Exploration Of Oil Begins In North East Nigeria

It is official.Exploration of oil has started in North East Nigeria.

Details later

Image credit:Sallau

Source;

Source: http://www.trezzyblog.com/2016/08/exploration-begins-north-east.html

8 Years After Creation, Niger Delta Ministry Completes Only One Project - Minister

The Minister of Niger Delta Affairs, Uguru Usani, on Monday said the ministry had successfully completed only one project since its creation eight years ago.

He stated this in Abuja while speaking with the News Agency of Nigeria.

The ministry was created in 2008 by the late President Umaru Yar’Adua.

It has two ministers previously – Ufot Ekaette and Godsday Orubebe – both of who are from the oil-rich region as the incumbent.

Mr. Usani said it was regrettable that no project had been commissioned or completed since the establishment of the ministry in 2008, except a cassava processing plant in Ondo State by the present administration.

He decried the destruction of oil facilities by Niger Delta Avengers, arguing that no matter the provocation, it was wrong for the group to destroy the environment that bore the people`s heritage.

He said the region was everybody’s business and that no personal or collective interest was worth the destruction of oil pipelines in the region.

“Let’s come together as one to protect our communities; let’s preach love, peace, tolerance, patience and dialogue with one another,” Mr. Usani said.

“Let’s convince ourselves that it is our region and that we have nowhere to go to, if we destroy it.”

The minister urged the people of the region to support the President Muhammadu Buhari, saying that they had benefitted more from it him than any other Nigerian president.

He said measures were being put in place to ensure due process and accountability in the ministry, with regards to project implementation, especially in the Niger region.

Mr. Usani, therefore, urged people of the region to task themselves and take responsibility of their collective heritage.

He said, “Henceforth, we must refuse to accept despair as the final response to the ambiguities of our history.

“Let’s embrace our heritage which defines our identities and values.”

(NAN)

Source ;

http://www.premiumtimesng.com/news/top-news/208270-eight-years-creation-niger-delta-ministry-completes-one-project-minister.html

On Forex Issues Alone, 14 Foreign Airlines Exit Nigerian Aviation Market

– These are dire times for the Nigerian economy 

– Fourteen (14) foreign airlines have exited the aviation market 

– The airlines were said to have lost N64 billion repatriating stuck funds 

Fourteen (14) airlines have withdrawn their services from Nigeria due to low patronage and the bad economy being experienced in the country. According to The Guardian, the airlines are among the 50 that operated the Nigerian routes some months ago. Some of those listed are Spanish-owned Iberia airlines, United Airlines and Air Gambia among others.

The airlines were also said to lost about N64 billion in the wake of the new foreign exchange (forex) policy of the Central Bank of Nigeria (CBN). Speaking on the issue, president of the National Association of Nigeria Travel Agencies (NANTA), Bankole Bernard, said the new forex policy and economic recession came with enormous negative effect on travel agencies and airlines. Bernard, who spoke at the Aviation Round Table (ART) breakfast meeting held in Lagos recently, said there was fear that more airlines might quit flying the Nigerian routes.

He also revealed that some travel agencies are already considering relocating to Ghana, where “their policies are consistent.” He blamed the current administration for its inconsistent policy particularly on the naira devaluation, saying it accounted for the current “nightmarish” experience airlines and travel agencies are facing. The loss of N64b by the foreign airlines was on account of repatriating $800 million stuck in the economy in the last one year, but released after the recent devaluation of the naira. With the devaluation, the accumulated $800million from airlines’ sales of tickets when the exchange rate was still at N197 to $1, was taken out of the country at the new rate of N320 to $1. Consequently, a substantial amount was lost in the last couple of weeks. 

Also speaking on the issue, the regional manager of British Airways, Kola Olayinka said that for every $1m repatriated since the new policy began, the airlines lose not less than N80 million. He said the immediate and unfortunate effect of the new policy is affecting all foreign airlines that had funds sitting in the Nigerian banks. President Muhammadu Buhari administration last year introduced a fiscal policy through the CBN, restricting access to foreign exchange and funds transfer out of the country. The policy has affected the International Air Transport Association (IATA) members with estimated $600 million belonging to operators in Nigeria stranded. The association has since appealed to government to ensure the immediate release of such funds to operators in the Nigerian aviation sector.

Meanwhile, ART President, Gbenga Olowo, said some airlines lost up to 50 per cent of their funds due to the forex policy. He appealed to government to be consistent in its policy and ensure that foreign airlines operators have an enabling environment. The CBN on Wednesday, June 15, officially announced a new foreign exchange policy. According to the CBN, the Nigerian currency has been floated, hence there will be a single market for acquisition of the foreign currency.

Sourced From ;

https://www.naij.com/919396-forex-hike-panic-14-foreign-airlines-exit-nigerian-aviation-market.html

A Little #Buharinomics

If you like combine Soludo, Bismarck Rewane, HRH SLS, Iweala and Ezekwesili...There is no short cut and no quick fix to our current situation...Anybody tells you the contrary is LYING from the pit of HELL!!!

I reiterate my projection that as from Q2 - 2017 we will begin to feel the impact of PMBs admin effort, the numbers will begin to move from negative to positive and these will become very NOTICEABLE

If you ask what the present administration has done so far...well here are some FUNDAMENTAL ANSWERS:

1) Winning the war on insurgency and fighting corruption, creates avenues for economic policies to thrive

2) NNPC is now a profit making company, for the first time in 15yrs they reversed LOSSES of N35b to PROFIT of N274m

3) The total enforcement of TSA has so far accumulated N3tr plus

4) Investment in infrastructure is a record in this years budget and N350bn is being injected every quarterly from budget approval, the reason many contractors have gone back to work (although I must admit that they should pump in more money in here)

5) The efficiency unit of the ministry of finance cutting federal Government operational costs such as travel restrictions, prohibiting souvenirs and bags for ceremonies, eliminating ghost workers and auditing MDAs operational costs is saving the FG over N100bn per month

6) FIRS & Customs made it possible that in the month of June 70% of FAAC was non-oil revenue

7) Excess Crude Account added $1.6 billion dollars making a current balance approximating $4 billion dollars

8) N500bn social welfare package to feed children in school, vocational training, empowerment of artisans, farmers market women...etc

8.a FG from the above already paid into BOI - Bank of Investment N150b specifically to empower women

9) FSP - Fiscal sustainability plan...what that is...is sort of a contract btw the States & the Federal Government around moving on a journey towards fiscal discipline...what the FSP does is that it has 22 points of reforms and those reforms will move states along this line towards fiscal discipline

10) National consultation by the Economic Management Team to draft a MTEF - Medium Term Economic Framework corresponding to the fiscal years 2017 - 2019.

‪#‎Buharinomics‬