On Return, Buhari Sets To Rejig Cabinet; CBN Gov, Fashola, 'almighty' Kyari, Babachir, Others To Be Affected, Oshiomhole, Others In

A report published by News Punch yesterday over possible cabinet shake by President Muhammadu Buhari on return from United Kingdom medical vacation has just been confirmed by the renown Punch Newspaper on Sunday.

Punch Newspaper affirmed that President Muhammadu Buhari has concluded plans for a major overhaul of his administration, reliable sources in government revealed.

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The sources, who spoke on condition of anonymity because of the sensitive nature of the subject, said the changes were going to be ‘earth-shattering’ because a few of the President’s powerful aides and prominent members of the administration would be affected. 

Findings according to Punch Newspaper also revealed that the Governor of the Central Bank of Nigeria, Godwin Emefiele, is likely to be affected by the changes.

A senior government official, who preferred anonymity said, “In the next few weeks, we are entering the second half of this administration. I can tell you that a major cabinet reshuffle is on the way. 

Ministerial vacancies for Kogi and Gombe states would be filled, while there would also be an exchange of portfolios.

“Some junior ministers, whose relationships with their senior counterparts are not smooth would also be redeployed.”

A source within the administration, who is privy to the details of the planned changes, said the country would soon witness greater synergy between the President and Vice-President Yemi Osinbajo. 

The source added that under the new scheme of things, the President intended to assign more important national duties to Osinbajo.

Buhari, who will resume duty on Monday after a 49-day medical vacation in London, is said to have been very impressed by what a source in government described as the ‘performance, competence and loyalty’ of  the Vice President, who served as Acting President while he was away.

When asked why it took the President two years to synergise fully with his deputy, the source replied that both men had  always been closer than the public knew.

“The President and the Vice President have always been on the same page. They are close. He likes to delegate tasks to the VP. 

However, not much could be done in the past because of the interference of some people close to the President. The President is determined to remove those who interfere so that his administration can build on its recent strides,” the source, who is a senior government official, said.

It was learnt on Saturday that besides filling vacancies in his cabinet, the President  would redistribute some ministerial portfolios. He may also divest the former Governor of Lagos State and current Minister of Power, Works and Housing, Babatunde Fashola, of one of his portfolios.

The senior government officials who spoke to SUNDAY PUNCH were however not forthcoming with the names of those likely to be affected by the changes. They said the President liked to keep such things close to his chest. However, independent findings by one of our correspondents revealed that  those to be removed may include the Chief of Staff to the President, Abba Kyari; the Secretary to the Government of the Federation, Babachir Lawal; and some ministers who have been adjudged as under-performing. A former Governor of Edo State, Adams Oshiomhole, is expected to join the cabinet.

The source explained the criteria the President would use in reshuffling his cabinet.

He said besides measuring the performance of each cabinet member, the President would also examine the relationship between senior and junior ministers.

Currently, two states, Kogi and Gombe, have no representatives in the Federal Executive Council.

Kogi State’s position became vacant following the death of a former Minister of State, Labour and Employment, Mr. James Ocholi (SAN), in a road accident on March 6, 2016.

The Minister of Environment, Amina Mohammed, who hails from Gombe, left the Federal Executive Council last month when she assumed duty as the Deputy Secretary-General of the United Nations.

There has been speculation since late last year that the President would carry out a major cabinet reshuffle.

In Kogi State,  it was learnt that already, there was intense rivalry among various groups to  fill the vacant slot for the state

According to a report, the Kogi East zone, where Ocholi hailed from, had expressed concern about the  delay in picking one of them to replace the late minister.

Also,  the All Progressives Congress  in Kogi West was reported to be interested in filling the vacant slot of the state.

The President,  after his return on Friday,  promised to rededicate himself to serve Nigerians.

He said  he returned on Friday deliberately so that he could continue his rest while the Vice-President, Prof. Yemi Osinbajo continued working.

“I deliberately came back towards the weekend so that the Vice-President will continue and I will continue to rest,” the President said.

He also took a retrospective look at his about-two-month medical sojourn in London, and declared that he had never been this sick.

His statement contrasted sharply with that of top government officials who had insisted that he was hale and hearty.

“I couldn’t recall being so sick since I was a young man, including in the military with its ups and downs,” he said.

Buhari added that He said he remained grateful to all Nigerians who had been praying for his good health.

He said the support he had received was a testimony that in spite of the hardship being experienced, Nigerians were behind the government in its efforts to tackle the country’s challenges.

Buhari’s spokesmen, Garba Shehu and Femi Adesina denied knowledge of the impending reshuffle.

Watch CBN Forex Fraud Video By Arrested Gbadamosi That Earned Emefiele FG's Query .. You'll Cry For Nigeria

A Peoples Democratic Party (PDP) chieftain, Babatunde Gbadamosi has said he was released by the Department of State Services (DSS) without preconditions.

Gbadamosi, who was arrested last week,regained his freedom on Thursday.

“I was freed without preconditions. They just allowed me to go without filing charges,” he told Premium Times.

He also expressed his appreciation to those who spoke out after he was arrested.

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“I appreciate the efforts of Nigerians and the sacrifice they made to secure my freedom.

“I will brief them extensively about what happened after briefing with my lawyers”, he added.

Watch The Video:

Before his release today, While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.   

In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President’s allies and the cronies of CBN big-wigs are receiving them at ridiculously low rates of N3/$1.

Every effort to secure Mr Gbadamosi’s release has proved abortive. The DSS has ensured that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing this classified information about forex sales. 

Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the policies of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.   

Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.   

Gbadamosi quoting various media sources in the video stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People were given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.   

With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction. He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. 

A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sales of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17. 

In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others. 

This video leads the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got a foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1. 

Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.” Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday. 

The allegations in the attorney general’s letter to Emefiele includes:- 

1. alleged corruption in the apex bank’s “foreign exchange allocation transactions. 

2. Questionable policy in CBN’s allocation and sale of foreign currency to Nigerians. 

3. Arbitrary allotment of different exchange rates for same purposes. 4. Allocation of conflicting foreign exchange rates. 

The DSS has not charged Mr. Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest. 

It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that oversees the foreign currency fraud that almost crippled the Nigerian economy while the man who sacrificed neck for us, is under chain and locked up in secret detention center.

Source: Nigerian Newspaper

Crippling Financial System: CBN Indicts FG

The Punch Newspaper - The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday called on the Federal Government to urgently evaluate the level of its domestic indebtedness and develop a framework for settling these debts.

The committee, in a communique issued at the end of its two-day meeting held at the headquarters of the CBN in Abuja, warned that the huge government indebtedness to economic agents had slowed down business activities.

In the communique, which was read by the CBN Governor, Mr. Godwin Emefiele, the committee noted that the development was not good for the economy as it was compromising the integrity of the financial system.

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While reiterating that monetary policy alone could not address the current economic crisis, the CBN governor noted that the committee called for an enrichment of fiscal and other sector initiatives and interventions towards resolving the growth challenges in the economy.

He said these interventions were vital in order to promptly revive confidence in the economy.

Emefiele said, “Members stressed the need for a robust and more keenly coordinated macroeconomic policy framework that would restart output growth, stimulate aggregate demand and rein in inflation expectations.

“The MPC urged the Federal Government to urgently assess the extent of its indebtedness to domestic economic agents and develop a framework for securitising the debts in order to settle its outstanding domestic contractual obligations, which cut across all sectors of the economy.

“These accumulated debts have slowed the business activities of economic agents, most of who are indebted to the banking system, thus compromising the integrity of the financial system. It also advised the bank (CBN) to commit to greater surveillance and deployment of early warning systems in managing the banking system.”

The CBN governor said the committee called on security agencies to sustain their checks on the activities of illegal foreign exchange operators in order to bring sanity to that segment of the market.

He said, “The extant foreign exchange regulation outlaws the trafficking of currency on the streets as some unlicensed operators currently do.

“Thus, to evolve an appropriate naira exchange rate that stabilises the foreign exchange market, Bureau De Change operators must strictly observe the terms and conditions of their licences.”

On whether the CBN was supporting jail terms for people hoarding dollars, Emefiele said the apex bank would not support any such move.

He said while the current foreign exchange regulations of the CBN did not in any way support jail term for people who hoard dollars, he was aware that the Nigerian Law Reform Commission was working towards reviewing the regulations.

The apex bank boss, however, added that the CBN would not support any move to prescribe jail terms for people who hoard dollars.

He said, “Let me use this opportunity to reiterate that it is not in our foreign exchange regulations that people should be jailed or their dollars confiscated. But I am aware because just today (Tuesday), I was told that the Nigerian Law Reform Commission is looking at reviewing the exchange regulations, just like it normally will from time to time depending on the exigency of the time.

“We have not been contacted regarding whether or not some of the clauses that are involved are included in the review to be conducted by the Law Reform Commission.

“But I am saying here categorically that if we are contacted, or whenever it becomes an issue for discussion, we will advise against a clause that forbids people from keeping their dollars if they chose to, or a law that says people should be jailed for keeping foreign currencies.”

When asked if the apex bank was concerned about some of the risks facing the banking system owing to the current economic crisis, the CBN governor admitted that while all players in the financial system were facing “tremendous risks,” the central bank would ensure that they would not crystalise to a point where depositors’ funds would be lost.

He said, “As a result of the current challenges being faced by the global economy, all agents in the financial system, such as banks and other players, are facing tremendous risks.

“When there is a slowdown or recession, naturally banks will face certain risks such as non-performing loans rising and different other risks, and this imposes on the regulator a greater challenge to ensure that it strengthens its prudential guidelines to ensure that the banks and particularly depositors are protected.

“Nigerian banks, like other banks in other climes, are facing risks. But those risks are surmountable, and the central bank is doing all its best to ensure those risks don’t crystalise to a point where we will begin to talk about depositors losing their deposits. So for that reason, the rumour about banking sector risks is overtly elevated.”

On whether the apex bank was considering reducing the number of BDC operators so as to better regulate their activities, the governor said the CBN might consider that option at the appropriate time.

He said, “We believe that everybody (BDC) is entitled (to have a licence) once the regulations are set; there is no need to preclude you if you meet the conditions. But of course, naturally, the regulator, which is the CBN, has a right to put in place policies that limit entry. If we want to limit entry, we know what to do.

“I can assure you we will do it anytime we decide to limit entry or even exacerbate exit from the market, and that is something we will look into at the appropriate time.”

On the foreign exchange inflow through the CBN, the governor said the country recorded a decline of $447.5m or 31.85 per cent from $1.4bn in September to $957.37m in October.

He attributed the decrease to lower crude oil and other government revenues in the period under review, lamenting that despite the resumed Joint Venture payments in October, the total outflows also continued to decrease.

Foreign exchange outflows, according to him, dropped significantly by 58.68 per cent from $2.25bn to $1.01bn during the period.

Emefiele said the committee implored the CBN to continue to direct more focus at making foreign exchange available to the agriculture and manufacturing sectors of the economy.

This, according to him, can be achieved by enforcing its policy directing Deposit Money Banks to allocate 60 per cent of the available foreign exchange to these sectors.

On the Monetary Policy Rate, the CBN governor said the committee decided to leave it unchanged at 14 per cent.

He explained that all the 10 members who attended the MPC meeting agreed to maintain the current monetary policy stance.

