New monetary policy pulls out N744bn from circulation – Due to its new monetary policy drive the Central Bank of Nigeria, CBN, may be pulling out up to N1.0 trillion from circulation in the economy through the banking system in the first month of its new monetary policy. Already N525 billion has been pulled out less than one week after the policy which seeks to tighten money supply, while additional N219 billion is slated to be pulled out next week, just as banks’ treasury executives said they were preparing their treasury plans for more mop ups estimated to be up to N300 billion within the next three weeks. The apex bank had last week announced a reversal of its expansionary monetary policy which it had run for eight months, in favour of contractionary measures under which the Monetary Policy Rate, MPR, was increased to 12 per cent from 11…
Results for Nigerians Pilot Project (RfNPP)
Nigeria: Senate Summons Petroleum Minister Over Petrol Scarcity – The Senate yesterday summoned the Minister of State for Petroleum, Ibe Kachikwu, over the scarcity of petrol in the country.
Kachikwu who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) is expected to appear before the committee on Petroleum (Downstream) today.
The chairman, Senate Committee on Petroleum (Downstream), Senator Jibrin Barau (APC, Kano North) disclosed the invitation after inspecting petrol stations in Abuja yesterday.
He said they cut short their Easter break following the outcry over scarcity of the commodity across the country
Expressing concern over the lingering scarcity, Barau who led members of his committee, said the senate would take a decision on the matter after Kachikwu’s appearance.
National Assembly to pass 2016 budget today by John Ameh and Sunday Aborisade, Abuja – After weeks of delay, both chambers of the National Assembly received a report on the 2016 budget on Tuesday from the Senate and the House of Representatives Joint Committee on Appropriation.
The report retained the corrected total budget figure of N6.07tn as presented to the National Assembly by President Muhammadu Buhari.
There were strong indications that the two chambers of the National Assembly would pass the 2016 budget today (Wednesday).
The federal lawmakers, who had earlier slated last week for the submission of the report, postponed it because of fresh errors they said were discovered in the fiscal document.
In the Senate, the Chairman of the Appropriation Committee, Senator Danjuma Goje, presented the report of the budget on the floor of the upper…
Nigeria: U.S., UK Knew Whereabouts of Chibok Girls – Ex-UK EnvoyThe former British High Commissioner to Nigeria, Dr Andrew Pocock, has disclosed that the United States and the United Kingdom knew the whereabouts of about 80 of abducted Chibok girls by Boko Haram but failed to launch a rescue mission.
Pocock further claimed that a large group of the missing girls were spotted by the UK and the US surveillance officials shortly after their disappearance but experts felt nothing could be done.
The former UK envoy, who stated this during an interview with The Sunday Times of London, added that Western governments felt “powerless” to help as any rescue attempt would have been too risky with Boko Haram terrorists using the girls as human shields.
Pocock said: “A couple of months after the kidnapping, fly-bys and an American eye in the sky…
Six Questions African Policymakers Must Answer Now – Essay by by Ngozi Okonjo-Iweala
The “Africa rising” story of the past decade, fueled by 5 percent average annual growth, is in danger of faltering, due to the impact of global uncertainty, depressed commodity prices, and weakly performing economies like China. Don’t be lulled by the IMF’s 2016 forecast: yes 4 percent growth will outperform global expectations, but continued commodity price volatility and global uncertainty are giving rise to a fresh bout of Afro-pessimism. To change the narrative, and — more importantly — the reality it describes, African policymakers must urgently answer these six questions.
1) How do we ensure steady financing for our significant needs for sustainable development in an increasingly uncertain global environment?
This is perhaps the fundamental…
Nigeria’s ex-defence chief raided staff salary funds – Nigeria’s former chief of defence staff bought property including a $5.5 million mansion with air force money, passing off his fraudulent withdrawals as staff salaries, a court heard Wednesday.
Retired air chief marshal Alex Badeh is on trial at a federal high court in Abuja, accused of diverting 3.97 billion naira ($19.8 million, 18 million euros) for his own use.
The 59-year-old, arrested as part of a wide-ranging anti-corruption campaign by President Muhammadu Buhari, denies 10 counts of fraud, criminal breach of trust and money laundering.
The finance director under Badeh when he was chief of air staff at the time of the alleged offences in 2013 said he exchanged 558.2 million naira for dollars every month on his boss’ instructions.
The money was part of some four billion naira set aside…
Federal Government to create 700,000 Jobs in 2016 – In a Facebook message posted on his wall yesterday, Vice President of Nigeria, Professor Yemi Osinbajo said the Federal Government will create 3 million jobs in the next three years starting from this year.
The jobs will be in the Technology, Wholesale & Retail, Construction and Agro-allied sectors of the Nigerian economy.
He also affirmed that this year, over 700,000 private sector jobs will be created, majority of which will be in the Agro-allied sector.
Read the full statement below:
“President Muhammadu Buhari and I are accountable to the Nigerian people.
The central focus of President Buhari’s administration is the creation of jobs. Every proposed policy begins with “how many jobs can this policy create?”
Today, I received the Strategic Framework and Implementation Plan on job creation and youth…
Foreign Investors Dump Nigerian Stock Exchange (NSE) for Nairobi, Johannesburg Exchanges By Eromosele Abiodun – The expectations that Nigerian equities market will rebound soon may be dashed as some of the foreign investors, who left the Nigerian Stock Exchange (NSE) are taking advantage of opportunities in Kenya and Johannesburg, South Africa.
