Falling Naira: Buhari is making same error he made as military head 30 years ago- The Economist

International News magazine, The Economist, says President Buhari is making the same mistake now he made with the falling Naira when he was Military leader 30 years ago. Find the article below ...

Give me lucky generals,” Napoleon is supposed to have said, preferring them to talented ones. Muhammadu Buhari, a former general, has not had much luck when it comes to the oil price. Between 1983 and 1985 he was Nigeria’s military ruler. Just before he took over, oil prices began a lengthy collapse; the country’s export earnings fell by more than half. The economy went into a deep recession and Mr Buhari, unable to cope, was overthrown in a coup. Now he is president again. (He won a fair election last year against a woeful opponent; The Economist endorsed him.) And once again, oil prices have slumped, from $64 a barrel on the day he was sworn in to $32 eight months later. Growth probably fell by half in 2015, from 6.3% to little more than 3% (see article).

Oil accounts for 70% of the government’s revenues and 95% of export earnings. The government deficit will widen this year to about 3.5% of GDP. The currency, the naira, is under pressure. The central bank insists on an exchange rate of 197-199 naira to the dollar. On the black market, dollars sell for 300 naira or more. Instead of letting the naira depreciate to reflect the country’s loss of purchasing power, Mr Buhari’s government is trying to keep it aloft.

The central bank has restricted the supply of dollars and banned the import of a long list of goods, from shovels and rice to toothpicks. It hopes that this will maintain reserves and stimulate domestic production. When the currency is devalued, all imports become more expensive.

But under Mr Buhari’s system the restrictions on imports are by government fiat. Factory bosses complain they cannot import raw materials such as chemicals and fret that, if this continues, they may have to shut down. Many have turned to the black market to obtain dollars, and are doubtless smuggling in some of the goods that have been banned. Nigerians have heard this tune before. Indeed, Mr Buhari tried something similar the last time he was president. Then, as now, he resisted what he called the “bitter pill” of devaluation.

When, as a result, foreign currency ran short, he rationed it and slashed imports by more than half. When Nigerians turned to the black market he sealed the country’s borders. When unemployment surged he expelled 700,000 migrants. Barking orders at markets did not work then, and it will not work now. Mr Buhari is right that devaluation will lead to inflation—as it has in other commodity exporters. But Nigeria’s policy of limiting imports and creating scarcity will be even more inflationary. A weaker currency would spur domestic production more than import bans can and, in the long run, hurt consumers less.

The country needs foreign capital to finance its deficits but, under today’s policies, it will struggle to get any. Foreign investors assume that any Nigerian asset they buy in naira now will cost less later, after the currency has devalued. So they wait. Those who fail to learn from history... Mr Buhari’s tenure has in some ways been impressive. He has restored a semblance of security to swathes of northern Nigeria that were overrun by schoolgirl-abducting jihadists. He has won some early battles against corruption. Some of his economic policies are sound, too. He has indicated that he will stop subsidising fuel and selling it at below-market prices.

This is brave, since the subsidies are popular, even though they have been a disaster (the cheap fuel was often sold abroad and petrol stations frequently ran dry). If Mr Buhari can find the courage to let fuel cost what the market says it should, why not the currency, too? You can forgive the general for being unlucky; but not for failing to learn from past mistakes.

I respect Obasanjo but he introduced bribery to the national assembly - Dino Melaye

Sen. Dino Melaye says he respects former President Olusegun Obasanjo but called him out for allegedly introducing bribery to the National Assembly. According to a report by TheCable, Dino said this while reacting to the letter Obasanjo sent to members of the Senate on January 13th where he berated them over their plans to buy more cars. He said;

“I have tremendous respect for president Olusegun Aremu Okikiola Obasanjo. Elder statesman, respected pan Africanist and committed patriot. I went through the letter written to all senators and members of the house of representatives. The letter I can see is a misplacement of anger,” he said.

