Folarin Kehinde

The Governor of Rivers State, Nyesom Wike has threatened to destroy the Peoples’ Democratic Party (PDP) chances in the upcoming 2023 presidential election.

Wike, who is having a running battle with Senator Iyioricha Ayu, National Chairman of the PDP, said this at the commissioning of a road in Omerelu community in Ikwerre Local Government Area of Rivers, on Thursday.

The governor was responding to recent comments by Ayu that those asking him to step down were children.

In an interview with BBC Hausa, Ayu had said, “I have not violated any rules; in fact, I am working to bring reforms to the party. I am truly not bothered by the unnecessary controversy being generated. When we started PDP, these children were not around. They are children who do not know why we formed the party. We will not allow any individual to destabilise our party.”

But in his response, Wike described Ayu as a greedy man who was only after his interest.

Wike said it was obvious that Ayu wanted the PDP to lose in 2023 and he was willing to assist him achieve that.

“You can imagine what power can do. You can imagine the ingratitude; how people can be ingrates in their lives. I thought as a chairman of a party who wants to win elections, your business is to bring peace to your party; your business is not to divide your party. Your business is not to show arrogance to your party.

“Yes, the children brought you to be chairman of the party. The children brought you from the gutter to make you chairman. Doctor Ayu said we are children. Yes, the children brought you from the gutter to make you chairman. Now we have seen that you don’t want the party to win election, we will help you.

“Ayu, you said you founded this party, but you left the party in 2007. You founded a company, you left the company, people stood and brought out the company to what it is today, you have no moral right to still come and claim that you founded that company, you left with your shares. You want to show integrity, you want to show a party to Nigeria that we want to take over, you must convince Nigerians that we have the integrity. You are the driver that will drive the vehicle to convey us to go our destination. That is the victory we are looking for. If the driver has no integrity and cannot show honesty, how do you convince Nigerians? If you tell Nigerians something and cannot do it, is it when you enter into power that you will do it

People engaging in Medium, Small and Medium Enterprise, MSME in Plateau State have been taken through the intricacies of the National MSME Policy to enable them to understand the priority of the policy, see how they can key into and own the policy for inclusive development of the MSME sub-sector.

The one-day stakeholders’ dialogue on the implementation of the National MSME Policy in Plateau State was organized by the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN with the support of the GIZ-SEDIN programme (a Deutsch Gesellschaft für Internationale Zusammenarbeit, pro-poor growth and promotion of employment in Nigeria) in collaboration with the Plateau State Microfinance Development Agency, PLASMIDA.

Speaking at the event held on Thursday in Jos, the Director General of SMEDAN, Olawale Fasanya in his keynote address, said the engagement forum is an avenue to “harvest inputs of stakeholders which would assist the Agency to decide the exact intervention that is needed to enable MSME to continue to improve and add value to the nation’s economy.”

Fasanya reiterated the need to bridge the information gap between the government agencies in charge of MSMEs development, adding that there are adequate funds to support MSMEs but operators do not have the requisite knowledge to access the funds due to lack of proper information hence, plans are underway to establish business information centres in all the local government areas for the benefit of grassroots dwellers who own small businesses.

Giving an update on the said policy as well as the National Survey on MSMEs, Onesi-Lawani Daberuje of SMEDAN noted that the forum sought to “create awareness/ownership If the policy implementation at the State level, provide a platform for regular interface towards the implementation of the policy recommendations and allows for input-harvest by SMEDAN in driving sustainability and strengthening the MSME subsector.”

He pointed out that among other things, the policy priority areas are to “raise awareness, five extension/support services, marketing, infrastructure, cost of doing business,” among others.

Also, Markus Wauschkuhn of the GIZ-SEDIN reinforced that the role of MSMEs in employment and the creation of jobs cannot be played down as the sub-sector contributes to Nigeria’s economy and its GDP growth.

