Okwe Obi, Abuja Minister of Budget and National Planning, Udoma Udo Udoma, has stressed the need for robust population management policies. Senator Udoma who was speaking at an interactive session at the ongoing Parliamentary Open Week, which kicked off at the National Assembly in Abuja on Monday, told the lawmakers that population management is one…
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.
— 17th July 2018
Says, ‘Buhari never asked him to decamp from PDP’ Obinna Odogwu, Abakaliki Governor David Umahi of Ebonyi State has described as ‘laughable and mischievous’ reports in the social media especially on facebook that he has covertly dumped the People’s Democratic Party (PDP) and joined the All Progressives Congress (APC). He said that although he has…
— 17th July 2018
Layi Olanrewaju, Ilorin Senate President Bukola Saraki returned, on Tuesday, to the waiting hands of a large crowd of supporters who welcomed him to Ilorin, Kwara State capital, 10 days after the Supreme Court cleared him of allegations of false asset declaration instituted against him by the federal government. As early as 6:35am supporters of…
— 17th July 2018
Gyang Bere, Jos A group of Plateau State elders, under the guise of Plateau Patriots, have declared that the continuous attack on Government House Jos and the convoy of Governor Simon Lalong by suspected hoodlums would only plunge the state into an unending ethnic war. Spokesman of the group and Chieftain of the All Progressives…
— 17th July 2018
Molly Kilete, Abuja The Nigerian Air Force (NAF) yesterday said that it’s refusal from allowing a chartered flight carrying Southern leaders to a Middle Belt conference from landing at its base in Makurdi, the Benue State Capital, has no political undertone whatsoever. Similarly the NAF, has maintained that the runway at its Makurdi Base, is…
Entertainment— 17th July 2018
Metro Model and mum Mara Martin walked the catwalk while breastfeeding her five-month-old daughter, Aria. Breastfeeding is a natural, normal part of life. It’s a shame that many women have been made to feel ashamed to do it in public – which is why it’s so refreshing to see breastfeeding being represented (and celebrated) on…
South-West Report— 11th July 2018
… As 192 Battalion officers clean up Ogun community Laide Raheem, Abeokuta In commemoration of the Nigerian Army Day celebration on July 6, men and officers of 192 Battalion (Rear), Owode-Yewa, recently embarked on a massive environmental sanitation exercise at Atan Junction, along Sango-Owode-Idi-Iroko Road in Ogun State. The soldiers, who were led by their…
Abuja Metro— 11th July 2018
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Oriental News— 15th July 2018
Peter Anosike The President of United Igbo Traders of Nigeria (UNITRAN), Chief Chris Eberego Ezeh, has given reasons why Enugu State is relatively peaceful. According to him, Governor Ifeanyi Ugwuanyi has created a new phenomenon in governance that has engendered peace. Speaking in an interview with Sunday Sun, the Ukehe-Igbo Etiti, Enugu State-born business mogul…
Features— 15th July 2018
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Literary Review— 7th July 2018
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Lifeline— 13th July 2018
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Education Review— 16th July 2018
Fred Ezeh, Abuja The Federal Government has confirmed that, barring any last minute change, it will host regional conference on education, in Abuja, later this year. The conference would afford all stakeholders the opportunity to showcase success story in the development of education in their respective countries. Government said a desk office had been raised…
TSWeekend— 6th July 2018
Tosin Ajirire Lagos came to a standstill on Tuesday, as Afrobeat king, Femi Anikulapo-Kuti, hosted President Emmanuel Macron of France to an epic show at the Afrika Shrine, Ikeja, Lagos. In this exclusive interview conducted shortly before the show, the musician opened up on why the French president’s visit has vindicated his dad, Fela Anikulapo-Kuti….
Opinion— 17th July 2018
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“My mandate will be to set up an interim government, which I have christened government of national reconciliation and reconstruction…” As we approach another election cycle, the prognosis for a national crisis coveys a reality of frightening proportions. We are confronted by existential threats that seek to engender the fragmentation and disintegration of our nation…
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Political corruption has violated public trust and the social contract that underpin our democratic existence as a nation. The creation of a functional and balanced human system is largely dependent on in-built mechanisms and processes that serve as necessary architectural framework for self regulation. These instilled checks and balances avert exploitations, despotism and totalitarianism while…
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