Review Shows Nigeria Needs Urgent Help - IMF

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Review Shows Nigeria Needs Urgent Help - IMF

President Muhammadu Buhari

Nigerian people are getting poorer despite the country’s slow recovery from recession and economic reforms are urgently needed, the International Monetary Fund has said.

The Fund expects the government to “muddle through” in the medium term, and any progress could also be threatened if elections next year consume political energy and resources, it said in a report seen by Reuters on Wednesday.

Since emerging from recession in the second quarter of 2017, Nigerian officials have repeatedly boasted that they have set the economy back on track.

But critics say much of the recovery comes from a return to oil dependence after a rise in global oil prices and a rebound in crude production, more the result of militants in the Niger Delta halting attacks on oil facilities than of economic policy under President Muhammadu Buhari’s administration.

The IMF said in the report that the outlook for growth had improved but remained challenging.

“Comprehensive and coherent” economic policies “remain urgent and must not be delayed by approaching elections and recovering oil prices,” it stated in its annual Article IV review of Nigeria’s economy.

“Higher oil prices would support a recovery in 2018 but a ‘muddle-through’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita,” the IMF added.

In the report, it identified risks to growth, including additional delays to implementing policies and reforms ahead of the 2019 elections, security tensions, and oil prices, a fall in which could see capital flows reversed.

“Further delays in policy action, including because of pre-election pressures, can only make the inevitable adjustment more difficult and costlier,” the report added.

The lender repeated its call for Nigeria to simplify its complex foreign exchange system, a bugbear for the IMF for more than a year, which has left large gaps between official rates and various windows that certain groups can use to get other rates.

“Moving towards a unified exchange rate should be pursued as soon as possible. The IMF staff does not support the exchange measures that have given rise to the exchange restrictions and multiple currency practices,” it stated.

The Fund further singled out the central bank, saying it should discontinue direct interventions in the economy. The Central Bank of Nigeria frequently injects hundreds of millions of dollars into the foreign exchange market to keep its own rates stable.

Commercial banks struggling to remain solvent were also called out, but not identified by the IMF, including one that the lender said was already insolvent, adding, “Some of these banks are kept afloat through continuous recourse to the CBN’s lending facilities.”

The IMF said it would not comment on purported leaks. A spokeswoman for the Fund said a statement would be issued after the lender’s board’s meeting to discuss its assessment on Friday.

A spokeswoman for the Federal Ministry of Finance did not immediately respond to a phone call and email requesting comment.

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“We Spent Last 2 Years Digging Nigeria Out Of Mess We Met” – President Buhari

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“We Spent Last 2 Years Digging Nigeria Out Of Mess We Met” – President Buhari

President Muhammadu Buhari says the All Progressives Congress (APC) led Federal Government has been salvaging Nigeria from her challenges since he assumed office.

The President said this on Tuesday while addressing a meeting of the party’s National Executive Committee (NEC) in Abuja, the Federal Capital Territory.

He urged leaders and members of the APC at the meeting, as well as Nigerians, to support the security agencies in tackling insecurity in the country.

Ahead of the forthcoming elections, President Buhari declared the APC as the party of the Nigerian people and asked its leaders and members to join forces towards achieving victory in the 2019 polls.

He further asked them to remind Nigerians of the past and thank them for supporting the APC in spite of the recent challenges in the country.

The President also appealed to the party faithful not to relax and support the presidential committee led by former governor Bola Tinubu, to reconcile all aggrieved members of the APC.

Read the President’s full remarks below:

I welcome all of you dear party members to this year’s NEC meeting.

Let me first record my appreciation to the party leadership in Abuja and the states for their stewardship of the party affairs. In particular, may I commend our Chairman, His Excellency Chief John Odigie-Oyegun, for steering the party from success to success.

From our resounding victory in 2015, to gubernatorial elections in Kogi, Edo and Ondo as well as much improved showing in Anambra Elections. APC is the party of government and now the party of the Nigerian people.

