Showing posts with label Latest News. Show all posts

Governor blames Buhari for naira crash

Ekiti state governor, Ayodele Fayose, has blamed President Muhammadu Buhari for the continuous fall of the naira, saying the currency was stronger under Goodluck Jonathan's administration.

With the US Dollar exchanging for N350 as the time of filing this report, Fayose said the President lacks the mental capacity to resolve the economic challenges confronting the country.

He said Buhari's foreign trips is a sign that he is insensitive to the hardship confronting Nigerians.

In a statement released by his special assistant on public communications and new media, Lere Olayinka, he said after nine months in office, the President has not formed an economic team or articulated his policy direction.

The statement reads: “It is the height of insensitivity to the plight of Nigerians that the president, who just returned from trips to France and United Kingdom, will again be traveling to Egypt, Saudi Arabia and Qatar from February 20 to 27, spending seven days out of Nigeria in what they called ‘three-nation tour.

“Travelling from one country to another won’t solve any of our problems because I have not seen where foreigners assist any nation to develop. The president should know that Nigerians are suffering and they do not need their President to junket around the world, to alleviate their sufferings.

“Nigerians should prevail on President Buhari to stay at home and govern the country… It is worrisome that President Buhari does not have any economic team and there is no policy direction yet, despite spending close to nine months in office.

“The implication of the president’s obvious lack of the required mental capacity to tackle the nation’s economic problems and the resultant effects are human right abuses, prices of goods and services skyrocketing, daily retrenchment of workers, folding up of businesses, states finding it difficult to pay workers salary and the Federal Government not being able to prepare common budget.”

On the dollar crash, he said: “Dollar has gone double since Dr Goodluck Jonathan left office, with US Dollar exchanging for N350 as at today, Foreign Reserve is declining on daily basis, Boko Haram insurgents have come back even stronger than they were when Buhari assumed office and Nigerians are now being made to pay more for electricity that is not available for them to use."

“Most importantly, prices of foodstuffs, newsprint, medicine among others have gone over the roof. Should we still continue to attribute all these to Jonathan or the Peoples Democratic Party (PDP)?

“Even former Central Bank Governor (CBN) and Emir of Kano, Sanusi Lamido Sanusi is saying that President Buhari’s anti-corruption stance is totally inconsistent with the forex regime he supported and that the Federal Government Forex Policy encourages corruption and rent-seeking.

“Funny enough, some people are already talking about President Buhari’s second term not minding the reality that anybody thinking about Buhari’s second term is only planning to snuff life out of Nigerians.”

Fayose is known to criticising Buhari and the All Progressives Congress (APC), almost on a daily basis.

A former governor of Ekiti state, Niyi Adebayo, had earlier today said Fayose is making a mockery of the state, noting the APC leadership is doing everything possible to take power from him by the next political dispensation.

Innoson Keeps Our Jets In Operation Against Boko Haram

Nigeria’s Chief of the Air Staff (CAS), Air Marshal Sadique Baba Abubakar has lauded the management of Innoson Vehicle Manufacturing (IVM) Company for providing the needed technical support that has enabled the Nigerian Air Force (NAF) to sustain its operations against the Boko Haram insurgents.

Group Captain Ayodele Famuyiwa, Director of Public Relations and Information of Nigeria Air Force, said in a statement on Wednesday that the CAS gave the commendation while receiving the Chairman IVM, Mr Innocent Chukwuma and team members in his office.

The military chief had during the meeting noted that at a time when the NAF would have been forced to ground its entire fleet of Alpha Jets due to lack of brake assembly, IVM helped to locally modify and overhaul the brake assembly of the MB-339 aircraft for adoption on the Alpha Jets.

“This ingenious effort by IVM is instrumental to the continued operation of the Alpha Jets, and had helped to save the day when help was not forthcoming from abroad,” Abubakar was quoted as telling his guests.

Abubakar stated that the feat not only saved the country huge foreign exchange that otherwise would have been spent abroad but also added value to Nigeria through provision of job opportunities.

The Air Chief noted the contribution by IVM deserves national recognition and award, given the important role played by the Alpha Jet in the ongoing counter-insurgency operations in North-east Nigeria.

