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IMF Cautions Nigeria on White Elephant Projects

2012-10-23T02:08:00.003-07:00

IMF’s Director for Africa, Antoinette Sayeh

The International Monetary Fund has cautioned Nigeria on the formulation of white elephant projects, advising instead that the country shore up its spending on education and transportation.
The call was made by the multilateral institutions’s Director for Africa, Antoinette Sayeh, who advised double-digit inflation countries like Nigeria, Malawi and Guinea to adopt fiscal and economic policies that would help to reduce inflation.The IMF executive warned against over-reliance on the oil sector stating that the sector did not offer enough opportunities for employment and true economic growth.She also said oil rich countries could set up Sovereign Wealth Funds in order to save for future generations instead of spending the money on white elephant projects.She said, ”It is not enough just to maximise your revenues and then to spend them on white elephants, you have to really be using them wisely and leaving some of the wealth for future generations as well.”
The IMF projects Africa growth to top 5% this year driven by commodities boom, domestic demand and increased foreign direct investment. However there is a real danger that the economic growth will not reflect in African societies due to lack of transparent leadership, and jobs.

Nigerian Navy apprehends ship loaded with weapons

2012-10-23T02:06:00.003-07:00

The Nigerian Navy over the weekend arrested a merchant vessel, Myre Seadiver Aviatu, marked E5U2529 and flying a Dutch flag. The ship loaded with arms and ammunition had 15 foreign crew members on board, majority of whom were Russians. The men have already been taken into custody.

Currently anchored at the Nigerian Navy Beecroft Habour, Apapa, the vessel had left Cook Island in the South Pacific and arrived the nation’s water at about 10.30 a.m on Sunday.

Flag Officer Commanding Western Naval Command, Rear Admiral Ameen Ikioda, who confirmed the seizure yesterday said his men recovered assorted AK 49 riffles and Benelli MRI 20 barrel riffles. Also 14 AK 47 riffles, 20 barrel riffles and 8,598 ammunition.
Ikioda said: “The vessel was arrested by NN patrol boats at the Lagos Roadstead on suspicion of carrying arms and ammunition on board.”
“In pursuant of part of our activities in Lagos which is to ensure we create a conducive maritime environment, anytime we see anything trying to infringe that part of our effort, we arrest it. That is what led to the arrest of this ship.”
He added that investigations to unravel circumstances surrounding the ship has commenced.

Obama And Romney Fireworks As Debates Come To An End… CNN Poll Gives It To Obama

2012-10-23T02:04:00.000-07:00

Clash: Mitt Romney & Barack Obama Locked Horns In The Third Presidential Debate In Boca Raton, Florida

Mitt Romney and Barack Obama renewed their personal hostilities against each other last night, triggering explosive exchanges over foreign affairs in the final presidential debate.
A sarcastic U.S. president repeatedly patronised his Republican opponent, accusing him of being ‘all over the map’ on how to deal with the world, ‘wrong and reckless’ and in one taunt claimed that Romney thought of the naval forces and military force levels of being ‘like a game of Battleship’, mocking the challenger for wanting to bring back ‘horses and bayonets’ to the military.
But Romney held his own in the face of Obama’s sustained assaults, working hard to establish his credentials as a sober and steady statesman with an obviously well-briefed analysis of world matters, from Iran to Poland to Mali.
Early polling gave Obama the victory, but whether he will go on to win the war remains to be seen as it is still unclear whether he has done enough to stop Romney’s momentum and erode his slight national lead.
CNN poll of debate-watchers shows 48% for Obama, 40% for Romney while a poll taken by CBS immediately afterwards suggested voters thought Mr Obama had performed best in Boca Raton, by 53% to 23%.

Not less than 11million children roam the streets in Nigeria

2012-10-23T01:55:00.001-07:00

Just like every other developing country with different challenges, the Federal Government of Nigeria through its minister for education, Mr. Nyesom Wike has revealed that in a recent report over 11 million children of school age are roaming the streets. It was said that about nine million are children of beggars, fishermen and other less privileged parents.The Minister maintained that the high increase of street children poses a great threat to the security of the nation. Nysom made this known in Benin, following the direction of President Goodluck Jonathan to have a special school established in the South-East and South-South region mainly to cater for the educational needs of such kids from disadvantaged home.
According to the minister, his journey to Edo State capital was to seek partnership with the state government in providing the needed land for the execution of the huge project. He also maintained that the establishment of Basic Education is one of the primary duties of the states and local government councils, but because of the importance which the Federal Government has attached to the educational sector for the sake of these street children, he had decided to combine the joint efforts of states and local government councils in the accomplishment of the set goals.

Consortium Backed by Governors Broke Power Privatization Rules

2012-10-23T01:27:00.003-07:00

The consortium called Southern Electricity Distribution Company which was backed by the governors of Delta, Edo, and Ekiti states has been accused of breaching the privatization rules in its bid for the Benin Electricity Distribution Company.
Chairman of the Technical Committee of the National Council of Privatization, Mr. Atedo Peterside, disclosed at a press conference in Monday that the consortium submitted more than one bid signed by Mr. Matthew Edevbie which is in clear contravention of the rules governing the process.
Peterside explained, “The first bid was dubbed the ‘primary’ bid, while the other was dubbed an ‘alternate’ bid. This was a clear contravention of the RFP. We did not make a big issue of this on live TV because both the primary and the alternate bids fell below the bid submitted by Vigeo, and so, neither bids would alter Southern Consortium’s ranking on the large screen.
“Instead, this matter was brought to the attention of the Technical Committee of NCP, which considered the breach and made recommendations to the NCP. Therefore, on the allegation that the bid process was not transparent, I wholeheartedly affirm that the entire transaction followed due process and was governed by the provisions of the RFP.”
He refuted the allegations of the governors and gave some insight into the rationale behind their attack on the integrity of the process.
He said, “Obviously, they (governors) presumed the latter (Vigeo) to be the likely winner based on the outcome of the televised commercial bid opening ceremony, which took place in Abuja on Tuesday, October 16, 2012, which I presided over.
“It is pertinent to mention here that the NCP has not even declared a result yet, and so, no consortium has been announced as being the preferred bidder for any of the 11 Discos in Nigeria. At the end of the commercial bid opening ceremony, I explained that we still had to subject all the bids to a material consistency/feasibility test before making recommendations to the NCP.
“So, the NCP has the right to cancel the bid results.”

