Aso Villa Reads for 02/10/2019
Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria
The Central Bank of Nigeria has raised the Loan to Deposit Ratio of banks to 65 per cent, after the September 30 deadline given to the banks to meet its 60 per cent directive. According to Punch, the apex bank gave its regulated entities December 31, 2019 deadline to meet its new requirement. It noted that the credit level in the sector grew by N829.4bn or 5.33 percent at the end of May from N15.56tn to N16.39tn as of September 26. The CBN disclosed this in a letter signed by the Director of Banking and Supervision, Bello Hassan, to all banks on, “Regulatory measures to improve lending to the real sector of the Nigerian economy.” It stated, “The Central Bank of Nigeria has noted the appreciable growth in the level of the industry growth credit, which increased by N829.4bn or 5.33 per cent from N15.56tn at end of May 2019 to N16.39tn as at September 26, 2019 following its pronouncement on the above initiative. “In order to sustain the momentum and in line with the provisions of our earlier letters, the minimum Loan to Deposit Ratio target for all Deposit Money Banks is hereby reviewed upwards from 60 per cent to 65 per cent.
Federal Government has promised to support the ECOWAS Community Court of Justice in its effort to continue to be an independent regional court towards Economic Integration of West Africa. The Minister of State, Foreign Affairs, Zubairu Dada made the promise at the opening ceremony of the 2019/2020 Legal Year of the ECOWAS Community Court of Justice in Abuja, a statement issued on Monday by the Minister’s Special Assistant on Media, Ibrahim Aliyu, said. The Minister noted an independent ECOWAS Court of Justice is vital in reposing the confidence of ECOWAS citizens to continue to trust the court with their litigations. The Minister while congratulating the ECOWAS Court for its various achievement in the dispensation of Justice especially in the area of citizens’ right, assured them of the total support of the Federal Ministry of Foreign Affairs in the discharge of its responsibility. Business Day (Page 7) reports.
Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Farouq has hinted on a proposal by the federal government to set-up a central coordinating body for all international humanitarian responses in Nigeria in order to check allegations of fund diversions. The Minister who spoke at the ongoing United Nations General Assembly in New York said the theme of this year’s meeting centres on four global issues governing and multi-sectoral effort and poverty eradication, quality education, climate action as well as inclusion which are parts of the mandates of the ministry. As reported by Vanguard, Hajia Farouq said social inclusion and cohesion are very key at any country and that is why the President deemed it fit to create a ministry that would handle these issues, Ministry for Humanitarian Affairs for disaster management and Social Development. “Nigerians will be carried along no one will be left behind, people who need this social intervention, the most vulnerable in the society will be covered, displaced people will be covered as well, our youths who are jobless, we are going to create programmes for them, she said.
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has restated Nigeria’s commitment to the oil output cuts agreement signed by the Organisation of Petroleum Exporting Countries (OPEC), promising that the country will reduce its crude oil output to comply with OPEC production targets. The NNPC boss also said the NNPC was discussing potential investment opportunities in Nigeria with Saudi Arabia’s Aramco and ADNOC of the United Arab Emirates, including potential petrol supply with Aramco trading. Kyari told journalists yesterday at a conference in Fujairah in the United Arab Emirates that Nigeria’s September crude oil and condensate output was between 2.1 and 2.2 million barrels per day (bpd). “We will (cut) across the assets. The OPEC quota (is) on crude production only, not on condensate, so it doesn’t affect the condensate.
“Our non-conformity is clearly on the crude and it’s not significant so when you spread it across all the assets it will not be a shock, ” he stated. This Day reported that he added that Nigeria hoped to raise oil production to about three million bpd in the next two to three years.
The Minister of Youth and Sports Development, Sunday Dare has called on Nigerians to learn to appreciate the achievements recorded in sports. The minister who was at the Presidential Villa yesterday to observe the Presidential Change of Guards said the Muhammadu Buhari-led administration will do everything possible to reverse the decaying state of sporting infrastructure in the country. He also said President Buhari has done a lot to develop the sports sector through various interventions and grants. Dare maintained that government was concerned with the poor state of sporting infrastructure in the country and plans were underway to give a facelift to the facilities. “Sports in the country has become an important aspect of the nation’s socio-economic development. This perhaps explains the popularity sport continues to enjoy world over. “Nigeria has come a long way in 59 years. We have a country that is peaceful and on the path of progress and the president has initiated a critical path to progressive development in virtually all sectors”. Daily Trust reports.