Apart from the MPR that was retained at 14 per cent, the governor said the committee also voted to retain the Cash Reserves Ratio at 22.5 per cent.

Also retained were the liquidity ratio, which was left at 30 per cent; and the asymmetric window, which was left at +200 and -500 basis points around the MPR.

We'll Allow Rice IMPORTATION Till 2017 - FG

The Minister of Agriculture, Audu Ogbeh has said Nigeria will stop the importation of rice next year.

Ogbeh said this at a joint Anchor Borrowers rice farm inspection with the Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele and the Governor of Niger State, Alh Abubakar Bello, at Sunti, Lavun Local Government Area of Niger State.

“The federal government’s massive rice production programme, has made huge impacts on the nation’s rice supply and will therefore end rice importation into the country as from next year,” he said.

Ogbeh also said the Federal Government was planning on distributing improved seedlings to farmers.

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CBN Governor, Godwin Emefiele while speaking said the CBN was convinced that Nigeria can achieve its objectives of putting a total barrier on food importation.

“We were convinced at the CBN that the nation was wasting foreign exchange in the importation of food items that we can conveniently produce at home. That was why we chose specific crops such as rice, wheat, soya beans and cotton as the immediate target of the programme.

“The results are there for all to see that indeed, the decision to grow the food that we eat in the country makes a great economic sense. By growing our food at home, rather than import them, we create jobs for our people, create wealth and conserve foreign exchange for other uses”, he said.

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Diaspora Group Demands Emefiele's Sack Over Poor Handling of Naira

Nigerians in Diaspora Monitoring Group, NDMG, has asked President Muhammadu Buhari to seek the approval of the Senate to immediately sack the Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele over what it termed long-running incompetence and deliberate sabotage of the country's economy through questionable monetary policies that ruined the naira.

It threatened to shut down Nigeria High Commission in London should Emefiele not be immediately removed as CBN governor while other chapters of the group have been contacted to take similar actions at the nation's various diplomatic missions.

NDMG said the problems caused by are so grave that he should have been fired immediately while the President retroactively seek Senate's backing but that the need to adhere to due process and the necessity of not spooking the economy were the only argument against such approach. 

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A statement issued by the United Kingdom coordinator of the group, Engineer Adeka Oyinlo, noted that anyone with honour would have resigned as the apex banker without being prompted given the unprecedented free fall of the naira under Emefiele's watch.

The statement said similar to the employment scandal in which the apex bank boss illegally hired relations of those he wanted to please, the distress of the naira was worsened by steps that the CBN governor took to service the interests of his cronies in and out of government.

It argues that "We have seen Mr Emefiele converting the Central Bank into the personal bank of his business friends which he used to raise dollars for them to execute projects not just in Nigeria but also in other African countries without a thought for how this would affect the nation's economy.

"The CBN has also largely abdicated his and the bank's regulatory roles to the commercial banks under the Bankers' Committee, which has consequently created a situation where a clique takes decisions to the detriment of 180 million Nigerians so long as their bottom line is met.

"This perhaps explains why Emefiele's reactions to the troubled naira has been nothing short of knee jerking that has seen series of policy summersaults that occurred within days in some instances. Not only have the responses been inconsistent they also appeared to be targeted at making life miserable for the populace while strengthening the hands of the forex cabal.

"Round tripping and false declaration of forex application have continued unabated while Emefiele looks the other way as his buddies on the Bankers' Committee make killings on hourly basis. The CBN Governor's only intervention is to further compound the problem by removing those who stand in the way of his friends' profit.

"For the avoidance of doubt, Nigerians who have to seek medical treatment abroad are dying, not just because treatment has become more expensive in dollars-naira terms but also because they now face impossibly long delays in getting forex to commence treatment. Too many youths have also been forced to abort their education abroad and consequently shatter their dreams.

"These nightmarish scenario must end, which is why we are asking President Muhammadu Buhari to immediately approach the Senate to get the necessary backing for Mr Godwin Emefiele's removal as CBN Governor. Where Mr President does not immediately remove him we will mass at Nigeria's High Commission in the United Kingdom and ensure that the place remains on lockdown.

"We have fortunately secured the understanding of our chapters in other countries to take similar steps to drive home the message. Those of us in the Diaspora now bear untold burden because of the hardship trailing Mr Emefiele's poor handling of the naira, which we have been able to establish as a deliberate act of sabotage," the statement said.

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How CBN Deepening Recession By Reestablishing Dual Forex Rates To Gift Billions To Cabal

The Nigerian Central Bank has once again silently maintained a dual forex exchange rate, further aggravating Nigeria’s economic recession while festering corruption.

In June of this year, after being implicated in the triggering of the economic collapse, the Central Bank announced the floating (devaluation) of the Naira to allow the interbank rate match up with the parallel market, BDC rate. However since then, while the BDC rate has further dropped to N465/$1 (currently), the interbank rate has been artificially held at around N312/$1. This has thus created and maintained a 50% disparity between the two rates.

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Periodically injected CBN announcements and sudden new regulations have targeted the BDC dollar supply thereby deliberately expanding the gap.

The negative impacts of the duality in rates have been recognized and thoroughly criticized by local and foreign experts and entities. This rate-dichotomy does not only drive away investment but also directly promotes corruption while siphoning away billions in government dollars given to cabal at the subsidized rate. With all features implicated in contributing to and exacerbating the recession.

