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House Of Reps Fixes Exchange Rate at N350 To A Dollar

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House Of Reps Fixes Exchange Rate at N350 To A Dollar

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The House of Representatives on Tuesday adopted the 2017 to 2019 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, with exchange rate fixed at N350 to a dollar.

This was against the N290 to a dollar recommended by President Muhammadu Buhari on his request on October 4 to the National Assembly..

However, the House retained the oil benchmark of 42.50 dollar per barrel with a proposed daily production of 2.2 million barrels as proposed by the executive.

The House also mandated its joint committees on Finance, Appropriation, National Planning and Economic Development, Legislative Budget and Research and Aids, Loans and Debt Management to further scrutinise the document.

Moving the motion for the adoption of the MTEF/FSP, House Leader, Rep. Femi Gbajabiamila, said Section 11(2) of the Fiscal Responsibility Act, 2007, provides that “the MTEF shall be considered for approval with such modifications if any, as the National Assembly finds appropriate by a resolution of each House of the National Assembly”.

He pointed out that Section 11 (3) of the FRA, 2007, states that “the MTEF shall contain, among other things, a macro-economic framework setting out the macro-economic projections for the next three financial years.

“The underlying assumptions for those projections and an evaluation and analysis of the macro-economic projections for the preceding three financial years”.

Defending the exchange rate adopted by the house, he said that some analysts forecast that the shortage of forex supply may push exchange rate to as high as N350 to the dollar in the official market and N500 in the parallel markets.

He said that “the budgeted exchange rate of N290 per dollar is unrealistic and should be moved to at N350 to encourage foreign capital inflows”.

On crude oil, he said that “the proposed oil benchmark is 42.50 dollars per barrel with a production of 2.2million barrels per day.

“Both seems to be realistic as oil is currently trading at about 50 dollar per barrel”.

According to him, though there is a steady improvement in oil prices, the government has chosen to play safe and benchmark oil price at 42.50 dollars, 45 dollars and 50 dollars for 2017, 2018 and 2019.

He explained that “with current price level of over 50 dollars per barrel and Nigeria’s current output at 1.9 million barrels per day, the estimates are conservative enough especially with OPEC output freeze last week”.

He maintained that the revenue target of N4.169 trillion and total expenditure of N6.687 trillion were audacious to move the country out of recession.

He said: “These are achievable only on effective combination of strong fiscal and monetary tools by government, increasing the tax base in the country.

“Curtailing militancy in the Niger Delta and injecting back looted funds, diversification of the country’s revenue sources, controlled government spending and strong anti-leakage and anti-corruption drives.”

He stated that GDP was projected to grow at 3.02 per cent in 2017, while inflation was expected to moderate to 12.92 per cent.

Also consumption was projected to increase to N80.5 trillion.

“However, GDP growth at end of third quarter, 2016 slowed to 2.24 per cent, while inflation rose to an all-time high of 18.3 per cent.

“These budget growth levels in GDP and inflation are not achievable in 2017.”

President Buhari is expected to present a proposed budget of N7.28 trillion for the year 2017 at a joint session of National Assembly on Wednesday.

Court Directs EFCC To Restore Fayose’s Accounts

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Court Directs EFCC To Restore Fayose’s Accounts

 

Governor of Ekiti State, Ayodele Fayose
Governor of Ekiti State, Ayodele Fayose

Justice Taiwo Taiwo of the Federal High Court, Ekiti State has ruled that the Economic and Financial Crimes Commission, EFCC, did not follow due process in placing a no debit order on two bank accounts belonging to the governor of Ekiti state, Ayodele Fayose.

The judge subsequently ordered the anti-graft commission to defreeze the governor’s accounts with immediate effect.

Delivering judgment in the suit filed by Fayose, through his lawyer, Mike Ozekhome, SAN, Justice Taiwo held that the governor’s rights had been unconstitutionally infringed upon.

He explained that apart from the immunity conferred on Fayose as a sitting governor under section 308 of the 1999 constitution as amended, the EFCC was wrong to have gone ahead to freeze his two accounts indefinitely without first investigating him or making him a party.

Justice Taiwo said the applicant was “a genuinely deprived person who rushed to the court to seek constitutional protection”, adding that it was the duty of any presiding judge to protect the constitution and its interpretations whenever the need arises.

“The Plaintiff is entitled to be heard before his property or money can be seized, doing otherwise will amount to denying him fair hearing and constitutional rights,” the judge held.

