Tag Archives: OSINABJO

FG plans to employ youths engaging in illegal refinery – Osinbajo

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Acting-President, Yemi Osinbajo, has said the federal government has plans to engage youths of the Niger – Delta region who are involved in illegal refining of crude oil by employing them in the modular refineries the government will establish in the region.

He also debunked rumours that the amnesty programme of the federal government has been scraped adding that more resources has been earmarked for the sustenance of the programme in the 2017 budget.

Osinbajo disclosed these during a special engagement on Niger-Delta matters held in Port-Harcourt on Tuesday.

He said: “We have talked about those young men and women who are involved in illegal refining of crude oil

“Our approach to that is that we must engage them by establishing modular refineries.so that they can participate in legal refining not illegal refining. And we are committed to making sure that young men and women of the Niger-Delta region are properly engaged.

“We’ll look at the amnesty issues, we’ll make sure that amnesty continues. Some people have been trying to suggest that we have remove the amnesty programme. That’s not true. We have made more provision for amnesty than has ever been made.

“We have made more provision for social intervention. Rivers state has the second largest number of unemployed young graduates who have been employed by the federal government under our N-Power scheme.”

 

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FG will employ youths involved in illegal crude oil refining – Osinbajo

Why Naira keeps crashing – Osinbajo

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Acting-President, Yemi Osinbajo has explained that corruption and the vandalization of pipeline facilities in the Niger-Delta region were responsible for the reduction in the volume of Dollar reserved with the Central Bank of Nigeria (CBN).

He said such was responsible for the continuous fall of the Naira against the dollar.

He stated this in Port-Harcourt while chiding members of the opposition who criticize the federal government for the fall of the Naira against the Dollar.

Osinbajo said that Nigerians spent more money to buy Dollars because the currency was scarce and insufficient to go round, triggering the forces of Supply and Demand into play.

He, however, assured that the federal government was putting measures in place to ensure that the diversion of foreign currencies from the National Treasury through corruption, and the vandalization of pipeline facilities that reduce the amount of dollars accruable to the federal government is brought to end, adding that once the federal government is able to earn more Dollars than it is currently earning, the exchange rate will go down.

Osinbajo said: “Some people have said ‘Ah! When you came the exchange rate was this now it is that.’ What accounts for exchange rates is simple. It is Dollars. If you don’t have Dollars, your exchange rate goes up. If you have dollars your exchange rate goes down.

“If you lose oil revenues through corruption and pipeline vandalism, your exchange rate goes up. It’s very simple. If Dollar is scarce, then the Naira to buy it will be more. That’s a simple thing.

“Exchange rate is not magic. It is just the availability of dollars. Once we are able to earn the Dollars the exchange rate will go down. And we are hopeful that all of what we are trying to put in place, and with cooperation of all of us. We’ll be able to bring the exchange rate down.”

 

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Why Naira keeps crashing – Osinbajo