I Can Assure You That Nigeria Will Be Great Again - Says Buhari

President Muhamamdu Buhari on Thursday assured Nigerians that despite the various current challenges facing the country, Nigeria will be great again under his watch.

Buhari gave the assurance while speaking with Muslim leaders in Osun State shortly after joining them in Zuhr prayer held inside the Government House after he inaugurated the N1.35bn Osogbo Government High School.

The President led the prayers and he was joined by the Osun State Governor, Rauf Aregbesola; Oyo State Governor, Abiola Ajimobi; Borno State Governor, Kashim Shettima; and the Minister of Communications, Wahab Shittu, among others.

He urged the Muslim clerics to continue their intense prayers for the country, saying things would be better.

He reiterated his commitment to ensuring safety of lives and property in the country.

“I thank you for your prayers for the nation. God will help us to secure Nigeria and efficiently manage it. Please continue to pray for us. I can assure you that Nigeria will be great again,” the President said.

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Its A Difficult Time For Nigeria, But I Think We Are In The Right Hands – Finance Minister

The Minister of Finance, Kemi Adeosun, on Wednesday declared that the Nigerian economy is not in confusion.
Noting that the Nigeria economy has been heading to recession in the past six years, she however said that the economy is presently in the right hands.

She spoke with State House correspondents at the end of the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari.
Adeosun was accompanied to the briefing by the Ministers of Agriculture, Audu Ogbeh; Mines and Steel Development, Kayode Fayemi; Information, Lai Mohammed and Education, Adamu Adamu.

Responding to questions on the new economic statistics released by the National Bureau of Statistics (NBS), she said: “It’s the worst possible time for us. Are we confused? Absolutely not. How are we going to get ourselves out of this recession. One, we must make sure that we diversify our economy. There are too many of us to keep on relying on oil.

“We can see what happened at the output data of the oil and gas sector. What’s happening in the Niger delta has dragged down the GDP of the entire economy. We’re too dependent on oil whereas 87 percent of our GDP is oil. So let us drive those other areas
“We have to invest in capital projects. No, we are not confused, the time is confusing but we are not confused. We are extremely focused. We know that if we can just bare and get through this difficult period, Nigeria is going to be better for it.

“If we rely on oil and the price of oil remains low and the quantity of oil remains low, we can’t grow. We have to grow our non-oil economy. I think we that we have a long way to go.

“We’re not confused and we’re not deceiving ourselves that everything is rosy. It’s not. It’s a difficult time for Nigeria but I think Nigeria is in the right hands and if we can stick with our strategy. We still have some adjustments to make. I think we need to make some adjustments in monetary policy. It’s quite clear we do and we will do that. We’re working on that. We need to try and find a way to support the manufacturing sector better and we will do that.” She added

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Naira Plunges Further, Now N400 To One Dollar

The Naira on Wednesday dipped further against the dollar at the parallel market.
The Nigerian currency exchanged at about N400 on Wednesday afternoon, from N397 it closed on Tuesday; while it traded against the Pound Sterling and the Euro at N515 and N450 respectively.

At the Bureau De Change (BDC) segment of the market, the naira traded at N397, N513 and N443 against the dollar, Pound Sterling and the Euro respectively.
At the interbank segment of the market, the naira appreciated against the dollar as it closed at N315.93 from N335.25 posted on Tuesday.

Traders at the market said that the ban of nine banks from the sale of Forex by the Central Bank of Nigeria (CBN) was already deepening the scarcity of Forex at the market.

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Buhari Seeks Emergency Powers To Tackle Economy Recession

President Muhammadu Buhari will be seeking emergency powers from the National Assembly to push his planned stimulus for the economy.
The objectives of the action-plan on the economy, which is in recession, include shoring up the value of the naira, creation of more jobs, boosting of foreign reserves, reviving the manufacturing sector and improving power.

Government sources said the decision to seek emergency powers for the President was based on a proposal from the economic team headed by Vice President Yemi Osinbajo. The team reviewed the various policies so far introduced and how they have affected the economy.
The economic team, it was learnt, gauged the mood of the polity and decided that unless there is an urgency which some of the extant laws will not permit, “the recession may be longer than expected and Nigerians will not get the desired respite, which is the goal of this government”.

An executive bill titled: “Emergency Economic Stabilisation Bill 2016” is to be presented to the National Assembly when the Senate and the House of Representatives resume from vacation on September 12.
In the bill, the executive will be asking for the President to be given sweeping powers to set aside some extant laws and use executive orders to roll out an economic recovery package within the next one year.

A government source said: “This may be more expensive but it is a price to be paid for Nigerians’ comfort”.
It was learnt that President Buhari will engage the leadership of the National Assembly before their resumption to solicit support for the bill’s quick passage.

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