President Muhammadu Buhari, who is currently holidaying in London, the United Kingdom, on Monday, held a closed door meeting with British Prime Minister, Theresa May. The meet was held at 10 Downing Street, the office of the British Prime Minister. This was made know by presidential aide on social media, Bashir Ahmaad via his tweeter…
Prof. Hassan Oaikhenan of the Department of Economics and Statistics, University of Benin, said the foreign exchange environment would likely witness some favourable effects in 2018.
Oaikhenan made the projection in an interview with the News Agency of Nigeria (NAN) in Awka on Thursday.
He predicted that there would be a massive inflow of foreign exchange into the country as politicians would need them to fund their election campaigns ahead of 2019 general polls.
Oaikhenan, however, said the inflationary trend might continue in view of the increased liquidity or excess cash in circulation.
“As we approach 2019, we expect that a lot of money will be released into the system on account of political activities that year; that has potential implications for the economy.
“We are likely to see the repatriation of foreign exchange that has been kept away by some of these politicians, that is also likely to have a favourable effect on the naira.
“It means that naira will experience slight appreciation.
“There will be so much liquidity as a result of financing the election in the succeeding year, so inflation would persist,“he said.
Oaikhenan decried the poor performance of the energy sector in outgoing year.
He said the economic outlook for the coming year would remain bleak if urgent steps were not taken to address the challenges in the power sector.
According to him, the power sector has held the industrial sector down.
He said that there was a serious disconnect between the principles of the 2017 budget and its implementation.
He called for full liberalisation of the energy sector to encourage competitiveness and more foreign investors.
Current activities of power generating and distribution companies, according to him, have not justified the privatisation policy.
“The outlook is generally bleak; it is not particularly promising, especially from the backdrop of the fact that not much [has been] achieved in the outgoing year.
“Events in the energy sector are pivotal to the national economy, so it does not call for so much optimism.
“I will score the implementation of the 2017 budget low, the evidences are there; infrastructure development is particularly not impressive, it is not hard for us to see that the roads are in bad shape.
“The energy sector did not fare well, power outage characterised the system and that adversely affected the industrial sector negatively with high running cost.
“As a result poor performance of the energy sector, the contribution of the industrial sector to the Gross Domestic Products (GDP) did not go beyond 20 per cent which it had hovered over time,“he said.
He said that power generation had descended to such a state that there is no quick fix to the problem.
“The system as it is configured now cannot generate electricity to satisfy the need of the industrial sector and the entire economy.
“There is a disconnect between the budget as proposed and the implementation proper that brings the question of how religious the government follows its budgets in a bid to trigger economic development.”
He called on President Buhari to consider reshuffling his cabinet and to look beyond his party for economic experts.
— 16th April 2018
The Lagos State Government, on Monday, announced plans to commence removal of all abandoned vehicles on roads to complement emergency recovery efforts and prevent mishaps on streets and major highways in the State. Commissioner for Special Duties and Intergovernmental Relations, Mr. Oluseye Oladejo, said this during the ongoing Ministerial Press Briefing to commemorate the third…
— 16th April 2018
Molly Kilete, Abuja Members of the Islamic Movement of Nigeria, otherwise known as Shi’ites have paralysed activities in the Federal Capital Territory(FCT), Abuja, with their protest. The group is currently in a clash with personnel of the Federal Capital Territory (FCT) police command, as they prevent the group from continuing a planned protest round the…
— 16th April 2018
The Osun State Government has declared today, Monday, April 16, a public holiday across the state. The holiday is to provide the opportunity for eligible voters to participate in the ongoing Continuous Voters Registration (CVR) exercise by registering with the Independent National Electoral Commission (INEC) and collect their Permanent Voter Card (PVC) to be able…
— 16th April 2018
Laide Raheem, Abeokuta No fewer than five persons have been arrested by police in various parts of Ogun State for allegedly hawking and selling Naira notes. The suspects, all females, were identified as Toyin Alegbe, Kehinde Akinbode, Shoneye Latifat, Kehinde Olanrewaju and Iyanuoluwa Shokunbi. In a statement, on Sunday, by the spokesperson of Ogun State…
Entertainment— 15th April 2018
Nollywood movie Ojukokoro and three other flicks – Oblivious, The Encounter, and Tell Me Sweet Something – were screened on Saturday night at Metrograph Theatre, New York. Ojukokoro (greed) is the hilarious feature film leading the line-up at the inaugural ‘Nollywood 3.0 Images and Stories From the African Diaspora Film Series’ in New York City….