Dana Airline (yes, Dana) wins FAAN award as best domestic carrier

2012-10-23T01:11:00.006-07:00

Like some on Nigerian Twitter would say, it’s the irony of life.
Dana Airline, the troubled airline which made headlines in June 2012 when one of its planes crashed in Lagos killing over 150 people has been named by the Federal Airports Authority of Nigeria as the best domestic carrier for 2011. Yes, you heard that right.This is a move which families of the victims of that June crash would no doubt find very offensive and insensitive.
FAAN’s regional general manager, Chris Bature, gave reasons why the airline was chosen. He said ithad good customer relations and paid dues promptly.
For the international carriers, Lufthansa Airlines was selected as the best international carrier for the same period.
Dana airline will be pleased by the FAAN recognition as it continues to launder its battered image. The airline’s license was only recently restored by the Federal Government after seizing it for 93 days, a move which provoked outrage across the country.Speaking at the occasion, Bature stated that the airline was selected because of its outstanding performance. His words: “Mode of selection includes passenger capacity, frequency of the landing and take-off, their response to payment of bills. Among the domestic carriers, they were the best. They had the best volume, they were punctual in their operations.”When Bature was questioned about the timing of the award, he explained that the award would have taken place earlier in the year and that it is now being given after the operator’s license had been restored.“In all fairness, they did their best and we need to recognise that and encourage them to get back to their feet,” he added.
Dana’s station manager at the Abuja airport, Kayode Adeniran, stated that the airline’s commitment to best customer service and timely departure earned it the award.He said: “We have this policy in our company that we must not delay passengers and we introduced another type of system. If your flight is delayed by 40 minutes, we give refreshments to all passengers that already had their boarding passes. So people were so impressed by our service.”Adeniran lamented over the loss of lives occasioned by the crash. He said the airline’s management visited and commiserated with the families of the deceased. He also said that the Nigeria Civil Aviation Authority (NCAA) has embarked on an investigation to ascertain when the airline would be allowed to commence operations.Adeniran stated that the airline has commenced demonstration flights as stipulated by the International Civil Aviation Organisation (ICAO). He also said that the operation would run until NCAA certifies the carrier fit to resume full operations.

Boko commander confesses: We worked for politicians in 2011

2012-10-23T00:34:00.002-07:00

Senator Alhaji Khalifa Zanna

For about five hours, the State Security Service(SSS) yesterday grilled a senator on his relationship with a suspected Boko Haram Commander, Shuaib Mohammed Bama, who was allegedly arrested last Thursday at his home in Maiduguri by the Joint Task Force(JTF).Senator Ahmed Khalifa Zanna, who was released last night, is expected to report to the SSS headquarters by 11am today.
It was also learnt that the suspected Boko Haram Commander has confessed that he was recruited alongside others by politicians, including the Senator, for the 2011 polls.According to sources, the Senator arrived at the SSS headquarters at about 2.05pm for interaction with the Director-General, Mr. Ekpenyong Ita.
The interrogation took about five hours.
A source spoke on what transpired at the session: “He insisted that the Boko Haram Commander is the son of his sister. But he restated that he does not know whether the suspect is a Boko Haram member or not.
“He admitted that as his nephew, the Boko Haram Commander has been coming to his house, but at a point he was uncomfortable with his behaviour; he banned him from visiting his family.
“The Senator was also asked questions on what Bama had been doing in his house during the on and off shuttles to the place. He said he had refused to tolerate him in his house.
“At a point during the grilling, the team asked the Senator if he has had any link with Boko Haram.
The source quoted the Senator as saying: “My only encounter with Boko Haram is about preparation for this forthcoming Sallah. I gave one of my aides N1.5m to buy rams. I was not around in Maiduguri but some gunmen went to my aide to demand for the money.
“The man said I only gave them N1m and that he had exhausted the money buying rams. They took my aide to his house, ransacked the place and took N250,000, being cash left with him.
“As they were going, the gunmen, suspected to be members of Boko Haram, left a message that I must give them N10m or else they will kill me. That is the only link I have with Boko Haram, I have no relationship with any of their members.”

The SSS interrogators reportedly asked the Senator “why he did not tell the press this dimension on Sunday and at the National Assembly on Monday.“The investigators also asked if he had reported the death threats from Boko Haram to security agencies. He said ‘no’ because he was not in Maiduguri when it happened.”On the house where Bama was arrested, the source added: “The Senator said it does not belong to him. He said the suspect was not picked up at his residence.“But we will get a comprehensive brief from the JTF. And that is why the Senator will appear before the SSS by 11am on Tuesday for another round of questioning. There are some gaps in his statement.“So far, we have asked him to go home. We have no reason to detain the Senator because we invited him.”It was, however, a different story yesterday when Bama told the SSS that he and others were recruited during the 2011 general election, by some politicians, including the Senator.The source said of Bama: “He told us that he and others worked for politicians of a particular party, including the Senator, during the 2011 poll. That was one of his confessional statements.“The Boko Haram Commander is still undergoing interrogation. He will also tell the SSS where he was arrested.”Following fears of reprisals from the Joint Task Force(JTF) in Maiduguri, the Senator had earlier said he might evacuate his family from his residence.He added: “I am in the process of evacuating my family from my residence in Maiduguri because with what JTF has done, anything can happen to them. I will do that soon.

“My only offence is that I said the JTF should withdraw if they are not going to operate according to the rules of engagement.“They are not there to kill people; they are to counter the insurgency of Boko Haram.Zanna said he decided to speak out because of the impression already created that he is a Boko Haram member.He added: “Of course, I have to talk because I have to redeem my image and I have to redeem the image of the Senate.“I have bad blood with the man I defeated; he wants me to be hanged.”

