Buhari Economic policy is very sound and Pragmatic

The truth is dat this Buhari govt actually had d most well defined economic policy in d last 10years. A good acronym to define and sumarise Buhari economic policy is DOTE ( Diversification Of The Economy)

The economy policy is so clear. Yet many people just shout for nothing because they dont understand the meaning of economic policy. Budget is d major part of economic policy. And this 2016 Budget is d most well defined economic policy in d last 10 years that try to integrate every strata of d country.

Below are d economic policy of Buhari govt:
Note: These are not Campaign promise. These are things already in d aprroved Budget by NASS.

1. Job creation through massive infrastructural projects worth over 1.5trillion naira. This is d first time in Nigeria history infrastructure will be more than 1 trillion naira. These include massive spending on rail, road, power, housing and airport.

2. Poverty reduction through social intervention. This includde 23000 to 25000 naira per month for 500,000 graduate volunteer teachers. 50000 naira each to 1 million market women. etc

3. Extreme poverty management and social integration and intervention through 5000 naira stipend to 1million Extreme poor widow , handicapped and aged people. Feeding of over 4Millions pupil one meal a day from primary 1 to 3.

4.Diversification through Agriculture and solid minerals. The govt has already sign alot of MOU with many countries on these regard. This is one of d reason d president have b travelling alot. This is aim at import substitution which will help to save foreign exchange and boost naira stability.

5. On d monetary policy, d govt monetary police is saving Forex for essential commodities. Thus dual exchange rate. 199 for essential goods and 325 for non essential goods. This policy is well defined and deliberate by d govt. Usually all over the world, monetary policy are dynamic and not static. Expecially in d aspect of money supply. Most times, monetary policy is reactive rather than proactive all over the world. so monetary policy could be changing per quarter in Minor details. But the main Objective is stable for atleast 6 months. The main Objective of dis govt foreign exchange policy is saving foreign exchange for critical and real sector of d economy.

6. Nigeria China $6billion investment agreement. This is the best form of foreign aid Nigeria has signed in the last 30 years. This model of agreement with china has be used successfully by Ethiopa. And Ethipia economy became strong as a result of it. I will like to thank Ngozi Okonjo Iweala for this. Most of these china agreement were initiated by Jonathan govt through initiative by Ngozi. However due to lack of political will on d side of Jonathan, these agreement were not implemented. In addition, we must commend Buhari for providing the required leadership that will ensure these agreements are implemented. Paraphrasing Nogozi Okonjo Iweala "sound technical tools and ideas is a waste without strong political will". We must understand that the $6billion deal with china is not a loan in d true sense of it. Most of the project will be done on "Build, Operate and Transfer". That means the projects after being completed are expected to generate some part of the investment.


* To those opposing the social intervention/welfare for the poor in this economic policy should re examine thier position. America with the highest form of capitalism in the world, still have welfare and socialist input like food stamp, some free basic healthcare in public hospital, foster homes for children, some homes 4 homeless people, cheap public schools etc. We must understand dat a society that does not have any regard for the poor can not have peace. The rich in such society will continue live in perpetual fear with high fence, bullet proof door, etc as we have in Nigeria today.



Below is definition of Economy policy

Economic Policy
An economic policy is a course of action that is intended to influence or control the behavior of the economy. Economic policies are typically implemented and administered by the government. Examples of economic policies include decisions made about government spending and taxation, about the redistribution of income from rich to poor, and about the supply of money.

http://www.cliffsnotes.com/study-guides/economics/introduction/economic-policy

From the definition above it is clear d govt have economic policy clearly defined.

1. Spending and Taxation: The govt spending plan is clearly defined by d Budget. A deficit budget with about 1.5 trillion on Infrastructure. In terms of Taxation, the govt have clearly make thier priority the increasing of tax base to more companies, persons and product. This has clearly be shown with d plan recruitment of 1250 professional staff by FIRS.

2. Distribution of income from Rich to the poor: This part of economic policy, is clearly shown in d budget with the 500 billion social intervention fund. This will be used for 500,000 vokunteer graduate teachers, 1million extreme poor widow and aged, 1 million market women with 50k granr each and d 370,000 training of artisans.

3.Supply of Money. This means monetary policy including forex. This govt have deliberate choose to use dual exchange exchange as a way of preventing rapid decline of foreign reserves. Thus by so doing, d future is protected. It is an indirect saving technique.

Below is Well defined Medium term Economic plan of this govt.

Highlights of the NEC Retreat, according to a communique issued at the end of the session, included agreement reached for concerted and consistent efforts to diversify revenue sources.
"Injection of 350bn naira into the economy mostly in infrastructure in the next quarter to stimulate job and employments"

“Expand compliance on VAT, adopting a gradual plan for rate increase. Increase expenditure through borrowing, which should be invested in infrastructure.

“Federal and state governments to focus on fiscal responsibility as a critical element in macro-economic balance. Increase investment in infrastructure through public private partnership (PPP). Develop financial inclusion strategies to cater for the poor and vulnerable population. Maintain a minimum level of capital expenditure of 30% in the budget.