Mr Chairman, Members of NEC, great credit is due to our APC State Governors for stabilizing the country and to our Armed Forces, Police and other Security Agencies for stopping Boko Haram in its tracks and driving them from their bases. No country, however well secured, can prevent isolated acts of terror as we have seen in America, Europe, Asia and here in Africa.

We must support our Security Agencies to safeguard our country so that the job of development as outlined in our Manifesto can proceed without too much interruption. 

Mr Chairman, Members of the National Executive Committee, we cannot afford to fail to remind Nigerians where we came from in 2015. I am happy to report that slowly and steadily we have managed to stabilise the country and re-direct the ship of the State.

We have restored prudence to the management of public finances. Confidence in Nigeria has been restored. On February 23rd, Nigeria issued 12-year and 20-year Eurobond on the international market, which were both oversubscribed. The 12-year bond was within days subscribed by 332%. The 20-year bond was subscribed by 372%.

We have stabilised the Naira, increased our foreign reserves from US$20 billion to US$40 billion. Inflation rate is down. With considerably less resources available to the country, we have improved all indices towards a stronger economy.

Above all, we must pay tribute to the Nigerian people. They still massively support the government in spite of distractions from exponents of “business-as-usual”.

Nevertheless, I am not asking us to relax and take things easy. As we all know, elections are looming on the horizon, we must, therefore, get our act together. Accordingly, I implore all members of the Party to give the Asiwaju Committee full cooperation to resolve differences existing amongst our members in the States affected. It is perhaps inevitable that there would be differences of opinion within the Party. If we didn’t have differences we wouldn’t be a genuinely democratic Party.

But we must not lose sight of our common purpose as a new Party to break the mould of Nigerian politics and take the country to new heights. Therefore, we have asked our respected Asiwaju Bola Ahmed Tinubu to lead this process of restoring order to the ranks, manage differences and strengthen the Party.

Mr Chairman, members of the National Executive Committee, I must acknowledge that the pace of government has not met the expectations of many within our Party. But few of us knew or appreciated the depth of the hole when we took office. Thus we spent the last two years digging the country out of the mess we met.

Furthermore, the stand-off between the Executive and the National Assembly slowed the process of government. We are working hard to resolve the differences so that the country can move forward.

Soon, primaries for; wards, local governments, state and centre will be due.

I urge all members to take account of the fact that APC has a history of conducting free and fair primaries whenever consensus about any position is not reached. Regardless of thcomes of the primary processes, it is imperative that we all work together to ensure victory for our party.

Thank you

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Confusion In Senate Following The Sack Of Senator Abdullahi Adamu

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Confusion In Senate Following The Sack Of Senator Abdullahi Adamu

Senator Abdullahi Adamu

There is unrest in the Senate following the unceremonious removal of the Chairman of the Northern Senators’ Forum, Senator Abdullahi Adamu. The incident forced a member of the Forum, Senator Ali Wakil  to dissociate himself from the removal of Adamu on Thursday.

Adamu was sacked as Chairman of Northern Senators’ Forum on Wednesday following a letter signed by the Publicity Secretary of the Forum, Dino Melaye, alleging financial misconduct.

Wakil told the Senate that the meeting of the Forum was never called to discuss the sanction or removal of anybody.

He said some of them watched in disbelief the announcement of Adamu’s removal. The lawmaker came short of saying the removal was done in bad faith.

He said: “I was not here yesterday (Wednesday) but I saw it in the papers and television when you (Deputy Senate President) announced the removal of Senator Abdullahi Adamu as the leader of the Northern Senators’ Forum.

“Your Excellency I come from the north and I am active member of the Northern Senators’ Forum. At no time have we met and put to question any of the leaders of the Northern Senators’ Forum.

“It was brought to this place and it was announced and some of our colleagues went to the Press Centre and made statements that referred to some of us as monkeys.

