PAY OMO-AGEGE HIS ENTITLEMENTS OR APPEAR IN COUR, JUDGE WARNS SarakI

The Federal High Court on Thursday warned the Senate President, Bukola Saraki, over the imprisonment proceedings initiated against him by the Delta-Central Senator, Ovie Omo-Agege.

Omo-Agege had initiated the committal proceedings praying that Saraki be sent to prison as punishment for flouting the May 10 judgment of the court which ordered him (Omo-Agege) to be reinstated from illegal suspension and be paid all his accrued benefits for the period of the voided suspension.

The hearing of the committal proceedings was scheduled for Thursday but the alleged contemnor and his lawyers were absent from court.

Ruling on a request by Omo-Agege’s lawyer, Dr Alex Izinyon (SAN), to have the committal application heard despite the absence of the defence, Justice Nnamdi Dimgba said he was more inclined to giving the Senate President another chance to “remedy the alleged wrong” or appear in court to defend himself.

Justice Dimgba noted that the application was truly “ripe for hearing” as argued by Izinyon, as the court’s records showed that Saraki had been served with the motion on notice and hearing notice for the Thursday’s proceedings via a newspaper publication of September 25, 2018, as earlier ordered by the court.

The judge, however, said he would give Saraki another chance to remedy the alleged wrong or appear in court to defend himself.

He also directed Izinyon to write the Senate President and the legal department of the Senate informing them of the adjournment of the proceedings till October 18.

The court said in its ruling on Thursday, “Upon this motion on notice dated and filed on August 15, 2018, praying for the committal of the Senate President to prison for contempt of court coming up before this honourable court today (Thursday) for hearing; and after hearing Dr Alex Izinyon (SAN) with Hanatu Abdulkarim, Friday Izinyon, Alex Izinyon II, J.A Gesa, for the judgment/creditor/applicant urging that the court should proceed with the hearing;

“It is hereby ordered as follows:

“That indeed from the records of the court, the Senate President, the alleged contemnor, was served with the motion and hearing notice by advertisement as ordered by the court on pages 35 – 36 of The Nation Newspaper of September 25, 2018; this motion is therefore ripe for hearing.

“That in the interest of justice, and to give the alleged contemnor another opportunity to remedy the alleged wrong or even to appear to defend himself, and as a demonstration of the court’s commitment for justice, the court directs the applicant/judgment/creditor’s counsel to write to the alleged contemnor and the legal department of the Senate informing them of the next adjourned date.”

The judge adjourned till October 18 for “definite hearing” of the committal application.

Omo-Agege had initiated the committal proceedings against Saraki for allegedly flouting a May 10, 2018 judgment of the court.

The May 10 judgment ordered the immediate reinstatement of Omo-Agege from an alleged illegal suspension by the Senate and ordered that the senator should be paid his accrued entitlements for the period he was shut out of his legislative duties

2019: BUHARI REACTS TO OBASANJO’S ENDORSEMENT OF AtikU

President Muhammadu Buhari has reacted to Olusegun Obasanjo’s endorsement of presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar.

Obasanjo had in a meeting held with Atiku and some PDP leaders endorsed his presidential ambition.

He declared that Atiku will defeat the incumbent President, Muhammadu Buhari of the All Progressives Congress (APC) in 2019.

According to him, he believes that Atiku has ‘re-discovered and re-positioned himself’ and is now good enough to enjoy his support in the next election.

Obasanjo said, “Let me start by congratulating President-to-be, Atiku Abubakar, for his success at the recent PDP Primary and I took note of his gracious remarks in his acceptance speech that it all started here.”

However, Buhari in a statement by his spokesperson, Garba Shehu, on Thursday described the meeting as a ‘well rehearsed theatre’, adding that both leaders will fail in 2019.

Read the statement below: “The Presidency has received the news of former President Olusegun Obasanjo’s predictable U-turn and somersault on the endorsement of the PDP candidate, Atiku Abubakar, at a meeting Thursday, and to say that we are the least surprised by the well-rehearsed theatre.

“They will lose together. Listening to the prepared statement of the former President after the meeting showed the usual ego trip and “I know it all” character of Chief Obasanjo.

“In the first place, we dare to say that a pompous statement from the former President advising Nigerians on a vote against President Buhari is the best recommendation that can come at this time.

