Nigeria in Turmoil

The problem is that the Nigerian state shows no sign of being able to contain this threat to its existence. The line where the Muslim north of Africa meets the Christian/animist south has long been a sectarian battleground.
Think of Sudan before it split into two, or the attacks on Christians in Ethiopia last March. Even more volatile is the religious divide in Nigeria, where on Christmas Day a bomb killed at least 35 people outside a Roman Catholic church near the capital, Abuja.
The country has been plagued by sectarian violence, with both sides guilty of atrocities, for over a decade.
But a new and deeply disturbing factor is the role played by Boko Haram, an Islamist sect that would impose Islamic law throughout the federation and during this year alone has been responsible for attacking the UN headquarters in Abuja, destroying a police station at Damaturu in the northeastern state of Yobe, assassinating several prominent individuals and now these bombings.
Tension over land rights and ethnic background as well as religious differences have contributed to civil unrest in Nigeria.
Boko Haram’s motivation is, by contrast, purely ideological and directed as much at Muslims who do not share their extreme views as at Christians.
Their name in Hausa means “Western education is a sin” and they are suspected of links with al-Qaeda in the Islamic Maghreb. Before his death last May, Osama bin Laden identified Nigeria as a key arena of sectarian warfare.
The Christmas Day attacks have been condemned by both Pope Benedict XVI and Ban Ki-moon, the UN Secretary-General.
The problem is that the Nigerian state, at best incompetent and under continuing weak leadership, shows no sign of being able to contain this growing threat to its existence.
Given the large number of Nigerians in Britain, the Government is also rightly concerned that rivalries back home could spill over into this country.


source: Telegraph of UK

Bloody Christmas in Federal Capital Territory,Abuja as Bomb Explodes in Church

*Causing "many deaths" 

It was a bloody Christmas early today when a bomb exploded in a Catholic church on the outskirts of the capital, Abuja during Christmas prayers.

Witnesses said the church was packed and that there were many dead from the blast, although officials have not been able to confirm casualty figures and the area was cordoned off.

"We were in the church with my family when we heard the explosion. I just ran out. Now I don't even know where my children or my wife are," said Timothy Onyekwere. "I don't know how many were killed but there were many dead."

It was not known who exploded the bomb but Nigerian security forces are battling the militant Islamist Boko Haram group, which wants to impose Islamic sharia law across the country split roughly equally between Christians and Muslims.

"We are presently there, evacuating the dead and the injured, but unfortunately we don't have enough ambulances, National Emergency Management Agency (NEMA) spokesman Yushau Shuaibu said by telephone.

"Most of our ambulances have gone to operate on the major highways of the country," he added.

The blast in St Theresa's Church in Madala, an Abuja satellite town about 40 km from the city centre, blew out windows of at least one house nearby, a witness said.

A Reuters reporter at the scene said the whole area around the church was cordoned off by police. The reporter saw thousands of angry youths set up burning road blocks on the main highway from Abuja leading to Nigeria's largely Muslim north.

Police and the military tried to disperse them by firing live rounds into the air along with tear gas.

There was no immediate claim of responsibility, but Islamist sect Boko Haram has been blamed for dozens of bombings and shootings in the north, and has claimed responsibility for two bombings in Abuja this year, including Nigeria's first suicide bombing on the U.N. headquarters in August that killed at least 23 people.

Last Christmas Eve, a series of bomb blasts in ethnically and religiously mixed central Nigeria killed 32 people, and others people died in attacks on two churches in the northeast of Africa's most populous nation.

BOKO HARAM BOMBINGS

Gun battles between the security forces and Boko Haram killed at least 68 people in two days of fighting in northern Nigeria, authorities and hospital sources said on Saturday.

Boko Haram has been blamed for scores of shootings and bombings in Nigeria's remote, semi-arid northeast, including a spate of attacks in the past few weeks.

Boko Haram -- which in the Hausa language spoken in northern Nigeria means "Western education is sinful" -- is loosely modeled on the Taliban movement in Afghanistan.

Rights groups say more than 250 people have been killed by Boko Haram since July 2010.

On August 26 a suicide bomber struck the U.N. building in Abuja. At least 23 people were killed and 76 wounded by the bombing which gutted the ground floor and smashed almost all the windows. Boko Haram claimed responsibility on August 29, demanding the release of prisoners and an end to a security crackdown aimed at preventing more bombings.

The blast was the first known suicide bombing in Nigeria. It marked an escalation in the group's tactics and 

revealed an increase in the sophistication of explosives it uses.

source:reuters

FG WILL MITIGATE IMPACTS OF OIL SUBSIDY REMOVAL, says Minister of Information,Labaran Maku

Posted by Lateef Lawal

The Federal Government will  mitigate the immediate impact the removal of oil subsidy will have on the populace, the Minister of Information, Labaran Maku has assured.

Speaking with journalists at the Presidential Lounge of the Lagos Airport, Maku said government  has designed a programme  centred around immediate intervention in mass transit  in the country so that all transporters would receive assistance in terms of vehicles that would be given out and the railways to offer Nigerians cheaper alternative transportation to help mitigate the cost of transport.  

His words:”There are railway services between Lagos and Abeokuta right now and there are also railway services between Lagos, Ibadan and Ilorin, between Minna and Kaduna. We are revamping the rail line from Port Harcourt to Enugu through Jos to Maiduguri. That one is going on right now and we hope that in the aftermath of deregulation, we will revamp the railways and also build new rail lines that would travel faster and links some new areas”.

He said that government would  face  power squarely because with deregulation, it  hopeed to deliver on the Mandulap Hydro-electronic project before 2015 and this would give additional 2, 600mw of electricity n addition to  generating  power in 17 existing dams in the country in the aftermath of deregulation.

On oil, the Minister disclosed that government planned to build  three additional refineries in Lagos, Kogi and Bayelsa. These new refineries will process 400, 000 of crude oil into finished products every day and with the seven refineries and start exporting.

The Real Cost Of Nigeria Petrol

By Dr. Izielen Agbon

On December 10, 2011, if you stopped at the Mobil filling station on Old Aba Road in Port Harcourt , you would be able to buy a litre of petrol for 65 naira or $1.66 per gallon at an exchange rate of $1/N157 and 4 litres per gallon. This is the official price. The government claims that this price would have been subsidized at N73/litre and that the true price of a litre of petrol in Port Harcourt is N138/litre or $3.52 per gallon.

They are therefore determined to remove their subsidy and sell the gallon at $3.52. But, On December 10, 2011, if you stopped at the Mobil Gas station on E83rd St and Flatlands Avenue in Brooklyn, New York, USA, you would be a able to buy a gallon of petrol for $3.52/gallon. 

Both gallons of petrol would have been refined from Nigerian crude oil. The only difference would be that the gallon in New York was refined in a US North East refinery from Nigerian crude exported from the Qua Iboe Crude Terminal in Nigeria while the Port Harcourt gallon was either refined in Port Harcourt or imported. 

The idea that a gallon of petrol from Nigerian crude oil cost the same in New York as in Port Harcourt runs against basic economic logic. Hence, Nigerians suspect that there is something irrational and fishy about such pricing. What they would like to know is the exact cost of 1 litre of petrol in Nigeria .

We will answer this question in the simplest economic terms despite the attempts of the Nigerian government to muddle up the issue. What is the true cost of a litre of petrol in Nigeria ? The Nigerian government has earmarked 445000 barrel per day throughput for meeting domestic refinery products demands. 

These volumes are not for export. They are public goods reserved for internal consumption. We will limit our analysis to this volume of crude oil. At the refinery gate in Port Harcourt, the cost of a barrel of Qua Iboe crude oil is made up of the finding /development cost ($3.5/bbl) and a production/storage /transportation cost of $1.50 per barrel.

