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Full Text of President Buhari’s New Year Address Jan 1, 2018

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I join my fellow citizens this morning to welcome and celebrate the New Year 2018. This year promises to be pivotal in our quest for CHANGE.

Unfortunately, I am saddened to acknowledge that for many this Christmas and New Year holidays have been anything but merry and happy. Instead of showing love, companionship and charity, some of our compatriots chose this period to inflict severe hardship on us all by creating unnecessary fuel scarcity across the country.

The consequence was that not many could travel and the few who did had to pay exorbitant transport fares. This is unacceptable given that NNPC had taken measures to ensure availability at all depots. I am determined to get to the root of this collective blackmail of all Nigerians and ensure that whichever groups are behind this manipulated hardship will be prevented from doing so again.

Such unpatriotism will not divert the Administration from the course we have set ourselves. Our government’s watch word and policy thrust is CHANGE. We must change our way of doing things or we will stagnate and be left behind in the race to lift our people out of poverty and into prosperity.

My address to fellow Nigerians this morning is devoted mainly to informing you about the intense efforts this Administration is putting to address our country’s huge infrastructural deficit.

We are going to make significant in-roads in advancing road, rail and power projects across the country.

The Ministry of Power, Works and Housing is one of the drivers of this Government’s commitment to renew and increase Nigeria’s stock of infrastructure in order to achieve global economic competitiveness as targeted under the Economic Recovery and Growth Plan.

With regards to Railways, we have set ourselves ambitious targets. Already in construction stage is the Lagos-Kano Standard Gauge Railway.

The line should reach Ibadan from Lagos by the end of this year and will carry two million passengers per year and five million tons of cargo will be transported every year giving a substantial boost to the country’s economy.

Construction of the Kano – Kaduna segment is expected to commence this year and reach Kaduna by the end of 2019. By the end of 2021 the two ends will be joined so that we will have standard gauge railway across the main North-South trading route.

The Abuja – Kaduna route will be boosted by additional rolling stock next Thursday and will be able to handle one million commuters annually.

At the same time I have approved and negotiations will be concluded in the first part of this year for the Port Harcourt to Maiduguri line covering Aba, Owerri, Umuahia, Enugu, Awka, Abakaliki, Makurdi, Lafia, Jos, Bauchi, Gombe, Yola and Damaturu.  The Abuja to Itakpe line will go through Baro and terminates in Warri with construction of a new seaport at Warri.

Negotiations are also advanced for the construction ofother railway lines, firstly from Kano to Maradi in Niger Republic passing through Kazaure, Daura, Katsina, Jibiato Maradi.

Secondly, Lagos to Calabar the “Coastal Rail”  through Ore, Benin, Agbor, Asaba, Onitsha, Sapele, Ughelli, Warri, Yenagoa, Otuoke, Port Harcourt, Aba, Uyo and Calabar.  In the next few years, all these Nigerian cities will be linked by functional modern rail systems, giving enormous boost to the social and economic life of our people.

With respect to the Abuja Capital Light Rail, progress has reached 98% completion, as at 64% completion when we assumed office.  Only test runs remain before start of operations.

This train service will stimulate economic activities in the Federal Capital and provide residents with an efficient and safe transportation system.  Twelve railway sub-stations around the capital over a 45.2 kilometre route will serve as a catalyst and a pull factor to the economy of the area.  The Light Rail System will reduce traffic congestion and carbon emission in line with the Administration’s policy on climate change.

Management of the Federal Road Maintenance Agency (FERMA) has been reconstituted and has been charged with a 12 week rapid intervention in road repairs to cover all the geo-political zones. Government is undertaking repairs and maintenance of 44 roads within the the six geo-political zones.

Twenty five major highways will be funded under the N100b SUKUK facility. Each geo-political zone will benefit by an equal amount of N16.67b. The following major highways are to receive special attention:

  1. Oyo – Ogbomosho,
  2. Ofusu – Ore – Ajebandele – Shagamu,
  3. Yenegoa Road Junction – Kolo Otuoke – Bayelsa Palm,
  4. Enugu – Part Harcourt Dual Carrriage Way,
  5. Onitsha – Enugu Expressway,
  6. Kaduna Eastern Bypass,
  7. Dualization of Kano – Maiduguri Road,
  8. Dualization of Abuja – Lokoja – Benin Road,
  9. Dualization of Suleja – Minna Road.

In addition, Government has approved work to start on the re-construction of Abuja – Kaduna – Zaria – Kano roadwhich is in a state of disrepair. Work will soon start and is expected to be completed in 2019.