“It also betrayed a lack of understanding of today’s politics which is about good governance.The country voted for change in 2015 and a leader that ensures good governance which only President Buhari and the APC can provide.Bent on these laudable goals, we will not allow ourselves to be distracted.

“We are busy on various national issues including the restructuring and the diversification of the economy, fighting corruption, terrorism and other threats to national security; increasing the availability of electric power, improving education, health, and providing long-delayed infrastructure – roads, rail, airports and so forth.

“Many governments have come and gone, but they did not care about some of these projects.
We were talking about these things for sixteen years under the PDP and nothing was done.
President Buhari is proud of his record because his achievements are verifiable, while that of the PDP is manifested by the devastating social and economic impact of large scale corruption during their governance.

“The President will not relent in the war against corruption because the ordinary people are the ultimate victims if we surrender to corruption and let its perpetrators go unpunished.

“Abandoning the war against corruption is not an option. President Buhari is in this battle against graft because he cannot allow a few, rapacious, and selfish class of the elite to divert the resources meant for the well-being of the ordinary people to their private pockets.
Nigerians trust President Buhari in this effort because they are convinced he is not in government for personal financial benefits, or for an ego trip.

“It is just eleven years ago that the former President and Vice President in their ugly fight for power accused each other of corruption. Nigerians are yet to forget all that.”

WHAT PMB SHOULD DO ON MINIMUM WAGE – Ka’oje

Former minister of Youth and Sport, Engr Bala Bawa Ka’oje has advised President Muhammadu Buhari to approve N25,000 as minimum wage and reduce the number of workers.

According to Ka’oje, workers that will be laid off should be given departure cheques immediately while some funds should be deposited in four banks to be given as soft loans to people who will want to go into business.

“It is important to note that the present pay for workers is not enough to sustain somebody. If you are earning N18,000, I wonder how you can pay your rent, feed your children and pay their school fees. I think it is almost impossible to do all these things with a paltry sum.

“So, to me, it is the right of the workers to have salaries increment from the monthly pay that they get. However, if I were the president, I will bring in some reform into the system in such a way that all these problems of failure of government especially state governments to pay salaries will be brought to an end,” Ka’oje said adding that half of the money government pays to workers especially in states, goes to ghost workers which is very difficult to get rid off because the leadership is involved.

According to Ka’oje, once the report is presented to the president, then, they should disengage those whose services are not required and should be paid off.

“Those people will be send off with their cheques, paying them all their entitlements so that they can go and start a new life in other sectors of the economy. We have the agriculture which is opening up and many people are making millions of naira while some are sitting idle in government offices and receiving salaries.

“So, the government should send them out in order to improve the productive system in the country and government will also provide additional safety net by putting certain amount in some banks so that the same people who have been disengaged from the government service can equally borrow from such funds if they have a viable business idea. This will enable them to start their businesses and contribute to the growth of the economy,” he added.

NIGERIAN GOVT PROPOSES N24,000 MINIMUM WAGE; STATES N20,000; NLC WANTS N30,000 – NGIGE

Dr Chris Ngige

The Federal Government of Nigeria has said after consultations it proposed N24,000 as the new minimum wage for civil servants.

The Minister of Labour and employment, Chris Ngige, stated this Wednesday while briefing State House correspondents after the meeting of the Federal Executive Council (FEC).

Mr. Ngige was responding to media reports quoting the president of the Nigeria Labour Congress (NLC), Ayuba Wabba, saying that the tri-partite committee discussing the demand for new minimum wage has agreed to increase it from the current N19,200 to N30,000.

“Such information is not true,” Mr Ngige said.

The minister said when the committee reconvened on October 5, after the NLC had called off its nationwide strike, “ the organised labour came down to N30,000, the organised private sector came down to N25,000.”

He also said the federal government had to consult with the 36 state governors. After the consultations, he said, the federal government proposed N24,000 while governors proposed N20,000.

Mr Ngige said the government is therefore still consulting and negotiations is ongoing.

He said in accordance with Convention 131 of International Labour Organisation, the most important thing to consider in fixing the new minimum wage is the ability to pay.

