The Judicial Panel of Inquiry set up by President Muhammadu Buhari to investigate the affairs of the Economic and Financial Crimes Commission, EFCC, under its suspended, Acting Chairman, Ibrahim Magu, has summoned the Attorney General and Minister for Justice, Abubakar Malami, SAN, to appear before it.
Malami was summoned by the seven-man Panel, headed by a retired President of the Court of Appeal, Hon. Justice Ayo Salami, to appear before it as a star witness.
It is not known if the Panel had planned to invite Malami, or if it was compelled to do so, but Malami was invited 24 hours after a letter written by Magu’s Counsel, Wahab Shittu, to the Chairman of the Panel, was made public.
Dated September 4, 2020, Magu had asked the Panel to subpoena Malami before the Panel to enable him, Magu, interrogate Malami. He said he wanted to cross-examine Malami, so as to watch Malami prove his allegations against him, Magu.
Ibrahim Magu
Magu’s problem stemmed from a damning letter written to President Buhari by Malami, against Magu, alleging official misconduct, insubordination, and corruption against Magu.
Magu was brought before the Panel on July 21, after being intercepted on his way to the Force Headquarters. He was subsequently detained for nine days, and suspended from office.
The Panel has since been sitting for weeks, and inviting witnesses. Magu had cried foul over some of the witnesses, especially, those he said had issues before the EFCC. He had also decried not being given copies of the petitions against him, and the Terms of Reference of the Commission.
He said he was not happy not being allowed to interrogate the witnesses, describing the alleged situation as unfair to him.
He, also, blamed Malami for, atimes, the slow pace of work at the EFCC, accusing him of interference.
On September 4, Shittu wrote to Salami, asking him to subpoena Malami. The letter was made public on September 7 and, on September 8, the Panel invited Malami to appear as a star witness.
Both men will now have the opportunity to confront each other. Malami is the supervising Minister of the EFCC.
The strong speculation is that with Malami’s invitation to appear before the Panel, the end of the proceedings of the Panel may be coming to an end. Meaning that Magu would soon know his fate.
What will it be?
Will he be found guilty, and finally sacked from the EFCC?
Or will he be found innocent, vindicated, and asked to go back to office? Or be asked to go back to his constituency, the Police? How will the Czar end?
The National leadership of the All Progressives Congress, APC, is in a quagmire as to what to do with Senator Ifeanyi Araraume and Frank Ibezim who, last week, emerged candidates of the party in parallel primaries for Imo North Senatorial bye election slated for next month.
The seat became vacant following the death, last December, of the occupier, Senator Benjamin Uwajimogu.
High Voltage Brinkmanship
Araraume and the state governor, Senator Hope Uzodinma, are now engaged in high voltage political brinkmanship to outwit the other.They are, reportedly, frantically lobbying critical individuals in the party in Lagos and Abuja.
Both men belong to different factions of Imo APC.
Old Foes Unite
While Ibezim is the candidate of the faction loyal to Governor Uzodinma, Araraume was produced by former governor Rochas Okorocha’s faction.
In an ironic twist of fate, this magazine gathered that Okorocha and Araraume are now building a formidable opposition against Uzodinma.
Araraume was one of the prominent sons who had fought Okorocha to a standstill and scuttled his push to install, as successor, Uche Nwosu, his son inlaw.
The disqualification of Ibezim from the Senatorial race by the APC screening panel, even after victory in the primary, multiple party sources confirmed, was the product of Araraume/ Okorocha lethal deft moves.
Why We Disqualified Ibezim
Chairman of the Screening Panel for the party’s primary election for the senatorial district, Dr.Lawrence Chukwu, said Ibezim was actually disqualified from participating in the process.
Frank Ibezim: Backed by Gov.Uzodinma, Emeka Nwajiuba
The Governor Mai-Mala Buni-led APC National Caretaker Committee had appointed a seven-man Committee with Ajibola Bashiru (Chairman, Senate Committee on Media and Public Affairs) as Chairman, Samuel Ogbuku as Secretary, Jibrin Gada, Bello Kumo, Umar Gana, Mohammed Saba, and Godfrey Ejim as members to conduct the primary election for a candidate that would fly the party’s flag for Imo North Senatorial by-election, coming up in October.
However, on reaching Imo, the committee split into two factions led by Bashiru which produced Ibezim as a candidate, and Gana which declared Ifeanyi Ararume as the winner.
The APC leadership had issued a statement that it only recognised the Bashiru-led Committee, which it said has been vested with the power to announce the winner of the primary election.
