TheNewsGuru

Tag: Economic Development

  • Soludo’s administration will herald economic development in Anambra – Sen. Ekwunife

    Soludo’s administration will herald economic development in Anambra – Sen. Ekwunife

    Sen. Uche Ekwunife, representing Anambra Central in the Senate, has expressed optimism that Prof. Charles Soludo’s administration will herald economic development in Anambra.

    Ekwunife, in a statement on Thursday in Awka, urged the governor to employ a transparent, accountable, gender-inclusive and people-centered governance.

    She also urged Soludo to restore law and order by prioritising the security of lives and property of the people of state.

    According to her, security of lives and property remains the primary responsibility of every responsible government.

    “Earlier today, I witnessed the inauguration of Prof. Charles Soludo, as the Governor of Anambra State. The inauguration signified a remarkable day in the history of the state.

    “I’m hopeful that Soludo’s administration will herald economic development in all the sectors of governance in the state.

    “I urge the new governor to employ a transparent, accountable, gender-inclusive and people-centred governance.

    “I remind him to restore law and order by prioritising the security of lives and property of the people of state which remains the primary responsibility of every responsible government,” she said.

    Ekwunife also urged religious, traditional, political leaders and other stakeholders, irrespective of party affiliation to rally round the governor.

    She said there was the need to rally round Gov. Soludo to actualise the vision, goals and dreams of the state’s founding fathers, as the Light of the Nation.

    Ekwunife congratulated the deputy governor, Dr Onyedikachi Ibezim, and enjoined him to work together with the governor for the greater good of the state.

    “I pray that God give Prof. Soludo the wisdom and knowledge to pilot the affairs of our dear state. May his administration be successful. Amen,” she said.

  • Tinubu rejects calls for reduction in government spending, says massive investments necessary for economic development

    Tinubu rejects calls for reduction in government spending, says massive investments necessary for economic development

    National Leader of the All Progressives Congress, Bola Tinubu on Saturday suggested that reducing the cost of governance is not a one-way street.

    TheNewsGuru.com, TNG reports that the former Lagos State Governor made the remark while speaking at the 11th Arewa House Annual Lecture in Kaduna state.

    “Cost of governance is always a key factor in the socio-economic development of any nation,” Tinubu said.

    “But it is also one side of that very important coin. We must not look at the cost alone, we must weigh the cost against the benefits derived therefrom.

    “For example, one can pay a high cost on a productive enterprise but reap a higher benefit; such would be considered a good investment.

    “However, one can pay a low cost but reap no benefit at all in the endeavour. We inherently say it is unproductive.

    “Thus we must be careful in what we say and truly mean when we talk of cost of governance.”

    Plateau State Governor and Chairman of the Northern Governors Forum, Simon Lalong criticised the cost of governance in Nigeria, blaming the propensity of elected officials to employ an excess of aides.

    “This high expenditure is attributed to the large number of cabinets maintained by these tiers of government, either to pacify political, religious and other interests, with their attendant high salaries, allowances, estacodes and the like,” Lalong said.

    “Currently, at the national level, there are 28 ministries, 44 ministers and about 215 government department and agencies.

    “In 2011, the presidential advisory committee led by General T.Y. Danjuma expressed concerns over the high cost of governance and advised that ‘government should begin the process of merging and reducing the federal ministries and other government agencies to help cut down on government’s unnecessary spending.’”

    Meanwhile, Tinubu also shared his thoughts on how Nigeria can solve its unemployment problem.

    “The development of any populous nation has always been dependent on the ability of government to allocate sufficient fund to projects and programs that create and encourage enduring growth and employment,” he said.

    “We must reject that mode of thinking that assumes government expenditure is inherently unproductive as well as harmful to the overall economy.”

  • How FG will drive economic development with Presidential Executive Order No. 5 – Minister

    The Federal Government on Friday said that it was determined to re-position the nation’s economy through the Presidential Executive Order No.5.

    The Minister of Science and Technology, Dr Ogbonnaya Onu made the assertion in Abuja in an address at the “North Central Dialogue on the Presidential Executive Order No.5”.

    The Federal Republic of Nigeria official gazette Presidential Executive Order No.5 is for Planning and Execution of Projects, Promotion of Nigeria Content in contracts, Science, Engineering and Technology.