Those with access to CBN-subsidized dollars have been accused of engaging in the sale and supply of this to BDC customers and retailers thereby raking 50% profit on each dollar at the current rates. Large companies with connections to the powers that be and CBN management are enabled to create phony dollar requests used to purchase items for needy BDC customers, thus circumventing the law and immediately making 50% on the dollar; $500,000 on every million dollars round tripped. [See: Sanusi: FG Creates Billionaires through Forex Round Tripping; August 25, 2016]

Nigeria’s government corruption-made billionaire Aliko Dangote was gifted a whopping $100 million via this CBN cabal-funding scheme, according to a report by Reuters this June, which examined just a 3-month span of CBN-released figures. This translates to a staggering gift of as much as half a billion dollars by the Apex Bank to a single cabal in one year and billions of dollars to the handful of cabal for the period. The CBN was found to sell as much as 10% of all government dollars to just Dangote for his personal needs at the official subsidized rate. We are talking about catastrophic loses of Nigeria’s revenue. Millions of Nigerians suffer and die for one man to be pleased.

At the current rate, on every billion subsidized dollars the CBN sells to Dangote, he will immediately make a massive half a billion dollars. This loss of revenue of the masses has been accused of being directly responsible for the deepening economic recession. Small businesses are not given access to dollars and have been folding up leading to job losses in the millions while the cabal are fed fat on Nigeria’s oil earnings, making economic recovery impossible. Femi Kuti asked why Buhari does not simply rename Nigeria “Federal Republic of Dangote?”

The FGN is seeking to borrow $1 billion in eurobond while giving the same and more out in gift to the cabal by maintaining the amphibious forex rates.

The same cabal who in partnership with the Central Bank and successive governments including the present, keep the nation in reverse and got it into a recession, have now coerced the government to sell them its assets as a fallacious “means out of the recession.”

And it’s happening all in the masses’ faces. Someone must have taught the cabal-controlled government that it’s easy to keep the Nigerian masses distracted from noticing dangerous and treacherous manipulations: just show them some money found with Patience and they will be stupidly patient. I resist agreeing.

God will deliver Nigeria.

Peregrino Brimah; @EveryNigerian

Source: NewsRescue

BREAKING: CBN Gov. Emefiele's Wife KIDNAPPED

Margaret Emefiele, the wife of Governor of Nigeria's apex bank, the Central Bank of Nigeria, CBN, Gowin Emefiele has been kidnapped by some heavily armed gunmen

She was kidnapped yesterday, Sahara Reporters reported

Mrs. Emefiele was kidnapped along the Benin-Agbor Road. Our source disclosed that the kidnappers have made contact with their victim’s husband, adding that they were demanding a huge sum in ransom, a source close to Mr. Emefiele confirmed to our source

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Mrs. Emefiele’s kidnap represents one of the most high-profile kidnap cases in 2016. 

When Nigeria's RECESSION Will Be Over - Finance Minister Reveals

Unlike the Governor of the central Bank of Nigeria, CBN, Mr Godwin Emefiele, The Finance Minister, Mrs. Kemi Adeosun,  has said that she cannot predict an exact time when the nation will get out of the current economic recession.

Mr. Godwin Emefiele, had last week stated that the country would start getting out of recession by the fourth quarter of the year.

The minister, who spoke in an interview in Abuja, stated, “I don’t want to predict when we will get out of recession. Let me tell you that we will get into growth and that’s how you get out of recession, because of the stimulus that we are providing.

She, however, said that some of the efforts of the government to reflate the economy had started yielding results.

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Kemi further said; “And it may take longer than we would like, but we will definitely get out of it. We are already seeing some positive signs in agriculture and solid minerals;and with what we are trying to do with other sectors, I am very sure we will get out of it soon.”

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, had last week stated that the country would start getting out of recession by the fourth quarter of the year.

He had said, “We are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by the monetary and fiscal authorities, the fourth quarter results will show evidence that we have started to move out of recession.

“The worst is over. The Nigerian economy is on the path of recovery and growth. So, please if you are a bystander or sideliner, you are losing; join the train now before it leaves the station.”

To facilitate the recovery of the economy from recession, Adeosun said about N770bn had been channelled into the economy for various capital projects this year, adding that the monitoring team in the Ministry of Budget and Planning was putting contractors on their toes to ensure that they delivered the projects.

Shock As Fayose, Others Endorse Buhari, Blow Hot With Powerful Statement

Post Nigeria - Governors of the 36 States have endorsed proposals of the Federal Government Economic Management Team, EMT, under President Muhammadu Buhari, to tackle the economic recession.

The Governors, at the meeting of the National Economic Council, NEC, on Thursday, September 22, in Abuja, also gave backing to the Minister of Budget and National Planning, Udoma Udo Udoma, and his Ministry of Finance counterpart, Kemi Adeosun, for their policies, which they said are tailored to revive the economy.

The NEC, is the highest economic decision making body, chaired by the Vice-President, Yemi Osinbajo. Other members are Governors, and key Ministers in charge of the economy, and also the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele.

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The Governors met with Osinbajo, at the Presidential Villa, to deliberate on the state of the economy, where they endorsed Udoma and Adeosun, barely a day after the leadership of the Senate called for re-assignment of the duo, citing incompetence and inability to manage the economy as reasons.

No fewer than 23 Governors attended the NEC Meeting. They include: Governors Ayo Fayose (Ekiti), Abubakar Atiku Bagudu (Kebbi), Ifeanyi Okowa (Delta), Abubakar Mohammed (Bauchi), Willy Obiano (Anambra), Ifeanyi Ugwuanyi (Enugu), Abdufatah Ahmed (Kwara), Yahaya Bello (Kogi), Nasir El-Rufai (Kaduna), Olusegun Mimiko (Ondo), Aminu Tambuwal (Sokoto), Abiola Ajimobi (Oyo), and Badaru Abubakar (Jigawa).

Deputy Governors of Rivers, Nasarawa, Katsina, and Lagos, represented their Bosses.