2013 budget is unrealistic – CBN Gov

2012-10-22T10:37:00.001-07:00

From Mariam Aleshinloye Agboola, Jos
Governor of the Central Bank, Malam Sanusi Lamido Sanusi has said the estimate for financing the 2013 was unrealistic because it had built on assumed oil price and assumed petroleum output which were not attainable given the historical background of the output of the NNPC and the fluctuating price of oil at the international market.
Answering questions at the question and answer session during the 98th birthday distinguished lecture of former Head of State, General Yakubu Gowon, the CBN governor stated that the budget was built on 2.53 million barrel a day for 365 days in 2013, which NNPC would not achieve because in the past, it had been unable to bring up enough money for 2.3million barrels and for 2.2million barrels.
He said the failure of NNPC had forced the country to keep augmenting by dipping hands into the historical savings to make up past budgets, thus leading to deficit. He pointed out that the country could not estimate that NNPC could process 2.53milliom barrels a day because the country did not know how much it produced.
“We know that oil gets stolen because there are illegal refineries and illegal pipelines; insisting that the security agencies know where the illegal refineries are in the Niger Delta and those who own them.”
According to the CBN governor, increasing the benchmark price to make up for the revenue leakages is not a solution but to fix the problems.
To show that the oil price could change to jeopardize the estimation in the budget, he recalled that in 2007 and 2008, the oil price was 147 dollars a barrel but but 2009, it went down to 40 dollars a barrel and said nobody can predict that it could not happen again.
‘When it fell, the reserves collapsed from 62 to 30 billion dollars while the exchange rate of a dollar also moved from N118 and N145 officially and N199 for the rest of us over night’ Today, he said Nigeria has a reserve of 40 billion showing that the country is less prepared to cope with an oil price shock as it was in 2007 He reiterated that country needs to save its oil revenue to enable it cope with an oil price shock; ‘if not when oil price crashes, it wipes off the reserve and naira becomes 250 to a dollar and inflation becomes 50 to 40 percent and we begin to face the consequences’.
Answering another question, he said the problem of government spending is not the amount but the quality of the spending; pointing out that government at all levels must improve on the quality of their current and capital expenditures for the country to have a better economy structure.
Sanusi who argued that there is no need for the country to have more states because it would mean spending more for political appointees as ministers, advisers etc argued that in 2012 budget , 90 percent of the recurrent expenditure was spent on staff emolument and pension.
Debunking the argument that there is need for interest rate to be kept low to enable to enable farmers and business men have access to fund, he said if the rate is low, banks will need to pump more money into the system and said that rather than using the money for investment, it would be spent on buying refined oil, importing products such as tyres, rice , tomato paste which would result in importing inflation.

Age of first sexual experience determines relationship outcomes later in life

2012-10-22T10:07:00.003-07:00

The age of a person’s first sexual experience can determine romantic outcomes later in life, researchers from the University of Texas at Austin have reported in a new study published in Psychological Science.

According to the study, parents should be concerned with the age that their children are beginning to take part in sexual activity, because the time when they start to explore sexuality is a key time of development of mental and physical health. The report states that long-term sexual outcomes may be affected as well.

What part does early sexual experience play in later outcomes?

Paige Harden, a psychological scientist, decided to look into whether when adolescents begin to engage in sexual activity can forecast future romantic outcomes, including number of sexual partners, living with spouses, and marriage, as well as whether the person will be happy in their partnership during adulthood.

Data was collected from the National Longitudinal Study on Adolescent Health to examine1659 pairs of same sex siblings who were studied from around the ages of 16 to 29 (adolescence to young adulthood). The individuals were put into 3 categories based on the timing they first participated in sexual intercourse; Early (younger than 15), On-Time (ages 15 to 19), and Late (older than 19).

Harden discovered that later involvement in sexual activity was linked to higher attainment of goals educationally, as well as more income during adult years, than those in the Early and On-Time groups. Also, later involvement in sexuality resulted in lower chances of marriage and these individuals did not have as many romantic partners during adulthood as the Early and On-Time groups.

The link still stood even after genetic and environmental factors were taken into account. It was not possible to explain the association by variations in adult academic levels, annual income, religious status, or by BMI (body mass index), attractiveness or teenage differences in dating involvement.

These findings indicate that the timing of when a person first has sexual intercourse clearly influences the stability and quality of future romantic relationships.

When the first sexual experience occurs in a person’s life, according to this study, is a predictor of whether people will have stable and romantic relationships as young adults.

Research has focused on the consequences of starting sexual activity early in life. However, the Early and On-Time participants in this particular study appeared to have similar outcomes later on. Early initiation does not seem to be a “risk” factor in the same way that late initiation was shown to be a “protective” factor in shaping protective outcomes.

Harden said that there are many factors that may explain this correlation. One, in particular, is that individuals who start having sex later on also have certain character traits, such as secure attachment style, which may have an effect on the onset of sexual activity and on relationships. Also, these people may be more “choosy” when it comes to their sexual partners, which would mean that it might take them longer to begin taking part in sexual activity unless they are extremely satisfied with the person they will be having sex with.

The report states that those who have their first sexual encounter later in life also have different experiences than those who begin having sex earlier. For instance, they may steer clear of aggression or victimization that comes in some adolescents’ relationships, which can be harmful to romantic relationships later on.

Harden said:

“Individuals who first navigate intimate relationships in young adulthood, after they have accrued cognitive and emotional maturity, may learn more effective relationship skills than individuals who first learn scripts for intimate relationships while they are still teenagers.”

Learn to live longer

2012-10-22T09:55:00.002-07:00

| credits:

When was your last birthday? Of course, you wished to live longer. That wish can be a reality. How? Just learn to live right. How?

Learn to eat healthy

Always eat a healthy diet of protein, minerals, and vitamins. If you do not get enough vitamins and minerals in your diet, consider taking a multivitamin. Also, watch the amount of calories you consume to avoid gaining excess weight.

Learn to exercise

Technology exists to make our lives easier, but it does not always make us healthier. Daily exercise, however, is a definite bonus to good health. In fact, studies suggest that daily exercise can add up to three years to a life span. Although finding time for structured exercise can prove impossible for many people, the good news is that opportunity for exercise is everywhere – just be creative. Whenever you can, walk to your workplace. You do not even have to walk the whole way. If you take public transit, just get off a few blocks sooner and enjoy a stroll. If you live or work in a high-rise building, just take the stairs. It is really that simple. Of course, you can always exercise longer if you want.

Learn to meditate daily

According to www.ask.com you could meditate for 10 minutes as soon as you wake and before you get showered and dressed. In fact, you can sit on the side of your bed and meditate for 10 minutes each morning. If you start to feel overwhelmed later in the day, sit still for one to two minutes or until you start to feel centred and calm.

Learn to socialise with relatives and friends

Share concerns you have about life events, news stories or local events in your neighbourhood or community with your friends. Doing so can help you gain insight into events that concern you. When you spend time with relatives and friends, you also focus on their conversations, taking your mind off chores, responsibilities, or personal situations that you might otherwise worry about. It is also fun and emotionally rewarding when you are in the company of people you love, and who you know love you in return.

Learn to reduce your stress levels

By getting outdoors and spending time with nature, listening to your favourite music or reading a book you enjoy, you are letting out stress. You can also reduce your stress levels by avoiding overworking. You can even go on a vacation. Additionally, when you have jobs that you love, your stress levels can lower. If you struggle to lower your stress, consider contacting a licensed medical professional and discussing your concerns with that person.