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"Shehu And I Are Strategizing On How To Arrest The Monkey That Swallowed Our Money" - Senator Dino

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"Shehu And I Are Strategizing On How To Arrest The Monkey That Stole Our Money" - Senator Dino

Senator Dino Melaye has finally reacted to the reports that a Mysterious Monkey swallowed N70million at a farm, belonging to Northern Senators.

Sen. Dino Melaye shared a photo of himself with Senator Shehu Sani in his Instagram account and captioned it "Shehu and I are strategizing on how to arrest the monkey that stole our money"..

Nigerians are yet to get over the story that a Snake appeared at JAMB office and swallowed N36million , Then this one came in this week.

Poor Monkey, What does it know?

see his post below!

The News Of Rescued Dapchi Missing School Girls By Soldiers Are Lies - Yobe Governor

BREAKING NEWS
The News Of  Rescued Dapchi Missing School Girls By Soldiers Are Lies - Yobe Governor

Governor Ibrahim Gaidam

Ibrahim Gaidam, Governor of Yobe state, says none of the students of Government Girls Science Technical College, Dapchi, Yobe state, in captivity of suspected Boko Haram insurgents, has been rescued.

The insurgents raided the school on Monday and abducted some of the students. The government had initially said it was not sure if any student was kidnapped but Gaidam confirmed the abduction on Wednesday night.

However, he said the army had been able to secure the release some of the girls, even though he did not go into details.

“The Yobe state government hereby informs the public that some of the girls at Government Girls Science Technical College (GGSTC) whose school was attacked by Boko Haram terrorists last Monday have been rescued by gallant officers and men of the Nigerian Army from the terrorists who abducted them,” the governor had said in a statement which Abdullahi Bego, his spokesman, issued on his behalf.

“The rescued girls are now in the custody of the Nigerian Army. We will provide more details about their number and condition in due course.”

But speaking when he visited community on Thursday, Gaidam told family members of the students to keep praying that the girls should be found.

Abdul Dapchi, a resident, said Gaidam lost control of the crowd immediately he made the confession.

“We were all angry. How could they have deceived us all along?” asked the young man who said two of his sisters were among the captives.

BREAKING NEWS: HERDSMEN ON RAMPAGE ONCE AGAIN ON LAGOS/BENIN EXPRESSWAY AND RENDERED DOZENS OF MOTORIST AND THEIR PASSENGERS DEAD AND MANY BADLY INJURED

BREAKING NEWS: HERDSMEN ON RAMPAGE ONCE AGAIN ON LAGOS/BENIN EXPRESSWAY AND RENDERED DOZENS OF MOTORIST AND THEIR PASSENGERS DEAD AND MANY BADLY INJURED

News reaching our desk from Benin in Edo State Nigeria reveals that Herdsmen is at it again! According to the report we got from unknown person claimed the herdsmen at early hour of Wednesday the 7th February had stopped passenger vehicles en route to Lagos, robbed and shoot to death the passengers, subsequently mounted a roadblock with one of the vehicles and had many other vehicle and the passengers fall victims to their shooting spray with no interference from any security agents.She lamented that as she was speaking that many are dead, that her vehicle and one other was the only vehicle en route to Lagos at the moment that survived the onslaught.

Picture credit to vanguard

According to one of the eye witnesses, she said that the security agents who was deployed to the scene of the crime were unable to curtail the criminals because they seems to have possessed more sophisticated weaponry than the police and so had a free day. The police were on the run as were the civilian passengers who narrowly excaped being massacre by the heartless and unchecked herdsmen.

One of the ladies who spoke on the voice message also pleaded with those who wanted to travel through Lagos/Benin expressway to have a change of mind or possible take another route if need be to avoid falling victim to the herdsmen onslaught. She also call on the government to put sentiment aside and check the activities of these so called herdsmen before it goes out of hand.

picture credit vanguard

Many of the source we contacted confirmed the incident and condemned the heartless killings by the Herdsmen and also regretted that the government and the security agents could not check this hoodlums. Some of them believed the act was not in anyway, the act of robbery but a terrorist attack on the innocent citizen and wondered what the federal government is doing about the recent activities of the herdsmen in the country.