"Our leader is mistaking the eighth national assembly as the same senate assembly that defrauded him in 2007. Those who collected his money and refused to implement the 3rd term agenda. I appeal to baba that we are not the ones please. After nine years of that bribery saga, the first of its kind, I expect forgiveness to have taken place. There was the case of bribery introduced by the Obasanjo regime in the desperate attempt to remove speaker Ghali Umar Na’abba from office then. In fact, there was open display of that bribery money on the floor of the house. That government exposed the national assembly to corruption and easy money. I hope this is not in an attempt to cover up and distract attention from the Halliburton and Siemens corruption allegations. While I am against corruption anywhere in Nigeria, I will not support accusations based on anger and vindictiveness. The eighth senate should also look inwardly and purge herself of all the deliberate misgivings of the past. Nigeria must work and we must support the anti corruption stand of the Buhari administration. God bless Nigeria.”

Olisa Metuh released from prison

the national publicity secretary of the Peoples Democratic Party, (PDP) Chief Olisa Metuh has been released on bail.
A picture of the Metuh taken after his release which was sent to Naij.com by the PDP director of new media, Deji Adeyanju,  showed the PDP spokesman felicitating with friends.

Olisa Metuh after his release: photo sent in by the PDP director of new media Deji Adeyanju

Adeyanju told Naij.com that the PDP spokesperson left the court in the evening on Thursday, January 28 after meeting his bail condition. 

“We were able to finish everything in the court at about 7 pm and left immediately,” Adeyanju said.

Metuh’s Special Adviser, Richard Ihediwa also confirmed to Naij.com that the PDP spokesperson has been released.

“I can now confirm to you that I am with him now, yes, he is fine and he is in high spirit,” Ihediwa said.

Metuh who is facing a seven counts of money laundering involving the sum of N400m, part of the $2.1bn arms fund which he allegedly collected from former national security adviser, Sambo Dasuki, was granted bail in the sum of N300m and two sureties in like sum by a Federal High Court in Abuju on Friday, January 22, but was remanded in prison pending when he fulfilled his bail condition.

The arrest and handcuffing of the embattled PDP spokesman has generated backlash from members of the opposition who have accused the President Muhammadu Buhari of using the anti-corruption agencies and other institutions of state to subject accused persons like Metuh to inhuman treatment.

The PDP also described the cuffing of Metuh while he appeared in court as an action meant to deride the party as well as taint the party as a party of corrupt individuals even when they were yet to be convicted by any competent court.
But the Nigeria Prisons Service (NPS) defended the manner Metuh was treated stating that that putting handcuffs on Metuh was at the discretion of the prison officer, who supervised his court appearance and that it was within the law.

Meanwhile, the Federal High Court has adjourned Olisa Metuh’s case to Thursday, February 4, for continuation of trial.

VIDEO: Mz kiss ft. Falz – Stoopid

VIDEO: Mz kiss ft. Falz – Stoopid

Capital Hill/Goretti Company artist – Mz Kiss releases the video to her highly impressive single which was released in the last quarter of 2015.
This amazing and comical tune is titled – ‘Stoopid‘, and it features rap and comical sensation – Falz.
Enjoy and don’t forget to share your thought(s).

DOWNLOAD AUDIO/MP3

DOWNLOAD VIDEO

Read Official Statement From Sony Music Confirming Davido As Their Newest Act

After over a week since signing their newest African act, Davido, Sony Music Entertainment, has finally released a statement, confirming Davido’s deal.
The statement was released via a New York based agency, PR News wire and confirms that Davido, has indeed been added to their growing number of acts and will be releasing his highly anticipated album on their label.

Read the full statement below:

Sony Music Entertainment have signed accomplished musician Davido to a groundbreaking global agreement. The deal was inked at the Sony Music offices in New York and will see the American-born Nigerian recording artist release his highly anticipated sophomore album later this year.
In Africa, Davido is a bonafide superstar. After relocating to Nigeria from the United States aged 19, Davido set up HKN records alongside his brother and independently released the first song he ever recorded entitled, ‘Back When’. The track was an instant success and propelled Davido to national stardom as he followed this with the release of his second single and pan-African smash hit, ‘Dami Duro’. This track became one of the biggest airplay records not just on radio in Nigeria but across the continent, catapulting him to superstar status and making him one of the most sought-after artists to collaborate with widening his huge fan base and media support.
His debut album, ‘Omo Baba Olowo’ was released in 2012 to critical acclaim earning him countless award nominations and accolades including two MTV Africa Music Awards and the 2014 BET Award for ‘Best African Act’. A world tour followed which saw Davido perform to sell-out venues across Africa,Paris, New York and London. Today, Davido enjoys a massive social media following with a combined number of over 6 million followers across all his platforms.
This deal represents a step forward for Sony Music Entertainment as it grows its roots in Africa. Announcing its official presence in Lagos, Nigeria verifies Sony Music Entertainment’s decision to pursue new business via the introduction of on-the-ground operating entities in an expanded number of markets in the region. The timing of the decision is based on the convergence of a number of positive indicators in Africa’s economy and positive signs in the music industry. Davido is a shining example of this.

Congratulations to Davido!

MUSIC: Victoria Kimani – “Walahi” (Runtown Cover)

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After her previous single dubbed “All The Way” with South African rapper, Khuli Chana, Choc’ City’s first lady, Victoria Kimani jumps on Runtown’s “Wahala” which is a record off his debut, “Ghetto University”.
Enjoy below
DOWNLOAD Victoria Kimani – “Walahi” (Runtown Cover)

What To Wear As A Classsic Lady

We all know what it take to be a professional, lots of hard work, time and also you have to look the part which involves what you wear. there are different types of outfits you can wear to look the part without even trying too hard. Below are things you can wear to look really classy.


Blazer
Blazers always have a way of making one look distinguished and very professional. Yon can wear virtually anything and throw on a blazer over it and still look on top of your game.

 


 

The Right Pants

Midi Skirt

 

 

 

 

The Little Black Dress

 

 

 

 

Pencil Skirt

 

The Right Dress

 

 

fabulous Shoes

Lassa fever: Lagos places residents on red alert

The Lagos State Government on Wednesday said it was doing everything possible to defeat the deadly Lassa fever like it did during the outbreak of Ebola virus, just as it urged residents of the state to be on red alert by embracing personal and environmental hygiene.
The government also advised residents to block all holes in their homes through which rats could gain entrance, and also refrain from eating rat meat as well as any food already contaminated with urine, saliva and faeces of infected rat.

While briefing journalists on the update of the Lassa fever cases in the State, Commissioner for Health, Dr. Jide Idris, confirmed that so far, the state has recorded 20 suspected cases, out of which 14 tested negative, while 4 cases were confirmed positive.

Idris, who addressed the media alongside the Commissioner for Information and Strategy, Mr. Steve Ayorinde and the Special Adviser to the Governor on Primary Healthcare, Dr. Olufemi Onanuga, said three results were still being awaited, while 537 contacts have so far been listed, out of which 534 were currently being monitored.

He disclosed that the last confirmed case was a 27-year-old lady who travelled to Edo state on December 24, 2015 and returned to Lagos on January 2, 2016.

The Commissioner said the lady, who reportedly travelled for burial of her relative, became ill on January 14, 2016 and received care in one private hospital and three churches before she was referred on January 23, 2016 to Ijede General Hospital with fever, vomiting, diarrhea and body weakness.

He added that the patient eventually died within few hours of admission, while the case was confirmed as Lassa fever on January 26, 2016.

The remains of the diseased, according to Idris, has been kept in the morgue in leak proof body bag, while she would be buried after due consultation with her family.Out of that case alone, the Commissioner said 90 persons have so far been listed as contacts as at January 26, 2016, while contact tracing is currently on-going.

Giving information on the disease, Idris said: “Members of the public are being sensitized to note that Lassa fever can be contacted through: ingestion of foods and drinks contaminated by the saliva, urine and faeces of infected rats; catching and preparing infected rats as food; inhaling tiny particles in the air contaminated with infected rat urine or droppings, and direct contact with a sick person’s blood or body fluids, through mucous membranes like eyes, nose or mouth.”

While assuring that Lagos State under the leadership of Mr. Akinwunmi Ambode would continue to provide quality, affordable and accessible healthcare to the people towards achieving universal healthcare to all, the Commissioner assured that the government would overcome Lassa fever just as it defeated Ebola virus disease.