On agriculture, the retreat resolved that the Federal Government should re-position the Bank of Agriculture to enhance its capacity to finance agriculture.

“Funding for agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered. A single digit interest rate for agricultural loans should be considered while duties and taxes for agricultural products and equipment should be waived.

“Develop strategic partnerships between Federal and state governments. Each state should make specific commitments to crops in which it has comparative advantage and request Federal Government intervention.

It was also resolved that national targets for self-sufficiency should be set for identified crops, which should be monitored including tomato paste – 2016, rice – 2018, and wheat – 2019.

“The Federal and State governments should roll out agricultural extension services nationwide. Commodity Exchanges should be established for price regulation and avoidance of losses due to lack of markets. The Abuja Commodity Exchange should be revitalized.

“The National Agricultural Land Development Authority (NALDA) should be re-established. The Federal Government should develop an Agriculture Implementation plan whereby state governments are encouraged to identify at least two crops in which they have comparative advantage

“States should open up rural/feeder roads to facilitate transportation of agricultural produce to be supported by the Federal Government

“The Federal and state governments should establish minimum price guarantee for farm produce.

“The Federal Government should provide immediate funding to upscale efforts of Agricultural Institutes of Research and Development across Nigeria.”

The retreat also resolved that state governments should also be encouraged to fund research and development in agriculture through technical colleges, universities and research institutions.

For solid minerals, the retreat resolved that the Ministry of Solid Minerals Development should complete and present the solid minerals development roadmap.

“This framework should address issues of illegal miner, licences, taxes and royalties by 31st March 2016. Federal Government to engage state government on the roadmap and agree any amendment that may be required by 30th June 2016

“Initiate relevant legislative changes that maybe necessitated by the agreed roadmap by 31stJuly 2016. Conclude the revalidation/recertification of all mining leases by 30th September 2016

“Agree with states and local government on respective responsibilities for developing feeder roads and other critical infrastructure for solid minerals development

“Federal Government and states to set deadlines to achieve self-sufficiency in bitumen/asphalt and tiles (to discourage/stop importation)

“Make and communicate final decisions on operationalisation of Ajaokuta Steel Plant by 30th June 2016. Establishment of joint committee to address issues of data on quantity and quality of minerals exploited and exported

Setting up of mining cad astral zonal offices for proximity to states for the purpose of issuing licenses and easy monitoring by states was also resolved by the retreat.

“Discourage use of wood for cooking by promoting use of coal briquettes. Guarantee access to finance solid minerals development via intervention funds and private sector capital.

“Block revenue leakages in the sector through effective monitoring of activities in the mining sector. Organize artisan/small-scale miners as a mechanism for reducing illegal mining and Establish Mines Surveillance Task force by September 2016

On Investment, industrialization and enabling monetary policies, it was resolved that the Ministry of Industry, Trade & Investment (MITI) to develop a matrix of actions to be taken by Federal and State Governments towards achieving the targeted improvements in Ease of Doing Business ranking by 30th April 2016.

“Present an incentive scheme for states taking actions towards improvement of the investment climate in their states, including grants, by 30th September 2016

“Forge strong links between the Nigeria Investment Promotion Commission (NIPC) and the State Investment Promotion Agencies. States to collaborate more actively on regional basis on investments and industrialization.

“The Federal Government should work with the states and other stakeholders to create an enabling environment for trade and investment through the implementation of the Nigerian Industrial Revolution Plan (NIRP) to encourage industrialization.

“Make environment conducive for the Micro, Small & Medium Enterprises to create jobs for the unemployed and undertake deliberate policies to create access to funds.”

State and Federal governments have also been urged to emphasis the patronage of “Made in Nigeria” products.

“Import competition” rather than “import substitution” should be emphasized.

Governors are to set up task forces to monitor implementation of trade/ investment policies and strengthen planning institutions by linking federal and sub-national planning; in this regard, a monthly meeting between the Minister of Budget & National Planning and State Commissioners for planning will be institutionalized.

States are also to set up one-stop shop for investors where they do not exist to attract investment and improve on IGR.

“Promote regional cooperation on investment and industrialization. Implement institutional and structural reforms as a way of improving the efficacy of monetary policy, including greater consultation with the National Economic Council.

It also harped on the need for predictability and consistency of the Central Bank of Nigeria’s communication to key stakeholders to manage expectations.

“The Central Bank of Nigeria should carry the states along in some of their reforms in areas of SMEs and agricultural funding initiatives. Long-term development goals should anchor policy decisions

“Effective regulation and supervision to improve confidence in the soundness and stability of the banking system.

For infrastructure and services, the retreat resolved development of infrastructure delivery plan, considering current financial capabilities driven principally by the goal of improvement of the quality of life for the populace

“Develop financing model for infrastructure projects. Integrate training and job creation components in infrastructure projects. Implement empowerment and entrepreneurship policies to foster inclusive growth.”

