Banks Increase Appetite for Bankers’ Acceptance

CBN   Headquarters

Investment in Bankers’ Acceptance (BAs) increased by 5.3 per cent to N63.4 billion in the month of April, as banks continue to search for alternative investment window.

The figure represented a growth by N3.4 billion, compared with the N60.04 billion recorded in the month of March.

BAs are short-term credit investment created by a non-financial firm and guaranteed by a bank. They are often traded at a discount from face value on the secondary market. Banker's acceptances are very similar to T-bills and are often used in money market funds

According to the Central Bank of Nigeria (CBN) monthly economic report made available to THISDAY yesterday, the value of investment in Bas had declined by 10.7 percent in the preceding month.

The report stated that the increase recorded, reflected the increase in investments by deposit money banks and discount houses.

It showed that the value of money market assets outstanding as at the end of April 2011 was N4.861 trillion, representing an increase of 5.6 per cent, compared with an increase of 2.5 per cent at end- March 2011.

“The development was attributed to the 6.8, 5.3 and 4.2 per cent rise in the value of FGN Bonds, Bankers Acceptances and Nigerian Treasury Bills, respectively. Activities on the Nigerian Stock Exchange (NSE) in April 2011 were bullish, as all the major indicators trended upward.

Gross federally-collected revenue in April 2011 was estimated at N781.84 billion, representing an increase of 30.6 and 37.5 per cent over the proportionate monthly budget estimate and the receipts in the corresponding period of 2010, respectively. At N621.53 billion, gross oil receipts, which constituted 79.5 per cent of the total revenue, exceeded the proportionate monthly budget revenue estimate and the receipts in the corresponding period of 2010 by 49.7 and 56.6 per cent, respectively,” it added.

According to the report, banking system’s credit to the private sector fell by 0.5 per cent to N9.376 trillion in the month under review, from the preceding month’s level, in contrast to a rise of 2.7 per cent at end-March 2011. Similarly banking system’s claims on the core private sector declined by 0.4 per cent to N9.012 trillion, in contrast to the increase of 2.6 per cent in the preceding month.

It said: “The development reflected wholly the fall in the deposit money banks’ claims on the sector. Relative to the level at end-December 2010, banking system’s credit to the private sector fell by 4.6 per cent.”

Labour Suspends Strike

Abdul Waheed Omar, NLC President

It was close, very close but organised labour finally decided early Wednesday morning to call off its three-day warning strike which was planned to commence Wednesday.

The impasse over the implementation of the new minimum national wage of N18,000 was finally resolved after a series of meetings between the labour unions and governors as well as Federal Government officials.

A communique released early Wednesday morning said the strike had been called off with immediate effect.

THISDAY however learnt that because of the lateness of the truce, the labour officials would find it difficult to pass the message across to members, meaning the strike may be observed Wednesday, at least partially.  

The communique also said payment of the new minimum wage would start from August 1, 2011, declaring that all negotiations should end by July 31.

All arrears since the law was signed last March are also expected to be paid.

The communique concluded that "no worker shall be victimised" as a result of this industrial action.

The communique was signed on behalf of the Federal Government by Secretary to the Government of the Federation, Senator Anyim Pius Anyim; Minister of Labour, Chief Emeka Wogu; and Head of Service of the Federation, Professor Afolabi.

President of Nigeria Labour Congress (NLC), Comrade Omar Abdulwahid and President of Trade Union Congress (TUC) Comrade Peter Esele signed on behalf of labour.

It was read by Abdulwahid.

Before the strike was called off, it had been announced that employees of the Lagos State civil service had opted out. 

The state government said its workforce was not participating in the action because none receives below the N18,000 in question as monthly wage. 

The state Head of Service, Prince Adesegun Ogunlewe, who said this at the presentation of retirement bond certificates worth N2.198 billion to 322 retirees, added that the government had already complied with the Minimum Wage Act. 

