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Showing posts with label Kemi Adeosun. Show all posts
Showing posts with label Kemi Adeosun. Show all posts

The True Meaning of RECESSION, By Reuben Abati

The True Meaning of RECESSION, By Reuben Abati

The True Meaning of RECESSION, By Reuben Abati
There have been interesting arguments over Minister of Finance, Kemi Adeosun’s observation that “recession is just a word,” and NAN MD, Bayo Onanuga claiming that reports of hardship in the land is exaggerated propaganda. I think we need to break down the subject further from a layman’s perspective. Recession is a word, no doubt, but it is more than a word, it is an experience: the experience that the majority of Nigerians is going through. If you are at a significant remove from that experience, it may be difficult to know how it feels, and if you are an economist, you are likely to be conveniently obsessed with textbook ideas.

Recession is when Nigerians begin to shift the traditional dates for social parties. You know we love parties a lot. Virtually every weekend, there is one party or the other, very loud celebrations where people wear the famous aso ebi, and the Naira becomes a flying object, being thrown all over the place, at the musician, the celebrant, and her friends and family, with so much joy floating in the air, and plates of jolloff rice, eaten half way and left to waste, area boys having their own share of the fun, and Nigerians showing the world that life is indeed for the living.

Sometimes, these parties make no sense: imagine a man throwing a big party to “turn the back” of his great grandfather who died 50 years ago (!) – a great grandfather he never knew, or a lavish party to celebrate the purchase of a second-hand car. Those things are very rare these days. And when some parties are held, the date on the invitation card is during the week: can you imagine being invited to a wedding on a Monday? I have seen that happen. The event was over and done with before 5 p.m. Smart way to save money in a season of recession. There were guests of course, but not the kind of crowd you’d get at a typical Nigerian party on a Friday or Saturday. The celebrants actually confessed they didn’t have the means to feed too many people. That is what recession has done. Nobody boasts anymore about “declaring surplus” – a once-upon-a-time very famous phrase in this country!

When I was much younger, my friends and I used to gate-crash parties. Bored, with not much to do, we would dress up and go from one party to the other. It was called “mo gbo mo ya” – I heard and I came. In those days, all you needed was to go to a party to which you had not been invited, and without knowing anybody, you took a seat and before long, someone would come along and ask if you had eaten. In a matter of minutes, whatever you wanted would be placed before you. Drinks? Some friends used to boast about “finishing” a carton of beer, and they would have their fill and quietly sneak away. Try that these days and you would know that recession is more than a word. Virtually every party is now strictly by invitation. Even when it is not boldly stated on the invitation card, you’d get to know the truth when you attempt to gate-crash.

Parties are now organised with such strict protocols, it is like trying to access Aso Villa. You would be screened, your bag will be checked, and don’t think it is Boko Haram attack they are afraid of, they just want to be sure you are not gate-crashing, and if you don’t have an invitation card, you would of course be turned back. There are some exceptions of course, where the protocol is a matter of security: particularly at those parties where there would be many VIPs. Nigerian VIPs don’t like to mix with just anybody.

Even if you manage to gatecrash, nobody will attend to you. What operates at parties these days, is a KYG (Know-Your-Guest) system. After sitting down, someone has to identify you as his or her guest. You don’t get served food, unless your host or hostess gives specific instructions. And you can’t drink a carton of beer anymore at your host’s expense! I certainly can’t remember when last I saw anyone getting drunk at other people’s expense at a party. Even close friends of celebrants, the ones who are a bit comfortable, go to parties these days with their own small cooler of drinks. The celebrant will offer you one or two bottles. If you want more than that, the ushers could become hostile or they could tell you pointedly: “drinks have finished.” I have had on one occasion to give the ushers, money to go and get me the drink of my choice. But once upon a time in this country, drinks don’t stop flowing at parties. The host will be so ashamed he or she would order more drinks and apologize to no end.


Where I come from, local women used to go to parties with cellophane bags, hidden away somewhere, and when they are served food, they would pull out the cellophane bag and pour food into it, all of that is done under the table. Next thing: they will start harassing the ushers: “we have not eaten here oh. Nobody has given us drinks: drinks they have moved to their collection cellophane bags! But party organisers have also learnt to be vigilant: they serve table to table; map out the space carefully and monitor the tables. Before 2019, perhaps a time will come when ushers will take your photograph, or there will be CCTV monitors at social events, just so you don’t come back and say you have not been served. That is change. That is recession. If you are a man-about-town, you can’t fail to notice this: that something has indeed changed in the social circuit. But there is that one per cent crowd, whose pockets are still so deep, if you get invited to their parties, it is like going to a surplus declaration event, what Nigerians call “too much money.” Even that is changing though, people are learning to be careful, so they don’t get invited to come and explain how they came about so much money.

Recession is when you now read in the newspapers virtually every week about people committing suicide. Nigerians are so fun-loving we were once described as the happiest people on earth. Right now, we will fail the test. Suicide used to be so rare in this country. It was considered impossible. Why would anyone want to kill himself? I used to hear people say: “eba is sweet oh, I can’t come and die” or “life is for the living” or “e go better.” People are not so sure anymore. In the past month, there have been reports about two foreigners doing business in Nigeria who have also committed suicide. Every reported suicide in recent times, has been tied, one way or the other, to the recession in the country. One man had an argument with his wife over school fees and housekeeping money and he went and ended it all. Another man actually left a note saying he had to kill himself because there is too much hardship in the country. Marriages are collapsing. Domestic violence is on the rise.


Husbands that are out of work can no longer maintain their families, they can’t pay school fees, they have become useless in their own homes, they are helpless. Their wives want to leave, even when they are not too sure of the next destination. There are at least two celebrated cases of women who have either slain their husbands or wounded them badly. In both cases, there was that notorious thing about a second woman in the background. Sharing what is not enough for one person with another woman, in a season of recession, could be a crime, but the biggest dysfunction is that of the pocket. One woman, a lawyer oh (!) stabbed her husband in the neck. Another after having sex with her husband, and putting him to sleep, got a machete and butchered him. The man is presently in what Yorubas call, “boya o ma ku, boya o maa ye” condition. Whether he would live or die is uncertain.

Recession is when companies are retrenching everyday or closing shop and SMEs are dying. In the last one year, high unemployment figures have been announced. Banks have had to shed weight; the foreign exchange crisis has forced many companies to downsize or abandon Nigeria, investors are taking their funds out of the country, many states of the Federation are so much in distress, they have stopped paying salaries. Civil servants cannot even afford a bag of rice, because their minimum wage is N18, 000 and a bag of rice is N22, 000 or higher in some places. Recession is when Nigerians now steal pots of soup and basic food items, and they can’t buy rams for Sallah, and they are told “don’t worry, change begins with you!” Every worker who has lost his or her job in the last one year is not the only one affected, the knock-on effect has brought anguish to other dependants, who now have a bread-winner behaving like a bread seeker. That is recession. That is hardship.