However, the Screening Committee in a petition submitted at the APC National Secretariat Abuja said 11 aspirants were screened, out of which 5 were cleared and 6, including Ibezim were disqualified for not meeting basic requirements.
Dr. Chukwu: “Section 3(f) of the guidelines for the nomination of candidates stipulates that ONLY aspirants fully cleared by the party shall be eligible to stand election at the party’s primaries.
“Section 3(k) also clearly stated that all aspirants must show knowledge of the party’s manifestos and programs and must commit themselves to the full implementation of the party’s goals and objectives.
“Not losing sight of section 3(L) which states that all aspirants are to submit evidence of membership of the party for at least one year except a waiver is given.
“Therefore, in compliance with section 11 of same guideline stipulating the roles and responsibilities of the screening committee, we have done our job sincerely, honestly and diligently without fear or favour but we have observed that Mr. Frank Ibezim who is purported to be one of the possible flag bearers of our party, was not cleared to contest the Imo North Senatorial primary elections”, the petition read.
Governor Uzodinma: Ibezim is the candidate for Imo North
How Araraume threw Spanner in Uzodinma’s Works
Sources close to Araraume claim that the ex-Senator and APGA’s Governorship candidate in the 2019 governorship election knew before time he was not Uzodinma’s choice for the vacant Okigwe senatorial seat and, then, took his political destiny in his own hands.
It was learnt that while the Uzodinma faction was putting finishing touches to the crowning of Ibezim as Imo North senatorial candidate, Okorocha’s faction, with a heavy war chest from Araraume, got some members of the APC team in the state for the primary to crown him.
Though this magazine could not confirm the veracity of it, a source also claim that it was the Okorocha/ Araraume faction that dug up Ibezim’s educational discrepancies which it supplied to the APC panel on which strength he (Ibezim) was disqualified.
APC’s Dilemma
The dilemma now facing the National leadership of APC is how to navigate out of the quagmire without jeopardizing chances of the party in the bye election.
A top notch of the party listed four options open to the party in resolving the logjam:
*Stick with Ibezim
*Adopt Ibezim’s disqualification
*Forward Araraume’s name as candidate
*Ditch both Araraume and Ibezim and settle for a neutral candidate
The party, The Source was informed is, however, mindful of possible legal backlash in settling for any of the four options.
For example, it recognises the Marcellinus Nlemigbo- led Imo APC faction which is loyal to Uzodinma and produced Ibezim against Okorocha/Araraume faction led by Daniel Nwafor.
There are concerns, within the party, therefore, that Ibezim’s candidacy could attract legal suits on the account of his alleged hazy academic qualifications and, if proven could rob the party of the senate seat even after victory.
On the other hand, Araraume’s candidacy could also be problematic to the party.Party sources say some elements within Imo APC have already vowed to approach the court should the party forward his name to INEC as candidate for the bye election.
“Senator Araraume’s faction is not recognized by the national leadership of our great party and, besides, he is not a member of the party; he is an APGA member”, an APC chieftain who didn’t want his name mentioned told this magazine in Owerri.
Okorocha: Teams up with Araraume
Uzodinma’s Plan B
The Source has, however, gathered that Governor Uzodinma is not resting on his oars. The magazine has been told that the Imo state Governor is keeping a number of options close to his chest in the event that the unthinkable happens, and the party adopts Araraume.
“I can authoritatively tell you that its anybody but Araraume. Just watchout”, a loyalist of the Governor told the magazine.
PDP’s Okewulonu in the Mix
Meanwhile, PDP’s candidate for the bye- election, Chief Emmanuel Okewulonu, has been dragged into the feud within APC over Imo North.
Some sources claim the PDP candidate is governor Uzodinma’s plan B, should Araraume get the APC ticket.
The governor is allegedly poised to support Okewulonu to win after which he will encourage him to defect to the APC. “Mark my words: Chief Okewulonu will represent Okigwe in the Senate if the APC eventually makes the mistake of giving Araraume the ticket”, one of the sources said.
In the same vein, a different source informed the magazine that Araraume, who represented the Senatorial district between 1999 and 2003 has, allegedly, sworn to ensure that Okewulonu wins the election to punish the APC, should Ibezim get the party’s ticket.
2023 and Nwajiuba’s Connection
The Minister of state for Education, Chukwuemeka Nwajiuba, is not just from Okigwe Senatorial district which is also called Imo North, but also hails from the same community as Ibezim. He is alleged to be the main energiser of Ibezim’s Senatorial ambition in preparation for his own gubernatorial ambition in 2023.