A statement from the media office of the Vice-President on the meeting said: 

“Rising from its monthly meeting today at the Presidential Villa, members of the National Economic Council, NEC, presided over by Vice-President, Prof Yemi Osinbajo (SAN), expressed support for the plans and proposals of the Federal Government, to steer the country out of recession.
“While acknowledging the current economic challenges and difficulties, Governors at the meeting also endorsed the work of the President’s Economic Management Team, and specifically commended the Budget & Planning, and Finance Ministers.
“Council members in response, commended the Economic Management Team, and generally welcomed the presentation, and expressed support for the plan to steer the nation out of recession.
“Under AOB, Council members expressed confidence in, and unanimously commended the EMT and both the Budget and National Planning and Finance Ministers, for the presentations to the Council, praising their efforts, competence, and capabilities.”

"THE WORST IS OVER", CBN Gov. Emefiele Says, Reveals When Nigeria'll Recover From RECESSION

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has predicted that the nation’s economy will likely come out of recession by the fourth quarter of this year when the result of the various measures put in place by the Federal Government and the monetary authorities becomes manifest.

One of such measures, according to him, is the decision of the CBN to establish a bridge fund for the government to utilise to stimulate the economy whenever there is a need for it.

Emefiele, who spoke to media executives in Lagos on Saturday, said, “We are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by the monetary and fiscal authorities, the fourth quarter results will show evidence that we have started to move out of the recession.

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“The worst is over. The Nigerian economy is on the path of recovery and growth. So, please if you are a bystander or sideliner, you are losing; join the train now before it leaves the station.”

While explaining the reasoning behind the bridge fund, the apex bank boss said, “Both the monetary and fiscal authorities are working together and that is why you can see a situation where today even when we have revenue shortage or deficit, the monetary authority is trying to bridge the gap.

“We said to the fiscal authority that we can give you a bridge to go ahead and spend, and when you obtain the foreign loan that you are negotiating, or when your revenue improve, you can repay the bridge that we have created for you in order to stimulate spending. That is a practical case of collaboration between the monetary and fiscal authorities.”

He alluded to the release of another batch of N350bn by the Ministry of Finance to stimulate the economy as another measure taken by the government to get the nation out of recession.

Following the introduction of a flexible exchange rate regime, Emefiele said foreign investors’ interest in the Nigerian economy was gradually increasing, adding that in the last three months, almost $1bn in Foreign Direct Investment had come into the country.

He stated, “I wasn’t optimistic that the FDI would come initially, but with what we have seen in three months, almost $1bn, I feel very confident that there will be more inflow into the system and more and more people will have foreign exchange available for them to do their business.

“That will improve industrial capacity. The rate may be high now, but there’s high possibility that with more availability of foreign exchange, the rate will come down. I am very optimistic that a lot of positive things will happen.

“I have talked about how the fiscal authority is trying to push in liquidity to stimulate consumption, demand consumption expenditure; and of course, when consumer consumption is stimulated, demand for goods will go up and if the demand goes up, the industrial capacity will improve. If we maintain a steady course in the way we are going, and if all those who have foreign exchange repatriate them, more and more people will have foreign exchange to do their business, that will improve industrial capacity.”

Another way to inject liquidity into the system, according to the CBN governor, is for the Federal Government to sell some of its assets in the oil and gas industry in order to raise money.

Emefiele said, “In April 2015, even before this government came on board, I had opined that there was a need for the government to scale down or sell off some its investments in oil and gas, particularly in the NNPC and the NLNG, at that time when the price of oil was around $50-$55 per barrel. We actually commissioned some consultants that conducted a study and at the end of that study, we were told that if we sell 10 per cent to 15 per cent of our holding in the oil and gas sector that we could realise up to $40bn.

“Unfortunately, the markets have become soft. If we choose to do that now, we can still get $10bn to $15bn, or maybe $20bn. If we have that kind of liquidity, it will be easy for us to really stimulate spending and also to turn the economy around. That proposal is still on the table, because I have also heard that some of our colleagues in the Federal Executive Council have talked about it and a lot of people too.

“If we take that option, I am optimistic we will be able to stimulate the economy and earn the foreign currency that we can really use to kick-start it.”

Another measure being considered by the Federal Government, according to him, is the shortening of the procurement process in order to accelerate the process of executing capital projects in view of the fact that the budget was not passed until May.

On the factors that pushed the economy into recession, the apex bank boss said the plunge in the prices of crude oil in the international market severely affected Nigeria’s earnings, in addition to the country’s inability to save when the prices were high and invest massively in infrastructure.

He also blamed unbridled appetite for the consumption of foreign goods for the recession, adding, “In 2005, Nigeria’s import bill was only about N70bn, but by 2015, Nigeria’s import bill had risen to about N790bn. What were we consuming?”

While reacting to the governor’s optimism that the recession would start easing off in the fourth quarter, economic and financial experts said on Sunday that it would be nearly impossible for the nation to come out of recession this year.

They said if the Federal Government implemented appropriate measures to tackle the problem, the country might be fortunate to witness a positive growth sometime next year.

“I am not sure we can come out of recession this year. Already, we are at the end of the third quarter. If the policymakers allow liquidity into the system and adopt appropriate measures, we may be lucky to come out of the recession early next year,” a professor of Economics at the Olabisi Onabanjo University, Sherriffdeen Tella, said,

The Head, Research and Investment Advisory, SCM Capital, Mr. Sewa Wusu, is of the opinion that the nation may not be able to come out of the recession until the second or third quarter of next year if appropriate measures are taken.

He said, “Recession is not something you come out of easily. It is going to be a long haul thing. We must take counter-cyclical measures to reflate the economy and get us out of recession. Nigerians need to be patient with the government. Countries that went into recession and came out did not come out so quickly.

