Nigeria's central bank may soon give bond and stock investors what they have
been pleading for: a weaker naira.
Governor Godwin Emefiele announced after a meeting of the Monetary Policy
Committee in Abuja, the capital, on Tuesday that a more flexible
foreign-exchange
system would be unveiled "in the coming days." But he gave scant detail and left
plenty of questions. Here are some answers:
What's the problem?
Nigeria has held the naira at 197-199 per dollar since March 2015, even as other
oil exporters from Russia to Colombia and Malaysia let their
currencies drop amid
the slump in crude prices since mid-2014. Foreign reserves dwindled as
the central
bank defended the peg, while foreign investors, fearing a devaluation,
sold Nigerian
stocks and bonds.
While President Muhammadu Buhari and Emefiele argued a devaluation would fuel
inflation, that happened anyway: consumer prices accelerated at the
fastest pace in
six years in April as the black-market naira rate plummeted. To make matters
worse, data released four days before the MPC meeting showed the economy
contracted in the first quarter for the first time since 2004 as the
dollar shortage
curtailed manufacturing. That probably surprised policy makers, prompting the
change of heart, according to Mathias Althoff, a fund manager at Tundra Fonder
AB, which has about $200 million invested in frontier market stocks, including
Nigerian banks.
What happens next?
While Emefiele didn't specify what he meant by "greater flexibility,"
analysts at
Renaissance Capital Ltd. believe the central bank will allocate
dollars at a fixed
rate to strategic industries — like energy and agriculture — while
letting the naira
weaken in the interbank market, where everyone else would buy their foreign
currency. The central bank may also try try to control the new interbank rate by
imposing a trading band of about 5 or 10 percent around it, according
to Althoff.
Will that satisfy investors and save the economy?
If the central bank doesn't allow the naira to drop enough, foreign
investors will
continue to shun Nigerian assets, according to Althoff. The currency
should trade
at around 285-290 per dollar, according to Alan Cameron, an economist at Exotix
Partners LLP. A devaluation won't solve Nigeria's structural economic problems —
which include an over-reliance on oil exports — and may fuel inflation
in the short
term. But it would make Nigerian exports more competitive, curb imports and
encourage foreign investment.
What are the pitfalls?
Most investors would prefer a fully-floating naira, yet doubt that
Nigeria, which has
always had currency controls of some sort, will take that option. And there are
concerns it will be impossible for the central bank to ensure that
only importers
meeting its criteria will be able to buy foreign-exchange at the
discounted official
rate. Many analysts fear that in a nation U.K. Prime Minister David Cameron
described as "fantastically corrupt," access to the official rate will
come down to
political connections.
"The suggestion of a dual exchange rate, with the maintenance of the official
window, is a concern," Razia Khan, head of African research at
Standard Chartered
Plc, said. "This might lead to continued distortions in the market,
ultimately with
pressure on foreign-exchange reserves."
What else should investors watch out for?
Buhari. He has made it clear that he, not Emefiele, is the person in charge of
exchange-rate policy. The president is loath to allow the currency to
drop unless
he's forced to and in February likened such a move to "murder." He has yet to
make any response to the MPC's announcement. And while he is due to make a
speech on May 29, the first anniversary of his coming to power, local
press reports
suggest he will focus on the government's fight against corruption and Boko
Haram's Islamist insurgency.
The central bank has hinted at change before, only to do nothing. "The MPC has
dangled the carrot of exchange rate reform, but without giving any
details of what
a reformed market would look like," Cameron at Exotix said. "To the skeptics
among us, this will simply sound like a re-hash of the same old material we've
been hearing about since December 2015."
Sunday, 29 May 2016
Buhari's 7 Biggest Mistakes In His 1st Year-Premium Times
A year ago, Muhammadu Buhari was Nigeria's Rorschach test, upon whom
Nigerians could project their disparate yearnings, following widespread
disenchantment with the administration of Goodluck Jonathan.
To govern, however, is to choose, and the choices the leader of this
diverse entity
called Nigeria makes in a 12-month period, are what has largely revealed his
personality.
Like any new leader, especially one dogged by security threats and plummeting
economic indices, President Buhari wishes he could have had it less tough.