Eat a healthy breakfast

Including breakfast in your daily routine is a great healthy habit for living longer. Over the years, researchers have discovered that those who eat an early-morning meal are less likely to be obese and get diabetes compared to those who do not. Breakfast-eaters also feel better both mentally and physically. Overall, it seems that eating breakfast is a great, healthy way to start your day.

Learn to get enough sleep

Lack of quality sleep can shorten your life. Although it is not entirely clear how many hours of sleep we really need, failing to get at least seven hours of sleep or only sleeping at odd hours appears to heighten the risk of major illnesses including cancer, heart disease, diabetes, and obesity. However, it is not just a lack of sleep that can be dangerous; a lack of relaxation can leave a lasting mark as well. Know that stress and anxiety are killers, and so, it follows that finding ways to relax each day can be a lifesaver.

Learn to brush and floss daily

This could sound strange but the reality is that poor oral hygiene can lead to nasty gum diseases like gingivitis and periodontitis. These inflammatory diseases can actually lead to a narrowing of the arteries, a common cause of cardiovascular disease. By simply brushing and flossing daily, you rid your mouth of the bacteria that cause inflammatory gum disease and save your heart a little bit of trouble.

Learn staying hydrated

Why not use water to regulate body temperature? Protect your joints and organs, and to help transport oxygen to cells? Nevertheless, in order for water to keep your bodies in check, make sure that its levels are constantly replenished. The solution is simple: hydrate. Although the common prescription of drinking eight-ounce glasses of water per day has been called a myth, the message is not necessarily a bad one. As long as you hydrate frequently, from various sources, not just water, you are probably in the clear.

Learn to make daily habits count

Many are set in their daily routines. They eat the same meal, wear the same clothes, take the same route to work, and work the same old job. They fail to recognise the huge impact these daily routines can have on their health. By making just a few small changes here and there — and sticking to them –, you can add a significant number of years to your life.

Learn to acknowledge divine grace

God keeps you alive and helps with a sound health. Merely acknowledging this fact makes you enjoy more. Don’t forget!

By Punch

N888bn enough for 2012 fuel subsidy – Okonjo-Iweala

2012-10-22T09:48:00.003-07:00

Minister of Finance, Dr. Ngozi Okonjo-Iweala
| credits: File copy

The Federal Government believes it has no compelling reason to prepare a supplementary appropriation for petroleum subsidy payments because the fund earmarked for that purpose in the 2012 budget should be enough, MARTIN AYANKOLA writes.

The Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the N888bn allocated for subsidy payments in the 2012 budget should be enough to pay petroleum product importers.She told journalists in Tokyo, Japan, recently that the fund had not been exhausted and should be enough to pay the subsidy bills for this year.

“We have not exhausted the fund and there may not be a need for a supplementary budget,” Okonjo-Iweala said.The Federal Government spent over N1.7tn on fuel subsidy in 2011, but it had since tightened the payment system and is currently prosecuting some oil marketers for subsidy fraud.

The government is also making efforts to revamp the nation’s comatose refineries with about $1.6bn set aside for their turnaround maintenance.The nation has 445,000-barrel per day crude oil refining capacity but has been relying on petroleum product imports for domestic consumption.

It has, however, invited the original builders of the refineries in Port Harcourt, Warri and Kaduna to help revamp them.

Also, the Federal Government has earmarked N971bn for petroleum subsidy in the 2013 budget estimates presented to the National Assembly by President Goodluck Jonathan.

The government’s efforts, according to analysts, suggest that it may not completely remove fuel subsidy until it gets the local refineries working optimally.Meanwhile, the Federal Government is targeting raising the amount in the Excess Crude Account to $10bn between January and February, 2013.Our correspondent gathered from sources close to the Ministry of Finance that the government was seeing the balance in the account, currently at $8.4bn, climbing to $10bn by the first quarter of the year.It was gathered that the Finance ministry was anticipating that the fund would increase to $10bn, even if deductions had to be made from the account to pay for petroleum subsidy in 2012.

The country currently saves oil revenue above the benchmark budgeted price of $72 per barrel in the ECA.

The 36 state governors agreed in June to boost savings in the account to $10bn. Its balance last month was $8.4bn (N1.32tn), the Minister of State for Finance, Dr. Yerima Ngama, said on October 12.

The nation’s foreign-exchange reserves have increased by 28 per cent this year to $42bn. The Nigerian benchmark Bonny Light crude has risen by 27 per cent from a June low to $114.52 a barrel.

Meanwhile, it has been reported that the country’s chance of a rating upgrade is being hindered by a lack of clarity over how its Sovereign Wealth Fund will grow amid tensions between the Federal Government and state governments over revenue allocation, according to Standard & Poor’s.

Increasing the size of the fund from its initial $1bn was key to building up external buffers that were needed for an upgrade in the B+ rating of Africa’s biggest oil producer, Christian Esters, a sovereign analyst at S&P, said in a phone interview from Frankfurt.

President Goodluck Jonathan signed the SWF into law in May last year but the 36 states said they planned to file a lawsuit challenging transfers by the Federal Government, including those to the wealth fund.

The constitution requires government revenue to be shared among local, state and federal authorities.

Esters said, “I don’t think currently we have visibility about how quickly this new Sovereign Wealth Fund will grow.“It continues to be a challenge for the Federal Government to convince the states to get them on board and to convince them what the advantages would be.”

Okonjo-Iweala had said on September 21 that the suit by the state governors would not affect the $1bn already set aside for the SWF.She named a management team for the Nigerian Sovereign Wealth Investment Authority on August 28, headed by Mr. Uche Orji, a former Goldman Sachs Group Incorporated, UBS AG and JPMorgan Chase & Co. banker.

There has also been a serious contention on the oil price benchmark to be used for the 2013 budget.

While, the Federal Government has proposed $72 per barrel, the House of Representatives has adopted $80, while the Senate had adopted $78.However, a financial analyst and Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane, said the price adopted by the Senate was high.“As an economist, I think it is still high at $78. Why is it a problem for them to reduce it? If there is a 25 per cent decline in international oil price, there will be problem. To be on a safe side, it is necessary to adopt $75 rather than $80,” he said.Okonjo-Iweala had also argued that a benchmark price higher than $75 could pose a threat to the economy by triggering inflation and leading to naira depreciation.

Ondo state governorship election: Mimiko wins by a landslide

2012-10-22T09:34:00.000-07:00

The Ondo State governorship election ended yesterday with Governor Segun Mimiko of the Labour Party emerging victorious.

Yinka Ayefele opens new hotel in Ibadan

2012-10-20T12:20:00.002-07:00

Gospel singer, Yinka Ayefele, yesterday commissioned his new hotel ‘Down Town Hotel’ in his hometown Ibadan.