“We need to spend money on sectors that can stimulate growth easily and also spend massively on infrastructure. Sectors that can stimulate growth, create employment, production and consumption, which we need to spend on are transportation, manufacturing and housing.”

The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said, “It is not possible for us to come out of recession this year. There is a time lag between the time policies are implemented and the time we begin to see their effects on the economy.

“We are already at the end of the third quarter. The stimulus package will come in the fourth quarter. Before we can begin to feel the effect, it will get to next year.”

...Punch Newspaper

RECESSION: The Real Causes And 10 Solid Expert's Solutions

Nigeria needs to rapidly apply solid solutions to rescue the nation from its current recession. Millions have lost their jobs – 4.6 million according to the national statistics bureau – and millions more are suffering severe hardship and dying and at risk of death. The further down Nigeria sinks, the steeper will be the climb out of the hole.

Sadly, most of what we read from so-called economic experts is advice for the Nigerian government to consult them or others to address the economic recession. None of them has opened up in the public space, if they have the ideas, and proffered the solutions to the current economic quagmire. They keep talking like it’s some sort of riddle and as though Nigeria is not their country and they are not part of those who got the nation where it is today. Indeed we are all responsible, but most especially those who have been in governments in the past; however blaming is disingenuous and counterproductive. What Nigeria needs now is solutions.

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The solutions for an economic recession, if it can be solved, are not private or secrets of any kind. This is why anyone who keeps it a mystery does not have anything good to offer. The U.S. recession was solved with simple open processes including for a big part, the “2009 Stimulus” [the American Recovery and Reinvestment Act of 2009 (ARRA)].

A few “solution” comments I have read which include, flooding the economy and diversifying, are palliative and long-term and not to address the fundamental, acute and chronic issues that are not peculiar to Nigeria. While I am not an economist by training, as an educated Nigerian with preservation of my nation at heart, it is my duty to contribute my researched analysis on the solutions for the current problem(s).

How Did Nigeria Get Here?

While the Obasanjo and Jonathan governments definitely played a major role in getting us here by selling (Obasanjo privatization frenzy) all of Nigeria to cabal and looting all its earnings, it is counterintuitive to keep blaming them. The truth is that there is more to this recession than the tens of billions of dollars they and their private cabal partners looted and the infrastructure they failed to build. We must recognize that the recession is not limited to Nigeria. Venezuela is feeling it too; even Saudi Arabia is laying off workers in the thousands.

Two global factors played the biggest role in bringing on this economic famine.

The first was the Saudi oil war-games. By pumping oil at above quota, Saudi Arabia single-handedly determined to crash oil prices and punish all oil producers. Saudi pumps oil at under $10 a barrel which makes low prices still profitable for them, unlike Nigeria where the Obasanjos, Babangidas and other semi-intelligent, money worshipping lowly organisms exploited the country permanently with deals that produce our oil at as much as $33/barrel. Low oil prices, with oil being Nigeria’s mono-economic singular export, naturally crashed the Naira. Unfortunately when teased during an Al-Jazeera interview, President Buhari said he will never challenge Saudi Arabia on the kingdom’s crippling decisions and will not even dare threaten to pull out of Saudi-run OPEC in order to push for Nigeria’s survival. So we are stuck here as far as oil prices go.

The second factor that really triggered this recession, most specifically, the tissued Naira was a U.S. decision made public – and thus, operative– as early as March 2014, to increase interest rates. Floating this decision alone caused investors to buy-up the dollar and through 2014 before the rate was even increased, the Benjamin appreciated the most it ever had in a decade, rising as much as 12% in value that year alone. Naira crashed as did Cedis and other currencies. By December of 2015, the U.S. Fed finally increased interest rates to between 0.25 and 0.5% and the fortunes were sealed. The Dollar continued to appreciate, investors in the U.S. would get more money on their bank deposits and mortgages would rise. The rates are on course to further increase to about 0.875% in 2016. It’s summer for the dollar and winter for the Naira.

It is important to always compare what is happening in Nigeria to peer nations. Our analysts compared the changes to the Naira to the Cedis. Like the 2012 fuel subsidy removal which was not a puppet Jonathan thing per se but a mandate from the IMF as we noticed that the same subsidy was removed across West African nations at the same time on the instance of Lagarde, so also the Forex crash has been virtually identical in Nigeria and Ghana. While the Cedis dropped over the past three years under highlight, gradually, reaching a 1:4 value from the initial 1:1.7 it was in early 2014 post revaluation, the Naira was artificially retained at an inflated value and crashed in one swoop, also downgrading from about 1:160 to 1:425. Both have crashed the same proportion.

Bearing this in mind, next are frank solutions to Nigeria’s recession:

1. Actual Devaluation of the Naira

Why is there a black market, BDC in Nigeria? Why does the country have two dollar rates? This is supervised corruption and main reason why the Naira remains in free and turbulent fall.

Central Bank, CBN’s Godwin Emefiele continues to play games with Nigeria, refusing to fully devalue the Naria. A rate duplicity is maintained with the current interbank dollar rate at N305 while the parallel market sells this at N425. This dual rate is corruption and set up to favor the cabal who have been dashed billions of dollars via CBN subsidized dollar sales. Godwin and his friends are able to make N115 on every dollar. The dual rate also maintains a competition for dollars which hikes the price at the parallel market with rebound effects on the interbank rate. A recent Reuters article highlighted how corrupt governments-made billionaire Aliko Dangote was literally dashed $100 million in just over two months of Buhari’s tenure in review. Extrapolate that to a year and you get a total gift of as much as $500 million dollars.