The questions in every mind at the moment are, why are these men killing their fellow citizen senselessly? is this another boko haram in disguise? does it mean that the government can't put a stop to this senseless killing before it set our dear country on unquenchable ethnic and political fire or do they have anything to gain in this? what is wrong with our country? don't we value human lives anymore? is there hope for us and the posterity? if there is, when, where, how, and who is to bring it to reality? These and many more like questions continually bug our minds until probably an answer to them is proffered but until we have to hope for the best for our dear country. 

Tell us what you think about these heinous attack on the citizen of Nigeria from these senseless and heartless herdsmen.

Don't forget to send news and your thoughts on the state of things in Nigeria. 

This is Naija Voice of the Masses, the mouth piece of the Nigeria citizens, so speak your mind via this medium, bare your mind and grievance, where your ordinary voice can't reach our write up will. Lets join our voice together to echo for a better Nigeria for all of us and our unborn children. Speak now and save tomorrow! Hold your peace and destroy your future? 

NIGERIAN HIT MAKER AND FIA CORONA DAVIDO HITS IT BIG IN SOUTH AFRICA

NIGERIAN HIT MAKER AND FIA CORONA DAVIDO HITS IT BIG IN SOUTH AFRICA.

Nigerian Songster David Adedeji Adeleke aka Davido who is currently in South Africa to discuss with his South African counterpart and Hip hop maestro Cassper Nyovest on their duet musical video shoot landed a laudable pay cheque and he did not hesitate to let his fans know as he took to his Instagram handle to brag about it.

The amount he was paid and the reason for the pay cheque is yet unknown to EEHB as at the time of this broadcast but we will not hesitate to update you when the details reaches our table.

below are the snapshot of his instagram posts.

  

What do you think about 30 Billion Gang leader and Fia Corona and his pay cheque post? Let us know what you think on the comment.

Don't forget to subscribe to our news updates and follow us on social media handles for the current news and gist.

NIGERIAN SINGER AND SONG WRITER ONCE PREDICTED NIGERIA SITUATION IN A POEM HE WROTE IN 2015 AFTER THE PRESIDENTIAL ELECTION

NIGERIAN SINGER AND SONG WRITER ONCE PREDICTED NIGERIA SITUATION IN A POEM HE WROTE IN 2015 AFTER THE PRESIDENTIAL ELECTION

Nigerian Music Artist, Actor and a writer Ugwunze Edozie Emmanuel also known as Twinchild Edozie who is currently working on his debut album in South Africa had predicted the situation of Nigeria in a poem he posted on his facebook page in 2015 after the presidential election. 

The Poem which he titled "Let The Long Awaited Change Begin" and subtitled "Oh Change! Dare Not Please Leave Our Land!" is a 52 line poem that talked about change and how he hoped it will not just be a mere saying but will be accompanied with action. He is of the opinion that the current president was massively voted into power because of his past clean diary and so hoped he will use his well equipped artillery to ensure a practical change in the Nigeria system of things as well as to buttress the much acclaimed change. To achieve this he also believe that all the corrupt allies must resign and the just and firm be brought into power to help in achieving the dream of a better Nigeria where justice and equity will be extolled, where love, selfless, diligent and fairness is enshrined. A country we will be proud to call our own.

According to his poem, if those errors as he mentioned were not corrected, the change will be another "paradox in origin" and i guess his prophesy is true.

He called on Nigerians at home and in diaspora to join in the pursuit of change for our dear country if we truly love this country and want her to be better, perhaps we will witness such change in our lives time but it will not come without a sacrifice from each and everyone of us.

He ended it by calling himself a change agent and asked the readers if they were.

Read the poem below and tell us what you think about his prophesy

LET THE LONG AWAITED CHANGE BEGIN!