Nwajuba is reportedly primed at dismantling Araraume and installing Ibezim to clear the coast for his governorship ambition, the same ambition Araraume is also said to be nursing.
However, political analysts opine that though, Governor Uzodinma and Nwajiuba are currently in the same camp, and united in their resolve to enthrone Ibezim, both leaders may likely fall out before 2023 since they would be pursuing the same ambition (governorship) in the party.
Meanwhile, The Source has learnt that Governor Uzodinma’s main interest, for now, is to ensure that Araraume does not join Okorocha in the Senate to cause distractions to his government.
The immediate past Governor of Bayelsa State, His Excellency, Chief Henry Seriake Dickson, has said that he does not have any power outside God in his political career.
The former Governor said that he did not need occult powers and cult activities to register victories in his political battles, as power comes only from God.
A statement by his Media Advisor, Mr Fidelis Soriwei, quoted the Governor as having made the comment during a thanksgiving service at his country home of Toru-Orua on Sunday.
The former Governor stressed that God strengthened him and indeed fought the many battles he won in politics as Governor for eight years, and even before then.
The former Governor who spoke about the victory of the PDP in the last gubernatorial election said that God Himself, who he described as the Chief Justice of the Supreme Court of the Universe, used his own Court to deliver the verdict which stopped the All Progressives Congress from taking over the state.
He said that the fact that people imported drinks to celebrate the planned an APC take-over of Bayelsa State, but could not drink them, should convince political actors and, indeed, the citizenry that power comes only from God.
“So many things happened in this state in the past eight or nine years but the Lord gave us victory in all the challenges.
“The unprecedented battle of my re-election in 2015, after which they decided to make the State ungovernable should come to the mind. Bayelsa had over 15 police commissioners in a few months.
“And, of course, you remember the last miracle of the 11th hour! The man himself was preparing for inauguration when God used His own Court to deliver the verdict because He didn’t like what they were doing for our people,” he said
Chief Dickson described the reception given to him by the people of Ekeremor and Sagbama as unprecedented saying he did not receive such unique honour even during his days as governor.
He thanked the State Governor, Senator Douye Diri, his Deputy Sen Lawrence Ewhrudjakpo, the commissioners and assembly members from the District, the delegates and all party members for affirming his nomination as the PDP Senatorial Candidate.
He said that the Senatorial election was crucial and of interest to Bayelsa West, Bayelsa and the Ijaw nation, as the country would be expecting a Senator with the experience and capacity to speak in the interest of the Country, and the Ijaw nation in particular.
Dickson has, so far, received an unprecedented endorsement from his party, the PDP, which members gave him an automatic ticket to run for the Senate, his District, and the Ijaw nation.
The Senatorial ambition of former Deputy Governor, Chief Peremobowei Ebebi, has caused division within the membership of his party, the All Progressives Congress, APC, in Sagbama Local Government Area.
On Tuesday, 900 protesting members of the APC stormed the Toru Orua country home of the Peoples Democratic Party’s Senatorial Candidate, Chief Henry Seriake Dickson, the immediate past Governor of the State, and defected to the PDP in protest against what they termed the violation of the arrangement on zoning of the National Assembly seats in the Senatorial District.
The defectors led by the former Chairman of the Ogobiri Youth Association, Mr. Ekadi Tonbiri Desire, were received, on behalf of the State chapter of the PDP, by the Sagbama Local Government Chairman of the PDP, Mr Ofoni Oyafikunmo, the Senatorial Vice Chairman, Mr Michael Magbisa, the Chairman Sagbama Local Government Area, Embeleakpo Alade.
The defectors include elders, women and youth leaders of APC from various communities, including those in Ward 11, the largest in the local government area.
Seriake Dickson
The leaders of the group include Amadiowei Ekadi, from Ogobiri Community, Chief Kongo koria (Kabiama Community), Ebiyakpo Dagana, (Dagana Community) Patrick Okunbiri Preye, ( Ogobiri) and APC women leader Felicia Araye from Ogobiri and others.
Spokesman of the group, Mr Ekadi Desire, said that the APC members decided to pull out of the party because of the violation of the existing agreement on the zoning of political offices between Sagbama and Ekeremor.
The youth leader said that it was common knowledge that the two National Assembly positions in the Senatorial District are shared between Ekeremor and Sagbama.
