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FG To Revive Ailing Economy With N350b Stimulus Package

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NATIONAL-ECONOMIC-COUNCIL-RETREAT

The sum of N350 billion is to be released by the Federal Government into the economy in the coming months as part of initiatives to revive the ailing economy.

The chunk of the money, which is to be disbursed by the Federal Ministry of Finance, will go into the construction sector with a view to mobilizing contractors back to sites of abandoned projects, in the process, stimulating economic activities and creating jobs.

This was one of the decisions reached on Tuesday at the end of a two-day retreat on the economy held at the Banquet Hall of the State House, Abuja, and organised by the National Economic Council (NEC) chaired by Vice President Yemi Osinbajo.

The retreat, which was declared opened on Monday by President Muhammadu Buhari, had its theme as “Nigerian States: Multiple Centres of Prosperity”.

The NEC also established two committees to implement the decisions reached at the retreat. They are: Implementation and Steering Committee, chaired by Prof. Osinbajo with some governors across the six geopolitical zones as members while the second is the Implementation and Monitoring Committee, chaired by the Minister of State for Budget and National Planning, Mrs. Zainab Ahmed.

Chairman of Nigeria Governors Forum and Zamfara State Governor, Abdulaziz Yari, briefed State House correspondents on the resolutions of NEC. He was accompanied by his Anambra State counterpart, Willie Obiano; Minister of Budget and National Planning, Senator Udoma Udo Udoma and the Minister of Finance, Kemi Adeosun.
According to Adeosun, the N350 billion to be released into the economy will be monitored for strict implementation with safeguards being put in place to ensure that the money is not misappropriated.

“In anticipation of the approval of the (2016) Budget, we have virtually lined up about N350 billion which we would be pumping into the Nigerian economy in the forthcoming months.

“We explained our rationale and the processes that we have put in place, and safeguards to ensure that this money actually achieves the desired objective which is to stimulate the economy.

“We are already discussing with some of the contractors who will be paid these monies and the objective from the overall criteria is how many Nigerians would be re-engaged.

“We are specifically looking at contractors who have laid off workers and how many Nigerians they are going to put back to work as a result of this money that we are planning to release and we believe that this would bring significant economic activity”, she said.

The finance minister further explained that the retreat dealt extensively with the issues surrounding the drop in national revenue, which has adversely affected the states, especially in payment of staff salaries, even as they are implored to cut the costs of their operations.

Towards this end, she said “state governors were encouraged where possible, to rationalise the numbers of commissioners and general political appointees and in addition, put in place cost control measures to be identified and implemented and there was a sharing of best practices from a number of states that could be applied elsewhere”.

Mrs. Adeosun added that the Federal Inland Revenue Service (FIRS) has been directed to collaborate with its state counterparts to generate accurate data and boost internally-generated revenue.

While doing this, emphasis will be placed on diversifying revenue sources and revamping agriculture and allied services.

Other resolutions adopted by the NEC retreat was the establishment of national targets for self-sufficiency in various sectors. For instance, a one year target has been set for tomato paste while self-sufficiency in rice is set for 2018 and wheat (2019).

Each state of the federation is to identify at least two crops in which it has comparative advantage and open up feeder roads to optimise the production and transportation of agricultural produce.

Other areas to be focused on by all tiers of government include solid minerals exploitation and increased investment in infrastructure while exploring more the option of Public/Private Partnerships.

On social welfare, the retreat directed the federal and state governments to partner on more effective implementation of the schools feeding and teacher corps training/employment programmes.

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Ondo Election: Jegede Files Petition Against Akeredolu’s Victory

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Ondo Election: Jegede Files Petition Against Akeredolu’s Victory
Ondo Election: Jegede Files Petition Against Akeredolu’s Victory

Eyitayo Jegede

Eyitayo Jegede, candidate of the Peoples Democratic Party in the October 10, 2020, governorship election of Ondo State, has challenged the victory of Governor Rotimi Akeredolu in the exercise.

Jegede, a Senior Advocate of Nigeria, filed a petition at the election petition tribunal sitting in Akure on Friday.

The PDP candidate has also joined the Independent National Electoral Commission (INEC), the All Progressives Congress, and the deputy governor-elect, Lucky Aiyedatiwa, in the petition.

Also Read: Ondo Guber: INEC Presents Certificate Of Return To Akeredolu, Deputy

Jegede is challenging the election on four grounds including “That the election was marred by irregularities and pockets of violence and intimidation”.

He also faulted the emergence of Governor Akeredolu as the candidate of the APC during its governorship primary election held on the 20th of July 2020.

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AlphaBeta’s Collection Of $19m Monthly Revenue In Lagos Sacrilegious, Says Bode George

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Bode George
AlphaBeta’s Collection Of $19m Monthly Revenue In Lagos Sacrilegious, Says Bode George

Bode George

A chieftain of the Peoples Democratic  Party (PDP) Chief Bode George has described the collection of internally generated revenue in Lagos state by a private firm called AlphaBeta, which earns around N7.5bn ($19 million) monthly as sacrilegious.

The former National Port Authority (NPA) called on the state government to block all forms of revenue leakages.

He made this known while speaking on Arise TV on Friday morning.

Also Read: BREAKING: IGP Replies Amnesty, Says Policemen Didn’t Shoot #EndSARS Protesters

“There are so many leakages in the Lagos State Government purse. Take this AlphaBeta; who owns this AlphaBeta? What is the essence of the AlphaBeta? Where else in the world would you have an Inland Revenue Service, who have their own staff who are supposed to go out and collect the fees, but you have an independent company to be supposedly collecting the internally generated revenue from our state?

“It grosses around N50bn (about $130m) a month and you know how much that company (AlphaBeta) is paid 15% of it, that’s N7.5bn in thirty days going to the company, that is a leakage, that is sacrilegious.”

 

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Ganduje Reinstates Suspended Aide Who Attacked President Buhari

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Governor Ganduje
Ganduje Reinstates Suspended Aide Who Attacked President Buhari

Governor Ganduje

Governor Abdullahi Ganduje of Kano State has reinstated his Special Adviser on Social Media, Tanko Yakasai.

According to reports, the Kano State Governor who had earlier suspended his media aide for condemning President Muhammadu Buhari over #EndSARS protests reinstated the aide without many details.

Also Read: Wike Signs Executive Order Proscribing IPOB, Lifts Curfew

Yakasai on his Twitter account had accused Buhari of being insensitive to the plights of Nigerians during the #EndSARS protests across the nation.

The development saw Governor Ganduje suspend his aide who was commended by Nigerians for the courage.

Ganduje, however, has ordered the reinstatement of his aide two weeks after his suspension.

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