A combined team of soldiers, air force officers and mobile police said to be over 1,000 have stormed the forest at Benin-Agbor road where Margaret Emefiele, the wife of Central Bank of Nigeria governor, Godwin Emefiele was taken to after she was kidnapped yesterday.
Commissioners of Police of Edo state and Delta state were spotted at Ugoneki police station this evening where they are working with others to find the kidnapped woman.
According to a report by TMZ, Rob Kardashian has given up on life again, broken up with pregnant girlfriend, Blac Chyna, added more weight and is now a recluse again. Read the report below...
"Rob Kardashian has given up on life again, retreating to the confines of his home and gaining all his weight back...so claim members of his family who are worried his life is now in danger. Our Kardashian sources say.. Rob and Blac Chyna have split, and he's been living at his own home for nearly 2 months, almost never walking out his front door.
We're told Rob has gained back the 50 pounds he lost shortly after hooking up with Chyna ... again hovering around 300 lbs. Our sources say it's become a vicious cycle. Rob has lost his motivation because of the weight gain, which has renewed fears his diabetes will spin out of control.
You'll recall he was hospitalized months ago after a diabetes scare. Rob is also MIA for his own show. Chyna -- who's 8 months pregnant -- showed up for an appearance to promote "Rob & Chyna" and he was a no-show. He didn't even stop by the baby shower that was thrown specifically for him a few days ago. One big problem ... Chyna is the one who pulled Rob out of his depression, but now the relationship has become the big problem -- they fight whenever they're together and it just deepens the problems.
As one source put it, "Rob is slipping back into a dark place." We're told the family is praying he "snaps out of it," and they want to do whatever they can to help him.
As part of resolutions to get out of the current economic recession, the senate yesterday advised President Buhari to reconstitute the board of the Central Bank of Nigeria. The senate also advised President Buhari to appoint a Special Adviser that would negotiate with militants in the Niger Delta. Read the full resolutions as shared by Senate President Bukola Saraki after the cut...
1. The executive should forward an Economic Stimulus Bill containing all the fiscal stimulus packages, investments and incentives which will receive accelerated consideration and passage at the National Assembly.
2. The fiscal and monetary authorities must harmonise all policies that lower interest rates for investors in the real sector and small/medium scale farmers.
3. The government should adopt peaceful means in the Niger Delta to restore Nigeria’s oil production back to 2.2 million barrels per day.
4. The release of low interest funding under the stimulus package should be targeted at the following areas.
Social Safety Programmes
Humanitarian Activities in the North East
Power Generation
Agricultural value chain
Textile manufacturing
National highway network construction and maintenance
Railway construction and maintenance
Motor vehicle assembly plants
Completion and commissioning of Ajaokuta Steel Complex
Arts, Science and Technology
5. The President should appoint a Senior Special Adviser to lead the government engagement with the aggrieved Niger Delta Militants to ensure the protection of Nigeria’s oil and gas assets.
6. The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government’s accelerated infrastructural development programme.
7. The Federal Government should restrict and cap the issuance of bonds and treasury bills in order not to crowd-out local investors from the market.
8. The Federal Government should ensure the payment of all genuine domestic debts owed to local contractors who have completed their jobs.
9. The Federal Government should settle all salaries and pension liabilities.
10. The Federal Government should leverage the use of pension and insurance funds to provide long-term capital on lending for agriculture, industry and housing projects.
11. The Executive should reconstitute the Board of the Central Bank of Nigeria (CBN) and all other critical agencies in order to ensure that they operate in accordance to their enabling laws.
12. The Legislature (through law) and the Executive (through policies) must take action to encourage telecommunications companies to float their shares in Nigeria’s stock market.
13. The Fiscal Responsibility Act should be used to encourage States and Local Govenrments to be more prudent and accountable in their revenue and expenditure agreements.
14. Cases involving unaccounted oil exports should be pursued vigorously to logical conclusions.
15. The Federal Government should immediately set-up an ad-hoc committee for the reconstruction of the North-East and the rehabilitation and resettlement of all Internally Displaced Persons.
16. The President should consider establishing a Council of Economic Advisers made up of experts in economic management.
17. The Federal Government should establish a platform for pro-business-oriented leadership-level engagement to boost market confidence.
18. The Federal Government should retool its export promotion policy scheme with export incentives like the Export Expansion Grant (EEG) and the export financing initiatives.
19. The National Assembly will institute a legislative framework with timelines for key government policies in the area of agriculture and solid minerals to boost investor confidence in government - and to protect investors from rapid policy reversals.