CBN GOVERNOR, MR GODWIN EMEFIELE; VICE-PRESIDENT YEMI OSINBAJO AND PRESIDENT MUHAMMADU BUHARI (29/6/15). 5067/29/6/2015/ICE/CH/NAN

CBN GOVERNOR, MR GODWIN EMEFIELE; VICE-PRESIDENT YEMI OSINBAJO AND PRESIDENT MUHAMMADU BUHARI (29/6/15). 5067/29/6/2015/ICE/CH/NAN

Nigeria can only come out of the recession if the Naira is truly devalued, and there is no longer pressure on the BDC (Bureau de Change). While the federal government of Nigeria is seeking a $1 billion Eurobond, it has within the same period dashed Dangote half a billion dollars in the span of a year and the cabal as a whole some several billion dollars in subsidized forex for their personal ventures while small businesses were shut out to die. This cannot continue. As Senator Ben Murray-Bruce said, the central bank is for all Nigerians and not only the cabal.

2. Recover Nigeria’s USD Billions And Do Not Borrow

The Federal government of Nigeria should not borrow money. It has no need to do so as this has no long term benefit. Rather the Buhari government should employ the services of Nigeria’s best lawyers including Attorney Femi Falana to exigently go after the more than 100 billion recoverable dollars Nigeria has abroad and with bailed-out local banks.

Falana explained in February of this year, “From the information at our disposal, the federal government is owed not less than $66.5 billion (about N13.3 trillion) which ought to be recovered without any further delay…In addition, following the crisis of global capitalism… in 2008, the Central Bank of Nigeria gave a bailout of $4 billion (N600 billion) to the commercial banks in the country… The CBN has not deemed it fit to ask for the refund of the total sum of $11 billion injected into the banking system…”

With the right legal maneuvers, Nigeria can immediately secure several billions of dollars in hard cash air lifts, just like Iran recently is reported to have. Nigeria must face its challenges from a position of power and not one of defeat. He who goes out with a begging bowl lives to tell a sorry tale. There are ways to twist arms and repatriate moneys rapidly. Every tool must be used.

Delete security vote: It must be mentioned that waste must be cut in the government. The security vote must be cut both at the federal level and at state levels. This runs into trillions of Naira mostly wasted or used to finance political, hate and terror campaigns including to pay for media attacks of individuals and groups which continue to promote deadly strife in Nigeria.

3. Take Advantage of the Devalued Naira

If it can’t be a win, win, it doesn’t have to be a lose, lose. Foreign investors are leaving Nigeria not solely because of the devalued Naira, but because of the government posture. Whereas, the crash of the Naira as all economic predicaments, should be exploited to Nigeria’s advantage with aggressive marketing of the opportunities for investors but most importantly with a strong government posture; the shaky and uncertain body-language of Buhari and his cabinet are making a double loss where there should be gain. This is the time for foreigners to invest dollars in Nigeria, most especially in its vast natural resource opportunities. A dollar goes 250% further than it used to.

Now is the time to set up quarries, to invest in mining, farming, fishing and other available opportunities in Nigeria. Now is the time to build and own estate. But why are foreign investors not coming? It is time Nigeria hones in on the opportunities of the low Naira by assuring of security of investment for foreign entities and governments. It is time Nigeria showed confident and eager leadership. We should at least turn it around into a lose, win, situation.

4. Scrap Import Ban List, Open The Market

The CBN’s import ban list has been described as a sham that has always been prompted by the cabal, the likes of Obasanjo and Dangote who typically institute these bans on products Dangote and other cabal manufacture. The import ban lists have always been set up in Nigeria’s history to promote the oligopolies of the cabal. Late Umaru Yar’adua opened the markets and prices fell. He dared to “disentangle” Obasanjo and Dangote till he was killed.

It is poor economics to force dependence on a monopoly. This is why the rich get richer in Nigeria and the poor get poorer till there is chaos. Former CBN governor Charles Soludo has lambasted this policy. It is highly fraudulent and reeks of corruption.

You cannot invite investors and expect trade cooperation while you lock out goods to promote a certain exploitative cabal. In spite of successive government promoting the same cabal, Nigeria buys cement at the highest global prices, at least double the world average. Nigeria’s “.ng” domain name sells at $100/year by these same Obasanjo-related cabal, the highest cost in the world. Virtually every product the Nigerian cabal are assisted to have monopolies on end up exploiting the masses and put money in one pocket only – the cabal’s. Markets can grow on open competition. The cabal must be encouraged to be competitive and not “it’s so much it’s like voodoo money” exploitative.

5. Lower Interest Rates And Promote Small Businesses

Small businesses employ as much as 80% of labor. As small businesses are being killed, there will continue to be mass unemployment, no purchase power and economic recession. The current CBN policies are tailored to corruptly give undue advantage to the cabal and to exterminate small businesses. While cabal buy forex at CBN subsidized rates, small businesses get none. Small business entrepreneurs have limited access to loans and when they do, they get them at unreasonable interest rates.

The federal government must immediately create alternative sources of capital for small businesses. The cabal utilize stashed loot and launder money for former administrators to run their businesses while small businesses are forced out of existence. It is better the Buhari government supports 1000 micro industries than it supports one cabal company. Cabal must be properly taxed and the taxes used to build small industry. Rather the Nigerian government currently taxes the small people to give to the cabal who further exploit the small people with highest prices in the world for goods and utilities.

The cabal have been bailed out numerous times and given waivers and dashed subsidized forex while all governments including the current fail to bailout small businesses. Interest rates must be lowered and government cash must be pumped in an organized and supervised fashion at SMEs (small and medium enterprises). Local fruit juice companies, local chemical factories, metal works, parts plants, recycling plants, solar panel assemblies, mushroom refineries and the like must be encouraged by the government aggressively and immediately.

