And, of course one of the ways we are intensifying implementation of the ERGP are the ERGP focus labs which will be launched next week Tuesday, 13th March, by Mr President,” he stated.

    Usani Uguru, said the Council approved the design of section five of East – West Road meant to link Oron in Akwa Ibom to Calabar in Cross River State.

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