Thus, at $5 per barrel, we can get Nigerian Qua Iboe crude to the refining gates at Port Harcourt and Warri. One barrel is 42 gallons or 168 litres. The price of 1 barrel of petrol at the Depot gate is the sum of the cost of crude oil, the refining cost and the pipeline transportation cost. Refining costs are at $12.6 per barrel and pipeline distribution cost are $1.50 per barrel. 

The Distribution Margins (Retailers, Transporters, Dealers, Bridging Funds, Administrative charges etc) are N15.49/litre or $16.58 per barrel. The true cost of 1 litre of petrol at the Mobil filling station in Port Harcourt or anywhere else in Nigeria is therefore ($5 +$12.6+$1.5+$16.6) or $35.7 per barrel 

This is equal to N33.36 per litre compared to the official price of N65 per litre. Prof. Tam David West is right. There is no petrol subsidy in Nigeria . Rather the current official prices are too high. Let us continue with some basic energy economics.

The government claims we are currently operating our refineries at 38.2% efficiency. When we refine a barrel of crude oil, we get more than just petrol. If we refine 1 barrel (42 gallons) of crude oil, we will get 45 gallons of petroleum products. 

The 45 gallons of petroleum products consist of 4 gallons of LPG, 19.5 gallons of Gasoline, 10 gallons of Diesel, 4 gallons of Jet Fuel/Kerosene, 2.5 gallons of Fuel Oil and 5 gallons of Bottoms. Thus, at 38.2% of refining capacity, we have about 170000 bbls of throughput refined for about 13.26 million litres of petrol, 6.8 million litres of diesel and 2.72 million litres of kerosene/jet fuel. 

This is not enough to meet internal national demand. So, we send the remaining of our non-export crude oil volume (275000 barrels per day) to be refined abroad and import the petroleum product back into the country. We will just pay for shipping and refining. 

The Nigerian government exchanges the 275000 barrels per day with commodity traders (90000 barrels per day to Duke Oil, 60000 barrels per day to Trafigura (Puma Energy), 60000 barrels per day to Societe Ivoirienne de Raffinage (SIR) in Abidjan, Ivory Coast and 65000 barrels per days to unknown sources) in a swap deal. 

The landing cost of a litre of petrol is N123.32 and the distribution margins are N15.49 according to the government. The cost of a litre is therefore (N123.32+N15.49) or N138.81 . This is equivalent to $3.54 per gallon or $148.54 per barrel. In technical terms, one barrel of Nigerian crude oil has a volume yield of 6.6% of AGO, 20.7% of Gasoline, 9.5% of Kerosene/Jet fuel, 30.6% of Diesel, 32.6% of Fuel oil / Bottoms when it is refined.

Using a netback calculation method, we can easily calculate the true cost of a litre of imported petrol from swapped oil. The gross product revenue of a refined barrel of crude oil is the sum of the volume of each refined product multiplied by its price. 

Domestic prices are $174.48/barrel for AGO, $69.55/barrel for Gasoline (PMS or petrol), $172.22/barrel for Diesel Oil, $53.5/barrel for Kerosene and $129.68/barrel for Fuel Oil. Let us substitute the government imported PMS price of $148.54 per barrel for the domestic price of petrol/gasoline. Our gross product revenue per swapped barrel would be (174.48*0.066 +148.54*0.207+172.22*0.306+ 53.5*0.095+129.68*0.326) or $142.32 per barrel. 

We have to remove the international cost of a barrel of Nigerian crude oil ($107 per barrel) from this to get the net cost of imported swapped petroleum products to Nigerian consumers. The net cost of swapped petroleum products would therefore be $142.32 -$107 or $35.32 per barrel of swapped crude oil. This comes out to be a net of $36.86 per barrel of petrol or N34.45 per litre.

This is the true cost of a litre of imported swapped petrol and not the landing cost of N138 per litre claimed by the government. The pro-subsidy Nigerian government pretends the price of swapped crude oil is $0 per barrel (N0 per litre) while the resulting petroleum products is $148.54 per barrel (N138 per litre). 

The government therefore argues that the “subsidy” is N138.81-N65 or N73.81 per litre. But, if landing cost of the petroleum products is at international price ($148.54 per barrel), then the take-off price of the swapped crude oil should be at international price ($107 per barrel). 

This is basic economic logic outside the ideological prisms of the World Bank. The traders/petroleum products importers and the Nigerian government are charging Nigerians for the crude oil while they are getting it free.

So let us conclude this basic economic exercise. If the true price of 38.2% of our petrol supply from our local refinery is N33.36/litre and the remaining 61.8% has a true price of N34.45 per litre, then the average true price is (0.382*33.36+0.618*34.45) or N34.03 per litre. The official price is N65 per litre and the true price with government figures is about N34 per litre (even with our moribund refineries).

There is therefore no petrol subsidy. Rather, there is a high sales tax of 91.2% at current prices of N65 per litre. The labor leaders meeting the President should go with their economists. They should send economists and political scientists as representatives to the Senate Committee investigating the petroleum subsidy issue. 

There are many expert economists and political scientists in ASUU who will gladly represent the view of the majority. The labor leaders should not let anyone get away with the economic fallacy that the swapped oil is free while its refined products must be sold at international prices in the Nigerian domestic market.

The government should explain at what price the swapped crude oil was sold and where the money accruing from these sales have been kept. We have done this simple economic analysis of the Nigerian petroleum products market to show that there is no petrol subsidy what so ever. 

In the end, this debate on petrol subsidy and the attempt of the government to transfer wealth from the Nigerian masses to a petrol cabal will be decided in the streets. Nigerian workers, farmers, students, market women, youths, unemployed, NGO and civil society as a whole should prepare for a long harmattan season of protracted struggle. 

They should not just embark on 3 days strike/protests after which the government reduces the hiked petroleum prices by a few Nairas. They must embark upon in a sustainable struggle that will lead to fundamental changes. Let us remove our entire political subsidy from the government and end this petroleum products subsidy debate once and for all. It is time to bring the Arab Spring south.

Izielen Agbon Izielen Agbon writes from Dallas, Texas. izielenagbon@yahoo.com 
He is  former HOD , Petroleum Eng Dept, former ASUU chairman University of Ibadan, trained many operators in nation's energy industry with pratical experience on our practices and policy focus in the last 20yrs

BREAKING NEWS:Armed Robbers lay siege on Sango-Ota,Ogun State

Residents of Sango-Ota, Ogun State were early today woken from sleep with heavy sounds of gun-shots from armed robbers who laid siege on the industrial town as early as 4.30 am.
The robbers,according to sources had attempted to rob some banks in the Sango-Abeokuta Express way but were given hot chase by men of the mobile unit of the Nigeria Police recently posted to the town to curtail the activities of the underworld gang.
In the process, there were exchanges of gun fire from both sides and the robbers consequently fled in about three vehicles with which they planned to loot the banks and headed toward Oju-Oore axis of the Idi-Iroko Express way where they also attempted to forcefully gain entry into one of the banks(name witheld) located very close to the main road but unknown to them, they were being trailed by the same mobile policemen with whom they had earlier encountered in Sango,about 2 kilometers away.
Again, there were exchanges of gun shots between the police and the armed robbers who eventually fled abandoning one of the vehicles they came with.
The police are still combing the Sango-Ota environment for a possible link that could lead to the arrest of the suspected armed robbers.

Full text of President Jonathan's 2012 Budget address to the National Assembly yesterday

"I am delighted to present the 2012 Federal Budget Proposal before this esteemed Joint Session of the National Assembly. This Proposal comes at the end of a long consultative process with key stakeholders and it translates the development plans of government unveiled in the Transformation Agenda into concrete actions.

This budget is a stepping-stone to the transformation of our economy and country in our walk to economic freedom. This esteemed Assembly would agree that this path would neither be easy nor uncontested; but with a sharp focus, hard work, determination and making careful choices we will overcome.

GLOBAL ECONOMIC DEVELOPMENTS

In the past year, the global economic recovery slowed down significantly and downside risks are on the increase as many countries, particularly in the Organization for Economic Cooperation and Development (OECD), have faced serious challenges leading to fiscal retrenchment and austerity measures in the face of high and rising levels of sovereign debt.