He however refused to grant other reliefs sought by the governor, including a perpetual injunction restraining EFCC or its agents from further tampering with his property, and another one asking for payment of N5billion as exemplary damages.

“This court will not shield any person from due investigation. Since Police cannot be stopped from investigating a crime, same goes for the First Respondent so as not to whittle down its functions”, the judge said.

Recall that in June this year, two of governor Fayose’s accounts with Zenith Bank Plc were frozen by the EFCC on the allegation that they contained proceeds of crime.

El-Rufai Signs 2017 Kaduna State Budget Into Law

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El-Rufai Signs 2017 Kaduna State Budget Into Law
Governor of Kaduna State, Nasir El-Rufai
Governor of Kaduna State, Nasir El-Rufai

Governor Nasir El-Rufai of Kaduna State has signed the 2017 budget of N214 billion into law, thus making Kaduna the first state in the country to so do.

The total budget sum of N214.9 billion  comprises of N83.46 billion recurrent expenditure and N131.45 billion in capital expenditure.

According to the governor, the budget represents “a capital to recurrent ratio of 61:39”.

Governor El-Rufai, also announced that the state had received the Paris Club refund from the Federal Government, adding that the money would be used to clear six years of pension, gratuity and death benefits of retired and dead workers in the state.

He said: “I wish to inform our legislators that we shall be submitting a Supplementary Budget to enable us capture the debt refunds we have just received from the Federal Government.

“Fifty-five percent of these funds belong to the state government, and the balance is for the local governments.

“We propose to apply 50% of the funds to settling the inherited arrears of gratuity and death benefits for state and local government workers. Some of these unpaid arrears date from as far back as 2010,” he said.

Throwing more light on the budget, El-Rufai explained that it was a people-friendly budget.

“In 2017, Kaduna State will spend N44.84bn on Education; N10.49bn on Health; N24.50bn on Infrastructure and N8.1bn on Water. Agriculture, one of our areas of comparative advantage, will get N4.58bn,” he said.

He explained further: “We (will) deliver the Zaria Water project, begin a school rebuilding and equipment programme that is unprecedented in the history of the state; complete the refitting of 278 primary health centres and hospitals and improve our investment profile and job-creation capacity with the establishment of an agro-industrial zone.

“In addition, we will expand our programme to rebuild and maintain township roads and kick-off the first phase of the Kaduna mass transit scheme.”

The governor added that the budget will enable the state government to implement “an Emergency Nutrition Intervention Programme to reduce malnutrition and hunger amongst our poorest citizens and children.”

Court Grants Request To Hide Identity of Witnesses In Nnamdi Kanu’s Trial

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Court Grants Request To Hide Identity of Witnesses In Nnamdi Kanu’s Trial
Nnamdi Kanu
Nnamdi Kanu

The Federal High Court sitting in Abuja has approved Federal Government’s application to hide the identities of prosecution witnesses in the trial of  Pro-Biafran leader, Nnamdi Kanu.

Justice Binta Nyako  on Tuesday held that the application by the counsel to the federal government, Mohammed Labaran, was meritorious

She said the request to shield the names and addresses of the prosecution witnesses who were largely security operatives was not a bad idea, adding that the law supported it.

She said, “It is therefore the court’s order that the names and addresses of the prosecution witnesses shall only remain with the court.

“The prosecution witnesses who should appear in combination of alphabets will be given screens, which will be provided by the court.

“The defendants and their counsel will however be able to see the witnesses before they testify.”

However, the judge cautioned the public not to misunderstand the stance of the court “as a grant for a secret trial”, noting that “The court shall be open for public, including accredited journalists and families of the defendants.”

The judge subsequently adjourned the trial until Jan. 10, 2017.

The federal government had applied for all the witnesses to be allowed to testify behind screen and also requested that the identities of the witnesses should not to be revealed in any record of the proceedings.

But the defendants had vehemently opposed the application, arguing that granting such request would amount to gross violation of their rights to fair hearing.

The leader of the Indigenous People of Biafra is being tried along Chidiebere Onwudiwe, Benjamin Madubugwu and David Nwawuisi who were alleged to have conspired to broadcast on alleged pirate Radio Biafra which advocated for the independent state of Biafra.

They were alleged to have committed treasonable felony, an offence punishable under Section 41(C) of the Criminal Code Act, CAP C38 Laws of the Federation of Nigeria, among others.

