NEC APPROVES FISCAL SUSTAINABILITY PLAN FOR STATE GOVTS WITH FOCUS ON ACCOUNTABILITY & TRANSPARENCY

HIGHLIGHT OF 67TH NEC MEETING – THURSDAY, 19TH MAY, 2016

The National Economic Council, NEC held its monthly meeting on Thursday, presided over by the Chairman of the Council, the Vice President Yemi Osinbajo, SAN.

Senior Special Assistant-Media & Publicity in the Office of the Vice President, Laolu Akande confirmed that besides other key highlights, the Council approved a Fiscal Sustainability Plan which is aimed at helping the states of the federation navigate the current economic conditions including a massive drop in Federation Account allocation funds.

NEC which is composed of all 36 State Governors and the CBN Governor, meets monthly.

HIGHLIGHTS

A. REPORT ON EXCESS CRUDE PROCEEDS
Honourable Minister of Finance (HMF) reported to the Council that the balance in the ECA stood at (USD 2,259,688,878.06 billion) as at 30th April, 2016. She disclosed that interest accrued on the account is USD 429,903.55 for the month of April 2016 experiencing a little drop in interest.

CBN Governor: Anchor Borrowers’ Programme, Forex Scarcity Bringing out the Best in Nigerians

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele has described the current scarcity of foreign exchange confronting the country as good riddance, saying local production of various essential goods are now being given top priority.

Emefiele said this during a tour of the farmlands cultivated under the Anchor Borrowers’ Programme in Kebbi State over the weekend. He stated that the commitment of stakeholders and the expected output from Kebbi State alone had proved critics of the central bank’s policy measures wrong.

In a statement from the CBN, Emefiele, who was full of praise for the farmers and the Kebbi State Government for their determination and commitment, said that with the level of success attained under the pilot project in the state, in addition to what he saw at the Sunti Golden Sugar Estate in Niger State recently, it was becoming more of a reality that the country can produce enough food to feed itself and even export in no distant future.

Nigeria: Confronting The Curse Of Oil By Reuben Abati

The monthly Federation Accounts Allocation Committee, FAAC, meeting was held the other day in Abuja, with the representatives of state governments again cap in hand, asking for their share of federal revenue – read: oil revenue, or better still, national cake, or our money.

A paragraph in the report by the online newspaper, Premium Times, caught my attention and here it is: “But at the Federation Accounts Allocation Committee, FAAC, meeting, representatives of the 36 state governments went home SAD (emphasis mine), as they were handed parlous shares from a total N299.75 billion statutory allocation for the month, the lowest allocations in more than five years.” For the month of March 2016, the states shared N55.34 billion, compared to N64.52 billion in February 2016. I have deliberately emphasized the word sad,because the day may well come when after the sharing of national revenue, we may be told that some Commissioners of Finance left the meeting crying, or wailing.

To prevent that happening this time, the Federal Government chose to suspend deductions of salary repayment loans owed by the states. When such deductions were made in February 2016, at least one state, Osun, went back home with a paltry N6 million only. The truth is that most of the 36 states are in dire straits, worst hit by the economic crisis that the country faces. About 27 out of the 36 states of the Federation are effectively insolvent, if not bankrupt. In July 2015, the Federal Government not only bailed out the states financially, the Central Bank of Nigeria further extended the repayment period for bank loans taken by the states from a period of seven years to 20 years. So far the affected states have collected salary assistance loans from the CBN to the tune of N689.5 billion, with an additional N310 billion as loans backed by the Excess Crude Account.

Anchor Borrowers Scheme: Audu Ogbe, CBN Governor, Others in Kebbi State - PHOTONEWS

The Minister of Agriculture, Chief Audu Ogbe, in company of the CBN governor, top management of Bank of Agriculture arrived in Kebbi this morning to carry out an inspection visit of the Anchor borrowers scheme launched by President Buhari last year. 

They were welcomed by the state governor Senator A Bagudu and his team. 

POLITICAL IMPEACHMENT DRAMA by Solomon Dalung

It is not only unfortunate but also nauseating that Adamawa State lawmakers could stoop so low to be contracted by Godwin Akpabio of Akwa Ibom to embark on such dirty adventure. Imagine how we have degenerated into political stooges of people our leaders laid their lives to liberate them just because of ghana must go. Where is our pride and grace as people with cherished heritage?

I cannot stand for corruption charges against Nyako but who are his accusers, people who swing in stinking corrupt practices will embark on anti corruption crusade? Where is the $20 billion NNPC missing funds or the #10 billion Minister of petroleum Jet charter funds or better still the over #500 billion unaccounted SURE-P funds?

(Photo) Newly Installed Emir of Kano, Sanusi Lamido Sanus Join #BringBackOurGirls Struggle for Chibok Girls

The newly Installed Emir of Kano who officially assumed office on Sunday has been reportedly joined and support the #BringBackOurGirls protest for the Boko Haram kidnapped Chibok schoolgirls.

The new Emir, His Royal Highness Mallam Sanusi Lamido Sanusi is no doubt in direct contrast and clear opposition to anything Jonathanians as he was sacked by the president Jonathan from office as the CBN Governor before the destiny now worked his way to the thrown seat of Kano.

FG Flaunt Court Order, blocks Lamido Sanusi from travelling abroad; seizes his passport again

Nigeria’s secret police, the Department of State Services, alias SSS, on Saturday night blocked the suspended Governor of the Central Bank of Nigeria, Lamido Sanusi, from boarding a Turkish airline flight for a planned trip to Saudi Arabia for lesser hajj, a witness and a spokesperson for Mr. Sanusi have toldJournalists.

Operatives of the SSS based at the Aminu Kano International Airport also seized Mr. Sanusi’s passport and told him they would not allow him to travel abroad unless they received clearance from their Abuja headquarters, this newspaper learnt.

The SSS’ action however appears a contravention of the April 3 judgment of a Federal High Court in Lagos, which restrained the agency and the Nigeria Police from arresting or harassing the CBN Governor or seizing his passport.

Sanusi Finances Terrorism in Nigeria - FG, SSS

The embattled former CBN Governor, Mallam Sanusi Lamido Sanusi has been grossly accused by  Nigeria Federal Goverment and the Department of the State Security Service has been one of the major financiers of the dreaded Islamist group, Boko Haram.

The Insurgent group that has been threatening the peace of the country for the past five years, killing thousands of  innocent citizens.

What??? Sanusi suspension, CBN Lagos Office On Fire!

Central Bank o fNigeria, CBN, Lagos state office on fire , says the reports!

With the current saga of the suspended CBN Governor, SanusiLamido Sanusi,what could have cause such fire out break?

Your opinion counts!

Senate to screen new CBN governor, deputy on Tuesday

The Senate will tomorrow (Tuesday), begin the formal screening of Messrs. Godwin Emefiele and Adebayo Adekola, as the new Governor and Deputy Governor of the Central Bank of Nigeria respectively. This was contained in the Notice Order Paper prepared on Monday for Tuesday’s plenary of the upper chamber by the Senate Committee on Rules and Business, on Monday.