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No leave for emergency officers, says agency

No leave for emergency officers, says agency

As the 2011 elections draw nearer, the National Emergency Management Agency (NEMA) has directed that none of its technical and search and rescue officers would go on leave during the period just as 12 states have been identified by the agency as flashpoints that require more public consciousness and awareness against untoward attitudes during the elections.
The Director-General of NEMA, Muhammad Sani-Sidi, gave the directive today while receiving members of Media and Information Committee on Emergency Management (MICEM) which comprises spokespersons of response agencies in Nigeria.
While calling on emergency spokespersons to cooperate with the press in providing timely, accurate and truthful information at all times to minimise speculations, Mr Sani-Sidi said they should be alert on their responsibility.
He, however, urged the electorate not to allow themselves to be used to disrupt the electoral processes, adding that the country would soon have dedicated hotlines that could be accessible to the public in reaching response agencies during emergencies.
He said just as the agency enjoyed massive support and cooperation of other agencies in all its activities, members of MICEM should also extend similar goodwill towards adequate information dissemination.
Earlier in his remarks, the Chairman of MICEM who is also Director of Defence Information, Colonel Mohammed Yerima, commended NEMA for the success of its evacuation of Nigerians from Egypt and Libya and for timely response to distressed and displaced victims of natural disasters and communal clashes in recent times.
The chairman, Media and Information Committee on Emergency Management (MICEM) in Nigeria comprising members from NEMA, Defence, Police, Federal Road Safety, Civil Defence Corps, Federal Fire Service and other security outfits, said the association has identified major flashpoints that have witnessed heated and tensed political environment.
“The states have attracted more headlines and public attention to acrimonious activities among the political actors and parties. Two states were identified by MICEM from each geopolitical zone that required more public consciousness and awareness for orderliness during forthcoming elections. They are Katsina and Kano States in the North-West, Bayelsa and Akwa-Ibom States in South-South, Oyo and Ogun States in South-west, Nasarawa and Benue States in North-Central, Borno and Gombe in the North-East and Ebonyi and Anambra in the South-East,” he said.

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Army commends relationship with civilians

Army commends relationship with civilians

The Chief of Army
Staff, Azubuike Ihejirika, has expressed joy over the cordial
relationship between the army and members of the public.

The army chief, who
was in Ibadan yesterday to assess the level of preparedness of the 2
Mechanized Division for the forthcoming elections, visited Governor
Adebayo Alao-Akala of Oyo State. He noted that he was particularly
happy that the visit is coinciding with the time the army was being
drafted to monitor the elections to ensure that it is not marred by
violence.

He urged the people
of the state to be peaceful and law abiding during the elections,
adding that the involvement of the army was to ensure that the exercise
is conducted under peaceful atmosphere. Commenting on the level of
preparedness of the 2 Mechanised Division, which has its headquarters
in Ibadan, the army chief said all the activities in all the formations
under the division confirmed to him that the men are more than ready
for the exercise.

He pledged total
commitment of the army to democratic governance, saying the force will
do its best to make the elections free, fair, credible and
violence-free. He said his visit to the governor was to express his
gratitude for the cordial relationship between the army and the people
of the state.

Mr Alao-Akala, in his response, said he would not shirk from his
responsibility as the chief security officer of the state. Insisting
that security is everybody’s business, he thanked the army for giving
his government necessary supports since its inception. The governor
also praised the federal government for mobilizing all the security
agencies to monitor the elections.

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Agencies mum on corps members’ election allowances

Agencies mum on corps members’ election allowances

The amount to be
paid each of the hundreds of thousands of corps members who will
administer nationwide polls beginning Saturday remains unknown as the
two organisations responsible for their deployment passed the buck
yesterday, two days to the elections.

The Independent
National Electoral Commission and the National Youth Service Corps
declined to disclose the figures on Wednesday, putting the
responsibility for doing so on each other, as the bulk of the
participating corps members -2011 batch ‘A’- seem increasingly
impatient.