“The collaboration between the NAF and IVM is in line with one of the key drivers of the CAS vision which is “strategic partnership with ministries, departments and agencies for enhanced research and development,” said the CAS.

He added that beyond the feat, the NAF is poised to exploit the possibilities of mass producing the Alpha Jet break assembly and other parts locally through partnership with IVM, as well as other credible organisations, to build own capacity for enhanced self-reliance.

The invitation of IVM team to the Headquarters Nigerian Air Force, according to him, was for further discussions based on this premise.

He expressed the willingness by NAF to expand the scope of its existing research and development collaboration with IVM.

“Our partnership with IVM would not end with the Alpha jet break assembly but a leeway to forge new frontiers, through research and development, to replicate some of the spares needed by our platforms,” the CAS said.

In his response, the Chairman of IVM expressed the readiness of his company to partner with the NAF to help manufacture some of the spares needed to keep its aircraft operational locally.

Chukwuma noted that such synergy as existing between the NAF and IVM would help to reduce the dependence on foreign technology while promoting self-reliance, as well as technological and economic development.

He disclosed that his company has the expertise to locally manufacture and assemble a number of automobile products that would be of benefit to the NAF.

Finance minister says 23,000 ghost workers were discovered in civil service

The minister of finance, Kemi Adeosun revealed that 23,000 ghost workers were discovered in the federal civil service.

Daily Post reports that Adeosun said the ghost workers will be handed over to the Economic and Financial Crimes Commission (EFCC).

She made this revelation while addressing, the Senate committee on Finance, during her budget defence session.

Adeosun also said banks that worked with the civil servants to defraud the government will also be prosecuted.

She said “We will not only sack them, we will ensure the recovery of the money they have been collecting over the years from the Federal government.”

The finance minister also said Nigeria's decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption.

During the visit of the International Monetary Fund (IMF) boss, Christine Lagarde Adeosun also said Nigeria plans up to $5 bln borrowing from sources including Eurobonds.

The minister has also hinted that the government was working on the introduction of performance-related pay for the Nigeria Customs Service (NCS), to motivate improved revenue collection and reduce corruption.

Buhari has plunged Nigerian economy into recession says Utomi

The possibility of the Nigerian economy plunging into recession in 2016 is not in doubt, going by the poor economic policy direction of President Muhammadu Buhari. Professor Pat Utomi has maintained.

As crude oil prices dive lower, threatening to dip below $30 a barrel for the first time since the financial crisis of 2008, commodity economies around the world are catching a cold.

The collapse of oil price is already taking its toll on the Nigerian economy. As it stands, there is no light at the end of the tunnel yet. Nigeria’s situation is further worsened by the current government’s delay in enacting sound fiscal and monetary policies.

Investors across the world are losing their investments in stock and property owners are also suffering losses as a result of depreciation in currencies.

The Naira is currently under intense pressure, the situation has depleted Nigeria’s foreign exchange reserves, with policy makers now left with a difficult decision to make: either allow the currency to move in a wider range against the dollar or raise interest rates.

However, the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has promised to stabilize the Naira without devaluing the currency.

President Muhammadu Buhari has also backed the CBN’s monetary policies, which have raised questions about its sustainability.

Two former Central bank governors, have disapproved the current policies initiated under Buhari, aimed at amelioration the situation. They have both called for more flexibility in the management of the country’s currency.

Amechi says he is discussing with President Buhari on national carrier

The Ministry of Transport says it has commenced discussion with President Muhammadu Buhari to ensure that the nation has a national carrier.

The Minister of Transport, Mr Rotimi Amaechi, made the disclosure on Tuesday in Abuja while defending the 2016 budget of the ministry before the Senate Committee on Aviation.

"I do not want to say much on the national carrier because the ministry is still discussing with President Muhammadu Buhari.

"The national carrier we are working on will not be like Nigeria Airways.

"A lot of investors are interested, so the government will not be fully involved but will provide policies,’’ he said.

Amaechi said that the ministry would soon commence `extensive audit’ of the renovation of the nation’s airports carried out by the past administration.

He said that the ministry was poised to ensure that the aviation industry was better positioned to meet international standards.

The minister also said that the ministry was working on expanding the runways of the airports to ensure safety of passengers.