OH CHANGE! DARE NOT PLEASE LEAVE OUR LAND

Let the long awaited change begin

Let it not be another paradox in origin

Sure we are in another prospective regime

Lighted up hopes, let it not dim

All eyes is at the much professed change

Though the scene isn't strange

Hopefully Naija had decided

But its like destiny conceded

And now patient is like exceeded

Voices echoed sai Buhari

Leaning on his past clean diary

Hoping for the good use of his new artillery

So we could have a new and a darling Nigeria

From where corruption is more a killer than malaria

To where corruption is dreaded more than Ebola

From where Pen thieves honoured but pick pocket paraded in black maria

To where both thieves would get there rightful place behind the bar 

So for change to take its reign

We all have to be change Enzyme

And all corrupt ally sure have to resign

And the just, firm and the upright, let's not sublime

Oh change, we glare at it on sight

Dear change, it's rightfully at hand

Dear change, please don't take a sudden flight

Oh change, dare not please leave our land

The true change time have to tell

If it just have to be another fairy tale

The posterity is awaiting another fairy sail

And sorry, its another era in jail

Hope Niaja is in a better hand

Land of many blessings just looking like a cursed land

Come on all of us if the need be

Just more often go on our knees

Its just more needless to say

Niaja needs more prayer than pay

Take a time out to clean everyone his closet

And guard this land of ours like our golden bracelet

And make this place a home

Where one is and never alone

Without the fear of unknown

See one another like kings and queens

Live like we are of same kin

Be of the side of truth all time

Thought is right to walk within the line

Follow your faith and not create a fate

If you love life don't make one late

Cherish love and don't hate

Love happiness and don't create agony

Pursue peace with all, hate war, its end is agony

Above all be patriotic

Its benefit is iconic

EDOZIE IS A CHANGE AGENT

Are you?

If you are an agent of change and so wish that Nigeria becomes a better place for all of us Send this message to as many as possible, so we all can join in this CHANGE CRUSADE and who knows Niaja will become a better place in our live time

Governors' Forum Chairmanship Election, Presidency in a Messy Venture

Governors' Forum Chairmanship Election, Presidency in a Messy Venture

Several governors from two of Nigeria’s geo-political zones have told SaharaReporters how Governor Rotimi Amaechi of Rivers State reemerged as the chairman of the Nigerian Governors Forum in a highly dramatic and widely watched election.

