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Nigeria Plans N4.72 Trillion Stimulus for Troubled Economy

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Nigeria Plans N4.72 Trillion Stimulus for Troubled Economy

The Federal Government is considering an ambitious $15 billion (N4.72 trillion) fiscal stimulus plan to reflate and pull the economy from the current recession.

Following the National Bureau of Statistics (NBS) recent official confirmation that Nigeria economy had slipped into one of the worst recessions in its history, the government convened a ministerial retreat last week to rally economists’ opinions on possible way out of the doldrums.

One of the key resolutions at the retreat was a four- pronged funding plan to generate and inject massive foreign capital, estimated at between $10 and $15 billion (about N4.72 trillion – at N320 to the dollar) into the economy.

The Minister of Budget and National Planning, Udoma Udoma, said the stimulus plan would be funded majorly through sale of some national assets, advance payment by joint venture operators for license renewals, infrastructure concessions, use of recovered funds etc, and long term, low interest loans to bridge funding gap.

In line with the external borrowing plan approved recently to enable government borrow cheapest available monies to fund key ongoing projects, the Minister of Finance, Kemi Adeosun, said on Friday plans had been concluded to raise additional $1billion through Euro bond capital raise.

Besides, Mrs. Adeosun said the World Bank, African Development Bank (ADB), and other multilateral and international lending institutions, have already approved plans for loans at interest rates of 1.5 per cent, and repayment tenors as long as 40 years.

She said the facilities would help the government intervene in some key areas, like agriculture, education, health, rebuilding of transportation facilities, railway and other projects considered vital to government effort to revamp the economy.

The minister, who justified the request for emergency economic powers for government, said in view of the “unusual times” the country found itself, “unusual measures were required to navigate the economy out of recession waters.”

One of the areas for which she said the intervention was necessary was in pruning the procurement processes to speed up contract awards, to execute key infrastructure needed to drive quick economic recovery.

Mr. Udoma said the government was equally giving a thought to measures to fast-track procedures to speedily inject the funds into the economy.
Some of these measures include Presidential Orders and Directives, to be facilitated by emergency powers, to be enabled by the Emergency Economic Recovery Bill currently pending submission to the National Assembly for approval.

Other components of the plan, which have already been approved by the Executive Council of the Federation include total restructuring of the country towards sustainable growth, by weaning the economy from dependence on crude oil revenue.

Resolutions at the retreat include the need for government to work closely with the private sector to bridge the N3 to N5 trillion funding gap per annum in infrastructural development; need for the government to signpost the future of the country’s economy to the world and open up infrastructure investment opportunities.

The retreat also emphasized the breaking of government monopoly in all areas of the economy, while taking steps to improve the communication of government initiatives, to reassure the public and stimulate private sector investment.

To ensure quick injection of fresh capital to the economy, the retreat proposed the immediate implementation of the social intervention programmes, namely the school feeding, the teachers’ assistance scheme, and local debt repayment, particularly to states and contractors.

In addition, priority attention must be given to infrastructure, including power, rail and public works; agriculture and agro processing; mining and solid Minerals; social intervention schemes/ public works; human capital development; and population census to facilitate accurate data for planning.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigeria Immigration Service Reopens Portal With New Passport Application and Payment Process

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Nigerian International passport- Investors King

The Nigeria Immigration Service (NIS) has announced the reopening of its passport application and payment portal.

The assistant comptroller of immigration, Mr Amos Okpu announced in a statement in Abuja on Tuesday.

In the statement, Mr Muhammad Babandede, the Comptroller-General of the service, said the portal became effective for new applications from 12 midnight on Tuesday.

Babandede further said that the portal would allow eligible applicants to apply and make payments for the various categories of passports of their choice.

Mr Muhammad Babandede explained that with the reopening of the portal, a new passport application and payment regime had begun.

The statement in full:

“The Comptroller General of the Nigeria Immigration Service (CGI), Muhammad Babandede MFR, has announced the reopening of the Passport application and payment portal effective 8th June 2021 by 12 midnight to allow eligible Passport applicants to apply and make payments for the various categories of Passports of their choice.

The Passport portal was closed following the directives of the Minister of Interior, Ogbeni Rauf Aregbesola on the 17th of May, 2021to afford the Service the opportunity to clear all backlogs of applications that have piled up across Issuing Centres in the past few months.

With the reopening of the portal, a new Passport application and payment regime have commenced. Under the new Passport regime;

Applications and payments for Passport services shall be made through the Service website www.immigration.gov.ng;

  • applicants are expected to visit the portal to apply and upload their support documents for vetting and processing;
  • a chat room facility to guide applicants through the application and payment process has been provided on the portal;
  • upon successful applications, applicants shall make their online booking interview/enrollment appointment on any day, time and location they consider convenient;
  • that the new timeline for Passport production and issuance after a successful enrollment at the selected Issuing Centre shall be six weeks for Fresh applications and three weeks for Re-issue (Renewal applications);
  • that no applicant who is yet to make an online application and payment shall be allowed into any of the Passport Issuing Centres for Passport processing;
  • applicants will be contacted through email and phone number they provided during application when their Passports are ready;
  • a helpline with the number 08021819988 has been provided for feedback mechanism on any challenges.

The Comptroller General, Muhammad Babandede MFR wishes to use this medium to call on Nigerians and indeed Passport applicants to avoid patronizing touts as the entire process has been made seamless for effective and efficient service delivery. He warned Passport racketeers to desist from acts capable of undermining the reform efforts to avoid very strict sanctions.

Signed AMOS OKPU MNIPR
ASSISTANT COMPTROLLER OF IMMIGRATION
SERVICE PUBLIC RELATIONS OFFICER
For: COMPTROLLER GENERAL OF IMMIGRATION 8TH JUNE, 2021″

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INEC To Publish The List Of New Polling Units Next Week

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The Independent National Electoral Commission (INEC) has pledged to publish a comprehensive list of its new polling units across the nation next week.