The Federal and State Governments are also to work collaboratively to ensure sustainability of the school feeding and other social protection programmes.

“Cooperation from the States’ Ministries of Education and State Universal Basic Education Board (SUBEBs) for the Teacher Corp programme.

“Provide logistics support on the proposed upgrade of 75 existing National Directorate of Employment (NDE) facilities (across the various states) to Empowerment Centres

“Cooperation and coordination with the states on their specific job creation efforts. State government support on identified needs such as infrastructure and/or space for innovation hubs.

“State government support for artisan training, scoping and support for existing artisan cultures, use of existing training facilities.

“Institutionalise a single register as a platform for targeting the authentic poorest and vulnerable for safety net programmes; for government, donor agency, organisations or individuals.

“Creating a delivery mechanism that ensures efficient, consistent timely and direct payments in the remotest parts of the country. Boost productivity and financial inclusion for the poorest and most vulnerable.”

The retreat raised two committees: The Implementation Steering Committee is headed by

Vice President Yemi Osinbajo, who is the chairman of NEC.

Other members of the committee are Abdulaziz Y. Abubakar, Chairman, Nigeria Governors Forum and Governor of Zamfara State, Adams Oshiomhole, Governor of Edo State, Abdulfatah Ahmed,

Governor of Kwara State, Rauf Aregbesola, Governor of Osun State, David Umahi, Governor of Ebonyi State.

Others are Badaru Abubakar, Governor of Jigawa State, Mohammed Abubakar, Governor of Bauchi State, Udoma Udo Udoma, Minister of Budget and National Planning, Kemi Adeosun, Minister of Finance, Okechukwu Enelama, Minister of Industry, Trade and Investment, Audu Ogbe, Minister of Agriculture, Kayode Fayemi, Minister of Solid Minerals, Babatunde Fashola, Minister of Works, Power and Housing, and Nana F Mede, Permanent Secretary, Ministry of Budget and National Planning, who will be secretary.

The Implementation Monitoring Committee chaired by Zainab S. Ahmed, Minister of State, Budget and National Planning. Members are Mrs. Yosola Akinbi, Senior Technical Adviser to the Vice President on the National Economic Council, Mr. L.O.T. Shittu, DG, Nigeria Governors Forum, Mr. David Olofu, Commissioner for Finance and Planning, Benue State, Mohammed Kauji, Commissioner for Finance and Economic Planning, Borno State, E.A. Onwiodokif, Commissioner for Economic Planning, Akwa Ibom State, Mrs. Aisha M. Bello, Commissioner for Budget and Planning, Kano State Mrs. Aderenle Adesina, Commissioner for Budget and Planning, Ogun State.

Others are Mark Okoye, Special Adviser, Economic Planning and Budget, Anambra State, Mr. Tunde Lawal, Director, Macroeconomic Analysis Department, Fed. Min. BNP, Kayode Obasa, Director, Economic Growth, FMBNP and A.B. Saadu, Director, Special Duties.

http://thenationonlineng.net/jobs-cash-coming-govt-plans-n350b-revival-pill/

The question now should be how far can this govt implement this economic policy? We may have to wait till June 2017 to December 2017 to clearly say whether they failed, or succeeded or are in d right direction.

Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy

Nigeria signed a major deal with China this week as President Buhari made an important trip to visit its leader, Xi Ji Ping. Nigeria’s Foreign Minister, Godfrey Onyema, who accompanied Buhari on the trip to China, announced that the orient nation offered a $6 billion loan to Nigeria to fund infrastructure projects, one of the key areas Buhari promised to address with Nigeria’s 2016 Budget. This came as good news to many Nigerians as it now appears that Buhari has a clear economic policy. On the other hand, some Nigerians have expressed their reservations concerning this new development, claiming China was “scamming” Nigeria, a phrase that became an hashtag on social media this morning. However, what Nigerians can do is look at precedents i.e. China’s similar investment in other African countries, particularly Ethiopia.

Ethiopia has recently gained continent-wide fame for its development and achievements in the past few years. The country is one of the world’s fastest growing economies now, Africa’s fastest growing economy, thanks to government spending (tax driven) and Chinese investment. Ethiopia launched the first light rail system, in Sub-Saharan Africa in 2015 which links its capital, Addis-Ababa, to the neighbouring country, Djibouti. Africa’s current biggest economy and second biggest, Nigeria and South Africa respectively, cannot boast of one.

The responsibility for this light rail, which cost $3bn to build, was taken up by China after the World Bank and other Western donors had shown a reluctance to fund the project, to the surprise of Getachew Betru, the head of Ethiopia’s Railway Corporation. China not only constructed it, but provided most of the funding for it. The train, which was initially built to counter the challenges that Ethiopia’s drought this year would pose, has received an expanded vision. It has now acquired a Pan-African vision; it will expand to run through South Sudan, Sudan, Kenya and other East African countries. This move will surely see Ethiopia emerge as an economic hub in East Africa.