Mr. Buhari stated earlier this year that he wished he hadn't been
elected president
at a time Nigeria was grappling with severe insecurity and low crude
oil prices at
the international markets.
"But I say why me? Why is it that it is when they have spent all the money, when
they made the country insecure that I returned?" Mr. Buhari lamented
in a February
5 interview with Al-Jazeera. "Why didn't I come when the treasury was full? Oil
price was over $140 per barrel and when I came, it slipped down to $30. Why me?"
Although Mr. Buhari still frequently blames his predecessor for
running the country
aground, bequeathing only a "virtually empty" treasury to him, he also committed
ample embarrassing gaffes in terms of policy pronouncements and his deliberate
indifference to the public mood.
Since Mr. Buhari did not participate in any debate during the campaign–and the
number of times he made stump speeches for himself could be counted on
fingertips—it is hard to suggest that the president would, in
hindsight, wish he had
not pit an ardent campaign against his major challenger, Mr. Jonathan.
Juxtaposing the current state of his presidency with the euphoria that
greeted his
emergence as winner of the historic 2015 elections, here are some low-hanging
fruits that require no legislation that Mr. Buhari should have plucked to assert
himself clearly as a leader who has both the moral and intellectual
astuteness to
effect the fundamental changes Nigerians have long craved.
Disclosure of Asset
Mr. Buhari is arguably the first-ever Nigerian leader that was elected
into office on
the perceived strength of his character as a conviction politician that could
decisively deal with corruption —Nigeria's worst bane.
To further convince Nigerians that he was, indeed, a frugal and
incorruptible man,
Mr. Buhari, in one of his speeches, said he would publicly declare his
assets upon
assumption of office. He also said he would prevail on his appointees to do the
same.
Shortly after his swearing in, Nigerians began demanding copies of Mr. Buhari's
assets declaration documents as submitted to the Code of Conduct Bureau. And
the president began prevaricating about the matter immediately.
At first, he released a statement claiming to have fulfilled his public assets
declaration vow on June 6, 2015. That turned out to be misleading. Mr.
Buhari only
submitted his assets declaration form to the CCB as every government official is
mandated to do.
Under intense public pressure, the president released a statement
enumerating his
assets and those of Vice President Yemi Osinbajo. The statement was at best
imprecise, with no clear details of listed assets. It failed to
provide addresses of
landed of properties, vehicle models, assets of spouse and children as
required by
law, and more. The presidency assured those details would be available to every
Nigerian once they were verified by the Code of Conduct Bureau.
The bureau has since done so, but Mr. Buhari still refuses to come
entirely clean on
how much he is worth, even though the Ahmed Joda transition committee advised
that immediate public declaration of assets would be a "quick win" for Messrs.
Buhari and Osinbajo.
Questioned during a presidential media chat in 2015, a visibly itchy president
questioned why he was singled out, from amongst the governors and
other political
leaders.
Till date, a day away from the government's first birthday, the
president has failed
to disclose his assets by sending the photocopies of what he submitted to CCB to
the media, as former President Umaru Yar'Adua did.
Reap as you vote
The ethnic and tribal sentiments that have for long been a feature of Nigeria's
elections were palpable in the outcome of the 2015 general elections.
The results
showed that while the people of the north embraced Mr. Buhari in large numbers,
those in the south-south and south-east overwhelmingly voted to keep "their
own" in office.
Notwithstanding, a plurality of Nigerians had expected that the president would
govern fairly and inclusively in order to heal whatever wound the election may
have left behind.
Alas, there's little evidence to show that Mr. Buhari did this.
Instead, he began by
appointing mainly northerners to the consternation of even those who were
amongst his staunchest allies. Mr. Buhari appointed dozens of aides in the first
weeks of his administration without ceding any of the positions to the
southeast.
Asked how he intended to implement an inclusive development of the south-
south, Mr. Buhari delved into the results of the elections, speaking of how the
limited support he received from the area would certainly reflect in his
government's policies and programmes to them.
When pressed on the consistent complaints of marginalisation by the South-East,,
a visibly irritated president asked in his maiden media chat on December 30,
2015: "What do the Igbos want?"