More Nigerians across the country are experiencing improved power supply to their homes and businesses.  However, power remains a concern to this governmentbecause too many people still do not have regular and reliable supply.

The Payment Assurance Guarantee Scheme which started in January 2016 has enabled the Nigerian Bulk Electricity Trader to raise so far N701 billion to assure Generation Companies of at least 80% payment for any power delivered to the national grid.

Consequently, generation has now reached 7,000MW. On December 8, 2017 the country achieved 5,155MW of power delivered to consumers, the highest level ever recorded.

Several moribund projects have been revived. Repairs of Afam Power Station added 110MW in 2017 and another 240MW will be added this year through a private investment partnership.

Katsina Power Project is now being tested and producing 10MW of power from wind for the first time in Nigeria.  It should be fully operational this year.

The Zungeru 700MW Hydroelectric Power Project, stalled by court cases is due for completion in 2019.  The transmission and other requirements to operate the 30MW Gurara Phase 1 Hydroelectric Plant, the 40MW KashinbillaHydroelectric Plant and the 215 MW Kaduna Gas/LPG/Diesel Power Plant will also be completed this year.

A landmark project, Mambilla Hydroelectric Power Project is at last taking off.  This project has been on the drawing Board for 40 years, but now the engineering, procurement and construction contract for the 3,050MW project has been agreed with a Chinese joint venture Company with a financing commitment from the government of China.  Completion is targeted for 2023.

As I mentioned earlier, the Transmission Company of Nigeria can now distribute all the 7,000MW that can be generated.  TCN and the Niger Delta Holding Company have added 1,950MVA of 330 down to 132KV transformer capacity of 10 transmission stations and 2,930MVA of 132 down to 33KV transformer capacity of 42 sub-stations including Ikot Ekpene, Aba, Alagbon, Ajah, Ejigbo, Funtuaand Zaria.​

This Administration is working with the privatised distribution Companies to overcome the continuing challenges of distribution.

These massive public works should spearhead the recovery and lead millions back to employment. You will recall that it was not until last year that we got out of the economic recession into which the country had fallen as a consequence of past unsustainable economic policies which projected short-term illusory growth.

The government is slowly stabilizing the economy.

It was in order to change the steady and steep decline that we adopted the more sustainable policies and programmes captured in the Economic Recovery Plan. Diversification efforts have resulted in improved output particularly in agriculture and solid minerals sectors. The relative exchange rate stability has improved manufacturing sector performance.

We have got to get used to discipline and direction in economic management. The days of business as usual are numbered.

Two years ago I appealed to people to go back to the land. I am highly gratified that agriculture has picked up, contributing to the government’s effort to re-structure the economy. Rice imports will stop this year. Local rice, fresher and more nutritious will be on our dishes from nowon.

By the same token, I am today appealing to enterprising Nigerians with ideas and unemployed graduates and other able-bodied and literate men and women with ideas not to just sit and wait for employment from the government or the Organized Private Sector. Great nations are built by enterprising people who turn their hands to anything that circumstances dictate.

In respect of political developments, I have kept a close watch on the on-going debate about “Restructuring”. No human law or edifice is perfect. Whatever structure we develop must periodically be perfected according to changing circumstances and the country’s socio-economic developments. We Nigerians can be very impatient and want to improve our conditions faster than may be possible considering our resources and capabilities. When all the aggregates of nationwide opinions are considered, my firm view is that our problems are more to do with process than structure.

We tried the Parliamentary system: we jettisoned it. Now there are shrill cries for a return to the Parliamentary structure. In older democracies these systems took centuries to evolve so we cannot expect a copied system to fit neatly our purposes. We must give a long period of trial and improvement before the system we have adopted is anywhere near fit for purpose.

However, there is a strong case for a closer look at the cost of government and for the public services long used to extravagance, waste and corruption to change for the better. I assure you that government is ever receptive to ideas which will improve governance and contribute to the country’s peace and stability.

As the electioneering season approaches politicians must avoid exploiting ethnicity and religion by linking ethnicity with religion and religion with politics. Such must be avoided at all costs if we are to live in harmony.

In this respect the rest of Nigeria could learn from the South Western States who have successfully internalized religion, ethnicity and politics.

Political discourse should be conducted with civility, decorum and in a constitutional manner. We all have a collective responsibility to strengthen our democracy and entrench the rule of law. We should draw encouragement from the series of bye-elections conducted by INEC last year which were generally violence free and their outcomes adjudged to be free and fair.

