Saturday, 24 September 2016

Niger Delta Militant Bombs Bonny Export Line: How About the Ongoing Dialogue?

The Militant group is been reported to have bombed the Bonny 48 inches crude oil export line on the ground that government is not sincere about the ongoing dialogue and negotiation. At this point in time, what will the federal government do? The economy is already in recession, hunger everywhere on the land, millions of unemployed graduate are roaming the street with no job, the already employed before now have been dropped in numbers from different sectors of the economy, the seller in the market is no longer making sale as price of goods has skyrocketed, there is confusion everywhere. Even at present there are conflicting ideas on what to do about the economy. Where do we go from here?

The militant needs to be appealed to. Why? So they could continue to see reason for dialogue as the best option and not bombing the pipeline. While the masses applaud them for the initial understanding to go into dialogue with the federal government, they should not run out patient. On the part of the government, they should show that they are sincere about the dialogue by acting urgently to see that the ongoing negotiation is done with the urgency it demands. Democracy is all but dialogue and negotiation. We need to move forward in this country. All hand must be on deck now. Every sacrifice that needs to be made ought to be done with urgency. Life is all about give and take. 

what do you think?
Read More »

Conflicting ideas on pulling Nigerian Economy out of recession: The Way Forward

img Conflicting-ideas-on-pulling-Nigerian-Economy-out-of-recession-The-Way-Forward .gif" alt=" Conflicting ideas on pulling Nigerian Economy out of recession: The Way Forward "> </p>
Suggestion from some members of Senate calls for the sale of key national asset to raise about $15billion dollar to shore up foreign reserve and embark on capital projects,

Treasury Single Account (TSA) should be look into as it has been discovered to have done more harm to the economy than good as it has cause acute shortage of fund in the nation’s financial institutions,

Anti-corruption war is been suggested to looked into as the way and manner EFCC has been going about it has create fears in the mind of people from investing their money for fear of not being questioned and arrested. 

Sequel to the nation dwindling economic fortune leading to recession, there has been calls for the sale of the national assets to raise fund to the tune of $15billion dollar to shore up the nation’s foreign reserve and be able to finance capital project in order to boost the economy. However, this suggestion didn’t go down well with some members of the senate. Some sees it as a desperate decision which needs to be examined critically. This school of thought believe that though the economy is in a dare situation and need urgent solution, however, the nation’s key asset should not sold for the fear that the asset will end up in the hand of individual who may exploit the system to the detriment of the people. 

The NLC and TUC are already against the idea and have position themselves to may be embarked on nationwide strike if federal government at the end chooses such option. The harsh economic reality is biting hard, the general price of goods and services is on the increase, and people can no longer afford to eat three square meals, hunger in the land, crime rate in on the increase and many more ills in the society. If you can’t use what you have to solve your immediate problem, what is your suggestion on the way forward? Already there has been name calling, portraying those for the sale of the nation’s key asset as none-patriotic Nigerians. There is need to examine this option (pros and coins) critically without resorting to name calling. What Nigerians need this period is meaningful and practical solution and not argument that will not yield any solution.

On Treasury Single Account (TSA), it was believed that the Jonathan led federal government initiated it but never implemented it during his administration. Every policy has its advantage and disadvantages. What make policy acceptable is when it did not end up making majority worse-off…there should be Parato optimality in every economic decision(s). Why is it that Jonathan initiated the TSA but never implemented it? Did the government later examine it and discovered that it might make the economy worse-off irrespective of the perceived benefits? Is it the political will he never had to implement it? 

Meanwhile, President Buhari came on board and starts the implementation of the TSA policy and every federal government kobo was made to be transferred to a single account. It is believed that most of our financial institutions (Banks) depend on this federal government account domicile in their bank. However, these funds are no longer with them and some now find it difficult to cope hence the cutting down on their workforce. It should be noted that economy is interdependent, no one exist without each other.  If the TSA as implemented by the current administration is causing more pains to the economy than good, then there is a need to revisit the policy and see how it could be made flexible.

On anti-corruption fight by Mr President, some people see it as witch-hunting and selective, others also see it as a welcome development. However, you may look at it; corruption is an ill that does no one good. It has been our problem as a nation and it will continue to hurt us if we collectively don’t fight it. In fact, this corruption fight is one of the agenda of the president that brought him to power by the people.  Of recent, there were lots of mind blowing revelations on amount catered away by single and heartless individuals. Many as a result have been arrested and fund stolen returned to the federal government.   