The Euro Zone crisis in particular has time and again thrown financial markets into turmoil as several countries in this economic and monetary union continue to face difficulty in servicing their debts. On the other hand, although many emerging and developing countries, like India and China are experiencing relatively robust growth, downside risks remain as well. In fact, global growth projection has continuously been revised downward and is now 4% for 2012-2013.

These developments have implications for our economy as, aside from the impact on the inflow of Foreign Direct Investments, they could also lead to lower demand for our primary export commodity. We are living witnesses to the extent of volatility that can afflict the international oil market with prices plummeting from US$147/barrel in July 2008 to about US$38/barrel four months later. Thus, although the oil price is currently over US$100/barrel, there is no guarantee what it would be in the future.

We cannot subject the well-being of Nigerians to such large fluctuations and must therefore protect ourselves by managing our finances prudently including by adopting a conservative benchmark oil price for our budgets.

There are also uncertainties in the area of international food prices which make it imperative that we take steps to safeguard our position through policies that would promote food security. So far, the Nigerian economy has weathered these storms well but efforts need to be reinforced to ensure macroeconomic stability and sustained economic growth.

DEVELOPMENTS IN THE DOMESTIC ENVIRONMENT

This year marked another milestone in our democratic experience, with the successful elections and peaceful transition. We now need to build on the mandate that Nigerians have entrusted to us to deliver the dividends of democracy through stronger economic reforms to deliver growth and create jobs. I have created an Economic Management Team (EMT) that I chair, and an Economic Management Implementation Team (EMIT) chaired by the Coordinating Minister for the Economy and Minister of Finance, to help us deliver on this economic agenda.

The robust growth recorded in the first half of 2011 underscores the resilience of the Nigerian economy and the prudence of our economic policies. Our growth in the 2010-2011 period has been broad-based.

The economy recorded impressive growth of 7.85 percent in 2010 and 7.72 percent as of the second quarter of 2011 compared to 5.2% forecast for sub-Sahara Africa. Medium-term prospects are also bright, with real GDP growth projected to remain strong over the period. Furthermore, we intend to pursue a programme of greater fiscal discipline complemented with appropriate monetary policy in order to help stabilize our declining foreign reserve.

The non-oil sector continues to be the main driver of growth with increased crop production, growth in wholesale and retail trade and increased financial sector activities backed by the banking sector reforms. Contributions by the oil sector continue to improve as average daily oil production rose to 2.45 million barrels per day in the second quarter of 2011 compared to 2.35 million barrels per day in the corresponding period in 2010.

At the same time, food inflation has been on a downward trend from 14.1% in October 2010 to 9.7% in October 2011, but it is still a matter of concern as our objective is to move to lower mid-single digit inflation.

REVIEW OF IMPLEMENTATION OF THE 2011 BUDGET SO FAR

We are approaching the end of a peculiar fiscal year for our nation. The 2011 Elections, the subsequent inauguration of a new Administration last May and the passage of the 2011 Amendment Budget in May 2011 all affected the implementation of the budget in 2011. Provisional data on the implementation of the 2011 Budget as at October 2011 indicate that revenue performance improved during the year over the situation in 2010.

Oil revenue receipts achieved the targeted levels as a result of relatively higher oil prices and production levels than benchmarked while non-oil receipts, though short of the projection for the period, are tending towards the set targets for 2011. As of mid-November, about 67% of the released funds had been utilized and we expect it to reach 70% by the end of December which is fairly good considering the circumstances. You will agree with me that 2010 and 2011 Budgets were relatively expansionary, and we must now inject a dose of caution.

With the support of the National Assembly, the Government is determined to pursue a programme of far-reaching fiscal consolidation so as to reduce our deficit and domestic borrowing to more manageable levels.

2. We have introduced measures to actualize this programme in the 2012 fiscal year both in the areas of improved revenue collection, recurrent expenditure reduction and increasing the share of capital expenditure in aggregate spending, in contrast with the trend of recent years.

PRIORITIES OF THE 2012 BUDGET

At a time when rating agencies are downgrading countries globally, the Outlook on Nigeria was recently upgraded from negative to stable by Fitch Ratings; this was largely a reflection of two things: a) the new economic programme, including the Medium-Term Fiscal Framework that government has put in place with important reforms and a clear programme of fiscal consolidation; b) the successful political transition following the 2011 elections.

In furtherance of its efforts, the government has significantly scaled up the flow of resources to key areas of priority including Security, Infrastructure renewal and development (including power and roads), human capital development and food security to give a more inclusive growth and attention to job creation. Yet, there is much that still needs to be done. The Transformation Agenda spells out the strategic direction of my Administration.

In this respect, being the first budget under this Agenda, the 2012 Budget has been designed with the theme: fiscal consolidation, inclusive growth and job creation.

To achieve the above objectives, we have established four main pillars, namely,
(a) Macroeconomic stability;
(b) Structural reforms;
(c) Governance and institutions; and
(d) Investing in priority sectors.

Macroeconomic Stability

Government is determined to pursue policies that will ensure a stable macroeconomic environment through a strong and prudent fiscal policy, manageable deficits, sustainable debt-GDP ratio of no more than 30%, and single digit inflation, thereby promoting real growth. We believe that these measures would engender a stable and competitive exchange rate and help to reverse the declining trend of our international reserves.

Our domestic debt profile has risen sharply in recent years, currently standing at about 16.4% of GDP. This cannot be allowed to continue and become a new burden on our children. So in addition to looking at the expenditure side of our national balance sheet, we are also paying strong attention to the revenue side.

In this regard, we have initiated steps to increase revenues by blocking leakages from various sources, improve corporate tax collection, and boost internally generated revenue. We also believe that we should be able to earn a lot more revenue from the maritime sector. As part of the on-going port reforms, government will work vigorously to increase our revenue from maritime and related activities.

Starting in 2012 for the medium term, we shall focus on cutting recurrent expenditure to sustainable levels through reducing waste, inefficiency, corruption and duplication in government. Recent reviews of public expenditures provide a basis for taking such measures. In order to make capital spending more effective, government is introducing a new template for analyzing the financial and other factors including the economic rates of return, job creation, and environmental sustainability.

Similarly, Government will continue to prioritize its expenditures while focus will be on the completion of viable on-going capital projects. It is our intention to fund and bring the large portfolio of on-going projects to completion in the next few years while also taking on flagship projects already identified in the Transformation Agenda.

From 2012, there will also be a robust programme to strengthen our oil reserves base, and increase oil exploration activities in identified inland sedimentary basins, outside the Niger Delta, with the requisite potential for the production of oil and gas, particularly the Chad Basin.

Structural Reforms

My Administration is pressing forward with key structural reforms. We are implementing the privatization of the power sector based on the Power Roadmap which I unveiled last year. We believe that the power sector can benefit from liberalization and privatization by attracting investors in the same manner as the telecommunications sector has done. In the same vein, government will come up with policies to encourage investment in the downstream sector through liberalization so as to create jobs for our people.

We have also embarked on reforming our ports and customs and we intend to continue vigorously on this path so as to reduce the cost of doing business for our private sector actors. No longer are we going to be content for clearance of goods in our ports to take 3-4 weeks with attendant demurrage and costs while it takes 48 hours elsewhere.

In this regard, I have set up a Committee chaired by the Coordinating Minister for the Economy and Minister of Finance with a mandate to remove the bottlenecks at our ports and another Committee made up of private sector users of the ports to monitor implementation. We also intend to work hard to improve the infrastructure at the ports. Other impediments such as those arising from bureaucratic and costly paperwork will also be removed.

With regard to the petroleum sector, the Federal Government is conscious of the need to bring the Petroleum Industry Bill debate to conclusion so as to give investors the comfort and policy certainty that they require. My Administration is determined to bring this matter to closure by engaging with all stakeholders and I therefore call on the National Assembly to work with us in this regard.

