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  • Adeolu uploaded 1 new photo to Newsfeed Photos album
    Alleged $2.1bn ECA spend: Okonjo-Iweala ready to explain. Former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has refuted the allegation of $2.1 billion Excess Crude Account (ECA) spent without authorisation, saying it was full of falsehood, without foundation and that she was ready to give explanations on that if called upon. Reacting to the governors’ claim that the immediate past Coordinating Minister for the Economy and Minister of Finance drew down the ECA from $4.1 billion in November 2014 to $2.1 billion without approval, the Minister denied any unauthorised expenditure from the ECA under her watch in the Finance Ministry. The Minister who spoke through her Special Adviser on Media, Mr. Paul Nwabuikwu, said: “We want to state categorically that no unauthorised expenditure from the ECA was made under Okonjo-Iweala’s watch in the Finance Ministry. Decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states. “It is curious that in their desperation to use the esteemed National Economic Council (NEC) for political and personal vendetta, the persons behind these allegations acted as if the constitutionally recognised FAAC, a potent expression of Nigeria’s fiscal federalism, does not exist. “But Nigerians know that collective revenues, allocations and expenditures of the three tiers of government are the concern of the monthly FAAC meetings. “It is important to acknowledge the efforts of governors who are working hard to overcome the current revenue challenges facing their states without resorting to character assassination and blame games. “The former Minister is ready and willing to respond to legitimate enquiries about issues under her purview as Finance Minister. But it is clear that this is the latest chapter of a political witch-hunt by elements who are attempting to use the respected NEC for ignoble purposes having failed abysmally in their previous attempts to tar the Okonjo-Iweala name. “It will be recalled that one of such attempts took place in May when some of these governors, hiding under the auspices of the Nigerian Governors Forum (NGF) asked Okonjo-Iweala to explain $20 billion alleged to be missing from the same ECA. “The Finance Ministry subsequently issued a news release and published an advertorial in national newspapers on May 25, 2015 giving details of what the Federal Government and states received from the ECA in the last four years. It also provided details of the use of the funds for payment of petrol subsidies for the Nigerian public and SURE-P allocations to the three tiers for development purposes. “After the publication, the accusers lost their voice. But the latest allegations show that these persons are still in the business of throwing up wild, unsubstantiated figures to damage Okonjo-Iweala’s name. For instance, within the last few months, Governor Adams Oshiomhole and his fellow travellers have asked Okonjo-Iweala to account for “missing” $30 billion, $20 billion and now $2.1 billion. What they don’t seem to understand is that the strategy has lost all credibility because the falsehood is clear for all to see. “How can some governors who fought FG’s efforts to leave robust savings in the ECA and even took the Federal Government to court over the matter turn around to make such unfounded allegations? “The world knows that it was Okonjo-Iweala who pioneered, during her first stint as Minister of Finance in the Obasanjo administration, the practice of publishing monthly updates of all allocations to different tiers of government to empower Nigerians with information and knowledge of government revenues and expenditure. This enabled the Nigerian public to ask questions about the utilisation of these resources. Of course, many elected and appointed public officials were not happy with this development. “She continued this practice when she returned in 2011 and even added periodic updates on the ECA, subsidy payments for verified claims by oil marketers for fuel imports as well as SURE-P payments to the three tiers of government. “Against this background, the idea that she spent $2.1 billion ‘without authorisation’ is simply not credible given that details of government receipts and expenditure are public knowledge. “We believe that Nigerians are too smart to be hoodwinked by this partisan desperation to tar the name of Okonjo-Iweala. “In the interest of the country, we advise that public officials should avoid the temptation to politicise economic issues so that balanced analysis can lead to real solutions,” she said. source: http://sunnewsonline.com/new/alleged-2-1bn-eca-spend-okonjo-iweala-ready-to-explain/Alleged $2.1bn ECA spend: Okonjo-Iweala ready to explain. Former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has refuted the allegation of $2.1 billion Excess Crude Account (ECA) spent without authorisation, saying it was full of falsehood, without foundat...See more
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    China, Africa to strengthen industrial cooperation. Officials from China, Africa, and the World Bank (WB) on Tuesday pledged efforts to strengthen industrial cooperation between China and Africa to boost the continent's economic development at a two-day investment forum held in Addis Ababa, the capital of Ethiopia. Chinese Deputy Minister of Finance Liu Jianhua said as Chinese businesses are investing abroad and African countries are attracting foreign capital, technology, and development experience, there is huge room for cooperation. She said China is willing to help Africa build infrastructure network, achieve industrialization by scaling up financial, technological, and human resources support to Africa. Liu also said China will increase its cooperation with multi- lateral institutions like the WB in its engagement with Africa. She revealed that China is planning to set up a 50-million-U.S.- dollar trust fund with the WB to support infrastructure development in developing regions including Africa. According to official statistics, China has been Africa's largest trading partner for six consecutive years, with trade in 2014 reaching 222 billion U.S. dollars. Chinese invested a record high of 4 billion U.S. dollars in Africa last year, up 14 percent from a year earlier. At least 2,500 big and medium Chinese companies have registered to be operating in Africa, across a broad variety of sectors. A WB report shows that Chinese investment in Africa is increasingly shifting towards the manufacturing sector as the Asian nation diversifies out of primary sectors such as agriculture and mining. Manufacturing is key to Africa's future development, the report notes. In his opening remarks, Prime Minister Hailemariam Desalegn of Ethiopia noted that his government sees the forum embodying three important themes, including Africa's commitment to economic transformation, strong partnership between Africa and China, and the power of industrialization to deliver development results. The Premier said China-Africa partnership, which has mutually beneficial results across Africa, has expanded rapidly and taken new momentum. "As China-Africa trade cooperation moves into its next phase, there will be significant scope for diversification of our economies and exports, particularly into agriculture and manufacturing," he said. "Chinese investment can be instrumental in addressing structural and logistical constraints that impact the competitiveness of African exports." Makthar Diop, WB Vice President for Africa, highlighted China's experience of dedication, long-term planning, and pragmatism as three major lessons for Africa to learn in order to industrialize. He said Africa's economy has been growing averagely 5 percent over the past decade and proved itself resilient during the 2008-2009 global economic crisis. However, the negative impacts on the economy brought by recent months' drop of commodity prices signifies the need for Africa to diversify its economy, Diop said. One of the key issues discussed at the forum was the role industrial parks and special economic zones play in the process of industrialization. Since 2007, the Chinese government has been supporting six Chinese company-initiated industrial zones in Africa, located in Egypt, Zambia, Nigeria, Ethiopia, and Mauritius. Economists including WB former chief economist Justin Lin highlighted the success of this innovation especially the Eastern Industrial Park in Ethiopia for facilitating the relocation of China's labor- intensive light manufacturing. He said Africa, with 1.1 billion population and low labor costs, is an ideal place to relocate the light manufacturing sector of China as the trend of global value chain moves. Lin urged the governments of China and African countries to seize this opportunity that can help both China and Africa move a step up the global value chain. source: http://www.ecns.cn/2015/07-01/171437.shtmlChina, Africa to strengthen industrial cooperation. Officials from China, Africa, and the World Bank (WB) on Tuesday pledged efforts to strengthen industrial cooperation between China and Africa to boost the continent's economic development at a two-day investment forum held in Addis Ababa, the capi...See more
  • Osun Commences Salary Payment, Announces Pay Cut for Political Office Holders.
    Osun State Government has announced the commencement of the process of paying the salaries of civil servants in the state.

