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How to avert economic crisis in Nigeria, by Okonjo-Iweala

Cautions over depleted excess crude savings, high subsidy votes
Govt changes recruitment process for agencies
FISCAL prudence is the nucleus of  a plan being scripted by the nation’s finance and economic czar to save the country from a looming …

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Ngozi_Okonjo-IwealaCautions over depleted excess crude savings, high subsidy votes

Govt changes recruitment process for agencies

FISCAL prudence is the nucleus of  a plan being scripted by the nation’s finance and economic czar to save the country from a looming economic crisis that may be provoked by government’s wasteful spending.

The Co-ordinating Minister for the Economy and Minister for Finance, Dr. Ngozi Okonjo-Iweala, was unsparing in her assessment of the country’s economic condition. To her, Nigeria faces a threat of serious economic and financial crisis should the global economy again experience any financial challenges because of the fast depleted excess budgetary savings, which now stand at a paltry $3.6 billion owing to constant agitations by states that the fund should be shared to the constituents units and not saved for the rainy days under the recently enacted Sovereign Wealth Fund.

The fund is meant to attend to key infrastructural development and cushion the pains of any volatility in the price of oil in the international market.

The minister who addressed members of the civil society organisations in Abuja yesterday also identified the ever-rising cost of subsidy regime in the country as part of the serious drain on the nation’s resources wondering aloud how between 2006 when she left the federal cabinet and last year when she returned, subsidy funding had grown from N256 billion to the equivalent of $13 billion yearly.

She said the development was unacceptable and implored the understanding and cooperation of the civil society community to demand accountability on how resources were spent on the people’s behalf because subsidy alone now was over 35 per cent of the Federal Government budget and more than the capital votes.

The meeting was called by the minister to brief the civil society community on the government’s transformation agenda.

She said: “ We all know that oil minerals account for 70 per cent of total budget revenue and oil is more volatile for economic growth. Should the oil price at the international market drop, we would be in for the worst because we no longer have any buffer to cushion the effect. What can a mere $3.6 billion saving do for a large economy like Nigeria should there be any serious global financial crisis again? That is what we have left in our Excess Crude Account because every month, the governors would not allow us to transfer Excess Crude Revenue to the Sovereign Wealth Fund, insisting that it must be distributed.

“This country depends on a product that is sold internationally and whatever happens there affects us. That’s why we need to have savings.

“Sixty per cent of our oil is sold to the U.S. and Europe and these countries are facing big economic problems. For instance, the U.S. has an unemployment rate of eight per cent, Spain 24 per cent and India 9.9 per cent.

“So if 60 per cent of our oil is sold to them, then we have a problem and any country that has great volatility such as ours will always have problems.

“Look at our ECA, which is about $3.6 billion. This account was about $20 billion when we left but the persistent withdrawal of funds and sharing by the three tiers in the name of fiscal federalism had dropped it. With this pattern of withdrawal, anything that happens to oil will lead to crisis in the economy.”

She added: “I subscribe to the subsidy phase-out and I will tell you why. Nigerians have refused to acknowledge the fact that we are subsidising neighbouring countries like Niger, Chad and we are allowing money to get to some corrupt people but of course there are genuine importers.

“So on the basis of the fiscality of it and the corruption we found out that this subsidy cannot be sustained as a country, even Ghana that has just found oil has phased out the payment of subsidy because it found out it cannot sustain it.

“So we must find other ways of solving this problem and cushioning this economy because we are still paying that subsidy, only that’s its partial.”

“As members of the civil society community, you should be able to understand the dynamics and ask questions about how the governors are saving for the rainy days.”

Meanwhile, the Federal Government is changing the way it recruits heads of its departments and agencies as it has opted for open advertisement of the positions in order to get the most competent Nigerians to occupy them.

To actualise this, President Goodluck Jonathan has directed Okonjo-Iweala and her counterpart   in the Health Ministry to advertise two top vacant positions – the executive chairman of the Federal Inland Revenue Service (FIRS) and the Executive Secretary of the National Health Insurance Scheme.