Before I conclude my address I must reassure my fellow citizens that security of life and property is still top of our government’s agenda. We have since beaten Boko Haram. Isolated attacks still occur, but even the best-policed countries cannot prevent determined criminals from committing terrible acts of terror as we have seen during the past years in Europe, Asia, Middle East, elsewhere in Africa and in America.

Our government remains determined to protect all Nigerians in line with our election pledge and promises. On behalf of all Nigerians let me offer our thanks to the Armed forces, the Police, other para-military forces and traditional authorities who are working round the clock to ensure that you and I go about our normal business in reasonable safety.

Terrorism and urban crimes are world-wide phenomena and our security forces are continuously adapting their responses to changing threats.

With regard to rampant cases of kidnappings, we are taking immediate short-term measures to combat this new evil creeping into our societies.  Tighter police methods and swift and severe punishment for those proved to be engaged in kidnapping are on the way.

With respect to Niger Delta, Government is still engaging responsible leadership of the Communities to help in identifying and addressing genuine grievances of the region. Our clean-up programme in collaboration with the United Nations is making satisfactory progress.

I am grateful to all the Governors and other Political &Community leaders of the Niger Delta States for their part in bringing relative peace to the areas.

Finally let me again express my heartfelt thanks to all Nigerians who prayed for me during my illness last year. I feel deeply humbled by your prayers and good wishes and I am more determined than ever to serve you to the best of my ability.

Good morning. And I wish everyone a Happy New Year.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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FAAC Shares N1.424trn from N2.310trn Generated in December 2024

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FAAC disburses

By Adedapo Adesanya

The federal government, the 36 state governments, and the 774 local government councils (LGCs) in the country have share N1.424 trillion from a gross revenue of N2.310 trillion recorded in the month of December 2024.

This was disclosed by the Federation Account Allocation Committee (FAAC) at its December 2024 meeting chaired by the Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun.

The funds shared comprised Gross Statutory Revenue, Value-Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), with the sum of N84.780 billion removed for the cost of collection and N801.175 billion allocated for transfers intervention and refunds.

The total revenue distributable for December 2024 was drawn from statutory revenue of N386.124 billion, VAT of N604.872 billion, EMTL of N31.211 billion, and exchange difference of N402.714 billion.

It was disclosed that the federal government received N451.193 billion, the states got N498.498 billion, the local councils shared N361.754 billion, and the oil-producing states were given N113.477 billion as 13 per cent derivation of mineral revenue).

In a communique issued by FAAC after the meeting, it was stated that the gross revenue available from the VAT was N649.561 billion as against N628.973 billion distributed in the preceding month, resulting in an increase of N20.588 billion.

From that amount, the sum of N25.982 billion was allocated for the cost of collection and the sum of N18.707 billion given for transfers, intervention and tefunds.

The remaining N649.561 billion was distributed to the three tiers of government, of which the federal government got N90.731 billion, the states received N302.436 billion and councils got N211.705 billion.

Accordingly, the gross statutory revenue of N1.226 billion received for the month was lower than the sum of N1.827 billion received in the previous month by N6.988 billion.

From the stated amount, the sum of N57.498 billion was allocated for the cost of collection and a total of N782.468 for transfers, intervention and refunds.

The remaining balance of  N386.124 billion was distributed as follows to the three tiers of government: federal government got the sum of N167.690 billion, states received N85.055 Billion, the sum of N65.574 billion was allocated to LGCs and N67.806 billion was given to the beneficiary states as 13 per cent derivation.

Also, the sum of N31.211 billion from EMTL was distributed in the period under review, with the central government getting N4.682 billion, the states receiving N15.605 billion, the local councils getting N10.924 billion, and N1.300 billion allocated for cost of collection.

It was further revealed that from the N402.714 billion from exchange difference, the federal government received N188.090 billion, states got N95.402 billion, and the councils got N73.551 billion, while the oil-producing states shared N45.671 billion.

FAAC disclosed that VAT and EMTL increased significantly last month, while oil and gas royalty, CET levies, excise duty, import duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) decreased considerably.

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FG Plans G2P Card Initiative, Digital Registry to Identify Farmers

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Graduates Farmers

By Adedapo Adesanya

The Federal Ministry of Agriculture and Food Security (FMAFS), in collaboration with the National Identity Management Commission (NIMC), is finalising plans to introduce a digital farmer registry via the Government 2 People (G2P) card initiative.