Public mood and local media
Upon assumption of office, President Buhari was met with incessant and
devastating attacks by suspected Boko Haram members. It took intense public
criticisms for him to issue a single statement condemning the attacks. He was
quiet most times. He showed similar reluctance with the herdsmen crisis across
the country. The killings in Agatu and other southern communities were not
condemned by the president for weeks. Most went without a single statement of
condolence from his office.
But the president was swift in condemning terrorist attacks in Paris, Brussels,
Grand-Bassam and elsewhere.
Similarly, Mr. Buhari hardly speaks to local media. From when he would name his
ministers (in U.S.) to how he won't let the central bank devalue (in Paris) the
president has made most of the key pronouncements abroad. Talking to local
media would have helped him better understand and gauge public opinion.
Presidential Air Fleet
From a Boeing 737 to choppers, those who should know said there are about 11
aircraft in the presidential air fleet. His campaign assured Nigerians
that some of
those aircraft would be disposed of if the president won the
elections. Not one has
gone yet. Why Mr. Buhari has not sold any of them or even addressed Nigerians on
why he couldn't sell remained unclear.
Appointment of ministers
Mr. Buhari failed to appoint his ministers early. From the moment he
took over on
May 29, 2015, till October ending when he finally released names of
his prospective
ministers, Mr. Buhari claimed he was taking his time to appoint the best.
In hindsight, very few people believe the president's appointment was worth the
time he spent shopping for them. Some analysts have blamed the late
appointments partly for the declining state of the economy.
Given the prolonged fall in oil prices even before the elections, they argue,
appointing a top economic team early enough could have helped stabilise the
system and assure investors. The president missed that opportunity.
With budget, it's business as usual in Abuja.
Given that one of Mr. Buhari's rallying cries during the campaign was
a promise to
eliminate waste within his administration and streamline state agencies and
parastatals, history has recorded that Mr. Buhari's first budget was marred by
irregularities–embarrassing and administrative irregularities. It
failed to send the
much-needed signal to unscrupulous civil servants that a new sheriff
was indeed in
town. It was a disaster.
Being Nigeria's most effective salesman.
Of the 30 foreign trips Mr. Buhari made in his first year, hardly did
he return from
any without dropping a "bombshell". While some were inadvertent gaffes, too many
others were as deliberate as they were damaging.
Nigeria's president has travelled to distant lands to castigate his people as
"criminals", "corrupt" and "unruly" and even urged foreign investors to be wary.
Although a plurality of Nigerian foreign policy analysts have condemned the
president for his outbursts, some of his supporters say he was being
honest. That
could seem an afterthought. If the president does not want to sell
Nigeria–which is
actually part of his job– he should, at least, not de-market it.
Nigerians could project their disparate yearnings, following widespread
disenchantment with the administration of Goodluck Jonathan.
To govern, however, is to choose, and the choices the leader of this
diverse entity
called Nigeria makes in a 12-month period, are what has largely revealed his
personality.
Like any new leader, especially one dogged by security threats and plummeting
economic indices, President Buhari wishes he could have had it less tough.
Mr. Buhari stated earlier this year that he wished he hadn't been
elected president
at a time Nigeria was grappling with severe insecurity and low crude
oil prices at
the international markets.
"But I say why me? Why is it that it is when they have spent all the money, when
they made the country insecure that I returned?" Mr. Buhari lamented
in a February
5 interview with Al-Jazeera. "Why didn't I come when the treasury was full? Oil
price was over $140 per barrel and when I came, it slipped down to $30. Why me?"
Although Mr. Buhari still frequently blames his predecessor for
running the country
aground, bequeathing only a "virtually empty" treasury to him, he also committed
ample embarrassing gaffes in terms of policy pronouncements and his deliberate
indifference to the public mood.
Since Mr. Buhari did not participate in any debate during the campaign–and the
number of times he made stump speeches for himself could be counted on
fingertips—it is hard to suggest that the president would, in
hindsight, wish he had
not pit an ardent campaign against his major challenger, Mr. Jonathan.
Juxtaposing the current state of his presidency with the euphoria that
greeted his
emergence as winner of the historic 2015 elections, here are some low-hanging
fruits that require no legislation that Mr. Buhari should have plucked to assert
himself clearly as a leader who has both the moral and intellectual
astuteness to
effect the fundamental changes Nigerians have long craved.