President Jonathan said at the presidential award for six beneficiaries from each of the geo-political zones of the country under the YouWin (Youth Enterprise With Innovation In Nigeria) jobs programme that the aim of the new focus in talent hunt was “for all Nigerians to compete so that we select the best. I don’t need to know who gets them. These are very sensitive offices that so many people are clamouring for. But I have asked them to advertise the positions and get a neutral body to interview the applicants. We are going to do that for some of these sensitive offices that need professionals because that is the only way this government can put round pegs in round holes and square pegs in square holes. And if we are able to do that, definitely, we can then get Nigeria to where these young people want it to be.”

The presidential award category under the YouWin is designed to reward one beneficiary from each of the six geo-political zones whose business plan was adjudged the best by a panel of distinguished entrepreneurs within that zone.

This award is in the sum of N500,000 to be given to each of the awardees, courtesy of First Bank (Nigeria) Plc.

President Goodluck Jonathan launched the YouWin programme in October 11, 2011 to address the problem of youth unemployment. It was aimed at supporting young entrepreneurs to establish new businesses and grow existing ones across the country.

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6 Comments

6 Comments

  1. yahaya

    April 13, 2012 at 5:35 pm

    We need to invest in Agriculture i.e.Mechanized farming,increase the Tax of all the millioneirs in the country.syphone the accounts of those corrupt leaders and reduce the areas of those people in house of assebly.If you do all these Nigeria will come back to normal possitions.

  2. Echi

    April 13, 2012 at 8:44 pm

    The matter is clear and simple. Let the National Assembly cooperate with the Presidency to save this nation from going under. Please all you Excellencies, Most distinguished and Honourables, have mercy, cut down your appetites for more and more money and allowances that lawmen in functional countries like the US or UK or South Africa or India, or Singapore or Brazil or in any of the countries serious with the development of their nations and keeping their economies afloat in a competitive world economy. If you cannot fear the rising anger of the people you are busy denying a small part of the commonwealth of Nigeria they own with you, then at least fear God who will not allow you to ride in more than one car at a time or sleep in more than one bed at a time or eat into two stomachs at a time od drink more champagne than the volume of your stomach and finnaly God will not allow you to be buried with any of the billions you stash away. You will only be obliged a 4ft x 7ft x 6ft parking lot for your unresting place when the bell tolls for you.
    The unbridled rape of our resources and squandering of the future of our children and unborn generations must end now. If not generations to come will dig up our graves and scatter the ashes of our bones they will burn with salt nd dissolve in acid solutions.
    Let these trillions we talk of make a difference in the lives of ordinary Nigerians. Nigeria does not start and end in Abuja, Lagos or state capitals of whited sepulcres.

  3. Maduforo Mesirionye

    April 13, 2012 at 9:47 pm

    Nigerians, will we ever get there? Will we ever make it? Will we ever hear the sound of the cockcrow at dawn? Do we really listen when globally-acknowledged economic experts are talking (or warning)? Time, and time alone, will tell.
    The fall of a leaf in autumn is a whispered warning to the living.

  4. Enter your name...femoz

    April 13, 2012 at 11:05 pm

    c how much bobo jonah don spend, she left $20 billion,nw we ve just $3.6billion.who is controlling diz country,d president,boko haram or d governors?

  5. Kingsley Okoh

    April 14, 2012 at 1:06 am

    Its rather unfortunate that our leaders tend to forget their yesterday. Why do we fail to realize that it was the same Oil crisis of the ’80’s that plunged our economy into what we are facing today. How can we forget so soon after our leaders borrowed so much in the ’80’s coupled with the increasing level of corruption, carelessness and stupidity on their part the Oil crisis of the ’80’s plunged this country into a mess creating a huge external debt of 32b$+ of which the present minister of finance assisted the nation in addressing the issue leading to the cancellation of that debt.
    Now we are at it again, the voice of reasoning is calling and nobody seems to care. What is this money they share and forget the fact that we are not making head-way. Economic expert recently announced that the Brazilian economy has overtaken that of England. Hello Nigerian’s was this not the same Brazil that had the same economic issues like our ‘dear’ country Nigeria during the ’80’s. Or have we forgotten so soon that Brazil’s external debt to IMF then ranked amongst the largest?. Are you asking ‘How did they do it?’ Of course its no magic. It took share fiscal discipline to put their house in order and that is what the minister of finance is trying to do for our ‘dear’ country Nigeria, yet the agents of satan whom l consider the dullest in their school days find it difficult to see the voice of reasoning. How do we explain such huge variance from 20b$ to 3.2b$ yet we lack 1. Good roads. 2. Basic health facility. 3. Poor educational system. 4. Poor electricity supply. 5. Poor infrastructure facility. The list are endless. My fellow Nigerian’s if we do listen to the voice of reasoning and hold our leaders accountable, am sorry this entity call ‘NIGERIA’ may not last. The corruption level is on the increase and if we do not en-devour to make one or two sacrifice in-line with countries like Japan, South Korea, India, Brazil and our own brother Ghana, am sorry to say……….. .
    Madam finance minister l support your views may Jehovah God be with you.

