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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
The Federal Government, through the Federation Account Allocation Committee (FAAC), has released N860.252 billion to State governments for January, with the local governments expected to get N361.754 billion of the allocated sum
The councils will not receive their allocations directly due to their inability to meet the deadline for submitting account details.
According to a FAAC official, the councils’ January funds will be disbursed through the states, while the Universal Basic Education Commission (UBEC) and Primary Health Centre (PHC) will receive direct funding from the Federation Account.
The FAAC official explained that the commission transferred the January allocations to state governments because the councils failed to meet the administrative requirements for funds disbursement.
He said: “The January allocation did not go to the local governments but to their state accounts.
“If they have started submitting their accounts, their February allocations will go to them.
“The January allocation has been paid to the state accounts already. That means they didn’t submit their details on time.
“If the councils can move fast and tidy up the loose ends early, they will get their funds directly from next month.
“That will signal the commencement of their autonomy as desired by the Bola Tinubu administration.’’
“I learnt the process of creating accounts is what is holding the process, but the Federal Government is determined to make sure that local government autonomy becomes a reality. I can assure you that things are moving in the right direction,’’ another FAAC official said.
The development comes after the Supreme Court granted financial autonomy to local government councils in July 2024, ruling that their funds from the Federation Account should be paid directly to them rather than through state governments.
To implement the judgment, the Federal government directed all local governments to open dedicated bank accounts with the Central Bank of Nigeria (CBN) for the direct transfer of their monthly allocations.
However, it is understood that the process has been slowed down by the ongoing budget defence and other pressing engagements involving key government officials.
Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has commended the Nigeria Police for the timely rescue of Mrs. Folasade Odumosu, the wife of retired Assistant Inspector General of Police (IGP), Hakeem Odumosu, who was recently kidnapped.
Spokesman for the Police Force, ACP Muyiwa Adejobi, confirmed on Thursday that Mrs. Odumusu had been rescued and reunited with her family.
Adejobi said the operation, conducted within a week, resulted in the safe rescue of the victim, unharmed, alongside the neutralisation of some kidnappers and the recovery of weapons and ransom.
Reacting to the development in a statement on Friday via X, Obi praised the professionalism demonstrated by the Ogun State Police Command, noting that the rescue mission showcased the police’s capability to act effectively when properly motivated.
He wrote, “I commend the Nigeria Police for their swift and effective response in rescuing Mrs Folashade Odumusu, the wife of retired AIG Hakeem Odumusu, who was kidnapped just a few days ago.
“The operation, conducted within a week, highlights their capacity to act decisively when motivated.
“What stands out is the precision with which the rescue mission was executed.
“It not only led to the safe release of the victim, unharmed, but also resulted in the neutralisation of some kidnappers, the recovery of weapons, and the retrieval of the ransom. Such a professional outcome deserves high praise.”
Also, the Ogun State Police Command expressed gratitude for the technical support received from the Force Headquarters and the Inspector General of Police, Kayode Egbetokun, who showed exceptional interest in the case.
The IGP commended the Ogun Command for dismantling the criminal network behind the abduction.
This success, according to Obi, underscores the impact of proper leadership and motivation in tackling crime.
“This incident offers hope. It proves that these issues can be tackled effectively if security personnel are well-resourced, supported, and committed to their responsibilities,” Obi wrote.
However, the former Governor of Anambra State urged the police to extend similar urgency and professionalism to cases involving ordinary Nigerians, whose plights often go unnoticed.
“Many innocent citizens remain victims of abduction, languishing in captivity without rescue efforts reaching them,” he said.
Obi further described the successful operation as a testament to the potential of Nigeria’s security architecture when managed and prioritised effectively
Former Military President, Gen Ibrahim Badamasi Babangida (IBB), is set to launch his long-awaited autobiography.
Reports said the memoir titled: ‘A Journey In Service’, will be released on February 20, 2025, at the Congress Hall of Transcorp Hilton Hotel in Abuja.
The development is coming 32 years after IBB left office.
The regime of the former Head of State was negatively shaped and defined by the adoption of the Structural Adjustment Programme (SAP) policy, among other regulations, which sparked a nationwide riot by student union and other similar groups.
There was also the unresolved murder of the late journalist, Dele Giwa, and the June 12 annulment, among other controversial issues.
While in office, IBB was popular with the moniker “evil genius” and “Maradona”.
Explaining the nicknames, IBB said they were manufactured by the media because of his “deft political moves”.
“That’s the very good thing about the Nigerian media and Nigerian people. You have to anticipate them.
“If you anticipate them, then you live well with them. They call me ‘evil genius’, I marvel at that. The contradiction, you can’t be evil and then be a genius.”
“The definition of Maradona I got from the media is because of deft political moves. That’s the way the media described it”, he had said.
He succumbed to pressure in August 1993 when he “stepped aside” for the late Ernest Shonekan as the chairman of the Interim Government.
The late General Sanni Abacha would, however, topple the government in 1993 and would subsequently die in office in 1998.
Although IBB granted interviews to local and international media since leaving office, he has somehow found a way around some of these contentious issues that happened during his rule.
About seven years ago, he had expressed doubts about writing an autobiography, saying he was uncertain if Nigerians would “want to read about a dictator”.
He added that the public had a wrong impression of him, citing his role in the June 12 crisis, and some of the policies he unfurled between 1985 and 1993 as head of a junta.
However, he made a U-Turn and wrote the book.
President Bola Ahmed Tinubu will lead former Nigerian leaders and their counterparts in other parts of Africa to grace the much awaited autobiography.
According to an invite dispatched to dignitaries this week, the board of trustees of the IBB Presidential Library Foundation said the book launch will take place alongside fundraising for a Presidential Library.
The organisers said the event would be chaired by former President Olusegun Obasanjo, with President Bola Tinubu as the Special Guest of Honour.
The keynote address would be delivered by the former president of Ghana, Nana Akufo-Addo, while former vice-president Yemi Osinbajo would review the autobiography.
Other guests billed to attend include ex-presidents Muhammadu Buhari, Yakubu Gowon, Abdulsalami Abubakar, and Goodluck Jonathan.
A former Minister of Defence Gen. Theophilus Danjuma and Chairman of BUA Group; Abdul Samad Rabiu, are named chief launchers.
