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Economy & Politics

Kemi Adeosun’s hits and misses

Kemi Adeosun resigned after discovering that her NYSC exemption certificate was fake.

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Kemi Adeosun

Kemi Adeosun, Nigeria’s Minister of Finance, resigned last Friday after discovering that an exemption certificate she received from the National Youth Service Corps(NYSC) had been improperly obtained. Here is a review of her tenure, which lasted nearly three years. Adeosun was sworn in as a minister in November 2015.

HITS

Intervention for states 

One of Adeosun’s first duties was to arrange bailout funds for states in the country running into trillions of Naira. Without this, most of them would have run into crisis. In exchange, the states were required to adopt policies that would engender fiscal prudence.

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Treasury Single Account (TSA)

While Ngozi Okonjo Iweala under the Goodluck Jonathan administration made a feeble attempt to implement the Treasury Single Account (TSA) policy, Adeosun embraced it and took it to a conclusion.

Though commercial banks in the country felt the pinch from the withdrawal of funds, and some departments and agencies complained of being starved of needed funds, the policy created prudence in the management of government revenue.

Efficiency units

Adeosun also created an efficiency unit in the Ministry of Finance. The unit worked across Ministries, Departments, and Agencies (MDAs) to prevent duplication of expenses. This resulted in savings of over N10 billion annually.

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Whistleblower policy

Adeosun actively pursued the whistleblower policy which led to the country recovering billions of Naira, most notably the Ikoyi gate. At the peak of controversy surrounding the nonpayment of the whistleblower, Adeosun stated that he would be paid and over 20 whistleblowers were paid so far.

VAIDS

The erstwhile finance minister was also instrumental in promoting the Voluntary Income and Asset Declaration Scheme (VAIDS). VAIDS resulted in the number of taxpayers increasing from 14 million to 19 million.

Increased excise taxes

During her tenure, excise taxes were increased on alcohol and tobacco.  The increase in taxes which will be phased from now till 2020, are as a result of an ECOWAS policy and recommendations by the IMF.

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MISSES

Debt service remained high

Under her watch, debt service remained high. Debt service as a percentage of the 2016 budget was 24.4%. For the 2018 budget, it only dipped marginally to 21.9% of the budget. In nominal terms, it rose from N1.48 trillion in 2106 to N2.0 trillion in 2018.

FAAC receipts dwindled

Despite the rebound in crude oil prices, FAAC receipts had dwindled in the months prior to her resignation. The dire situation led to FAAC meetings being deadlocked severally, as state commissioners of finance walked out in protest.

$426 million helicopter

The government’s decision to pay $426 million for helicopters without the approval of the National Assembly. Was a big query.

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Failure to resign on time

In what is arguably her biggest miss, Adeosun failed to address the controversy surrounding how she obtained a certificate exempting her from the National Youth Service Core (NYSC). The scandal rid her of credibility, towards the end of her tenure and prevented her pushing with needed reforms.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

39 Comments

39 Comments

  1. kemi

    September 18, 2018 at 4:42 pm

    I don’t agree to what this writer is saying here… This is total lies and nonsense

  2. kemi

    September 18, 2018 at 4:45 pm

    This whack writer is talking about TSA, which rubbish conclusion, did she conclude? Can she even say it herself that she concluded it herself, you people should always find the fact, before you jump to your nonsense conclusion?

  3. kemi

    September 18, 2018 at 4:49 pm

    What I just don’t like about you people is this, must you involve someone in your stupidity, must you people involve Ngozi Okonjo Iweala (WORLDBEST) in your failure… There’s nothing you can do about it, she’s above you people by far, because she wasn’t the cause of your failure, please leave her out of this…

    • Anonymous

      September 19, 2018 at 9:43 am

      What else can we say when the political class and those that have benefited from corruption have blackmailed the larger society with the man made crises and always looking for how to cover up their mistake just to continuously deny us of social justice and freedom.

  4. Folusho

    September 18, 2018 at 5:27 pm

    You people have come with your bias again. Dr. Okonjo-Iweala supervised Nigeria’s finances and her sterling record remains incontrovertible.

  5. Folusho

    September 18, 2018 at 5:28 pm

    The TSA originally is the brain-child of this outstanding woman, and she made sure it was implemented across board, like we see today, up to 75% compliance level. It defies any logic if 75% performance can be termed ‘a feeble attempt’.