A circular with Ref No CIR/HOS/11/VOL.I/068 was issued to ministries, departments and agencies (MDAs) including the office of the deputy governor, speaker of the House of Assembly, 

commissioners, permanent secretaries, local government chairmen and hospital administrators, among others. 

The circular read: “As a proactive government, it is heartening that the new salary structure being operated since January 2011 in the Lagos State Public Service has adequately accommodated the provisions of the Act since the least paid employee now earns N18,780.48k (GP) per month as already reflected in circular Ref No. EST/S.190/S.6/VOL.III/192 of 21st February, 2011. In the same vein, parastatal organisations in the State Public Service are being assisted to comply with the Minimum Wage Act. 

“The action of government is driven at ensuring stability in the socio-economic activities of the state which any industrial action might severely hamper.  Furthermore, the state is seriously concerned about the negative impact of strike to the dispensation of essential safety and security services such as healthcare, water supply, fire services and emergency management, etc, to her citizenry.” 

The meeting between the Nigerian Governors’ Forum (NGF), NLC and TUC had ended in a more confusing state. 

The NLC and TUC officials refused to speak to newsmen at the Rivers State Governor’s Lodge, saying they were heading to another meeting with Anyim. 

Chairman of the NGF, Mr. Rotimi Chibuike Amaechi, had told newsmen that they had concluded their aspect of the meeting with the NLC and TUC. 

He said: “We have finished with the NLC and TUC. We are ready to make sacrifice where necessary because of the overbearing interest of the country, which is bigger than any individual. We have reached an agreement not to talk to anybody on this again.” 

Also, the President of TUC, Esele, simply said: “We are going to the SGF’s office for the concluding part of the meeting.” 

The NGF consequently raised a five-man committee to accompany the NLC and TUC to the meeting with the SGF on an observer status. 

The members of the committee include Edo State Governor Adams Oshiomhole, his Enugu State counterpart, Sullivan Chime, and three others, whose names THISDAY could not ascertain at press time. 

It was gathered that at the meeting, the governors convinced the labour leaders that they were willing to pay the minimum wage but insisted that it would be based on availability of funds. 

According to one of the governors, who explained the terms of the meeting to THISDAY, “we are willing to pay, but we are also pushing that there be an amendment to the Federal Revenue Allocation formula to reflect the reality on ground". 

He said: “This is what we meant by the relativity to pay.” 

He said the chairman of the NGF signed an agreement with the labour leaders that the states would pay the minimum wage once there was the “relativity agreement” and the Federal Government kept to its agreement that the revenue sharing formula would be reviewed. 

The governors of Rivers, Bauchi, Enugu, Edo, Kwara, Akwa Ibom, Plateau, Zamfara, Nasarawa and deputy governors of Katsina, Jigawa, and Ondo, among others, were present at the meeting. 

Abdulwahid; the two Deputy Presidents of NLC, Isa Aremu; and Promise Adewusi, were at the meeting. The TUC President, Esele, and TUC’s General Secretary, John Kolawole, were also at the meeting. They arrived the venue at exactly 12.56 pm. The meeting came to an end at about 6.50 pm.

NNPC, Capital Oil Project to Create 3,000 Jobs

Minister of Petroleum, Mrs Diezani Allison-Madueke

The Kero-Direct Scheme (KDS), a project put together by the Nigerian National Petroleum Corporation (NNPC) in partnership with Capital Oil and Gas will generate about 3,000 direct employments for Nigerians.

Managing Director of Capital Oil and Gas Industries, Mr. Ifeanyi Ubah, who disclosed this at the weekend said in the last one week, the company had employed about 250 youths, while additional 2,750 would be employed in the next six months.

The Kero-Direct Schme (KDS) was put together by the NNPC in partnership with Capital Oil and Gas Industries to supply kerosene directly to households in the country.

The project, which kicked-off in Lagos last Saturday with Amuwo -Odofin and Apapa Local Government Areas as starting points, will be extended to all the 57 LGAs in Lagos and subsequently to other parts of the country.

