Monday, October 10, 2016
Nigeria seizes $800,000 in cash from judges
Nigeria's security agency says it has seized $800,000 (Ј645,200) in cash in raids targeting senior judges suspected of corruption.
The DSS agency says the raids were carried out in recent days and several judges were arrested.
The Nigerian Bar Association (NBA) accused the authorities of carrying out a "Gestapo-style" operation, demanding the release of those arrested.
President Muhammadu Buhari has pledged to tackle widespread corruption.
In a statement, the DSS said: "The searches have uncovered huge raw cash of various denominations, local and foreign currencies, with real estate worth several millions of naira and documents affirming unholy acts by these judges.
"We have been monitoring the expensive and luxurious lifestyle of some of the judges as well as complaints from the concerned public over judgment obtained fraudulently and on the basis (of) amounts of money paid."
The statement said the judges were from the supreme, appeal and high courts.
The names of the suspects have not been released.
Reacting to the raids, the NBA called on President Buhari to "immediately caution all the state security agencies and to respect the rule of law".
NBA head Abubakar Mahmoud told reporters: "We are not under military rule and we cannot accept this unholy event and Gestapo-style operation."
Since taking office last year, Mr Buhari has vowed to tackle the rampant official corruption, which has stunted economic growth across the country, the BBC's Martin Patience in Nigeria says.
As part of that campaign a number of former senior officials have been charged. But their cases have largely stalled in the courts.
Widespread corruption within the legal system makes it extremely difficult to convict powerful individuals, our correspondent adds.
The DSS agency says the raids were carried out in recent days and several judges were arrested.
The Nigerian Bar Association (NBA) accused the authorities of carrying out a "Gestapo-style" operation, demanding the release of those arrested.
President Muhammadu Buhari has pledged to tackle widespread corruption.
In a statement, the DSS said: "The searches have uncovered huge raw cash of various denominations, local and foreign currencies, with real estate worth several millions of naira and documents affirming unholy acts by these judges.
"We have been monitoring the expensive and luxurious lifestyle of some of the judges as well as complaints from the concerned public over judgment obtained fraudulently and on the basis (of) amounts of money paid."
The statement said the judges were from the supreme, appeal and high courts.
The names of the suspects have not been released.
Reacting to the raids, the NBA called on President Buhari to "immediately caution all the state security agencies and to respect the rule of law".
NBA head Abubakar Mahmoud told reporters: "We are not under military rule and we cannot accept this unholy event and Gestapo-style operation."
Since taking office last year, Mr Buhari has vowed to tackle the rampant official corruption, which has stunted economic growth across the country, the BBC's Martin Patience in Nigeria says.
As part of that campaign a number of former senior officials have been charged. But their cases have largely stalled in the courts.
Widespread corruption within the legal system makes it extremely difficult to convict powerful individuals, our correspondent adds.
Wednesday, October 5, 2016
Video - Nigeria's tertiary education fees vary according to type of institution
In Nigeria, tertiary education is not free. However the amount students pay depends on whether they are studying at a university owned by the federal government a state government or a private institution.
Nigeria projected to get out of recession by 2017
The International Monetary Fund (IMF) has projected that Nigeria’s economy will be out of recession in 2017, growing by 0.6 percent that year.
According to the IMF World Economic Outlook (WEO) released on Tuesday in Washington, the fund projects that the current economic recession will outlast 2016, with a gross domestic product (GDP) contraction of 1.7 percent.
“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region,” IMF said.
“Nigeria’s economy is forecast to shrink 1.7 percent in 2016, and South Africa’s will barely expand. By contrast, several of the region’s non resource exporters, including Côte d’Ivoire, Ethiopia, Kenya, and Senegal, are expected to continue to grow at a robust pace of more than 5 percent this year.”
IMF also forecasted a GDP contraction and subsequent recession for Russia and Brazil throughout 2016.
The fund added: “Growth in emerging Asia and especially India continues to be resilient. India’s gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the world’s major economies.”
Maurice Obstfeld, IMF chief economist and economic counsellor, who spoke on the outlook, said global economic growth would remain subdued in 2016, following a slowdown in the United States and Britain’s vote to leave the European Union.
Obstfeld also stated that the fund forecasted a slight pickup in 2017 and beyond, driven mainly by emerging market strength.
“Taken as a whole, the world economy has moved sideways,” he said. “We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world.”
Nigeria’s economy was earlier projected to contract by 1.8 percent in 2016, but the October version of the WEO has seen that reviewed positively to a contraction of only 1.7 percent.
The country has recorded a 0.36 and 2.06 percent contraction in the first and second quarter of 2016 respectively, plunging into its worst recession in 29 years.