The NLC had initially proposed a N50,000 minimum wage for workers, a move opposed by many state governors, many of whom are unable to regularly pay the current N18,000 minimum wage.

NASS LEADERSHIP: SARAKI, DOGARA STAY AS APC, PDP LAWMAKERS OPT FOR TRUCE

Speaker, House of Representatives, Rt. Hon. Yakubu Dogara (middle) addressing journalists shortly after plenary, at the National Assembly yesterday with him are Deputy Speaker, Rt. Hon. Yusuff Lasun(left) and Chief whip,Hon. Alhassan Ado Doguwa.

Anxiety over a showdown along party lines between All Progressives Congress, APC, and Peoples Democratic Party, PDP, senators on the resumption of the Senate yesterday, turned into an anti-climax.

Against expectations, the senators reached a deal in a secret session to preserve the dignity and configuration of its leadership, putting an end to the clamour for the removal of Senate President, Bukola Saraki, from office.

As part of the deal that was reached following 75 days extended holiday, APC senators also won an agreement from the PDP leadership of the Senate to project national interests above partisan inclinations.

The move was welcomed yesterday by the Transparency International, Nigeria.

Also yesterday, the president’s request for the approval of an N346.5 billion 2018 statutory budget for the Niger Delta Development Commission, NDDC, was tabled. Also listed  was a request to raise an external capital of $2.786 billion and $82.54m to refinance the balance of $500m matured Eurobond in the international capital market.

THE TENSION

Yesterday’s resumption of the Senate was preceded by tension, following threats by  APC national chairman, Comrade Adams Oshiomhole and some party chieftains, including the Senate Leader, Senator Ahmad Lawan, and Senator Ovie Omo-Agege to advance the removal of Senator Saraki as Senate President, following his defection from the APC to PDP.

The threats against Saraki were part of  intrigues that shadowed the Senate during its recess when a plot to reconvene the Senate led to a siege to the National Assembly that ultimately forced out Lawal Daura as director-general of the Department of State Services, DSS.

The ambience of cordiality, yesterday, was stoked by sadness over the recent death of a member of the House of Representatives, Ms. Funke Adedoyin.

As the lawmakers, many of them fresh from the primary battles, returned yesterday, the partisan potshots that characterised the holiday was immediately replaced by an unusual camaraderie.

As Saraki entered the hallowed chamber at 11.03 a.m. senators according to tradition, stood up hugging him and one another.

THE TRUCE

The senators immediately went into a closed session that lasted from 11.05 to 11.25 a.m.

A source told Vanguard that at the closed-door meeting, the senators agreed to give peace a chance and avoid throwing the Senate chamber into an arena of conflict over partisan and personal issues.

“The APC Caucus leadership also extracted a promise from the Senate President that national interest will continue to take precedence over any other consideration in the activities of the Senate,” a source in the session told Vanguard yesterday.

They also agreed to give peace a chance in the remaining days of their legislative activities in the 8th Senate.

The claim was confirmed by multiple sources.

As one of the sources said: “The Senate today (yesterday) reconvened after about two months recess and immediately went into closed session where all members had frank discussions about the future of the 8th Senate as it goes into its last stage.

“The senators agreed not to allow external forces and influence to cause disaffection, disturbance or crisis within the legislature.

“The members agreed to give peace a chance and avoid allowing the Red Chamber of the Federal Legislature to degenerate into an arena of conflict over partisan and personal issues.”

OLUJIMI TAKES  AKPABIO’S SEAT

Meanwhile, the new Senate Minority Leader, Senator Biodun Olujimi, PDP, Ekiti South, yesterday took her seat, having replaced the former minority leader, Senator Godswill Akpabio, who dumped the PDP for APC.

Olujimi sat very close to her deputy, Senator Emmanuel Bwacha, the Senate Deputy Minority Leader.

She becomes the second woman to hold the position after Senator Florence Ita-Giwa who held the position briefly in the Fourth Senate.

17 LETTERS FROM  BUHARI 

Meanwhile, 17 letters from President Muhammadu Buhari conveyed to the Senate during the holidays were read on the floor of the Senate, yesterday.

The 17 letters from the President issued between June and September 2018 were all read by the Senate President.