The National Assembly will examine, prioritise and fast-track the consideration of the following bills to revive Nigeria’s economy:
Petroleum Industry Bill
National Development Bank of Nigeria (Establishment) Bill
Nigerian Ports and Habours Authority Act (Amendment) Bill
National Road Fund (Establishment) Bill
National Transport Commission Act of 2001
Warehouse Receipts Act (Amendment) Bill
Companies and Allied Matters Act (CAMA)
Investment and Securities Act (ISA)
Customs and Excise Management Act
Federal Competition Bill
National Road Authority Bill
20. The National Assembly will immediately commence sustained oversight to monitor the activities of the Executive in the implementation of the 2016 Budget.
21. The National Assembly will continue to engage the Executive to create the necessary synergy on all economic and social interventions that are capable of bringing succour to Nigeria.
INEC have begun the announcement of the results from the Edo state governorship election which held yesterday. More results to be announced soon.
Former President Olusegun Obasanjo yesterday backed the call for the sale of some National assets to revive the current ailing economy. Obasanjo endorsed the sale of the assets at the opening ceremony of the National Council On Finance and Economic Development Conference (NACOFED) in Abeokuta yesterday September 27th.
“I do not see why 49 per cent of NNPC cannot be privatised. I think the problem is in the coinage “selling of asset” as if we want to throw out our inheritance.
What we are actually doing by that is simply re-organising. It should however be done transparently and let it actually go public and not to cabals, relations and friends. This is always the fear of Nigerians when issues like this arise,” he said Also speaking at the 2016 World Pension Summit in Abuja yesterday, the former President said that former state governors who were in office during his administration contributed to the current economic recession as they refused his government to save for the rainy day. “I remember when I was in government and I told, particularly, the governors, ‘please let us save for the rainy days.’ They said no!. There was no rain at that time, now that the rain has come; there is nothing we can fall back on to cushion us.”he said
Lekki African Expo (LEAP) Commenced on the 7th of July 2016 with food fair, home and decor, entertainment fair , respectively.
LEAP is a massive, state-set trade event at which a large number of manufacturers from particular industry present their products and show their capabilities to distributors, wholesalers, retailers,and end-users.
This fair will attract participants and visitors from all over the country and provide widespread interactions and exposure.
Due to popular demand, Food, Fashion, Home Decor and Entertainment fairs' have been merged together to hold every first Sunday of the month
LEAP is set up in a relaxed and entertaining atmosphere; with lots to eat, drink and enjoy with family and friends at the La Vida-Bella lounge set up within the auditorium. the purpose of moving the fair to Sunday is to:
. Include more activities
. Time Flexibility for both artists/performers and customers
. Reduced traffic
Entertainment is fully covered, with hot celebrities in the building, music artists, live band, dance drama etc and also one of the hottest Djs on the wheels of steel.... Lekki African Expo is the place to be.
Other factors to consider:
Vendors: Why choose LEAP?? The Lekki African Expo is an amazing shopping carnival filled different variety of products ranging from cultural arts and craft to foreign collections in clothing, shoes, bags, accessories, hair pieces and lots more. Leap also offers different varieties in food and drinks.
Free wifi:
Oh yes!!!! Free wifi to access all your social media platforms: Instagram, snapchat, Facebook, etc This is to make the shopping experience a memorable one.
Kiddies corner: We dont expect you to shop and worry about your kids at the same time. Let us keep them occupied with our state of art toys, bouncy castles, live cartoon characters, lots of food and goodies while you enjoy the LEAP experience.
Football Screening LIVE @ LEAP!! It's on!! Watch football of the day Live @ the Expo lounge. Drinks bar and Grills right next to you, we've got you covered just to make sure no one is left behind in the fun thrill.
12pm ---- MAN U vs STOKE CITY
2:15pm----TOTTENHAM vs MAN CITY
6:30 --------BURNLEY VS ARSENAL
Discounted Stalls: Stalls are more affordable for vendors who make payment on time
The senate today rejected the sale of some National assets to reflate the economy which is currently in recession. Many Nigerians including the Senate President Bukola Saraki and members of the National Economic Council NEC have all favored the sale of some national assets like NLNG ltd as measures to revive the ailing economy.
Twitter user, Adedamola Aderinmola, made this allegation on twitter and shared some photos to back up his claim...