The corps members
passing out from the three-week orientation programme across the
country, said unlike the voters’ registration where the amount due for
participating corps members was announced weeks ahead, the NYSC
officials is keeping the information away from them this time claiming
INEC had not briefed them.

“We have not been
told till now; they said INEC has not told them how much,” a member who
gave his name as Tajudeen Usman said, irritably in Abuja yesterday. The
claim was corroborated by some members speaking on phone from some
states.

Yet, the
potentially explosive subject – as shown during last voters
registration where some corps members threatened to down tools midway
into the exercise – remained surprisingly a top secret between both
commissions as of yesterday, with each blaming the other for
withholding the figure corps member will be entitled as ad hoc staff
during the elections.

Officials of INEC,
who spoke to NEXT, said the figures had been released to the NYSC and
it was now their duty to make them public while the NYSC officials
argued that the elections are regarded as the electoral body’s
programme, requiring the commission to make every announcement as it
did during the voter’s registration.

Nick Dazang, the
Deputy Director, Public Affairs of INEC said officials of the NYSC were
familiar with the figures but declined to name the amount each ad hoc
official will be entitled to for either a single election, or for the
three comprising the National Assembly, presidential and governorship
elections.

“The NYSC officials
know what will be paid to them. I don’t have the figures but I know
there is an improvement on what they had before.

“And this time, it
is done in a way that there will be no delay like that of last time,”
hinting that the required sum had “already been paid into NYSC account
for their officials to disburse since they have the details and account
information of the corps members.”

Corroborating that
position, Kayode Idowu, Chief Press Secretary to the chairman of the
commission, said the corps members would have been informed of the
figures and how they will be paid, as of yesterday. He too, declined to
name the amount.

“It is not true that they don’t know the figure. Ask any corps member and they will tell you,” he said.

Corps members who
spoke to NEXT insisted the figures were unknown to them, against what
obtained in January when INEC chairman, Attahiru Jega, repeatedly
stated that each member will earn N30,000 for the registration.

The Director for
Public Relations of the NYSC, Foluso Kolajo, said the figures should be
made available in a day or two, saying the state offices of the NYSC
had just been directed to inform the corps members.

“You know they are
just coming out of camp, so just give them like a day or two, the
figures will be made known. Every corps member will know how much they
will be paid,” she said. She too, declined to mention the figures.

A top official of
the NYSC’s Welfare and Inspection Department, which oversees the
organisation’s collaboration with INEC, dismissed the request for the
information, blaming the electoral commission for withholding the
amount.

The official who refused to be named, said only INEC can announce
the amount although she acknowledged the money had been remitted to the
NYSC.

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Government agencies to patronise made in Nigeria machines

Government agencies to patronise made in Nigeria machines

President Goodluck
Jonathan has ordered all Ministries Departments and Agencies (MDAs) to
henceforth give priority to locally assembled cars and machineries
during procurement.

The President gave this order during the weekly Federal Executive Council meeting yesterday which lasted for about an hour.

Briefing
journalists after the meeting, the minister of Information and
Communication, Labaran Maku, said the directive was given in order to
boost employment and promote the locally made goods.

“Today in council
Mr President in continuation of his promise and his determination to
promote made in Nigeria goods directed all the MDA’s henceforth to
ensure that every procurement relating to vehicles, attention must
first be given to locally assembled plants in all public procurement
“This decision by Mr President was first issued in Lagos State when he
met with the Manufacturers Association of Nigeria. Today in council he
emphasised the need for the federal government to promote made in
Nigeria goods. He said in terms of procurement it was necessary for the
federal government especially at this time that we are talking about
boosting employment and local production to patronise those goods and
services that are made in the country. So today, MDAs were given
directives to ensure that in all future contracts especially when we
need supplies of machineries efforts must be made to give priority to
locally assembled or produced machines or vehicles” the minister said.
This is, however, not the first time the Nigerian government has
decided to make moves to fully patronise made-in-Nigeria goods.