Under the arrangement, the Pipelines and Products Marketing Company (PPMC), a subsidiary of the NNPC will provide the product that will be sold to end users at the official rate of N50 per litre. The product will be dispensed through the use of Capital Oil dispensing trucks.

Ubah said to ensure that middlemen do not hijack the scheme, the sale would be restricted to 25 litres to each household, adding that about 880 households from each of the 57 local councils in Lagoswill benefit on weekly basis.

He said his company had acquired seven large barges and five tug boats, to ensure that the exercise was conducted without hitches, adding that the scheme was a bold effort by NNPC in partnership with Capital Oil to kerosene directly to the people.

“Capital Oil has been very concerned about the difficulty in getting kerosene for domestic use. It is in response to this that the company came up with this innovation of deploying mobile filling stations with standard dispensing pumps to deliver kerosene at official price of N50 per litre to Nigerians. The scheme will afford our people greater access to the product with a view to reducing the use of charcoal and fire woods, which are hazardous to health.

“With a storage capacity of 196 million litres and dispensing capacity of 56 million litres per day, our knack for efficiency and excellence is demonstrated in our innovative robustness as we operate a system that transfers product from our jetty to other nearby depots through integral underground pipe network. In addition to our depot, we can supply up to four other depots simultaneously. With our newly acquired seven large barges and five tug boats, we are more than poised to deliver quality service to the good people of Nigeria”, he said.

According to him, the choice of Amuwo-Odofin and Apapa as selling points for the commencement of the project was deliberate as those areas are among places with higher concentration of people.

Capital Oil and Gas has world class depot with the capacity to store about 196 million litres of products. The company also has dispensing capability of 56 million litres per day, 30 arms loading gantry, deepwater jetty that is capable of docking four large vessels simultaneously, 700 road tanker fleet, integrated products pipelines, regional strategic oil depots in Suleja, Funtua, Kano and Emene as well as 1,100 capacity-ultra modern truck park.

N18,000 minimum wage: Yuguda lists conditions for payment

Bauchi State governor Malam Isa Yuguda has said that the proposed 18 000 naira minimum wage is even too small for the Nigerian worker but in view of the present financial status of most states, the sum will only be paid as the states can afford to do so.

Speaking to a group of journalists on Sunday in Abuja, Governor Yuguda said for now each state government will look into its various revenue sources and sit down with the Labour unions to appraise the do-ability of the proposal and arrive at a position where the trio of the civil service, government and the public will be happy at the end.

“We have deliberated and agreed that it is something that is doable when able. As far as I am concerned 1800 is even too small for the average Nigerian worker. So if we can even afford more, we should do it. We will look at the various avenues of generating revenue, after all, the Labour themselves know those sources; they know how much we get and how much we pay out for services. We pay for security; we run schools, hospitals; we create jobs and so on. So there are so many competing needs for this small resource,” he said.

The governor, however, observed that for now, there are states whose financial capacity can enable the payment of more than 18,000 and urged them to do so. He stressed that if Bauchi State has such status he will approve a sum above 18,000.

According to him, “Every state should sit down with Labour and bring out its balance sheet, your income, your expenditure. These are mandatory expenditures: salaries, wages, hospitals, schools and provision of water. These are all necessities and we have to pay them just like we are paying salaries. If we don’t buy alum and provide fuel for generators to pump water into Bauchi, there won’t be water supply in Bauchi. So do you want us to give you the money and stop pumping water?”

He therefore challenged Labour unions to support the programme of deregulation which will translate into more funds for state governments to pay increased salaries and fund development projects to the satisfaction of the public.

He said rather than help the ordinary Nigerians, the subsidy on petroleum products have only continued to line the pockets of few Nigerians.

“Deregulation is a necessity, a sine qua non for development of this country. People are taking funds from petroleum products that are pumped through non existing pipes. 6000 to 7000 billion is going into a few hands and they are buying Yachts and sky skyscrapers in renowned cities of the world, building financial empires at the expense of the poor man working on the street.”