Industry sources told THISDAY that the Nairobi Securities Exchange (NSE) has particularly benefited from the disillusionment of the foreign players with the Nigerian capital market, particularly the dedicated Africa funds, which have limited investment destinations.
Another factor according to analysts at FBN Capital was the Central Bank of Nigeria’s (CBN’s) exchange-rate policy and acute foreign exchange shortages.
Also, the Kenyan economy is growing by about five per cent annually while the Nigerian economy has since slowed…
Buhari’s battle to clean up Nigeria’s oil industry – The revelation by Nigeria’s auditor general that $16bn (£11bn) of oil revenue went missing in 2014 has emphasised the scale of the task facing President Muhammadu Buhari in his efforts to clean up the oil sector. Neil Ford, an expert on oil, crime and security in Nigeria, outlines some of the ways in which huge amounts of money are stolen and assesses the president’s chance of success.
The influence of oil on Nigeria is well known. From the soils of the Niger Delta to government revenues, it permeates the country’s economy, politics and environment like nothing else.
It also encourages corruption and organised crime to such an extent that other African governments warn of the need to avoid becoming “another Nigeria”.
There are many ways of illegally tapping…
With the value of oil and the Naira currency in decline, Nigeria is turning to old-fashioned pencils to provide relief.
The Minister of Science and Technology, Ogbonnaya Onu, recently announced that the first pencil plant in West Africa would start production in 2018.
“We have all the things to produce a pencil, which is used by a large number of people from our young pupils to engineers,” Onu told Nigerian newspaper The Daily Trust.
“The private sector will come in to do the production and we will see the benefits. When production of pencils begins, Nigerians will be amazed at the multiplier effects. It will create a minimum of 400,000 jobs.”
The Minister explained that pencils use raw materials that Nigeria possesses in abundance, such as wood, graphite, and rubber. All pencils are currently imported, which has…
Power generation drops to record 1,580MW in Nigeria – The Transmission Company of Nigeria (TCN) yesterday confirmed that the power generation level has dropped to an all-time low of 1,580 Mega Watts (MW), thereby dampening hopes of early resolution of the nation’s power supply crisis.
The power generation slide, which was earlier attributed to gas pipeline vandalism, was said to have been accentuated by the on-going industrial dispute in the nation’s power sector.
Already the epileptic supply has been deeply impacting on commercial and domestic activities, as consumers continued to groan under intense heat and business collapse, even as fuel scarcity has blighted private power generation.
According to the TCN’s System Operations, the lower generation automatically degenerated into lower power allocation to the 11 electricity distribution companies (Discos) across the country.
The power allocation data obtained…
Buhari: Nigeria Can’t Afford Forex Demand for Students Studying Abroad – President Muhammadu Buhari has said that Nigeria cannot afford to sell forex to parents seeking to fund their children education abroad. This president’s position on forex allocation for school fees of Nigerian students studying abroad was part of the interview Buhari granted to Aljazeera television during his trip to Qatar last weekend, which was posted on the TV’s website sunday.
Buhari said his position on the forex allocation issue followed a discovery that the high demand for forex by parents of the students studying abroad to pay their wards’ tuition fees had been putting unnecessary pressure on the Naira, which in turn affects Nigerian economy.
Convinced that the practice is responsible for the current free fall of the currency, Buhari said the country could…
Boko Haram sought terror training in Somalia, security chief says – Boko Haram fighters are crossing Africa to receive specialized training from Al Shabaab fighters in Somalia, the country’s national security chief told CNN.
The Nigerian terror group were taught how to carry out suicide attacks and build weaponry in Al Shabaab training camps, said General Abdirahman Sheikh Issa Mohamed.
Mohamed, who is the national security adviser to Somalia’s president, Hassan Sheikh Mohamud, said that Boko Haram members were trained in the country between 2010 and 2012 in south central Somalia, areas previously controlled by Al-Shabaab.
Why Al-Shabaab is a growing threat
He added that he believed the Al-Shabaab and Boko Haram operatives are still “sharing tactical operational skills,” as well as “maintaining cyber and physical contact.”
Mohamed said the information had been shared with international partners, such as…
$20bn idle in Nigerians’ domiciliary accounts –CBN – The Central Bank of Nigeria on Thursday raised the alarm that about $20bn (N3.94tn) was lying idle in different domiciliary accounts of the citizens.
The Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, stated this during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.
Nnana said, “Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country.
“This is part of the reasons why the naira has continued to slide against the US dollar.”
He alleged that some privileged Nigerians were behind the consistent slide in the value of the naira by embarking on dollar speculation to the detriment of the local currency.
The CBN deputy governor, however, expressed the…
Boko Haram: 76 Starving Members Surrender to Nigerian Military – By Conor Gaffey
Scores of starving Boko Haram members have surrendered to Nigerian forces, according to a military officer and civilian self-defense fighter.
Seventy-six members of the group, including women and children, surrendered to Nigerian soldiers on Saturday in the town of Gwoza, Borno state, AP reported on Wednesday. The Boko Haram members looked emaciated and were reportedly begging for food.
The detainees are now being held at military headquarters in Maiduguri, where the group’s insurgency started in 2009, the Nigerian military officer said. Other members of the Boko Haram—which pledged allegiance to the Islamic State militant group (ISIS) in March 2015—want to surrender, according to the civilian self-defense fighter.
Boko Haram has killed at least 20,000…