The letters included 12 conveying the president’s decision to reject certain bills passed on to him by the National Assembly. They included, among others, Institute of Entrepreneurship (establishment) Bill 2018, Stamp Duties (Amendment) Bill 2018, Electoral (Amendment) Bill 2018 and Development Income Tax Relief (Amendment) Bill 2018.

Others were Electoral (Amendment) Bill 2018, Advance Fee Fraud and other Related Offences (Amendment) Bill 2017, National Institute of Hospitality and Tourism (Establishment) Bill 2018, Nigerian Maritime Administration and Safety Agency (Amendment) Bill 2017, National Research and Innovation Council (Establishment) Bill 2017, National Agricultural Seeds Council Bill 2018 and Subsidiary Legislation ( Legislative Scrutiny) Bill 2018.

In the categories of requests made by the President for consideration and approval of the Senate were an executive bill, titled “Suppression of Piracy and other Maritime Offences Bill ( 2018), request for confirmation of the appointment of Olanipekun Olukoyede as the Secretary of the Economic and Financial Crimes Commission (EFCC).

The president in one of the letters said he rejected the Electoral Act Amendment Bill because of what he cited as drafting issues in the bill passed on to him.

“I am declining assent to the Electoral Amendment Bill due to some drafting issues that remain unaddressed, following the prior revision to the Bill.”

Giving reason he declined to assent to the advance fee fraud and other related offences (amendment) bill, President Buhari said: “I am declining presidential assent to this Bill which would reduce the minimum punishment for the offences under the Advance Fee Fraud and other Related Offences Act due to the prevalence of the offences, the need to deter the offences and the need to punish offenders adequately.

‘’I am also concerned that the amendment to the Principal Act has watered down the sentence by giving the court too much discretion in respect of the minimum sentence.”

Reacting to the turnover of bills rejection, the Senate Leader, Ahmad Lawan, called for the setting up of a technical committee by the Senate to look into them for a possible way out.

Responding, the Senate President, saddled Lawan with the responsibility of drawing the list of members of the technical committee for him as the Presiding officer to read out.

The Senate, however, could not hold full plenary due to the death of Olufunke Adedoyin from Kwara State who died penultimate Friday.

In line with the tradition of the National Assembly both chambers adjourned plenary till today in honour of their departed colleague.

REACTIONS

Reacting, yesterday, the executive director of the Civil Society Advocacy Legislative Centre, CISLAC, Mallam Auwal Rafsanjani and also head of Transparency International, Nigeria welcomed the truce saying it was what many Nigerians had advocated for.

He said:  “this is what CISLAC has been advocating for, peaceful resolution of this misunderstanding between  the government and the legislature because we believe that the only way to make legislative progress is for the legislative and executive branches to work together towards a common goal.

“We believe that what has happened now will put an end to unnecessary tension in governance and it would bring an end to disruption to governance. The National Assembly members must be allowed to do their work in a free way and failure to do that, the executive will itself not be able to achieve its objectives.

“I think it is important that we leave negative politics in the National Assembly and face governance issues. Indeed, it is important for the ruling party, the opposition, the executive all come together for the common good.”

IT’S THE MOST PATRIOTIC THING TO DO  - CHEKWAS  OKORIE 

Reacting to the development, Chief Chekwas Okorie, Chairman of the United Progressive Party, UPP, said: It’s a welcome development and the most patriotic thing to do. Not because Saraki as an individual is morally wrong, it’s unprecedented in the political history of Nigeria for a seating Senate President to decamp to another party rather than the party that brought him into Senate and whose platform he became the Senate President. If they insist on what they intended before, it would be seen as political vengeance and it is the country that will suffer. Because it will affect the nation’s budget, the electoral laws and the constitution.”

WAEC RESCHEDULES ENGLISH LANGUAGE PAPER TO SEPT. 29

West African Examinations Council has postponed the English Language paper earlier scheduled to hold on Saturday, September 22.

WAEC revealed this on their Twitter handle, @waecdirect, when a candidate wanted confirmation of the postponement of the paper.

The examination body tweeted: “English Language papers will be written on September 29, 2018. Please, go to our registration site (http://registration.waecdirect.org) and download the timetable.”

The postponement is speculated to be due to the governorship election holding in Osun State on September 22, the earlier date of the examination.