Governance and Building Institutions

Our reforms can only endure if they are founded on strong systems and institutions that promote transparency and we are taking steps to strengthen ours. As you are aware, we have already resumed the publication of revenues allocated to the three tiers of Government as this will promote transparency and accountability in the management of public funds.

Similarly, the recent passage of the Freedom of Information Act has further strengthened the hands of citizens in monitoring the activities of government and I acknowledge the role of the National Assembly and civil society, in making this a reality. The fight against corruption is a collective responsibility and my Administration will strengthen our anti-corruption agencies such as the EFCC and ICPC to enable them discharge their mandate. Finally, we recognize that we can only succeed in our effort to transform the economy if we have a vibrant civil service and we fully intend to embark on reforming the public service for optimal service delivery.

Investing in priority sectors: Creating Jobs

Against the background of the above reforms, this Administration will promote job creation and inclusive growth by investing in critical infrastructure, human capital development and security including more support for the police, defence and counter-terrorism operations. We shall also give priority attention to Information and Communications Technology, Solid Minerals development, Manufacturing, Aviation and Creative industries in order to further develop these sectors that are known to be sources of growth and job creation.

Let me now comment on a few sectors. The Agricultural sector is being totally transformed to enable us move from traditional farming to modern agriculture as a business both for our small and large-scale farmers. Our objective is to ensure food security whilst also promoting exports in agriculture value chains where we have a comparative advantage. We intend to process and add value to different crops such as rice, cassava, sorghum, oil palm, cocoa, cotton etc.

This approach is central to our transformation strategy. Accordingly, this Administration has adopted enabling measures to support the development of private sector-driven marketing institutions, and push for policies that would promote our agriculture to create jobs.

To unleash the potential of this sector, the Federal Ministry of Finance has put in place a mechanism to share risks with the banking sector by guaranteeing 70% of the principal of all loans made for supply of seeds and fertilizer by the private sector this season. In addition, to get the inputs to farmers at an affordable cost, we are subsidizing the interest rate on these loans to bring it down from 15% to 7% per annum. The Minister of Agriculture and the Central Bank are collaborating to extend these services for credit availability for the medium term.

We are introducing further fiscal policy measures to support the development of the agricultural sector. In this respect, the duty on machinery and certain specified equipment for the sector will, effective January 31st 2012, attract zero duty. We will further look at supportive fiscal policies for the rice and wheat sectors to stimulate domestic production.

Government is also introducing policies to encourage the substitution of high quality cassava flour for wheat flour in bread-baking. Bakeries will have 18 months in which to make the transition, and will enjoy a corporate tax incentive of 12% rebate if they attain 40% blending. With effect from March 31st 2012, importation of cassava flour will be prohibited so as to further support this programme.

All equipment for processing of high quality cassava flour and composite flour blending will enjoy a duty free regime as incentive to bakers for composite flour utilization. Consultations with the sector to ensure a smooth transition are on-going.

It is common wisdom that the best way we can grow our economy and create jobs for our people is for us to patronize Nigerian-made goods. This is why we are introducing enabling policies to drive this process. In this regard, we are introducing fiscal policy measures that will encourage the purchase and utilization of locally produced commodities.

From July 1st 2012, wheat flour will attract a levy of 65% to bring the effective duty to 100%, while wheat grain will attract a 15% levy which will bring the effective duty to 20%.

Similarly, there will be a levy of 25% on brown rice to bring it to 30%. In addition, to encourage domestic rice production, a levy of 40% will be placed on imported polished rice leading to an effective duty rate of 50%. Effective December 31st 2012, all rice millers should move towards domestic production and milling of rice, as the levy of 50% will be further raised to 100%. Let me add here that no waivers or concessions will be entertained for rice and wheat importation.

We have also commenced implementation of the Power Roadmap which aims to create a robust power sector through the privatization of the generation and distribution of power as well as create an enabling environment for investment. Institutional arrangements have been made for a Bulk Trader company to intermediate between power producers and distributors in a market setting, thereby giving Independent Power Producers (IPPs) the confidence to invest in generation capacity.

Government, in collaboration with our development partners has created a credit risk management initiative to provide Partial Risk Guarantees (PRG) to give comfort to gas producers in respect of payment. Similarly, effective January 31st2012, equipment and machinery in the power sector will attract zero duty.

The Government recognizes the provision of affordable housing as a social need and, also, a veritable source of socio-economic development and job creation. Owning one’s own home is a basic aspiration of every human being, and our people are no different.

To this end, based on a new housing policy, Government is working with our development partners to create an effective mortgage finance system in the country and to develop value chains in the building materials segment. This will give the necessary stimulant to the sector to accelerate its development and also help to reduce the cost of construction, thereby energizing the construction industry.

It is a well-known fact that government alone cannot solve the infrastructure problem, which is why we have invited the private sector and international investors to partner with us through the Public Private Partnership (PPP) arrangements.

As estimated in the First National Implementation Plan of the Nigeria Vision 20:2020, we need N32 trillion for the execution of capital projects over a four year-period, of which the private sector is to contribute N13 trillion. In this respect, we are creating the enabling environment to attract private investments by having a clear regulatory framework.

Government will, in addition to ongoing critical infrastructure projects, execute new flagship projects with positive multiplier effects across the country through PPP arrangements in the next three years.

In our continuing effort to improve on our human development index, we are conscious of the need to avoid the trap of focusing on economic growth as an end in itself, but rather, a means to improved human development through ensuring better health care, education and wealth creation.

To this end, my Administration will continue to invest in these sectors to improve on the quality of education for our children especially young graduates from our educational institutions, support Public-Private Partnership arrangements for skills development and improve the quality of our health service delivery.

Fellow Compatriots, we recognize that we can only achieve the developmental goals in a secure and peaceful environment. Accordingly, safeguarding the sovereignty, independence and territorial integrity of the country is at the heart of ongoing reforms in the security sector. As you are aware, we have since commenced strategic programmes to upgrade the skills of officers in the security agencies while modernizing security infrastructure across the country.


THE 2012BUDGET

The 2012 budget is based on a set of assumptions reflecting Government’s determination to maintain prudence in the face of continued uncertainties in the external environment. Accordingly, the budget is based on the following:

· Oil production of 2.48 million barrels per day (mbpd) up from 2.3mbpd for 2011;
· Benchmark oil price of US$70/barrel, a cautious revision from the US$75/barrel approved in the 2011 Amended Budget;
· Exchange rate of NGN155/US$;
· Projected GDP growth rate of 7.2%; and
· Projected inflation rate of 9.5%.

2012 Revenue and Expenditure Profile

Based on the above assumptions, the Gross federally collectible revenue is projected at N9.406trillion, of which the total revenue available for the Federal Government’s Budget is forecast at N3.644 trillion, representing an increase of 9% over the estimate for 2011. Non-oil revenue is projected to grow significantly in 2012 as recent efforts to reform revenue collecting agencies and the implementation of initiatives to further develop non-oil sectors are expected to yield results.

The aggregate expenditure proposed for the 2012 fiscal year is N4.749 trillion, which is a modest increase of 6% over the N4.484 trillion appropriated for 2011. I am pleased to note, however, that the declining share of capital is being reversed so it will account for about 28% of total expenditure in 2012 compared to 26% in 2011. We intend to continue on this path so that by 2015, it will have risen to almost 33%.

This underscores the need to intensify our efforts to curtail recurrent expenditure, which we have already embarked upon under the policy of fiscal consolidation as evident from the Medium-Term Fiscal Framework. The share of recurrent expenditure in the 2012 Budget proposal is 72%, down from 74.4% in 2011, and we intend to continue on this downward trend up to 2015.

