FG,Governors Finally Endorse Sale Of National Assets

Governors have expressed support for the plan proposed by the economic management team to steer the nation out of recession. The economic team proposed the sale of some of the nation’s assets to resolve the current economic crisis.

The National Economic Council (NEC), which comprises V.P Osinbajo and 36 state governors, endorsed the plans. The sale of national assets was one of the recommendations of the Minister of Budget and National Planning, Sen. Udo Udoma, during the NEC meeting yesterday.

As part of measures to revive the economy, the President’s Economic Management Team is working on plans to generate immediate larger injection of funds into the economy through assets sale, advance payment of licences renewal, infrastructural concession, use of recovered funds, etc. to reduce funding gaps; and implementation of fiscal stimulus/budget priorities.

The government also wants to fast-track procedures through legislation and implementation of Strategic Implementation Plan of the budget, and engage in the important diversification of the economy and cut down importation.

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Buhari very angry with CBN over Naira devaluation

President Muhammadu Buhari is unhappy with the Central Bank of Nigeria, CBN, over what he called ”ruthless devaluation of the naira.”While speaking at the Ramadan breaking of fast with members of the business community ,on Monday, the president condemned “the ruthless devaluation of naira,’’ saying that he was yet to be convinced about the economic benefits of the exercise.

He said;

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“How much benefits have we derived from naira devaluation in the past?

“I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naira. In August 1985, the naira was N1.3k to a dollar, now you need N300 or N350 to a dollar.“What do we derive from that, how much benefit can we derive from this ruthless devaluation of the naira?“I’m not an economist neither a businessman, I fail to appreciate the economic explanation.“What has happened to us now is that we have maneuvered ourselves into a mono-economy which led to the collapse we are seeing now.“A lot of responsibilities now fall on your shoulders. You have a lot of investments, a lot of people you employ,’’ he told the businessmen.

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Niger Delta militants,federal govt agrees on 30-day ceasefire

Yesterday, The Federal Government and militant groups in the Niger Delta , including the Niger Delta Avengers (NDA), which has claimed responsibility for a series of attacks on oil and gas installations in recent months,  agreed to a 30-day truce to give President Muhammadu Buhari time to come up with a comprehensive plan for the oil-rich region, investigations by ThisDay have revealed.

The “30 days of quiet” was said to have been agreed upon last week by a federal government team led by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and representatives of the militant groups, community leaders and the state governments.

Last week, Kachikwu had led a government delegation to different camps in Bayelsa and Delta States, including visiting the temporary site of the Maritime University at Okerenkoko, Gbaramatu Kingdom in Warri South Local Government Area of Delta State, in a bid to reach out to representatives of the militant groups to get them to stop its attacks on oil and gas facilities.

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The activities of the militants have halved Nigeria’s oil production to some 1.4 million barrels per day, impacted negatively on power supply in the country and the country’s oil earnings.

According to a source who opened up on the 30-day period of truce, Kachikwu was said to have reached out to the militants through back channels and pleaded for some time for the Buhari administration to come up with a comprehensive Niger Delta plan that would address most of their demands.

The militant groups, the source said, accepted Kachikwu’s plea, adding that since the agreement was reached there had been no attacks on oil and gas installations in the oil-rich region.

“You would have noticed that there have been no bombings of oil assets in recent days. This is the fall out of the 30 days of quiet reached with the minister and his team.

“This will give the president time to come up with a comprehensive plan for the Niger Delta,” the source informed ThisDay.

He also revealed that some of the demands made by the militants were for greater control of the hydrocarbon resources in their communities, improved funding for the Amnesty Programme, clean-up of oil producing communities in the Niger Delta that had been devastated by oil exploration activities, and funding for the Maritime University, among others.

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