Recession is when enjoyment spots that used to be filled up every Friday evening are now empty. Nigerians used to celebrate what they call “Thank God it is Friday.” In Lagos, Friday evenings used to be the boys’ night. Husbands didn’t go home early. These days, husbands go home early and Fridays have become slightly boring. Recession is when prostitutes reduce their charges. I have it on good authority, from those who know, that even prostitutes have had to embrace change. And old girlfriends now demand pension benefits. Recession is when families which used to run the generator 24 hours and boast that their children can’t stand heat, have had to adjust, and run the generator only from 12 midnight, or before. Recession is when men come out and complain that their wives no longer allow them to touch them: “Are you mad? With the way things are, all you think of is sex?” Kama Sutra rites are best enjoyed only in happy lands. Recession is when in spite of all this, the breweries in Nigeria are posting unbelievable record profits and smiling to the banks. The men go home and privately drown their sorrow in bottles. Mrs. Adeosun, this is the true meaning of recession.
The True Meaning of RECESSION, By Reuben Abati
There have been interesting arguments over Minister of Finance, Kemi Adeosun’s observation that “recession is just a word,” and NAN MD, Bayo Onanuga claiming that reports of hardship in the land is exaggerated propaganda. I think we need to break down the subject further from a layman’s perspective. Recession is a word, no doubt, but it is more than a word, it is an experience: the experience that the majority of Nigerians is going through. If you are at a significant remove from that experience, it may be difficult to know how it feels, and if you are an economist, you are likely to be conveniently obsessed with textbook ideas.

Recession is when Nigerians begin to shift the traditional dates for social parties. You know we love parties a lot. Virtually every weekend, there is one party or the other, very loud celebrations where people wear the famous aso ebi, and the Naira becomes a flying object, being thrown all over the place, at the musician, the celebrant, and her friends and family, with so much joy floating in the air, and plates of jolloff rice, eaten half way and left to waste, area boys having their own share of the fun, and Nigerians showing the world that life is indeed for the living.

Sometimes, these parties make no sense: imagine a man throwing a big party to “turn the back” of his great grandfather who died 50 years ago (!) – a great grandfather he never knew, or a lavish party to celebrate the purchase of a second-hand car. Those things are very rare these days. And when some parties are held, the date on the invitation card is during the week: can you imagine being invited to a wedding on a Monday? I have seen that happen. The event was over and done with before 5 p.m. Smart way to save money in a season of recession. There were guests of course, but not the kind of crowd you’d get at a typical Nigerian party on a Friday or Saturday. The celebrants actually confessed they didn’t have the means to feed too many people. That is what recession has done. Nobody boasts anymore about “declaring surplus” – a once-upon-a-time very famous phrase in this country!

When I was much younger, my friends and I used to gate-crash parties. Bored, with not much to do, we would dress up and go from one party to the other. It was called “mo gbo mo ya” – I heard and I came. In those days, all you needed was to go to a party to which you had not been invited, and without knowing anybody, you took a seat and before long, someone would come along and ask if you had eaten. In a matter of minutes, whatever you wanted would be placed before you. Drinks? Some friends used to boast about “finishing” a carton of beer, and they would have their fill and quietly sneak away. Try that these days and you would know that recession is more than a word. Virtually every party is now strictly by invitation. Even when it is not boldly stated on the invitation card, you’d get to know the truth when you attempt to gate-crash.

Parties are now organised with such strict protocols, it is like trying to access Aso Villa. You would be screened, your bag will be checked, and don’t think it is Boko Haram attack they are afraid of, they just want to be sure you are not gate-crashing, and if you don’t have an invitation card, you would of course be turned back. There are some exceptions of course, where the protocol is a matter of security: particularly at those parties where there would be many VIPs. Nigerian VIPs don’t like to mix with just anybody.

Even if you manage to gatecrash, nobody will attend to you. What operates at parties these days, is a KYG (Know-Your-Guest) system. After sitting down, someone has to identify you as his or her guest. You don’t get served food, unless your host or hostess gives specific instructions. And you can’t drink a carton of beer anymore at your host’s expense! I certainly can’t remember when last I saw anyone getting drunk at other people’s expense at a party. Even close friends of celebrants, the ones who are a bit comfortable, go to parties these days with their own small cooler of drinks. The celebrant will offer you one or two bottles. If you want more than that, the ushers could become hostile or they could tell you pointedly: “drinks have finished.” I have had on one occasion to give the ushers, money to go and get me the drink of my choice. But once upon a time in this country, drinks don’t stop flowing at parties. The host will be so ashamed he or she would order more drinks and apologize to no end.


Where I come from, local women used to go to parties with cellophane bags, hidden away somewhere, and when they are served food, they would pull out the cellophane bag and pour food into it, all of that is done under the table. Next thing: they will start harassing the ushers: “we have not eaten here oh. Nobody has given us drinks: drinks they have moved to their collection cellophane bags! But party organisers have also learnt to be vigilant: they serve table to table; map out the space carefully and monitor the tables. Before 2019, perhaps a time will come when ushers will take your photograph, or there will be CCTV monitors at social events, just so you don’t come back and say you have not been served. That is change. That is recession. If you are a man-about-town, you can’t fail to notice this: that something has indeed changed in the social circuit. But there is that one per cent crowd, whose pockets are still so deep, if you get invited to their parties, it is like going to a surplus declaration event, what Nigerians call “too much money.” Even that is changing though, people are learning to be careful, so they don’t get invited to come and explain how they came about so much money.

Recession is when you now read in the newspapers virtually every week about people committing suicide. Nigerians are so fun-loving we were once described as the happiest people on earth. Right now, we will fail the test. Suicide used to be so rare in this country. It was considered impossible. Why would anyone want to kill himself? I used to hear people say: “eba is sweet oh, I can’t come and die” or “life is for the living” or “e go better.” People are not so sure anymore. In the past month, there have been reports about two foreigners doing business in Nigeria who have also committed suicide. Every reported suicide in recent times, has been tied, one way or the other, to the recession in the country. One man had an argument with his wife over school fees and housekeeping money and he went and ended it all. Another man actually left a note saying he had to kill himself because there is too much hardship in the country. Marriages are collapsing. Domestic violence is on the rise.


Husbands that are out of work can no longer maintain their families, they can’t pay school fees, they have become useless in their own homes, they are helpless. Their wives want to leave, even when they are not too sure of the next destination. There are at least two celebrated cases of women who have either slain their husbands or wounded them badly. In both cases, there was that notorious thing about a second woman in the background. Sharing what is not enough for one person with another woman, in a season of recession, could be a crime, but the biggest dysfunction is that of the pocket. One woman, a lawyer oh (!) stabbed her husband in the neck. Another after having sex with her husband, and putting him to sleep, got a machete and butchered him. The man is presently in what Yorubas call, “boya o ma ku, boya o maa ye” condition. Whether he would live or die is uncertain.

