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Reps Says The Task Of Reclaiming Nigeria’s Economy Is Most Critical
By Gloria Ikibah
The Chairman of the House of Representatives has said that the task of reclaiming Nigeria’s economy and resetting it on the path of sustainable growth and development after several years of failure to do the needful is a most critical challenge.
This is as the Chairman, House Committee on Monitoring, Evaluation and Implementation of the Legislative Agenda, Rep. Patrick Umoh, reiterated that the President Tinubu’s administration was truly committed to addressing the economy in line with the Renewed Hope Agenda and Legislative Agenda of the 10th House of Representatives, particularly Agenda No. 4.
Rep. Umoh stated that Nigeria was potentially positioned to serve as the green, blue and digital hub of Africa, due the enormous endowment of green, blue and digital resources, available in the country.
The committee chairman disclosed this at a press conference on the “Post National Roundtable On The State Of The Economy” with emphasis on an enthralling need for diversification with special focus on green, blue and digital economy.
He said the unsustainability and precariousness of Nigeria’s mono-cultural oil-dependent economy cannot be over-emphasised, particularly in the light of current economic challenges precipitated by the dynamics of the international oil market and the accelerating global transition to a net-zero carbon/non-fossil economy.
He further said the state of the economy today depicts the paradox of a nation whose matchless potentials and opportunities for greatness are clearly at variance with the sad realities of plummeting inflation, unemployment, food and social insecurity and other indicators of an economy in distress.
Rep. Umoh highlighted that the National Assembly has in pursuance of its constitutional mandate, made a number of interventions both at Plenary and Committee levels towards the resolution of our national economic challenges.
He said: While these interventions are indeed, yielding positive results, the need for a strategic stakeholder’s engagement, collaborations and contributions in this regard cannot be over- emphasised.
“It is against this backdrop that the House Committee on Monitoring, Evaluation and Implementation of Legislative Agenda and the leadership of the House agreed to host this National Roundtable on the State of the Economy with the theme,”Economic Diversification: from Agenda to Action through the Unlocking of New Vistas of Opportunities in the Green, Blue and Digital Economy”.
He explained that the National Roundtable which held on the 15th of July, 2024, provided a veritable platform for stakeholders in Nigeria’s economic development to holistically appraise and address the country’s economic challenges and proffer workable solutions, particularly through the harnessing and maximisation of green, blue and digital resources.
“I have no doubt that those of you -Gentlemen of the press who covered this event would concur that this Roundtable was a monumental success.
“The Committee remains highly appreciative of all the esteemed Speakers, Resource Persons and Stakeholders who graced the event inspite of their tight schedules. This is a validation of the great value which Stakeholders attach to the subject matter of this Roundtable.
“The participants at the Roundtable cut across all the relevant sectors including the Government- the Honourable Members of the National Assembly, the relevant Ministries, Departments and Agencies of the Federal Government, the Organised Private sector, the Academic Community and the civil Society.
“The contributions of our development partners- Konrad Adenaeur Stiftung and Afrexim Bank towards the success of the Roundtable are worthy of appreciation.
“The Resolution of the Roundtable through the Communique for the hosting of other Roundtables on the specific subject matters of Green Economy, Blue Economy and Digital Economy aligns with the Committee decisions to host series of Roundtables quarterly on the Strategic issues and the priority areas in the Agenda of the 10th House of Representatives”, he noted.
By Kayode Sanni-Arewa
In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.
The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.
Full text of the statement reads in part:
Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.
The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.
As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.
In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.
According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.
This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.
Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.
The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.
“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.
Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”
Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.
“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”
Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.
The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.
According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.
The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.
As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.
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