Facebook user, Muktar Garba Maigamo, shared this photo on his wall and claimed this is Governor Nasir El Rufai's son and that the boy has been enrolled into one of the public schools in Kaduna. "The name of the school cannot be revealed for security reasons. #Thank You Elrufai". he wrote
Top blogger, Linda Ikeji has come under fire once again by Kemi Olunloyo, the self-acclaimed international journalist, few days after she celebrated her 36th birthday where she said her greatest wish is for her to get a husband and start having children.
Olunloyo who has been a scourge in the flesh of Nigerian celebrities with her unbridled attacks on any of them sent a scathing birthday message for Ikeji whom she says has broken many relationships including that of her niece, Adeola Olunloyo who was about to get married to popular On-Air Personality, Dan Foster.
Apart from a rundown of Ikeji’s purported infidelity, Olunloyo also questioned her age, saying she is not 36 but 42 and that it would be hard for her to get a husband and settle down to start a family unless she buys a man.
In an exclusive message Olunloyo sent to Ikeji and made a copy available to Pulseng, she wrote:
‘My Birthday Message to Linda Ikeji’
“Party’s over and everything is back to normal in the Linda Ikeji media office …or is it? Last week, I tweeted things that obsessed Linda Ikeji fans needed to know about me and her warning them to stop comparing me to a blogger as I’m a journalist.
We are NOT in the same league. Most of her fans are illiterates anyway, female college prostitutes and in the 18-25-year-old age range. They think I’m jealous of her each time I expose her. Well, this is MY BIRTHDAY MESSAGE to her.
Dear Linda, I saw your interview on Today’s Woman and your birthday Twitter video. Darling, you are not 36-years-old and there is no reason to fool your fans. Age is nothing but a number. People who meet me think I am 35 when I’m actually 52. I look hat young.
Your life is now catching up with you. There is KARMA now filtering in. Linda, what does it feel like telling a magazine you never got over Dan Foster? How does it feel to be engaged to someone you love and 3 weeks to the wedding it’s canceled, wasting Aso Ebi, Cow money, and even the venue deposit all gone?
This is what you did to my niece Adeola Olunloyo. Some people heard of this already in 2006 (Global Excellence and City People), 2013 on my Panadol headache audio and also in March 2016 in my Pulse TV interview exposing many celebrities including you.
Why do I stress so much on this sad incident? I am constantly watching how your life is going when two people are in love and a ‘model’ ruins their wedding 3 weeks to the day and elderly family members keep asking you what or who a ‘model’ is?
You wrecked so many relationships in your lifetime. Uche Pedro (who forgave you) at Bella Naija vs D’Banj, Deola Olunloyo vs Dan Foster wedding in 2006 and more.
Journalist and professional blogger, Stella Dimoko-Korkus told me every single relationship you wrecked and you know them, but nothing hurts more than ruining my niece’s wedding.
So now you are telling the world that you have blogged so much that you forgot your biological clock is ticking. You are now desperate for ‘regular sex’ like you are some whore. That can be easily achieved on Allen Avenue or as a ‘Madam’ in your Banana mansion.”
“You want a man and a bunch of kids. Karma is now biting you. I’m enjoying my two successful adult children, loving motherhood and single and happy. I don’t need a husband, a husband needs ME! Take my advice, at 42-year-old, I don’t know how you are going to start a family instantly.
You may find a gold digger who wants to spend your money like the Maje Ayida and TeeBillz types. Just ask Toke Makinwa and Tiwa Savage who are now single lovely ladies.
My advice to you, young lady, is not to rush sh*t and accept your mistakes. Deola Olunloyo has moved on; Dan Foster has a lovely family and you are alone, single and desperate telling your friends to introduce you to single guys. I was shocked reading this. Your fans kept silent about your desperation. They are illiterates anyway.
No guy is single in Nigeria these days, Linda. You are gonna be the second, third wife or the mistress. Kneel down and ask God for forgiveness. Give Jennifer Aniston a call for advice and listen to my 2013 audio attached.
Money can buy a Banana, Pear or Strawberry Island mansion but CANNOT buy a husband and kids.
Good luck Linda, you have no blogger awards yet like Uche Pedro, Omojuwa and Ben Kiruthi. Hope you get that MAMA 2016 award and a Happy 42nd birthday!”
Minister of Finance, Kemi Adeosun, says she cannot predict when the current economic recession will end. Adeosun said this during an interview with newsmen over the weekend.