He said that it was inconceivable and provocative for the APC to field a candidate for the forthcoming Senatorial contest from Ekeremor when an Ekeremor son, Chief Fred Agbedi, occupies the position of the House of Representatives.
He said that a fair and just system should not have allowed an Ekeremor son to contest the Senatorial election in brazen violation of the existing accord on zoning of National Assembly seats in the area.
He described Ebebi’s emergence as a deliberate and unacceptable oppression of APC members in Sagbama Local Government Area by the APC.
He stressed that the aggrieved members defected from the APC because of their belief in Chief Dickson’s ability, and readiness at all times to defend the Ijaw interest.
In his remarks, Chief Dickson said that the APC leadership was executing a deliberate plan to cause needless division and tension in the Senatorial District which shouldn’t be allowed.
He thanked the people for their support in all his elections such as the ones into the House of Representatives, the Governorship, his re-election, and the Senate.
He said that those who were received into the PDP would be given equal rights as other PDP members, and urged them to join party members in the campaign.
The NESG Chief Executive Officer, Laoye Jaiyewola, has warned that Nigeria’s government is heading towards totalitarianism, the way things are going in the country.
“We all have seen tendencies of totalitarianism, we are facing a tremendous food crisis, and this means we are sitting on a keg of gunpowder”, he told Arise TV. “We don’t have the luxury of time”.
This was a sequel to the press release issued by the group,
Tuesday, where they listed about 15 items they claim were of urgent national importance. In the release, the group commended Government’s actions on the deregulation of electricity and the petroleum sectors, but wants proper policies put in place.
“The NESG commends the government’s actions at deregulating fuel and electricity prices and urge that proper policies, processes, and procedures be put in place, to ensure that all the reforms (beyond price deregulation) necessary to facilitate the smooth functioning of both the fuel and electricity markets are effectively and conclusively implemented.”
The Group also expressed its reservations on the lack of transparency in the Central Bank of Nigeria’s (CBN) management of forex resource allocations and intervention funds.
The release was signed by its Chairman , Asue Ighodalo, and Chief Executive Officer, Laoye Jaiyeola.
“The Group expresses serious concerns about how the Central Bank of Nigeria (CBN) has carried on the business of foreign exchange transactions, loan disbursements (intervention funds), and price fixings without appropriate policy clarity”, the release said.
“This can be subject to abuses, manipulations and significant market disruptions, reflective of a policy akin to crony capitalism. We therefore respectfully request the appropriate authorities to properly review this policy to restore credibility into our financial sector.”
Worried about some provisions of the ‘repealed and re-enacted’ Bank and Other Financial Institutions Act 2020’ which was recently passed by the National Assembly waiting for the President for assent, the group decried certain provisions that breach the provisions of the country’s constitution and confers immunity on CBN officials and exempts actions by the apex bank from judicial review.
“These are draconian, totalitarian and inimical to the development of a stable and transparently regulated financial sector.
“We respectfully request that the President should please withhold his assent until the Bill is properly reviewed, amended, and is made fit for purpose.
“We also most respectfully request that our legislative houses should subject Bills, in particular, such crucial bills, to the most efficient scrutiny necessary to assure compliance with the Nigerian Constitution,
The nationwide protest against hike in the price of petrol and electricity tariffs berthed in Ondo state on Tuesday with protesters heaping curses on those behind it.
The protesters, made up mainly of members of the National Association of Nigerian Students, ( NANS), trooped to major roads in Akure, the state capital, carrying placards and banners with inscriptions against the hike in the cost of public utilities in the country.
Some residents that had been waiting for an opportunity to show their anger with the increment, joined the protesters, accusing the federal government of insensitivity to the plight of Nigerians.
They described the All Progressives Congress (APC) led government of President Mohammadu Buhari as incompetent adding that it has unleashed more hardship on Nigerians than any other past administration.
Addressing the gathering, Mr. Kowe Odunayo, Coordinator of NANS Zone D, said the hike in the petrol and electricity bills amounted to wickedness on the part of the government.
According to him, youths, especially the students, would be affected by the price hike, stressing that government needed to reverse the decision immediately.
“It is no longer news to many of us again that the federal government has increased the fuel and electricity tariff but we want it reversed immediately.
“We are tired and we can’t continue like this, we have suffered enough under this government and can’t be smiling at the same time.
We are saying that the federal government cannot continue to take us for fools with its anti-people policies.
“If the government feels it can shut the voices of some people in Nigeria, it can’t shut the voices of the youths and the Nigerian students”.