New tariff regime

Mr Maku also said
the President has directed the office of the National Economic Adviser
to undertake a comprehensive review of tariffs to ensure that a new
tariff regime that will protect local industries and promote locally
made goods in Nigeria is developed.

“This is important
because if indeed our industries are to produce again and if we are to
encourage employment within Nigeria it has become necessary to
emphasise a change of attitude in preference for those business men and
women that have taken their time and resources to invest in the
Nigerian economy,” he explained.

The information
minister told journalists that the minister of Finance Olusegun Aganga
also announced that the ministry is presently working in conjunction
with insurance bodies and banks to develop a consumer credit facility
that will be limited to made-in-Nigeria products. This, he said, is to
ensure that consumers are encouraged to buy made in Nigeria goods. “As
we all know the economy has been picking up at a rate of about 8.5
percent and if we are to promote economic growth and development and
increase the pace of GDP, then emphasis really must be brought back to
locally produced goods and services within the Nigerian economy,” Mr
Maku said.

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Jonathan inaugurates committees on security and civil service reforms

Jonathan inaugurates committees on security and civil service reforms

President Goodluck
Jonathan has urged Nigerians to be vigilant and report suspicious
characters in their areas who may want to cause violence to appropriate
security agencies.

He stated this
yesterday while inaugurating two committees at the presidential villa,
Abuja. The committees include: the Presidential Awareness Committee on
Security and Civic Responsibility which is headed by Lateef Adegbite,
Secretary General of the Supreme Council for Islamic Affairs, and
Presidential Committee on the Review of the Reform Processes in the
Nigerian Public Service, headed by Adamu Waziri Fika.

The President
stated that the constitution of the Presidential Awareness Committee on
Security and Civic Responsibility was necessitated by the acts of
violence plaguing the nation adding that security and stability are
essential ingredients for a virile democracy.

“It is disturbing
to note that security breaches as well as violence across the country
are assuming a serious dimension. Some of these major security
challenges which are capable of subverting the process include intra
and inter political party conflicts, socio-economic agitations,
ethno-religious crises, civil and organised rebellions and outright
criminality”.

Mr. Jonathan who
noted that Chapter two section 14 of the Constitution clearly places
security and welfare of the people as the primary purpose of
government, vowed that he will do all necessary to ensure that security
is maintained.

“Cognisance of our
administration’s responsibility to ensure that these challenges do not
degenerate into unmanageable proportions, we have taken a number of
measures not only to contain them but to check them before they even
emerge,” he said.

He also declared
that one of the measures is to effectively sensitise the people on
security issues and the civic responsibility of citizens especially as
it affects security.

“The establishment
of the committee on public awareness, security and civic responsibility
is, therefore, a decisive attempt to engender communal commitments from
patriotic response by all in the interest of our collective security,”
he said.

Terms of reference

The committee is
expected to embark on “the reappraisal of the potential security
threats in the country; mapping out strategies on regular basis and
creating structures at the three tiers of government on how members of
the society including civil society organisations can identify and deal
with suspicious movements as well as potential threats to security
through effective communication, planning and public awareness”.

Others include
development of curricula incorporating information, security awareness,
session to deal with issues of safety and security awareness in
national institutions in the country as well as take further necessary
action that will strengthen the security agencies and empower them to
effectively tackle security breaches in any parts of the country.

“The challenges
inherent in this assignment are enormous, but with the caliber of the
membership of the committee I am convinced that you have the capacity
to carry out this task” the President said.

Reviewing the reforms

The President,
while inaugurating the committee on the review of the reform processes
in the Nigerian Public Service, stated the constitution of the
Committee provides the government with an opportunity “to assess where
we are coming from and where we want to be including the critical steps
in actualising the Vision 202020 agenda”.

He also stated that
the inauguration of the committee is particularly symbolic because the
nation is poised to implement good governance in the country, saying
that it will guarantee a high standard of living and quality of life to
Nigerians.