The aggregate expenditure comprises N398 billion for Statutory Transfers, N560 billion for Debt Service underscoring the real need to address the rising domestic debt profile, andN2.472trillion for Recurrent (Non-Debt) Expenditure. We are conscious of the need to control the cost of governance. Government will streamline agencies with overlapping mandates as a way to realign public expenditure.

In this respect, I have received the preliminary Report of the task force which I set up for this purpose and we shall implement relevant recommendations. We are also pursuing the biometric verification of workers and pensioners as part of our effort to control cost.

Capital expenditure has an allocation of N1.32 trillion representing a 15% increase over the amount approved in the 2011 Budget. The emphasis is on the completion of critical infrastructure projects.

Based on the above, the fiscal deficit is projected at about 2.77% of GDP in the 2012 Budget compared to 2.96% in 2011. This is within the threshold stipulated in the Fiscal Responsibility Act, 2007 and clearly highlights our commitment to fiscal prudence as a way to create more space for the private sector.


This will also have a salutary effect on our domestic debt profile, which has risen significantly in recent years. We are determined to rein in domestic borrowing, and through this, ensure that our debt is at a sustainable level.

As I mentioned earlier, government has made significant progress in putting the finances of the nation on a sound footing and laying the foundation for rapid and sustainable economic growth.

Allocations to some critical sectors of the economy are as follows: Security - N921.91 billion; Power [including Bulk Trader, Nelmco, and Multi-Year Tariff Order (MYTO)] -N161.42 billion; Works - N180.8 billion; Education [excluding Universal Basic Education Commission, Petroleum Technology Development Trust Fund (PTDF) & Education Trust Fund] - N400.15 billion; Health - N282.77 billion; and Agriculture & Rural Development - N78.98 billion. Others are: Water Resources - N39 billion; Petroleum Resources – N59.66 billion; Aviation - N49.23 billion; Transport - N54.83 billion; Lands & Housing - N26.49 billion; Science & Technology - N30.84 billion; Niger Delta - N59.72 billion; Federal Capital Territory Administration (FCTA) - N45.57 billion and Communications Technology - N18.31 billion.

Fiscal Policy

Fellow compatriots, you will agree that the budget is not an end in itself but rather, an instrument for the promotion of economic growth, wealth creation, poverty reduction and service delivery to the citizenry. Government desires that we should begin to experience a commensurate increase in gainful employment and social well-being of Nigerians with the rate of economic growth.

This Budget seeks to act, not only to create jobs, but to also lay a solid foundation for sustainable economic growth which would deliver the dividends of democracy to our people. In this respect as you may recall, I hosted a retreat in October this year with the organized private Sector (OPS) at which a number of issues including fiscal policy were extensively discussed.

I wish to reiterate here that the principal objective of my Administration’s fiscal policy in the area of tariffs and trade is to promote industrialization and the growth of the manufacturing and agricultural sectors of the economy and above all to generate employment for Nigerians.

As part of the process to realize this objective, we have commenced the review of the 2008-2012 Customs and Excise Tariffs to correct identified anomalies and introduce policies that will help in the promotion of industrialization in the country when the review is concluded. In addition, to ensure a level-playing field for businesses, this Administration, beginning from the 2012 fiscal year, will where necessary, only grant concessions or waivers on a sectoral basis. The focus of any concessions will be on expanding domestic production for local consumption and boosting exports, development of value chains, and boosting employment.

The Export Expansion Grant (EEG) scheme has, over the years, contributed significantly in the diversification of the economy through the promotion of non-oil exports. Efforts have therefore reached an advanced stage to review and streamline the Scheme to make it more effective as an instrument for the promotion of non-oil exports. We shall also aggressively pursue economic diplomacy within the framework of ECOWAS to ensure that the ECOWAS Trade Liberalization Scheme (ETLS) achieves its objective of promoting intra- ECOWAS trade and that it is not used as a vehicle for dumping goods in the region. In particular, we shall review the application of the ECOWAS Trade Liberalization Scheme (ETLS) to the oil palm and other sectors.

For some time now, especially with the advent of the consolidated salary structure, there has been agitation over the lopsided nature of the Personal Income Tax Act and the fact that the tax free allowances were inadequate. I am pleased to announce that I have signed the Personal Income Tax Amendment Act 2011 into law which amongst others has the benefit of reducing, on the average, taxes paid by low income earners and providing a more equitable tax structure for individuals. This law also provides for Tax Appeal Tribunals to listen to, and address concerns of individual taxpayers as a cost-effective administrative intervention prior to recourse to the courts.

Other fiscal changes to be gazetted shortly, include tax waivers on all bonds and related instruments issued by corporate and other tiers of Government, tax rebates as incentive to companies that create jobs, regulations to support taxpayers' self- assessment, and regulations to support the growing quest of those involved in social and community development to get tax incentives for those donating to their causes.

As you may recall, Government initiated a new multifaceted National Job Creation Scheme with the provision of seed funding of N50 billion in the 2011 Budget. Implementation of this programme has commenced in earnest.

This Administration believes that it is time to give Nigerian youths an opportunity to enjoy the dignity of a job, the support for innovation, the confidence to be an entrepreneur and, the sheer optimism to be an employer of labour along with the security of an income that can contribute to our economic development. We are conscious of the fact that we have the task of transforming the huge potential of our youths into real, tangible outcomes which all of our people can experience and call their own.

In this respect, Government is focused on stimulating entrepreneurial activity and setting a framework for young people with creative tendencies to showcase their business acumen, build capacity and create jobs. In this spirit, and to move beyond the conventional paradigm of job creation, the Government, partnering with the organized private sector and our development partners, took bold steps to initiate the Youth Enterprise With Innovation in Nigeria (YouWin) programme which I launched in Abuja in October and has since been launched also across the six geopolitical zones.

This programme is targeted to, not only create a new generation of innovative real sector entrepreneurs in Nigeria, but, in the medium term, also generate jobs for youths across the country.

I believe that this move will drive the future technological and socio-economic development of our country. YouWin will lead to the creation of about 100,000 jobs through support to our young entrepreneurs.

CONCLUSION

Mr. Senate President, Mr. Speaker, Distinguished Senators, Honourable Members of this esteemed Assembly, the Proposal I lay before you this day seeks to sustain sound macroeconomic growth that will translate to achieving socio-economic transformation, and gainful employment for our people. But, we can only progress in this course and turn our possibilities into reality when we diligently adhere to the implementation of well thought-out and articulated developmental policies.

The 2012 Budget, as our collaborative effort, has taken the welfare of Nigerians as top priority. In an environment of global uncertainties and domestic challenges, the strong support of the National Assembly is invaluable for us to achieve our set developmental goals.

As we collectively resolve to create a brighter and enduring future for all Nigerians - a future of hope and prosperity not lack, fear or hatred, we must prepare to overcome any adversity that may arise. Accordingly, we must all be determined and committed to follow through with the difficult but balanced choices that we make in piloting the affairs of this great nation.

Finally, I wish to appreciate the enduring partnership between the Executive and the Legislature in discharging our shared responsibility for nation-building and I note, with thanks, the patriotism, commitment and support that Distinguished and Honourable Members of this esteemed Assembly have consistently demonstrated.

Once again, I encourage us to dialogue openly, frankly and in good faith over the challenges that face us as a nation. It is my hope that the National Assembly will consider and pass the 2012 Budget Proposal expeditiously; and I foresee even more productive collaboration to the benefit of all our people.

I am indeed grateful for your kind attention.

May God bless you all, and bless the Federal Republic of Nigeria".
 