Governor Yuguda noted that the country needs to build a middle class which will have the purchasing power to consume products to be produced by small and medium scale industries which various governments are working on. He said one way is by increasing workers’ pay but that is only possible with increased revenue for the various tiers of government.

After the Storm, Maiduguri Gradually Bounces Back to Life

 You can walk into a shop and buy mobile phone recharge cards, pick up a few groceries and even share a joke with the shop keeper. That is what two days without the sound of a bomb can do in Maiduguri.

Life has started picking up gradually in the troubled capital city of Borno State as some business centres and markets which were closed at the peak of the Boko Haram crisis were opened yesterday.

But the roads are still deserted as motorists shy away, perhaps wondering where the next bomb would go off.

Also, no bank has opened to customers yet but some shops were opened on the popular Post Office area and Ahmadu Bello Way with the popular Monday and Baga markets having an influx of both sellers and buyers.

The roads that were deserted for major parts of last week also witnessed improved traffic as commuters started coming out from their homes.

Some who fled in the heat of the crisis have started coming back to the town as the bombing has stopped for about two days now.

 One of the returnees who spoke with NIGERIA FACTORS, Uche Ebelechukwu, said he decided to return to Maiduguri believing that the worst was over because of the assurances by Governor Kashim Shettima. Shettima also compensated some victims of the mayhem Monday.

The governor gave out 11 vehicles to those whose vehicles were burnt at the London Chinki area when the Joint Task Force (JTF) engaged the sect in a shoot-out.

The governor equally gave N1.6 million to the two widows of late Mohammed Bahaushe, Sande and Habiba Mohammed who alleged that they lost the amount during the clash that claimed the life of their husband.

The governor, while addressing the victims at the Multi- Purpose Hall, Government House Maiduguri, sympathised with them and disclosed that the government had already set up a committee for the distribution of thousands of tri-cycles recently purchased by the government.

He said they would be given on loan basis, payable at N200,000 only, instead of the company price of N300,000.

Shettima also promised to re-build the houses that were razed, and called on those who had fled the area to come back and settle down, as the government was doing everything possible to restore peace and normalcy in the state.

The University of Maiduguri Teaching Hospital (UMTH) said yesterday that the institution was at no time closed to the public.

The Head of Information and Public Relations, Hajia Mabruka Babagaji, said as a well-known hospital that is alive to its responsibilities, there was no way the hospital could have closed especially in a period where casualties were on the rise.

She said the management was disturbed by the advert in some of the national dailies which claimed that the hospital was closed.

She added that it was only the University of Maiduguri (UNIMAID) that was closed last week but not the hospital, stressing that “the entire departments in the hospital are fully functional and there was never a break in service delivery since the outbreak of this crisis”.

The hospital was functioning as doctors, nurses and clinical staff were seen attending to patients when correspondents visited yesterday.

The National Emergency Management Authority (NEMA) has commenced distribution of relief materials to over 140 Internally Displaced Persons (IDPs) in the state.

According to a press release by the agency in the North-east signed by Mr. Ibrahim Farinloye, the relief materials were given to the IDPs at camps in Gidan Lawane Maya Kyariri community in Mafa Local Government Area of the state and some 245 families stationed at the Central Mosque in Jimtilo, an outskirt of Maiduguri.

Farinloye disclosed that relief materials which included blankets, mosquito nets, rice, beans, detergents, bathing soaps and clothes were also distributed to IDPs now in Damaturu, Potis-kum, Bama, Auno and Konduga.

The NEMA spokesman said the agency was considering applying psycho-social and trauma treatment in collaboration with the Federal Neuro-Psychiatric Hospital, Maiduguri on some of the displaced persons.

However, the state Chairman of Christian Association of Nigeria (CAN), Rev. Yuguda Ndurvwa, has condemned the compensation to the victims, insisting that it was based on religious consideration.

Ndurvwa alleged that the compensations were to 33 Muslim victims.