He assured the committee that the 2016 budget would bring about the desired change in the aviation sector, when passed.

The Chairman, Senate Committee on Aviation, Sen. Hope Uzodinma, said that the deplorable state of the nation’s airports called for concern.

He urged the minister to ensure that adequate steps were taken to reposition the nation’s airports.

The lawmaker, however, observed that the ministry included some projects contained in the first phase of the airport remodeling in the 2016 budget when work was almost 99 per cent completed.

Emefiele unveils plans to stabilize Naira as TSA savings hit N2trillion

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefeile has disclosed efforts to stabilize the naira adding that cumulative savings from the operation of Treasury Single Account has hit N2trillion, about $10 billion.
The apex bank Governor made the remark at an Interactive Session with Media Editors in Abuja.
“Don’t ask me because I will not disclose our strategy for now’’; as he declined to give details of the measures and modalities for their implementation.
He said, the Nigerian economy is not bad when compared with other economies in Africa.
He advised importers to restrict their imports to raw materials and equipment rather than finished products and food in order to reduce the pressure on the nation’s scarce foreign exchange.
‘’CBN will soon start a nationwide campaign to sensitise Nigerians to items excluded from importation. This is part of efforts to save more foreign exchange and stabilise the nation’s currency.
‘’The solution to free fall of the naira is by controlling the demand for foreign currencies such as the dollar. If we are able to reduce importation, the demand for the dollar will fall automatically.’’
Emefiele said the country should go back to the farm to produce what was needed.
“Public servants should also engage in farming because the only business public servants are allowed to engage in is farming. And you don’t need power to farm tomato, vegetables or fish’’, Emefeile said.
He blamed unscrupulous businessmen who engaged in illicit activities for exerting intense pressure on the dollar and other currencies.
According to him, the apex bank has ensured reasonable stability in the value of the naira by keeping official exchange to the dollar between N196 and N197 to the dollar.
Emefeile advised Nigerians to always approach their banks for their request for foreign exchange at the official rate as against patronising the black market operators.
‘’CBN does not have plenty dollars to sustain the bureau de change’’, he stressed.
The CBN boss, however, insisted that the 22 per cent depreciation of the naira was reasonable when compared with other emerging economies adversely affected by global economic recession.
‘’Zambia, for example, has depreciated its currency by about 48 per cent, Angola by 25 per cent while Brazil depreciated its currency by about 48 per cent from October last year till now. Our situation is not as bad as people think. When you devalue, there must be a structural adjustment. We have never followed up with structural adjustment.
‘’So, the approach we are adopting at the moment is that, having done a 22-per cent adjustment in the currency, let us structurally adjust our position. Let us say, look, stop importing rice; stop importing toothpick; stop importing tomato from South Africa; stop importing 20 million eggs daily from Africa.
‘’That’s the gist of what we are saying. We are saying Nigeria can do without these items. And the truth is that the reserves are no longer there.’’
Emefeile said CBN had created the enabling environment to encourage the growth of small scale businesses through the grant of soft loans to small business operators.
He said only N60 billion of the more than N200 billion soft loans meant for SMEs had been accessed so far.
He urged Nigerians to be patient with the Buhari administration in its efforts at easing the sufferings of Nigerians.

N31b fraud: Anenih, George, Odili, others may refund N630m slush fund

Some former and serving Peoples Democratic Party (PDP) members of the House of Representatives may have to refund about N600million allegedly shared to them under the last dispensation for the purpose of seeking re-election.

Several bigwigs of the party who allegedly partook of the slush funds are also expected to return to the Economic and Financial Crimes Commission (EFCC) the amount each of them collected.

Such PDP stalwarts include Bode George, Yerima Abdullahi; Peter Odili; Attahiru Bafarawa; Jim Nwobodo; Ahmadu Ali, and Mahmud Aliyu Shinkafi who all got (N100m /$30,000) each. Others are Bello Sarkin Yaki (N200m); BAM Properties(N300m); Dalhatu Investment Limited(N1.5billion); Tony Anenih (N260m); and Iyorchia Ayu’s company ( N345m)

Investigation revealed that some former and serving members of the House of Representatives got N380million public funds to campaign for re-election.

