Niger Delta militants threaten to plunge Nigeria into another recession

The Reformed Niger Delta Avengers, RNDA, in coalition with nine other militant groups, last night vowed to plunge Nigeria into another economic recession if urgent steps were not taken to address issues facing the region.
The militants said they would resume attacks that will further deepen the nation’s woes if the Nigerian government continued to explore oil from their region without developing it.
RNDA in a statement by its convener and self-acclaimed “Major General” John Mark Ezonbi, also announced the lifting of the suspension placed on former Federal Commissioner for Information and leader of the Pan Niger Delta Forum, PANDEF, Chief Edwin Clark.
Ezonbi said, “Nigerians should not celebrate the Federal Government’s claim that the nation had come out recession because it is too early as RNDA in coalition with other militant groups is ready to resume fresh attacks on oil installations across the region in a well-coordinated attack that will further deepen the nation’s economic woes judging from the fact that one of the indices used in measuring Nigeria’s outage from recession was crude oil.
“The Federal Government should not take the two week ultimatum that is still counting, which we earlier issued to convey a fresh talk with the Pan Niger Delta People’s Congress, PNDPC, headed by the paramount ruler of Seimbiri Kingdom, HM Pere Charles Ayemi Botu for granted and should blame itself for any harm done to oil facilities in the Niger Delta at the expiration of the ultimatum.
“RNDA in coalition with nine other militant groups, led by Major General John Mark Ezonbi at a crucial meeting held at the creeks of Benin River expressed its readiness to carry out its threat to bring down crude oil productions to zero level, which accompanied its ultimatum to the Federal Government.‎
“RNDA has withdrawn the one- week ultimatum given to the leader of the disbanded PANDEF leader, Chief E K Clark and one Alfred Mulade, self- styled Coordinating Secretary of PANDEF, following pleas from well- respected stakeholders since they failed to come out to state categorically the militants that gave them the mandate to dialogue on behalf of the region.”
“Nobody apologized to Clark as insinuated by Mulade in a national daily, rather it is Clark that has called different people and begging them to support his disbanded leadership of PANDEF,” the militants said.
“We wish to emphasize that Obong Victor Attah, former Governor of Akwa Ibom State has lost touch with reality in the region, and he is supposed to be hiding his face in shame for mismanaging the resources of the state under his eight years miserable rule, despite the huge federal allocations.
“It was Senator Godswill Akpabio who turned Akwa state around in terms of development; somebody like Attah should not have the temerity to dialogue for the region under any guise when he had the instrument of government to turn Akwa Ibom to paradise, but he did not.
“It is only a matter of time they will all pay for their sins against the Niger Delta region, Attah and those old brigade in PANDEF misused resources earmarked for the development of the region when they occupied the offices since the early 70s that would have added value to the face of the long neglected region more so PANDEF is no longer the authentic voice to speak for the region but PNDPC,” they said.
Source: DailyPost Nigeria

FG’s claim on economic recession statistics meaningless to hungry Nigerians – Fayose

Ekiti State Governor, Ayodele Fayose has faulted claims by the federal government that Nigeria was out of economic recession, saying “the reality is that Nigerians are suffering and dying, with foods and drugs out of their reach and no among of economic statistics will make meaning to people who cannot afford to eat once daily.”