Disclosure of Asset
Mr. Buhari is arguably the first-ever Nigerian leader that was elected
into office on
the perceived strength of his character as a conviction politician that could
decisively deal with corruption —Nigeria's worst bane.
To further convince Nigerians that he was, indeed, a frugal and
incorruptible man,
Mr. Buhari, in one of his speeches, said he would publicly declare his
assets upon
assumption of office. He also said he would prevail on his appointees to do the
same.
Shortly after his swearing in, Nigerians began demanding copies of Mr. Buhari's
assets declaration documents as submitted to the Code of Conduct Bureau. And
the president began prevaricating about the matter immediately.
At first, he released a statement claiming to have fulfilled his public assets
declaration vow on June 6, 2015. That turned out to be misleading. Mr.
Buhari only
submitted his assets declaration form to the CCB as every government official is
mandated to do.
Under intense public pressure, the president released a statement
enumerating his
assets and those of Vice President Yemi Osinbajo. The statement was at best
imprecise, with no clear details of listed assets. It failed to
provide addresses of
landed of properties, vehicle models, assets of spouse and children as
required by
law, and more. The presidency assured those details would be available to every
Nigerian once they were verified by the Code of Conduct Bureau.
The bureau has since done so, but Mr. Buhari still refuses to come
entirely clean on
how much he is worth, even though the Ahmed Joda transition committee advised
that immediate public declaration of assets would be a "quick win" for Messrs.
Buhari and Osinbajo.
Questioned during a presidential media chat in 2015, a visibly itchy president
questioned why he was singled out, from amongst the governors and
other political
leaders.
Till date, a day away from the government's first birthday, the
president has failed
to disclose his assets by sending the photocopies of what he submitted to CCB to
the media, as former President Umaru Yar'Adua did.
Reap as you vote
The ethnic and tribal sentiments that have for long been a feature of Nigeria's
elections were palpable in the outcome of the 2015 general elections.
The results
showed that while the people of the north embraced Mr. Buhari in large numbers,
those in the south-south and south-east overwhelmingly voted to keep "their
own" in office.
Notwithstanding, a plurality of Nigerians had expected that the president would
govern fairly and inclusively in order to heal whatever wound the election may
have left behind.
Alas, there's little evidence to show that Mr. Buhari did this.
Instead, he began by
appointing mainly northerners to the consternation of even those who were
amongst his staunchest allies. Mr. Buhari appointed dozens of aides in the first
weeks of his administration without ceding any of the positions to the
southeast.
Asked how he intended to implement an inclusive development of the south-
south, Mr. Buhari delved into the results of the elections, speaking of how the
limited support he received from the area would certainly reflect in his
government's policies and programmes to them.
When pressed on the consistent complaints of marginalisation by the South-East,,
a visibly irritated president asked in his maiden media chat on December 30,
2015: "What do the Igbos want?"
Public mood and local media
Upon assumption of office, President Buhari was met with incessant and
devastating attacks by suspected Boko Haram members. It took intense public
criticisms for him to issue a single statement condemning the attacks. He was
quiet most times. He showed similar reluctance with the herdsmen crisis across
the country. The killings in Agatu and other southern communities were not
condemned by the president for weeks. Most went without a single statement of
condolence from his office.
But the president was swift in condemning terrorist attacks in Paris, Brussels,
Grand-Bassam and elsewhere.
Similarly, Mr. Buhari hardly speaks to local media. From when he would name his
ministers (in U.S.) to how he won't let the central bank devalue (in Paris) the
president has made most of the key pronouncements abroad. Talking to local
media would have helped him better understand and gauge public opinion.
Presidential Air Fleet
From a Boeing 737 to choppers, those who should know said there are about 11
aircraft in the presidential air fleet. His campaign assured Nigerians
that some of
those aircraft would be disposed of if the president won the
elections. Not one has
gone yet. Why Mr. Buhari has not sold any of them or even addressed Nigerians on
why he couldn't sell remained unclear.
Appointment of ministers
Mr. Buhari failed to appoint his ministers early. From the moment he
took over on
May 29, 2015, till October ending when he finally released names of
his prospective
ministers, Mr. Buhari claimed he was taking his time to appoint the best.