The hotel is another addition to the numerous properties owned by the popular musician who continues to increase his real estate investments. The ‘Down Town Hotel’, sources say will provide employment for a good number of people in the community.
This opening is however coming as a surprise, as Ayefele is currently battling with the Oyo State government to save one of his properties also situated in Ibadan, which has been marked for demolition, as it is alleged to be affecting plans for the construction of an 8-lane

Resumption Of State Executions In Edo State Condemned By Amnesty International

2012-10-20T03:06:00.001-07:00

Death warrants signed by the Governor of Edo State were sharply condemned this week by the rights watchdog Amnesty International, who called it “a deep disrespect for the judicial process” at a time when appeal proceedings for the two convicted men were still underway.

Two prisoners on death row in Benin prison are in now imminent danger of being hanged after the governor signed their death warrants. Unconfirmed reports say the gallows are being made ready for the two men.
The Governor of Edo State signed the execution warrants two weeks ago, after prison authorities informed him that the death row inmates were ‘becoming unmanageable.’ According to the Edo state Attorney General some death row inmates were involved in a recent jailbreak incident in Oko prison.
“Executing detainees as a method of controlling ‘unmanageable’ inmates is totally unacceptable – it is arbitrary and a violation of their right to life,” said Lucy Freeman, Amnesty International’s Deputy Programme Director for Africa. “Instead of executing prisoners, it is about time the Nigerian authorities address underlying problems in the criminal justice system.”
The Edo State Attorney General and Commissioner of Justice Osagie Obayuwana could not confirm when the executions would take place as he indicated the decision would be taken by the state prison authorities. The Governor of Oko prison in Benin city refused to confirm or deny when the executions would take place.
In March 2010, Nigerian NGO, Legal Defence and Advocacy Project filed an appeal on behalf of the then 840 inmates – including the two whose execution warrants were recently signed. An injunction was granted by the court upholding the appeal but it was lifted in April 2012. The organisation filed another appeal in April 2012 following the court's decision and the judgment on that appeal is pending.
The governor also reviewed the cases of four other prisoners. Tejanie Mustapha and one other man have had their sentences commuted to life imprisonment and two others, Calistus Ike and Monday Udo are to be released today.
According to the Edo state Attorney General, the two prisoners who are to be executed were convicted of murder. Under Nigeria’s penal laws the death penalty is mandatory for murder.
The last known executions in Nigeria were carried out in 2006, when at least seven men, all sentenced to death in Kano State, were hanged in Kaduna, Jos and Enugu prisons. According to the Office of the Federal Attorney General and Minister of Justice, there is now a moratorium on executions in Nigeria, however, he described the moratorium as ‘voluntary’.This latest attempt to resume executions follows an announcement by state governors in June 2011 that they would review all cases of death row inmates and sign off executions as a means of decongesting the country’s prisons.“The decision to sign a death warrant on these two prisoners shows a deep disrespect for the judicial process as the inmates are part of an ongoing appeal,” Lucy. “The execution of a prisoner when their death sentence is still under challenge in the courts is a flagrant violation of human rights.”

An aerial view of submerged communities in Rivers, Anambra, Delta and Bayelsa states

2012-10-19T23:33:00.000-07:00

PIC (rivers 1&2) AN AERIAL VIEW OF SUBMERGED COMMUNITIES AND FARM LAND IN RIVERS STATE DURING THE VISIT OF PRESIDENT GOODLUCK JONATHAN TO THE FLOODED AREAS IN THE STATE
PIC (anambra 1&2) AN AERIAL VIEW OF SUBMERGED COMMUNITIES AND FARM LAND IN ANAMBRA STATE DURING THE VISIT OF PRESIDENT GOODLUCK JONATHAN TO THE FLOODED AREAS IN THE STATE
PIC (delta 1&2) AN AERIAL VIEW OF SUBMERGED COMMUNITIES AND FARM LAND IN DELTA STATE DURING THE VISIT OF PRESIDENT GOODLUCK JONATHAN TO THE FLOODED AREAS IN THE STATE
PIC (bayelsa 1&2) AN AERIAL VIEW OF SUBMERGED COMMUNITY AND FARM LAND IN RIVERS STATE DURING THE VISIT OF PRESIDENT GOODLUCK JONATHAN TO THE FLOODED AREAS IN THE STATE

2012-10-19T23:15:00.001-07:00

Ondo Guber Polls: Battle Of The ‘Great Ifes’