    Onu said that the implementation of Executive Order 5 toward technology-driven would lead to global competitiveness.

    According to him, the order 5 is one of the series of such economy-dedicated orders of the present administration.

    “The Executive Order No. 5 is the instrument which President Muhammadu Buhari-led administration has deployed to redirect economy from being resource-based to new sustainable and inclusive path, as well as being a knowledge and innovation-driven economy.

    “It is expected that in the next 10-20 years, Nigerian companies will be competing with the very best in other parts of the world for projects and contracts, in international tenders.

    “The government will, henceforth, place superior emphasis on the use of indigenous professionals and firms, in the design and execution of projects involving national security,” he said.

    According to him, foreign experts will only be engaged on condition that such expertise is not available in Nigeria.

    Onu noted that if the foreign experts were engaged, Nigerian professionals would be attached to understudy them.

    “The Federal Ministry of Science and Technology, under the Economy Recovery Growth Plan (2017-2020), will promote the “Made in Nigeria” goods.

    “The Ministry will harness Science, Technology and Innovation (STI) to drive national competitiveness, productivity and economic activities in all sectors,” the minister said.

    Mr Bitrus Nabasu, Permanent Secretary in the ministry, said on the occasion that government would establish centres for acquisition of technology in the six geopolitical zones of the country .

    He noted that the centre would also promote technology utilisation, reduce poverty and make Nigeria to be self-reliant in producing and utilising goods produced locally.

    Nabasu said that the executive order would increase the quantum of value created in Nigerian economy.

    “The government recognises entrenching STI in everyday life as key to achieve nation’s development goals across all sectors of the economy particularly in STI Strategy 2024 and 2063, SDG 2030 and Vision 20: 2020.

    “The punishment for violation of this order shall be as stipulated by the Public Service Rules and relevant laws governing Public Procurement and Professional Practice in Nigeria,” the permanent secretary said.

     

  • Economic Development: Adeosun seeks support for Nigeria, West Africa

    The Minister of Finance, Mrs Kemi Adeosun on Tuesday called for additional technical and institutional support from the Africa Regional Technical Assistance Centre West 2 (AFRITAC West 2) for West African countries.

    Adeosun said this in a statement issued by Mr Oluyinka Akintunde, her Special Adviser on Media and Communications.

    The statement said Adeosun spoke at the sixth Steering Committee meeting of the IMF –AFRITAC West 2 in Abuja.

    The minister said the provision of more technical and institutional support for West African countries would impact significantly on capacity development within the region.

    “The ability to mobilise resources and build institutions with the capabilities to allocate them effectively, is the foundation of a strong economic management engine.

    “The transfer of these technical capabilities and emergence of stronger institutions will increase the economic resilience of member-countries.

    “These countries will have the technical capability to successfully and independently manage their economies to effectively deliver on critical development imperatives,’’ he said.

    Adeosun said the Nigerian Government was committed to the diversification of the economy from over reliance on oil.

    She pledged that going forward, the economy would be shielded from the negative effects of over-dependence on a singular resource.

    Adeosun also said the government was mobilising domestic revenue through taxes to improve the economy and foster economic development.

    “AFRITAC has supported this effort by conducting the Tax Administration Diagnostic Assessment Tool, which provided Nigeria with an objective assessment of key components of our tax system.

    “We see this work as critical to Nigeria’s future development, and would support its continued implementation,” she said.

    Adeosun urged member-countries of the West African region to collaborate with AFRITAC to strengthen country ownership of the various capacity development interventions.

    The Coordinator of AFRITAC, Mr Oral Williams, disclosed that the Centre had executed 150 capacity development activities across member-countries.

    According to him, the Centre has designed the work programme for the next fiscal year with the aim of delivering quantifiable results.

    The event was attended by the Senior Resident Representative of the International Monetary Fund (IMF) in Nigeria, Mr Amine Mati, the Director-General of Budget Office, Mr. Ben Akabueze.

    It was also attended by the Executive Chairman of the Federal Inland Revenue Service, Mr Babatunde Fowler.

    Delegates from Ghana, Cape Verde, Liberia, Sierra Leone, The Gambia and Nigeria also attended the Steering Committee meeting.