Okonjo-Iweala Unveils Governments Economic Priorities

The Federal Government plans to cut recurrent expenditure, especially overheads, and keep the budget deficit at 3 per cent, Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said.

She also said the government was planning to boost economic productivity and infrastructure investment in power, road and rail to create jobs, adding: "We need to maintain macroeconomic stability. We need to manage our fiscal situation in a more prudent manner. Monetary and fiscal policies must work hand-in-hand."

Recurrent spending currently accounts for 74 per cent of the budget, but Okonjo-Iweala, who doubles as the Coordinating Minister for the Economy, said the government would trim spending to "a more reasonable figure" of 70 per cent in the next four years.

She was speaking at a press briefing in Abuja yesterday.

Okonjo-Iweala said she supported Central Bank of Nigeria (CBN's) policy of pegging the naira to the dollar to provide stability for businesses, promising to work with Governor Sanusi Lamido Sanusi to have an exchange rate that reflects the economy.

To control inflation, the CBN targets naira stabilisation by keeping the rate within 3 per cent above or below N150 per dollar. She also said local contractors are owed $34 billion by the Federal Government.

The country's external debts, she said, currently stand at about $5.7billion, bringing the total indebtedness to $39.7 billion.

She also said that turning the Nigerian economy around was attainable but could not be done overnight considering the distortions suffered by the economy in the past several years. Although she noted that the nation was in a comfort zone vis-a-vis the ratio of its total debt stock put at 20 per cent of the gross domestic product (GDP), she however expressed concern on the rising domestic debt profile, which is about 17.5 per cent of the GDP.

"We need to try and reduce domestic borrowing. We can't stop overnight because of the shocks, but we have to be cautious on domestic debt," the minister said, noting that contrary to expectations from certain quarters, there would be no new economic blueprint.

According to her, the Vision 20:2020 blueprint and the Transforming Nigeria Document would remain the bedrock of the economic agenda, noting that the major thrust of the administration's economic agenda is jobs and pro-jobs growth.

She stated that all the credible opinion surveys showed that jobs and infrastructure, especially power, are the two top priorities Nigerians want government to focus on.

Okonjo-Iweala listed security, infrastructure, agriculture, manufacturing, housing and construction, the entertainment industry, education and health as the key sectoral areas that needed to be given priority attention.

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Nigeria is the highest exporter of crude oil in Africa

The Presidency yesterday began a count down to President Goodluck Jonathan's 100 days in office, with a declaration that one of the president's achievements was Nigeria's recovery of her place as the highest exporter of crude oil in Africa.

The government announced that Nigeria had again overtaken the Republic of Angola in oil production, following the return of peace to the troubled Niger Delta.

Nigeria currently produces about 2.4 million barrels per day (bpd) up from about 1.8 million bpd at the behest of the crisis in the Niger Delta.

Dr Reuben Abati, Special Adviser to the President on Media and Publicity, said the sharp rise in oil production had again put the country as the second largest oil exporter in the world, next to Saudi Arabia.

He said: "Boosted by the overwhelming success of the amnesty programme of the current administration, Nigeria's oil production expanded by 20 per cent and she reclaimed her foremost position as Africa's largest oil exporter, which she had hitherto lost to Angola.

"Nigeria sets a new record by being recognized by OPEC in July as the second largest oil exporter in the cartel, second only to Saudi Arabia. It is the first time Nigeria has recorded such a feat, he added.

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Kidnappers of John Mikel Obi’s Father revealed

The photograph of the six kidnappers was released in Kano today by the State Commissioner of Police, Ibrahim Idris who said they were apprehended at Kabuga quarters of the city.

According to the Kano Police boss, Ibrahim Idris, the police in Jos, Plateau State arrested a dismissed police corporal, Jacob Cowen who led detectives to Kano.

The cooperation of the Plateau and Kano states police commands led to the arrest of the six suspected kidnappers who had held Elder Michael Obi hostage for 10 days.