    • Deji

      September 19, 2018 at 9:38 am

      Thank you. I don’t know in what books 75% implementation is seen as feeble. I even read that N500bn was saved as at 2014. So I don’t know what this writer is high on. Even the present admin in all their fumblings, acknowledge the effectiveness of the TSA introduced, implemented by NOI

    • Temidun Olaronke

      September 19, 2018 at 9:42 am

      The so called TSA was introduced and implemented by Okonjo Iweala by the time the government came in, so I don’t know where you guys came about the story that it was Adeosun who embrace it and took it to a conclusion whereas she only worked with the template CME laid down.

  6. Folusho

    September 18, 2018 at 5:29 pm

    Adeosun definitely embraced it, because she saw the ingenuity and potency of the idea and she ran with it. And for someone who had to resign after a protracted period of inglorious silience, amidst dwindling remittances into the TSA, you bet ‘she indeed took the policy to a conclusion

  7. Folusho

    September 18, 2018 at 5:33 pm

    Your statement about Dr. Okonjo-Iweala is definitely flawed. 75% implementation of the TSA saved the country lots of money from being wasted during her tenure and there are facts and figures to back this up. In fact, it was the template she laid that Mrs. Adeosun merely worked with.

  8. Folusho

    September 18, 2018 at 5:33 pm

    OBJ knew her achievement and vastness in financial matters, that it’s almost impossible to get someone of her caliber to help run the economy, that was why she was pulled in and she did commendably well.

    • Folusho

      September 18, 2018 at 5:41 pm

      The contributions and achievements of Dr. Okonjo-Iweala while in office can as well be done or even surpassed by someone who is equally up to the task, but you trying to water down her efforts and contributions betrays your bizarre and malicious agenda.

  9. kemi

    September 18, 2018 at 5:39 pm

    So, you people are telling me that her HITS are more than her MISS, you people are a joker…Someone, that bows down to pressure, that can withstand it… And now, you people will come and be comparing NOI to her, can she stand all the things NOI endured… I bet she can’t, because she’s obviously not strong.

  10. Folusho

    September 18, 2018 at 5:42 pm

    You need to read her recent title on fighting corruption in Nigeria, and why corruption seems to be winning the fight back. Let us go beyond the headlines and hear from those who are in the know, why we are still losing this war on corruption

    • Folusho

      September 18, 2018 at 5:42 pm

      She indeed mentioned several instances in her book in most cases where she did what she could to fight corruption and impunity at the risk of her life and career.

  11. Folusho

    September 18, 2018 at 5:42 pm

    One of the things with us is we don’t value what we have. A lot of untoward characters are feeding off this chaos and won’t want men and women of good intention to get in there, assume needed control, time and space to turn things around and set us on the path of progress.

    • Folusho

      September 18, 2018 at 5:43 pm

      But you can never stop a rolling stone, that is why each year keeps getting better for someone like NOI. Her recent appointment into the board of Twitter is another trophy for her already over-crowded trophy cabinet. Brands like that won’t touch a corrupted hand with a long pole

  12. kemi

    September 18, 2018 at 5:47 pm

    When NOI was the Minister of finance, she worked so hard that she helped the country out of debts…Now, that madam is there, the debts kept piling up, and she couldn’t do anything about it, but to go and pay NYSC for certificate, that is all she can do… SMH. Thank God, you resigned on time, because you don’t fit for the position at all.

  13. kemi

    September 18, 2018 at 5:50 pm

    If you want to do something in life, learn from the PROS, so that you can be like them… Madam, go and learn from NOI, be humble and let your senior put you through it… Don’t be prideful against someone that is more powerful than you. Humility is the key

  14. kemi

    September 19, 2018 at 9:22 am

    Why can’t you people just leave the great woman (NOI) alone, what has she done for you people, huh? All what the woman did for us has always been good things, why must you people pay her with evil by saying trashy things about her… Its so unjust, please grow up.

  15. kemi

    September 19, 2018 at 9:23 am

    Wait sef, who wrote this piece of junk? I’m just curious

  16. kemi

    September 19, 2018 at 9:24 am

    Must you people compare best and worse, together. it’s not possible… You can’t just be comparing great NOI and NYSC certificate forger together, so can you see that its not possible to compare them. So, comparing because people know the best from the worst.

  17. James

    September 19, 2018 at 9:38 am

    Seriously though, you guys can make Kemi look good without having to make NOI look bad. Didn’t she save more than 500 billion with the implementation of TSA which was her sole idea in the first place? That doesn’t sound like “feeble” to me.

  18. Rita

    September 19, 2018 at 9:41 am

    All these APC paid hacks will never keep NOI out of their mouths. Wetin concern her with Kemi crime now? You are writing an article on a certificate forger and you just had to bring up an accomplished woman that is chilling on her new Twitter job jeje. Smh

    • Anonymous

      September 19, 2018 at 10:46 am

      I thought I was the only one that noticed it. I stopped reading when they mentioned her name.