“I don’t want to predict when we will get out of recession. Let me tell you that we will get into growth and that’s how you get out of recession, because of the stimulus that we are providing. It may take longer than we would like, but we will definitely get out of it. We are already seeing some positive signs in agriculture and solid minerals and with what we are trying to do with other sectors, I am very sure we will get out of it soon.”she said
This is according to the Minister of Foreign Affairs, Geoffrey Onyeama who disclosed this via his twitter handle.
A woman who goes by the internet name of Aja Murai claims that Drake and his people approached her – asking for her to be one of his 'beards'. What does that mean sef? Bad belle people...lol
Some APC members in Edo state over the weekend, burnt their brooms which is the symbol of their party, APC, to join PDP in Ward 5 Esan North East...
Montreal Impact of USA striker and former Chelsea player Didier Drogba gave an epic clap back to Arsenal's Theo Walcott after Arsenal thrashed Chelsea 3-0 over the weekend.
Prior to Arsenal's win over Chelsea, Chelsea had always had the upper hand in clashes between the two sides especially when Drogba played for Chelsea.
According to one Mr "majido juicy boy" yesterday was the worst day of his life after he took to his Facebook crying for justice on how he was brutalized unjustly by Nigerian Police. This were his words "Yesterday was the worst day of my life, infact I almost lost it. At about 7pm I was driving along lagos-Ibadan express way with a friend, when we noticed a car closing up on ours and someone waving to us, asking us to stop. After I took sometime to observe I suspected it was the police and I pulled over. Actually they weren't even in a police vehicle so I couldn't have noticed early enough. They were armed, one of them furiously came to me shouting, he said they have been trying to stop me or chasing me for a while. I was suprised because I did not notice at all. There were three of them, only one was on uniform. They immediately started cursing and using vulgar words on us, they called us criminals for no reason, after so much interrogation they decided to do a search on the vehicle, I consented to that, and when they could not find anything incriminating in the car they demanded to search our phones. I refused them checking my phone because they had already seized my friend's phone for no reason, I simply tried to make them understand that my phone is my private property but instead of hearing me out, they resorted to physical assault. They hit me with all sort of objects including their guns, I had to do my best to leave the scene for my dear life. I was terribly injured over a phone that wasn't worth it at all, I equally lost my wrist watch. The question is, what wrong have I done by being a regular Nigerian young boy into entertainment. This police brutality has finally got to me and the world must know, Police brutality has to stop, its me today and it might be you tomorrow #StopPoliceBrutality #IdemandJustice #NigeriaPoliceForce
Boko Haram leader, Abubakar Shekau released a new video message in which he denied a claim by the Nigerian Army that he seriously injured in air strike. The military said that Shekau had been badly injured last month in an air raid in which dozens of the Islamist group's commanders were killed. In the 40-minute video, Shekau spoke in Arabic, Hausa and Kanuri language, saying: "Oh tyrants, I'm in a happy state, in good health and in safety,"
The entertainer who is a prominent supporter of Hilary Clinton tore into the Republican presidential nominee in a piece for Huffington post and she pulled no punches. Responding to Trump's jibe that Hillary doesn't look presidential, she called him "a raccoon in a tanning bed with a flying squirrel on his head", she also accused him of “spreading and reflecting bigotry and hatred” throughout America. Read the piece after the cut...
When a politician ends almost every sentence with “believe me”... don’t! He’s probably lying.
According to PolitiFact, Donald Trump’s statements are rated “false,” “mostly false,” and “pants on fire” 71 percent of the time. In other words, the majority of the time that Trump speaks, he is not telling the truth.
But do the facts matter to Donald Trump or many in the media who are too entertained to correct his lies? We saw how Matt Lauer didn’t challenge him. Chris Wallace, the Fox News personality who is hosting one of the debates, has gone on record saying that facts are not relevant to him. This should be profoundly unacceptable to the American people. Our country and its stability is on the line. Facts do matter!
When Trump throws around words like “crooked,” he’s really describing himself and he doesn’t even know it. In psychological terms, it’s called “the disowned self.” Psychiatrists have explained how a person who refuses to recognize his own flaws will often project them onto other people.
As an article in The Washington Post recently said, “Trump’s history of corruption is mind-boggling.” This is a man who has bankrupted companies, reneged on bank loans, and cheated small business owners. For someone who claims to be a champion of the people, his m.o. is actually to stiff the little guy. Trump is notorious for refusing to pay painters, carpenters, plumbers and all sorts of vendors the money he owes them. The contracts he signed mean nothing to him. After the work is done, he’ll offer pennies on the dollar and say, If you don’t like it, sue me!... knowing full well that these mom-and-pop businesses don’t have the resources to take him to court. Even so, he’s been sued nearly 1,500 times over the last 30 years.
