- Buhari kicks Against Same Currency for West Africa by 2020
President Muhamadu Buhari on Tuesday in Niamey, Republic of Niger, urged member countries of the Economic Community of West African States to tread carefully in pushing for a single currency in the sub-region by 2020.
He cited the challenges faced by the European Union in realising the same goal to buttress his position.
According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President made his position known in his speech at the fourth meeting of the Presidential Task Force on the ECOWAS Currency Programme.
Buhari said the necessary economic fundamentals among countries continue to differ over the years, making it more difficult to pull through with the project by 2020.
“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union.
“To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamentals and other pertinent issues,” the President was quoted as saying.
Buhari noted that some of the obstacles to realising the roadmap for the implementation of a single currency include diverse and uncertain macro-economic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate regime and inconsistency with the African Monetary Co-operation Programme.
The President said domestic issues in ECOWAS member countries relating to their constitutions and dependence on aids continue to affect the framework for implementing the single currency in the sub-region
He said, “Although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on the information presented to the Heads of State which were the basis for their recommendations, we are concerned that we have not properly articulated and analysed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020.
“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns.”
The President told the Heads of State that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.
Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis
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.
President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa
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.
Abuja Electricity Distribution Company Issues Ultimatum to 86 Government Agencies Over N47bn Debt
The Abuja Electricity Distribution Company (AEDC) has issued an ultimatum to 86 government agencies, including the Presidential Villa, owing a collective debt of N47 billion.
The notice comes as a response to the prolonged failure of these agencies to settle their outstanding electricity bills.
According to the public notice released by the AEDC management, some of the highest debts are attributed to prominent entities such as the National Security Adviser (owing N95.9 billion), the Chief of Defence staff barracks, and military formations (indebted to the tune of N12 billion).
Also, several ministries, including the Ministry of the Federal Capital Territory and the Ministry of Power, have sizable outstanding bills.
The AEDC has expressed its frustration over the inability of these government bodies to honor their financial obligations despite previous attempts to facilitate payment.
In response, the company has warned of imminent disconnection of services if the outstanding debts are not settled within 10 days of the notice.
The outstanding debts are attributed to various factors including the devaluation of the naira, cash scarcity resulting from demonetization programs, high inflation rates, removal of fuel subsidies, and foreign exchange challenges.
These financial burdens have adversely impacted the operations of the AEDC, contributing to a loss of N99 million in foreign exchange alone.
As the deadline for payment approaches, government agencies are under pressure to address their outstanding debts to avoid service disruptions.
The AEDC remains steadfast in its commitment to ensuring that all entities fulfill their financial obligations, underscoring the importance of prompt payment for uninterrupted electricity services.
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