'HOW I ACCIDENTALLY KILLED A MEDICAL DOCTOR', ACTRESS IBINABO FIBRESIMA, OPENS UP 12 YEARS LATER.

Fiberesima stressed that she was not drunk on the fateful day as opposed to several media reports.

Actress Ibinabo Fiberesima  (Instagram/Ibinabo Fiberesima)

Nollywood actress, Ibinabo Fiberesima, has, for the first time, opened up on her 'manslaughter' case, begging Nigerians and the family of the deceased for forgiveness.

She described different versions of the story in the media as false and an attempt to assassinate her character, stressing that she was not drunk on the fateful as opposed to several media reports.

In multiple Instagram posts on Friday, April 27, Fiberesima said she did not debunk the media reports before now out of respect for the family of Dr. Suraj Giwa, who died in the head-on collision accident caused by the actress. Fiberesima said she wanted the family to heal.

The actress also revealed that since 2006 that the accident occurred and amid the prolonged trial and her eventual conviction, she fell into depression and nursed suicidal thoughts, but with the help of therapy, prayers, and support from family and friends, the ex-beauty queen said she is getting better.

On February 26, 2006, Fiberesima was driving along Lekki-Epe expressway when she lost control of the wheel and swerved into the inbound lane and rammed her car into Dr. Giwa's, which resulted in his death.

The deceased was a medical practitioner at the Lagos General Hospital.

Consequently, the actress was arrested and charged to court for manslaughter and reckless driving. She was convicted and sentenced to five years in jail by Justice Deborah Oluwayemi of a Lagos State High court in 2009. She was later granted bail following an appeal filed by her lawyer, Mr. Nnaemeka Amaechina.

However, a Lagos High Court, on March 11, 2016, dismissed Fiberesima's appeal and upheld her five-year jail term.

Read Ibinabo's side of the story below:

My dearest friends and followers, I greet you this blessed Friday.  Most of you may have heard about my sad story of accident that caused the life of a beautiful and amazing human, Dr. Suraj Giwa. For 12 years, I have remained silent; internally mourning, grieving and praying that time would heal his family and mine. Through those years of my silence, stories were manufactured in the mainstream and social media about the accident. There were so many stories.  My character was assassinated. I did not tell my story. Nobody heard from me, until now. Please take few moments to read the next posts as I share my story of what really happened and seek forgiveness, peace for both families. I finally got the courage to tell my story to Azuka Jebose. It was a burden lifted off my soul. As you read, please continue to pray for the soul of Late Giwa, his family and my family. Thank you for your supports and prayers. God bless you. May the soul of Dr. Suraj Giwa continue to be at peace. Amen.

MY STORY

DEAR NIGERIA, I AM SORRY.” “ Dear Azuka,

I greet you. Thank you for allowing me to respond to your recent post here about my political ambition and the fatal accident of 2006. I need to tell my story. I stayed silent for so long and watched as my life, character and person were being ruined in published reports, including social media. This is my story, told for the first time on social media platform.

My heart has never stopped aching. It will not. An accident took the life of someone. I am forever in mourning because of this. Two families’ lives have been changed forever with this unfortunate fatal accident. It was an accident. Dr. Suraj Giwa didn’t have to die. I wished I could bring him back. I am sorry for the pains caused. I have also been maligned and disparaged in the media: I am a monster. I am a killer and a murderer, I am a drunk... No. Azuka. I am none of these.

I am just another human being that was in a deadly accident and the accident caused the death of Dr. Suraj Giwa.

It’s been 12 years of heartache, pain and depression for me. My eyes are rivers of tears.

Some days I feel like killing myself. Life has no meaning to me.

I think about Dr. Giwa every day. I pray for his soul and I pray and seek forgiveness from his family for the pain and agony. I am very sorry.

It didn’t have to happen. I wished I knew it would happen that unfortunate day, I would not have travelled that road. I was not drunk that day.

Azuka, I was driving along Lekki road, returning home after picking up a friend’s daughter from a church Fellowship. Suddenly, a red car overtook the SUV in front of me. The SUV was travelling slowly, so I shifted to its front, too. The red vehicle was being driven by a young man and had his friends with him…I drove past the red car. I think that might have angered the young chap because he swiftly sped from behind, drove past me and made a sudden stop in my front.

