Author: admin

27Aug

Nigerian youths can energize the whole nation – VP Osinbajo

Sept 2 is Aso Villa demo day to promote Technology & Innovation in Nigeria, buhari administration wants to ensure equal opportunities for more young people

Next month a group of 30 young Nigerians with vibrant technology-based ideas and innovations would be welcomed to Aso Rock, reflective of the Buhari administration’s appreciation of the enormous creativity among Nigerian youths.

Making the disclosure today, Vice President Yemi Osinbajo, SAN also said the Buhari administration is aware that inspite of the advances in education and technology, inequality of access and opportunities still exists which the presidency wants to redress.

Speaking today while receiving the United Nations Special Envoy on Youth, Mr. Ahmad Alhendawi, at the Presidential Villa, Abuja, Vice President Osinbajo eulogized Nigerian youth as being “very creative and are every where trying to make space for themselves.”

He announced that on September 2, the much talked about Aso Villa Demo Day would hold, hosting 30 young Nigerians who will pitch their innovative ideas at the Presidential Villa to a presidential audience including venture capitalists, investors and decision makers 　in the ICT industry among other influential business groups and interests.

While disclosing that the 30 most innovative and talented young people where picked out of the several thousands of young Nigerians who participated in a competitive selection process, Prof. Osinbajo stated　　”we are looking at a new generation of people who have the vision, who have a different way of thinking” and whose “energy and creativity,” will benefit the nation.

(Meanwhile, ahead of the Demo Day, a 2-day boot camp will hold for the selected 30 young Nigerians at the Ventures Platform Hub, Abuja from August 31 to September 1.)

“The youth enthusiasm in this country, their can-do spirit, their sheer force can energise the whole nation,” according to the Vice President who added that he wont be surprised if more young people end up in top and key elected positions in the country.

However, he observed that inequality still exists on a global scale as there are still many who dont have access to education and　don’t even know about the advances in technology.

“Huge gaps and disparities still exist. So our concern is about creating more equality, more opportunity in education, to level the playing field so that more young people can get a clear chance in life,” he stated.

Expressing concern about the humanitarian situation in the North-East, he said “the military is gradually winding down its activities and all that we have now is a humanitarian condition that have challenged particularly everything we have.”

He called for more concerted efforts from the international community in adddressing the humanitairn situation together with the Nigerian government, stressing that “insurgency is a major problem especially violent extremism and the consequences of it are so grave.”

Earlier, the UN Special Envoy, Mr. Ahmed Alhendawi expressed his appreciation for the warm welcome for him and his delegation being his first visit to the country.　 He said he was in the country to discuss with the UN Country Representatives on youth programs and advocated for a coordinated national youth policy pledging the support of the UN system in that regard. The envoy was joined for the visit by UN Country representatives from UNDP, UNFPA, UNICEF, ILO among others

Laolu Akande

Senior Special Assistant (Media and Publicity)

In the Office of the Vice President.

August 23, 2016

11Aug

RIO Olympics: President Buhari sends special message to Team Nigeria

As the 2016 Olympic Games opens in 　Rio De Janeiro, President Muhammadu Buhari has expressed optimism that the country’s team will put up an impressive showing to delight fellow countrymen.

In a message to the Nigerian Olympic contingent on Friday, President Buhari said he hoped that the victory of Nigeria’s Under 23 football team, the “Dream Team Six” over their Japanese opponents in the early hours of this day will serve as an inspiration to the entire contingent of the grand show Nigerians expect from our athletes.

“On behalf of the government and people of our great country, I wish to express my support to our athletes who have arrived in Rio for the 2016 Olympic Games. I am particularly delighted by the outcome of the football match early this morning in which our football team defeated their Japanese counterparts.

“The sweetness of the victory comes from the fact that it came against all odds.　 Our team overcame several challenges to put up a sterling performance. This is a good beginning.”

President Buhari also praised the resilience, hardwork and patriotism that the athletes have put into their preparations;

“I am already aware that you have made personal sacrifices in your journey to the Olympic Games. The motivation comes from strong discipline and the love of the nation.”

　”As you embark on the search for honours for the nation, I seize this opportunity to assure our Olympians that you have my support and those of all Nigerians.

“Go! Win and return with laurels, I wish you the best,” the President added.

GARBA SHEHU

Senior Special Assistant to the President

Media & Publicity

August 5, 2016

17May

The fuel pricing debate: our story- V.P Osinbajo

Fellow Citizens:

I have read the various observations about the fuel pricing regime and the attendant issues generated. All certainly have strong points.

The most important issue of course is how to shield the poor from the worst effects of the policy. I will hopefully address that in another note.

Permit me an explanation of the policy. First, the real issue is not a removal of subsidy. At $40 a barrel there isn’t much of a subsidy to remove.

In any event, the President is probably one of the most convinced pro-subsidy advocates.

What happened is as follows: our local consumption of fuel is almost entirely imported. The NNPC exchanges crude from its joint venture share to provide about 50% of local fuel consumption. The remaining 50% is imported by major and independent marketers.