To those supporters who believe he’s a rich businessman and think he’s going to make them rich... get the facts straight. Investors in his failed casino ventures lost 90 percent of their money between 1995-2005. When the going gets tough, Trump vanishes. He eventually filed for bankruptcy, leaving others holding the bag.
And this man has the nerve to insult Hillary, who has always cared about other people? From the time she was in college, she’s been working to improve the lives of others... women, children, minorities.
What has Donald Trump ever done to serve others?
He only cares about promoting himself.
While Trump was being investigated and then sued by the Department of Justice for refusing to rent apartments to black and Hispanic people... Hillary was in Texas helping to register black and Hispanic voters.
While Donald had to be shamed into coming up with the contribution he promised to veterans... Hillary actually got legislation passed when she was in the Senate to expand their health care and other benefits.
While Donald has vowed to appoint Supreme Court justices who will overturn the ruling on marriage equality, Hillary declared that “gay rights are human rights” when she was Secretary of State.
Trump is both spreading and reflecting bigotry and hatred. He said a judge was not capable of doing his job because of his Mexican heritage.
One in five of his supporters believe slavery should never have been abolished and 61 percent believe President Obama wasn’t born in the United States. For five years, Trump has wasted our time with his crackpot birther conspiracy theory. Only now he has suddenly had a conversion, but he doesn’t even have the decency to apologize. And he has the audacity to say Hillary started it all... another outrageous lie. He sounds like a child on the playground trying to escape punishment.
He’s basically a bully, but like all bullies, he’s a coward at heart. He skipped out on a debate because he didn’t like the moderator. He can’t handle the tough questions. He’s so thin-skinned that as soon as anyone challenges him, he sues them.
Hillary has been attacked right and left for decades and is still standing.
She has negotiated with leaders around the world to keep us safe from nuclear threat because it would destroy the planet... while he shockingly said, “If we have nuclear weapons, why can’t we use them?”
And he has the nerve to call her “trigger-happy”? “Unstable”?
His ignorance is astounding.
So how come Hillary is not getting credit for all her accomplishments? It goes back to something I’ve felt for many years...strong women, powerful women have always been suspect.
Some men are challenged by strong women... afraid of them... and some women are jealous of them.
Strong women have too many opinions for some people... they prefer women who are quiet. They want us to speak less and smile more. After Hillary answered questions on national security, Reince Priebus complained that she didn’t smile enough. Well, guess what... there was nothing to smile about. As she said, this is serious business.
And Trump says Hillary doesn’t look presidential? What does that mean... coming from a guy who looks like a raccoon in a tanning bed... with a flying squirrel on his head? That’s what a president is supposed to look like? A wrestler who dies his hair blonde?
Republicans play dirty and their smear tactics unfortunately work. As they say, “If you repeat a lie long enough and loud enough, people will believe it.” And that’s what’s happening and it’s terrifying.
We can’t allow ourselves to be swiftboated again. We can’t let that happen to Hillary... a woman who has the temperament and the experience to be president... unlike Donald Trump, whose idea of foreign policy was bringing the Miss Universe pageant to Russia. How can you support a man who says, “Women... you have to treat them like sh—“ and believes such hateful things about 51 percent of the American population?
These views are deplorable. Hillary Clinton was right to denounce Trump’s racism, sexism and xenophobia.
And then he has the nerve to say he’s going to make America great again??
Here are some more facts. The New York Times just reported that household incomes rose for American families by 5.2 percent last year, according to figures from the Census Bureau... the biggest one-year increase since 1967! Household incomes are now higher than when President Obama entered office. The stock market is above 18,000, which means it has more than doubled since Obama came into office.
If we want the country to continue to improve, we must continue President Obama’s incredible policy work, successful despite the worst opposition we’ve ever seen in Congress, and vote for Hillary Clinton — and down the ballot for Democratic senators and congresspersons who will not be negative and obstructionist. Instead, they will work with her to get legislation passed on gun control and campaign finance reform. My heart sinks when I read that billions of dollars have already been spent during this Presidential election cycle. Just think what that kind of money could have done for medical research... our schools... our infrastructure.
We cannot allow America to fall into the hands of a narcissist who has shown no regard for anyone but himself... a bigoted and misogynist reality-TV character with no political experience and no qualms about lying loudly and often.
There is NO equivalency between these two candidates. Only Hillary Clinton has the skills, the knowledge, the temperament and the compassion to lead this nation.