The sum was allegedly transferred to Belsha Nigeria Limited’s bank account controlled by Bello Matanwalle for distribution to support some members of the House of Representatives for their re-election campaigns.

The beneficiary Reps allegedly collected sums ranging between N10million and N50million.

The Nation gathered that the N380million was not only the slush fund made available to the Reps seeking re-election.

Some of them, sources familiar with the disbursement said yesterday, got their share directly from the Office of the National Security Adviser (ONSA).

In one of the payment mandates, Ref. No: ACCT/87/VOL.3/72 which was sent to the Branch Manager of Zenith Bank, K. City Plaza Branch, Wuse II Abuja, a new member of the House was given N50million through GTB Account 0022471014 while a ranking member smiled home with N150million remitted into UBA account 1007130385.

Yet, another Representative got his share through UBA account 1014721695 for N50million.

The EFCC has already retrieved more payment vouchers involving some members of the House.

It was learnt that the list might soon be out detailing how the affected Representatives.

A top source in the anti-graft agency said: “As we go into the trial of some accused persons, our ultimate goal is to retrieve looted funds. We will certainly ask most of these beneficiaries to refund the public funds illegally disbursed to them.

“We are eager to collect the funds back in order to channel them into the development of the nation.

“Some of these bigwigs have been making overtures to the EFCC to allow them to make refund instead of being put on trial.

“As President Muhammadu Buhari said, we will publish the list of those who may make refunds.

“A few of them will serve as our witnesses in court against accused persons.

“But we are looking for some of them who were invited but managed to sneak out of the country.

“Whatever the case and wherever they are hiding, we will bring them to justice.”

Meanwhile, fresh facts emerged last night on how some of the PDP leaders benefitted from the slush funds.

A former presidential aide, who was an insider, said: “Actually, most of the party leaders were always going to the former President Goodluck Jonathan for assistance in preparation for the 2015 poll. The usual refrain of Jonathan was ‘leave your account details with my aide’ and after some days, they got alert without cross checking where the money came from.

“The ex-president would thereafter send the bank details and instructions to the former National Security Adviser, Mr. Sambo Dasuki to disburse from the security votes and other funds in ONSA.

“I think he might have given verbal instructions in most cases but there is sufficient evidence of a few requests forwarded to the ex-NSA from the Villa.”

Asked why the ONSA was saddled with the responsibility of disbursement of funds, the source said, “the ONSA used to manage the president’s security votes, operation and maintenance of the Presidential Fleet and other exigencies including special welfare of ex-Presidents/ Heads of State.

“The ex-NSA got involved because Jonathan discovered that each time he directed that funds be disbursed, most beneficiaries were not getting the cash. He had trust in the ex-NSA and decided to saddle him with the responsibility.”

Responding to a question, the source said: “Some members of the PDP Contact and Mobilization Committee got their share directly from a former National Chairman of the party, Alh. Adamu Muazu at his residence.

“Some of these funds given to Muazu came from the former Minister of State for Finance, Amb. Bashir Yuguda.

“Yuguda also became part of the disbursement because of the trust reposed in him by the former First Family. In fact, Yuguda got his appointment at the behest of the ex-First Lady, Mrs. Patience Jonathan.

“The former First Lady’s path crossed with Yuguda when the latter was Nigeria’s Ambassador to UAE.

“For always hosting Mrs. Jonathan very well in Dubai, she spotted him as a responsible diplomat and pushed through in making him a Minister. When campaign funds were being mismanaged, the Jonathan opted for Yuguda too because of the ‘trust’ he had in him. “Old friendship and loyalty made Yuguda to be part of this scandal rocking the nation.”

In a Statement of Witness/ Caution which he wrote on oath, Yuguda admitted to the Economic and Financial Crimes Commission (EFCC) that he gave N600million cash to six chairmen of the Contact and Mobilization Committees of the Peoples Democratic Party(PDP) for the 2015 general Election.

He listed the beneficiaries as Bode George (South-West); Amb. Yerima Abdullahi (North-East); Peter Odili( South-South); Attahiru Bafarawa (North-West); Jim Nwobodo( South -East); North-Central(Ahmadu Ali).

George, Nwobodo and Odili have denied collecting cash from Yuguda. The former Rivers State Governor said he received N100m from the PDP for purposes of elelction mobilisation in the South-South zones.

