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I Pray Nigeria oil Dries up, Says El-Rufai

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2017 budget
  • I Pray Nigeria oil Dries up, Says El-Rufai

Governor Nasir el-Rufai of Kaduna State believes the oil wealth accruing to the country constitutes a major obstacle to Nigeria’s ability to think and innovate its way out of underdevelopment.

He wishes the oil wells and the ‘free money’ there from dry up so that the government and the people can get serious about making the country realize its full potentials.

el-Rufai spoke yesterday in Ibadan at the 2017 Town Hall Meeting/ Founder’s Day Celebration in memory of renowned economist, Professor Ojetunji Aboyade.

He also made a fresh case for state policing, and warned against allowing the federal character policy become an enemy of merit in appointments.

The governor who was the special guest of honour at the event said: “Because Nigeria gets easy money from oil, the nation has lost its thinking initiative on how to develop other sources of revenue and diversify the economy.

“We get easy money, we do not collect taxes and our taxes are six per cent of Gross Domestic Product; that is an average of 21per cent. We stop respecting the intellectuals that we have in our universities because we get easy money.

“This is very sad, I wish the oil will dry up so that we can begin to use our brains because we have stopped using our brains and we have stopped respecting intellects because of easy money.

On policing, he said: “It is obvious that Nigeria is severely under-policed, and will require more personnel, intelligence assets, better training, technology and equipment for its security agencies for the country to be a credible guarantor of security.

“Even if these were to be available, it is also debatable whether a single centralised policing system, structure and staffing for 200 million citizens is viable in a diverse, multi-lingual, multi-cultural and multi-ethnic nation like Nigeria.”

He also addressed the issue of federal character, saying: “To complement the pursuit of the Sustainable Development Goals, we must have discourse around the imperative of a project dedicated to enabling equal opportunity so that the circumstances of a citizen’s birth don’t prescribe his or her ceiling in life.

“How can we promote a national subscription to meritocracy? How can we ensure that the imperative of reflecting federal character does not become the enemy of merit and quality of appointments? Today, we don’t plan. We don’t have national plan and if we don’t plan, we are planning to fail.

“Having suffered brain drain, how do we attract back our Diaspora and the brain-gain associated with it like the Chinese and Indians have witnessed? These are the questions a distributive mentality around easy oil revenues is dodging.

“The earlier the oil dries up the better for our national ability to think, be innovative and respect intellect and academic achievement.

el-Rufai spoke on “Public Policy research should promote national consensus.”

In his presentation, the lead speaker, Professor Sam Olofin, explained that indeed the country is technically out of recession but that it requires sustained efforts for an economy to be progressive.

He noted that many Nigerians are confusing the country’s underdevelopment with recession adding that with the reversal of the growing negative rate of the economy, the country is technically out of recession but that the positive growth must also be sustained and continuous so that it would rub on the overall economy.

He stressed that if Nigeria doesn’t diversify its dependence on oil early enough, the country will remain an underdeveloped economy for a long time.

Chairman of the occasion, Professor Oladipupo Akinkugbe, said Nigeria keeps chasing potential but that the country will have to get there fast and as early as possible.

He lamented that many of the excellent ideas churned out by many research institutes are often allowed to gather dust. He said that if some of the ideas and recommendations made by many researchers over the years had been implemented, the country would not be where it is today.

The event which had the theme “Achieving the United Nations Sustainable Development Goals in Nigeria,” was organised by the Development Policy Centre, Ibadan.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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