6. Promote And Standardize “Made In Nigeria”

It is past time for a #MadeinNigeria culture. But this must be more than just a slogan. There are reasons why Nigerians do not patronize made in Nigeria goods. These include reliability. The Federal government must update the standardization boards. All manufactured goods must have warranties that are enforced, with customers being 100% protected by the government. Nigerians should be able to see the warranty label and know that it is backed and protected by law. Failure of companies to fulfill the warranty must be treated seriously as a crime with the companies being immediately shut down and the customers compensated.

Furthermore the ministry of industry must certify products. Product certification in China has boosted the country’s manufacturing sector as its goods are better regarded in global as well as local markets. Nigerians need this assurance as do potential foreign markets where Made in Nigeria goods can be sold. A portal with licensed manufacturer names and information must be available online through which goods and parts can be sourced and Nigerians companies’ accreditation by the government can be reviewed.

Only the federal government has the capacity to develop piecemeal manufacturing where parts of products are made by various small manufacturers and then later combined by other small enterprises, i.e. “division of labor.” The government must do this. The importance of the government recognizing and promoting small entrepreneurs as it currently only does the cabal can not be overstated. The government must set-up to be the link between small piecemeal manufacturers and the market.

It is time for the federal government to actively promote, support and protect a Made in Nigeria culture.

7. Naira: Think Strength Of The People, Poor Economics

Forget strength of the Naira. Think strength of the people. When the people are strong the Naira will get strong; when the people are weak, the Naira will be weak. Nigeria must forget about its Moody rating. Countries have endured tough sanctions and come out superpowers. This is not even sanctions. The Federal government of Nigeria should put the cap on people suffering and dying and not the Naira devaluing. Pull reserves if needed to strengthen the people.

The Naira will continue to drop when the government gives a single cabal $500 million dollars in 12 months then seeks to borrow $1 billion for the entire nation. This corruption makes the people weak and the Naira weak. The Naira cannot appreciate when the Presidency hugs 10 wasteful presidential jets. The people will not be convinced. The people will not have strength, sacrifice and patronize when Lai Mohammed walks in, clad in a loud diamond-sharp starched agbada, to advertise “Change” a slogan copied from Obama, and the President reads more words copied from Obama. And the Naira will not be strong. The Naira will be as weak as the weakening people when they see the circle of power sporting $40,000 watches and $100,000 bags. This government must be serious about change, or/and must immediately partition the country into pieces that will have the chance to as serious as is demanded, and to compete which each other in this.

Contrary to what capitalist economists say, the strength of the economy and currency is determined by the strength of the people and not the other way around. We must study economics for the poor and not always the predominant hegemonists’ brand of economics. Economics of the wealthy has not worked anywhere. Europe is in a perpetual recession even after deriving and the continued derivation of billions from the exploitation of Africa. America today is trillions of dollars in debt in spite of the slave trade and colonisation largesse and continued military economic escapades around the world. The late Thomas Sankara believed in and built the capacity his people. The results were shocking and immediate. We have already wasted the first year and a half of this administration building only the corrupt cabal, it is time to build the people. The Naira will follow.

8. Never Again Use a Banker As CBN Governor

Remove Godwin Emefiele and never again use a banker as CBN governor. Each of the times Nigeria appointed bankers as CBN governors, they built the banks and cabal and extinguished the masses. It is a clear conflict of interest to put a banker with vested interests and friends in the banks, as head of the Apex bank. That is like putting a wolf to protect your chickens.

With the two famous recent banker governors, crippling bank charges and fees were added upon each other to fund the banks and drain the masses in a continuous and progressing ponzi scheme. Some policies were more directly exploiting than others, but all gave the banks many free passes to make earnings off of the poor masses with no value added to the Nigerian economy. And these were done while the cabal were given humongous loans on hand shakes and billions of dollars gifts in subsidized forex. As I wrote July this year, “Recession: Nigeria’s Economy Cannot Improve So Long As Godwin Emefiele Remains In Charge.”

9. Strengthen And Decentralize The Police

Insecurity has cost Nigeria billions in economic loses from the northeast, now a humanitarian catastrophe and a drain to the economy, and continues to do so in the Niger Delta. The fastest and best solution to the continuous breakdown of law and order is stronger and local police. The Nigerian army has no role in domestic maintenance of law and order and as it continues to unconstitutionally police the state, it gets involved in more violations and provokes more deadly crises as it has done in the past. The army is not trained in investigating and arresting. It has no training in disbursing riots and protests and presenting cases to the court. The Nigerian constitution reserves its use as a back up to the police and ONLY when  and if approved by the national assembly.

There is no economy without security and there is no security without a police command that has capacity and understanding of the region. Nigeria will not be serious about economic recovery till it returns the army to the barracks and builds police capacity.

10. Find A Vision For Nigeria

I do not know the vision of Nigeria so far and if the current government has one. What does Nigeria want to be? We know the vision of Dubai and Dubai took itself there. Does Nigeria want to become a tourist center? Does Nigeria want to become the West and Central Africa central manufacturing capital? Does Nigeria wish to become the food basket of Africa? Does Nigeria wish to become the information technology capital in the world? Or does Nigeria wish to become a combination of these or some of them and others?

It is important a central vision or visions for Nigeria is developed and Nigerians are made cognisant of this vision for the future of the nation. Let’s know where we are going so every one can pick an oar and row in consonance. Today we just hear that the new administration wants to build a country, but what country will that be? It is OK to just build a country, but it is better to build a country with a particular primary vision. The world is moving away from careers as we know them. Soon all jobs will be taken over by machines, even medical jobs are at risk. Nigeria can choose a vision that places it at an advantage in the future that has already begun.

Nigeria will survive by God’s grace.

Dr. Peregrino Brimah; @EveryNigerian Via Newsrescue