11,000 Policemen Deployed, Markets Closed
IT is “The Battle Of The Great Ifes” today as the trio of Olusegun Mimiko, Rotimi Akeredolu and Olusola Oke, all alumni of the Obafemi Awolowo University, slug it out in the grand finale of the titanic tussle for the soul of Ondo State.
No fewer than 11,000 policemen, drawn from eleven State Police Commands have been deployed to provide security during today’s election.
While Mimiko of the Labour Party (a.k.a Iroko Tree) has vowed to rout all opposition, Akeredolu of the Action Congress Of Nigeria (CAN), has boasted he would defeat the incumbent. Oke of the Peoples Democratic Party (PDP) on his part sees the two as mere also-rans.
The election, which may turn out to be the most policed electoral exercise in the country also has an unspecified number of personnel from the armed forces mainly the Nigerian Army, the Navy and the Air Force.While the soldiers will be deployed on land, naval ratings and marine policemen would take charge of the security of the two riverine local councils of Ilaje and Ese-Odo on the state’s coastal stretch as Air Force helicopters would be deployed for aerial surveillance and the movement of sensitive electoral materials to areas with difficult terrains.Apart from this, contingents of other para-military outfits like the Nigeria Security and Civil Defence Corps (NSCDC), the Customs, Immigration and Prison Services as well as the National Drug Law Enforcement Agency (NDLEA) and the Federal Road Safety Commission (FRSC) with regular policemen will mount security at the 3,007 polling units.It was gathered yesterday that each of the units will have at least four security operatives attached to it as soldiers would mount road blocks and patrol the streets to enforce the restriction order while a large number of plain-clothes agents drawn from all the intelligence services will mingle with the crowd of voters to ensure compliance with the Electoral Act.
The Inspector-general of Police, Mohammed Abubakar, who has relocated to the state to coordinate security, had earlier disclosed that “Five units of mobile policemen will be deployed in each of the senatorial districts to ensure adherence to the restriction; 10 mobile units will be on standby in each of the local governments.“20 Armoured Personnel Carriers (APCs) will also be deployed, while members of the counter terrorism unit will be on ground to provide security at the polling units and collation centres.”
Three Commissioners of Police have also been deployed to man each of the three senatorial districts of the state and they are to be supervised by not less than two Deputy Inspectors General of Police (DIGs) who have already arrived at the state capital.
The newly deployed Commissioner of Police, Mohammed Indabawa, who, for the purpose of the poll, was posted from his Rivers State Command to replace the Ondo Police boss, Danladi Mshebwala, yesterday charged the policemen to ensure a hitch-free exercise in their various units and areas of operation.He told journalists that the command was ready to maintain law and order and that policemen have been briefed to apprehend anybody, no matter how highly placed, who runs foul of the law during the exercise.Indabawa also warned troublemakers to stay away from Ondo State as “security forces will not hesitate to bring the full weight of the law to bear on anybody that intends to cause trouble or disrupt the exercise. This state is bigger that any individual and everybody must conduct himself or herself in manners that conform with the Electoral Law.”
He announced that “nobody should loiter around polling units and nobody should bring anything to the units for sale. No offensive item like knives, sticks, guns, machetes. Go to the units, cast your votes and go home to wait for results.”
The Police boss also announced the withdrawal of all security details attached to politicians and public officers, saying “no security aide should follow anybody, ministers or even the governor to the polling units. Anybody that violates the Electoral Law will be treated like a common felon.”
He added: “We have done our own in putting security strategy into place. It is now left for the politicians to conduct themselves properly so that we can have a free and fair exercise. The eyes of Nigerians and indeed the entire world are on Ondo State. Nigeria cannot afford to wear the tag of a nation that cannot organize credible election.”Meanwhile electoral materials have been dispatched to their respective destinations and the exercise was done in the full glare of representatives of political parties and their agents who accompanied the materials.On Thursday, materials meant for remote areas and areas with difficult terrains were dispatched from Akure to ensure that they get there in time for the election.The National Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, had on Wednesday given assurance that for security reasons, “all the ballot papers to be used for the exercise are customised with different colours for each senatorial district while the document has special security features, including one “that is known only to me as the Chairman of INEC.”
The National Commissioner in charge of the South West zone, Professor Lai Olurode, who supervised the distribution of the materials under heavy security at the INEC office, expressed satisfaction over the process.It is obviously one election that will test the integrity of INEC, the security agents and the people of Ondo State considering the tension and hype that characterised the build-up to D-Day.Many see the election as a three-way race among the incumbent governor and Labour Party (LP) candidate, Dr. Olusegun Mimiko; the former national president of the Nigeria Bar Association (NBA) and candidate of the Action Congress of Nigeria (ACN), Mr. Rotimi Akeredolu (SAN) and the former National Legal Adviser of the Peoples Democratic Party (PDP) and its candidate, Mr. Olusola Oke.Throughout the electioneering campaign, the three candidates and their parties stole the show as they stormed the nooks and crannies in the state canvassing for votes from the electorate.According to Mimiko, he deserved a second term having performed well in his first term. Called Iroko (the strong, sturdy king of trees) by his numerous admirers, Mimiko is seen by many pundits as a governor who has done well enough to deserve a second term in office. His Abiye Mother and Child health delivery system, for instance, is considered by WHO as a primary health model for the whole of Africa.But Akeredolu alleges that Mimiko’s performance is not commensurate with what has accrued to the state in the last four years.
PDP candidate Oke on his own part believes he is ordained by God to take over power and take the people of the state to the Promised Land.
today
Ordinarily for the incumbent, Mimiko, it would have been an easy ride back to power considering what many consider to be his laudable performance in office so far.
But what appears like a major challenge to him now is his political platform, which the major opposition party, ACN and its supporters see as alien to the Southwest that is under the control of the party.This particular issue was used as a strong weapon of blackmail and campaign of calumny against Mimiko by the ACN, especially with the move for regional integration being championed by the party in the zone.Mimiko’s supporters have also countered that integration is not the same thing as uniformity, especially because the Ondo governor’s administration’s policies and acclaimed service delivery accord with the progressive politics of the Southwest.Mimiko’s defeat of the incumbent governor, Olusegun Agagu in 2007 against all odds was a testimony of his popularity in the state, which many believe has even heightened since he came to power through a popular mandate four years ago.Besides, he enjoys the power of incumbency and has strong support base at the grassroots, having been in power in the last four years. He has also been endorsed by a number of big wigs in Ondo State, including former Secretary to the Federal Government and APP Presidential candidate in 1999, Chief Olu Falae.ACN, being in control of power in all the states in the zone, except Ondo, would try to ensure that Mimiko is dislodged from office, if not for anything, at least to prove that it is the most popular party in the Southwest.
It is obvious that Akeredolu is really enjoying the support of the five governors of the ACN-controlled states in the zone, who have gone to the state to campaign for him with the national leadership of the party.So, financially Akeredolu’s campaign appears buoyant and poses a threat to Mimiko’s second term ambition. Mimiko supporters know this and do all they can to counter it. Moreover, it’s only Ondo people, who know their candidates, that will vote in the election. Will they vote for the angel they know or the ones they don’t? That question will be answered today.
Though the PDP candidate, Oke, is expected to pose a serious challenge in the election today, being from the party ruling the country, his ambition might suffer a setback due to the crisis that bedevilled his party since the removal of Dr. Olusegun Agagu as governor. The development has led to the expulsion of some bigwigs in the party, while others had defected to the opposition parties ahead of the election.
Though the national leadership of the party and Vice President Namadi Sambo were in the state to campaign for Oke, it appears that the crisis is festering, as major PDP stakeholders were yet to join Oke in his campaign.Apart from his appearance during the flag-off of Oke’s campaign in the state, Agagu has not been seen campaigning for Oke.Naturally, Oke is expected to enjoy the Presidency’s backing in the election, but how such backing would translate to victory in today’s election is still not clear.One thing that is unique in the race is that the three major contenders hail from the three senatorial zones that make up the state, with each enjoying strong support base in their respective zones, a development many believe might take the election to a run-off.
While Akeredolu and Oke are lawyers, Mimiko is a medical doctor and three of them are products of the University of Ife, now Obafemi Awolowo University. So the race be rightly tagged “The Battle Of The Great Ifes.”

KWAM1 talks about his marriage to ex-wife's niece, Titi Masha

2012-10-19T20:16:00.000-07:00

I told you guys a few days ago that KWAM1 is married to and expecting a baby with his ex-wife's niece, Titi Masha (couple pictured above). Well, he says the Masha family is so big that his ex-wife might not even know her niece, Titi. What he told reporters below...

