The President said the country’s revenues and foreign exchange earnings have fallen by almost 60 percent since the pandemic took hold.
Buhari’s remarks were delivered by Vice President Yemi Osinbajo at the start of the first-year Ministerial performance review retreat holding in Abuja.
“For the government, it has been a particularly trying time,” Buhari said. “As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent.
“Yet we have had to sustain expenditures, especially on salaries and capital projects, in order to keep the economy going.”
The pandemic forced many economies across the world to shut down, drastically reducing the demand for crude oil, Nigeria’s main export foreign exchange earner.
The President said his administration adopted a N2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown.
The plan, which consists of fiscal, monetary, and sectoral measures, is expected “to enhance local production, support businesses, retain and create jobs and provide succor to Nigerians, especially the most vulnerable.”
“But we have also had to take some difficult decisions to stop unsustainable practices that were weighing the economy down,” he said.
‘Government Not Insensitive’
President Buhari’s speech on Monday was delivered amid concerns raised by several groups in the country over increases in the price of fuel and electricity tariffs in the country.
“This government is not insensitive to the condition of our people and the very difficult economic situation and we will not inflict hardship on our people,” the President said.
He directed Ministers and senior administration officials to swiftly implement the Economic Sustainability Plan (ESP) to give succor to Nigerians.
“In this regard, the Central Bank of Nigeria (CBN) has created credit facilities (of up to N100B) for the Healthcare (N100 Billion) and Manufacturing (N1 Trillion) sectors,” Buhari said.
“From January 2020 to date, over N191.87B has already been disbursed for 76 real sectors projects under the N1Trillion Real Sector Scheme; while 34 Healthcare projects have been funded to the tune of N37.159B under the Healthcare Sector Intervention Facility.
“The facilities are meant to address some of the infrastructural gap in the healthcare and manufacturing sector as a fall out to the COVID-19 pandemic and to facilitate the attainment of the Governors 5-year strategic plan.”
Agric Minister Shield’s Factional AFAN Leader From Police Invitation
The minister of Agriculture and Rural Development, Alhaji Sabo Nanono, on Friday, 17th June, 2021 at the ICC (International Conference Centre), in Abuja prevented policemen on duty from taking factional leader of the All Farmers Association of Nigeria (AFAN) Mr Farouk Rabiu for questioning on fraud related matters.
According to reliable sources and eye witnesses at the scene which was the venue of the 2021, Council on Agriculture, the police were there to invite Farouk to Force headquarters following a petition against him for acts that bordered on criminality.
Recently a federal high court sitting in Abuja had cautioned the renegade group led by Farouk through their lawyer, on Wednesday,15/2/2021, against parading themselves as leaders of AFAN until the matter is determined in court.
Farouk had been accused of defrauding investors using the name of AFAN Kano branch which he illegally registered, a matter which had been brought before the Corporate Affairs Commission, who revoked the registration.
However, Farouk has been continuously recognised as the leader of AFAN, by the Minister who hails from the same state with him despite several petitions from the Arc Kabir Ibrahim led executive.
The minister’s actions in siding with Farouk despite a case in court to resolve the leadership tussle of AFAN, has been allegedly linked to the minister’s shameful removal as chairman of AFAN Kano, long before he became appointed minister.
Witnesses at the scene stated that the minister after frantic efforts to get the Inspector General on phone to call off his men failed, resorted to giving an unhindered exit to Farouk in his official car, tantamount to obstruction of justice, much to the chagrin of the police officers.
A reliable source further disclosed that the policemen declined to follow the minister to his office.
Three Soldiers Injured as Troops Kill ISWAP Terrorists in Borno
Troops of the Nigerian Army under the Operation Hadin Kai have killed several ISWAP Terrorists in Dikwa town, Borno State.
According to a statement issued on Wednesday by the Director Army Public Relations, Brigadier General Mohammed Yerima, the gallant troops decisively dealt with the terrorists who were attempting to infiltrate the town on Tuesday.
The terrorist elements were said to have mounted five gun trucks, others mounted motorcycles, while others moved by foot.
They were, however, met with superior fire power by troops in conjunction with air bombardment by Air Task Force.
“The marauding terrorists were thoroughly vanquished forcing them to withdraw in high state of confusion abandoning their truck, guns and ammunition,” the statement read.
“During the encounter, six members of the terrorists groups were neutralized, several others were severely injured while the survivors withdrew in total disarray leaving behind their deceased colleagues”.
Three soldiers, however, sustained various degrees of injuries but have now been stabilised.
Items recovered during the encounter included one gun truck, eight AK 47 rifles, 40 rounds of 7.62mm Special, 39 special ammo, three motorcycles and six magazines.
To mop up the area, troops conducted exploitation in the early hours of Wednesday in conjunction with the Civilian Joint Task Force and hunters along the terrorists’ withdrawal routes and recovered 90 rounds of 7.62 mm x 54 on links belonging to the fleeing terrorists.
Meanwhile, the Chief of Army Staff (COAS), Major General Faruk Yahaya, has commended the gallant troops over the feat and charged them to remain resolute and steadfast.
He urged them to maintain the tempo in order to ensure total obliteration of terrorist groups within the North East region.
Onion Marketers Threaten to Stop Supply to Southern Nigeria
The Onion Producers and Marketers Association of Nigeria has threatened to stop the supply of onions down to the South from June 7, 2021.
The group said it would carry out the threat if the government fails to compensate its members who have suffered losses in recent times following attacks in some parts of the country.
President of the association, Aliyu Umar, made this known to journalists at a press briefing on Sunday in Sokoto State.
He explained that the government under a committee led by the Kogi State Governor Yahaya Bello had promised to compensate their members, many of whom suffered huge losses in Abia, Imo and Oyo States during the #EndSARS and Shasha market crisis.
However, according to him, the promise has not been kept and the members have reportedly lost over 4 billion naira.
“We are calling on the state and Federal Government to restore law and order in the state, and we are calling on the good people of the southern part of Nigeria to live with the Hausa community in peace as we are only there for our lawful businesses,” Umar said.
“We also call on state governments to collaborate with fed govt to set up a committee to investigate the incident that led to the loss of lives and property of the Onion Association members.
“Furthermore, if the government fails to adhere to what we are saying, we are shutting the supply of onion to the entire south by Monday the 7th of June 2021”.
In recent times, the price of Onions skyrocketed from just about ₦20,000 to nearly a hundred thousand, in less than a year – a situation which quickly gave it the reputation of ‘new gold’.
While the price hike could not be understood by many, some traders have attributed the increment to seasonal fluctuations, a general increase in prices of fertilizers among other items, strike actions as well as insecurity arising from the #EndSARS protests.
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