Recession is when companies are retrenching everyday or closing shop and SMEs are dying. In the last one year, high unemployment figures have been announced. Banks have had to shed weight; the foreign exchange crisis has forced many companies to downsize or abandon Nigeria, investors are taking their funds out of the country, many states of the Federation are so much in distress, they have stopped paying salaries. Civil servants cannot even afford a bag of rice, because their minimum wage is N18, 000 and a bag of rice is N22, 000 or higher in some places. Recession is when Nigerians now steal pots of soup and basic food items, and they can’t buy rams for Sallah, and they are told “don’t worry, change begins with you!” Every worker who has lost his or her job in the last one year is not the only one affected, the knock-on effect has brought anguish to other dependants, who now have a bread-winner behaving like a bread seeker. That is recession. That is hardship.

Recession is when enjoyment spots that used to be filled up every Friday evening are now empty. Nigerians used to celebrate what they call “Thank God it is Friday.” In Lagos, Friday evenings used to be the boys’ night. Husbands didn’t go home early. These days, husbands go home early and Fridays have become slightly boring. Recession is when prostitutes reduce their charges. I have it on good authority, from those who know, that even prostitutes have had to embrace change. And old girlfriends now demand pension benefits. Recession is when families which used to run the generator 24 hours and boast that their children can’t stand heat, have had to adjust, and run the generator only from 12 midnight, or before. Recession is when men come out and complain that their wives no longer allow them to touch them: “Are you mad? With the way things are, all you think of is sex?” Kama Sutra rites are best enjoyed only in happy lands. Recession is when in spite of all this, the breweries in Nigeria are posting unbelievable record profits and smiling to the banks. The men go home and privately drown their sorrow in bottles. Mrs. Adeosun, this is the true meaning of recession.

Fear Grips Top Ministers As Buhari Set For Major Cabinet Shake-up; See List of Ministers Likely To Be SACKED

Fear Grips Top Ministers As Buhari Set For Major Cabinet Shake-up; See List of Ministers Likely To Be SACKED

Fear Grips Top Ministers As Buhari Set For Major Cabinet Shake-up; See List of Ministers Likely To Be SACKED
An unconfirmed report suggests that barring last minute changes, President Muhammadu Buhari will make a major cabinet shake-up in the coming weeks. As a result, palpable fear seems to have gripped some cabinet members

This is coming, barely 24-hours when the Chairman of the Senate Committee on the Federal Capital Territory, FCT, Dino Melaye, called on  Buhari to shake up his cabinet, by getting rid of non-performing Ministers.

Buhari will soon reshuffle his cabinet, a presidency source confided, Post Nigeria reports

“Buhari will reshuffle his cabinet soon. Be rest assured that heads will roll,” the source said according to Post Nigeria

“Some of the Ministers are not capable of achieving the change-mantra. As I speak, high profile meetings are going on, to re-organise Buhari’s cabinet”.

In a statement on Sunday, September 4, Senator Melaye had also recommended the sack of three of Buhari’s top officials, adding that he is afraid his constituents could stone him someday, if the current administration continues to fail.

Those Melaye recommended for sack include: Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Udoma Udo-Udoma, and the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.

Melaye said: “The Finance Minister has not only displayed gross incompetence on the job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy, like the Finance Ministry.

“It is time for her to go now, and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently, under her stewardship.”

About the Budget and National Planning Minister, the Kogi State Senator said: “To be sure, Senator Udoma Udo Udoma is a very charismatic man, an accomplished Lawyer, and a quintessential gentleman, with a fairly untainted reputation.

“In everyday parlance, he is a good man.

“But the critical job of a Budget and National Planning Minister for a huge country like Nigeria, with her prevailing economic challenges, requires much more than being a good man with a great personality.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details

“As a Lawyer, accomplished in this field as he is, Udoma’s appointment to that position is nepotism taken to very ridiculous heights; and a classic case of putting round pegs in square holes. It will, and can never fit.

“It is akin to saddling a carpenter with a tailor’s responsibility. The outcome under the circumstances, as has become evidently clear, is bound to be catastrophic for the economy.

“President Buhari must therefore, do the needful now, by relieving Udoma of this huge burden that constitutes a clog to the revival of the Nigerian economy,” he said.

Melaye added, that the CBN Governor was guilty of “policy flip-flops, summersaults, and inconsistencies, which are clear evidence of gross incompetence in the management of the nation’s fiscal and monetary policies.”

“The net effect of this inconceivable ineptitude on the part of Emefiele, is the free fall in the value of the naira, and the total loss of faith and confidence by the international community on the Nigerian economy,” he said.

Melaye, advised President Buhari to “immediately transit from mere rhetoric, to drastic and positive action, in order to save the economy and Nigeria from total collapse.

“The hunger in the land is real, pervasive, widespread, and debilitating for the poor masses”.



Fear Grips Top Ministers As Buhari Set For Major Cabinet Shake-up; See List of Ministers Likely To Be SACKED
An unconfirmed report suggests that barring last minute changes, President Muhammadu Buhari will make a major cabinet shake-up in the coming weeks. As a result, palpable fear seems to have gripped some cabinet members

This is coming, barely 24-hours when the Chairman of the Senate Committee on the Federal Capital Territory, FCT, Dino Melaye, called on  Buhari to shake up his cabinet, by getting rid of non-performing Ministers.

Buhari will soon reshuffle his cabinet, a presidency source confided, Post Nigeria reports

“Buhari will reshuffle his cabinet soon. Be rest assured that heads will roll,” the source said according to Post Nigeria

“Some of the Ministers are not capable of achieving the change-mantra. As I speak, high profile meetings are going on, to re-organise Buhari’s cabinet”.

In a statement on Sunday, September 4, Senator Melaye had also recommended the sack of three of Buhari’s top officials, adding that he is afraid his constituents could stone him someday, if the current administration continues to fail.

Those Melaye recommended for sack include: Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Udoma Udo-Udoma, and the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.

Melaye said: “The Finance Minister has not only displayed gross incompetence on the job, she also lacks the basic and rudimentary grasp of economic fundamentals necessary to run a critical sector of the Nigerian economy, like the Finance Ministry.

“It is time for her to go now, and pave way for a qualified and experienced person to steer the Nigerian economy away from the dark woods it has sunk presently, under her stewardship.”

About the Budget and National Planning Minister, the Kogi State Senator said: “To be sure, Senator Udoma Udo Udoma is a very charismatic man, an accomplished Lawyer, and a quintessential gentleman, with a fairly untainted reputation.

“In everyday parlance, he is a good man.

“But the critical job of a Budget and National Planning Minister for a huge country like Nigeria, with her prevailing economic challenges, requires much more than being a good man with a great personality.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details

“As a Lawyer, accomplished in this field as he is, Udoma’s appointment to that position is nepotism taken to very ridiculous heights; and a classic case of putting round pegs in square holes. It will, and can never fit.