“We are currently
implementing two complimentary strategies, for sustainable development.
The first is the national economic transformation strategy as
enunciated in the Vision 202020 document which is an articulation of
the long term intent to launch Nigeria on a part of sustained social
and economic progress and accelerate the emergence of a truly
prosperous Nigeria”.

He, therefore,
urged civil servants to begin to think of themselves as world class
service provider that can function as a veritable engine of growth and
development. This national strategy for public service reform is aimed
at developing and deepening stability in governance.

“The developmental
challenges the nation is facing is tied to the ability of the public
service to deliver public goods that Nigeria needs for evidenced
accelerated development”.

The committee apart
from undertaking a detailed study of previous public service reforms
and assessing their impact, will also examine the structure of the
MDAs, manpower utilisation as well as review core values of ethics,
integrity, discipline, efficiency to reposition it for effective
service delivery.

It will also
examine the need for strategic medium and long term plans, staff
exchange programme between the public service, private sector,
international organisations and academia as well as the relationship
between the federal civil serve commission and Office of the Head of
Service of the federation in areas of recruitment, promotion and
discipline with a view of promoting harmony between them.

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U.S. says security agencies must ensure safety at polling centres

U.S. says security agencies must ensure safety at polling centres

The United States has called on
security agencies in Nigeria to ensure safety at polling stations and
prevent violence during the April general elections.

The U.S. also urged the Nigerian
government to exercise “special care” in some parts of the country
where there is “instability” including the Niger Delta, Jos and some
parts of the North.

U.S. Assistant Secretary of State for African Affairs Johnnie Carson spoke to reporters on Tuesday via a teleconference.

“We are watching very closely, the potential for violence in the run-up to the Nigerian elections.

“Right now, we have seen regrettably
too much of that even though the level of violence in the run-up to the
2011 elections is not as serious as it was in 2007.”

On the restive areas, Mr Carson said:
“we hope that the government will exercise special care and caution in
the management of elections there to ensure that the violence that is
ongoing as a result of those local issues does not impact on the
ability of the people to cast votes.”

The US official said the April 2011
elections provided an opportunity for Nigeria to reverse “a trajectory
of bad elections”. He added: “the elections in Nigeria in 2007 were
deeply flawed and, in fact, were poorly administered and poorly run.

“They in no way reflected the ability and the capacity of Nigeria to organise and run successful elections.

“We are looking forward to Nigeria to
substantially improve its election management and Processes in 2011, by
making them better than 2007 and 2003.”

NAN</

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Libya rebels flee oil town under Gaddafi bombardment

Libya rebels flee oil town under Gaddafi bombardment

Libyan rebels
pulled out of the oil town of Ras Lanuf on Wednesday under heavy
bombardment from Muammar Gaddafi’s forces, showing up their weakness
without Western air strikes to tip the scales in their favour.

The rapid reverse
comes just two days after the rebels raced westwards along the
all-important coastal road in hot pursuit of the government army that
had its tanks and artillery demolished in five days of aerial
bombardment in the town of Ajdabiyah.

Gaddafi’s army
first ambushed the insurgent pick-up convoy outside the “brother
leader’s” hometown of Sirte, then outflanked them through the desert, a
manoeuvre requiring the sort of discipline entirely lacking in rag-tag
rebel force.

On the offensive,
government tanks and artillery have unleashed a fierce bombardment on
towns and cities which has usually forced rebels to swiftly flee. That
tactic appears to have worked once again in Ras Lanuf, an oil terminal
town, 375 km (230 miles) east of the capital Tripoli.

“Gaddafi hit us
with huge rockets. He has entered Ras Lanuf,” rebel fighter Faraj
Muftah told Reuters after pulling out of Ras Lanuf. “We were at the
western gate in Ras Lanuf and we were bombarded,” said a second
fighter, Hisham.