Militant group, Niger Delta Avengers, have ended their ceasefire as the group attacked the Bonny 48 inches crude oil Export Line yesterday evening at about 8.40pm. The group announced the new attack on its website. Read the statement below On the 23rd September 2016, our strike team at 20:40PM hours time has brought down oil productions activities at the Bonny 48 inches crude oil Export Line.
This action is a signature to the over dramatization of the so-called dialogue and negotiation process on the side of President Muhammadu Buhari and his government. Since, the cessation of hostilities and the commitment of the PAN Niger Delta Elders and stakeholders team, the Nigerian government and her agents are turning the expectations of the Niger Delta to shameful scenes obtainable in Nollywood acts and as well intimidations, blackmails and continuous profiling of Niger Delta sons and daughters.
This is only a wake up call; we may not have other way to say it better. We are still in favour of the dialogue and negotiations but we are warning against " the peace of our time!
We want the peace with honour”. We will resist all actions undermining the ceasefire from side of the government and it security agents/ agencies. The world is watching, time is running against the Nigerian state; while we were promised that the concerns of Niger Delta will be addresses once a truce is declared, the activities of the government and her agents are not assuring enough, there has been no progress and no breakthrough.
We cannot be continuously fooled, the government cannot justify the indiscriminate targeting of Niger Delta youths while glorifying on these victimization of law abiding citizens of the region
La vi da bella club/lounge
Welcome to the most exclusive club /lounge in lagos
Friday’s /Saturday nights door opens at 8pm till dawn you dont want to miss it !!!!
Address : 14 providence street lekki colieseum center beside penisula hotel lekki phase 1 lekki lagos
Nollywood actress Uche Jombo posted this photo of herself with colleagues, Genevieve Nnaji, Ini Edo and Rita Dominc from a 2005 movie 'Girls Cot'
The 36 state governors Thursday passed a vote of confidence on Minister of Finance, Kemi Adeosun and her counterpart at the Ministry of Budget and National Planning, Udoma Udo Udoma.
According to a statement from the spokesperson of Vice President Yemi Osinbajo, Laolu Akande, the governors passed their votes on the ministers at the monthly National Economic Council meeting which was presided over by Osinbajo at the presidential villa in Abuja.
The Economic Council also supported the sale of some national assets to rescue Nigeria from current economic recession. Read the full statement below:
Rising from its monthly meeting today at the Presidential Villa, members of the National Economic Council, NEC, presided over by Vice President, Prof Yemi Osinbajo, SAN, expressed support for the plans and proposals of the Federal Government to steer the country out of recession.
While acknowledging the current economic challenges and difficulties, state governors at the meeting also endorsed the work of the President’s Economic Management Team and specifically commended the Budget & Planning and Finance Ministers.
The Vice President is the Chairman of the Council, which advises the President on economic affairs of the federation and in particular on measures necessary for the coordination of the economic planning in the country. NEC is composed of Governors of all 36 states of the federation, and the Central Bank Governor.
BELOW ARE HIGHLIGHTS OF THE MEETING AS PRESENTED TO THE PRESS BY THE GOVERNORS OF KEBBI, OYO STATES & DEPUTY GOVERNOR OF OGUN STATE AFTER THE COUNCIL MEETING THAT LASTED OVER FOUR HOURS.
A. PRESENTATION ON STATE OF THE ECONOMY BY HONOURABLE MINISTER OF BUDGET AND NATIONAL PLANNING
Highlights of the presentation:
Economy is currently in recession
Dependence on a Single Commodity (Crude Oil) whose price we do not control is a major factor
Oil price collapsed to less than $30 per barrel in Q1 2016 and market expectations are that it will stay lower for longer
However, this crisis is an opportunity to restructure and reset the economy
Measures for Economic Revitalisation:
The President’s Economic Management Team (EMT) working on plan to generate immediate larger injection of fund into the economy through:
Asset sales
Advance payment of license renewals
Infrastructure concessioning
Use of recovered funds etc to reduce funding gaps
Implementation of Fiscal Stimulus/Budget Priorities
Fast-track procedures through legislation and implementation of Strategic Implementation Plan (SIP) of the budget
Meaningful diversification of the economy and cut down importation
*RESPONSE TO THE PRESENTATION AND GENERAL COMMENTS
Council members in response commended the Economic Management Team and generally welcomed the presentation and expressed support for the plan to steer the nation out of recession
Under AOB, Council members expressed confidence in and unanimously commended the EMT and both the Budget & National Planning and Finance Ministers for the presentations to the Council, praising their efforts, competence and capabilities.