Red Cross Treats 13,000 Malnourished Children

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Red Cross Treats 13,000 Malnourished Children

red-cross-treats-13000-malnourished-children

The International Committee of the Red Cross, ICRC, has revealed that it has treated over 13,000 children under the age of five suffering from severe acute malnutrition in North East Nigeria.

According to a statement released by the International Non-Governmental Organisation on Tuesday, 436,000 patients have been treated in ICRC facilities in Nigeria since the beginning of 2016.

A breakdown of the figure indicates that 1,800 weapon-wounded patients from Boko Haram crisis were treated and 15,500 babies were delivered in ICRC-supported clinics across the country.

The ICRC also said it has supported 16 primary Health Care centres and nine mobile clinics providing primary health-care services to Internally Displaced Persons, IDPs, as well as returnees and residents in the North East during the year.

The Red Cross revealed that it’s surgical teams in the North East treated 90 persons who were injured in the recent suicide bomb attacks that occurred in Madagali, Adamawa State and Maiduguri, last week.

“An ICRC surgical team, together with surgeons from Michika Hospital, treated 76 victims of the blast in Madagali market, while another ICRC surgical team treated 15 people injured in Maiduguri on Sunday morning,” said Hashemi Said Padshah, an ICRC health coordinator in Nigeria.

The statement revealed that the ICRC currently has two surgical teams in Nigeria, both based in the State Specialist Hospital in Maiduguri, in Borno state.

“They treat people wounded in the conflict and internally displaced people in need of surgical care. They are also ready to help other hospitals cope with a sudden influx of mass casualties at a moment’s notice.

Each team consists of a surgeon, an anaesthetist and a nurse, all of whom are experienced in dealing with wounds of this kind,” Padshah explained.

The ICRC said it has trained “nearly 400 Nigerian doctors and nurses” in the last 7 years “on how to treat weapon-wounded patients.”

“We aim to equip Nigerian practitioners with these extra skills because everyone has a right to health care in armed conflict, regardless of what side they are on or their political or any other affiliation,” Padshah said.

CBN Governor’s Wife’s Kidnapper Bought Houses, Plots Of Land With Ransom

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CBN Governor’s Wife’s Kidnapper Bought Houses, Plots Of Land With Ransom
The Nigerian Police had in October paraded some members of the Kidnap gang
The Nigerian Police had in October paraded some members of the Kidnap gang

One of the dare-devil kidnappers that abducted the wife of Nigeria’s Central Bank Governor, Godwin Emefiele, has disclosed how he bought houses and plots of land with his share of the ransom from the operation.

Force Public Relations Officer, Don Awunah, made this known in a statement released on the website of the Nigerian Police on Tuesday.

He stated that the suspect, Umar Abubakar aka Kiriwa, “was trailed and arrested in Minna, Niger State on 9th December, 2016” by operatives of the the Inspector General of Police Intelligence Response Team, IRT.

He added that the arrest followed “several weeks of monitoring and actionable intelligence gathering coupled with collaborative efforts of public spirited members of the community.”

Awunah further stated that the suspect “led detectives to two (2) houses and three plots of empty land he purchased with the proceeds of his share of the ransom.”

“The arrested kingpin confessed that he used three million naira (N3m), part of the ransom, to open a provision shop in Minna, Niger State which he was running with his wife,” he added.

The police spokesman said that “original papers of the houses and plots of land have been recovered and registered as exhibits and the shop also sealed.”

Awunah reiterated that the Police “with the assistance and the support of the people will ensure that no crime committed will go undetected and perpetrators apprehended for justice and closure to prevail in the court of law.”

He also conveyed the assurances of the Inspector General of Police, Ibrahim Idris, “of the readiness of the police under his leadership to deliver dedicated and quality policing services.”

Awunah on behalf of IGP Idris urged Nigerians “to be vigilant, provide useful information and report suspicious movements and activities to the police for prompt response.”

Kano, Plateau Struck Out Of N/East Commission Bill

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Kano, Plateau Struck Out Of N/East Commission Bill
The North East Development Commission seeks to cater for the reconstruction of the insurgency-ravaged region
The North East Development Commission seeks to cater for the reconstruction of the insurgency-ravaged region

Attempts to include Kano and Plateau States as part of beneficiaries in the proposed North East Development Commission, NEDC, failed at the floor of the Senate on Tuesday.

The NEDC, when established will cater for the reconstruction of infrastructure as well as rehabilitation of victims of the Boko Haram insurgency which has ravaged the North East for many years.