In hindsight, very few people believe the president's appointment was worth the
time he spent shopping for them. Some analysts have blamed the late
appointments partly for the declining state of the economy.
Given the prolonged fall in oil prices even before the elections, they argue,
appointing a top economic team early enough could have helped stabilise the
system and assure investors. The president missed that opportunity.
With budget, it's business as usual in Abuja.
Given that one of Mr. Buhari's rallying cries during the campaign was
a promise to
eliminate waste within his administration and streamline state agencies and
parastatals, history has recorded that Mr. Buhari's first budget was marred by
irregularities–embarrassing and administrative irregularities. It
failed to send the
much-needed signal to unscrupulous civil servants that a new sheriff
was indeed in
town. It was a disaster.
Being Nigeria's most effective salesman.
Of the 30 foreign trips Mr. Buhari made in his first year, hardly did
he return from
any without dropping a "bombshell". While some were inadvertent gaffes, too many
others were as deliberate as they were damaging.
Nigeria's president has travelled to distant lands to castigate his people as
"criminals", "corrupt" and "unruly" and even urged foreign investors to be wary.
Although a plurality of Nigerian foreign policy analysts have condemned the
president for his outbursts, some of his supporters say he was being
honest. That
could seem an afterthought. If the president does not want to sell
Nigeria–which is
actually part of his job– he should, at least, not de-market it.
Customs To Use N285/$ For Duty From June 1
The Nigerian Customs department announced today it will begin to use the rate
of N285 to the dollar for the calculation of duty on all imports from Wednesday
June 1, 2016.
It is a further evidence of the implicit adjustment of the value of the national
currency, the Naira which had remained artificially at N199 for almost a year.
The Central Bank said after Tuesday's meeting of the monetary policy
committee that it will work out modalities for the operation of the parallel
foreign exchange market in a move towards a more flexible exchange rate for
the Naira.
While the market awaits the rules being put in place by the apex bank, many
have been watching for signs that could help point them to the rate applicable
in the interbank market.
The Customs announcement today is perhaps the clearest sign yet that the rate
of exchange will be closer to N300 than the current official rate of N199 to the
US dollar.
Already oil importers have been advised that the rate governing the calibration
of the pump price of PMS will be N285 to the dollar for the time being.
of N285 to the dollar for the calculation of duty on all imports from Wednesday
June 1, 2016.
It is a further evidence of the implicit adjustment of the value of the national
currency, the Naira which had remained artificially at N199 for almost a year.
The Central Bank said after Tuesday's meeting of the monetary policy
committee that it will work out modalities for the operation of the parallel
foreign exchange market in a move towards a more flexible exchange rate for
the Naira.
While the market awaits the rules being put in place by the apex bank, many
have been watching for signs that could help point them to the rate applicable
in the interbank market.
The Customs announcement today is perhaps the clearest sign yet that the rate
of exchange will be closer to N300 than the current official rate of N199 to the
US dollar.
Already oil importers have been advised that the rate governing the calibration
of the pump price of PMS will be N285 to the dollar for the time being.
APC Thanks Nigerians, Urges More Support For Buhari
Abuja – As The President Muhammadu Buhari Celebrates His First Anniversary
Today, His Party, The All Progressives Congress Apc Has Thanked
Nigerians For Their
Support In The Past 12 Months, Promising To Do More To Improve On
Their Wellbeing.
In A Statement Signed By Its Chairman, Chief John Odigie-oyegun, Apc Said The
President Has Creditably Discharged The Confidence Reposed In Him
During The Last
General Elections.
The Statement Reads In Part;
"twelve Months Ago, President Muhammadu Buhari Was Sworn Into Office After The
Decisive Victory Of Our Great Party In The General Elections That
Marked 16 Years Of
Unbroken Democratic Rule In Nigeria.
"on Behalf Of The National Working Committee, Elders, Leaders And The Teeming
Members Of Our Party, I Wish To Convey My Immeasurable Gratitude To Our Fellow
Compatriots For Their Unprecedented Confidence And Trust In President Muhammadu
Buhari And The Party.