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What are the best bookmakers for Nigeria residents?

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Sports betting is becoming more and more famous in Nigeria. A rising number of betting sites in
Nigeria are offering wagering services to a populace of nearly 200 million people. They have a variety
of bonuses as well as free bets to attract customers. Nigerian customers and visitors can place bets
at both domestic and global bookmakers who offer offline and online betting services. These
bookmakers are offering betters in the biggest African market, and they are enjoying pretty liberal
betting legislation.

There are many safe betting sites around the globe, with lots of them being governed by higher
betting rules. Nigerian betters can punt on the hottest gaming markets with easiness, and they can
enjoy complete coverage on cricket, football, basketball and many more from these sites. The
majority of the bookmakers are making efforts to be named the most excellent bookie in Nigeria.
Here are the best bookmakers for Nigeria residents.

Nairabet

Nairabet is among the most famous bookmakers in Nigeria. It was launched in 2009, and since then,
Nairabet has continued to be among the largest and most successful gaming firms based in Nigeria.
It has a wide collection of both global as well as domestic betting sites. It offers live streaming, in-
play betting, in addition to a wide variety of promotions for the existing and new customers.
However, the odds might not be as excellent as that of the European betting companies, but if you
would like to bet on Nigerian games, then Nairabet can well be the best bookie for you. Nairabet
offers a great experience to Nigerian residents because they accept deposits in Naira.

Bet9ja

Bet9ja has rapidly reputed itself as one of the leading betting sites in Nigeria. It is not only the much-
visited betting site in Nigeria but among the much-visited sites around the entire of the internet in
the country. This just shows how famous betting has turned out to be in the country and Bet9ja has
gained a lot from that by offering a wonderful product. This bookmaker offers a wide selection of
markets, and they focus on both international as well as local football. This gives Nigerians a chance
to have great odds of domestic football fixtures. The major advantage of this bookmaker is that it
accepts deposits in Naira.

Betfair

Betfair is among the largest online gambling exchange in the world. It has an overabundance of
football gaming markets for its clientele. With the incredible cash-out option that it offers, be
assured that you are operating with one of the top betting sites. This bookmaker offers Nigerian
residents with the best value odds together with a huge variety of casino, sportsbook, as well as
poker markets.

bet365

Bet365 started with a humble beginning in 2000, and since then, it has risen to be among the top
bookmakers and especially in the football wagers. Its website is easy to navigate; it has excellent live
betting and incredible live streaming. It has grown to be the titleholder of the football gaming sites,
and this makes it to rank among the top and reliable bookmaker. Bet365 offers a huge betting
selection for Nigeria players.

Betway

Betway has paved itself to become a leading firm in betting in a period of over ten years. It is a
leading betting firm in Europe, and it has the biggest percentage of its client’s base from Germany,
the United Kingdom, and Spain. Unquestionably, Betway is among the best bookmakers in the globe
these days. The majority of the Nigerians are now starting to recognize how much this online
bookmaker might bring to their fixture.

William Hill

William Hill has been operating since 1934, and it has built a huge name of offering wonderful odds
for football leagues. It also offers a vast selection of gambling markets as well as the best, user-
friendly mobile app. This bookmaker accepts clients from Nigeria, and the best thing regarding it
being a British betting company is that they are focused mostly on football. Therefore if you are
looking to place a bet on world football, and particularly the Premier League, it might well be the
ideal choice for you. This bookmaker has a great and wide collection of offers for both their existing
and new customers that you can take advantage of. They have sign up bonuses as well as special
events for a big football fixture.

22bet

This is an international bookmaker that supports a wide range of languages and it has a large
betting selection for Nigeria players. 22bet has a mobile app with a large selection for football
lovers, especially English Primer League. It is one of the most popular betting sites around. 22bet got
a range of bets that are available in the market as well as having an excellent bonus offer. It has
several bonuses and promotions that one gets right after making the first deposit and they continue
growing progressively in the course of your betting. You can’t afford to miss this excellent bonuses.