Nigeria seems to be taking a cue from Ethiopia and China. It plans to build a similar one which will run from its southern states to Lagos, its commercial hub. This project is going to be financed by China and is set to help the economic development of the country’s marginalised southern region greatly. However, projects like this need to be supplied with adequate power, something Nigeria does not yet have, but this is not so for Ethiopia. It recently announced that it made $123 million dollars as profit from the sale of electricity both at home and abroad to Djibouti, Kenya and Sudan, while also establishing links to five other East African countries. These have been done all through the help of Chinese electrical transformers.

Ethiopia also recently announced that its Grand Ethiopian Renaissance Dam will be completed in 2017. This dam will supply 6,000 megawatts of electricity, even larger than the whole of Nigeria’s present power capacity of about 5,000 megawatts. That number would make the dam Africa’s largest hydroelectric project and Nigeria could surely do with something like this.

Buhari, during his visit, promised China that all projects started by Nigeria’s former administrations will be completed under his tenure. Though this deal could see the influx of Chinese expatriates into the nation, it seems there is no cause for alarm about China ‘stealing Nigerian jobs.’ According to China’s ambassador to Ethiopia and the African Union, La Yifan, in 2015, “the best way to contribute to human rights is creating jobs and alleviating poverty,” The rate of Chinese expatriates to jobs created for Ethiopians is 1 to 20. And this has seen unemployment rate in the country decrease from 20.4 percent in 2009 to 16.8 percent in 2015, and is set to further reduce with the job potentials of the completed rail system and electricity grid.

Though, Nigeria’s inclusion of the Chinese Yuan in its foreign exchange currencies may not “crash the dollar” as some Nigerian media houses have reported, it would go a long way in creating a path for Chinese-built infrastructure in Nigeria, without the cumbersomeness of dollar rates. Ethiopia is Africa’s second largest population and land-locked too. Nigeria which has the highest population and is not land locked should definitely not be doing worse than Ethiopia if it wants to live up to its title as “Africa’s largest economy.” If Nigeria wants to truly diversify its economy, building its infrastructures is essential and it seems China is the best to partner with.


http://venturesafrica.com/why-ethiopias-
rise-in-the-past-few-years-should-give-hope-to-nigeria/

Feyi Fawehinmi: How To Make Sense Of Nigeria’s Currency Swap Deal With China

Swap It, Don’t Break It

Imagine you are China. You sell a lot of stuff to the world. In fact, your whole economy is based on selling things to the world. You have an incentive to make trade as smooth as possible with other countries especially when it comes to making payments.

Swap It

But you have another dilemma. You are not a wholly open economy. You like to control your currency as much as you can to make it undervalued in a way that benefits your manufacturers. If you let the currency trade freely like the dollar or Pound, the market will probably value it higher than you want which will make your products more expensive.

So, the way you can achieve this is by tightly controlling the amount of your currency that is available around the world. Unlike the US dollar that is widely available around the world to the extent that countries like Ecuador can decide to adopt the dollar as their currency without getting permission from the US, you can’t do that with the Chinese Yuan.

These 2 issues — trading with the world and tightly controlling the circulation of your currency — are in tension with each other. So how to solve it?

A Simple Story of Swaps

Or if you prefer the ‘technical’ name — Bilateral Currency Swap Agreements. Depending on who initiates the swap, a simplified version will work something like this.

Nigeria wants to make life easier for its traders who buy a lot of stuff from China. As Nigeria doesn’t sell much to China, it is not easy for the CBN to build up Chinese Yuan reserves. This means that for any trader who wants to buy stuff from China, they have to get prices in dollars. This adds costs and risks given that the person in China giving the quote has to convert Yuan to dollars before sending to Nigeria, bearing in mind the risk of currency moves affecting his bottom line. The Nigerian guy then has to buy dollars to make the payment to him. From the point of view of the CBN, this is extra dollar demand that can be avoided.

So CBN approaches the People’s Bank of China (PBOC) and asks to set up a swap. Xe.com tells me that 1 Chinese Yuan is currently worth about N30. So for the sake of simplicity, let’s say CBN offers to swap N30bn for Y1bn. Both of them agree an exchange rate on the day of the swap (N30 to Y1) and they make the transfer.

Now that CBN has some Yuan, it can then sell it to Nigerian banks in the same way it sells them dollars. The Nigerian trader can then tell his Chinese trading partner to give him a quote in Yuan instead of dollars. Once he has the Yuan quote, the trader can then go to a Nigerian bank and make a request for Yuan in the same way he used to make requests for dollars. Instead of the headache of dealing with 3 currencies, the dollar element is now removed and we have a normal 2-way quote.

This takes off some dollar demand pressure as people who want to buy stuff from China can face their Yuan squarely while the dollar people face their dollars. At least we get to know who is who. All of this is, of course, conditional on the amount of Yuan being swapped.

But what are the Chinese guys going to do with their N30bn? Same thing — they can now pay in naira for anything they buy from their Nigerian trading partners.

