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Nigeria’s Foreign Reserves Drop To $24.74b In September – Udoma

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foreign-reserves

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says Nigeria’s foreign reserves have reduced from 26.51 billion dollars from the second quarter of 2016 to $24.74 billion in September. Udoma said this at the 57th annual conference of Nigeria Economic Society (NES) with the theme“the developmental state and diversification of the Nigerian economy’’ on Tuesday in Abuja.

He said Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution. The minister said due to four strategic pipeline terminals that were blow up, Nigeria had been unable to achieve its 2016 Budget production target of 2.2 million barrels a day. Udoma said in August, the country was barely able to produce 1.1 million barrels.

“Last week production level rose up to 1.7 million barrels, still a far cry from the country’s target of 2.2 million barrel. “We are taking a number of immediate measures to raise revenues to strategically spend our way out of recession. “We are taking measures to address the disruption in Niger Delta to restore production. “We are fast tracking our efforts to raise foreign currency loans that we have projected in the 2016 budget, from AfDB, World Bank, Chinese Exim Bank as well as Euro Bond issue. “We are happy to note that the president of AfDB has announced that we should expect, among other facilities, a budget support of $1 billion dollars next month,’’ Udoma said.

He said the economic management team had been working to assemble a stimulus package to be raised from concessioning advance payment for licence renewals, use of recovered funds and some asset sales. Udoma said that the package was being worked upon and was yet to be finalised, adding that to achieve this speedily, “ we are working to fast track procedures through presidential directives and legislation. “I want to emphasise that notwithstanding the current economic challenges we face, we are not discouraged at all and this is a crisis we must not waste. “We should see this crisis as an opportunity for us as a country to make those major structural changes needed to change this economy for good.

“We should use this crisis to implement the reforms needed to unlock the economic potentials of the non-oil and high employment sectors.” He said such would achieve a sustainable inclusive growth that would enable the majority of Nigerians to become more productive. Udoma said that government was working on a programme with the private sector to launch made-in-Nigeria campaign.

He said that the intent of the programme was to encourage more production and consumption of made in Nigeria goods and services. “We believe that with more patronage, Nigerian producers will be encouraged to improve the quality of their products. “We should encourage the branding of Nigerian products by self-regulatory industry bodies such as wine makers have in France. Made-in-Nigeria should become a badge of quality. “As the quality of our goods and service improve, both local and international demand for them will increase.

Udoma said high local demand would give Nigerian producers the platform to explore the export market. He said that one of the fastest routes to grow the economy and create jobs for teeming population was by pursuing export-led growth. The minister said that the strategy held high promise for adding to the foreign reserves and further stabilising the Naria. In January, the CBN estimated that Nigeria’s Forex earnings declined from around 3.2 billion dollars monthly to about one billion dollars monthly. The CBN gave the figure as the reason it imposed the strict capital controls to protect the country’s reserves.

Source: Vanguard

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They are still shooting at Lekki – DJ Switch

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They are still shooting at Lekki – DJ Switch

Dj Switch, the heroine at the centre of the Lekki Toll Gate massacre who is currently at the Lekki-Epe expressway has said that the shooting by the security agents is still ongoing as she shared a video of a man with a gunshot wound.

In of the videos, Switch was seen giving orders to those around the area to put their heads down as the shots were being fired.

Watch the videos below:

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Adamu Garba attacks Hillary Clinton for calling out President Buhari over #Lekkimassacre

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Adamu Garba attacks Hillary Clinton for calling out President Buhari over #Lekkimassacre

Former presidential candidate, Adamu Garba has hit back at Hillary Clinton’s comment on the Lekki shooting

Recall that the former US Secretary of State had asked President Buhari and the Ngerian military to stop killing young Nigerian #EndSARS protesters.

Reacting to this, Adamu alleged that Hillary and others were playing at the entire breakdown of law and order in Nigeria.

He added that the former US Presidential candidate and other left wing actors have a sole agenda of fighting God and nature, turning people into aliens, gays, lesbians.

Adamu also described them as “blood sucking abortionist” who must leave the shores of Nigeria and Africa.

He tweeted;

I told you that we knew the script these guys are playing at: the entire breakdown of law & order in Nigeria Same Hilary spearhead the destruction of Libya, Syria, Iraq, Yemen and even Egypt at some point wants to import venom in Nigeria Nigerians are wiser, no way for you here

As most traveled & least accomplished Secretary of State of U.S, Hilary’s underwhelming Middle East policy saw the destruction of families, women, children, properties, government & people. This they planned to extend to Nigeria. She is not qualified to tell Nigeria what to do.

Let all these evil left wing actors, whose sole agenda is to fight against God and against nature, whose mission is to turn us into aliens, gays, lesbians, blood sucking abortionist, leave the shores of Nigeria and Africa We say NO to foreign medlars and alien cultures. Thanks.

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Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

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ASUU Struggle Is Legitimate And Morally Right, Says Shehu Sani
Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

Shehu Sani

Former lawmaker, Senator Shehu Sani has condemned the shooting of #EndSARS protesters at the Lekki Toll Gate in Lagos by soldiers.

A team of armed soldiers had stormed the Lekki Toll Gate on Tuesday evening– where a series of protests had held peacefully – and fired live bullets at a crowd of youths there.

Also Read: Sanwo-Olu Blames Shooting Of Lekki Protesters On ‘Forces Beyond His Control’

Reacting to the development, the former lawmaker in a series of tweets described the use of force against peaceful protesters as a desecration of Nigeria’s democracy and sacrilege against the constitution.

In another post, he expressed that Lekki will be known as a paradise drenched in the blood of protesters.

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