Salewa (his ex-wife) who is being spoken about here remarried some 20 years ago and she is still married, so to claim that I married cousins, yes they might be on the long run but anyone knows that the Masha Eshilokun family is such a large family in Lagos. Many of them do not even know themselves' K1 said

And he also addressed the issue of him snatching Titi Masha from a close friend of his, Gbenga Islander.

I have dated many women in my life who are today legally married, how many of them will I call and say, I have dated your wife before? What happens to such? Do we crucify a woman for having dated someone before? Do we say because a woman is married before she cant remarry like we all do or do we say because I’m a star I don't have feelings or am not human? We all know that Fela was once married to 27 women at once in this country...I’m only married to two!'

2012-10-19T11:57:00.004-07:00

Petrol Marketers dissuade motorists from panic buying

The Association of Credit Marketers of Petroleum Products in Nigeria (ACMPPN) has urged motorists in the Federal Capital Territory (FCT) not to engage in panic buying of petrol.

The President of the Association, Mr. Francis Nwoga at a briefing in Abuja disclosed that there are enough products to go round petrol stations in Abuja.

He stated that there is no reason for the queues as almost all stations have fuel and are selling. He added that the Nigerian National Petroleum Corporation, NNPC is doing well to ensure the petroleum products are supplied and has enough storage to last thirty days even if there were genuine scarcity

The Secretary General of the group Olusuyi Otitoju also said that the recent flood crisis in Lokoja has affected distribution as there are delays in arrival of trucks but the situation will be resolved in a few days.

Olusuyi added that tankers are lifting fuel at all the depots including the private ones and each filling station gets at least three truck loads daily. He disclosed that fuel was lifted in Kaduna on Tuesday and about 50 to 70% coming from the South is consumed in Abuja.

He called on motorists not to buy black market as the fuel is adulterated.

By Citizensplatform

“Biafra Republic coming soon,” MASSOB leader, Uwazurike assures Igbos

2012-10-19T11:50:00.000-07:00

Leader of the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB), Chief Ralph Uwazurike, assured the Igbo nation that the actualisation of a sovereign state for the Igbos would come to reality in no distant time.
Uwazurike said this when he and some MASSOB team leaders stormed the the Fr. Joseph High School, where flood victims are currently being camped in parts of Anambra State, on Thursday.
He noted that the rate at which the nation’s peace and security are put under continuous threat, indicates that a new Republic of Biafra is about to emerged in offing.
Uwazuruike while donating materials to those displaced by flood assured his people that the long awaited Biafra Republic was already in sight.
He however promised to relocate them to a more conducive camp like they did for the war disabled veterans.
He said, “I can build permanent camp for the flood victims, as I did for the war veterans, but let me wait for a while and see what the government can do for them”.
The frontline leader also warned that anybody who attempts to divert relief materials donated to them, would be severely dealt with by MASSOB.
Meanwhile, MASSOB has pleaded with the police in Aguleri to release five of its members detained while awaiting the arrival of Uwazurike.
According to the group’s Director of Information of , Mr. Uchanna Madu, the group had not done anything wrong by going to help their brothers who were in need.

DailyPost

Paul Adefarasin Completes N3 billion Rock Cathedral

2012-10-19T11:09:00.003-07:00

Pastor Paul Adefarasin's led House on the Rock church building, Rock Cathedral, which has gulped about N3 billion to erect, has been finally completed. The church which sits on 32, 000 square meters, will sit at least 10, 000 thousand worshipers in the church auditorium and another 10,000 within the church premises and may be declared open for use in December 2012.

The Rock Cathedral, also known as Millennium Temple, took almost 8 years to complete and is situated along the Lekki Epe Express way, close to Liberty Hall

“I collected my passport from Bishop David Oyedepo the first time I travelled abroad” – 7 top quotes from D’banj’s recent interviews

2012-10-14T06:53:00.000-07:00

by Reuben Daba
As you no doubt must be aware by now, music star, Dapo Oyebanjo (D’banj), is presently on an intense PR circus, giving opinions and releasing statements on issues as diverse as the #Aluu4 killings to the peskiness of social media.
One of the most interesting of the D’banj PR stops was his trip to Lagos State based radio station, Cool FM. The interview was interesting for the amount of zinging D’banj indulged in, throwing plenty barbs along the way.
Here are the top 7 quotes from that interview:
1. On the rumours that he’s now a member of the Illuminati, D’banj would have none of that. And for an alibi, he named Bishop Oyedepo, sorta.
“I don’t know anything about the Illuminati. When I wanted to travel out of Nigeria for the first time, I collected my international passport from Bishop David Oyedepo. That shows that I owe my success to God. If my success is too fast for people or they cannot understand it, please don’t attribute it to Illuminati. I feel very offended when that is being said, because it simply translates to giving God’s glory to another person which He does not share with anyone. God will strike anyone who attributes my success to someone else.”
2. It’s over means it’s over. D’banj doesn’t really see his former partner and producer as a friend anymore. An emotional D’banj had this to say when the interviewer called Don Jazzy his friend:
“What do you guys call friends? I mean, I had friends for nine years, and you guys saw what happened after the divorce. I lost custody of my children apart from the one I had out of wedlock.”
3. Well, there’s nothing some cool cash can’t do, and yes, for D’banj it has to be a lot of cool cash. So despite the divorce, D’banj says he can still work together with Don Jazzy in the future if the price is right.
“We can always work together, and Don Jazzy still produced some songs on my forthcoming album. Yes, we can work together in future. Maybe a big company can pay a lot of money for us to perform, and yes, it has to be a lot of money for me.”
4. Once again, why can’t people just get it that D’banj is not in a romantic relationship with star actress, Genevieve Nnaji. Grow up people: a kiss is just a kiss.
“I am very single, and Genevieve is my friend. I have been saying this for over a year since we shot the Fall in Love video. Can’t you people just see fine boy and fine girl in a video kissing each other and not think anyhow?”
5. D’banj is king wherever he goes. And people who think that a little change of environment means a demotion to being prince are just confused.
“Did I change the crown? I only carried my crown to the US. People are just confused but the truth is I am still a king wherever I am. Being in a different country and culture I had to study the environment which is what I am still doing. I actually thought I would release my album in America, but my label thought UK would be better because I have a bigger fan base there. I weighed my options, remember everything did not come from me, so I had to do what I did to move on.”
6. And for you less busy social media types, don’t expect D’banj to be distributing recharge cards to you anytime soon. You are not a charity.
“I am too busy for social media, please. If you people want to talk to me go to TV or radio, I don’t go to social media except I have something to say. I never give out recharge cards on Twitter (laughs), even when I was with Globacom, I never did that. If you want to do that, why not help a charity instead?”