Chinese Swaps

For a number of years now, the Chinese have been entering into these swap agreements with various countries on a country by country basis. The swaps typically last for 3 years after which they are renewed and/or increased. As an example, in 2012, the UK signed a swap agreement for Y200bn with China. Last year, it was extended and increased to Y350bn.

The map below shows the countries that had swaps with China as at 2015, per the PBOC

China Swaps

China’s bilateral currency swap agreements with other central banks — 2015

And here’s a table with the agreements and amounts swapped.

Swap Table

China’s swap agreements and its counter parties — 2015

As you can see, Nigeria is coming very late to the party. Perhaps, this might open the gates in Sub-Saharan Africa. It’s also clear they are done on a country by country basis depending on the amount of trade that goes on between them (although the exact correlation is not so easy to work out).

You’re probably asking — if the agreements are for 3 years, what happens at the end? In theory, both countries simply exchange currencies at the same exchange rate they used at the beginning of the swap. Returning to the example above — Nigeria will return the Y1bn to the PBOC and take back its N30bn from them. If this sounds too good to be true, it is. The person who initiated the swap will pay interest on the money it received at an agreed interest rate.

So What Did Nigeria Swap?

Given the above, inquiring minds probably want to know how much Nigeria swapped with China and when does the agreement begin? Well, this is Nigeria and nothing is ever straightforward as it should be.

Buhari Xi

“Nice to meet you, President Eleven Jinping”

First of all, it appears that the swap Nigeria entered into was with the Industrial and Commercial Bank of China (ICBC) — the world’s largest bank by assets. That is, the CBN is not dealing with the PBOC but with a ‘private’ Chinese bank (ICBC is owned by the Chinese government).

Second, I have trawled the internet and cannot find the amount that was or is being swapped. As you can see from above, there has to be an amount swapped for it to make any sense. I have searched Chinese news outlets and even ICBC’s news page and cannot find anything on the swap let alone the amount. The news appears to have originated from Nigerian officials who briefed the media. In contrast, Dangote did get a $2bn expansion loan from ICBC and this was announced.

When They Come Back Home

So that’s that about that. Perhaps when they come back home from China, we will get more details from them. But based on this, we know what questions to ask (I’m talking to you Nigerian journalists).

Why was the swap signed with ICBC and not PBOC? How much is being swapped and for how long? And (bonus question), what is the interest rate to be paid? (We can assume the CBN initiated the swap and will be the one to pay interest on the Yuan it receives). How will the Yuan market be priced? Will it be another ‘official’ and parallel rate mess like we currently have with the dollar? This is a trick question because, if it is market priced, we shall have plenty of fun with the contradictions in pricing the dollar ‘officially’ and the Yuan by the market.

But that’s enough speculation for one post

FF tweets via @DoubleEph

This piece was initially published on Medium.com. Republished here with permission from the author.
source: http://www.africanliberty.org/feyi-fawehinmi-how-to-make-sense-of-nigerias-currency-swap-deal-with-china/

Wole Soyinka's Woeful Silence

Nobel literature laureate Wole Soyinka could have been the “conscience of the nation”. This was a man who was imprisoned without trial under the military dictatorship of Yakubu Gowon during the Nigerian civil war for standing up against injustice to the Biafran side.

While in prison, the wrote the masterpiece “The Man Died”, which contained the killer quote: “the man dies in all who keep silent in the face of tyranny”. The Soyinka of the past could be trusted not to keep silent in the face of tyranny. Nigerians could rely on him most times to call time on the excesses of the charlatans that have visited themselves on the country. He recognised how essential this was when he said: “The greatest threat to freedom is the absence of criticism”.

But Soyinka has been strangely silent recently on critical issues affecting the country. One Nigerian tweeted last week: “Where is Prof Wole Soyinka? The man who loves stirring still waters. We need him to make comment on the hardship that’s in the country”.

Nigeria has faced in recent months deadly violence from Fulani herdsmen, a massacre of Shi’ites in Zaria by the army, with the Kaduna State government admitting that 347 of them were hurriedly buried, the shooting of unarmed pro-Biafran agitators, chronic fuel and electricity shortages, and many other challenges associated with state failure.


Shiites mass murdered by the Nigerian army
Martin Luther King said: “All that is necessary for the triumph of evil is for good men to do nothing”. Soyinka has said and done nothing about the evil that has been happening under the watch of the President Muhammadu Buhari. Inquiring minds have been wondering why for sometime now.

Incidentally, Soyinka warned Nigerians about Buhari in 2007: “A far graver, looming danger, personified in the history of General Buhari. The grounds on which General Buhari is being promoted as the alternative choice are not only shaky, but pitifully naive. History matters. Records are not kept simply to assist the weakness of memory, but to operate as guides to the future. Of course, we know that human beings change. What the claims of personality change or transformation impose on us is a rigorous inspection of the evidence, not wishful speculation or behind-the-scenes assurances. Public offence, crimes against a polity, must be answered in the public space, not in caucuses of bargaining. In Buhari, we have been offered no evidence of the sheerest prospect of change. On the contrary, all evidence suggests that this is one individual who remains convinced that this is one ex-ruler that the nation cannot call to order.”