Jonathan silent on fuel subsidy removal as he unveils N4.749t 2012 Budget

*Capital - N1.32 trillion, Recurrent (Non-Debt)          Expenditure -   N2.472 trillion
*Restricts importation of Rice

President Goodluck Ebele Jonathan yesterday presented before a joint session of the National Assembly a N4.749trillion proposed budget for the 2012 fiscal year.He also announced the restriction on importation of rice with the imposition of 30 percent levy on brown rice and 40 percent levy on imported polished rice leading to an effective duty rate of 50 percent.
The budget he explained was predicated on the following projections: Oil production of 2.48 million barrels per day (mbpd) up from 2.3mbpd for 2011; Benchmark oil price of US$70/barrel, a cautious revision from the US$75/barrel approved in the 2011 Amended Budget at exchange rate of N155/US$; Projected GDP growth rate of 7.2%; and Projected inflation rate of 9.5%.
Giving the breakdown of the 2012 Revenue and Expenditure Profile, President Jonathan said; "based on the above assumptions, the Gross federally collectible revenue is projected at N9.406trillion, of which the total revenue available for the Federal Government’s Budget is forecast at N3.644 trillion, representing an increase of 9% over the estimate for 2011."
He noted that non-oil revenue is projected to grow significantly in 2012 based on recent efforts to shore up the revenue drive of the federal government.
The President put the aggregate expenditure proposed for the 2012 fiscal year as N4.749 trillion, which shows an increase of 6 percent over the N4.484 trillion appropriated for 2011.The aggregate expenditure comprises N398 billion for Statutory Transfers, N560 billion for Debt Service and N2.472 trillion for Recurrent (Non-Debt) Expenditure.
Capital expenditure has an allocation of N1.32 trillion representing a 15 percent increase over the amount approved in the 2011 Budget. President said the emphasis is on the completion of critical infrastructure projects.
He explained that the declining share of capital is being reversed; "so it will account for about 28 percent of total expenditure in 2012 compared to 26 percent in 2011. We intend to continue on this path so that by 2015, it will have risen to almost 33percent."This underscores the need to intensify our efforts to curtail recurrent expenditure, which we have already embarked upon under the policy of fiscal consolidation as evident from the Medium-Term Fiscal Framework. The share of recurrent expenditure in the 2012 Budget proposal is 72percent, down from 74.4percent in 2011, and we intend to continue on this downward trend up to 2015", he said.
The budget is also based on the fiscal deficit that is projected at about 2.77 percent of GDP in the 2012 Budget compared to 2.96 percent in 2011. This according to President Jonathan is within the threshold stipulated in the Fiscal Responsibility Act, 2007 and clearly highlights the government’s commitment to fiscal prudence as a way to create more space for the private sector.
Sectoral Allocation

Allocations to some critical sectors are as follows: Security - N921.91 billion; Power [including Bulk Trader, Nelmco, and Multi-Year Tariff Order (MYTO)] -N161.42 billion; Works - N180.8 billion; Education [excluding Universal Basic Education Commission, Petroleum Technology Development Trust Fund (PTDF) & Education Trust Fund] - N400.15 billion; Health - N282.77 billion; and Agriculture & Rural Development - N78.98 billion. Others are: Water Resources - N39 billion; Petroleum Resources – N59.66 billion; Aviation - N49.23 billion; Transport - N54.83 billion; Lands & Housing - N26.49 billion; Science & Technology - N30.84 billion; Niger Delta - N59.72 billion; Federal Capital Territory Administration (FCTA) - N45.57 billion and Communications Technology - N18.31 billion.
President Jonathan however, said the Budget seeks to act, not only to create jobs, but to also lay a solid foundation for sustainable economic growth which would deliver the dividends of democracy to the people. "In this respect as you may recall, I hosted a retreat in October this year with the organized private Sector (OPS) at which a number of issues including fiscal policy were extensively discussed. We are conscious of the need to control the cost of governance. Government will streamline agencies with overlapping mandates as a way to realign public expenditure," President Jonathan added.
In his reaction to the budget, the Speaker of the House of Representatives, Aminu Waziri Tambuwal assured President Goodluck Jonathan that the legislature would accord the budget accelerated consideration in the interest of the people of Nigeria.
He warned that the legislature would not accept selective implementation of the budget by the executive as it has been the practice in the past saying Nigerians would assess the government based on its deeds rather than promises.
The Speaker who said this while moving the vote of thanks at the presentation of the 2012 Appropriation bill by President Goodluck Jonathan to the joint session of National Assembly also lamented that the budget presentation was coming rather late.
He said, "Let me emphasize that selective budget implementation has no place in our constitution and the legislature shall not abdicate its responsibility in ensuring full budget implementation through the instrumentality of oversight."
According to Tambuwal, the high number of uncompleted projects across the country was an attestation to successive failure of the executive to implement budgets in the past years saying "it is the single most obvious sign of shoddy government implementation of the national budget over the years."
He told the President that Nigerians are resilient people and can weather the storms of hardship starring them in the face but cautioned that "it is important to remind ourselves that, with the benefit of hindsight, Nigerians will believe our deeds and not our words."
He assured that the legislature would accord the budget accelerated consideration saying, " On our part, we wish to assure Nigerians that we shall do our best to ensure that we complete work on the budget within reasonable time so that implementation can start early. We hope that this time around, we shall break the jinx of low budget implementation. The truth is, there is no better signal that a government is alive to its responsibility than through its strict adherence to its own budget proposal."
Tambuwal, who received a standing ovation while his speech was intermittently stopped by applauses from his colleagues also told Jonathan that "we are moved with a feeling of a new spirit to remove the annual budget presentation from the realm of sheer rhetoric to one of a comprehensive presentation of a workable document. I must, however, note that the budget proposal is again coming rather late in the day."

IKEMBA NNEWI: TIME TO HONOUR HIS IDEALS OF LOVE AND TOLERANCE-says Aviation Minister,Stella Oduah

Aviation Minister, Princess Stella Adaeze Oduah has described the demise of Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu as a great loss not only to the Ibo nation but also the larger Nigerian society.
She stressed that time has come for his memory to be immortalised by embracing the ideals of love, unity, tolerance and his believe in one humanity under God, irrespective of creed, ethnicity or religion.
“Ojukwu believed in one humanity under God. He saw every human being as a creation of that Almighty God hence deserved to be treated equally irrespective of colour, creed or ethnic background. These were at the core of all he lived and fought for. Now that he has passed on to the great beyond, there can be no greater immortalisation of his memory than a recourse by all and sundry to these core essence of his being. Nigeria and Nigerians can only truly immortalise his memory by accepting one another and living in peace and unity in one country bound together by the thread of justice’’, Oduah stated.
‘’Ikemba’s passage should hopefully bring to full closure all insinuations that the larger Nigerian society still holds a grouse against the Ibo nation for the unfortunate events of the late 1960. The onus here lies not only on the other ethnic nationalities as on the Ibo nation itself to close the final chapter to all suggestions that had tended to hold it back. This is the time for the Ibo nation not only to unite amongst themselves in honour of Dim but also to look into the future with hope of a greater stake in the Nigerian nation’’, the Aviation Minister declared.
“Ojukwu’s life was a study in personal industry, humilty and courage. As a young man out of University, he had every opportunity to relapse and enjoy all the good things life had to offer as the ground was already fully prepared for him by his wealthy father, but he rejected the easy path; choosing instead to chart a different cousrse for his life. This is a fitting lesson for Nigerian youths, especially those of the Ibo extraction that there can be no greater satisfaction than success achieved through hard work and personal industry. Nigerian and Ibo youths should honour the memory of the late Ikemba Nnewi by shunning the get-rich-quick syndrome, embrace education and pursue success and fame through personal industry”, the Minister declared, adding “his footprints shall remain indelible in the annals of Nigeria’s history”.
Her deepest condolences go to Ojukwu’s immediate family, the government and people of Anambra state as well as the entire nation which has lost a true ‘’MAN OF THE PEOPLE’’.