I tried to avoid hitting those boys in the red car. I swerved and lost control in that moment, the impact dived my vehicle into inbound lane.. Dr. Giwa was inbound, thus he drove into my car and both cars collided. I collapsed and passed out.. Three days later, I WOKE UP IN A HOSPITAL bed to learn what had happened. I was weak, sore and in pains. I could not move my legs. I had been sedated for three days. Doctors said they had to sedate me to numb my pain. Meanwhile, the police had been informed that I was in that hospital. The Lagos State Police came to the hospital to take my statement of what happened. After I gave them my statement, I was arrested at the hospital and charged to court.

At my court appearance for hearing, the judge noticed how sick, weak, incoherent an disoriented I was: he also saw my injuries. He ordered that I should be sent back to the hospital for further treatment until I was well enough to stand trial. I could not walk then.

Later at the hospital, I woke up from coma and to reality. I was afraid and shocked. I could not believe I was involved in an accident that had taken a life. I was like: Wow!..Someone died in that accident. Oh my God!. I didn’t know the family. While I was in the hospital my family contacted the family of Late dr. Giwa who died in the accident. My family was there for the funeral and did everything during the mourning season. I was afraid. But I met them in court and tried to approach them. I understood the anger and pain I had caused them, so I accepted their anger toward me….his sister was really angry at me… I wanted to talk to her… it was hard for me to get close to her… I understood all these: the pain and distress they felt as a result of the accident. I felt their pain. I wanted to tell them how sorry and remorseful I was… It was an accident. I did not intend to wake up that morning, went out and had a fatal collision.

Weeks later, I was arraigned. I attended all my court appearances. During the process I visited the family and attempted several times to make peace. I never ignored them. I am always sorry. I know the pain is tough, so I understood their anger but I kept begging. I am sorry.

I did not intend to wake up that morning, went out and had a fatal collision.

Weeks later, I was arraigned. I attended all my court appearances. During the process I visited the family and attempted several times to make peace. I never ignored them. I am always sorry. I know the pain is tough, so I understood their anger but I kept begging. I am sorry. I had gone to so many good people and friends to assist me in pleading for forgiveness from the family. One of such friends is late Iyalode of Lagos. She assisted me in begging the Giwa family: when I became well and able to walk, she took me to The former Imam of Lagos and the Present Oba of Lagos: these traditional and religious leaders begged on my behalf, pleading with the family for forgiveness and showed how sorry and remorseful I was that the accident happened. I never ran away from the scene of the accident.

I was unconscious.

How could an unconscious accident victim remove plate license and registration papers from the vehicle as reported in the media? Why would I do a thing like that? How could I have done a thing like that?

Azuka, these were all lies manufactured and circulated in the media to tarnish me. Days after the wreck, I woke up in a hospital.

I was never drunk as being speculated and alleged. I was never charged for drunk driving.

I was charged for reckless and dangerous driving.

I am forever very sorry this accident happened. I never planned for it. I plead with the family. I reached out to the GO of the church where the late doctor’s wife worships to beg him to join me plead with her. He was on a crusade in Benue and I went and met with him. I am very sorry it happened. I am not arrogant or careless. I have just been wrongly represented and maligned in the media. The story has several versions that make me a heartless beautiful beast and monster. I have not said much because the family is bereaved. It hurts. I need to respect their sorrows and what they are going through:trying to explain myself, I thought, would sound arrogant. So I kept quiet. I have been sorry from the moment I learnt the accident took a dear life.

FG NEEDS MORE BORROWING FOR INFRASTRUCTURE, SAYS OGBOBINE

Jimi Ogbobine

The Federal Government must take more loans if its plan to fund infrastructure is to be realised, according to the Senior Analyst at Agusto & Co, Mr Jimi Ogbobine.

Ogbobine said this on Sunday at a training for financial journalists during the Finance Correspondents Association of Nigeria 2018 annual workshop in Lagos, according to the News Agency of Nigeria.

He stated that the government was expected to deploy about N1.6tn to fund infrastructure this year.

Ogbobine said the bulk of financing for infrastructure would come from borrowing, with a larger share being domestic debts.

He also noted that funding the capital budget would require higher than planned borrowing with adverse implications for interest rates and interest costs for the economy.