Speaking through his special assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said, “Claiming that Nigeria is out of economic recession without any corresponding effect on the living condition of the people is just like they said Boko Haram had been defeated and over 400 people were killed by the insurgents in the last five months.”
The governor, who also described the reason given for the cancellation of the Federal Executive Council meeting slated for today as funny, said “is it not funny that the same federal government that declared public holiday forgot that there would be a Tuesday after the public holiday and FEC meeting will be held on Wednesday?
“I think they should look for another lie next week because the reality is that President Muhammadu Buhari does not have the required mental capacity and strength to rule Nigeria and I maintain that he should consider his health as well as the overall interests of Nigeria and resign,” he said.
On the news of Nigeria exiting recession being promoted by the federal government, Fayose asked “if Nigeria is indeed out of economic recession, has price of foodstuffs like rice reduced to N7, 000 per bag that it was when Buhari took over power? Is dollar now N197 to $1? Is petrol now back to N87 per litre that Buhari met it in May 2015? Are Nigerians now feeding comfortably, even if it is once in a day?
“Most importantly, are States now getting enough allocation from the federation account to be able to meet their obligations, especially payment of salary?”
He said the claim was nothing but another attempt by the President Buhari-led APC to deceive Nigerians ahead of the 2019 elections.
“It must be stated that Nigeria’s foreign reserves, which stood at $28.6 billion by May 2015 that President Buhari took over power declined steadily to $23.89 billion by the last quarter of 2016. It was in 2016 that Nigeria slipped into recession, owing to the bad economic policies and repressive actions of President Buhari.
“It is sad that the APC government has remained on the path of lies and propaganda and I wonder why the government can’t be truthful for once.
“However, if this latest lie is about 2019 general elections, they have missed it because Nigerians can no longer be received by the APC lying government.
“Nigerians should therefore disregard their lies and keep praying for God intervention in the affairs of the country,” the governor concluded.
Source- Nigerian Pilot

What will happen to Nigeria's economy if we are not careful - CBN governor, Emefiele

The Governor of Central Bank Nigeria (CBN), Godwin Emefiele, has said that Nigeria’s economy could slip back into a ‘protracted recession’ if all necessary fiscal steps are not ‘activated immediately’ to sustain the positive growth recorded in recent times.

He warned that although the country experienced positive economic growth in the second quarter of 2017, the economy is still “very fragile.”

What will happen to Nigeria's economy if we are not careful - CBN governor, Emefiele

The Governor of Central Bank Nigeria (CBN), Godwin Emefiele, has said that Nigeria’s economy could slip back into a ‘protracted recession’ if all necessary fiscal steps are not ‘activated immediately’ to sustain the positive growth recorded in recent times.

He warned that although the country experienced positive economic growth in the second quarter of 2017, the economy is still “very fragile.”

The warnings were part of the communiqué read by Emefiele on behalf of other eight members that attended the two-day Monetary Policy Committee meeting of the bank that ended yesterday.

According to him, “the government needs to move quickly to start capital expenditure spending as contained in the 2017 budget as a way of reflating the economy in a way that will impact Nigerians, particularly those at the lower levels.”

Emefiele also warned against the rising fiscal deficit of President Muhammadu Buhari’s administration, recorded at 2.51% in the first half of the current year.

He further raised the alarm at the high government indebtedness and rapid domestic borrowings as net credit to the government posted 5.91% increase on annualised basis.

On July 25, six out of eight members of the Monetary Policy Committee that attended the Monday and Tuesday meeting voted to keep all rates indices unchanged.

The remaining two members, however, voted for a cut in headline interest rate from its current 14%. The committee comprises of 12 members in total.

The CBN governor explained that members who considered leaving the policy interest rate unchanged were also informed of the yet strong effect of inflation in the local economy.

What will happen to Nigeria's economy if we are not careful - CBN governor, Emefiele

The Governor of Central Bank Nigeria (CBN), Godwin Emefiele, has said that Nigeria’s economy could slip back into a ‘protracted recession’ if all necessary fiscal steps are not ‘activated immediately’ to sustain the positive growth recorded in recent times.

He warned that although the country experienced positive economic growth in the second quarter of 2017, the economy is still “very fragile.”

The warnings were part of the communiqué read by Emefiele on behalf of other eight members that attended the two-day Monetary Policy Committee meeting of the bank that ended yesterday.

According to him, “the government needs to move quickly to start capital expenditure spending as contained in the 2017 budget as a way of reflating the economy in a way that will impact Nigerians, particularly those at the lower levels.”

Emefiele also warned against the rising fiscal deficit of President Muhammadu Buhari’s administration, recorded at 2.51% in the first half of the current year.

He further raised the alarm at the high government indebtedness and rapid domestic borrowings as net credit to the government posted 5.91% increase on annualised basis.

On July 25, six out of eight members of the Monetary Policy Committee that attended the Monday and Tuesday meeting voted to keep all rates indices unchanged.

The remaining two members, however, voted for a cut in headline interest rate from its current 14%. The committee comprises of 12 members in total.

The CBN governor explained that members who considered leaving the policy interest rate unchanged were also informed of the yet strong effect of inflation in the local economy.