Aso Villa Reads for 28/11/2018
Every day, we bring you the best news that the media is reporting about the Government of Nigeria
“Minister of Petroleum, Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid Al-Falih, Wednesday, held talks with the Federal Government of Nigeria as parts of effort to bring about a stabilisation in the crude oil price and in the international crude oil market.” Vanguard reports that “speaking during a visit to the Minister of Petroleum Resources, Mr. Ibe Kachikwu, in Abuja, Al-Falih said Saudi Arabia was in consultation with Nigeria and a host of other countries, to address the volatility in the global crude oil market. This was even as Kachikwu disclosed that the Federal Government was seeking ways to collaborate with Saudi Arabia to revamp Nigeria’s refineries and also restructure the downstream sector of the Nigerian petroleum industry.”
“The Economic and Financial Crimes Commission (EFCC) has recovered over N540 billion through the Whistle Blower Policy, as at May 2018, the information minister, Lai Mohammed, said on Tuesday.” Premium Times reports that “President Muhammadu Buhari first made a similar declaration in May while delivering the Democracy Day speech, this year. According to a statement from Mr Mohammed’s media assistant, Segun Adeyemi, the minister stated this at the 71st General Assembly of the Broadcasting Organisations of Nigeria (BON) in Port Harcourt, Rivers State. “To this end, as at May this year, the Economic and Financial Crimes Commission, EFCC, through the Whistle Blower Policy, has recovered over N527 Billion, $53 million, and £122,890.””
“The federal government says it has awarded contracts for the exploration of the country’s mineral resources to 10 firms. According to Reuters, Abubakar Bwari, minister of mining and steel development, disclosed this on the sidelines of the mines and money conference in London on Tuesday.” The Cable reports that “although he did not reveal the cost of the contracts, Bwari said $100 million had been allocated to the development of the sector in addition to what had been approved in the 2018 budget. In July, the minister had announced that eight firms would be awarded contracts worth N12.7 billion. “Recently we gave a contract to four exploration companies, with six consulting firms to explore our mineral resources focusing on gold, zinc, iron-ore, rare earth metals,” Bwari was quoted as saying.”
Vanguard reports that “The Presidency on Wednesday vowed to take all necessary measures to recover the $7 billion which the Central Bank of dashed commercial banks in 2006 as bailout cash. The chairman of the Presidential Committee on the Recovery of Public Property, Mr. Okoi Obla-Obono, made the resolve of the government public at a public event organized by some civil society groups on the controversial Oil Prospecting Lease 245 in Abuja. Obla-Obono also said the federal government was also investigating an unnamed top politician for running 20 companies in a European tax haven so as to evade tax payment to Nigeria. The presidential aide also disclosed that a leading oil firm that has withheld $1.9 billion oil revenue payment to Nigeria was being investigated and would be sanctioned for economic sabotage.”
“The Chief Executive Officer, Nigerian Stock Exchange, Mr Oscar Onyema, has stepped down as the president of the African Securities Exchanges Association, following an election in Lagos. A statement released by the association on Tuesday, said the Chief Executive Officer, Casablanca Stock Exchange, Mr Karim Hajji, was elected as the president, while Mr Edoh Amenounve was elected as the deputy president at its 22nd Annual General Meeting.” Punch reports that “the statement said Hajji would take over the leadership of the association from Onyema, after he had successfully served two terms as president of ASEA. It said other officers constituting the newly formed ASEA executive committee were the Chief Executive Officer, Nairobi Securities Exchange, Mr Geoffrey Odundo; Chief Executive Officer, Johannesburg Stock Exchange, Ms Nicky Newton; Chief Executive Officer, Egyptian Exchange, Mr Mohammed Saleh; Chief Executive Officer, Botswana Stock Exchange, Mr Thapelo Tsheole; Chief Executive Officer, Douala Stock Exchange, Mr Pierre Ekoule; Chief Executive Officer, Ghana Stock Exchange, Mr Koffi Yamoah; and Chief Executive Officer, Rwanda Stock Exchange, Mr Pierre Rwabukumba.”
According to Premium Times, “Nigeria’s Minister of Education, Adamu Adamu, on Tuesday, called on governments at the federal and state levels to commit at least 15 per cent of their annual budgets to education.” The report says that the Minister “said under-funding is the reason the education sector has under-performed in the country over the last five decades.” Minister Adamu said: “If conscious attempts must be made to redeem the sector, states and federal government must begin to commit at least 15 per cent of their annual budgetary resources to education,” Mr Adamu said. According to him, despite the articulation of several strategic roadmaps by past and present administrations to salvage the sector, issues of high number of out-of-school children, youth and adult literacy, poor teacher education, including data management and weak curriculum, still dot the sector, resulting in negative outputs.”
“As part of efforts to manage its debt profile, the Federal Government reduced the total Nigerian Treasury bills issued and allotted by N1.27bn in June this year to N1.65tn from N2.92tn in the same period of 2017, according to figures obtained from the Central Bank of Nigeria. The CBN said, “The total NTBs issued and allotted was N1.65tn apiece, indicating a decrease of N1.27tn or 43.56 per cent below N2.92tn apiece in the corresponding period of 2017.” According to Punch “the decrease was in line with Nigeria’s medium-term debt management strategy, attributable to reduced volume of NTB issues and the redemption of NTBs worth N638.90bn in favour of foreign issues.” It added that the total public subscription stood at N3.22tn, compared to N3.96tn in the corresponding period of 2017.”