These marketers up until three months ago sourced their foreign exchange from the Central Bank of Nigeria at the official rate. However, since late last year, independent marketers have brought in little or no fuel because they have been unable to get foreign exchange from the CBN. The CBN simply did not have enough. (In April, oil earnings dipped to $550 million. The amount required for fuel importation alone is about $225million!) .

Meanwhile, NNPC tried to cover the 50% shortfall by dedicating more export crude for domestic consumption. Besides the short term depletion of the Federation Account, which is where the FG and States are paid from, and further cash-call debts pilling up, NNPC also lacked the capacity to distribute 100% of local consumption around the country. Previously, they were responsible for only about 50%. (Partly the reason for the lingering scarcity).

We realised that we were left with only one option. This was to allow independent marketers and any Nigerian entity to source their own foreign exchange and import fuel. We expect that foreign exchange will be sourced at an average of about N285 to the dollar, (current interbank rate). They would then be restricted to selling at a price between N135 and N145 per litre.

We expect that with competition, more private refineries, and NNPC refineries working at full capacity, prices will drop considerably. Our target is that by Q4 2018 we should be producing 70% of our fuel needs locally. At the moment even if all the refineries are working optimally they will produce just about 40% of our domestic fuel needs.

You will notice that I have not mentioned other details of the PPRA cost template. I wanted to focus on the cost component largely responsible for the substantial rise, namely foreign exchange. This is therefore not a subsidy removal issue but a foreign exchange problem, in the face of dwindling earnings.

Thank you all.

Vice President Yemi Osinbajo, SAN
May 13, 2016

27Apr

Nigeria derived no benefit from previous devaluations of the Naira – President Buhari

President Muhammadu Buahri insisted Friday in Abuja that he was yet to be convinced that the vast majority of ordinary Nigerians will derive any tangible benefit from a devaluation of the Naira.

Speaking at a meeting with members of the Council of Retired Federal Permanent Secretaries, President Buhari said that he still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State.

“When I was military Head of State, the IMF and the World Bank wanted us devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria.

“The Naira remained strong against the Dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued.

“But how many factories were built and how many jobs were created by the devaluation?

“That is why I’m still asking to be convinced today on the benefits of devaluation,” President Buhari told the retired Permanent Secretaries led by Otunba Christopher Tugbobo.

President Buhari welcomed the Council’s pledge of support for the successful implementation of his administration’s Change Agenda, especially in the priority areas of improving security, curbing corruption and revitalizing the national economy.

“I am glad you have rightly identified the key issues we campaigned on.

“We need a dynamic bureaucracy which will not mislead us into taking wrong decisions,” the President said.

The Council of Retired Federal Permanent Secretaries was established in 2004 to serve as a platform for retired permanent secretaries to offer constructive advice to government on key policy issues.

Chief Philip Asiodu, the Pioneer Chairman of the Council, said that its members want the present Administration to succeed because Nigeria has already lost many opportunities for progress.

“We are non-partisan. The interest of Nigeria is paramount to us and we are anxious that you should succeed,” Chief Asiodu told the President.

Femi Adesina
Special Adviser to the President
(Media& Publicity)
April 22, 2016

17Apr

FG wants speedy completion of Mambilla power project – President Buhari

President Muhammadu Buhari pledged Wednesday in Beijing that his administration will honour all agreements concluded between Nigeria and China under previous administrations to ensure the speedy completion of outstanding joint projects, including the 4,000 megawatts Mambilla Hydro-Electric Power Project.

Speaking at a meeting with Mr Li Keqiang, the Premier of the State Council of the Peoples Republic of China, President Buhari regretted the failure of past governments to meet Nigeria’s obligations in joint projects with China.

The President told the Chinese Premier that his administration was committed to the completion, in the shortest possible time, of all joint power, rail, road and aviation projects that will directly and quickly improve the lives of Nigerians.

President Buhari said that he was particularly keen on actualizing the Mambilla Power Project because of its huge potential to boost employment and national economic growth.

The Chinese Premier commended ongoing efforts by the Buhari Administration to improve Nigeria’s infrastructure.

He assured the President that China was ready to work with his administration to complete all joint projects, including the Mambilla Power Project.

Garba Shehu
SSA to the President
(Media & Publicity)

Diversification of Nigeria’s economy now a matter of urgency – Buhari

President Muhammadu Buhari Friday in Guangzhou, China, said that his administration will take urgent steps to restructure Nigeria’s economy by encouraging new investments in mining, agricultural and manufacturing.

Speaking at a reception in his honour by the Communist Party of China, President Buhari said that Nigeria will welcome the support of the Chinese government, foreign investors and local businesses for efforts to diversify the nation’s economy.

The President noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.

‘‘This time we will be more deliberate. The government and businesses will be involved,” President Buhari said.

In his remarks, the Secretary of the Communist Party, who is also the Governor of the Guangdong Province, Mr. Hu Chinhua, pledged that the region will support the implementation of all the bilateral agreements reached with the Chinese government during President Buhari’s visit.

President Buhari also visited the Sino-Singapore Knowledge City in Guangzhou, which showcases advancements by China in medical, science and technological inventions.

Garba Shehu
SSA to the President (Media & Publicity)
April 15, 2016