Bode George admitted that only $30,000 was given to the South-West Contact and Mobilization Committee.

He also said he instructed Jabbama Limited to transfer N300million to BAM Properties whose account was given to him by a former National Chairman of PDP, Bello Haliru transferred to Jabbama Ada Global Services.

Only ex-Governor Attahiru Bafarawa admitted that he collected N100million from Yuguda through Sagir Attahiru.

The ex-Minister said: “For the cash disbursement of N600million, it was meant for the six zonal chairmen for Contact and Mobilization Committees for Election of 2015. The chairmen are Bode George (South-West); Amb. Yerima Abdullahi ( North-East); Peter Odili( South-South); Attahiru Bafarawa( North-East); Jim Nwobodo( South -East); North-Central(Ahmadu Ali). The sum of N100million was given to each chairman. I gave the money in company of Prof. Alkali, who was former Political Adviser to former President. The zonal chairmen are for the Peoples Democratic Party(PDP). I also instructed Jabbama Limited to transfer the sum of N100m to Dalhatu Limited on the request of Attahiru Bafarawa.

“I also remember that Bello Sarkin Yaki was among the people that the then NSA instructed that I send the sum of N200million to. He was the PDP gubernatorial candidate in Kebbi State.”

Yuguda, who claimed that he had liaised with Stallion Limited, gave the details of other disbursements.

He added: “I knew the chairman of Stallion Limited whose second name I cannot remember. Between December 2014 to June 2015, on the instruction of the then NSA, I introduced Jabbama Limited to a staff of the company on the instruction of the chairman.

“When the account was in credit, disbursement was made from time to time on the instruction of the then NSA. Part in foreign exchange or transfers.

“I wish to add that sometime in February 2015, I instructed Jabbama to transfer the sum of N300m to BAM Properties. The account was given to me by Bello Haliru as one of the people the former NSA requested me to give money. I also remember that Mahmud Aliyu Shinkafi was sent the sum of N100million on the instruction of the then NSA.

“Further to my statement of 30th November, 2015, I have brought the sum of $829,800(equivalent to N200m) and a N600m was given to me to distribute to the six PDP Zonal Committee chairmen. I don’t know who are the directors of Dalhatu Investment Limited but funds were transferred to the company’s account on the instruction of Dalhatu Bafarawa for the total amount of N1.5billion received from the then NSA by Jabbama Limited.

“I shall endeavour to recover the sum of N600million given to the six zonal PDP committee chairmen, while I appeal to the commission to use their machineries to trace the remaining balance of the money transferred to various accounts.”

The former Minister however denied receiving another N200million credited to him.

“I have been shown transaction of N200million from the Office of the Accountant-General to Jabbama which Jabbama said it’s on my instruction but I cannot remember this instruction until I crosscheck,” he said.

The charges against Yuguda read in part: “That you Col. Mohammed Sambo Dasuki whilst being National Security Adviser and Shaibu Salisu, whilst being the Director of Finance and Administration in the Office of the National Security Adviser, Bashir Yuguda whilst being the Minister of State for Finance between 5th February and 16th April 2015 in Abuja within the jurisdiction of this Honourable Court entrusted with dominion over certain properties to wit: an aggregate sum of N1.1billion being part of the funds in the account of the National Security Adviser with CBN committed criminal breach of trust in respect of the said property when you transferred same to the account of Jabbama Ada Global Services Nigeria Limited for the purpose of financing the campaign of PDP in the 2015 general election and you thereby committed an offence punishable under Section 315 of the Penal Code Act, Cap 532, Vol.4, LFN 2004.

“That you, Bashir Yuguda whilst being Minister of State for Finance between 23rd December 2014 and 10th February, 2015 in Abuja within the jurisdiction of this Honourable Court dishonestly misappropriated certain property to wit: an aggregate sum of $9,809,619 which was an equivalent of the aggregate sum of N1,950,000 belonging to the Federal Republic of Nigeria, which sum was transferred to Jabbama Ada Global Services to be converted into the said dollars and you thereby committed an offence punishable under Section 309 of the Penal Code Act, Cap 532, Vol.4, LFN 2004.”

News, Entertainment, Tv, Music, Video, Politics, Sports, News