  19. Anonymous

    September 19, 2018 at 9:44 am

    What else can we say when the political class and those that have benefited from corruption have blackmailed the larger society with the man made crises and always looking for how to cover up their mistake just to continuously deny us of social justice and freedom.

  20. chi

    September 19, 2018 at 9:45 am

    Why does there always have to be comparison between the certificate forger and Ngozi Okonjo-Iweala? You claim NOI made a feeble attempt to implement a policy she created. Does that make sense to you? Why would she think up something so brilliant if she didn’t mean to implement it anyway?

  21. Anonymous

    September 19, 2018 at 9:48 am

    These chaps will never stop writing until they are being taught a lesson. If you want to praise Adeosun, then go ahead and stop all these lies. And if I may ask, with the number of years Adeosun used as the finance minister, what has she achieved?

  22. Deolu Davies

    September 19, 2018 at 9:55 am

    Another article hiding behind the Adeosun saga to discredit Okonjo-Iweala’s immense contribution with the TSA and introducing transparency and accountability to the Nigerian government. One thing that can never be discredited is that the TSA became operational in 2012 with MDAs in Abuja as pilot and in 2014 was extended to all MDAs outside Abuja. As at 2014, it saved about N500bn and here’s a 2014 Vanguard article to ascertain this fact: https://www.google.com.ng/amp/s/www.vanguardngr.com/2015/01/fg-saves-n500bn-through-implementation-of-single-treasury-account/amp/
    Who chaperoned this? The “feeble-attempt” NOI, no? SMH

  23. Zahra Adeeko

    September 19, 2018 at 10:00 am

    I’m reading this, getting along but got to the TSA part and the writer had the effrontery to say NOI made “a feeble attempt” to implement? 75% implementation and a saving of $ from 2010 to 2015 is a feeble attempt?????? Even the fact that this incredible woman introduced this accountability management system to sanitise our corruption-ridden civil service is more than huge. I’m really disappointed in Nairametrics. I felt you were a fact-finding objective stat-based pub, this biased view is a low to your credibility, Ugodre and co.

  24. Rita

    September 19, 2018 at 10:19 am

    Did Oshiomohle write this piece?

    • Anonymous

      September 19, 2018 at 10:21 am

      Lmao. My sister, E reach to ask oh. APC damage control is never complete until they bring down someone from the last admin. And I was beginning to develop a lot of respect for this site.

  25. Crave

    September 19, 2018 at 10:22 am

    The obligatory “let us mention Ngozi Okonjo-Iweala in our article to get hits,” is becoming pathetic.

  26. Sarah

    September 19, 2018 at 10:36 am

    The mention of an achiever like Ngozi Okonjo Iweala is uncalled for and it seems you are trying to be partial in this preconception you call analysis.

  27. Sarah

    September 19, 2018 at 10:40 am

    I shouldn’t be the one letting you people @Nairametrics know the fact that our able former finance minister Ngozi Okonjo Iweala and the former government introduced the TSA and implemented it up to 75% before Kemi came on board.

  28. Usman

    September 19, 2018 at 10:42 am

    The words “give honour to whom honour is due” is not far-fetched, and you can praise Kemi for her attributes, but trying to downplay a globally known icon as Ngozi Okonjo Iweala is appalling on your path.

  29. Sarah

    September 19, 2018 at 10:43 am

    Hmmm… So a living legend like Mrs. Ngozi Okonjo Iweala prepared a path that made life easier for Nigeria’s economy, and this is what Nairametrics can convey to us instead of applauding her. Give up the lies already please.

  30. Usman

    September 19, 2018 at 11:24 am

    So you want to undermine someone’s reputation without doing your assignment first. Nairametrics should come for a special training on how to effectively raze an individual, and please it is not free.

  31. Deolu

    September 19, 2018 at 11:43 am

    Another article hiding behind the Adeosun saga to discredit Okonjo-Iweala’s immense contribution with the TSA and introducing transparency and accountability to the Nigerian government. One thing that can never be discredited is that the TSA became operational in 2012 with MDAs in Abuja as pilot and in 2014 was extended to all MDAs outside Abuja. As at 2014, it saved about N500bn and here’s a 2014 Vanguard article to ascertain this fact: https://www.google.com.ng/amp/s/www.vanguardngr.com/2015/01/fg-saves-n500bn-through-implementation-of-single-treasury-account/amp/
    Who chaperoned this? The “feeble-attempt” NOI, no? SMH

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Economy & Politics

FG inuagurates 2nd National Voluntary Review Report on SDGs

The report enables member countries to exchange experiences and knowledge on Sustainable Development.