"the Apc Assures All Nigerians That The Party And The President Hold As Very
Sacred This Collective Trust, Which The President Has So Creditably
Discharged This
Past One Year.
"president Buhari Has, In The Last Year, Worked Hard To Repair
Nigeria's Previously
Tarnished Image In The International Community; Restored The
Territorial Integrity Of
Our Country By Ensuring The Containment Of The Erstwhile Rampaging Boko Haram
Insurgency And Has Waged An Unrelenting And Vigorous War Against Corruption As
He Promised In His Electioneering Campaign.
"the President, Being Fully Aware Of The Tough Economic Challenges Facing
Nigerians, Has Directed His Focus On The Salvaging Of Our Battered And Prostrate
Economy.
"the Very Parlous State Of The Economy Inherited By This
Administration, Which Has
Been Further Battered By The Collapse Of The Price Of Crude Oil And The Massive
Corruption By The Past Administration, Does Not Need Any Further Restating.
However, The Government Has Courageously Faced These Challenges By Taking Tough
Decisions Necessary To Bring Our Economy Back To Buoyancy And Self-sustaining
Growth.
"one Of Such Tough But Inevitable Decisions Is The Liberalization Of
The Petroleum
Downstream Sector And The Consequent Hike In Petrol Price Which Led To
A Call Out
Of Workers On An Indefinite Strike By Organised Labour.
"we Thank Nigerians For Their Understanding Of The Situation And Also Organised
Labour For Resuming Negotiation With Government.
"i Want To Assure That The Apc Administration Of President Buhari
Holds Your Trust
To Be Sacred And Will Do All That Is Humanly Possible To Ensure That These Tough
Times Do Not Last. The 2016 Budget Which Includes N500 Billion
Dedicated To Social
Intervention Will Begin To Have Positive Impact Very Soon.
"i Call On All Our Compatriots To Put Aside Any Differences And Join
With President
Muhammadu Buhari To Design And Lay A Strong Foundation For A New Economy That
Assures Self-sustaining Growth And Shared Prosperity For Our People.
In The Words
Of Our Dear President Buhari, 'this Generation Of Nigerians And Indeed
All Nigerians
Have No Other Country To Call Our Own, We Must Work Together To Salvage It".
Today, His Party, The All Progressives Congress Apc Has Thanked
Nigerians For Their
Support In The Past 12 Months, Promising To Do More To Improve On
Their Wellbeing.
In A Statement Signed By Its Chairman, Chief John Odigie-oyegun, Apc Said The
President Has Creditably Discharged The Confidence Reposed In Him
During The Last
General Elections.
The Statement Reads In Part;
"twelve Months Ago, President Muhammadu Buhari Was Sworn Into Office After The
Decisive Victory Of Our Great Party In The General Elections That
Marked 16 Years Of
Unbroken Democratic Rule In Nigeria.
"on Behalf Of The National Working Committee, Elders, Leaders And The Teeming
Members Of Our Party, I Wish To Convey My Immeasurable Gratitude To Our Fellow
Compatriots For Their Unprecedented Confidence And Trust In President Muhammadu
Buhari And The Party.
"the Apc Assures All Nigerians That The Party And The President Hold As Very
Sacred This Collective Trust, Which The President Has So Creditably
Discharged This
Past One Year.
"president Buhari Has, In The Last Year, Worked Hard To Repair
Nigeria's Previously
Tarnished Image In The International Community; Restored The
Territorial Integrity Of
Our Country By Ensuring The Containment Of The Erstwhile Rampaging Boko Haram
Insurgency And Has Waged An Unrelenting And Vigorous War Against Corruption As
He Promised In His Electioneering Campaign.
"the President, Being Fully Aware Of The Tough Economic Challenges Facing
Nigerians, Has Directed His Focus On The Salvaging Of Our Battered And Prostrate
Economy.
"the Very Parlous State Of The Economy Inherited By This
Administration, Which Has
Been Further Battered By The Collapse Of The Price Of Crude Oil And The Massive
Corruption By The Past Administration, Does Not Need Any Further Restating.
However, The Government Has Courageously Faced These Challenges By Taking Tough
Decisions Necessary To Bring Our Economy Back To Buoyancy And Self-sustaining
Growth.