During the third reading of the NEDC bill on October 20, the Senate had included Kano and Plateau states as beneficiaries of the proposed commission, arguing that both states have had their own share of attacks by the Boko Haram terrorists.

But this development did not go down well with many of the lawmakers who swore to challenge the decision as Plateau and Kano were not in the North East.

During plenary on Tuesday, as a report on the NEDC bill was being considered, Chairman of the Senate Committee on Petroleum (Downstream), Kabiru Marafa and his works counterpart, Kabiru Gaya, maintained that Kano and Plateau states, having suffered more destruction by the Boko Haram than even some states in the North East, should be part of the NEDC.

Marafa called for the rejection of a report which recommended the removal of the two states from the proposed commission.

“We should throw away these recommendations because they are not in tandem with our resolutions. Out of the 14 members of the committee, only five signed the report because of the injustice,” he said.

However, Senate Leader, Ali Ndume, urged the Senate to adopt the report, insisting that in the original NEDC bill sponsored by Gaya, Kano was not included.

Senate President, Bukola Saraki then put the motion to vote and majority of the lawmakers voted that the report be accepted.

Ruling on the adoption of the report, Saraki said: “Let us move forward and come back to amend it. We will do it within the shortest period.”

Buhari In The Gambia To Hold Talks With Jammeh

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Buhari In The Gambia To Hold Talks With Jammeh

buhari-in-the-gambia-to-hold-talks-with-jammeh

President Muhammadu Buhari arrived Banjul, the capital of The Gambia on Tuesday morning, as part of an ECOWAS delegation of Heads of States to meet with the Gambian President, Yahya Jammeh, over his rejection of the presidential election which he lost.

According to presidential spokesman, Femi Adesina, President Buhari arrived together with President Ellen Johnson-Sirleaf of Liberia, who is the current Chairperson of the Authority of Heads of State and Government of ECOWAS, and President Ernest Bai Koroma of Sierra-Leone, and were received at the airport by Gambia’s Vice-President, Isatou Njie-Saidy.

Out-going President of Ghana, John Mahama, had earlier arrived Banjul and joined the other West African leaders to meet President Jammeh at the CoCo Ocean Resort and Spa, Banjul.

President Jammeh, who had ruled Gambia for the last 22 years, took the international community by surprise when he conceded defeat in the presidential election, and made a congratulatory phone call to Adama Barrow, who was declared President-elect.

But one week later, Jammeh declared that he was rejecting the election result following an indication that there may have been a slight error in the collation of results.

Gambia’s Electoral Commission chairman, however said that despite the error, Barrow still won the election, only that the victory margin had dropped from 9% to about 5%.

President Jammeh called for fresh elections to be conducted by a “God-fearing and independent electoral commission.”

According to Adesina, “President Buhari and the ECOWAS leaders will discuss the ensuing impasse in The Gambia with President Jammeh and insist on the sanctity of the electoral process, and respect the wishes of the people.”

“They would also ask their host to respect the Constitution of his own country, and maintain the inviolability of an electoral process that had been concluded, and in which he had admitted defeat, and congratulated his main challenger,” Adesina Stated.

The leaders will also hold a meeting with Gambia’s President-elect, Barrow.

President Buhari is expected back in Abuja later today.

IGP Commends Police Over Rivers Re-Run Election

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IGP Commends Police Over Rivers Re-Run Election
IGP Ibrahim Idris

In spite of various reports of complicity and partisanship against the Nigerian Police and other security agencies in last Saturday’s Rivers State legislative re-run election, the Inspector General of Police, IGP, Ibrahim Idris, has expressed satisfaction over the performance of the police officers that took part in the election.

According to IGP Idris, the performance of security operatives in the Rivers re-run election was a further improvement on what obtained during the governorship elections in Edo and Ondo States.

“The gains of the security personnel’s performance in the Edo and Ondo elections were further concretized in the Rivers re-run elections in the areas of massive deployment of logistics, enabling the process, stakeholders engagement, facilitating voters participation, interagency collaboration and general provision of peace and security in the state before, during and after elections,” the IGP said in a statement signed by the Force Public Relations Officer, Don Awunah, on Tuesday.

Idris said although some “disgruntled elements” tried to cause violence during the polls “the re-run election was a huge success in contrast to past elections in the state that were usually characterized by violence and wanton destruction of lives and property.”