“It is akin to saddling a carpenter with a tailor’s responsibility. The outcome under the circumstances, as has become evidently clear, is bound to be catastrophic for the economy.

“President Buhari must therefore, do the needful now, by relieving Udoma of this huge burden that constitutes a clog to the revival of the Nigerian economy,” he said.

Melaye added, that the CBN Governor was guilty of “policy flip-flops, summersaults, and inconsistencies, which are clear evidence of gross incompetence in the management of the nation’s fiscal and monetary policies.”

“The net effect of this inconceivable ineptitude on the part of Emefiele, is the free fall in the value of the naira, and the total loss of faith and confidence by the international community on the Nigerian economy,” he said.

Melaye, advised President Buhari to “immediately transit from mere rhetoric, to drastic and positive action, in order to save the economy and Nigeria from total collapse.

“The hunger in the land is real, pervasive, widespread, and debilitating for the poor masses”.



Just One SEIZED Jewellery From A Looter Expensive Enough To Buy A Mansion - Finance Minister

Just One SEIZED Jewellery From A Looter Expensive Enough To Buy A Mansion - Finance Minister

Just One SEIZED Jewelry From A Looter Expensive Enough To Buy A Mansion - Finance Minister
As the Federal Government commences the disposal of assets confiscated from past government officials, Minister of Finance, Kemi Adeosun has disclosed that the price of just a single piece of seized jewellery is enough to buy a house.

She also disclosed that the Federal Government would reduce import duties on used vehicles that come in from neighbouring countries.

Speaking at a media parley in Abuja on Friday, Adeosun, who declined to give details about the identities of those who forfeited the jewellery, however, said her ministry had now been given the mandate to manage the recovered assets.

The Economic and Financial Crimes Commission (EFCC) some time ago disclosed that its operatives seized jewellery worth billions from the home of a former minister in Abuja.

She said that so far, she has released over N400 billion for capital projects since May when the 2016 budget became operative and another N60 billion was going to be released by Friday evening.

According to her, the present administration was taking giant steps towards expanding the economy but that there is always a delay between policy formulation stage and the time that its effect would be felt in an economy.

For instance, Adeosun disclosed that work on the international wing of Nnamdi Azikiwe International Airport which was suspended due to paucity of funds, N4.5 billion counterpart funding has been paid to the contractors.

Speaking on revenue and expenditure, the minister explained that of the N1.5 trillion projected independent revenue for the Federal Government in 2016, about N200 billion has been collected but gave the assurance that innovative methods are being deployed to meet the target before the end of the year.

This, she said, would include reduction in import tariff on used vehicles (Tokunbo) being imported into neighbouring countries but smuggled into Nigeria.

Government discovered that import duty in one of those countries was just 10 percent while it is 30 percent in Nigeria and this has encouraged smuggling with the attendant loss of revenue.

Presently, Adeosun said a committee was working to review this high tariff as a way of discouraging smuggling and consequently improving revenue.

But, some other taxes, which she described as colonial rates, will be jerked up to reflect present realities.

She lamented that over that over the years, successive governments neglected to invest in massive infrastructure but concentrated on recurrent expenditure such that the monthly wage bill of the Federal Government is currently N165 billion per month, which is sufficient to fix the Lagos-Ibadan Expressway.


How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details  



Just One SEIZED Jewelry From A Looter Expensive Enough To Buy A Mansion - Finance Minister
As the Federal Government commences the disposal of assets confiscated from past government officials, Minister of Finance, Kemi Adeosun has disclosed that the price of just a single piece of seized jewellery is enough to buy a house.

She also disclosed that the Federal Government would reduce import duties on used vehicles that come in from neighbouring countries.

Speaking at a media parley in Abuja on Friday, Adeosun, who declined to give details about the identities of those who forfeited the jewellery, however, said her ministry had now been given the mandate to manage the recovered assets.

The Economic and Financial Crimes Commission (EFCC) some time ago disclosed that its operatives seized jewellery worth billions from the home of a former minister in Abuja.

She said that so far, she has released over N400 billion for capital projects since May when the 2016 budget became operative and another N60 billion was going to be released by Friday evening.

According to her, the present administration was taking giant steps towards expanding the economy but that there is always a delay between policy formulation stage and the time that its effect would be felt in an economy.

For instance, Adeosun disclosed that work on the international wing of Nnamdi Azikiwe International Airport which was suspended due to paucity of funds, N4.5 billion counterpart funding has been paid to the contractors.

Speaking on revenue and expenditure, the minister explained that of the N1.5 trillion projected independent revenue for the Federal Government in 2016, about N200 billion has been collected but gave the assurance that innovative methods are being deployed to meet the target before the end of the year.

This, she said, would include reduction in import tariff on used vehicles (Tokunbo) being imported into neighbouring countries but smuggled into Nigeria.

Government discovered that import duty in one of those countries was just 10 percent while it is 30 percent in Nigeria and this has encouraged smuggling with the attendant loss of revenue.

Presently, Adeosun said a committee was working to review this high tariff as a way of discouraging smuggling and consequently improving revenue.

But, some other taxes, which she described as colonial rates, will be jerked up to reflect present realities.

She lamented that over that over the years, successive governments neglected to invest in massive infrastructure but concentrated on recurrent expenditure such that the monthly wage bill of the Federal Government is currently N165 billion per month, which is sufficient to fix the Lagos-Ibadan Expressway.


How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details  



My Style of Fighting Corruption While In Office - Jonathan

My Style of Fighting Corruption While In Office - Jonathan

Goodluck Jonathan
Ex-President Goodluck Jonathan yesterday defended his tenure, saying he fought corruption, but added that he is being investigated for graft by the Muhammadu Buhari administration.

He also denied leaving an empty treasury.

In an interview with Bloomberg Television in London, aired yesterday, Dr.Jonahan said the threats by the Niger Delta Avengers (NDA) will be peacefully resolved.

”I cannot say the country from the beginning of our independence, that there was no corruption; yes there has been corruption. I did very well also to curtail corruption.

“My approach to corruption was ‘don’t make money available for anyone to touch’.

“We made sure that area of fertiliser subsidies was cleaned up and the whole corruption there was removed.

“I tried to do the same in the oil industry, but the very people that were accusing us of corruption, were the same people frustrating it; it’s unfortunate.”

Asked if he was concerned that he would be investigated for corruption while in office, Jonathan said he was being investigated. “Obviously, I’m being investigated.”

Asked if he would be found guilty of corrupt practices, Jonathan said: “I wouldn’t want to make certain comments because, when a government is working, it’s not proper for immediate past presidents to make certain statements.

“I will allow the government to do the work it’s supposed to do.

“I wouldn’t want to make serious comments on that; it’s not proper.

“After all, these investigations, the whole stories will be properly chronicled.

