Headlines

‘Buhari deserves credit for taking Nigeria out of recession twice’

Published

3 years ago

October 28, 2021

The administration of President Muhammadu Buhari deserves credit for taking Nigeria out of recession twice, rather than be blamed for the two economic declines in four years.

According to the Buhari Media Organisation, BMO, while reacting to UK based magazine, The Economist’s article on Nigeria, “taking a country out of economic recession twice is unprecedented anywhere in the world”.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO said that it was wrong for the magazine to suggest that the recessions had to do with policy failure.

“We find it strange that a magazine of that stature would form a conclusion on the two recessions in the life of the Buhari administration without bothering to put issues in proper perspectives.

“So we are constrained to clear the air on some of the misconceptions in the writeup that has since been reproduced in the local media and is currently trending on social media.

“For starters, we acknowledge that the 2016 recession happened at a time that the All Progressives Congress (APC)-led administration had barely spent one year in office, but there are facts, even in the public domain, showing that the country’s economy had been on a downward spiral since the second quarter of 2014 as a result of a global oil slump.

“It beggars belief that a magazine that prides itself as an authority in global economic issues was unaware of the three consecutive declines in Nigeria’s GDP in 2014 from a high of 6 per cent to 2.35 per cent by the time Buhari was sworn in on May 29 2015.

“So we make bold to say that contrary to the picture it sought to paint by describing the administration as bumbling in its handling of the economy, it actually did a good job by reversing the trend and taking the country out of recession in record time.

“A similar feat was also achieved when Nigeria, like the rest of the world, went into recession as a result of the COVID-19 pandemic in 2020, but recorded a swift turnaround that stunned the whole world.

“It is interesting to note that the non-oil sector was instrumental to the country’s quick exit from recession by consistently contributing over 90 per cent to aggregate GDP inspite of the magazine’s claim of little or no effort to diversify the economy.

“So we wonder why a magazine which even rated Nigeria quite high in its global normalcy index could pretend that the feat was negligible even after the latest figure showed a 5 per cent economic growth”.

BMO also argued that the magazine was wrong in its assessment of the impact of the government’s decision to shut its borders in 2019.

“When the Buhari administration opted to shut its land borders temporarily, it was a well-thought-out decision that was taken, amongst others, to boost local rice production; indeed Nigeria is today Africa’s top rice producer, but this obviously does not suit the agenda of ‘The Economist’.

“As for its claim of galloping food inflation which is put at 20 per cent this is certainly not true as a simple Google search would have shown those who wrote that editorial that it is less than that at 17 per cent after a monthly drop-in inflation rate since the first quarter of the year.

“What this means is that contrary to the impression the magazine tried to create, the Buhari administration has been steadily growing the economy at a time that countries with more structured economies are witnessing a slump.

“This is one of the reasons we were bold to say that Nigeria will surpass the 2.7 per cent growth projection by the International Monetary Fund (IMF) for 2022.

“And lest we forget, ‘The Economist’ was quite bullish with its claim that 40 per cent of Nigerians were living below the poverty line just before COVID-19 set in. We want to refer its editors to a 2010 report by the National Bureau of Statistics (NBS) which put the country’s poverty figure at the time at about 60.9 per cent of the population.
” The 2004 figure, by the way, was 54.7 per cent so it is safe to say more people have been cycled out of poverty in recent years”.

The group reaffirmed the Buhari administration’s commitment to weaning the country of its overreliance on oil by ensuring that the non-oil sector’s contribution to the GDP is consistently high.

NAN

Related Topics:Accessmagazine Accessnews Buhari credit deserves news NewsUpdate nigeria recession twice’

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Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

Published

8 hours ago

November 22, 2024

Matthew Eloyi

Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

Economy

Customs intercepts N30m worth of PMS in Operation Whirlwind

Published

9 hours ago

November 22, 2024

Matthew Eloyi

The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.

The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.

“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.

“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.

“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.

“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.

The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.

Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.

He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.

Africa

Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry

Published

9 hours ago

November 22, 2024

Matthew Eloyi

Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.

Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.

President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.

Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.

She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”

Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.

Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.

“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.

Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”

Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.