His words, “… MSMEs generate income and further employment, we work closely with private and public institutions to improve the conditions these enterprises have to work, the business environment, the policies, the local economic development. The SEDIN programme is supporting the SMEDAN to organize the stakeholder engagement in Plateau State to strengthen the collaboration among the different actors and to strengthen the MSMEs ecosystem.

“We offer support for maximum impacts of MSMEs because of the roles of MSMEs in economic development and creation of jobs, especially in Nigeria where the unemployment rate is high. Available statistics show that MSMEs contribute up to 48% of the national GDP but despite this significant contribution, challenges hinder the growth and development of the sector therefore, we give this support to address the issues which hinder the growth of MSMEs in Nigeria…”

Bomkam Wuyep, the DG of PLASMIDA who represented the Secretary to the State Government, Professor Danladi Atu promised an improved environment for small businesses to thrive while Akinropo Omoware of GIZ assured of continued collaboration with all stakeholders to strengthen MSMEs.

Discussing the challenges faced by MSMEs in the State, as well as the possible solutions to the issues raised, participants complained about the cumbersome conditions for accessing funds, the unlevel playing field for small businesses to thrive, and the lack of data to help in monitoring and evaluation, lack of access to the Bank of Industry, lack of access to improved seedlings, lack of access to markets for sales of products as well as the use of intervention for consumption rat

Angry youths on Wednesday burnt down the country home of the Sokoto State Commissioner for Security and Career Studies, Col. Garba Moyi (retd), for allegedly working with bandits.

The spokesman of the state police command, Sanusi Abubakar, who confirmed the incident to journalists in Sokoto, said the irate youths burnt down the building located in Isa local government area of the state after they accused him of working with bandits who regularly attack the area.

Abubakar added that the youths also torched a vehicle belonging to the traditional ruler of the community, Sarkin Gobir Alhaji Nasiru Ahmad, whom they also accused of colluding with the bandits.

According to the spokesman, trouble started when the commissioner turned down the youths’ invitation for discussion on incessant attacks in the area.

Abubakar said at least five persons had been arrested in connection with the incident.

Moyi, who also confirmed the attack on his home, blamed his political rivals for the ordeal.

He said: “It is true that youths attacked my house at Isa local government area. They overpowered the security man in the house and set the house ablaze.

“I am yet to visit the area to ascertain the extent of damage to the house; but I can confirm that no life was lost.

“I know this is the handiwork of my political opponents as I have absolutely nothing to do with bandits.

“For now, I cannot say anything further as the investigation is ongoing by the police.”

Dr Rabiu Musa Kwankwaso the presidential candidate of the New Nigeria Peoples Party was attacked yesterday by hoodlums in Kogi state.

Kwankwaso who is also a former governor of Kano State was attacked in Lokoja, Kogi State when he went to launch his party’s new secretariat and campaign offices.

The hoodlums invaded the venue and drenched him and his aides with sachet water (Pure Water).

A similar scene had played out before when Kwankwaso visited Ogbonicha, Kogi State, the hometown of late Abubakar Audu.

The hoodlums accused him of trying to hide under the canopy of the late ex-governor to woo supporters of the All Progressives Congress (APC) to his side.

The Buhari government is proposing a N19.49 trillion budget for the year 2023. More than half of the money is to be borrowed.

To finance the budget, the federal government plans to borrow N11.03 trillion and privatize several assets to raise the capital.

The government plans to generate only N8.5 trillion, out of the N19.47 trillion budget.

Buhari administration plans to finance the huge budget by borrowing N7.4 trillion from the domestic market and N1.8 trillion from foreign entities. In addition, FG is expecting N206.1 billion from privatization proceeds and N1.7 trillion multilateral project-tied loans.

This borrowing plan is far above the recommended threshold stipulated by the fiscal responsibility Act. The law provides that the deficit should not exceed 3% of GDP. However, this plan is 5.01% of the GDP.

Section 12 (1) of the FRA states: “Aggregate expenditure and the aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three per cent of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the National Assembly for each financial year.”

