Headlines
Yari Asks Governors to Get Ready for Recession, Draws Criticism
The Chairman of the Nigeria Governors’ Forum, Abdulaziz Yari, has told the newly-elected governors to prepare for another cycle of possible economic recession by mid-2020.
The recession, according to Yari, who is also the Zamfara State governor, may not end until the third quarter of 2021.
Yari spoke in Abuja on Monday at the induction of new and returning governors which was organised by the NGF.
But the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry disagreed with Yari on the looming recession that he predicted.
They questioned the basis on which Yari based his prediction that the country might go into another cycle of recession from 2020 to mid-2021 on.
However, Yari told the new governors that their tenure might not be a smooth ride due to paucity of funds to execute projects and also pay salaries in their respective states.
He said, “As some of us are exiting as helmsmen of our various states, let me quickly remind the new and returning governors that it may not totally be a smooth ride.
“On our part, we made a lot of achievements in infrastructural development and provision of social services because we enjoyed a relatively high oil price of about $100 to $114 dollar per barrel between 2011 and the middle of 2014.
“However, by mid-2014, the price of crude oil, which is sadly the main driving force of government’s expenditure, dropped to $75 per barrel. It, therefore, became very difficult for many states to even pay salaries of their workers.
“This scenario is a wake-up call for all of you to come amply prepared to face this kind of challenge especially since we are expecting the possibility of another cycle of recession by mid-2020 and which may last up to third quarter of 2021.
“Your good spirit of stewardship will make you contain the situation should there be one.”
Yari, who has won election as a senator-elect, said as members of the National Economic Council, the new governors must work hand in hand to boost the economy in tandem with the global best practices.
He regretted that he and his colleagues had faced the challenge or managing state economies that he said “totally dependent on accruals from the Federation Account” rather than exploring what he called viable alternatives to run the economy.
He said for most of the states, Internally Generated Revenue was nothing to write home about.
“You must, therefore, look inward by boosting your revenue generation base and also utilise them effectively for the execution of projects that would touch the lives of your people,” he told the newly-elected governors.
The Punch
Headlines
Abiola Cannot Be Recognised As Former President; He Was Never Sworn-in – Gen Ishola Williams
By Eric Elezuo
One of the prime actors of the June 12, 1993 incidents, General Ishola Williams, has said that much as Chief MKO Abiola wrong was created having won the election, and denied victory, he cannot be recognized as a former President of Nigeria.
Gen Williams made his revelation while speaking as a guest on Channels television socio-political programme, Inside Source.
He maintained that only those who were sworn in that recognised as former presidents, and Abiola was never sworn in.
“Abiola cannot be recognised as former president because he was never sworn in.
The General, who said that he resigned from the army as a result of the wholesome reception given to General Sani Abacha, when he overthrew Chief Ernest Shonekan-led Interim National Government, contrary to expectation, also picked flaws in the narratives given by former Military President Ibrahim Babangida, in his recently launched book, A Journey In Service.
Williams rose in the army to become the Commandant of Army Signals, Commander of Training and Doctrine (TRADOC) and Chief of Defence Training and Planning, from where he resigned.
Headlines
Breaking: Supreme Court Recognises Martin Amaewhule As Rivers Assembly Speaker, Orders CBN to Stop Releasing Funds to State
By Eric Elezuo
The Supreme Court of Nigeria has in its ruling on Friday recognised Hon Martins Amaewhule as the authentic speaker of the Rivers State House of Assembly, mandating him to urgently resume sitting with elected members of the assembly.
The apex court also ordered the Central Bank of Nigeria to stop releasing to the Rivers State government until a proper assembly is constituted.
Details soon…
Tension escalated at the Lagos State House of Assembly on Thursday as impeached Speaker Mudashiru Obasa made a dramatic return to reclaim his position.
Accompanied by heavily armed men, Obasa stormed the Assembly complex in a bold move that has thrown the State’s legislature into turmoil.
In a stunning turn of events, security details assigned to the substantive Speaker, Rt. Hon. Mojisola Meranda, were abruptly withdrawn on Thursday morning, clearing the path for Obasa’s controversial comeback.
Sources revealed that the Inspector General of Police (IGP) ordered the withdrawal of all security operatives attached to Meranda, leaving her exposed in the midst of an intensifying power struggle.
The Speaker’s Special Adviser on Information, Mr. Victor Ganzallo, expressed concern over the security vacuum created by the withdrawal of personnel.
“In the early hours of Thursday, we woke up to the startling news that all security details assigned to Madam Speaker, Mojisola Meranda, had been withdrawn.
This includes the police and DSS officers, leaving her exposed to threats amid the ongoing speakership crisis,” Ganzallo stated.
He further called on Governor Babajide Sanwo-Olu, as the State’s Chief Security Officer, to intervene urgently to prevent a complete breakdown of law and order within the Assembly.
“The withdrawal of security personnel has left the Assembly naked and vulnerable at a critical time. Urgent action is needed to restore order,” he pleaded.
With the speakership battle taking a dramatic new turn, political watchers are keenly observing how the crisis will unfold in the coming days.