“The Federal Inland Revenue Service (FIRS) is attracting increasing recognition to its impressive tax and revenue administration records, a state of affairs that has seen revenue collection rise to record levels and its staff occupying important positions in national, African and global tax bodies.” Vanguard reports that “In spite of falling oil revenues, which have imposed a huge strain on Nigeria’s financial resources, the last three years have seen the Federal Inland Revenue Service (FIRS) post impressive revenue The year before that, the FIRS collected N3.3trillion. The steady rise in collection figures, in the opinion of analysts, is attributable to the increased focus on tax revenue generation in the face of dipping oil revenue and a wave of reforms initiated in the sector by the FIRS.”
“Nigeria’s Vice President, Yemi Osinbajo, on Tuesday, said Nigeria will not go back to era when money meant for the development of the country was pocketed by few individuals. Mr Osinbajo stated this in Dutse, the Jigawa State capital, while launching the 6th phase of a youth empowerment initiative. He said the All Progressive Congress administration is not stealing Nigeria’s money, adding that all monies accruing to it will be judiciously used. ”Nigeria is moving forward to next level. This is one of the reasons why President Muhammadu Buhari decided to fight corruption in Nigeria; because before now, a lot of the money that was supposed to empower the common man on the street were put in the pockets of those that led us before.” Premium Times reported this.
Daily Trust reports that “President Muhammadu Buhari has approved the issuance of operating licences to 213 new public and private broadcasting outfits in the country. The Director-General of National Broadcasting Commission (NBC) Ishaq Modibbo-Kawu disclosed this on Tuesday in Port Harcourt at the opening of the 71st General Assembly of Broadcasting Organisations of Nigeria (BON). Giving the breakdown, Modibbo-Kawu said that the president approved 147 new FM radio licences; 23 DTT Television licences, three new national radio network licences and two national television licences. He said the commission had also received presidential approval for 16 campus radio stations; 24 community broadcasters and three public organisations FM licences.”
“The Federal Government of Nigeria Savings Bonds (FGNSB) are becoming attractive to retail investors going by the interest rates offered on the security in November. The interest rates of 13.4 per cent and 12.4 per cent for the 3-year FGNSB and 2-year FGNSB respectively are the highest since October 2017. Analysts have said the rates are attractive to retail investors compared with the alternative returns from savings accounts offered by Nigerian banks. “The current interest rates on the FGNSB are also higher than the current inflation rate of 11. 26 per cent (October2018 figure), which means that the real interest rates on the FGNSB are positive. Consequently, retail investors should position for the December 2018 FGNSB auction, which should be open for subscription on Monday, 03 December 2018,” analysts at FSDH Research said. This Day reported this.
“The Federal Government has approved new regulations to end the nefarious practices of flaring natural gas by oil producing and prospecting companies in the country. This was disclosed by the Permanent Secretary of the Ministry of Petroleum Resources, Dr. Folasade Yemi-Esan, in Calabar during the opening of the technical meeting of officers and experts for the 3rd National Council on Hydrocarbons organised by the Federal Ministry of Petroleum Resources. Sun reports that “Yemi-Esan said, “the National Gas Flaring Commercialisation Programme (NGFCP), which was unveiled during the Nigeria/World Bank/IGU workshop on gas flare is part of Nigeria’s contribution towards reducing global carbon emissions and climate change effects on the environment. I am pleased to inform you that Mr. President has also approved the ‘Flare Gas (Prevention of Waste and Pollution) Regulations 2018’ as the regulatory instrument that will underpin the implementation of the NGFCP.”
According to Business Day (Wednesday 28 2018, page 24) “Nigeria is set to conclude the documentation and signing of Memorandum of Understanding (MOU) with the African Trade Insurance (ATI) agency to be part of the continental insurance investment protection deal. African Trade Insurance expects its annual insured trade and investment portfolio to double to $7 billion within five years (2023), driven by new members including Ghana and Nigeria, which are about finalizing their relationship. This is expected to happen this week in Nigeria as ATI holds its Investment and Trade Forum in Abuja with key government officials in attendance.”
“Edet Akpan, the permanent secretary, Federal Ministry of Industry, Trade and Investment, says the Bank of Industry (BOI) has disbursed N277.89 billion to 219,515 enterprises across the country since the inception of the present administration. Mr Akpan said this in his opening remark at the commencement of the 10th National Council on Industry, Trade and Investment in Umuahia on Tuesday.” Premium Times reports that she “said that the money was federal government’s intervention to ensure sustainable growth and development of the industrial sector. He said the intervention has resulted in the creation of an estimated one million direct and indirect jobs. He described the theme of the five-day meeting, “Ease-of-Doing Business in Nigeria: the role of states and Local Governments,” as apt, saying that the conference would help to create the right environment that would guarantee and sustain investment in Nigeria. The permanent secretary said that the ministry was coordinating the implementation of Executive Order 001 on Ease-of-Doing-Business Initiative. He said that Nigeria had made progress on the reforms and that the country had moved up to 24 places from190 countries in the Ease-of-Doing Business Ranking of the World Bank in its Report of 2018.”