He said that the Christian community in the state was not happy with this, adding that many pastors and Christians were killed in the two-year sectarian crises.

Speaking in a telephone interview with journalists, he said: “I am hearing it now from you for the first time; and this is very privileged information with which we are not happy. We are sad that the governor could segregate or exclude Christians killed and injured in the Boko Haram attacks, killings and bombings of our members and their churches and houses.”

He said he was summoning a meeting of the Executive Council of CAN today to fully deliberate on the actions of the governor in excluding Christians for the distribution and disbursement of vehicles and funds to the Boko Haram victims of Zannari and Kaleri wards.

CBN Extends Interbank Guarantee for Three Rescued Banks

Sanusi Lamido, CBN Governor

The Central Bank of Nigeria (CBN) Monday extended its interbank guarantee for three rescued banks that have reached advanced stages in their recapitalisation process from September 30 to December 31, 2011.

The rescued banks, which it said would benefit from the guarantee extension because they had advanced about 50 per cent into resolving their capital deficiency, are FinBank Plc, Intercontinental Bank Plc and Union Bank Plc.

In fact, the apex regulatory authority officially announced that the three banks had moved beyond the Memorandum of Understanding (MoU) stages, with the signing of their Transaction Implementation Agreements (TIAs) with strategic partners.

TIA is an agreement which defines the relationship between the rescued bank and its potential investors.

It also explains how the financial terms are spelt out. The TIA document, which is usually bulky, officially announces the engagements by the parties and will be followed afterwards with the “marriage”.

The CBN however insisted that there was no going back on the September 30 deadline fixed for the recapitalisation of the affected banks.

The apex bank had in a circular on July 13, 2009, initiated a policy that guaranteed all inter-bank placements and placements with banks by Pension Fund Administrators (PFAs).

The liquidity management office had in the policy, directed that overnight placements shall not be priced higher than MPR + two per cent, while a maximum spread of 300, 400 and 500 basis points above the MPR shall be maintained for tenors up to 30, 60 and 90 days respectively.

The CBN had warned that any placements priced outside these bands would not be

eligible under this programme.

The apex bank had also threatened to nationalise any of the affected banks that failed to conclude its recapitalisation process by the end of September.

CBN’s Deputy Governor, Financial System Stability (FSS), Dr. Chiedu K. Moghalu, who had an interaction with journalists on the recapitalisation process in Lagos Monday, expressed “unreserved optimism” that the remaining five rescued banks that were yet to sign their TIA’s would achieve similar feat before the deadline.

He assured the banks that the CBN would also extend their interbank guarantee once they were able to scale through the MoU stage.

While Intercontinental Bank last week signed a TIA with Access Bank Plc, FinBank Bank also took a major step in signing similar document with First City Monument Bank Plc (FCMB). In the same vein, Union Bank also signed same agreement with its core investor- African Capital Alliance Consortium (ACA Consortium).

Moghalu stated: “The signing of the three legally binding TIAs represents a significant step towards resolving close to 50 per cent of the capital deficiency of the affected banks. The reason why we extended the interbank guarantee is in recognition of the substantial achievement for the banks. It is to enable them tidy up their affairs so that everyone can still have confidence in the banks as there will be transition to new management and new structure.

“From all the information available to us, the remaining five banks are making progress towards recapitalisation; therefore we do not see any danger. But if for any reason, they do not meet the deadline, the CBN will carefully find the appropriate action to take. We continued to say that the deadline is firm and we expect that all the banks will meet it. We have always said that the CBN is a systemic regulator and it is our responsibility to ensure stability.

“The CBN had made it clear that we have a responsibility to ensure that there is a deadline. Without deadlines, you cannot achieve anything. If you continue to allow the negotiations to continue endlessly, people will begin to ask questions.”

Moghalu, who spoke in company with some other senior CBN officials, also expressed strong belief that shareholders of the affected banks would support the process when called upon for their approval.