The IGP acknowledged that “there were some infractions of law in the course of the elections”, but he insisted that “the police and other security agencies rose to the occasion and ensured the electoral process prevailed accordingly.”

He reiterated that the “master plan on election security will continue to be improved upon for future elections in the county.”

“This master plan will usher in credible, fair, free and acceptable elections in accordance with the principles of democratic policing and international best practices,” Idris added.

IGP Idris also lamented “the gruesome death of one of the officers, DSP Mohammed Alkali and others…” still  missing.

While condoling with the family of the slain police officer, the IGP said that “a high powered investigation team has been directed to unravel the circumstances surrounding the death of the officer and submit findings.”

The Police Boss criticized CLEEN Foundation, one of the Non-Governmental Organisations, NGO, involved in monitoring the election exercise, for its report that the elections were “marred by irregularities, large scale violence, professional misconduct and open bias by security operatives and electoral personnel.”

Idris described the report as “entirety lurid, fraught with inaccuracies and lacking in substance.”

He said: “It is a disservice to the evolving Nigerian democracy and sacrifice of the security personnel for the CLEEN Foundation report to assert that, “There were serious cases of electoral violence orchestrated by the Police, Army and DSS.

“It is also saddening for the CLEEN Foundation report to attribute the death of a police officer, DSP Mohammed in the course of duty to what the report termed “unwarranted use of force and shooting.”

“It is a brazen display of insensitivity to the fallen officer and disrespect to the family.”

The IGP stressed that “Non-Governmental Organizations (NGOs) are our veritable partners”, adding that they “should not undermine national interest” while going about their functions.

Idris, while commending the “good people of Rivers State for the cooperation availed the police and other security agencies in the course of the re-run elections” also reassured Nigerians that the “enthronement of credible electoral process remains one of the police’s uppermost priorities.”

Trump Confirms Exxon Mobil Boss Rex As Incoming Secretary Of State

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Trump Confirms Exxon Mobil Boss Rex As Incoming Secretary Of State
Executive Director of Exxon Mobil,
Chief Executive of Exxon Mobil, Rex Tillerson

United States’ President-Elect, Donald Trump has confirmed the chief executive of Exxon Mobil, Rex Tillerson, as his choice for US secretary of state.

In a statement on Tuesday, Trump praised 64-year-old Tillerson, as among the “most accomplished business leaders and international dealmakers” in the world.

Tillerson is said to have a good relationship with Russian President Vladimir Putin, a development that does not quite go down well with both Democrats and some Republicans.

John McCain, a Republican Senator and chairman of the Senate Armed Services Committee told newsmen: “I don’t know what Mr. Tillerson’s relationship with Vladimir Putin was, but I’ll tell you it is a matter of concern to me.”

Also, a Democratic Party spokesman, Adam Hodge described Tillerson’s appointment as another victory for Putin.

“Trump’s outrageous pick of Rex Tillerson to be Secretary of State demonstrates once again that he lied to the country about draining the swamp,” Hodge said in a statement.

The nomination needs Senate approval as the secretary of state is in effect the most senior US diplomat, responsible for enacting the government’s foreign policy.

“Rex Tillerson’s career is the embodiment of the American dream,” Trump said.

“His tenacity, broad experience and deep understanding of geopolitics make him an excellent choice for Secretary of State.”

Earlier on Monday night, Trump’s close confidante and former House Speaker, Newt Gingrich indicated that the billionaire would select Tillersron for America’s top diplomatic post.

“Rex Tillerson will be an extremely effective Secretary of State. He knows the world, he knows how to make deals internationally, and although it’s hard for the Washington elites to comprehend that Donald J. Trump could nominate someone who is not a bureaucrat, Tillerson has exactly the right kind of determination and toughness we need to fix the State Department,” he wrote.

Tillerson said he was “honoured” by the nomination, adding that he shared Trump’s “vision for restoring the credibility of the United States’ foreign relations and advancing our country’s national security”.

Under Tillerson’s management, the energy giant ExxonMobil negotiated a major energy deal with Moscow in 2011, according to the Wall Street Journal.

Putin said at the time that the deal could be worth over $500 billion.

A year later, the Russian government awarded Tillerson with the Russian Order of Friendship, one of the country’s most prestigious awards given to foreign nationals.

Trump had interviewed his erstwhile fierce critic and former Republican presidential candidate, Mitt Romney, for the post of Secretary of State.

But some of the top names that endorsed Trump’s presidential campaign said it would be a betrayal should the President-elect go ahead and appoint Romney.

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