He added: “Buhari enslaved the nation. He gloated and gloried in a master-slave relation to the millions of its inhabitants. It is astonishing to find that the same former slaves, now free of their chains, should clamour to be ruled by one who not only turned their nation into a slave plantation, but forbade them any discussion of their condition.

“So Tai Solarin is already forgotten? Tai who stood at street corners, fearlessly distributing leaflets that took up the gauntlet where the media had dropped it. Tai who was incarcerated by that regime and denied even the medication for his asthmatic condition? Tai did not ask to be sent for treatment overseas; all he asked was his traditional medicine that had proved so effective after years of struggle with asthma!”

However, last year, Soyinka decided to ignore the history that he said mattered and urged Nigerians that “there’s a moment when we must put the past aside.” He then claimed that: “Against my rational instincts, I believe that we have here a genuine case of a born-again democrat”. This belief seemed to have coincided with after Soyinka was hosted in an 82m naira ($412,000) dinner by the Buhari presidential campaign’s chief financier Rotimi Amaechi.


82m naira dinner: The price for Soyinka silence?
Since Buhari returned to power in May last year, perhaps against his “rational instincts”, Soyinka has mainly turned a blind eye to the plight of Nigerians. He wrote in Newsweek last week about the second anniversary of the abduction of the Chibok girls, he spoke out about the alleged removal from the budget of the Lagos to Calabar railway line, he called for an “economic summit” when it appeared to him that the Buhari regime that he gave a “declaration of support” for was floundering as the Nigerian economy went south with the drop in oil prices. That was as far as it went for Soyinka.

In February, Fulani herdsmen killed over 300 Nigerians in Agatu Local Government Area of Benue State. Locals accused Buhari of “insensitivity” to their plight because he is also Fulani. In the same month, security agents fired at Biafran protesters in Aba, Abia State. Buhari would later claim in an Al Jazeera interview that they shouldn’t “joke” with Nigerian security. This month, the Kaduna State government admitted to an inquiry that 347 Shia Muslims were buried following an attack by the Nigerian army in December last year. The Shia claim that the deaths ran in the thousands.

Soyinka’s silence “in the face of tyranny” has been deafening. Before convincing himself that Buhari was now “a genuine case of a born-again democrat”, Soyinka wrote: “Don’t take shadows too seriously, reality is our only safety, continue to reject illusions”. The man has clearly died in him, as he ignores the reality that has made many Nigerians unsafe, while embracing the illusion of Buhari the democrat. At a time in which he could have been a voice for the voiceless, Soyinka has turned into a shadow of the man he once was.

http://www.naijiant.com/articles/wole-soyinkas-woeful-silence/

APC Passes Vote Of No Confidence On Kogi Governor, Yahaya Bello

The Kogi State chapter of the All Progressives Congress (APC) has passed a vote of no confidence on the state governor, Yahaya Bello, accusing him of sidelining members of the state executive council and other organs of the party in the affairs of the state.
The state executive council of the party met in Lokoja, the Kogi State capital on Monday, April 11 and part of the outcome of the meeting was to forward a letter to the national headquarters of the party detailing the many “sins” of Governor Bello.
In a letter dated April 12, 2016, and addressed to the National Chairman of the APC, John Odigie-Oyegun and signed by all the 34 members of the state executive council, the Kogi APC accused Mr. Bello of sidelining members of the governing party and hobnobbing with members of the opposition Peoples Democratic Party.
They accused Mr. Bello of failing to appoint even a single card-carrying member of the APC, saying “all the 45 appointments made so far by His Excellency Gov. Yahaya Bello are given to the PDP”.
Members of the Kogi State House of Assembly are currently involved in leadership crisis with two members claiming the office of Speaker.
The House of Representatives also recently passed a resolution to take over the affairs of the House after efforts to reconcile the state lawmakers failed.
The APC exco accused Mr. Bello of being the source of the crisis in the House.
Members of the executive council also passed a resolution in the meeting to say “from now henceforth, we will have nothing to do with the government of Yahaya Bello”.

Part of their request to the national leadership of the party was that Mr. Bello should not be allowed to have a hand in producing the next ministerial nominee from the state to replace the late James Ocholi, who died recently in a road accident along Abuja/ Kaduna expressway.
The party chieftains advised the national secretariat and the presidency to work with the state party leaders in appointing a replacement.
When contacted, the Kogi state APC publicity secretary, Ghali Usman, confirmed the meeting and the decision taken.
He said the only time the state exco met with Mr. Bello “was before his inauguration when he went to collect his certificate of return”.
He however, added that “since then we have no idea of what is happening in the administration.
“The governor asked us to submit all we need before his inauguration which we did in writing, but he has since ignored our list and continued to appoint PDP people”.
The Exco members also accused Mr. Bello of working with the opposition PDP in the recent re-run elections in the state.
“An APC governor who supported the PDP in the last re-run election making us to lose two senators, one House of Reps and two House of Assembly members, an APC governor who has not deemed it fit to appoint a single APC member in his cabinet and board, an APC Governor who openly relates with PDP Local Government Chairmen and leaders and abandon his party men is not our best dream project,” they said.
Resistance to change
In his reaction, Governor Bello said members of the party executive in the state were resisting the change he was bringing to the state.
Speaking through his spokesperson, Kingsley Fanwo, on Saturday, Mr. Bello said his administration was “not unaware of some political chess play among members of the State executive committee of the party in the state.”
He said the circumstances that brought the governor to office were “surely unusual. Therefore, unusual reactions are expected”.
Mr. Fanwo said whatever might be going on within the state executive council “is surely a contagious effect from the politics of interest within the party leaders in the state.
“We expect the state executive committee of the party to keep working with the leadership revolution that is reshaping the state to ensure rapid development,” he said.