Be that as it may, it’s amazing to know that after arresting these looters and detain them for a while and some amount returned, they still walk freely and go on with their normal life. It has even been reported in some quarters that some politicians are defecting or have defected to the ruling party to avoid been probed. It is also believed that some even with their genuine money is afraid of investing their money for fear of not been arrested by the EFCC. This corruption fight is a good fight for the benefit of the country and needs our collective effort to succeed. However, I want to believe that this fight can succeed more effectively through institution/structural change back up by law. 

In other word, every loophole should be blocked and checked always. There is a saying in my dialect that let the thief take the one he has stolen but let another one not be stolen again. I am not saying the fight should not go on, the EFCC should apply some restrained in the fight. There should be confident building in the system…the government should encourage and assure those who make their money genuinely to come out and invest in the economy. When the righteous rule, the people rejoice. If you know you make your money genuinely and have the interest of Nigerians at heart, come out and invest in the country. The Nigerian unemployed graduates needs jobs, you don’t need to carry your money to another country to develop them while Nigeria go through this hard time.

The federal government needs to harmonize urgently whatever suggestion that have been made aimed at pulling the economy out of recession and begin to apply them. The state government should not allow only federal government to carry this cross. All hands MUST be on desk. Time is obviously running out.
Read More »

Friday, 23 September 2016

How over reliant on Federal Revenue sharing have hampers Nigeria growth

img How-over-reliant-on-Federal-Revenue-sharing-have-hampers-Nigeria-growth .gif" alt=" How over reliant on Federal Revenue sharing have hampers Nigeria growth"> </p>

The News Agency of Nigeria (NAN) reported on the 23rd September that federal, state and local government shared N2.53 trillion as proceeds of revenues from the federation account from January to July.

Be that as it may, this sharing, good as it may have made the various tiers of government over reliance and sorry to say lazy in exploiting other avenue for revenue and hence creation of employment opportunities. Why? It has become a norm that after all; allocation from the federal government WILL come. When it comes, it is shared and they relaxed and position for the next month end. This obviously is not helping Nigeria to grow. The country has so much depend on oil revenue to our detriment. The earlier we realize this and do something the better. Otherwise if the federal government does nothing, the system will remain worse-off.

Of recent, there has been call from well meaning Nigeria for restructuring of the country politically to move the nation forward. While other sees it as reasonable and urging federal government to consider the call and restructure, others see it as distraction on the part of government. The people objecting this call and tagged it distraction may be doing so on sentiment otherwise what is wrong with change which is constant in life.

As a country, if we must move forward, we must eschew all forms of sentiment in suggesting ways of moving this country forward. The fact that certain things has been done over time doesn’t make it right. There is always need for adjustment or call it change. The President came to power on CHANGE mantra which every Nigerian buys into and voted him overwhelmingly against an incumbent president. It is now the present government can make every positive change to move the country forward and have their name written in history instead of maintaining the status quo which has not helped us as a country. If not, where then is the change?

I know that as a nation, we are been governed by constitution. Be that as it may, if constitution is found not friendly or on the growth path, won’t there be amendment? What then are the functions of the legislature? Let us see this country as our own and objectively move it forward without sentiment. In a family for instance, if you share food, you’ll discover that children eats theirs with reservation but when the food is put in a bowl or shared together, there you’ll see them eating to fill their stomach over others without reservation. I think this relate well with what is happening to our dear country, Nigeria.

There is therefore need for the federal government to restructure the country…and see if the country will not move forward. The states or region will explore resources in their domain to generate revenue and contribute to the center. The over dependence on the federal government will no longer be there. The Bible said that whosoever that doesn’t work, let him not eat. If a state fails to exploit the natural resources in its domain, let her remain behind. Good enough, every state of the federal can boost of one resource or the other but they are all lying idle because of oil revenue.

Mr President, we believe you have good intention for Nigeria but this must be translated into action capable of moving the nation forward. You’ll only write your name in the good book of history.  