Mr. Amaechi’s reelection has rattled President Goodluck Jonathan who, one Presidency source disclosed, called Governors Godswill Akpabio, Peter Obi, Segun Mimiko and Jonah Jang from Ethiopia and charged them to do everything within their power to ensnare the outcome in controversy in order to delegitimize the results.
The four pro-Jonathan governors subsequently released a document claiming that 19 governors voted for Mr. Jang.
The document did not state when the so-called voting was conducted. At a press conference called by Mr. Akpabio and attended by Governor Jang, the latter did not utter a word about his purported victory. Instead, Mr. Jang was glum and had a blank, vacant look.
The news of Governor Amaechi's victory was announced earlier.
A Presidency source told SaharaReporters that, before traveling to Ethiopia, President Jonathan had collected the signatures of 19 governors, including the governor of Yobe, with the aim of wresting the Governors’ Forum post from Mr. Amaechi. But at today's meeting where the election took place, Governor Ibrahim Gaidam of Yobe was conspicuously absent. One of the governors told SaharaReporters that the Yobe governor decided not to attend the meeting because he detests Mr. Jang's sectarian fanaticism.
Our sources, who detailed the coalition that handed Mr. Amaechi a victory, told Saharareporters that 19 governors voted for the Rivers governor who has been locked in a major political dispute with Mr. Jonathan. The pro-Amaechi governors were those of Imo, Ekiti, Edo, Oyo, Ogun, Lagos, Adamawa, Borno, Osun, Jigawa, Kano, Nasarawa, Niger, Kwara   Kano, Sokoto, Zamfara and Sokoto. Mr. Amaechi also voted for himself, securing reelection.
Our sources disclosed that the governors of Bauchi, Benue, Gombe, Taraba, Kogi, Plateau, Ondo, Kebbi, Katsina, Akwa Ibom, Cross River, Kaduna and four others voted for Mr. Jang, the president’s candidate.
Our sources painted a portrait of some dramatic developments ahead of today’s voting. SaharaReporters learned that the pro-Jonathan group adopted Governor Jang as their consensus candidate following a decision by a few Northern governors and some members of the PDP’s Governors Forum to pick a flag bearer outside of Governors Ibrahim Shema of Katsina and Isah Yuguda of Bauchi. The Jonathan group believed that Mr. Jang would seem less contentious. They also tipped Governor Mimiko of Ondo as Mr. Jang’s side kick in the hope of swaying some governors from the South-West.
Two governors disclosed that the anti-Amaechi group also suggested using “consensus” rather than an election to determine the leader of the forum. “They hoped the ‘consensus’ method would make it possible for them to swing the votes in their favor,” said one governor, adding that most governors insisted on voting.
One of the governors disclosed that Mr. Jonathan’s camp came to today’s meeting confident that they would prevail, since the president had obtained signatures from several governors in advance. But the president’s gubernatorial opponents said they knew Mr. Jang would be vanquished as the election, which was conducted by the secretariat of the Governors’ Forum, began. The forum’s director-general, Ashishana Okauru, was the presiding officer at the election with Governor Emmanuel Uduaghan of Delta State serving as the returning officer. Pro-Amaechi governors said they were certain of their candidate’s victory since the election was conducted via a secret ballot. “It was free and fair, so we knew that Chibuike [Amaechi] would win,” said one of the governors from the south-west.
After the voting, Governor Uduaghan announced the results, declaring Mr. Amaechi victorious. “All 35 governors present cast their vote and the tally was 19-16 in favor of Governor Amaechi,” one of the governors said. He dismissed Mr. Akpabio’s list of 19 governors for Mr. Jang, laughing that the Akpabio group even included the name of the Yobe governor who was not present at today’s vote.
It remained unclear whether the Presidency would succeed in pressuring Mr. Uduaghan to back away from the results he collated and announced at the governors’ parley.
One of the pro-Amaechi governors told SaharaReporters that Mr. Jang’s candidacy was “technically flawed, but we allowed him to run for the sake of peace.” According to him, observance of the forum’s constitution would mean that the picking of nomination forms ought to have ended by midnight on May 23, 2013. He claimed that Governor Jang only sent in a letter indicating his interest in the race around 3 p.m. on May 24, 2013. “It was a breach of our constitution, but Governor Amaechi and some of us decided not to push for Jang’s disqualification,” said the governor.
Another governor told Saharareporters that he suspects Mr. Jonathan would now be hell bent on destroying or dividing the Governors Forum. “He will see the result of today’s election as a vote of no confidence on his leadership,” said the governor, from one of the Northern states. He added: “All I know is [the] majority of governors don’t want the Presidency to be telling us what to do. We were elected just as Mr. President was elected. Let him lead the nation with good leadership effort and allow do the same in our state.”
The source added that Mr. Jonathan and his political associates would likely interpret the loss by Mr. Jang to Governor Amaechi as an indication that the president may lose the PDP’s primary elections to be the party’s flag bearer. “But it is his good governance that will make the party pick him again, not whether he forces Governor Jang to be our chairman,” said the source.
Several governors who spoke to us today said Governors Akpabio of Akwa Ibom, Segun Mimiko of Ondo, Peter Obi of Anambra and Jonah Jang of Plateau of were out to do the president’s bidding at all cost. They accused the governors of seeking to polarize the Governors’ Forum in order to advance President Jonathan’s agenda of neutralizing Governor Amaechi.
“These colleagues are key to President Goodluck Jonathan’s plan to turn Nigeria into Ivory Coast if he does not win in 2015,” said one source.