Business
ERGP Growth Target, Achievable In 2018 – Minister
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says the 4.8 per cent Gross Domestic Product (GDP) growth targeted in Economic Recovery and Growth Plan (ERGP) for 2018 is achievable.
Udoma said this in a statement issued by his Media Adviser, Mr James Akpandem in Abuja, Sunday.
The minister gave the assurance at the Consultative Forum with Civil Society Organisations (CSOs), Private Sector Operators (PSO) and other members of the public in Lagos.
The aim of the forum was to present draft proposals for the Medium Term Fiscal Framework/Fiscal Strategy Paper (MTFF/FSP) 2018-2020 to the stakeholders for suggestions and inputs.
The inputs from the stakeholders would be considered for inclusion in the final Medium Term Expenditure Framework (MTEF), which would serve as the basis for the 2018 Budget.
Udoma said it may be very challenging to achieve the target GDP growth rate of 4.8 per cent set out in the ERGP for 2018.
“It will be achieved if we are able to attract a high enough amount of private sector investment to drive economic growth.
“It is for this reason that government is putting a lot of effort and emphasis on making it easier for business to be transacted in the country.
“The good news is that there are presently many positive indicators in many sectors of the economy, which shows that we are moving in the right direction.
“They are indicators that we are moving in right direction and that the strategies set out in the ERGP are the right strategies,’’ he said.
The ERGP projects in Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.
The key areas are stable macro-economic environment, achieve agriculture and food security, ensure energy sufficiency in power and petroleum products, and drive industrialisation, focusing on Small and Medium Enterprises (SMEs) as well as improve transportation infrastructure.
Udoma said all budgets prepared within the Plan period must be drawn from, and align with the provisions of the ERGP.
Addressing concerns raised over the level of borrowing, the minister said that the issue was not so much of a debt problem, but more of a revenue problem.
According to him, even with our present levels of borrowings, the country’s fiscal deficit is still well within the three per cent (3%) limit prescribed by the Fiscal Responsibility Act.
Udoma said that government would continue to monitor the deficit level to ensure that it remains within the three per cent threshold.
“If we have enough revenue coming in, we can easily offset the debts.
“The problem is that we are not getting as much revenue as we require and therefore, have to borrow to make up the shortfall required to fund the necessary infrastructure that will help us make our economy grow.
“That is why we have had to borrow, but our debt level is sustainable,’’ he said.
The minister, however, told stakeholders that the government had been working hard to increase its non-oil revenues, adding that, it was not still sufficient.
For instance, he said the revenue from tax was very low considering the size of our economy and that it was about the lowest compared to other countries in Africa.
“Our tax to GDP ratio is 6 per cent, whereas the average in Africa is about 16 per cent.
“So we need to increase our revenues and government is working hard to increase revenues so as to be able to fund our expenditure without having to rely too heavily on borrowing,’’ the minister said.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.