While insinuating that the running mate to late Abubakar Audu, James Faleke, is behind the party’s decision, Mr. Fanwo said both “Faleke and Governor Yahaya Bello are members of the change family and no one should allow himself to be caught in the political crossfire playing out in the state.”
Mr. Faleke is presently at the state governorship election tribunal challenging the emergence of Mr. Bello as governor.
Mr. Bello emerged as governor after inheriting the bulk of the votes scored by the late Mr. Audu and Mr. Faleke in the election held last year.
Mr. Fanwo said Mr. Bello was committed to working effectively with the leadership of the party.
He added that the governor appreciates the role of the leaders of the party in ensuring the resounding victory of the APC in the state.
“Now that APC is in firm control of the state, it is foolhardy to think party leaders won’t bury their differences to deliver solid dividends to the Kogi people.
“It is absolutely untrue, ignominious and unintelligent to insinuate that members of the State Executive Committee of APC are working at variance with the landmark progress of the APC government in the state.
“The SEC of APC is aligning with the vox populi that has continued to hail the fairness, boldness and dynamism of the present administration in Kogi State. With the train of the New Direction already taking Kogi to new destinations of hope, the party must be very proud of the laudable programs and policies of the Yahaya Bello administration in the state.
“We also urge those stoking the flame of discord from outside the state to believe in the judiciary and stop their war which has continued to fail. Kogi has a new government and hope is here.
“The people and the party have confident in their Governor to continue to stir the state to the confluence of opportunities and possibilities.
“However, the governor will remain the firm leader of the party who is prepared to build a united, virile and disciplined APC that has the capacity not only to win elections, but to deliver democracy dividends.
The governor will sustain his commitment towards building a great state without prejudice to ethnicity, religion or political appeals,” he said.

http://www.premiumtimesng.com/news/headlines/201896-apc-passes-vote-no-confidence-kogi-governor-yahaya-bello.html

APC Passes Vote Of No Confidence On Kogi Governor, Yahaya Bello

The Kogi State chapter of the All Progressives Congress (APC) has passed a vote of no confidence on the state governor, Yahaya Bello, accusing him of sidelining members of the state executive council and other organs of the party in the affairs of the state.
The state executive council of the party met in Lokoja, the Kogi State capital on Monday, April 11 and part of the outcome of the meeting was to forward a letter to the national headquarters of the party detailing the many “sins” of Governor Bello.
In a letter dated April 12, 2016, and addressed to the National Chairman of the APC, John Odigie-Oyegun and signed by all the 34 members of the state executive council, the Kogi APC accused Mr. Bello of sidelining members of the governing party and hobnobbing with members of the opposition Peoples Democratic Party.
They accused Mr. Bello of failing to appoint even a single card-carrying member of the APC, saying “all the 45 appointments made so far by His Excellency Gov. Yahaya Bello are given to the PDP”.
Members of the Kogi State House of Assembly are currently involved in leadership crisis with two members claiming the office of Speaker.
The House of Representatives also recently passed a resolution to take over the affairs of the House after efforts to reconcile the state lawmakers failed.
The APC exco accused Mr. Bello of being the source of the crisis in the House.
Members of the executive council also passed a resolution in the meeting to say “from now henceforth, we will have nothing to do with the government of Yahaya Bello”.

