Tag Archives: CBN Governor

Buhari Grieves Nnewi Gas Victims, Condoles Lamido, CBN Governor Over Mothers’ Demise

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President Muhammadu Buhari has expressed deep regret over the death of people in Anambra State, following an industrial gas explosion, which occurred a few hours before the Christmas celebration.

In a press statement issued by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, President Buhari said he was greatly shaken and shocked by such large-scale loss of human lives in a single industrial accident, which casts a gloom on the families of the victims “who were looking forward to a joyous Christmas celebration”.

The President extended his condolences to the families of the victims, the people and the government of Anambra State over what he described as “this unfortunate tragedy on Christmas eve”, adding that “my heart and prayers go out to these grieving families at this difficult and painful moment”.

Meanwhile, President Buhari has also condoled the Lamido of Adamawa, Alhaji Barkindo Mustapha, over the death of his mother, Hajiya Adda Gombeji, who passed away at the age of 87.

He has also placed a call to condole with the Governor of the Central Bank of Nigeria, Godwin Emefiele who equally lost his own mother.

According to Shehu, the President personally made the phone calls to the Lamido of Adamawa and Emefiele to express his sympathy to the Monarch and the CBN Governor over the death of their mothers.

President Buhari described a mother as “an invaluable component of family life and the pillar and comforte of the children”.

He prayed to Allah to bless the souls of the deceased and grant the Lamido, Emefiele and other members of their families the fortitude to overcome the losses.

Credit: Thisday

Revenue Decline: Sell Nigeria’s Oil Stakes, Raise N14.9Trillion, CBN Governor Tells Buhari

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The Central Bank of Nigeria governor, Godwin Emefiele, has advised the president-elect, Muhammadu Buhari, to consider selling off nearly half of Nigeria’s Joint Venture equity with multinational oil companies, to enable the new government raise a huge balance for immediate developmental projects.

If Mr. Buhari accepts the advice, Nigeria stands to generate about N14.9 trillion, about three times the country’s annual budget, which should be immediately ploughed into providing badly needed infrastructure development. The Nigerian economy has faced continued pressure from spiralling debts, in the face of dwindling revenues resulting from falling global crude oil prices.

Many of the 36 states of the federation are barely able to meet their obligations to contractors and workers from their monthly allocations from the federation account. Foreign reserves slumped to about $29.9 billion as at March ending.

The CBN governor said the incoming administration should give serious thoughts to the proposal for Nigeria to scale down its majority stakes in the joint ventures currently with various multinational oil companies in the country.

The Nigerian National Petroleum Corporation currently holds, on behalf of the Nigerian government, at least 55 per cent equity in the joint ventures with Shell, ExxonMobil, Chevron, Total, Nigerian Agip, and Pan Ocean.

The partnership means for each daily production of oil in Nigeria, the government receives 55 per cent after production cost had been deducted. Mr. Emefiele wants government to shed at least 25 per cent of that equity to raise some emergency funds for infrastructure development in key sectors of the economy.

Read More: premiumtimesng

The Most Important Job in Nigeria Right Now

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In most countries, the position of central bank governor is one of a conservative low-key economist who only makes public utterances a few times a year around monetary policy. Nigeria is not most countries.

 While current Central Bank of Nigeria governor Godwin Emefiele, appointed last June, fits the more traditional image, the last two Central Bank governors of Africa’s largest economy have been conservative in economic strategy—but larger than life when it comes to expressing their opinions about the way the country is run.
In the run-up to presidential elections on Feb. 14, there is an almighty war of words in local media between Nigeria’s finance minister Ngozi Okonjo Iweala and Charles Soludo, the central bank governor between 2004 and 2009. Soludo fired the first salvo with release of a local newspaper article on Jan.25 on the economy’s mismanagement under president Goodluck Jonathan. It’s a timely reminder of one of the main issues of this election cycle which has descended into name calling and smear campaigns.

My advice to President Jonathan and his handlers is to stop wasting their time trying to campaign on his job record. Those who have decided to vote for him will not do so because he has taken Nigeria to the moon. His record on the economy is a clear ‘F’ grade. As one reviews the laundry list of micro interventions the government calls its achievements, one wonders whether such list is all that the government could deliver with an unprecedented oil boom and an unprecedented public debt accumulation.

It is not often that one intervention has the effect of resetting the tone of a national conversation, especially coming from an individual that has been away from public commentary for a few years, but Soludo comes with considerable credibility, as part of an economic team that delivered strong growth at a time of lower oil prices.

 Okonjo-Iweala hit back with an 11-point attack on Facebook slamming Soludo as the worst central bank governor in Nigeria’s history.
“Soludo’s single-handed mismanagement of the banking sector led to an incredible accumulation of liabilities that will cost tax payers about N5.67 trillion (being the total face value of AMCON-issued bonds) to clean up. It is only in Nigeria where someone who perpetrated such a colossal economic atrocity would have the temerity to make assertions on public debt and the management of the economy”
Read More: qz.com