I’d like to thank you for taking the time to check my blog out NAIJA NEWS AS IT IS! I hope you’ve found some value in it and can drop your comment.
Read More »

Economy in recession: Niger Delta and its abundance natural resources

img Economy-in-recession-niger-delta-and-its-abundance-natural-resources .gif" alt=" Economy in recession: niger delta and its abundance natural resources "> </p>

The Niger Delta is not only blessed with oil and gas. She is also blessed with other resources like fish, perewinko, and large fertile land for farming, and you can name it. However, most of these natural resources have not been fully exploited to our benefit due to over dependent on oil and gas. The resource that ought to be a blessing has in turn becomes a curse, hence the fight for it by everybody…from the federal, state and local government up to the community and individuals level. Many communities in the Niger Delta have fight and destroy themselves either fighting for land that oil is being discovered or that individual fighting themselves for monetary benefit perceived to have been given to one person by the oil companies operating in their land. Sometimes, these issue of divide and rule tactics have caused great disaffection among community members with its attendant effects.

Right there on top, the federal government held sway, never want to focus on any other things except oil. The oil and gas revenue had made the central government very attractive to the extent that every politician wants to get there by all means possible. It has assumed where national cake is being shared. It is like elephant meat where you can cut, no matter the quantity; the meat will still be there. Little did Nigeria realize that, elephant meat irrespective of it size will get finished if wisdom is not applied in the sharing. When the oil was booming, little did our leader realize that the boom will not continue, hence the spending without reservation. Today, the reverse is the case, oil price has crashed to its lowest price to $48/barrel and the government of President Buhari is lamenting on shortage of fund to finance the 2016 budget. Even at that price, the oil production has dropped to its lowest point from 2.2million to 800 thousand barrel/day. The drop in production is been attributed to militancy in the Niger Delta.

The 2016 budget passed in May this year is not been implemented due to drop in revenue with its attendant effects. Unemployment is on the increase, inflation is very high at double digit at about 16%, the subsidy on fuel has been removed which has also impacted negatively on general price of goods and services, the scarcity of foreign exchange…the naira is currently exchanging for N428/dollar. In all these, the economy has been officially declared as in recession and even heading to depression. The federal government is now waking up from their slumber. The governments want to diversify the economy through agriculture. How serious is the government? Are they just going to pay lips service to it? It is normal to share allocation every month and this has become too easy to all the arms of government, that nobody want to look elsewhere to generate revenue.

I traveled to a community in the Niger Delta in Bayelsa and I was amazed to see the type of fish one of the fishermen came back home with. He told me that one of the fish is sold for N3000 and that a smaller size is sold for N1500. He said, as far as fish is concerned, you can eat fish to your satisfaction and even gets tired of it. That he makes close to N30000/day from the sale of fish. However, he said that the community is not conducive to staying…and that there is no water to drink, no power supply, no teacher to teach the children in the school and that they are just enduring the living there because they don’t have other place they can call their own. He said that irrespective of the money they get from fishing, many of the community members have left the village for city.
img Economy-in-recession-niger-delta-and-its-abundance-natural-resources .gif" alt=" Economy in recession: niger delta and its abundance natural resources "> </p>

The question is…if this community is developed by given the social infrastructures that make life worthwhile, will the people leave their community? NO of course! The president is believed to have good intention for Nigeria; the people want to see this translated into action. The unemployment ravaging the youths should be reduced by creating enabling environment that will encourage the youth to in their respective community to do what they know best…fishing, crop farming, those with vocational training should have power to do their work, health faculties should be made available in communities and personnel encourage to stay and work in the rural areas, teachers posted to these remote communities should also be encouraged. When all these are been put in place, the community members would want to stay in their place thereby reducing pressure on the cities.

Importantly, our leaders should cultivate the attitude of selflessness. When this spirit enters into our leader, the Nigeria will be a better place for all of us. Of recent Mr President launch a social program ‘’Change Begins with Me”. As good and laudable the program maybe, will it succeed? Or will it be regarded as one of those in the past? Nigerians are waiting for our leaders to lead by example. Once this is observed by the subject, it becomes easier and practicable for this good program to thrive in the society otherwise ‘’Change Begins with Me” will become one of those word which doesn’t make sense to the ordinary citizen.

Nigeria belongs to all of us and by God grace we’ll all live to see the Nigeria of our dream. What is your take?
Read More »
Designed by Jide Ogunsanya.