B1. PRESENTATION OF DRAFT REGULATIONS ON LAND USE ACT, 2013 BY THE PRESIDENTIAL TECHNICAL COMMITTEE ON LAND REFORM (PTCLR)
The PTCLR presented to Council draft regulations on Land Use Act 2013 which seeks to make provisions to Streamline mortgage transactions and clearly delineate the rights, duties and obligations of a mortgage
Other aspects of the draft are:
Conditions for disposal of proceeds of sale and subsequent mortgages and implied terms of a mortgage
Rights of redemption and remedies and issues on mortgage by companies
Power of Assignment by mortgage and right of transfer and application of insurance money by the receiver
B2 PRESENTATION ON PUBLIC PRIVATE PARTNERSHIP (PPP) INITIATIVES ON AFFORDABLE HOUSING BY HONOURABLE MINISTER OF FINANCE
Highlights of presentation among others:
Target of N1billion fund to operate PPP (N500 billion initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision
Funds aims to deliver family housing priced from as low as N2.5 million up to N18 million delivered in a ready to occupy condition with essential services (water and power connected)
The delivery target is 400,000 to 500,000 housing units per annum
The ultimate aim of the programme is to channel funds from savers to borrowers, so that builders have the required capital to construct and prospective buyers can access credit to purchase
The fund will attract low cost local and international capital, including from domestic pension and insurance funds, FG funding, as well as contributions from State Governments and other agencies.
Roles of the States
State to designate a liaison with whom Family Homes Fund can interface
Expedite building plan approval process and security of land title
Invest in enabling infrastructure e.g. Federal roads
Other benefits among others are:
Improved urban planning and development
Employment generation and skills enhancement
Expansion of tax base
C1 REPORT ON EXCESS CRUDE PROCEEDS
Honourable Minister of Finance reported to Council that the balance in Excess Crude Account is USD 2.453 billion as at September 20, 2016.
C2 PRESENTATION ON BEST OPTIONS FOR MANAGING FLOATING FOREX POLICY INTRODUCED BY CBN: A JOINT PRESENTATION BY CBN/HM FINANCE
Highlights
CBN introduced cautious Monetary Policy orientation as dictated by consumer price and exchange rate
Adoption of policy tightening measures for flexible forex rate to address persistent pressures occasioned by scarcity and speculative demands
Improving market dynamics by CBN
Interventions to States in the area of salaries and in commercial agriculture
The presentation also noted the following:
Controlling inflation is key to stabilising other macroeconomic indices and the current stance of monetary policy is expected to continue to help lock-in inflation expectations
C3 UPDATE ON BUDGET SUPPORT LOAN FACILITY
Honourable Minister of Finance reported to Council that N50 billion has so far been disbursed to state governments, and the facility is ongoing.
Released by:
Laolu Akande
Senior Special Assistant-Media & Publicity
In the Office of the Vice President.
President Muhammadu Buhari has said that his signing of the Paris Agreement on Climate Change has demonstrated Nigeria’s commitment to a global effort to reverse the effects of the negative trend.
The President said this while addressing the opening of the meeting on Taking Climate Action for Sustainable Development in New York, co-hosted by Nigeria and the United Nations Environment Programme (UNEP) as one of the Side Events of the 71st Session of the United Nations General Assembly (UNGA71). President Buhari, had shortly before this event, signed the Paris Agreement, where he committed Nigeria to reducing “Green House Gas Emissions unconditionally by 20 per cent and conditionally by 45 per cent” in line with Nigeria’s Nationally Determined Contributions.” Describing the signing as historic, he had also expressed confidence that with support from development partners, Nigeria will meet the above targets. The President also promised to ensure the ratification of the Paris Agreement before the 22nd Conference of Parties to the UN Framework Convention on Climate Change in Marrakesh, Morocco in November 2016. He stressed that it was to demonstrate his personal dedication to the process of implementing the Agreement that he was hosting the side event on Taking Climate Action Towards Sustainable Development. President Buhari, who said he was privileged to have been part of the Paris Agreement, expressed appreciation to what he called “the genuine efforts by President Francois Hollande of France in drawing global attention to reviving the Lake Chad Basin,” and for galvanizing the political will that led to the global consensus in reaching the Paris Agreement. The Nigerian President said his country’s commitment to the Paris Agreement is articulated through its Nationally Determined Contributions (NDCs) “that strive to build a climate resilient society across the diverse terrain of Nigeria. We have instituted an Inter-Ministerial Committee on Climate Change to govern implementation of my country’s NDCs, thereby ensuring a strong cross-sectoral approach, coherence and synergy for Climate Action.” President Buhari, while admitting that