“Shareholders’ approvals are another imminent major step. We believe these approvals which are being fast-tracked, will be obtained within the next few weeks. The role of the shareholders is to vote on the decision that has been taken by the board of directors on their behalf. The negotiations are not done by shareholders and so we should not be creating the perception by some shareholders that the negotiation process is their role,” he noted.

Principal Officers: House Accepts Zoning, Rejects Imposition

Hon . Aminu Tambuwal , House Speaker

As the  House of Representatives  gears up to pick  its principal officers  this week, there are strong indications that it   has agreed to the principle of  zoning  but  has again rejected the bid by the Peoples Democratic Party (PDP) to impose its “anointed   candidates” as principal officers.

The lower chamber, it was learnt, has decided that   rather than having its leadership pre-selected by the ruling party,   all its principal officers must emerge through an election.

As a prelude   to the elections scheduled for Tuesday,   both the Majority   and the Minority Party Caucuses of the House will meet separately behind closed doors to streamline their action plans and possibly reach a consensus on their candidates for the leadership positions.

A source close to the leadership of the House told THISDAY that the decision   to have open elections was in line with the new drive to ensure fairness and protect the independence of the legislature.

“We opted to go for the elections because that is the right thing to do and that is  what our rules stipulates.  We do not want any atom of imposition. We want an independent parliament and the best way to do that is to ensure that we choose our leaders ourselves,” he said.

The positions up for grabs include the House Leader, Deputy House Leader, Chief Whip, Deputy   Whip, Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip.

The most contentious of these positions has been the post of the House Leader and Chief Whip which is usually held by legislators elected on the platform of the ruling party.

In a last ditch effort  to salvage the zoning principle,

THISDAY gathered that the ruling party  has zoned   the  position of House Leader   to the South-west  while the Chief Whip has been zoned to the North East.

In the same vein, the party has nominated Hon Mulikat Akande-Adeola as House Leader, but this is being resisted by some anti-imposition  lawmakers   who prefer that the race be thrown open to all ranking lawmakers from the zone.

This scenario has once again pitched Akande-Adeola(PDP/Oyo) against Hon Ajibola Muraina(PDP/Oyo), two candidates who were in the speakership race before the House rebelled against the ruling party and dumped the zoning   formula.

Akande-Adeola is said to be the favourite candidate of the Presidency while Muraina is again touted to be waxing strong with the support of former President, Chief Olusegun Obasanjo , who is also the Chairman, Board of Trustees of the ruling party.

The development appears to have effectively knocked off the ambition of the legislators from the South-South zone who had long been in the race.  Before now, Hon Andrew Uchendu (PDP/Rivers) and Hon Friday Itulah (PDP/Edo), Hon Ndudi Elumelu (PDP/Delta) and Hon Leo Ogor (PDP/Delta) and Hon Eseme Eyiboh (PDP/Akwa Ibom) were the front runners in the chase for the coveted seat.

In the race for the Chief Whip are two candidates from the North East namely Hon Yakubu Dogara(PDP/Bauchi)  and Hon Ishaka Bawa (PDP/Taraba). It is not clear where the pendulum will wing to as these two candidates are largely independent and do not seem to be deriving support from external forces.

As for the position reserved for the minority parties, the Action Congress of Nigeria (ACN) has already  nominated Hon Femi Gbajabiamila(ACN/Lagos)  as Minority Leader of the House of Representatives.

Gbajabiamila, who represents Surulere 1 Federal Constituency of Lagos State was for most part of the 6th session of the parliament the Minority Whip but rose to become the Minority Leader of the House towards the end of the session. The party has also nominated Hon Samson Osagie who represents Orhionmwon/Uhunmwode Federal Constituency of Edo State as the Minority Whip of the House.

However, there are speculations that the other minority parties namely the Congress for Progressive Change (CPC) and the  All Nigeria Peoples Party (ANPP)  may not be comfortable with these two key opposition slots going to the Action Congress of Nigeria.