Besides, the Commissioner urged residents to maintain basic environmental sanitation, including proper disposal of refuse and avoiding open defecation. He further asked the residents to embrace regular hand washing with soap and water, and maintain high level of personal hygiene as well as adequate nutrition.

While advocating early report of suspected cases, the Commissioner also urged health workers adhere strictly to infection control measures, while mortuary personnel must wear elbow-length gloves, face mask, gowns and other personal protective equipment while attending to remains of dead patients.


SIGNED

HABIB ARUNA
CHIEF PRESS SECRETARY
JANUARY 27, 2016

Photos: President Buhari, Somalia and Kenyan Presidents at the memorial service of fallen soldiers

President Buhari joined his host, President Uhuru kenyatta, Somalia President Hassan Sheikh Mahamoud and deputy President, William Ruto at the memorial service for Kenyan soldiers who were killed by Al-Shabaab in Somalia, at the 9th Kenya rifles, Moi Barracks in Eldoret.

Lord of the Ribs with Basketmouth 2016 UK Tour.

GTCrea8 Presents Lord of the Ribs with Basketmouth in Concert with Olamide; Lil Kesh, Adekunle Gold: YBNL. The show will also be featuring notable comedians such as: Okey Bakassi; Buchi; Salvador; Funnybone; Acapella; Bowjoint and many more.
The concert which is powered by GTBank is a yearly initiative aimed at promoting African Arts & supporting the AfroCarribean Societies within UK universities. The event is for University Students, Nigerians & Africans living in diaspora; and also other Nationals who want to enjoy an evening of fun and entertainment in a relaxed atmosphere.
The GTCrea8 account is a card-based interest bearing account designed especially for undergraduates as part of the Bank’s value proposition to deliver banking in a different way to young people by engaging them with fun, exciting & interactive activities such as musical Campus Storms, scholarships and competitions that resonates with their unique demographics. It also offers access to entrepreneurial activities through its numerous MasterClass sessions.

The card-based, interest bearing account is structured to allow undergraduates maintain a banking relationship via electronic channels whilst offering other value added services. With an attractive yearly interest rate on savings, the GTCrea8 account empowers students to pursue their dreams at a young age.

Through the GTCrea8 platform, a total of 216 undergraduates have benefited from the Bank’s annual scholarship scheme which commenced in 2012.  In addition to its scholarship program, the Bank annually rewards its loyal customers with the chance to win a brand new Mini Cooper car. So far, three Nigerian undergraduates have been rewarded with the Mini Cooper car.

Gate fee for tickets are: Regular from £25; Downstairs Seats - £56.50; Kingsrow Upstairs - £76.50 & Front Row Downstairs - £100. However, there is free entry ONLY for Students in the UK who register at www.gtcrea8.com; registration closes on Sunday, February 7th, 2016 (limited tickets available on a first come, first serve)

NYSC Batch ‘A’ Corps Online Registration Details – 2016

This is to inform all prospective corps members, i.e. Nigerians who have graduated from Universities and Mono/Polytechnics both at home and abroad that the NYSC On-line registration portal will be opened from 8th February to 12th March, 2016 to enable them register for the 2016 Batch ‘A’ mobilization.
In order to ensure a seamless registration, prospective corps members are to note the following for strict compliance:

• The Website address is any of the following:
  • www.nysc.gov.ng
  • www.nysc.org.ng
  • www.portal.nysc.gov.ng
• Prospective Corps members should ensure that they have valid and functional e-mail addresses that they can access and Nigerian (GSM) telephone numbers with which to register.
• Locally trained prospective Corps members are expected to use correct JAMB and Matriculation numbers to register
• For locally-trained graduates, only those whose names appear in the Senate/Academic Board Approved Result lists submitted by their Institutions will have access to the register on the NYSC portal.
• Foreign-trained prospective corps members should ensure that their Institutions are accredited. Where in doubt, it is their responsibility to approach Federal Ministry of Education for verification. The letter of verification must be uploaded during registration.
• Foreign-trained graduates from Ghana and Benin Republic must obtain letters of verification and upload same for mobilisation to be effective.
• Those who graduated from Institutions outside Nigeria, (Foreign-trained graduates), are to visit the NYSC portal, register and upload the following documents:
  • West African School Certificate(WASC) (with not less than 5 Credits at 2 sittings) or its equivalent,
  • General Certificate of Education (GCE O’ Level) (with not less than 5 Credits at 2 sittings) or its equivalent,
  • NECO (with not less than 5 Credits at 2 sittings) or its equivalent
  • High School Diploma or its equivalent.
  • First Degree or Higher National Diploma (HND) Certificate (Second Degree or Ph.D not necessary). Letter of attestation will not be accepted, Please.
  • Transcript of the first Degree or HND.
  • International travelling Passport showing data page and date of departure for the course of study. (Please note that you must present the originals of the above during verification at the Orientation camp).
  • Letters of verification for graduates of Institutions in Ghana, Benin Republic and any other Institution whose accreditation is in doubt.
• It is the responsibility of the prospective corps members who studied in non-English speaking countries to get their Certificates and Transcripts translated into English language before uploading.
• All graduates of Medicine, Pharmacy and Medical Laboratory Science are expected to have their Certificates of Registration with Nigerian Medical and Dental Council of Nigeria (NMDCN), Pharmacists Council of Nigeria (PCN) and Medical Laboratory Science Council of Nigeria respectively and upload during registration. Payment receipts are not acceptable.
• Unlike in the past, Foreign-trained graduates should not visit NYSC Headquarters, Abuja for verification of their documents. This exercise will now be done at the Orientation Camps. They should simply print their call-up letters on-line and report at the Orientation camps in their States of deployment, but should come to the camp with the original documents uploaded during registration for verification.
• Anybody who presents any fake document will be demobilized and decamped. Also, anybody not available in camp for the verification will equally be demobilized.
• Prospective corps members should ensure that Passport photographs used meet the following specifications:
  • Ensure your face (eyes, nose, ears, mouth and jaw) is fully shown without bending
  • Ensure the picture is centralized and fills the frame
  • Ensure the Photo background is white or off-white with no shadow.
• On no account should prospective corps members register by PROXY. They should also remember the finger used for their biometric capturing as this will be used for data verification at the orientation camp. Those who cannot be verified with their biometric at the orientation camp will not be registered.
• Only prospective corps members who want their call-up numbers sent to them through SMS and wish to PRINT their call-up letters on-line are expected to pay the sum of Three Thousand Naira (N3,000.00) (see NYSC Portal on how to make payment).
• Prospective Corps members who do not want to pay the N3,000.00 have the option of going to their schools to collect their call-up numbers and call-up letters.’
• All prospective corps members who paid for the online registration before but were not mobilized need not pay again.
• Married female prospective corps members (whether locally or foreign-trained) should upload copies of their marriage Certificates, evidence of Change of name and their husbands’ place of domicile during registration.
• The orientation camp is highly not ideal for pregnant and nursing mothers. Prospective corps members in this categoriy are therefore to note that they will not be accommodated.
• Prospective corps members who graduated from Institutions located in the following Geo-Political Zones with challenges related to mobilization should contact the following Telephone Numbers between 8th and 27th February, 2016:

North Central -08092142614
North East – 08102790538
North West – 08092142661
South East -09038034460
South West – 07019190810
South South – 08092142616
All Part-time graduates are expected to register online and wait for collection of their Letter of Exclusion at their various Institutions. For those willing to print the Letter of Exclusion online, this can be done on payment of Three Thousand Naira (N3, 000.00) only.
PLEASE NOTE THAT ONCE THE PORTAL IS CLOSED ON SUNDAY, 28TH FEBRUARY 2016, THERE WILL BE NO FURTHER REGISTRATION.

ABU 38th Convocation Ceremonies Programme of Events

Ahmadu Bello University (ABU) Vice Chancellor, Professor Abdullahi Mustapha Cordially invites the general public to the 38th Convocation Ceremonies of the university for the conferment of First Degrees, Higher Degrees, and Postgraduate Diplomas.

Highlights of Activities – see image below