Mr. Akinteye Babatunde, NANS JCC Ondo Axis, pointed out that Nigerians have suffered enough under the government of President Buhari noting that the people would no longer keep quiet on the injustice being meted out on them.
Aside from the recent hike, Babatunde revealed that the present government has introduced various anti- masses policies to Nigerians but said the youth would continue to speak against them.
“We have started speaking and making our voices known that the increment is unacceptable to us as youths. We shall continue to speak until the federal government knows that we are not happy about the increment of these utility bills.
“It is just too unfortunate that at this period of Covid-19 that the government in other countries are bringing succor to their citizens in Nigeria, our own leaders and government are increasing the pains and suffering of their own citizens.
“It is so sad that our government is doing this to us, and it was because some of us as youths could not stand our ground against this injustice that this government has brought upon us.
“It has shown that this government doesn’t like its citizens and we need to rise up and stand against them. Now, we won’t stop and we would continue to demand and agitate for the right things”.
Since the government increased the tariffs, the masses have been crying foul, saying the action smacks of insensitivity.
Protests first erupted in Osun State, last week over the hike. Labour Unions, including the NLC and the TUC are mobilising for protests.
However, the Federal Government says there will be no reversal of the hikes.
Sultan of Sokoto, Dr Sa’ad Abubakar, who is the Chairman, Northern Traditional Rulers Council, has described the killings in Southern Kaduna as “madness” that has to be stopped immediately.
He called on those involved in killings in Southern Kaduna to stop the act, saying, “enough is enough”.
Speaking during the Council’s Executive Meeting in Kaduna, the monarch noted that no man in his right senses go on a killing spree of innocent people under whatever guise.
The Sultan carpeted politicians as forces behind the unrests in the southern part of the state.
He called on the people of the state and Nigeria in general that no politician means well for them, adding, “lf you keep on igniting killings based on ethno-religious differences because it is the innocent children that are killed while that of the elites are protected.”
Earlier, Kaduna State Governor, Malam Nasir El-Rufai, reminded the gathering that the Southern Kaduna crises had prevailed for the past 40 years since the first Kasuwan Magani riot.
According to the Governor, Kaduna is a mini-Nigeria with over 52 ethnic groups, meaning that 10 percent of Nigeria’s ethnic groups are from Kaduna state.
He added that the danger of it is that, crimes committed by criminals for their own selfish motives were given ethno-religious interpretations.
Speaking on what his administration has been doing to abate the killings El-Rufai said, “a military base, Mobile Police Depot, Air Force and strike force personnel have been deployed to the zone.
“Also, equipment like drones and GSM trackers are being used which had helped to neutralized thousands of the bandits in the State. We also set up a Peace Commission to meidate between the aggrieved people.”
Since the Federal Government announced hikes in the prices of Petrol and Electricity Tariffs, Non Governmental Organization, Civil Society Groups, Activists and Nigerians have been clamouring for a review in the prices. But the hikes seem to be a closed case as far as President Muhammadu is concerned.
The President remains defiant, and has said there is no going back on the hike in the prices of Petrol and Electricity.
Speaking at the first year Ministerial Performance Review Retreat at the State House Conference Centre, Abuja, President Buhari said regrettably, government could not go back on its decision to deregulate the petroleum sector and allow the forces of demand and supply at the international level to dictate the prices of Premium Motor Spirit.
The president, who was represented by Vice President Yemi Osinbajo said the COVID-19 pandemic, had led to a severe downturn in the funds available to finance its budget and had severely hampered government’s capacity to deliver, saying that one of the steps taken at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown, was the deregulation of the price of premium motor spirit (PMS) such that the benefit of lower prices at that time was passed to consumers.
“This was welcomed by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up,” he said.
According to Buhari, there were several negative consequences if government should even attempt to go back to the business of fixing or subsidizing PMS prices.
“First of all, it would mean a return to the costly subsidy regime. Today we have 60% less revenues, we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.
“Nigerians no longer have to endure long queues just to buy petrol, often at highly inflated prices. Also, as I hinted earlier, there is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We now simply have no choice,” he said.
The president assured that government was extremely mindful of the pains that higher prices meant at this time, and that government did not take the sacrifices that all Nigerians had to make for granted.
Nigeria’s Main Opposition Party, the Peoples Democratic Party, PDP, has berated President Muhammadu Buhari for being defiant and justifying the increase in the prices of Petrol and Electricity Tariff. PDP says the hikes have further overburdened Nigerians.