The National Identity Number (NIN) enabled card initiative will address the Federal Ministry’s immediate challenges of identity and authentication, required to deliver government services efficiently and accurately, according to a statement jointly issued by Mr Joel Oruche, Director of Information, FMAFS and Mr Kayode Adegoke, NIMC’s spokesperson on Thursday.

The statement added that the programme seeks to address existing barriers to effective government programs, ensuring that aid reaches the right beneficiaries.

The partnership will, “leverage the National Identity Management System to power the Ministry’s farmer registry by the linkage of the NIN and attendant biometric identity data of each farmer to their farmland, as well as all necessary supporting data relating to that farmer, including the size of the holding, type of crops or livestock.”

Connecting the NIN-backed registry to the G2P card will allow for the provision of targeted and ring-fenced aid to the farmers and other recipients of government benefits under the FMAFS programmes.

“The G2P card ecosystem is an initiative that allows for the issuance of NON-enabled cards by Federal Ministries, Departments and Agencies (MDAs), and enables the use of the card’s frontend by these MDAs for their respective programmes. The key feature of the ecosystem is a biometrics card with multiple wallets that can provide verifiable identification and also process transactions without internet connectivity, allowing the Ministry to support beneficiaries in the most remote locations. The card is unique to each citizen, and every Nigerian and legal resident is eligible to obtain it, banked or unbanked. The G2P card will be owned by and personalised to each MDA that adopts its usage.

“By adopting this card, FMAFS can uniquely identify all farmers, provide multiple agriculture services through the card in a manner that eliminates risks and fraud and also provide end-to-end visibility within the agriculture value chain thus enabling scalability. Agriculture services to be provided through the card include farmer financing, input distribution, farmland mapping linked to identity, extension services monitoring & evaluation and agency banking as well as multiple types of third-party services.

“Within this framework, NIMC will provide the foundational identity ecosystem to FMAFS, who as the owner of both the farmer registry and G2P card scheme will provide government services via the issued G2P cards, tailored to the needs of the farmers supported by the Ministry at the national and sub-national levels.

“The G2P card has a large capacity in-card chip that stores beneficiary identity, know your customer (KYC), picture, and fingerprints. In addition, it has two applets and several wallets dedicated to multiple types of programmes, which provides the flexibility and channels needed for multiple interventions to be implemented against the same unique identity. This flexibility is required to address infrastructure challenges limiting identity verification and digital evidence of beneficiary access when implementing government programmes,” the statement revealed.

The G2P biometric cards will be processed through a bespoke but interoperable biometrics Point of Sale (POS) acceptance device, which requires biometrics to access and operate which will allow the Ministry to better deliver services and programmes in any location regardless of infrastructure challenges.

The card will operate as a digital wallet/ prepaid card and it is tailored for government transactions such as subsidies, loans, welfare disbursement, pensions and other activities carried out by FMAFS.

“With the G2P ecosystem, any programme implemented by the Ministry can now be administered independently and showcased through digitally enabled dashboards displaying key data on how each programme has been efficiently implemented or otherwise,” the statement added.

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EFCC to Arraign Oba Otudeko, Bisi Onasanya, Others Over Alleged N12.3bn Fraud

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Oba Otudeko Bisi Onasanya

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) will arraign the Chairman of Honeywell Group, Mr Oba Otudeko, and three other defendants on Monday, January 20, 2025, over an alleged fraud worth about N12.3 billion.

The anti-graft agency on Thursday filed a 13-count criminal charge against the respected businessman and others. They will be brought before Justice Chukwujekwu Aneke of the Federal High Court, Lagos next week.

Mr Otudeko will be arraigned alongside a former Managing Director of First Bank, Mr Olabisi Onasanya; a former member of the board of directors of Honeywell Flour Mills Plc, Mr Soji Akintayo; and a company linked to Mr Otudeko, Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Mrs Bilkisu Buhari-Bala, on January 16, 2025.

The EFCC alleged the four committed fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC intends to call representatives of First Bank, including Mrs Cecelia Majekodunmi, Mr Ola Michael Aderogba, Mr Abiodun Olatunji, Mr Raymond Eze, Mr Abiodun Odunbola and Mr Adeeyo David, all of whom are expected to give evidence of the fraudulent misrepresentation of the defendants and tender relevant documents.

The agency will also rely on the testimonies of representatives of the Central Bank of Nigeria (CBN), Stallion Nigeria Limited, and V-tech Dynamics Ltd.

Also included in the EFCC’s list of witnesses are one Ms Farida Abubakar and Ms Adaeze Nwakobi.

Some of the Counts

According to the commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only), from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

Count 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

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