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Federal Government has inaugurated the second National Voluntary Review Report on Sustainable Development GoalsThis was disclosed by the Senior Special Assistant to the President on Sustainable Development Goals, Mrs Adejoke Orelope-Adefulire on Tuesday. 

The report was launched after a virtual presentation session of the High-Level Political Forum of the United Nations (UN). 

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Meanwhile, the UN had offered to assist the Nigerian Government to realize its developmental aspirations most especially those related to the SDGs. 

The UN Resident Coordinator in Nigeria Edward Kallonhad explained that he visited Nigeria to explore better ways of collaboration between the two agencies in line with the recent reforms going on in the UN, which are being driven by Amina Mohammed, the Deputy UN Secretary-General. 

According to him, UN is looking for innovative ways to come up with a robust collaboration framework that will foster a more solid and workable partnership by way of creating a platform for Nigeria to leverage on and support its developmental aspirations most especially, the implementation of the SDGs. 

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Why it mattersThe report enables member countries to exchange experiences and knowledge on Sustainable Development. It would feature Nigeria’s most important priorities as it is nearly impossible to achieve all SDG’s because of the limited economic challenges. 

According to Orelope-Adefulire, the goals prioritized by the governments were no poverty, health and wellbeing, education, economic growth, security & peace and partnerships. 

She said, “Poverty is more than the lack of income and resources to ensure a sustainable livelihood. Its manifestations include hunger and malnutrition, limited access to education and other basic services, social discrimination and exclusion as well as the lack of participation in decision-making. Economic growth must be inclusive to provide sustainable jobs and promote equality. 

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“Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs that stimulate the economy while not harming the environment. Job opportunities and decent working conditions are also required for the whole working-age population.”

She added that the agency would prioritise seven goals and reached out to the private sector, women organisations, CSOs, youth groups, academia and people living with disabilities; finding out from them what needs to be done. 

 

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Economy & Politics

Just-in: FG kickstarts its 774,000 jobs SPW initiative as Buhari backs Keyamo

The initiative plans to employ 1,000 persons from each of the 774 LGA in the country.

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FG urges DStv, MTN, others to offer free subscription, airtime, data to Nigerians

Despite the opposition from members of the National Assembly, the Federal Government have formally kick-started the Special Public Works (SPW) programme, which was designed to create 774,000 jobs across the nation, with the inauguration of the State Selection Committees.

This was disclosed in a tweet post by the Federal Government on its official Twitter handle on Tuesday, July 14, 2020.

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In the tweet post, the Federal Government said, ‘’The Special Public Works Programme of the Federal Government has kicked off nationwide. The State Selection Committees have been inaugurated and have commenced work. Find the names and contact details of members of your State’s Committee here.’’

The National Assembly had earlier called for the suspension of the programme, following disagreement and altercations with the Minister of State for Labour and Employment, Festus Keyamo, over the operations and processes of the programme.

 

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This programme, which is coordinated by the ministry of labour and employment, was part of the federal government’s intervention programmes and fiscal stimulus measures to help cushion the negative impact of the coronavirus pandemic on Nigerians.

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The initiative which is expected to start on October 1, 2020, plans to employ 1,000 persons from each of the 774 local government areas in the country. Each of the beneficiaries of the programme will be paid N20,000 monthly to carry out public works.

The implementation agency for the programme is the National Directorate of Employment (NDE).

The Minister of State for Labour and Productivity, Festus Keyamo, while performing the virtual inauguration in a joint address with the Director-General of NDE, Nasir Ladan Argungu, disclosed that an inter-ministerial committee drawn from 8 ministries and headed by the NDE recommended the setting up of states’ selection committees to identify and recruit those to be engaged under the programme

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It can be recalled that Keyamo, has been at loggerheads with the federal lawmakers over the implementation of the SPW programme. The lawmakers had insisted that the Minister must seek their inputs before going ahead with the constitution of the 20 man states selection committees. They also accused Keyamo of trying to hijack the programme from the NDE, who should be the implementation agency.

But the Minister, while appearing before a joint committee in the National Assembly accused the lawmakers of trying to hijack the process. He insisted that President Buhari gave him the mandate to directly supervise the programme and as such he is the only one that can ask him to stop.

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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

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Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

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READ MORE: Network operators accept government’s ‘shared facility arrangement’ that limits financial risk 

All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor, Seyi Makinde also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

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READ ALSO: Diageo to invest $219 million in renewable energy in Nigeria, six others

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

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