The PDP insists that the attempt by President Buhari to justify the “wicked” increase in the pump price of fuel from N87 per litre under the main opposition party, to N160, is provocative, confrontational and totally unacceptable to Nigerians.
In a statement issued by Kola Ologbondiyan, National Publicity Secretary in Abuja, the party also cautioned that the Buhari Presidency is pushing Nigerians to the wall with its “arrogant display of insensitivity and total disregard for the demands by the citizens to effect an immediate downward review in the pump price of fuel.”
The PDP held that the defence of such a humongous hike, which it said has worsened the hardship being suffered by Nigerians under the Buhari administration, is in bad taste and should be rescinded immediately.
The statement added: “It is indeed an unpardonable slap on the sensibilities of Nigerians that after running a heavily corrupt oil trade and subsidy regime, through which over N14 trillion naira had been allegedly frittered by its officials, the Buhari administration seeks to put the burden of high costs on innocent and already impoverished citizens.”
The PDP said it totally rejects this attempt to hinge the increase in fuel price on presumed removal of oil subsidy when the government has allegedly failed to account for the proceeds of oil sales in the last five years, “even in the face of confession by the Managing Director of the NNPC, Mele Kyari, in April this year, that the APC administration had been running an over-bloated and sleazy oil subsidy regime.”
The party further stated: “Also the Buhari administration had failed to account for the confession by the NNPC that it was engaged in secret siphoning of oil money through a claimed subsidising of fuel for certain West Africa countries.”
The PDP recalled that “prior to his emergence as the President, Buhari had declared fuel subsidy a fraud. Five years after, the government, which he heads, is watching over a subsidy regime that is brimming with corruption.
“Our party insists that Nigerians should not be made to bear the brunt of the huge corruption in the Buhari administration which has wrecked every aspect of our national economy.
“It is incredulous and shameful for this administration to predicate the reckless increase in the cost of fuel on a faulty comparison with costs in other countries of the world, whereas the daily standard of living, the purchasing power and a living wage of the average Nigerian in the last five years cannot be compared with what obtains in those countries.
“Such comparison is therefore not only absurd but also completely illogical.
“Our party had at the wake of this increase cautioned the Buhari Presidency and the All Progressives Congress (APC) not to misinterpret the patience and law-abiding nature of Nigerians as a sign of weakness on this issue.
“It is clear that the APC administration is completely anti-people as displayed in its refusal to heed to the cries of suffering Nigerians, who have rejected the fuel price increase, and there is no way history can be kind to any President who subjected Nigerians to the economic anguish and pains they have been suffering in the last five years.
“Again, we caution the Buhari Presidency and the APC not to continue to test the elasticity of the will of the people.”
Vice President, Prof. Yemi Osinbajo, has reiterated what has recently been said about the Nigeria Economy that if certain measures are not put in place, it will dwindle and collapse like a pack of cards.
Osinbajo said the Coronavirus Pandemic is collapsing the economy by diminishing the revenue and foreign-exchange earnings in the country.
“For the government, it has been a particularly trying time,” Osinbajo said while representing President Muhammadu Buhari at the start of the first-year Ministerial performance review retreat holding in Abuja.
“As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 per cent,” he added.
Osinbajo said despite the slump, the Nigerian Government had to sustain expenditures, “especially on salaries and capital projects, in order to keep the economy going.”
He said the government adopted a ₦2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown.
The plan, which consists of fiscal, monetary, and sectoral measures, is expected “to enhance local production, support businesses, retain and create jobs and provide succour to Nigerians, especially the most vulnerable.”
“But we have also had to make some difficult decisions to stop unsustainable practices that were weighing the economy down,” he said.
Nigeria’s economy is facing collapse as it largely depends on oil exports. The oil markets have been on a downward trend as COVID-19 has crippled demand. Fuel prices fell and recorded 18-year low trading at less than 22 dollars per barrel and expected to go lower.
Buhari, at the height of the outbreak of coronavirus, inaugurated Economic Sustainability Committee on March 30, chaired by Osinbajo.
The committee was specifically charged with the responsibility of developing a clear Economic Sustainability Plan in response to challenges posed by the COVID-19 pandemic, and to propose monetary policy measures in support of the plan, among others.
Still, finance experts and organisations have projected that the country may experience a severe recession.
Minister of State for Budget and National Planning, Prince Clem Agba, at the retreat said Nigeria may experience another negative growth in the third quarter of the year 2020.