Since the inauguration of the new House and the subsequent election of Aminu Waziri Tambuwal and Emeka Ihedioha as Speaker and Deputy Speaker respectively, the House has been bugged down by indecision over who joins the body of principal officers. This is due to the fact that the chamber was largely polarised between those who wanted the zoning formula sustained and those who wanted the controversial principle discarded on account of its perceived imperfections.

Under the old order designed by the PDP, the post of Speaker was allocated to the South-West geo-political zone; the post of Deputy Speaker was zoned to the North-East; the South-South had the House Leadership position while North Central Zone had the post of Deputy Leader. Similarly, the South East had the post of Chief Whip while the Deputy Whip was allocated to the North West geo-political zone. However, all that changed the moment the zoning formula was altered to pave way for the emergence of the current leadership of the House.

Since the election, Tambuwal and Ihedioha, the beneficiaries of the new order have been torn between going the whole hog to discard the party’s zoning arrangement and placating the party leaders by adopting zoning for the remaining offices. This has resulted in the delay in constitution the body of principal officers more than  one month after the inauguration of the 7th session of the House of Representatives.

Nigeria’s Growth Hinged on Non-Oil Sector

President Goodluck Jonathan



The National Bureau of Statistics (NBS) has reiterated the need to pay greater attention to the Nigerian non-oil sector, saying that the sector will continue  to be a major driver of the economy. The NBS stated this in a report on Nigeria’s economic outlook for 2011 titled: “2011 Gross Domestic Product Forecast for Nigeria,” posted on its website weekend.

According to the national statistics body, the Nigerian non-oil sector is projected to grow at 8.84 per cent in real terms in 2011 compared with 8.49 per cent recorded in 2010.
It averred that the growth expected sector this year would be largely driven by improved activities in the wholesale and retail trade, finance and insurance, telecommunications, and building and construction activities.
The report said: “The Non-oil sector is expected to continue to drive the Nigerian economy in 2011 while the improvements recorded in the oil sector in 2010 will be sustained. Activities in the oil sector, with their associated gas components, are projected to result in a growth rate, in real  term of 3.40 percent in 2011 compared with the 4.56 percent recorded in 2010.
The Nigerian oil sector recovered from the recent unprecedented levels of disruptions due to militancy, vandalisation and facility shut downs. “Most of the onshore fields in the country that were shut-in due to insecurity of lives and properties were re-opened in 2010. The sector also would continue to benefit from the continued upsurge in world crude oil demand which has kept prices at high levels coupled with the relative stability in the exchange rate of naira against the dollar which is expected to continue in 2011.” It noted that on an aggregate basis, the economy when measured by the real Gross Domestic Product (GDP) is expected to grow by 7.98 percent this year, as against 7.85 percent recorded in year 2010.
“The two major output groups of the economy, that is, oil and non-oil sectors are expected to witness an increase in output in 2011. The non-oil sector would be driven by growth in the activities of the wholesale and retail trade, telecommunications, finance and insurance and building and construction sectors. The oil sector output is expected to remain stable as a result of the continued peace in the Niger Delta region following the Federal Government’s amnesty programme,” the report added.

Sambo Rates Garden City Festival High

Vice President Namadi Sambo

Vice President  Namadi Sambo, has said the 17th National Sports Festival, tagged Garden City Games 2011 hosted by Rivers State, has surpassed the previous sports festivals since its inception in 1973.

Sambo stated this Saturday night during the closing ceremony of the 17th National Sports Festival, at the Liberation Stadium, Port Harcourt.

The Vice president said the improvements recorded in the provision of sporting facilities, organisation and the competitive spirit among athletes shows that Port Harcourt is back to take its pride of place in Nigeria as it has transformed the festival.

According to him, Garden City Games is one festival that has showcased huge talents which abound in the country, stressing that with the record of achievements, Nigeria will have athletes that would represent her in international sporting events.

He explained that sports play a critical role in modern society as most countries are reaping great benefits from sports, emphasizing that athletes at the festival gave their best to achieve results for their various states.