“I’ve just left office and I should allow the President and his team to do what they believe is good for the country.”

Jonathan’s aides have come under heavy scrutiny since he left office, a situation he warned them of at the presidential dinner to mark the end of his tenure on May 28, 2015.

Officials of his party, the Peoples Democratic Party, PDP, have also been arrested and arraigned for corruption, but the anti-corruption agencies are yet to make public their findings from investigation on Jonathan’s involvement.

Dr. Jonathan expressed confidence that the authorities can reach an agreement with militants in the Niger Delta to stop their attacks that have slashed production.

“Definitely, it will be resolved; yes, government can always overrun restive movements and so on, but the Niger Delta is too delicate. The level of damage will be too much for the government to bear. We used dialogue,” he said.

Jonathan was vice-president when the government offered an amnesty and monthly stipends to militants to end years of instability, which had cut oil output. In February, Jonathan’s successor, President Muhammadu Buhari, reduced the stipends and cancelled security contracts with former military leaders.

A militant group known as Niger Delta Avengers has claimed attacks on facilities belonging to companies, including Chevron Corp., Royal Dutch Shell Plc and Agip Oil Co., causing Nigeria’s output to drop to an almost 30-year low of about 1.4 million barrels per day.

The violence has deepened the crisis facing Africa’s largest economy, which is already reeling from a slump in crude prices. Nigeria gets as much as two-thirds of its revenue and more than 90 percent of foreign income from oil.

Dr. Jonathan denied leaving the country’s finances “virtually empty”.

“There’s no way he would have inherited an empty Treasury,” Jonathan said , adding:  ”It’s not possible.”

Nigeria’s economy is contracting after a decline in the price of Brent by about half since the middle of 2014. Crude exports accounted in 2014 for as much as two-thirds of government revenue, with most state budgets relying on monthly handouts from the federal administration.

Finance Minister Mrs. Kemi Adeosun said last month that a long-delayed 2016 budget may not be fully implemented. The cash crunch has dampened optimism around the election of Buhari who campaigned on an anti-corruption platform, beating Jonathan in the first election victory by an opposition candidate in the nation’s history.

Nigerian authorities have gone after corrupt officials, recovering more than $500 million in cash so far. Investigations by the Economic and Financial Crimes Commission (EFCC) have brought top officials of Jonathan’s administration under scrutiny, such as his National Security Adviser, Sambo Dasuki, and then-spokesman of his political party Olisa Metuh.



Goodluck Jonathan
Ex-President Goodluck Jonathan yesterday defended his tenure, saying he fought corruption, but added that he is being investigated for graft by the Muhammadu Buhari administration.

He also denied leaving an empty treasury.

In an interview with Bloomberg Television in London, aired yesterday, Dr.Jonahan said the threats by the Niger Delta Avengers (NDA) will be peacefully resolved.

”I cannot say the country from the beginning of our independence, that there was no corruption; yes there has been corruption. I did very well also to curtail corruption.

“My approach to corruption was ‘don’t make money available for anyone to touch’.

“We made sure that area of fertiliser subsidies was cleaned up and the whole corruption there was removed.

“I tried to do the same in the oil industry, but the very people that were accusing us of corruption, were the same people frustrating it; it’s unfortunate.”

Asked if he was concerned that he would be investigated for corruption while in office, Jonathan said he was being investigated. “Obviously, I’m being investigated.”

Asked if he would be found guilty of corrupt practices, Jonathan said: “I wouldn’t want to make certain comments because, when a government is working, it’s not proper for immediate past presidents to make certain statements.

“I will allow the government to do the work it’s supposed to do.

“I wouldn’t want to make serious comments on that; it’s not proper.

“After all, these investigations, the whole stories will be properly chronicled.

“I’ve just left office and I should allow the President and his team to do what they believe is good for the country.”

Jonathan’s aides have come under heavy scrutiny since he left office, a situation he warned them of at the presidential dinner to mark the end of his tenure on May 28, 2015.

Officials of his party, the Peoples Democratic Party, PDP, have also been arrested and arraigned for corruption, but the anti-corruption agencies are yet to make public their findings from investigation on Jonathan’s involvement.

Dr. Jonathan expressed confidence that the authorities can reach an agreement with militants in the Niger Delta to stop their attacks that have slashed production.

“Definitely, it will be resolved; yes, government can always overrun restive movements and so on, but the Niger Delta is too delicate. The level of damage will be too much for the government to bear. We used dialogue,” he said.

Jonathan was vice-president when the government offered an amnesty and monthly stipends to militants to end years of instability, which had cut oil output. In February, Jonathan’s successor, President Muhammadu Buhari, reduced the stipends and cancelled security contracts with former military leaders.

A militant group known as Niger Delta Avengers has claimed attacks on facilities belonging to companies, including Chevron Corp., Royal Dutch Shell Plc and Agip Oil Co., causing Nigeria’s output to drop to an almost 30-year low of about 1.4 million barrels per day.

The violence has deepened the crisis facing Africa’s largest economy, which is already reeling from a slump in crude prices. Nigeria gets as much as two-thirds of its revenue and more than 90 percent of foreign income from oil.

Dr. Jonathan denied leaving the country’s finances “virtually empty”.

“There’s no way he would have inherited an empty Treasury,” Jonathan said , adding:  ”It’s not possible.”

Nigeria’s economy is contracting after a decline in the price of Brent by about half since the middle of 2014. Crude exports accounted in 2014 for as much as two-thirds of government revenue, with most state budgets relying on monthly handouts from the federal administration.

Finance Minister Mrs. Kemi Adeosun said last month that a long-delayed 2016 budget may not be fully implemented. The cash crunch has dampened optimism around the election of Buhari who campaigned on an anti-corruption platform, beating Jonathan in the first election victory by an opposition candidate in the nation’s history.

Nigerian authorities have gone after corrupt officials, recovering more than $500 million in cash so far. Investigations by the Economic and Financial Crimes Commission (EFCC) have brought top officials of Jonathan’s administration under scrutiny, such as his National Security Adviser, Sambo Dasuki, and then-spokesman of his political party Olisa Metuh.



Exclusive: FG SECRETLY Sacks Over 30,000 Workers

Exclusive: FG SECRETLY Sacks Over 30,000 Workers

Nigerian Pilot - Between September 2015 and last month, the Federal Government is alleged to have secretly sacked more than 30,000 staff of ministries and agencies.

According to sources, those sacked were purportedly labelled ‘ghost workers’, even as the government declared that it has saved as much as $15 billion after removing these ‘ghost workers’.

Investigation carried out by Nigerian Pilot Saturday revealed that majority of those sacked were staff recruited between mid 2013 and April 2015.
Nigerian Pilot Saturday learnt that the federal government saved about $3 billion monthly from the exercise as was confirmed by the Minister of Finance, Mrs. Kemi Adeosun, last December when she disclosed that as much as, “N2.29 billion was saved by the government after removing some ghost workers from the federal government’s payroll.”

