News
Economist forecasts better performance for Naira
By Our Correrspondent with agency reports
An economist, 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.
He predicted that there would be massive inflow of foreign exchange into the country as politicians would need them to fund their electioneering 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 serious disconnect between the principles of the 2017 budget and its implementation.
The don called for full liberalisation of the energy sector to encourage competitiveness and allow more investors to come in.
According to him, current activities of power generating and distribution companies 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 is 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 reached an irritating dimension where it appeared that there are no quick fix approaches to it.
“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 Muhammadu Buhari to consider reshuffling his cabinet and look beyond his party for experts that could provide answer to some of the national economic questions.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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