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2020 Budget: Nigerians Are Already A Candidate For Bankruptcy – Economist

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2020 budget is a budget of bankruptcy ― Economist tribuneonlineng.com Oct 8, 2019Economist and public affairs commentator, Mr Odilim Enwegbara has described the 2020 Appropriation Bill as “a budget of bankruptcy”.

Reacting to the Bill presented to a joint session of the National Assembly on Tuesday, Enwegbara wondered if Nigeria had not “come to the point of agreeing that this business of federal government running Nigeria’s economy should be finally brought to an end? “For how long do we have to have such a prodigious federal government, a government that can’t stop its borrowing spree? “For how long should we allow this government to continue to borrow its oversized consumption, where less than two million government workers have directly and indirectly be responsible for 90% of the country’s annual spending? “For how long should the federal government has to decide where and why road or water etc. should be constructed in Nigeria?” According to him, debt service to revenue ratio is currently approaching 80% with domestic debt approaching 70% of the country’s overall debt stock.

“Can we continue to borrow at such unheard-of high cost, especially from our commercial banks to the extent that these banks can’t stop conniving with government agencies responsible for revenue generation to allow high deficit gaps that have meant more and more borrowing from banks to meet the shortages? “With now close to N30tn debt, and more than N2tn annually spent on mere debt service, and without the economy growing in a way that grows government revenues, how does the government want to repay the huge debt, especially at a time its recurrent spending continues to grow in such geometric progression?” He warned that unless something drastic was done to reposition the economy and grow it with millions of jobs, sooner than later Nigeria will be forced to the inevitable bankruptcy, which will soon happen when revenue will no longer be enough for debt service. “I’m frightened to see the least.

“I am because those in power seem to be pretending as if all is all, when is in reality, we are already a candidate for bankruptcy.”

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Border Closure: Alomo Bitters Manufacturer Loses $2m

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As the raging issues of border Closure by Buhari-led administration continues with Nigeria and even Ami neighbouring Africa nations.

KasaprekoLimited, is the manufacturer of Alomo Bitters, a beverage widely consumed by Nigerians.

The company is also Ghana’s largest local beverage manufacturer. It has lost about $2 million in revenue following the border closure by the Nigeria government.

This was made known in by Francis Holly Adzah, Kasaprekos Head of International Business Development when he stated in an interview with a Ghanaian news website, JoyBusiness that they have lost about $2 million in revenue following the action of the Federal Government of Nigeria to close borders with neighbouring countries.

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Buhari Working Hard To Meet Nigerians Need -Oshiomhole

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The National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, has expressed President Muhammadu Buhari’s determination to accelerate economic growth with a view to meeting the needs of Nigerians in his second term in office.

In a statement signed by his Chief Press Secretary, Mr Simon Ebegbulem, on Tuesday, Oshiomhole said this when a delegation from the Vietnamese Government paid him a courtesy in Abuja. The delegation was led by His Excellency, Nguyen Hai Ninh, the Deputy Chief of Office of the Central Committee of the Communist Party of Vietnam.

According to him, to achieve this, the APC led Federal Government is reviving our textile industry. “The idea is to work towards taking advantage of comparative advantage in this sector in order to help provide jobs to the over 200 million of our population,” Oshiomhole said.

According to him, Buhari is in a hurry to provide jobs to unemployed Nigerians as well as accelerate the growth of the economy.

It is as a result of this that the APC led administration is fighting corruption vigorously for our commonwealth not to be concentrated in the hands of a few, but that of the majority.

“With a population of 200 million, we have the advantage of a huge market, but we also have a huge challenge of ensuring an economic growth that will make those 200 million people comfortable. “Before the coming of Buhari, we missed lots of opportunities,” he said.

Oshiomhole said that the country had challenges in power supply and security, adding that the President was fighting corruption to preventing few people from taking the wealth meant for the nation.

“Nigerians voted overwhelmingly for our President, so we are going to take advantage of the second term to ensure that we accelerate economic growth for us to meet the needs of our people.

“Right now, we are focusing on ensuring that we have a power supply. Vietnam has a strong textile industry and you have an international market, so I am glad to know about that.

“I am particularly keen on this because I work in the textile factory before and I think that there are one or two things we can learn from your experience because we are on the verge of reviving our textile industry which will help us create jobs,” he said. Oshiomhole commended the Vietnamese Government for backing Nigeria in its bid for the Presidency of the United Nations General Assembly.

He said that the countries would continue to deepen relationships in areas of trade and investment for the benefit of the two countries. Earlier, Hai Nin said the visit was to establish official relationship between the APC led government and the communist party of Vietnam.

He solicited the assistance of Nigeria in settling the crisis between Vietnam and China over the disputed South China sea, urging Nigeria to insist that the dispute be settled according to the UN established laws. (NAN)

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Bayelsa Guber: Jonathan Kinsmen, Others Joins APC

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As the gubernatorial polls of Bayelsa is drawing nearer on daily basis, grassroots politicians and kinsmen of former President Goodluck Jonathan, Chief Robert Enogha and Chief Claudius Enegesi have dumped the People’s Democratic Party (PDP) for the All Progressives Congress (APC) ahead of the November 16 governorship election in Bayelsa State.

Prior to his defection, Enogha was the Chairman, Bayelsa Environmental Sanitation Authority and former two-time member of the Bayelsa State House of Assembly. Enogha, who was until his defection one of the restoration leaders in Ogbia, was also a former Commissioner for Environment in the state. Enegesi, one of the political associates of Jonathan, was a Speaker in the old Rivers State when Ada George was the governor.

The party stalwart, who was the pioneer Chairman of the PDP in Bayelsa when the party was formed in 1998, was a former national executive member of the party and a former caucus chairman of PDP, Ogbia chapter.

Also in Nembe, Chief Bright Erewari-Igbeta, a former House of Assembly member and presently Special Adviser to the Governor on Environment resigned his appointment from the government and also from the party. In the same council, Chief James Jephthah aka Octopus after series of meeting with leaders and supporters of PDP under the Octopus Umbrella said he and his political associates had decided to withdraw their membership of the PDP. But Enigha while jointing the APC cited dictatorial tendencies in PDP as a reason for his decision to leave the party. He said: “I write to formally inform you of my withdrawal of membership from the People’s Democratic Party (PDP).

I am doing this with so much pain as a founding member of the party which was truly democratic as at then. “I must acknowledge the immense benefit and experience I have gathered over the years through service as a loyal and faithful member. However I have lost confidence in the party’s ability to accept where the opinion of majority counts, hence my resignation”.

Also in Brass, Chief Beimo Spiff the coordinator of the PDP governorship campaign council in Brass Local Government Area and brother to Senator Inatimi Rufus Spiff, Chairman of the PDP reconciliation committee, dumped the party for the APC.

Spiff and his supporters were received by the Secretary of the party, Alabo Martins. Beimo- Spiff in his letter of resignation addressed to the Chairman of the party said he was resigning from the party due to some “despicable injustices in the party

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