However, the law gives the President power to cross the threshold based on the approval of the National Assembly if the president believes that there is a reason to cross.

But the president has steadily crossed the deficit with different justifications. In 2021, it was 3.5% with the argument that there is a need to finance COVID-19 recovery. In the past, the administration premised its argument on funding the defence sector due to insecurity.

This time, the government is making petroleum subsidy the central argument for the huge deficit. However, it’s worth noting that, in this current proposal, subsidy will only be paid for 6 months.

While the government is using subsidy as an excuse, there is a part of being unable to generate revenue. In 2014, government daily oil production was 2.33 barrels per day, but the government is projecting to produce 1.69 BPD in 2023.

On Monday, when the Minister of Finance, Zainab Ahmed appeared before the House or Reps Committee on Finance, she lamented that oil theft has reduced the capacity of the government to fund the budget.

She said the inability to produce sufficient oil has made it impossible to meet the crude oil for PMS swap deal as the government is now paying cash instead of crude oil.

“We need the crude to undertake the DSDP arrangement where crude is swapped for PMS. It means we have to pay for PMS ourselves,” she said.

Furthermore, Nigeria is unable to meet its OPEC quota of 1.86 million barrels per day.

It would be recalled that the federal government recently signed a N4 billion monthly pipeline surveillance agreement with Government Ekpemupolo, better known as Tompolo.

It is a reversal of the initial stance which saw the cancellation of the contract months after President Buhari assumed office.

According to the Debt Management Office (DMO), as at the first quarter of the year, the debt of the country stood at N41.6 trillion.

Before the year runs out, Nigeria is expected to have added to it and by 2023, FG alone is expected to add N11.03 trillion to the profile.

Dr Adesanya Moses, an Economist at the Nigerian Army University, Biu, said any borrowing that is not going into financing the capital component of the budget is not sustainable.

“If they keep borrowing not for capital projects, then it is not sustainable because part of it will go into recurrent expenditures and debt servicing. It will be more efficient if the investment can repay the loans— it is what we call derived demand. When you spend money on capital projects, it will help the economy to grow.

“The problem is that borrowing to finance subsidy is not sustainable because the vast majority of the subsidy goes to the high and middle income earners. It is not creating jobs or improving the life of the people. Borrowing to finance subsidy is not sustainable,” he said.

While this is going to be President Buhari’s last budget, a large part of it will be implemented by another administration, hence, whoever emerges as the president in 2023, will inherit a huge budget built on borrowing

source: dailypost

Vice President Yemi Osinbajo has said the government must act fast on the country’s economy and the industrial action embarked upon by the Academic Staff Union of Universities (ASUU).

Osinbajo called on the governors elected on the platform of the ruling All Progressives Congress (APC) to work with the Federal Government with a view to bringing urgent resolution to the economy and ASUU strike for the benefit of Nigerians.

According to a statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, Osinbajo made the call when he received the APC Governors in his office at the Presidential Villa in Abuja over his recent surgery.

The Vice President, who expressed his appreciation to the governors for the visit and the good wishes, commended the expertise of Nigerian doctors, and the availability of cutting-edge medical facilities existing in the country.

He, however, regretted that doctors are restrained by regulations to advertise, saying many people are unaware of the level of quality medical services available locally.

“We all need to work together on these critical issues. We need to think through things, and we need to do it fast,” Osinbajo said.

Present at the meeting were Governors Atiku Bagudu (Kebbi), Kayode Fayemi (Ekiti), Simon Lalong (Plateau), Babajide Sanwo-Olu (Lagos), and Muhammad Badaru Abubakar (Jigawa).

Others included Abdulrahman Abdulrazaq (Kwara), Abubakar Sani Bello (Niger), Dapo Abiodun (Ogun), Abdullahi Sule (Nasarawa), and the Deputy Governor of Ebonyi State, Kelechi Igwe.