South-West Report— 12th April 2018
Bamigbola Gbolagunte, Akure The history of Yoruba is certainly not complete without reference to Oranmiyan, a direct descendant of Oduduwa, the progenitor of the race. Oduduwa was believed to have descended from heaven and landed on Ile-Ife, Osun State, and from where he founded other Yoruba towns. Oranmiyan was a warrior who fought many wars…
Abuja Metro— 11th April 2018
Nkechi Onyele & Marcus Nkire A red light area is not only a place where prostitution is carried out or men go to buy sex; it is also a place where generations live and where children are born and raised. Children of women in prostitution who live in red…
Oriental News— 11th April 2018
…Want contractor back on site Okey Sampson, Aba Residents of part of Ogbor Hill, Aba, the commercial capital of Abia State comprising Federal Housing Estate, Pepple, Aguwa, Akpu, Ovom roads and other adjourning areas breathed a sigh of relief when in 2001, the administration of Dr. Orji Uzor Kalu constructed access link from Ogbor Hill…
Features— 16th April 2018
Emma Emeozor, [email protected] Ian Khama took the international community by surprise when he announced early in the month that he was voluntarily stepping down as president of Botswana. The 65-year-old leader will be the second African president to step down in recent time after Angola’s former President Jose Eduardo dos Santos, 75. Kham’s announcement came not…
Literary Review— 14th April 2018
Henry Akubuiro, Lagos Perhaps more than any other group in the last three decades, the Association of Nigerian Authors (ANA), has contributed to the promotion of reading and discovery of new literary talents in Nigeria. Founded in 1981 by the legendary novelist, Chinua Achebe, the association has through, its routine creative writing workshops, award of…
Lifeline— 16th April 2018
Job Osazuwa They sway and dangle from electric poles, constituting a scary sight. Some hang so low that you could touch them with your hands. These sagging and hanging cables and wires have become a familiar sight in major cities across Nigeria. And the situation has become a serious cause of concern as it poses…
Education Review— 10th April 2018
Clement Adeyi, Osogbo Prof. Eyitope Ogunbodede who was inaugurated as the 11th substantive Vice Chancellor of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State in June last year, bares his mind on efforts being put in place by his administration to improve on the school’s infrastructure, maintain the rich academic standard that the university is…
TSWeekend— 13th April 2018
Fatimah Muhammad-Omolaja Fast rising actor, Yomi Fabiyi lost his beloved mother recently. But much as he still feels the pain of her demise, he takes solace in the advice she gave him while alive. In an online chat with the thespian, he talked about how his late mother’s advice has continued to sustain him in…
Opinion— 16th April 2018
Iliyasu Gadu Against the goodwill, hope and expectations that Nigerians invested in him and elected him to power in 2015, President Muhammadu Buhari has not just delivered precious little, but has on account of his stewardship so far, lost the plot. There is no other way to describe a situation in which a person who…
The mistake we have been making in this country since our democratic evolution is to vote for political parties irrespective of candidatures. This is majorly why we have had issues with most of the characters foisted on us. If it were not so, I do not see how Okezie Ikpeazu of Abia State, Ayo Fayose…
Okigwe South Federal Constituency is fast gaining popularity as the nation prepares for next year’s general elections. This popularity derives from the meddlesomeness of Governor Rochas Okorocha, who, not being satisfied with his vile endorsement of his son in-law as his successor, has traversed the entire landscape of the state, dictating who gets what post…
Last Monday, the All-Progressives Congress likely standard bearer in the 2019 presidential election finally verbalised the message we had long inferred from his body language. The somewhat shock announcement came during his party’s National Executive Committee meeting in Abuja, a day before the president left for London to attend to commonwealth and health matters. It…
As a newspaper publisher, I am quite familiar with the famous journalism dictum: “Comments are free, facts are sacred.” What this means is that everyone has a right to hold and express his opinion without let or hindrance. But while that is true, I haven’t found where it is written or stated that you can…
The Federal Government has been releasing what it calls the looters’ list. The first episode of the soap opera came with its controversies. Before the minister of information, Lai Mohammed, could release the second episode, a number of characters in the cast list had threatened court action. Some have wondered why the list contained mainly…
Often times, I wish I was never on WhatsApp because it can be annoying. My phone beeps endlessly with messages that don’t make sense at all. For me, having to juggle between reading tons of inspirational quotes that have no bearing with my life, to dealing with moral stuffs threatening me to forward to others…
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Money is good. It enables you live well and work well. The argument of the poor that money is bad is just an anticipatory defence mechanism. But money is good when it is a blessing that adds no sorrow; when it is the product of hard work and sincere efforts. Pastor Enoch Adeboye, General Overseer…
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Suddenly a new political fever is gripping the nation. If I ask you to guess, you are likely to point to the two major political parties, the Peoples Democratic Party (PDP) and the All Progressives Congress (APC) and also tell me how useless they have become to our quest for a new Nigeria. I am…