Scores of rebel 4×4 pick-ups raced east, away from Ras Lanuf, a Reuters journalist saw.

Air strikes

Without Western air strikes, the rebels seem unable to make advances or even hold their positions against Gaddafi’s armour.

As the rebels
retreated, a Reuters correspondent heard aircraft, then a series of
loud booms near Ras Lanuf, but it was unclear if the sounds were the
sonic boom of the jets or bombs.

But a fighter
returning from Ras Lanuf, Ahmed, also told Reuters: “The French planes
came and bombed Gaddafi’s forces.” France was the first member of the
international coalition to announce that it had launched air strikes on
Libya and rebels commonly credit most air strikes to French aircraft.

A conference of 40
governments and international bodies agreed to press on with a NATO-led
aerial bombardment of Libyan forces until Gaddafi complied with a U.N.
resolution to end violence against civilians.

The Pentagon said
on Tuesday 115 strike sorties had been flown against Gaddafi’s forces
in the previous 24 hours, and 22 Tomahawk cruise missiles had been
fired.

Britain said two of
its Tornado fighter-bombers had attacked a government armoured vehicle
and two artillery pieces outside the besieged western town of Misrata.

Libya’s official
Jana official news agency said air strikes by forces of “the crusader
colonial aggression” hit residential areas in the town of Garyan, about
100 km (60 miles) south of Tripoli, on Tuesday. It said several
civilian buildings were destroyed and an unspecified number of people
were wounded.

U.N. Security
Council Resolution 1973 sanctions air power to protect Libyan
civilians, not to provide close air support to rebel forces. That would
also require troops on the ground to guide in the bombs, especially in
such a rapidly changing war.

Air strikes alone may not be enough to stop the pendulum swing of Libyan desert civil warfare turning into a stalemate.

The United States
and France have raised the possibility of arming the rebels, though
both stressed no decision had yet been taken. “I’m not ruling it in,
I’m not ruling it out,” U.S. President Barack Obama told NBC.

It is not clear
however if the amateur army of teachers, lawyers, engineers, students
and the unemployed know even how to properly use the weapons they
already have — mostly looted from government arms depots.

Lack of food

Aid agencies are
increasingly worried about a lack of food and medicines, especially in
towns such as Misrata where a siege by Gaddafi’s forces deprives them
of access.

“It is difficult to
even get water in from wells outside the town because of the positions
of the forces,” said Abdulrahman, a resident of Zintan in the west, cut
off by pro-Gaddafi forces.

The U.N. refugee agency said it had reports of thousands of families living in makeshift shelters cut off from assistance.

Protection of
civilians remains the most urgent goal of the air strikes, and British
Prime Minister David Cameron accused Gaddafi’s supporters of “murderous
attacks” on Misrata.

A series of powerful explosions rocked Tripoli on Tuesday and state
television said several targets in the Libyan capital had come under
attack in rare daytime strikes.

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Gas flaring, hot air, and fertilizers

Gas flaring, hot air, and fertilizers

Last week, Goodluck
Jonathan signed what has been described as binding memoranda of
understanding (MoUs) with petrochemical companies from Saudi Arabia and
India as well as with Chevron, AGIP, and Oando. According to the
president, this step signalled the start of a Gas Revolution in Nigeria.

Coming a week
before general elections, we cannot fail to note the political
undertones in the timing of the launch. Past governments have made
pronouncements on their determination to halt the heinous acts of gas
flaring over the past decades. These have amounted to nothing but hot
air.

Administrative
measures to curb the menace started in 1969. Ten years after the
initial moves, the 1979 Gas Reinjection decree set 1984 as the
essential date when gas flaring became outlawed in Nigeria. However,
the penalty for flouting the law was a slap on the wrist to the oil
companies so that they continued flaring, poisoning the environment and
maiming the people.

The last set dates
for ending gas flaring were given by the late Yar’Adua in December
2008. Towards that deadline, Odein Ajumogobia, at that time the
minister of state for petroleum, announced that a new flare out formula
was being worked out to end gas flaring without hurting government
revenue.