Sambo hinted that with the standard set at the Garden City games, the benefit of hosting the festival are now more enhanced and urged other states to show interest to harvest from the games.The Vice President charged the National Sports Commission (NSC) to sustain the innovation introduced in the 17th National Sports Festival to enable them nurture and harness the athletes that were discovered during the games.

  He commended the Rivers State Government for hosting and winning the highest number of medals, adding that the state has given the most colourful opening and closing ceremony.

In his speech, the Rivers State Governor , Hon.  Rotimi Amaechi ,  said the festival achieved its aim of fostering friendship, brotherly love and unity among the diverse groups in the country.Governor Amaechi remarked that from the onset the state promised to host one of the best sporting festivals in recent history, explaining that reports received indicate that the state has set another standard for future hosts of the festival.

The Governor noted that the state of the art sporting facilities at the sports complex has started receiving request for use by the various sports federations and promised to cooperate with those interests in the use of the facilities.He described the festival as most exciting and lauded President Goodluck Jonathan for his love for the youths of Nigeria as well as for sports development, pointing out that the efforts of the MOC and the LOC were immense in setting the high standard of the games.

The Governor said the commitment, dedication and hard work of the state was responsible for the high performance of team Rivers while commending journalists for the effective coverage of the festival.

Earlier, the Director General, National Sports Commission (NSC) Dr. Patrick Ekeji, said the festival which started in 1973 has witnessed great improvement as the athletes competed in 28 sports.

Ekeji said the NSC has introduced a number of innovations in the management of the sports festival and to evolve ways of strengthening it, noting that the impressive performance of athletes was encouraging for sports development in Nigeria.

He described the 2011 Garden City Games as great technical success in the history of the festival and congratulated Rivers State for hosting a remarkable festival which they also won with 135 Gold, 29 silver and 85 Bronze medals to place first while Delta and Edo states came second and third respectively.Highlight of the closing ceremony was the presentation of trophies to the winners and the putting out of the tough of unity.

N’ Assembly: No More Excuse for Budget Failures

Senate President David Mark

The National Assembly has vowed not to accept any excuse from the executive arm for failure to implement annual budgets forthwith.

Senate President David Mark, who made this stand known in Abuja Sunday while playing host to the two newly appointed ministers from his home state, Comrade Abba Moro and Dr. Sam Ortom, advised that everything must be done by the executive to comply with appropriation acts from now on.

He said the standing committees of the Senate and the House of Representatives to be constituted soon would be given a clear-cut mandate to be stringent on oversight functions, assuring that there would be no sacred cows and nothing would be compromised to get things done rightly.

Mark therefore urged the new ministers to brace up to the challenge of total transformation in all sectors of our economy in order to salvage the nation from the brinks. He maintained that Nigeria is no longer a toddler whose first faltering steps must of a necessity be tolerated, saying: "We have come of age and we must hit the ground running".

The Senate President reminded the new ministers that Nigeria is in a hurry to develop and therefore requires men and women of good conscience, competent, capable hands and patriots committed to the ideals of nationhood.

"It is God's appointed time that you are ministers of the Federal Republic of Nigeria at this time of our history”, Mark told the new appointees. “You must therefore prove that you are the right choices. You must perform to make the positive difference. That is the only way you can justify your appointments and make us proud."

He however pledged the National Assembly’s cooperation with other arms of government to the extent that such synergy would impact positively on the lives of the ordinary citizen.

  "We would have failed in our responsibilities if our efforts do not affect the ordinary man on the street positively. We must therefore work together to achieve results because we cannot afford to fail", Mark stressed.

In their separate remarks, Moro and Ortom assured that they have already keyed into  the transformation agenda of the administration and would strive for excellence.

Specifically, Moro said he is not unmindful of the challenges but he is determined to make a positive difference and bring honour to Benue state and the nation.

Otorm, on his part, pledged that he would use the opportunity of the appointment to foster peace and unity between and amongst the diverse groups in Nigeria, especially in Benue state.