The suspects include a lady, Nkechi Ossai, Ifeanyi Essien, Jacob Cowen, Ndubusi Friday, Basil Chukwuma and Sule Ibrahim.

Narrating his ordeal in the hands of his captors, Elder Michael Obi said they bundled him into an Army van and drove him into a bush where they beat and hit him with their shoes.

He said his kidnappers wore Army camouflage uniform but he could not ascertain if they were soldiers.

Meanwhile, the Eze Ndigbo of Kano, Chief Tobias Idika has called on President Goodluck Jonathan to treat kidnappers as terrorists, adding that the six suspected kidnappers should be brought to justice.

The Eze Ndigbo disowned the Igbos among the suspects, saying that the Igbos are noted for hardwork and business and not terrorism.

In a statement he signed, the Eze Ndigbo said he was delighted to join other Nigerians in thanking God for sparing the life of Elder Michael Obi.

The father of Chelsea and Nigeria midfielder, John Mikel Obi, Elder Michael Obi was abducted in Jos, Plateau State for 10 days.

After about a week, the kidnappers were reported to have demanded N20 million as ransom. But they were arrested yesterday evening while the police later released their photograph.

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English Premiere Leugue Trophy comes to Lagos

English Premier League trophy currently on global tour in Africa continent was yesterday in Lagos, the commercial nerve centre of Nigeria. It was received by Lagos State governor Babatunde Fashola in his office located in Alausa area of the state.

While receiving the trophy presented by the management of Multi Choice limited, Fashola said the English Premier League (EPL) has demonstrated the capacity to create a good economy for the tournament.

He said the country, especially Lagos, is challenged by the success of the EPL which he said started from very humble background, saying it has metamorphosed into a global economy that is viable and providing livelihood for many. "This is what we aimed to do and we have started it here, to mix education curriculum of young talented footballers with sporting commitment and we want to ensure those who participate in the Lagos Junior League are actually students in schools and we think that if we can create this partnership between school and football, we might be up to something very big.

I recall as a student that some of our colleagues used to play for big clubs like Leventis United, Mandillas, Wema Bank, Union Bank, LSDPC and so on and after school, they earn more income to support their family and I think that at this time when there is a lot of youth unemployment, this is one of the things that we can tap into.

With the followership that football has in this country and all of us that are involved in the administration of football at various levels we must get involved and grow it into big economies. I expect that we would be receiving Multi Choice hand in partnership as we go forward and as we provide a night away from destitution and violence."

Multi Choice Managing Director, Mr. Joseph Hundah, said it was important to present it to the governor who is a fan of Manchester United.

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NIS rescues 17 from human trafficking to Italy

Sokoto State Command of the Nigeria Immigration Service (NIS) has rescued no fewer than 17 victims of human trafficking on their way to Niger Republic.
Parading the victims in Sokoto yesterday, Comptroller of the State Command, Mr. Abdulmalik Abdulmuminu, said the victims were nabbed by immigration officers at the weekend in Illela local government area.

According to him, the victims were on their way to Italy via Niger Republic. He explained that in the course of interrogation, the victims confessed that they were heading to Italy and intend to reach there through the Mediterranean.
The comptroller decried the high incidence of human trafficking in recent times and advised parents to monitor their wards against being misled by unscrupulous individuals.

He added that the victims have already been handed over to NAPTIP for further investigation. Meanwhile, the Zonal Coordinator of National Agency for the Prohibition of Trafficking in Persons, Mr. Shehu Omar, has expressed dismay over the high incidence of human trafficking in the country.

He said the agency had rescued at least 125 victims of human trafficking in the last two months.
The NAPTIP coordinator said the victims would be trained on vocational skills to enable them acquire skills they can use to fend for themselves.

The victims, who included nine females and eight males, lamented that they embarked on the move to Italy because of lack of jobs and poverty in the country.

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