The INEC Chairman, Prof. Mahmood Yakubu, disclosed this on Monday in Abuja.

Yakubu was speaking at the formal handing over of a new state of the art fire truck, deployed to the Commission’s headquarters in Abuja by the Federal Fire Service (FFS).

He said that details of the locations of its registration centers and the procedure for the commencement of online registration for resumption of nationwide Continuous Voter Registration (CVR) would be made available in the second week of May.

He expressed appreciation of the commission to the FFS and all security agencies for the demonstration of their support to protecting INEC facilities

He said that the support was coming on the eve of the resumption of the CVR nationwide in the next three weeks.

“We earlier assured Nigerians that we shall conclude work on the expansion of voter access to polling units and make the new polling units available to citizens ahead of the CVR exercise.

“I am glad to report that we have accomplished this task for the first time in 25 years.

“A comprehensive list of the new polling units will be published next week.

“Similarly, details of the locations of the registration centers and the procedure for the commencement of online registration will also be made available after a series of regular consultative meetings with stakeholders next week,” Yakubu said.

He said that as a member of the Inter-Agency Consultative Committee on Election Security (ICCES) FFS had been as concerned as other security agencies about the recent attacks on our offices across the country.

“This is particularly so because out of the 42 attacks on our facilities nationwide, 18 incidents resulted from arson and three more by a combination of arson and vandalisation.”

Yakubu recalled that concerned by those incidents, the commission convened an emergency meeting of ICCES last week of April, where the security agencies renewed their determination to collaborate more with the commission.

According to him, they pledged to assist the commission address the challenge beyond the routine protection of INEC assets and the security of its officials, voters, observers, the media, candidates and their agents during elections.

“On its part, the Federal Fire Service offered to deploy an additional state-of-the-art fire engine to the INEC headquarters to complement the two existing trucks.

“At the same time, it directed its state offices to take additional protective measures around other INEC facilities nationwide.

“Today’s inauguration of the new fire engine is another affirmation of the support to the commission from the FFS whose personnel, already deployed permanently to the commission

“The personnel will continue to operate and maintain the fire engines and other firefighting equipment installed by INEC,” Yakubu said.

Speaking earlier, the Controller-General (CG) of FFS, Alhaji Liman Ibrahim said the deployment of the firefighting truck was premised on recent fire attacks on INEC offices in different parts of the country.

Ibrahim, represented by the Assistant Controller-General of the service, Mr Samson Karebo, said the deployed truck would serve as fire cover for the premises of INEC headquarters and the entire Maitama vicinity of Abuja.

“The FFS is taking this step as a proactive measure to protect our critical infrastructure and help to protect our economy by forming synergy with all stakeholders in protecting our environments.

“Our center is focused on bringing firefighting operations to every part of the country as part of our statutory duties by having a presence in virtually every state in Nigeria

“The FFS will very soon be moving into all senatorial headquarters in the country. That is how we want to operate for now so that we can touch every corner of this country,” Ibrahim said.

He called for the cooperation of all for the service to better serve the nation by not molesting FFS staff in the line of duty.

In his remarks, the National Security Adviser (NSA) retired Maj.-Gen. Babagana Monguno, who is also Co-Chair of ICCES, described the deployment of the truck as a demonstration of President Muhammadu Buhari’s commitment to sustain Nigeria’s democracy and address insecurity.

Monguno said that the gesture also symbolised commitment to a clear affirmation of Buhari toward protecting institutions of government, toward securing their property, toward fighting acts of irresponsibility, vandalisation and outright criminality.

“The President is determined as much as he can within the confines of legality to suppress any kind of criminality and destruction of public property.

“This is something that he is determined to do regardless of whatever the challenges are.

“He will apply all the resources in his disposal in his capacity as the Commander in Chief of the Armed Forces to ensure the wider Nigerian society is safe, stable and is allowed to carry out its legitimate undertaking, free from any act of insecurity,” he said

Monguno urged all other security agencies not to relent in ensuring that they continued to protect lives and property.

The Inspector-General of Police, Mr Usman Baba pledged commitment to security agencies to work with INEC and protect INEC’s facilities, citizens’ life and property.

Also at the occasion was the Minister of Interior, Ogbeni Rauf Aregbesola, represented by Director of Joint Services, Mr Peter Obodo; as well as the representative of Director-General, Directorate of State Services, Tony Adikweruka.

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Recovered Assets: Ad-hoch Committee Gives Emefiele, Others 72 Hours Ultimatum

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House of representatives

The House of Representatives ad-hoc committee, investigating recovered assets, has given the Central Bank Governor, Godwin Emefiele, and National Security Adviser, Babagana Monguno, 72 hours to appear before it.

The committee also issued same ultimatum to the Inspector General of Police, Usman Alkali, and the Director-General of Nigerian Maritime Administration and Safety Agency, NIMASA, Bashir Jamoh.

The summon was issued on Monday, after Mr Emefiele and the others failed to appear before the committee.

The government officials had sent representatives, but the committee chairman, Adejoro Adeogun (APC, Ondo), said they failed to forward letters to that effect.

He said allowing representatives without a proper letter of introduction would be akin to allowing “impersonators.”

You are indirectly insulting the House of Representatives. You are undermining the House of Representatives,” an angry Mr Adeogun said.

Moving a motion to give the agencies 72hours to appear before the committee, Ibrahim Isiaka (APC, Ogun), said the agencies created by Acts of the parliament “should not be undermining the parliament”.

The motion was unanimously adopted by the committee.

Mr Isiaka suggested that the House should shut down its activities if the agencies fail to appear before them.

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