The Minister of Finance, Zainab Ahmed, the Chairman, Federal Inland Revenue Service, Babatunde Fowler and other heads of the Federal Government revenue generating agencies are expected in the Senate today (Wednesday). They are to defend the projections in the 2020–2022 Medium Term and Expenditure Framework and Fiscal Strategy Paper submitted to the National Assembly by President Muhammadu Buhari last week. The invitation extended to the heads of the revenue generating agencies would not allow the Chairman, Senate Committee on Finance, Solomon Adeola, to present the report of his panel on the MTEF /FSP to the Senate at plenary this morning. Adeola had in a tweet on Tuesday said he was in his office to make necessary arrangements to receive Ahmed and her team today (Wednesday). The Senate President, Ahmad Lawan, had last week asked the Finance Committee to work on the document and submit its report today. Punch reports
According to This Day, the Founder and President of Belemaoil Producing Limited, Jack-rich Tein Jr, has expressed delight that the federal government heard the cries of host communities of the OML 25 and intervened in the resolution of their plight of marginalisation over the years by oil companies. This is just as he called on the host communities of OML 25 to sustain the peace brokered between them and Shell Petroleum Development Company (SPDC) by the federal government. Tein, spoke to journalists at the side-line of the re-opening of the OML 25 Flow Station in Belema Community of Kula Kingdom in Akuku-Toru Local Government Area of Rivers State, recently. Addressing journalists at the formal end of hostilities and the re-opening of the facility, Tein said President Muhammadu Buhari heard the cries of the OML 25 host communities hence his intervention to end the crisis. Tein, lauded the Minister of State for Petroleum Resources, Timipre Sylva, and the NNPC Group Managing Director, for their commitment towards the restoration of peace to the host communities and the reopening of the Belema flow station.
As reported by Vanguard, the Chief Executive Officer of Nigeria Export Promotion Council, NEPC, Mr Segun Awolowo has canvassed deeper economic diversification initiative to save Nigeria the economic shocks of unstable crude oil prices. Mr. Awolowo made the position known Monday in a keynote address at a one-day Export Capacity Building Workshop with the theme “Developing Soya bean Value-chain for Export” held in Makurdi. Represented by Mr. Matthew Emmanuel, the Chief Trade Promotion Officer of NEPC, he said the call became necessary because “oil has contributed substantially to Nigeria’s revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend; yet oil receipts and their management have, over time, challenged Nigerian governance to the core. “Therefore, deeper economic diversification initiative is an urgent necessity to undertake structural transformation, buffer the domestic economy from externally transmitted shocks and accelerate growth accompanied by job and wealth creation. “The Nigerian Export Promotion Council is already at the vanguard of this new vision. The Zero–Oil Plan of the NEPC, which forms the integral part of the Federal Government Economic Recovery and Growth Plan, ERGP, envisages building a strong and vibrant economy that is sustained by non-oil products.
Vanguard reports that the United Nations Children Fund (UNICEF) says that over 5.68 million individuals have been reached through radio, television and social media to end Female Genital Mutilation (FGM) in Nigeria. The Fund said that 5,094 girls were reached through sensitisation in primary and secondary schools and empowered with change agents in partnership with existing school clubs. Mr Ben Mbakwem, the UNICEF FGM Consultant in Imo and Ebonyi states, said this at the 7th quarterly Meeting of Imo State Technical Committee (STC) on FGM Abandonment organised by the Imo State Ministry of Gender and Vulnerable Group Affairs in Owerri. Mbakwem was represented by Dr Blessing Azubuike, the Director, Gender Affairs in the state Ministry of Gender at the programme held in collaboration with UNICEF, UNFPA and National Orientation Agency (NOA). He said that 3,903 girls and women had also received health, social and legal services. He said the figures covered the five states of Imo, Ebonyi, Ekiti, Osun and Oyo covered by NOA and UNICEF as states with the most prevalent in FGM.
The Nigerian National Petroleum Corporation (NNPC), says the existing peace in Kula community in Rivers is the best to ensure smooth operation of Oil Mining Lease (OML) 25 flow station. Chronicles reported that the Group Managing Director (GMD) of NNPC, Mele Kyari, said this on at the reopening of the OML 25 flow station and commissioning of water plan in Kula community in Rivers. News Agency of Nigeria (NAN) reports that the project is a Joint venture project between the NNPC and Belema oil. He said country lost about 1.7 billion dollars to the closure of the OML 25 flow station for two years. “There was shutdown of the Belema flow station due to absolute breakdown of law and order in this community two years ago, and there was loss of over 35,000 barrels of oil production per day per day. “In monetary terms, that is worth about 1.7 billion dollars which could have been put to use for the benefit of the community and the rest of the federation. “What we have done is to engage the community and its leadership, to ensure that dispute between it and Shell is brought to a closure, as a result of which there will be more community engagements. “They have agreed to vacate the facility and allow petroleum operation to continue in this facility,” he said.