"one Of Such Tough But Inevitable Decisions Is The Liberalization Of
The Petroleum
Downstream Sector And The Consequent Hike In Petrol Price Which Led To
A Call Out
Of Workers On An Indefinite Strike By Organised Labour.
"we Thank Nigerians For Their Understanding Of The Situation And Also Organised
Labour For Resuming Negotiation With Government.
"i Want To Assure That The Apc Administration Of President Buhari
Holds Your Trust
To Be Sacred And Will Do All That Is Humanly Possible To Ensure That These Tough
Times Do Not Last. The 2016 Budget Which Includes N500 Billion
Dedicated To Social
Intervention Will Begin To Have Positive Impact Very Soon.
"i Call On All Our Compatriots To Put Aside Any Differences And Join
With President
Muhammadu Buhari To Design And Lay A Strong Foundation For A New Economy That
Assures Self-sustaining Growth And Shared Prosperity For Our People.
In The Words
Of Our Dear President Buhari, 'this Generation Of Nigerians And Indeed
All Nigerians
Have No Other Country To Call Our Own, We Must Work Together To Salvage It".
Sharia Court Bill: Leo Ogor Speaks - "Nobody Is Expanding Sharia To Anywhere"
Do not panic over Sharia court bill –Reps
The House of Representatives doused tension on Friday after a bill to expand the
jurisdiction of the Sharia Court of Appeal ignited fears that
lawmakers were about
to expand Sharia Law to cover the entire country.
The constitution amendment bill, which was sponsored by a member from Sokoto
State, Mr. Abdullahi Salame, had passed second reading on the floor of
the House.
The Speaker, Mr. Yakubu Dogara, who presided over the session, had allowed the
bill to scale second reading without debate on the grounds of its "sensitive"
nature.
The House had also noted that since it was a constitution amendment bill, it
should be referred to the Ad Hoc Committee on Constitution Review where it
would be adequately discussed.
However, the passage of the bill raised fears after the term "jurisdiction" was
reportedly misconstrued for expanding Sharia Law to states other than where it
currently applies.
In his proposal, Salame sought to amend sections 262 and 277 of the 1999
Constitution to add "criminal" to the existing provisions.
Explaining the purpose of the bill, the Minority Leader of the House,
Mr. Leo Ogor,
a Christian, allayed fears that it was about expanding Sharia Law to
other states.
Rather, he explained that bill merely sought to increase the existing
powers of the
court to include criminal cases.
Ogor said, "The 'jurisdiction' of the court referred to in sections
262 and 277 of the
constitution means the powers of the court in states where it already
exists, not
expanding Sharia to other parts of the country, no.
"The amendment sought to these sections is to add 'criminal' to the existing
jurisdiction it has on 'civil litigation.' That is the jurisdiction
that is being
expanded, not the expansion of Sharia Law itself."
On why the bill was not debated, Ogor said, "The matter was not debated because
the amendment is a constitutional amendment on a matter that could be better
handled by the constitution review committee.
"Debating it on the floor will not resolve it since the Ad Hoc Committee on
Constitution Review will still conduct a public hearing on it.
"Those concerned will be invited to come and give their opinions on
how the added
powers of the court will affect them and so on.
"Nobody is expanding Sharia to anywhere. Members of the public should not panic
over this at all."
The House of Representatives doused tension on Friday after a bill to expand the
jurisdiction of the Sharia Court of Appeal ignited fears that
lawmakers were about
to expand Sharia Law to cover the entire country.
The constitution amendment bill, which was sponsored by a member from Sokoto
State, Mr. Abdullahi Salame, had passed second reading on the floor of
the House.
The Speaker, Mr. Yakubu Dogara, who presided over the session, had allowed the
bill to scale second reading without debate on the grounds of its "sensitive"
nature.
The House had also noted that since it was a constitution amendment bill, it
should be referred to the Ad Hoc Committee on Constitution Review where it
would be adequately discussed.
However, the passage of the bill raised fears after the term "jurisdiction" was
reportedly misconstrued for expanding Sharia Law to states other than where it
currently applies.
In his proposal, Salame sought to amend sections 262 and 277 of the 1999
Constitution to add "criminal" to the existing provisions.
