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Economy & Politics

President Buhari reacts to INEC shifting 2019 elections

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African Development Bank, Process and Industrial Development, P&ID court case against Nigeria, President Muhammadu Buhari | Federal government, external debt serving

President Muhammadu Buhari, has appealed for calm following INEC’s rescheduling of Presidential and National Assembly elections.

The elections which were billed to take place today, were moved to Saturday 23rd February, 2019 due to logistic issues.  Governorship, State House of Assembly and the FCT Area Council Elections will now hold on 9th March, 2019.

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The President made this known in a series of tweets from his twitter handle.

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Patricia

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]

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Economy & Politics

Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots

The accusation was described to be an obvious campaign of lies and calumny.

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Twitter deactivate Yemi Osinbajo's Twitter account, How Nigeria's LPG sector can create 2 million jobs -Osinbajo, budget support, NEC okays $250 million investment in NSIA , MSMEClinic gets 200,000 capacity yam storage facility in Benue, Accusations of Yemi Osinbajo receiving N4 Billion from recovered loots are baseless- Presidency

The office of the Vice President has reacted to a series of tweets accusing Professor Yemi Osinbajo of instructing the embattled acting Chairman of the EFCC, Ibrahim Magu, to release the sum of N4 billion out of N39 billion that was recovered from alleged looters. 

These allegations have been described as “false and baseless”. 

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READ ALSO: UPDATE: President Buhari appoints Prof. Gambari as new Chief of Staff

A statement that was signed by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said, with all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purposing to reflect goings-on at the probe panel investigating Mr Ibrahim Magu”. 

Ibrahim Magu was relieved of his duties this week, after a probe was conducted on his activities as Acting Chairman of the nation’s anti-graft agency. He has since been replaced with Mohammed Umar. 

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READ MORE: Just In: DSS invites EFCC’s Acting Chairman, Ibrahim Magu for questioning)

Meanwhile, the statement by the Presidency also complained about the recent rise in people being paid to “peddle blatant falsehoods” against the Vice President and says Mr Osinbajo “will not be distracted by these obvious campaigns of lies and calumny”. 

The statement added that the online publications “being criminally defamatory in nature”  have been referred to law enforcement agencies for investigation. 

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Economy & Politics

Minister of Petroleum explains reasons for subsidy removal

The Minister said it was unrealistic for the government to continue with the subsidy regime.

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IOCs, Nigeria, Timipre Sylva, crude oil, Minister proposes 2020 timeline for rehabilitation of Warri, Kaduna refineries , FG to cut huge energy cost through gas commercialisation initiative, FG discloses plan to sell fuel at N97 per litre , FG give reasons why it won’t allow marketers determine petrol price despite deregulation, FG explains reasons for deregulating downstream oil sector

The Federal Government has explained the reason for the deregulation of the downstream sector of the oil industry. The government said that this was to ensure economic growth and development of the country.

This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, in a press statement on Thursday, July 9, 2020, in Abuja.

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Sylva said that it was unrealistic for the government to still continue with the subsidy regime, especially with the Premium Motor Spirit (PMS) otherwise known as petrol, as it had no economic value.

He asked Nigerians to ignore the misinformation and misguided comments that have been in the public space on the issue.

According to the Minster, ‘’It has become expedient for the Ministry of Petroleum to explain misconceptions around the issue of Petroleum Products Deregulation. After a thorough examination of the economics of subsidizing PMS for domestic consumption, the government concluded that it was unrealistic to continue with the burden of subsidizing PMS to the tune of trillions of Naira every year.’’

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“More so, when the subsidy was benefiting in large part the rich rather than the poor and ordinary Nigerians. Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage private sector to take over the role of supplying Petroleum Products.

READ MORE: DPR allays fears of possible looming fuel scarcity, says it has enough stock

He pointed out that in line with global best practices, the price of petroleum products will be determined by market forces. He, however, added that the government will continue to play its traditional role of regulation and ensure that it was not priced arbitrarily by private sector suppliers.

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Sylva said that the regulatory function will be similar to that played by the Central Bank of Nigeria in the banking sector where they try to make sure that deposit money banks do not charge arbitrary interest rates on its customers.

The minister noted that the government has earlier revealed that an increase in crude oil prices would also reflect at the pump price of petroleum products.

Going further Sylva said, ‘’Indeed, one of the reasons we have been unable to attract the level of investments we desire into the refining sector has been the burden of fuel subsidy. We need to free up that investment space so that what happened in the Banking Sector, Aviation Sector and other Sectors can happen in the Midstream and Downstream Oil Sector.’’

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” We can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce Pump Price and keep it permanently low. Let us, therefore, ignore the antics of unscrupulous middlemen who would want status quo ante to remain at the expense of the generality of Nigerians.,” he added.

READ MORE: NNPC releases audited financial statements, refineries record losses of N154 billion

He disclosed that the deregulation policy will attract more investments into the oil sector, create more jobs and opportunities and free up trillions of naira to develop infrastructure instead of enriching a few Nigerians.

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The minister noted that government who is mindful of the impact of higher PMS prices on Nigerians is working to roll out the auto gas scheme which will provide citizens with alternative sources of fuel at lower cost.

 

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Economy & Politics

AFCFTA is a powerful tool for Africa’s economic integration – ECA

The pandemic has given African an opportunity to review its poor healthcare infrastructure,

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AFCFTA is a powerful tool for Africa’s economic integration –ECA

The Executive Secretary of the UN Economic Commission for Africa (ECA)Ms Vera Songwe, said the African Continental Free Trade Area (AFCFTA) is a powerful tool to accelerate regional and economic integration in Africa. 

The statement was made during a virtual panel by the African Union marking the Africa Integration for the Continental Free Trade Agreement. 

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She urged that Continental Free Trade Agreement would be Africa’s Marshall plan. Adding that nobody could have predicted the deep effects of the economic crisis on the continent.

“We need to talk about Africa and the AfCFTA. Our Marshall Plan is the AfCFTA. The AfCFTA is our plan, so let us take it and run with it.

 “The Marshall Plan for Europe was about 160 per cent of their GDP traded to bring back growth after the war,” she said. 

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She added that implementation of the AFCFTA, would help the continent have control of its economic future. She added that the UN Economic Commission for Africa forecasts African GDP would decline by 3.2% to -2.8% in 2020 due to the effects of the pandemic. 

(READ MORE: COVID-19: Take-off of Africa Free Trade Zone “AFCFTA” Postponed)

She stressed the need for a continental financial system integration to implement a mutual system of financial stability for sub-Saharan monetary cooperation, while also urging that Africa builds on progress made from implementing The Afreximbank Exchange Facility. 

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 “We need to ensure that as we build the AfCFTA and trade integration, we begin to build stronger, much more robust monetary and fiscal systems that can ensure that as a continent we actually can work with each other in a more effective way,” Songwe said. 

She also urged that the pandemic has given Africa an opportunity to review its poor healthcare infrastructure, citing countries like South Africa, Ethiopia and Morocco developing new healthcare systems. 

Songwe was joined on the panel by Mr Mukhisa Kituyi, Secretary-General of UNCTAD and Mr Benedict Okey Oramah, the President of the African Export-Import Bank (Afreximbank), Mr Wamkele Mene, first Secretary-General of the AfCFTA; Mr Chileshe Mpundu Kapwepwe, Secretary-General COMESA; and Paolo Gomes of AfroChampions. 

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The panelist jointly agreed that the economic crisis due to COVID-19 was an opportunity for Africa to learn lessons on the needs for Industrial developments by producing its own pharmaceutical industry.

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