When an earlier
target date of December 2007 was getting close, the same minister
announced that zero gas flare was a moving target.

The gas revolution
announced by Mr. Jonathan is replete with figures on how much money
would be spent on the various projects, but as far as news reports go,
we have seen very little of the volumes of associated gas currently
being flared that the projects would take up.

The drums are very
loud that foreign direct investments will bring in $10 billion and an
aggregate investment of $25 billion over the next three years, with
activities in fertilizer production, petrochemicals, and methanol
manufacturing.

All these will add
up to create about half a million jobs directly and indirectly. But
statistics can be colourful, especially when they are of the Nigerian
variety.

Except for Chevron,
which says it would start by delivering 175 million cubic feet of gas a
day “once the pipelines and infrastructure are in place”, we don’t see
concrete gas utilisation figures associated with this revolution.

Undoubtedly,
efforts have been made in the past by some oil companies to reduce the
amount of gas flared. For example, the Nigerian National Petroleum
Corporation (NNPC) and Mobil’s East Area Natural Gas-to-Liquid (NGL II)
project initiated in 2006 was completed ahead of schedule in 2008 and
was designed to utilise 950 million standard cubic feet of gas daily.

Chevron also
announced that the West African Gas Pipeline project (WAGP) would
significantly dent the amount of gas being flared in the oil fields.

It turned out that
this was not the case because, according to some estimates, less than
20 per cent of the gas on this pipeline is associated with crude oil
production. The bulk of the gas comes from gas fields, rather than oil
fields.

As for the oil
company AGIP, their notoriety in the area of gas flaring is marked by
their seeking to claim carbon credits for utilising some of the gas
they have been flaring at Kwale in the face of the fact that the
activity has not ceased to be illegal in Nigeria.

The same can be
said of Chevron and their claims of the WAGP as well as of other
companies such as Pan Ocean, which is making strides towards obtaining
carbon credits through this route dotted with ethical and moral
questions.

Nigeria’s huge gas
reserves, easily accessible in new gas fields, have made the stoppage
of gas flaring unattractive to an industry that has admittedly taken
the act as a routine matter since the 1950s, despite public outcry.
Nigeria is said to have proven gas reserves of about 187 trillion cubic
feet.

The 2005 estimates
by the World Bank indicated that Nigeria flares about 812 billion cubic
feet of gas daily. We can argue all we want on whether this figure has
increased or reduced with the passage of time.

Oil companies
sometimes make curious claims about how much reduction they have
achieved in their flaring binge. Some have claimed up to 30 per cent
reduction, but the reality on the ground has not backed up such claims.

The gas revolution
also has an anchor on the stomach, as marked by the proposed fertiliser
plants. Obviously, the existing fertiliser plant in Nigeria has not
made a significant dent on supply of the product in the country and
this has left the field open for above and below board games.

While launching the
gas revolution project, the president declared, “We can only be
successful if our actions impact on the common man in Nigeria. The
agricultural revolution arising from the fertilizer and blending plants
will create affordable food for Nigerians and a lot more for export.
The LPG agenda will touch the lives of many households, as cheaper and
cleaner LPG displaces kerosene. The disposable income that arises from
the savings will result in the purchase of more goods and services,
boosting GDP.”

Good lecture, Mr.
President. However, when it comes to wholesome food provision for the
present and in the future, it has been shown that this will come
through farmers who cultivate using agro-ecological methods, and will
not be dependent on the use of artificial fertilisers that are climate
changers and ultimately harm soils and water bodies.

Let the Gas
Revolution roll, but let it begin by the release of the figures of
associated gas to be used in the project, as well as the schedule for
the environmental and other impact assessments for the project.

And, of course, the
question remains, Mr. President: when will gas flares be quenched? Do
we take that the revolution will begin to snuff some flares out in
three years and continue over indeterminate years into the future?

