COMMUNIQUE: POWER SECTOR PAYMENT ASSURANCE PROGRAM FOR POWER GENERATION COMPANIES

In recognition of the critical role that energy and access to electricity plays in economic growth and poverty reduction, the Federal Government of Nigeria (FGN) as part of its Economic Growth and Recovery Plan, at its Federal Executive Council meeting of 1st March 2017 has taken far-reaching steps to reset the electricity industry. 

These steps, conceived within a sequence of sector reforms, confirm Government’s commitment to enforcing decisions taken as a nation to move from a vertically integrated Government owned statutory monopoly that did not serve our power needs, to a private sector led industry –with Government as guarantor, regulator and policy maker– that achieves the objective of developing a better and sustainable power sector as quickly as possible.

THE 4TH QUARTER 2016 NIGERIAN GROSS DOMESTIC PRODUCT REPORT ISSUED BY THE NATIONAL BUREAU OF STATISTICS

STATEMENT BY THE PRESIDENTIAL ADVISER ON ECONOMIC MATTERS, DR. ADEYEMI DIPEOLU, ON THE 4TH QUARTER 2016 NIGERIAN GROSS DOMESTIC PRODUCT REPORT ISSUED BY THE NATIONAL BUREAU OF STATISTICS

President Buhari

The recently released data from the National Bureau of Statistics showed that Gross Domestic Product (GDP) contracted by -1.30% in the fourth quarter of 2016. This translated into an estimated growth rate of -1.51% for the full year 2016. These figures reflect the slow-down in the economy for most of 2016 but also show that the recession may have bottomed out because of an improving trend in several key sectors.

Although the oil sector declined by -12.38% on a year on year basis, this was a relative improvement compared to the third quarter when the decline amounted to -22.01%. This outcome was due mainly to increases in production such that the quarter on quarter growth for the oil sector between the third and fourth quarters was 8.07%. The non-oil sector however declined by 0.33% after showing some resilience in the third quarter when it grew by 0.03% at the height of the recession.

PHOTONEWS: VP Osinbajo presided over Federal Executive Council (FEC) meeting, Approved Strategic Implementation Plan for 2016 Budget

Vice President Yemi Osinbajo presided over today's Federal Executive Council (FEC) meeting. 

At the meeting Council approved the Strategic Implementation Plan for the 2016 Budget.

THE CHANGING FACE OF CHANGE: BY JAYE GASKIA

Thanks to the endless monologue of the ‘Change government’, its ‘disunited governing party’ [remember Fela’s Beast Of No Nation – who and who unite for united nations?], and their ‘Common sense revolution’; we now know too much about our past and particularly our recent past; We have managed to acquire far too little understanding of our current challenges and present hardships; and seem to have absolutely no clarity about our future, even of the nearest future!

This seems to me to be the most apt summation of the outcome of nearly one year of change. Yet as the profound Africa proverbs say, ‘the most likely outlook for Sunday can be glimpsed from how Saturday has turned out to be.

And like anyone who went to primary school and took the school leaving certificate exam would know, there is nothing really common about the ‘common entrance’ exam! Certainly not with respect to the simplicity of the exam.

So here we are 14 months after the sweeping electoral victory; 11 months since what was touted as the historic inauguration and handover of power by a defeated sitting president to the elected candidate of the victorious opposition party; Here we are about 5 months since the constitution and inauguration of the Federal Executive Council; and after one ministerial retreat, and a second retreat of the National Economic Council; and we still have no working budget for 2016.