From information gathered, then federal government had in December last year, audited its staff using biometric data and a bank verification number, BVN to identify the holders of bank accounts into which state salaries were being paid.

Following the exercise, the government later disclosed that almost 24,000 ghost workers were discovered and expunged from the staff payroll, a development the government said resulted in the saving of N2.3 billion, according to statistics released by the ministry of finance.

To establish the number of ghost workers, the panel found many receiving salaries neither have data nor had been captured by the IPPIS, but were able to collect monthly salary with the connivance of some senior civil servants at the Office of the Accountant General of the Federation, Central Bank of Nigeria, CBN and some banks.

The panel, we learnt established that the number of civil servants receiving salary did not correspond to the names on the accounts and that some were receiving salaries from several sources.

However, Nigerian Pilot Saturday investigation revealed that majority of those sacked as ghost workers were actually authentic staff of the ministries and agencies where they were purportedly found to be collecting salaries illegally.

Our findings established that the sacked staff were those employed in some of the replacement exercises for lower and medium level staff that may not have required going through the Federal Character Commission.

It was equally suspected that some of those laid off were those recruited by political appointees and directors by way of favour and political patronage.

For instance, we learnt that in the Office of the Accountant General and the Federal Ministry of Commerce, some retired directors were told to bring in ‘substitutes’who could either be their children or relatives.

They were ‘legitimately’ recruited, but because of a misunderstanding between officials, the matter was leaked and some of the favoured persons were labelled ghost workers and laid off.

It was also alleged that staff brought in as a fovour could remain in the employ of the federal government depending on the political affiliation of the director or political appointee that nominated or brought them in, as the present administration may choose to turn a blind eye.

In another case, last October the salaries of some staff of the Ministry of Internal Affairs were stopped because they were alleged to be ghost workers. However, investigation revealed that these workers had issues with their BVN, which was also not entirely their fault.

In one of such cases, a staff took up the panel and it was realised that the staff in question had filled a comprehensive data including his correct BVN details, but somehow these details were wrongly entered and submitted to the Office of the Accountant General, which labelled him a ‘ghost worker’.

It would be recalled that Festus Akanbi, special adviser to Nigeria’s Finance Minister, Kemi Adeosun, stated that 23,846 alleged nonexistent workers were removed from the government’s payroll.

Akanbi said that 312,000 civil servants had as at last December been checked and that the ministry would now carry out “periodic checks and utilise computer-assisted audit techniques” in a bid to crack down on corruption in the public sector.

The periodic check may led to yet another ‘discovery of ghost workers’ as confirmed by the acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu.

Speaking recently during the Economic and Financial Crimes Commission, EFCC Anti-corruption Sensitisation Programme organised for the Federal Ministry of Power, Works and Housing, Magu, who stopped short of questioning veracity of the claimed ghost workers, urged civil servants to familiarise themselves with basic rules of engagement to avoid being unduly embarrassed.

He equally said, “Currently, EFCC working in close collaboration with the Federal Ministry of Finance and the Office of the Account General of the Federation has uncovered 37,395 ghost workers in the Federal civil service and has cost the Federal Government close to N1 billion.
“Our investigations have so far revealed that the Federal Government has lost close to N1 billion to these ghost workers. The figure will definitely increase as we unravel more ghost workers buried deep in Federal Civil Service payrolls.’’

We also recall that the Minister of Information and National Orientation, Alhaji Lai Mohammed, had alerted the nation that the IPPIS had been compromised and suggested that the federal government was considering ways to beef up the IPPIS to guarantee its effectiveness.

The government, which is facing serious cash crunch, says wages and other personnel costs represent 40 per cent of its total expenditure,
Nigeria’s economy is currently struggling, largely due to a global slump in oil prices; oil constitutes more 80 per cent of the value of Nigerian exports. The country’s deficit is expected to double to N2.2 trillion ($11 billion) in 2016 and the country is seeking loans to finance its biggest ever budget yet.
Nigerian Pilot - Between September 2015 and last month, the Federal Government is alleged to have secretly sacked more than 30,000 staff of ministries and agencies.

According to sources, those sacked were purportedly labelled ‘ghost workers’, even as the government declared that it has saved as much as $15 billion after removing these ‘ghost workers’.

Investigation carried out by Nigerian Pilot Saturday revealed that majority of those sacked were staff recruited between mid 2013 and April 2015.
Nigerian Pilot Saturday learnt that the federal government saved about $3 billion monthly from the exercise as was confirmed by the Minister of Finance, Mrs. Kemi Adeosun, last December when she disclosed that as much as, “N2.29 billion was saved by the government after removing some ghost workers from the federal government’s payroll.”

From information gathered, then federal government had in December last year, audited its staff using biometric data and a bank verification number, BVN to identify the holders of bank accounts into which state salaries were being paid.

Following the exercise, the government later disclosed that almost 24,000 ghost workers were discovered and expunged from the staff payroll, a development the government said resulted in the saving of N2.3 billion, according to statistics released by the ministry of finance.

To establish the number of ghost workers, the panel found many receiving salaries neither have data nor had been captured by the IPPIS, but were able to collect monthly salary with the connivance of some senior civil servants at the Office of the Accountant General of the Federation, Central Bank of Nigeria, CBN and some banks.

The panel, we learnt established that the number of civil servants receiving salary did not correspond to the names on the accounts and that some were receiving salaries from several sources.

However, Nigerian Pilot Saturday investigation revealed that majority of those sacked as ghost workers were actually authentic staff of the ministries and agencies where they were purportedly found to be collecting salaries illegally.

Our findings established that the sacked staff were those employed in some of the replacement exercises for lower and medium level staff that may not have required going through the Federal Character Commission.

It was equally suspected that some of those laid off were those recruited by political appointees and directors by way of favour and political patronage.

For instance, we learnt that in the Office of the Accountant General and the Federal Ministry of Commerce, some retired directors were told to bring in ‘substitutes’who could either be their children or relatives.

They were ‘legitimately’ recruited, but because of a misunderstanding between officials, the matter was leaked and some of the favoured persons were labelled ghost workers and laid off.

It was also alleged that staff brought in as a fovour could remain in the employ of the federal government depending on the political affiliation of the director or political appointee that nominated or brought them in, as the present administration may choose to turn a blind eye.

In another case, last October the salaries of some staff of the Ministry of Internal Affairs were stopped because they were alleged to be ghost workers. However, investigation revealed that these workers had issues with their BVN, which was also not entirely their fault.

In one of such cases, a staff took up the panel and it was realised that the staff in question had filled a comprehensive data including his correct BVN details, but somehow these details were wrongly entered and submitted to the Office of the Accountant General, which labelled him a ‘ghost worker’.