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Nigeria to join construction transparency group

Nigeria to join construction
transparency group

To cut leakages in
the system and ensure efficiency in the utilisation of capital
expenditure, the federal government will soon sign up to be a member
nation of the Construction Sector Transparency Initiative (CoST).

This is a
multi-stakeholder initiative to increase transparency and
accountability in the construction sector. Finance minister, Olusegun
Aganga, who disclosed this, said the way public construction projects
are handled in Nigeria is inefficient and allows for corruption to
thrive.

Speaking at the
sidelines of the one-day interactive session with the organised private
sector in Lagos on Tuesday, he said the initiative would allow local
communities to monitor projects in the area and help to plug wastage in
the system.

“One other way to
make it transparent is to join the CoST. Only a few countries, United
Kingdom taking the lead, have actually established that process and I
want us to join. That way, we bring public and private sector involved
in how we monitor our project. It introduces accountability and
transparency,” Mr. Aganga said.

He said the
process, when fully established, would allow independent committee to
monitor ongoing government projects across the country.

Constituency monitor

“The projects will
be on the internet so if there is a road construction in Nnewi to
Umuahia, you will know the roads that are being constructed in an area
and the constituents will know when the project is supposed to start
and end, and they will be able to report back at that local level,” he
further said.

He said the
independent committee would investigate and challenge projects which do
not meet the time lines. The minister said this is part of ways of
ensuring fiscal discipline. Observers are however wondering when this
would come into operation when government contracts are shrouded in
mystery.

CoST is already in
operation in seven countries: Ethiopia, Malawi, the Philippines,
Tanzania, United Kingdom, Vietnam, and Zambia.

Explaining the depletion in the foreign reserves, he said government is making effort to reduce the trend in the 2011 budget.

“In overhead, the
proposal which we sent to the National Assembly was reduced by 30 per
cent. The whole of last year we were shouting about borrowing, but we
really should have shouted when the budget was being put together.
Really, when you have an unnecessarily expansionary budget, that
deficit has to be funded and the only way is from your savings or from
borrowing,” the minister said.

Sovereign fund

Mr. Aganga said
there was need to reduce the level of expenditure and the level of
borrowing and the government is ready and prepared to introduce
discipline in how public finances are managed. Part of this, he said,
is the push to establish the Sovereign Wealth Fund to be managed by an
agency of competent professionals, some of whose services would be out
sourced.

“The Sovereign
Wealth Fund will have three boxes. One will be inter-generation fund
for future generation, and that will be invested in fixed income
securities and equities. The second box will be stabilisation box which
will be made available when there is a fall in revenue,” Mr. Aganga
said.

The third component of the fund, he said, is the infrastructure fund
which will invest in local infrastructure such as rail, roads, power,
and ports.

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Nigeria market reformers need support beyond election

Nigeria market reformers need support beyond election

A triumvirate of
reformers – Central Bank governor, Lamido Sanusi, AMCON chief
executive, Mustapha Chike-Obi, and SEC director, Arunma Oteh – has
turned Nigeria’s financial markets inside out over the past 18 months.

A $4 billion
commercial bank bailout in 2009 and the sacking of eight bank chiefs
for reckless lending, engineered by Mr. Sanusi, was thefirst strike,
shocking a corporate elite that was unused to close oversight.

Ms. Oteh, who took
office in January 2010, pursued stockbrokers with equal vigour, taking
260 individuals and entities to a special tribunal over alleged price
fixing and insider trading. AMCON, established last year to soak up
non-performing loans in exchange for government bonds, is hoping to
rebuild commercial banks’ balance sheets after the bailout and deepen
the fledgling debt market as it does so. The reform drive has pleased
foreign investors.

But by demonstrating the importance of a few individuals to
financial reforms, the triumvirate’s success indicates the reforms’
vulnerability. Next month’s national elections could cut the political
support that the reformers enjoy, particularly if a new cabinet is less
willing to give them free rein.

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