Part of their request to the national leadership of the party was that Mr. Bello should not be allowed to have a hand in producing the next ministerial nominee from the state to replace the late James Ocholi, who died recently in a road accident along Abuja/ Kaduna expressway.
The party chieftains advised the national secretariat and the presidency to work with the state party leaders in appointing a replacement.
When contacted, the Kogi state APC publicity secretary, Ghali Usman, confirmed the meeting and the decision taken.
He said the only time the state exco met with Mr. Bello “was before his inauguration when he went to collect his certificate of return”.
He however, added that “since then we have no idea of what is happening in the administration.
“The governor asked us to submit all we need before his inauguration which we did in writing, but he has since ignored our list and continued to appoint PDP people”.
The Exco members also accused Mr. Bello of working with the opposition PDP in the recent re-run elections in the state.
“An APC governor who supported the PDP in the last re-run election making us to lose two senators, one House of Reps and two House of Assembly members, an APC governor who has not deemed it fit to appoint a single APC member in his cabinet and board, an APC Governor who openly relates with PDP Local Government Chairmen and leaders and abandon his party men is not our best dream project,” they said.
Resistance to change
In his reaction, Governor Bello said members of the party executive in the state were resisting the change he was bringing to the state.
Speaking through his spokesperson, Kingsley Fanwo, on Saturday, Mr. Bello said his administration was “not unaware of some political chess play among members of the State executive committee of the party in the state.”
He said the circumstances that brought the governor to office were “surely unusual. Therefore, unusual reactions are expected”.
Mr. Fanwo said whatever might be going on within the state executive council “is surely a contagious effect from the politics of interest within the party leaders in the state.
“We expect the state executive committee of the party to keep working with the leadership revolution that is reshaping the state to ensure rapid development,” he said.


While insinuating that the running mate to late Abubakar Audu, James Faleke, is behind the party’s decision, Mr. Fanwo said both “Faleke and Governor Yahaya Bello are members of the change family and no one should allow himself to be caught in the political crossfire playing out in the state.”
Mr. Faleke is presently at the state governorship election tribunal challenging the emergence of Mr. Bello as governor.
Mr. Bello emerged as governor after inheriting the bulk of the votes scored by the late Mr. Audu and Mr. Faleke in the election held last year.
Mr. Fanwo said Mr. Bello was committed to working effectively with the leadership of the party.
He added that the governor appreciates the role of the leaders of the party in ensuring the resounding victory of the APC in the state.
“Now that APC is in firm control of the state, it is foolhardy to think party leaders won’t bury their differences to deliver solid dividends to the Kogi people.
“It is absolutely untrue, ignominious and unintelligent to insinuate that members of the State Executive Committee of APC are working at variance with the landmark progress of the APC government in the state.
“The SEC of APC is aligning with the vox populi that has continued to hail the fairness, boldness and dynamism of the present administration in Kogi State. With the train of the New Direction already taking Kogi to new destinations of hope, the party must be very proud of the laudable programs and policies of the Yahaya Bello administration in the state.
“We also urge those stoking the flame of discord from outside the state to believe in the judiciary and stop their war which has continued to fail. Kogi has a new government and hope is here.
“The people and the party have confident in their Governor to continue to stir the state to the confluence of opportunities and possibilities.
“However, the governor will remain the firm leader of the party who is prepared to build a united, virile and disciplined APC that has the capacity not only to win elections, but to deliver democracy dividends.
The governor will sustain his commitment towards building a great state without prejudice to ethnicity, religion or political appeals,” he said.

http://www.premiumtimesng.com/news/headlines/201896-apc-passes-vote-no-confidence-kogi-governor-yahaya-bello.html

"Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng

[Ngozi Okonjo-Iweala, former minister of finance, on Thursday said the zero political will to save under former President Goodluck Jonathan is responsible for the challenges facing the country.

Speaking on “inequality, growth and resilience,” at George Washington University, the two-time finance minister said the World Bank and the International Monetary Fund (IMF) must seek means to embed savings in national constitutions devoid of political manipulations.

Okonjo-Iweala added that Nigeria was able to save $22 billion under former President Olusegun Obasanjo, which saved the country in 2008, when there was global economic meltdown.

Speaking on the Chilean saving example, Okonjo-Iweala said: “We tried it in Nigeria, we put in an oil price based fiscal rule in 2004 and it worked very well.

“We saved $22 billion because the political will to do it was there. And when the 2008 /2009 crisis came, we were able to draw on those savings precisely to issue about a 5 percent of GDP fiscal stimulus to the economy and we never had to come to the bank or the fund.

“This time around and this is the key now, you need not only need to have the instrument but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will.

“So we were not able to save when we should have. That is why you find that Nigeria is now in the situation it is in. Along with so many other countries.”

On solving the problem of political will and political manipulations, she said: “That is the question that I ask, what do we need to do to these countries to save over a period of long accelerated growth.

“We need to devise mechanisms not just that are good technically but find a way to either embed them in the constitution or find a way to separate them from the political manipulation so that these countries can survive over time.

“To build resilience, African countries need tools, mechanisms and it is doable and we need to interrogate ourselves why we have not done it.”

She added that manufacturing was also critical to growth in Nigeria and the rest of Africa, quoting manufacturing as just 11 percent of GDP in Africa, and nine percent in Nigeria.

“I do not believe that we can be resilient, except if we can encourage manufacturing even on the goods we consume, services, entertainment industry, agriculture.

“I think these are the kinds of questions that policy makers struggle with on a daily basis and that is what we are going to answer to get resilience.

“If we don’t get these mechanisms, we politicise them, find ways to transform the base of the economy and create jobs including in manufacturing, I believe we are going to go into this looming deceleration that is being talked about.”

https://www.thecable.ng/nigerias-current-sitaution-result-zero-political-will-save-jonthan-says-okonjo-iweala