CODE OF CONDUCT TRIBUNAL VERDICT: TINUBU EXPRESSES APPRECIATION TO JUDICIARY,MEDIA & NIGERIANS

Posted by Lateef Lawal


Former Lagos governor and National leader of the Action Congress of Nigeria(ACN) ,Asiwaju Bola Ahmed Tinubu has expressed his appreciation to Nigerians, particularly, Lagosians and members of his political party for their support and solidarity while the trial over unproven allegations of operating and maintaining foreign accounts lasted.
 He also commended Nigerians in the Diaspora whose interest in the survival of Nigeria has not waned and who followed this development closely. 
This was contained in a press statement issued over the weekend by the Media Office of Asiwaju on his return to Lagos after securing victory at the Code of Conduct Tribunal in Abuja on November,3,2011
“I sincerely thank Nigerians, my party leaders and members, the indefatigable Nigerian media and other Nigerians for their show of solidarity while my trial lasted. I also take to heart and thank Nigerians in Diaspora whose comments and views I read online daily for their support and believe in the course of justice and fairness”.
The ACN national leader also had encouraging words for the Nigerian judiciary: “The judges in this particular case have demonstrated strong commitment to upholding the rule of law. They have displayed great courage and through this ruling they have demonstrated that the Nigerian judiciary is indeed the last hope of the common man and that in Nigeria, justice is possible”.
 Speaking further on the outcome of the trail, Asiwaju promises to re-dedicate himself to the fight for justice, rule of law and full restoration of democratic rights to all Nigerians. “This outcome will spur me on to greater dedication and desire to do more for my country and her people. I will not relent, but press on in ensuring that Nigerians enjoy good governance and a free society.
Asiwaju believes that the dismissal of the case against him is a vindication of his position years back when the media trial began that these were unproven and politically motivated allegations meant to smear his name and reputation.  
After years of media trial and attempted political lynching, the political detractors finally dragged the case to trial jumping many hoops, abusing the process and violating their own laws. 
“When notice of the commencement of trial was served, I did not evade service. I was ready to defend my name and most importantly blunt the dangling sword of Damocles over my head. Then, I challenged them to go to court and maintained that those who allege must prove. I am glad that the Code of Conduct Tribunal, consistent with the laws of the land and after a painstaking trial have dispensed of my case”.
However, Asiwaju Tinubu insists that the victory at the Tribunal notwithstanding, he seeks to seek further redress because of the injury caused his reputation and inflicted on his businesses and family. 
He maintains that his anger still lingers over the non-full disclosure of the alleged bank accounts and other details relating to the charges by the government in an effort to portray and falsely classify him as a money launder and looter of public funds. 
“Where and when are the transactions in these accounts operated? What are the balances in each of these accounts? What is the ageing analysis of those balances and their sources if any?, Tinubu queried. 
” The government prosecutors and some of their political leaders in their media campaign listed these accounts and made spurious allegations making it seem as if I looted public funds and stashed it away in these accounts. Yet they have failed to provide evidence to prove these weighty, yet unfounded allegations, which shows clearly at the tribunal that this was a political persecution from the very beginning”.
“The government and its lawyersin their handling of this case have revealed a crash lack of knowledge of financial rulesat home and abroad thus, embarrassing me as a citizen, their own government and the country”. 
Tinubu further stated that wasting millions of public funds to prosecute a political vendetta is unjustifiable in a country like ours and failing to apply both the principle and doctrine of materiality; cost and benefit analysis in their so-called investigation and prosecution of this case is questionable. 
“I feel ashamed that the government is using a Senior Advocate of Nigeria, SAN, and a costly team of attorneys to prosecute this case, thereby demonstrating lack of policy direction to develop and train hundreds of lawyers in the Ministry of justice and office of the public prosecutor. I dare ask what is the aim of outsourcing a case like this to outside lawyers with huge professional bills?
The government equally failed to employ the FOI to disclose to Nigerians how much are in these accounts and how much the government was expending to prosecute.
“I am still in consultation with my attorneys on the next plan of action. The longtime of media trial and political persecution have had toil on my businesses, my political reputation and constituted an infringement of my rights and that of my family as Nigerian citizens”. 
It is only a wicked system that will list minors and portray them as looters for having in their accounts amounts in the hundreds meant for their upkeep and school runs.
Asiwaju believes that greater battle for the salvation of Nigeriahas just begun and he is willing and ready to join hands with all likeminded people to move Nigeria forward as a land of democracy for justice and a secured democracy.

EFCC Chairman,Farida Waziri removed by President Jonathan

President Goodluck  Jonathan has removed the chairman of the Economic and Financial Crime Commission, Mrs. Farida Waziri.
Her removal was contained in a three-paragraph statement signed by Jonathan’s spokesperson, Dr. Reuben Abati in Abuja on Wednesday morning.
 Jonathan named Mr. Ibrahim Lamorde as the Acting Chairman/Chief Executive of the lame duck commission.
 Larmode was among the effective team of the former chairman of the commission, Mr. Nuhu Ribadu.
 FULL TEXT OF GOVERNMENT's statement as released today by Reuben Abati, Presidential spokesman below:
 'PRESIDENT JONATHAN APPROVES APPOINTMENT OF NEW EFCC CHAIRMAN
President Goodluck Ebele Jonathan has approved the appointment of Mr. Ibrahim Lamorde  as the Acting Chairman/Chief Executive of the Economic and Financial Crimes Commission, EFCC.
The appointment takes immediate effect, and effectively relieves Mrs. Farida Waziri of her position as EFCC Chairman. Mrs. Waziri was appointed EFCC Chairman by Late President Umaru Musa Yar’Adua on May 18, 2008 and confirmed by the Senate on May 27, 2008.
Mr. Lamorde, an officer of the Nigeria Police, was, until this appointment the Director of Operations of the EFCC. He was also Ag. Chairman of the EFCC before Mrs. Waziri assumed duty at the Commission."

BOKO HARAM TERRORISTS' THREAT: Governor Akpabio charges President Jonathan to be firm in dealing with culprits

Posted by Lateef Lawal

Akwa Ibom State Governor, Godswill Akpabio has urged President Goodluck Jonathan to remain fearless in his fight again the dread Islamic sect, Boko Haram.

Akpabio, while speaking with journalists yesterday at Caverton Helicopter hangar near the Murtala Muhammed International Airport, Lagos explained that the news of the unveiling of the sponsorship of Boko Haram, the arrest of the big shot, automatically shows “that we are beginning to solve the problem”.

He stated that the arrests of the spokesman of the group and a senator allegedly involved in the sponsorship of the sect was a major set back for them, hinting, “I see the end to Boko Haram and a major thing coming with this development”.

“I will urge the President to ensure that no matter who is involved, no matter the person’s status in the society, any Nigerian that sponsors criminality must be brought to book and that is the way I run my state”.

He added that every single individual, no matter his status that is linked with sponsorship of criminality must be brought to book, stressing that it was pleasing that for the first time, the veil of secrecy is being lifted with the unveiling of sponsors of criminality in Nigeria.

His words, “For me, it is not worrisome. It is pleasing news that for the first time we are now having the cloak, the veil of secrecy is been lifted and sponsors of criminality in Nigeria are been unveiled and as far as I am concerned, this is the beginning of the cure for the problem”.

 “This is the first time we are touching the real issue, because if you are able to get the sponsors to face justice, it means those who are being sponsored will no longer be available. Most of these young people are unemployed and some of them are quite young, they can’t actually distinguish right from wrong”.

He chided politicians and their likes for unjustifiably using the youths and put them in a situation where they will be a menace to the society, noting that the news of the unveiling of the sponsorship of Boko Haram, the arrest of the big shot, automatically shows that Nigerians are beginning to solve the issue of terrorism.

According to him, “Last year if you are aware, there was a very big fish that was involved in sending terror text messages to individuals under different guises that the governor has promised to kill them that they should bring money. Eventually when he was arrested by the State Security Service who came in a team from Abuja, inspite the fact that he was the man who had been driving around town with Rolls Royce over 20 years, they charged him to court and the case is in court”.