Blame National Assembly for non-full implementation of 2012 Budget – Presidency

2012-10-14T04:45:00.006-07:00

Special Adviser to the President on Political Affairs, Mr , has said that the National Assembly should be held responsible for the non-full implementation of 2012 Budget. Gulak, while addressing newsmen in Abuja at the weekend attributed the cause to some actions of the federal legislators.according to him, the reason was the refusal by members of the National Assembly to pass the budget at the appropriate time and the amendments surgery carried on the original budget presented to it by the Presidency.he said: “Presentation of budget is one thing while its passage is another. As a remainder, the 2012 Budget was passed by the National Assembly in April, so you do not expect the budget to have been implemented by 80% in September?” Gulak further said that rather than pointing accusing fingers at the Presidency for non-full implementation of the 2012 budget, the National Assembly should be blamed for the flop.”If that budget was passed by January 1st, and by September or October, you have not achieved up to 60%, then you can quarrel. Not taking into cognizance all this, amounts to insincerity on our parts. Let them pass the 2013 budget and let it become effective from January 1st and they will see if the budget is not implemented 100%”, he added.
“Nigerians should know that sometimes the National Assembly makes the implementation of the budget almost impossible. Let me give you an example, if you want to purchase an ambulance for the National hospital and the known price of the ambulance is N6m, and the National Assembly reduces the price to N2m, how can you implement such a budget, how can you buy the ambulance?”.
”Agreed, the National Assembly has the constitutional right to look at the budget, but when they radically change the budget, giving it a radical surgery, the budget becomes almost impossible to implement”,he insisted.

Uninterrupted Power? Presidency Budgets N654.02m On Generators In 2013

2012-10-14T04:21:00.002-07:00

Despite assurances by the federal government that by December 2012 Nigerians will begin to enjoy steady uninterrupted power supply, the Presidency is proposing to spend the sum of N654.02 million on generators in 2013. The money covers the cost of maintenance of plants and generators as well as the cost of fuelling them. Is this a case of the healer healing himself first?

                    The money also covers the amount set aside to replace some generators in the institutions under the Presidency.In 2012, the Federal Government including the presidency, ministries, departments and agencies proposed to spend more than N1.31bn in fuelling generators.
The budget for fuelling generators for the entire government in 2013 could not be determined as at press time.Similarly, the presidency will spend N3.78bn on trips overseas in the 2013 financial year.
Budget details reveal that the State House Quarters has a provision of N60,664, 571 and N72,510,832 for ‘maintenance of plants/generators’ and ‘plant and generator fuel cost.’Also, the proposed budget provides for N26, 639,586 for generator maintenance and N49, 108,333 as fuel cost for power generators.A budgetary provision is also made for the purchase of a generating set at the sum of N60m and another N60m for what was described as “on-going projects.”The budget also provides N34, 024,985, for generator maintenance and N23.402, 499 as cost of fuel next year.
                   Also, the BPE is to spend N12m and N2, 576,794m on fueling of generators and their maintenance respectively.Among the organisations under the Presidency, the Economic and Financial Crimes Commission and the National Identity Management Commission have the highest allocation for power provision through generators.While the anti-graft agency budgeted N74, 341,739 for fuelling and N8, 629,595 for maintenance, NIMC has a proposal of N60, 652,526 for fuel supply and N30, 396,182 for maintenance.Another agency under the Presidency, the Bureau for Public Procurement has a proposal of N4.2 million for generator maintenance and N1.4 million for fuelling them.The National Emergency Management Agency will get N11m for power and maintaining generators out of which N7m is pencilled down for maintenance and N4m for fuelling.
Other agencies such as the National Institute for Policy and Strategic Studies, Jos budgeted N2m for maintenance of generators, the Nigeria Extractive Industry Transparency Initiative has N1,27m for plant maintenance and N860,677 as cost of fuel, the National Boundary Commission, N1.69m and N773.217 for plant maintenance and fuel cost.Also, N1.1m is proposed for fuelling generators in the office of the Special Adviser to the President on MDG, and N5 million as generator maintenance cost in Nigeria Atomic Energy Commission, which also proposes N2.5m as cost of fuelling.Foreign travel by the Presidency, on the other hand, is to cost N3.78bn in 2013. The estimates reveal that the State House, office of the Vice-President as well as some agencies under the presidency are proposing to spend this amount.
                   This amount excludes what is being proposed for spending for the same purpose locally.
According to the budget, the amount will be spent on “International Travel and Transport: Training & others.” The State House Quarters proposes to spend N149.9m on international travel and transport: Training. Under the sub-head ‘International Travel and Transport: Others’ it is also to spend N1.2bn.Under the sub-head, “Presidency State House, International Travel and Transport: Training and others,” the sum of N118m and N902.4m is proposed for spending.
The office of the Vice President has a budget of N419m under the same sub-head.
-PUNCH

PSquare get massive love in Zimbabwe + Peter Okoye' new hairstyle

2012-10-14T03:05:00.001-07:00

Over 35,000 fans came out to watch the Okoye boys do their thing at Clamis Arena in Harare, Zimbabwe, yesterday 13th October. Continue to see the new hairstyle Peter Okoye is rocking...

IMF commends Nigeria’s “dynamic reforms”

2012-10-14T01:53:00.000-07:00

Christine Lagarde, Managing Director, The International Monetary Fund (IMF) has commended the Nigerian government for its “dynamic reforms” which she said is predicated on strong leadership.
The IMF boss gave the commendation at the plenary of the Annual Meeting of the World Bank and IMF, on Saturday in Tokyo.“Look at Nigeria, a country I visited earlier this year. This is a country that, for many years, squandered its inheritance of oil riches, but now is growing impressively, helped by dynamic reforms and strong leadership,” she said.

According to her, Sub-Saharan Africa is also breaking through and growing strongly and steadily after decades of stagnation.“Of course, there is still a long way to go to win the long war against poverty, but old stereotypes are fading fast, with the rise of fast-growing `frontier markets’ attracting lots of outside interest,” she added.She urged African leaders to ensure effective policies that would bring inclusive growth and development to the region.

She noted that various changes witnessed in the region would help shape the future adding that leaders must not be carried away with the situation.“But there are big challenges as well and we must not get carried away.“As you will have seen from our forecasts, the global recovery is still too weak.
“Job prospects for untold millions are still too scarce and the gap between rich and poor is still too wide,” she advised.