1xbet

It is one of the largest competitors when it comes to the betting industry in the world in the last
decade. Up and until it hasn't lost any momentum, it has been dominant on competitive odds, sports
variety, with its ever-increasing advertising campaign. 1xbetbookmaker has got more than 1,000
betting shops. They have also managed to have shops all over as well as having shops in Nigeria. The
players in Nigeria enjoy sportsbooks, online bookies, and poker pages.

Melbet

This on one of the most recent betting company and it started in 2012 to be exact. It is registered in
the United Kingdom as its legal address and license to practice betting business are from the UK. It is
a member of the first self-regulatory organization of Russian Bookmakers. They have a wide range of
sports that you can bet on such as hockey, formula 1, diving and many more.

Betwinner

It is one of the most ambitious betting company that was started way back in 2007 and became
famous in a very short period after it started its operations. It has a huge selection of sporting events
as it meets all the needs of all its clients in the betting industry. It is one of the most admired
companies when it comes to payout and individuals customer care. They are focused on making sure
that the punters get the best betting experience by giving them the ability to bet even when the
sporting events commence.

888sport

888sport was launched in 1997 as an online gambling company. It has become of great success in
Europe and worldwide. It is also the most popular betting organization when it comes to the
customer base as it accepts all customers from all walks of life, regions and more so in Nigeria. The
clients in Nigeria have a great advantage of sighing up bonuses and competitive odds from one of
the greatest and well-known companies in the world.

With very many bookmakers offering diverse betting, many players face challenges, especially while
choosing the best bookmaker. Thepunterspage.com has ranked the best bookmakers for football
using a wide range of diverse criteria which are very important for a top gambling experience.

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“My wife is pregnant, I just wanted to see her” – Man cries uncontrollably after his car was vandalized by hoodlums who attacked #Endsars protesters (Video)

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“My wife is pregnant, I just wanted to see her” – Man cries uncontrollably after his car was vandalized by hoodlums who attacked #Endsars protesters (Video)

A Nigerian man has broken down in tears after his car was vandalized by hoodlums who attacked #endsars protesters in Abuja.

READ: #BBNaija 2018: Lolu suffers uncontrollable Erection while on bed with Anto (Video)

In a video going viral on social media, the heartbroken man was seen crying uncontrollably, while narrating the incident.

He mentioned that his wife is currently pregnant and he was on his way to see her when the hoodlums attacked, smashed and vandalized his car.

READ: Heartbreaking video of Jimoh Isaiq’s father weeping uncontrollably after his son was killed at an #EndSARS protest in Ogbomoso(Opens in a new browser tab)

“I’m so pained mehn! I didn’t deserve this. I didn’t do shit to these guys. Just to find a gridlock here, I’m just going to see my wife. My wife is pregnant, I just wanted to go and see her”, he lamented.

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We can’t Afford to lose the Essence Life’s due to SARS and Police Brutality in Nigerian NO MORE HIDING PLACE for the Nigeria Police & SARS

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Gabaghi Sunday Agbede also known as Donblaqwifi is an Afro-beat/pop upcoming artiste song writer and music producer based in the United start of America.
Donblaqwifi as he’s famously called didn’t just jump into music. Before music, Donblaqwifi graduated with an Accounting degree from Northeastern university in the United state of America.
“I just want to say big thanks to Folarin Falana famously known as “Falz” and Douglas jack Agu famously known as “Runtown” for leading the protest supporting #Endsars and #policeBrutality in Nigeria.
“Also big thanks to every single individual that came out for the protest. Enough is Enough is time for our voices to be heard in Nigeria.
Regardless of whatever that is happening in Nigeria including the Government and president the only people that can make Nigeria a better country is the Youth. The change we are looking is in our hands . It’s time for Nigerian Youths to come together as one and fight for the change.
The only way we can fight bad Government and bad president is peaceful protest. Nigerian is the richest Country in Africa still we are suffering, No electricity, the rich are getting richer and the poor are getting poorer. Police, SARS are Harassing innocent citizens.
Enough is Enough. We the Nigerian youth need to come together and fight for change.
United we stand”
#EndSARS and #EndPoliceBrutality
IG: iamdonblaqwifi
YouTube:Donblaqwifi

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