LATE IBRU, A JOURNALISM COLOSUS,says Governor Akpabio of Akwa Ibom State

The late Publisher of The Guardian Newspaper, Dr. Alex Uruemu Ibru has been described as a colossus particularly in the media profession.
Speaking to reporters at Caverton Helicopter hangar at the Murtala Muhammed International Airport, Lagos, yesterday afternoon,  Governor of Akwa Ibom State, Godswill Akpabio said he was heading to the Ikoyi home of the Ibrus on a condolence visit, disclosed that the formation of The Guardian by the late business mogul was a major step in terms of truthful journalism and distinction in unbiased information dissemination.
He noted that the seriousness of the newspaper on national and international issues stand the newspaper out as one that can be trusted by Nigerians and one used by the international community as a reference point, stressing that the newspaper focuses on serious minded issues devoid of frivolities.
He lauded the late publisher for his contribution to nation building with the establishment of The Guardian in 1983, adding that the contribution of the newspaper could not be underestimated.
His words, “You know he was a colossus in all respect, particularly within the media profession. You know the formation of The Guardian was a major step in terms of truthful journalism, in terms of a paper of distinction, the paper Nigerians can trust and the paper the international community can also use as a reference point because that is what it is”.
“It was the first major, fearless paper of distinction. Let us be honest, the paper focuses on serious minded issues, not on frivolities. So, its contribution to nation building cannot be underestimated, so it’s a very sad development, it’s quite an unfortunate situation and I think it touches on all parts of Nigeria. That is why I flew into Lagos to pay my last respect to the departed on behalf of millions of people of Akwa Ibom who also benefited from his industry and his contribution to nation building”.

Libyan Fighters Captures Qaddafi’s Son

Libyan militia fighters on Saturday captured Seif al-Islam el-Qaddafi, the last fugitive son and onetime heir apparent of Col. Muammar el-Qaddafi, setting off nationwide celebrations but also exposing a potential power struggle between former-rebel factions over his handling.
Militia leaders based in Zintan, a western mountain town and stronghold of resistance to Colonel Qaddafi’s regime, said they captured Seif al-Islam early Saturday in the southwestern desert near Awbari, along with a small entourage.
But while transitional government leaders in the capital, Tripoli, promised that Mr. Qaddafi would be closely guarded and turned over to the International Criminal Court to be tried on war crimes charges, leaders in Zintan insisted that they would not hand him over until a formal national government was formed — a process that is in the works but at least a day or two away.
Such insistence on factional power is at the heart of international concerns about Libya’s future. And after Colonel Qaddafi’s capture and killing at the hands of militiamen a month ago, his son’s case will be an important test of Libya’s commitment to the rule of law.
On Saturday, the prosecutor for the International Criminal Court said he would head to Libya in the next few days to discuss how and where Mr. Qaddafi would be tried. “We are coordinating with the Justice Ministry to ensure that any solution is in accordance with the law,” said the prosecutor, Luis Moreno-Ocampo.
Leaders in Zintan promised that they would protect Mr. Qaddafi and that justice would take its course.
“We are arranging a very safe place for him,” said Mussa Grife, a member of the Zintan revolutionary movement’s political committee. “The people of Zintan want to leave a good impression for the world and treat Seif according to human rights and according to Islamic values.”
Tellingly, the Transitional National Council’s prime minister, Abdel Rahim el-Keeb, came to Zintan with an entourage of officials to celebrate the capture. “Congratulations to all Libya, all men, women and children,” he said at a news conference here. “Now we can build a new Libya.”
Mr. Keeb emphasized that the government in Tripoli was in no rush to take direct custody of Mr. Qaddafi and that it would accept Zintan’s demands to hold him.
“We trust their ability to take care of this,” he said. “They will keep him in peace, and take care of him, unlike how he treated our people.”
In scenes of celebration outstripped only by news of Colonel Qaddafi’s capture and death last month, Tripoli’s streets erupted in revelry at the news that Mr. Qaddafi had been seized. Vehicles clogged intersections, horns blaring, and militiamen shot their rifles into the sky. In Zintan, thousands of people poured into the streets amid a carnival of fireworks and gunfire.
The capture eliminates perhaps the best hope that loyalists had of rallying a new revolution around the remnants of the Qaddafi family. It also represents a personal transformation that turned Seif al-Islam from the most prominent advocate of changing his father’s Libya into one of the chief architects of the regime’s deadly crackdown on dissent in its final days.
Mr. Grife said Zintan fighters had been following Mr. Qaddafi through the desert using local sources for intelligence about his whereabouts in the past few weeks. When they learned he and a small entourage would try to make a break to leave the country, perhaps bound for Tunisia, they laid a trap for him on Saturday morning along a valley road outside Awbari, an oasis town.
When Zintan fighters blocked the caravan, Mr. Qaddafi broke from his vehicle and was captured on foot. “They tried to fight,” Mr. Grife said. A few shots were fired, but there were no reports of any wounded.
A reporter for Reuters was on the plane with Seif al-Islam as the fighters flew him from Awbari to Zintan. The reporter said that although Mr. Qaddafi appeared very frightened, he was in decent condition. He wore an uncharacteristically heavy beard, and showed the reporter his heavily bandaged right hand, which he said was wounded in a NATO airstrike about a month ago.
As Mr. Qaddafi was driven from the Zintan airport to an undisclosed place for detention, residents who had gathered to see him threw shoes and sandals at the vehicle, a sign of extreme contempt in the Muslim world.
For years, Seif al-Islam el-Qaddafi cultivated an image at home and abroad as the face of change in Libya. An international playboy in his youth, he went on to earn a doctoral degree at the London School of Economics. He wrote a thesis on the importance of democracy and civil society groups, although accusations later emerged that it had been ghostwritten by consultants working for his father’s government.
He publicly championed the cause of modernizing and liberalizing Libya, including loosening the tight restrictions on political speech his father had maintained for decades, opening up free enterprise and adopting a constitution.
In the staged drama that passed for public political life under Colonel Qaddafi, Seif al-Islam, who is 39, was often portrayed as standing up to an authoritarian old guard around his father, who seemed to push back against his ideas. Some Libyans who dreamed of a freer future pinned their hopes on him and the young clique he led.
Western consultants say Seif al-Islam managed to parlay partial control of Libya’s oil assets and investments to help induce Western businesses and governments to ease Libya’s isolation under his father.
His success helped him emerge as the pre-eminent son and heir apparent among Colonel Qaddafi’s many children, although his brother Muatassim, his father’s national security adviser, was always considered a rival.
But when the revolt against Colonel Qaddafi broke out in late February — taking over the eastern city of Benghazi and for a few days the streets of Tripoli as well — it was Seif al-Islam who delivered the Qaddafi government’s first public response, warning in a long and rambling speech that the government would crush the “rats” who challenged his father’s rule.
Libya, he said, would slide into civil war. To opponents of the Qaddafi government, the son now sounded very much like his father.
During the rebellion and NATO bombing campaign against the Qaddafi government, Seif al Islam was said to propose to the Western governments a truce centered on the idea that he would lead a transition to electoral democracy. But in public interviews he always insisted that his father should retain a figurehead role, which he sometimes compared to that of the queen of England, and the Western powers never bit.
In his last interview — in early August, less than three weeks before he fled as rebels took Tripoli — Seif al-Islam appeared a changed man, nervous and agitated, wearing a newly grown beard and fingering prayer beads. He had always been a religious Muslim, he said, though his previous image was decidedly secular.
Casting aside any pretense of negotiating peace with the Western-supported rebel leadership, Mr. Qaddafi said in the interview that his father’s government was negotiating a secret deal with a faction of Islamists among the rebels. Together, he said, Qaddafi loyalists and Islamists would turn on the liberals among the rebels, who would be killed or driven into exile, and Libya would become an Islamic state relying on the Koran instead of a constitution. “Libya will look like Saudi Arabia, like Iran. So what?”
He added, chuckling, “It is a funny story.”
Libyan Islamists denied the report immediately. Officials of his father’s government denied it the next day. And at least one person close to the Qaddafi family later said that Mr. Qaddafi appeared to be losing his grip.



source:The New York Times