It would be recalled that Festus Akanbi, special adviser to Nigeria’s Finance Minister, Kemi Adeosun, stated that 23,846 alleged nonexistent workers were removed from the government’s payroll.

Akanbi said that 312,000 civil servants had as at last December been checked and that the ministry would now carry out “periodic checks and utilise computer-assisted audit techniques” in a bid to crack down on corruption in the public sector.

The periodic check may led to yet another ‘discovery of ghost workers’ as confirmed by the acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu.

Speaking recently during the Economic and Financial Crimes Commission, EFCC Anti-corruption Sensitisation Programme organised for the Federal Ministry of Power, Works and Housing, Magu, who stopped short of questioning veracity of the claimed ghost workers, urged civil servants to familiarise themselves with basic rules of engagement to avoid being unduly embarrassed.

He equally said, “Currently, EFCC working in close collaboration with the Federal Ministry of Finance and the Office of the Account General of the Federation has uncovered 37,395 ghost workers in the Federal civil service and has cost the Federal Government close to N1 billion.
“Our investigations have so far revealed that the Federal Government has lost close to N1 billion to these ghost workers. The figure will definitely increase as we unravel more ghost workers buried deep in Federal Civil Service payrolls.’’

We also recall that the Minister of Information and National Orientation, Alhaji Lai Mohammed, had alerted the nation that the IPPIS had been compromised and suggested that the federal government was considering ways to beef up the IPPIS to guarantee its effectiveness.

The government, which is facing serious cash crunch, says wages and other personnel costs represent 40 per cent of its total expenditure,
Nigeria’s economy is currently struggling, largely due to a global slump in oil prices; oil constitutes more 80 per cent of the value of Nigerian exports. The country’s deficit is expected to double to N2.2 trillion ($11 billion) in 2016 and the country is seeking loans to finance its biggest ever budget yet.

Reprieve For States As FG Suspends Deduction of Loans To Enable Them Pay Workers' Salary

Reprieve For States As FG Suspends Deduction of Loans To Enable Them Pay Workers' Salary

Reprieve has come the way of many states who were unable to pay workers' salary as the National Economic Council (NEC) meeting on Thursday suspended further deduction of state governments’ loans from their accounts maintained in the Federation Account.

Many of the states have taken loans which are repaid through monthly deductions from funds accruing to them in the Federation Account.

The Minister of Finance, Kemi Adeosun, said state governments’ loan repayment to the Federation Account was deferred to allow states have enough money in their coffers to pay workers salaries and meet other obligations in their states.

She spoke with State House correspondents at the end of the NEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja. She was accompanied by Nasarawa State Governor, Tanko Almakura and Corp Marshal of the Federal Road Safety Commission (FRSC), Oyeyemi Boboye.

According to her, the current economic situation in the country necessitated the deferral of the loans repayment.

She said: “On the update of the financial situation of the states, it was discussed extensively that currently the federation account receipt are among the lowest that has been seen in recent memory. We are looking at N299 billion this month and that is because of the very low oil prices that was recorded in January and February.

“If you remember oil prices went as low as $28 and $31 per barrel and of course that has led to a very low federation account as a result of this, I approached the President and the governors that we defer the loan deductions from the federation account entitlement.

“The aim of this is to ensure that we support the state governments throughout this difficult period in order for them to meet salary obligations. The government is very committed to stimulating the economy and recognizes that ability of states to meet salary obligations is a very crucial in getting the economy moving again
Reprieve has come the way of many states who were unable to pay workers' salary as the National Economic Council (NEC) meeting on Thursday suspended further deduction of state governments’ loans from their accounts maintained in the Federation Account.

Many of the states have taken loans which are repaid through monthly deductions from funds accruing to them in the Federation Account.

The Minister of Finance, Kemi Adeosun, said state governments’ loan repayment to the Federation Account was deferred to allow states have enough money in their coffers to pay workers salaries and meet other obligations in their states.

She spoke with State House correspondents at the end of the NEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja. She was accompanied by Nasarawa State Governor, Tanko Almakura and Corp Marshal of the Federal Road Safety Commission (FRSC), Oyeyemi Boboye.

According to her, the current economic situation in the country necessitated the deferral of the loans repayment.

She said: “On the update of the financial situation of the states, it was discussed extensively that currently the federation account receipt are among the lowest that has been seen in recent memory. We are looking at N299 billion this month and that is because of the very low oil prices that was recorded in January and February.

“If you remember oil prices went as low as $28 and $31 per barrel and of course that has led to a very low federation account as a result of this, I approached the President and the governors that we defer the loan deductions from the federation account entitlement.

“The aim of this is to ensure that we support the state governments throughout this difficult period in order for them to meet salary obligations. The government is very committed to stimulating the economy and recognizes that ability of states to meet salary obligations is a very crucial in getting the economy moving again

At Last, FG Bows To Foreign Pressure To Devalue The Naira

At Last, FG Bows To Foreign Pressure To Devalue The Naira

The Federal Government of Nigeria may have at last bowed to foreign pressures to further devalue her local currency, the Naira.

Finance Ministers of 15 African countries including Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, have agreed on the need for oil exporting nations on the continent to adjust their currencies and embark on economic diversification. These are part of measures to address slowing growth and the difficult external environment, New Telegraph reports.

Few weeks ago, before President Muhammadu Buhari made the last United States trip on summit on climate change, the Government of the US has vowed it will press Nigeria in talks to adopt a more flexible foreign exchange rate to boost growth and investment in the country.


The ministers, who belong to the African Caucus of the African Consultative Group, stated this during the Group’s meeting yesterday at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank. The decision to embrace currency adjustment comes against the background of repeated opposition by President Muhammadu Buhari to calls by the IMF and foreign investors for the naira to be devalued.

Nigeria, Africa’s biggest economy, is facing its worst crisis in decades, as the falling price of oil has slashed revenues, prompting the central bank to peg the currency and introduce curbs to protect foreign exchange reserves, which have fallen to 11- year lows.

But the African Finance Ministers pointed out that owing to the sharp drop in commodity prices and tighter financial conditions, growth in Africa is projected to decline to about 3 per cent in 2016, the lowest level in a long while. They said: “We concurred that the decline in commodity prices is likely to be long lasting, as the causes seem structural rather than temporary – including the ongoing rebalancing of demand in China and, in the case of oil, technological innovation that has enhanced supply. We also recognised that non-economic shocks such as weather- and security- related challenges, are posing downside risks to Africa’s economic prospects.

“Against this backdrop, we agreed that prompt fiscal adjustment is needed to safeguard macroeconomic stability and rebuild policy buffers across the region, especially in oil-exporting countries. We also concurred that, in pursuing these consolidation efforts, country authorities should aim at protecting priority expenditures, such as social expenditures and wellprioritised and efficient infrastructure spending, with a view to ensuring that longer-term development goals remain achievable.”