    Workers in the state were owed for seven months.

    A statement issued by the Governor Rauf Aregbesola's office, Tuesday, said it the state was paying the balance of November and full December salary arrears owed.

    "We must assure our people that serious efforts are on to ensure the remaining months are also cleared," the statement said.

    Also, the government has announced a 50 per cent cut in salaries and allowances of all political office holders in the state.

    The statement further read that the government, while saddened and troubled by the turn of events in the financial status of the state and the country at large, is taking responsibility for the unfortunate problem and is prepared to meet the challenge head-on.

    "Since the inception of this government, we have treated the resources under our control with the utmost respect and disbursed them diligently for the greater benefits of our people. Our mandate had always been to use our God-given wealth to bridge the gap between the downtrodden and the government.
    "It is very unfortunate that we find ourselves unable to pay our workers their due wages for several months when, in the past, we stood for paying on or before the 25th of each month. We thank the ever gracious and understanding workers of our state for their patience as we go through this most trying time.

    "However, we are glad to announce that we have commenced the process of paying for the balance of November and full December salary arrears for all our workers across the state and the process should be concluded by Friday, July 3rd, 2015. We are able to do this because our partners and creditors have faith in us and we have proven to be responsible and trustworthy.

    "We must emphasise at this point: We are not out of the woods yet! Our finances took a dive because we were hit by the shock of the sudden and massive drop in global oil prices while Nigeria also had a Federal Government that failed in its primary responsibility to secure our people and our commonwealth.





    source: http://allafrica.com/stories/201507010117.html
    Osun Commences Salary Payment, Announces Pay Cut for Political Office Holders.
    Osun State Government has announced the commencement of the process of paying the salaries of civil servants in the state.

    Workers in the state were owed for seven months.

    A statement ...See more
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