He stated, “The Federal Government’s borrowing to fund infrastructure is likely to be between N1.2tn and N1.6tn. The implementation is unlikely to start before the second quarter and revenue is likely to be lower than planned.

“Actual funding from asset restructuring, recoveries and others may be substantially lower than the planned level of N2tn. Therefore, fully funding the capital budget will mean higher than planned borrowing with adverse implications for interest rates and interest costs.”

He added that the obligatory spending of the Federal Government was still more than 100 per cent of revenues, hence, there was no free cash flow for investment in infrastructure.

Ogbobine noted, “Every kobo of infrastructure spending is financed by debt, which constraints the ability to fully fund budgeted amounts. Debt as a percentage of revenue is significantly higher than the median of 200 per cent for countries in Middle East & Africa.

“The Federal Government plans to partly finance the 2018 capital expenditure with proceeds of asset sales.”

Speaking on inflation, he said a hyper inflationary environment was one where prices double at least every three years.

He added, “This means inflation rate of about 25 per cent per annum. In such environments, investors hold savings in low inflation currencies like dollars, pounds sterling and euros. Also, business persons price products, particularly those with a high import content, in these low inflation currencies, usually the dollar.

“In effect, such environments are dual currency environments. Real Gross Domestic Product per capita should grow in 2018, making it easier for businessmen to access forex to fund their operations. Therefore, most businesses should see top line and profit growths, while unemployment rate will fall but the level will remain high.”

The analyst said actual deficit might be lower than the projected deficit largely because of a low implementation of the capital budget.

- (NAN) 

FOOD SECURITY LIKELY TO BE AFFECTED AS FLOOD SUBMERGES RICE, MAIZE FARMS IN ADAMAWA –RICE FARMERS

The Adamawa Chapter of the Rice Farmers Association of Nigeria has said that with over 5,000 of its members affected by the flood, food security in the state is under threat.

The chapter’s Chairman, made the assertion in an interview with News Agency of Nigeria on Monday in Yola.

Maduwa said that the organisation, which has 7, 000 registered members in the state, was, however, yet to ascertain the extent of damages caused by the flood.

According to him, the earlier predicted bumper harvest is now being threatened by flooding.

“Reports reaching us from our various local government area offices, especially those along the bank of River Benue, revealed that flood had submerged some farmlands.

“We received reports from 18 out of 21 local government areas, excluding Jada, Ganye and Toungo,” he said.

He complained that majority of the farmers obtained bank loans for the rainfall farming and appealed to the government to look into the matter.

Similarly, the Adamawa State Emergency Management Agency, has said that it had begun compilation of accurate data of the affected communities in the state.

Dr Muhammed Suleiman, the Executive Secretary of the agency confirmed the development to NAN in Yola.

Suleiman also confirmed that thousands of farmers were affected by the flood across the state.

“Currently, we are compiling the number of affected persons. And available records show that the flood had submerged thousands of hectares of maize and rice farmlands,” Suleiman said.

He said that state government had reached out to some affected communities in Numan Local Government Area.

-(NAN) 

"PUTTING MY NAME ON EFCC WATCH LIST, PETTY - FAYOSE

Controversial outgoing Governor of Ekiti state, Ayodele Fayose, has called out the Economic and Financial Crimes Commission for what he calls petty behaviour.

The Governor took to his social media to condemn the EFCC and question why he’d be put on a watchlist.

The governor has come under scrutiny for many of the projects he undertook while in office and the anti-graft agency had stated that they would like to question the Ekiti Governor.

Fayose has maintained that he has nothing to hide and has also expressed his willingness to be questioned when he leaves office which would be when his immunity expires.

He also called lies the claims that he has plans to exit the country to evade capture by the EFCC.

A trip abroad will take him out of Nigeria’s jurisdiction and it is a path that former Finance Minister, Kemi Adeosun took after leaving office with reports claiming that she jetted off to England amidst calls for her prosecution over the NYSC saga.

Fayose tweeted that he was ready to hand over power next month and would welcome an investigation.

“@officialEFCC putting my name on watch list after notification of my coming is not only political but petty. I’m not among those who are afraid to face tomorrow. Nobody is God.

“They should expect me on October 16, 2018.

“I will remain in PDP not minding their intimidation.” he tweeted