Besides, they agreed that, where feasible, the exchange rate should be allowed to adjust as needed to absorb shocks and improve competitiveness, with central banks’ interventions limited to mitigating disorderly market movements. In addition, the ministers emphasised the need for African countries to revitalise their economic diversification agenda as well as introducing structural reforms that will Chapimprove the business environment.

As the Group’s Chairman, Mr. Abdoulaye Bio-Tchané, puts it, “It is indispensable for African countries to adapt policies to the new environment and use all tools at their disposal – fiscal, monetary, exchange rate and structural policies to preserve hard-won macroeconomic stability, contain social impact, further strengthen our economies’ resilience to shocks, and support growth”.

The African Consultative Group comprises the IMF Governors of a subset of 15 African countries belonging to the African Caucus (African finance ministers and central bank governors) and Fund management. It was formed in 2007 to enhance the IMF’s policy dialogue with the African Caucus. The Group meets at the time of the Spring Meetings, while Fund Management meets with the full membership of the African Caucus at the time of the IMF/ World Bank Annual Meetings.
The Federal Government of Nigeria may have at last bowed to foreign pressures to further devalue her local currency, the Naira.

Finance Ministers of 15 African countries including Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, have agreed on the need for oil exporting nations on the continent to adjust their currencies and embark on economic diversification. These are part of measures to address slowing growth and the difficult external environment, New Telegraph reports.

Few weeks ago, before President Muhammadu Buhari made the last United States trip on summit on climate change, the Government of the US has vowed it will press Nigeria in talks to adopt a more flexible foreign exchange rate to boost growth and investment in the country.


The ministers, who belong to the African Caucus of the African Consultative Group, stated this during the Group’s meeting yesterday at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank. The decision to embrace currency adjustment comes against the background of repeated opposition by President Muhammadu Buhari to calls by the IMF and foreign investors for the naira to be devalued.

Nigeria, Africa’s biggest economy, is facing its worst crisis in decades, as the falling price of oil has slashed revenues, prompting the central bank to peg the currency and introduce curbs to protect foreign exchange reserves, which have fallen to 11- year lows.

But the African Finance Ministers pointed out that owing to the sharp drop in commodity prices and tighter financial conditions, growth in Africa is projected to decline to about 3 per cent in 2016, the lowest level in a long while. They said: “We concurred that the decline in commodity prices is likely to be long lasting, as the causes seem structural rather than temporary – including the ongoing rebalancing of demand in China and, in the case of oil, technological innovation that has enhanced supply. We also recognised that non-economic shocks such as weather- and security- related challenges, are posing downside risks to Africa’s economic prospects.

“Against this backdrop, we agreed that prompt fiscal adjustment is needed to safeguard macroeconomic stability and rebuild policy buffers across the region, especially in oil-exporting countries. We also concurred that, in pursuing these consolidation efforts, country authorities should aim at protecting priority expenditures, such as social expenditures and wellprioritised and efficient infrastructure spending, with a view to ensuring that longer-term development goals remain achievable.”

Besides, they agreed that, where feasible, the exchange rate should be allowed to adjust as needed to absorb shocks and improve competitiveness, with central banks’ interventions limited to mitigating disorderly market movements. In addition, the ministers emphasised the need for African countries to revitalise their economic diversification agenda as well as introducing structural reforms that will Chapimprove the business environment.

As the Group’s Chairman, Mr. Abdoulaye Bio-Tchané, puts it, “It is indispensable for African countries to adapt policies to the new environment and use all tools at their disposal – fiscal, monetary, exchange rate and structural policies to preserve hard-won macroeconomic stability, contain social impact, further strengthen our economies’ resilience to shocks, and support growth”.

The African Consultative Group comprises the IMF Governors of a subset of 15 African countries belonging to the African Caucus (African finance ministers and central bank governors) and Fund management. It was formed in 2007 to enhance the IMF’s policy dialogue with the African Caucus. The Group meets at the time of the Spring Meetings, while Fund Management meets with the full membership of the African Caucus at the time of the IMF/ World Bank Annual Meetings.

Poor Economy: Keep Your Loan, We Don't Need It - FG Shuns IMF's

Poor Economy: Keep Your Loan, We Don't Need It - FG Shuns IMF's

Finance Minister,  Kemi Adeosun, at the ongoing Spring Meetings of the IMF/World Bank, on Friday, explained why the Federal Government is not excited about calls to apply for loan facility from the International Monetary Fund (IMF) to tackle  the economic challenges Nigeria is facing due to the slump in global oil prices 

Other speakers at the event included IMF Deputy Managing Director Mitsuhiro Furusawa and Rwanda Finance Minister Claver Gatete. 

The Minister, who was a speaker at a panel discussion on Africa titled: “Sub-Saharan Africa: Just a Rough Patch,” said Nigeria is adapting to its new realities and it is implementing fiscal policies to steer the country back on track for stable growth with a diversified economy.    

The policies and investment, according to her, should enable Nigeria to show positive growth in 2017. 

Adeosun emphasised that what the country is passing through is surmountable , adding that government is already applying a cocktail of measures to address the problem. 

“Nigeria is not sick and even if we are, we have our own local remedy,” the Minister said, in an apparent response to a question on why the government has refused to apply for IMF loans. 

Noting that the real vulnerability in the Nigerian economy is over-dependence on a single source of revenue, oil, she said, “We have resolved to build resilience into the country’s economy to hedge against future oil shocks. This is because dependence on oil brings about vulnerability and laziness. So we are doing a combination of things to diversify our economy, with revenue mobilisation    to enable sufficient investment in developing the non-oil sectors.”


Finance Minister,  Kemi Adeosun, at the ongoing Spring Meetings of the IMF/World Bank, on Friday, explained why the Federal Government is not excited about calls to apply for loan facility from the International Monetary Fund (IMF) to tackle  the economic challenges Nigeria is facing due to the slump in global oil prices 

Other speakers at the event included IMF Deputy Managing Director Mitsuhiro Furusawa and Rwanda Finance Minister Claver Gatete. 

The Minister, who was a speaker at a panel discussion on Africa titled: “Sub-Saharan Africa: Just a Rough Patch,” said Nigeria is adapting to its new realities and it is implementing fiscal policies to steer the country back on track for stable growth with a diversified economy.    

The policies and investment, according to her, should enable Nigeria to show positive growth in 2017. 

Adeosun emphasised that what the country is passing through is surmountable , adding that government is already applying a cocktail of measures to address the problem. 

“Nigeria is not sick and even if we are, we have our own local remedy,” the Minister said, in an apparent response to a question on why the government has refused to apply for IMF loans. 

Noting that the real vulnerability in the Nigerian economy is over-dependence on a single source of revenue, oil, she said, “We have resolved to build resilience into the country’s economy to hedge against future oil shocks. This is because dependence on oil brings about vulnerability and laziness. So we are doing a combination of things to diversify our economy, with revenue mobilisation    to enable sufficient investment in developing the non-oil sectors.”



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