According to the IMF World Economic Outlook (WEO) released on Tuesday in Washington, the fund projects that the current economic recession will outlast 2016, with a gross domestic product (GDP) contraction of 1.7 percent.
“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region,” IMF said.
“Nigeria’s economy is forecast to shrink 1.7 percent in 2016, and South Africa’s will barely expand. By contrast, several of the region’s non resource exporters, including Côte d’Ivoire, Ethiopia, Kenya, and Senegal, are expected to continue to grow at a robust pace of more than 5 percent this year.”
IMF also forecasted a GDP contraction and subsequent recession for Russia and Brazil throughout 2016.
The fund added: “Growth in emerging Asia and especially India continues to be resilient. India’s gross domestic product is projected to expand 7.6 percent this year and next, the fastest pace among the world’s major economies.”
Maurice Obstfeld, IMF chief economist and economic counsellor, who spoke on the outlook, said global economic growth would remain subdued in 2016, following a slowdown in the United States and Britain’s vote to leave the European Union.
Obstfeld also stated that the fund forecasted a slight pickup in 2017 and beyond, driven mainly by emerging market strength.
“Taken as a whole, the world economy has moved sideways,” he said. “We have slightly marked down 2016 growth prospects for advanced economies while marking up those in the rest of the world.”
Nigeria’s economy was earlier projected to contract by 1.8 percent in 2016, but the October version of the WEO has seen that reviewed positively to a contraction of only 1.7 percent.
The country has recorded a 0.36 and 2.06 percent contraction in the first and second quarter of 2016 respectively, plunging into its worst recession in 29 years.
Nigeria selling two presidential jets 'to cut waste'
Nigeria is selling two of its 10 presidential jets in a bid to "cut down on waste", President Muhammadu Buhari's spokesman has said.
Adverts for the Falcon 7X executive jet and Hawker 4000 are to appear in newspapers, Garba Shehu said.
Some of the other presidential aircraft are be handed to the Nigerian air force to boost its operations, he said.
The country is one of Africa's leading economies but it is now suffering from its worst economic crisis in years.
In a Facebook post, Mr Shehu said the downsizing of the president fleet had been a campaign promise made by Mr Buhari before his election last year.
The president had requested a compact and reliable aircraft for transporting government officials on special missions, he said.
"This exercise is by no means complete," the spokesman added.
BBC Abuja bureau editor Naziru Mikailu says the advert for the jets will ask potential buyers to bid in US dollars, not the local naira currency.
Nigeria's economy slipped into recession in August.
The government depends on oil sales for about 70% of its revenues - and the slump in global oil prices has hit the West African nation hard.
A planned luxury 4bn rand (Ј185m) aircraft for South Africa's Jacob Zuma was widely criticised last year as were plans by Swaziland's King Mswati to acquire a second private plane. By contrast, former Malawian President Joyce Banda was widely praised when she auctioned her official jet in 2013 and vowed to hitch rides with other leaders.
The need for a US presidential jet, nicknamed Air Force One, is rarely questioned.
But not every country has a private jet for their leader.
The first jet for a British prime minister was inaugurated in July. The UK had been the only country in the G20 group of the world's major economies not to have one.
Adverts for the Falcon 7X executive jet and Hawker 4000 are to appear in newspapers, Garba Shehu said.
Some of the other presidential aircraft are be handed to the Nigerian air force to boost its operations, he said.
The country is one of Africa's leading economies but it is now suffering from its worst economic crisis in years.
In a Facebook post, Mr Shehu said the downsizing of the president fleet had been a campaign promise made by Mr Buhari before his election last year.
The president had requested a compact and reliable aircraft for transporting government officials on special missions, he said.
"This exercise is by no means complete," the spokesman added.
BBC Abuja bureau editor Naziru Mikailu says the advert for the jets will ask potential buyers to bid in US dollars, not the local naira currency.
Nigeria's economy slipped into recession in August.
The government depends on oil sales for about 70% of its revenues - and the slump in global oil prices has hit the West African nation hard.
A planned luxury 4bn rand (Ј185m) aircraft for South Africa's Jacob Zuma was widely criticised last year as were plans by Swaziland's King Mswati to acquire a second private plane. By contrast, former Malawian President Joyce Banda was widely praised when she auctioned her official jet in 2013 and vowed to hitch rides with other leaders.
The need for a US presidential jet, nicknamed Air Force One, is rarely questioned.
But not every country has a private jet for their leader.
The first jet for a British prime minister was inaugurated in July. The UK had been the only country in the G20 group of the world's major economies not to have one.
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