implementing the Roadmap will not be easy in the face of dwindling national revenues, however, indicated that both internal and external resources would be mobilized to meet Nigeria’s targets, adding that the 2017 Budget will reflect Nigeria’s efforts to accord priority to realizing its NDCs. “In addition, we are set to launch our first ever Green Bonds in the first quarter of 2017 to fund a pipeline of projects all targeted at reducing emissions towards a greener economy,” he said. While urging global support to transit to a low-carbon climate resilient economy, the President specifically reminded industrialized nations “to play their role and deliver on their commitments on access to climate finance and technology transfer and help with capacity-building,” adding that, “Expectations are high for their leaders to deliver US$100 billion per year by 2020 in support of developing countries to take climate action, thus keeping the promise to billions of people.” President Buhari, who thanked the Presidents of Chad, Cameroon, Democratic Republic of Congo and Niger for attending the event, also called on the international community to “give special recognition to the plight of Lake Chad and support our effort to resuscitate the livelihoods of over 5 million people in the region. This will reinforce our efforts to reintegrate the thousands of Boko Haram victims and returning Internally Displaced Persons (IDPs).” The President noted that the Niger Delta region is a unique biodiversity rich in coastal environment that is highly prone to adverse environmental changes occasioned by climate change, such as sea level rise, coastal erosion, exacerbated by poverty and many decades of oil pollution leading to loss of livelihoods and ecosystems. He added however, that “through an integrated approach, implementation of the NDCs, and our efforts to clean up Ogoniland, we will improve livelihoods, protect the environment and take climate action, and ensure the implementation of the Sustainable Development Goals (SDGs).” FEMI ADESINA Special Adviser to the President (Media & Publicity)
Vice President Yemi Osinbajo and the 36 state governors held the National Economic Council meeting at the state house Abuja Thursday. More photos after the cut...
Top actress Bimbo Akintola stepped out in this outfit designed by British couture designer, Ade Bakare, for the movie viewing of 93days at Genesis Cinemas, Lekki, Lagos. Akintola played Dr Adadevoh in the movie.
The Ijaw Youth Council Worldwide (IYC) have accused the EFCC of witch hunting and persecuting ex-President Goodluck Jonathan and his family.
President of IYC, Udengs Eradiri said this in Yenagoa, while reacting to the $15 million seized from the accounts of former first lady, Patience Jonathan. Eradiri says before Patience Jonathan is questioned about her wealth, past first ladies should also be questioned about their sources of wealth.
“First Ladies in Nigeria do not do any work. You know what it is; a woman naturally attracts a lot of gifts from men, let alone the First Lady who has the power to recommend people for something. They receive a lot of ‘Thank you’ and gratification because in most cases they recommend people. Those they recommended usually come back and say thank you ma. Even when they do not recommend, people can go and say thank you with a million dollars. The scenario did not start with Dame Patience Jonathan. We know how influential the former First Lady before her was and other first ladies – how powerful, how rich, how wealthy they were as a result of gratification because they were Presidents’ wives. That is how they amass their wealth. If you say Patience Jonathan should go and show how she made her money, then, you must first start with all the other former First Ladies before her, otherwise it is a witch-hunt. Patience Jonathan got her wealth from thank you and there is nowhere in the law that says we should not receive thank you. So, EFCC should stop this nonsense. If you have issues, go and follow the due process and don’t begin to use the media to tarnish the image of the former first family. Jonathan should be respected in Nigeria. You heard what happened during the time of late President Yar’Adua, Jonathan did not witch-hunt that family irrespective of the humiliation he suffered despite the position of the law. This is a witch-hunt and the EFCC must stop this attitude because very soon, people will begin to resist them. Nigerians will get to the point where they will no longer accept it. We support the fight against corruption. All of us know that corruption has eaten deep into our fabric, but this selective fight especially geared towards the region must not be allowed. It is in this country that they talked about Abacha’s loot, yet a university had been approved for Abacha’s wife. In this same country where they said Abacha was corrupt. So, why are you treating one former first family differently and then everybody wants to humiliate Jonathan’s family in the best of their ability. The former First Lady, Patience, has no question to answer.. The EFCC is destroying Buhari’s anti-graft policy because when your anti-graft is beginning to show it is one-sided, it will lose credibility” he said .