Explaining the purpose of the bill, the Minority Leader of the House,
Mr. Leo Ogor,
a Christian, allayed fears that it was about expanding Sharia Law to
other states.
Rather, he explained that bill merely sought to increase the existing
powers of the
court to include criminal cases.
Ogor said, "The 'jurisdiction' of the court referred to in sections
262 and 277 of the
constitution means the powers of the court in states where it already
exists, not
expanding Sharia to other parts of the country, no.
"The amendment sought to these sections is to add 'criminal' to the existing
jurisdiction it has on 'civil litigation.' That is the jurisdiction
that is being
expanded, not the expansion of Sharia Law itself."
On why the bill was not debated, Ogor said, "The matter was not debated because
the amendment is a constitutional amendment on a matter that could be better
handled by the constitution review committee.
"Debating it on the floor will not resolve it since the Ad Hoc Committee on
Constitution Review will still conduct a public hearing on it.
"Those concerned will be invited to come and give their opinions on
how the added
powers of the court will affect them and so on.
"Nobody is expanding Sharia to anywhere. Members of the public should not panic
over this at all."
See The Mystery Of Sins And Forgiveness
If Jesus died on the cross and spent three days in hell to pay for the
sins of the
world, then why would we have to go to hell ourselves and pay for them again?
God is then, in essence, being paid for our sins twice. With that
said, was Jesus'
sacrifice not worthy enough? If that is the case, why should we care
that he died
for our sins if his sacrifice means nothing at all?
Your contributions would go a long way in helping out a lot of
faithless souls out
there
sins of the
world, then why would we have to go to hell ourselves and pay for them again?
God is then, in essence, being paid for our sins twice. With that
said, was Jesus'
sacrifice not worthy enough? If that is the case, why should we care
that he died
for our sins if his sacrifice means nothing at all?
Your contributions would go a long way in helping out a lot of
faithless souls out
there
Saturday, 28 May 2016
Why 'Carrying Placards In Search Of Jobs' Is Wrong
There are few cases of job seekers carrying
placards lately at strategic spots and this has hit
the media. A lady has even met with the vice
president for doing this. Is this right? A few
points would argue it.
1. Carrying placards in search for jobs undermines
the progress made in job application process
which has gone online and is quite efficient.
2. Jobs given could be regarded as out of pity
and unprofessional as it might have been created
to help the placarder otherwise it would be
advertised.
3.Giving placarders jobs discredits the effort of
hundreds of thousand of Nigerian graduates who
have looked beyond the employment situation to
be self employed and entrepreneurs.
4. Even if jobs given were advertised, there would
be so many applicants who have taken out time
to write application letters and applied through
prescribed means. Why give it to someone who
did not even search?
5. Considering the present employment situation
in the country, young unemployed graduates could
go on the streets with placards in search of jobs.
They soon will form a body and cause unrest if
left to go on unchecked.
What is the way out?
-The government of the day should regret the
situation the labour market is in today.
-The government of the day should declare a
state of emergency on employment and create
jobs for graduates.
-When jobs are given through this means of
carrying placards, it should be kept off the media
so as not to encourage others to do the same.
placards lately at strategic spots and this has hit
the media. A lady has even met with the vice
president for doing this. Is this right? A few
points would argue it.
1. Carrying placards in search for jobs undermines
the progress made in job application process
which has gone online and is quite efficient.
2. Jobs given could be regarded as out of pity
and unprofessional as it might have been created
to help the placarder otherwise it would be
advertised.
3.Giving placarders jobs discredits the effort of
hundreds of thousand of Nigerian graduates who
have looked beyond the employment situation to
be self employed and entrepreneurs.
4. Even if jobs given were advertised, there would
be so many applicants who have taken out time
to write application letters and applied through
prescribed means. Why give it to someone who
did not even search?
5. Considering the present employment situation
in the country, young unemployed graduates could
go on the streets with placards in search of jobs.
They soon will form a body and cause unrest if
left to go on unchecked.
What is the way out?
-The government of the day should regret the
situation the labour market is in today.
-The government of the day should declare a
state of emergency on employment and create
jobs for graduates.
-When jobs are given through this means of
carrying placards, it should be kept off the media
so as not to encourage others to do the same.
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