Press Release: NEC 83rd Meeting

An update of the ongoing forensic audit of revenue accrued from revenue generating agencies and meant for the Federation Account was given today at the National Economic Council, NEC meeting presided over by Vice President Yemi Osinbajo, SAN.

The Chairman of the Ad Hoc Committee of NEC on the audit, Governor Ibrahim Dankwambo, of Gombe State said the forensic audit is ongoing and assured Council that the full detail of the report would be ready in January, 2018.

He mentioned the Nigerian Customs Service and the National Communication Commission as the two agencies that are now being audited in a review that has included other agencies including NNPC.

The report is expected to detail the extent of revenue meant for the Federation but never made it to the Consolidated Account under the past administration.

This was one of the highlights at the monthly NEC meeting earlier today at the Council Chambers of the Presidential Villa, Abuja.

Also the details of inflows and outflows of special accounts of the Federal Government would be provided beginning from 2015 to date, according to the Minister of Finance, Mrs Kemi Adeosun.

The Minister also disclosed that several States have not been complying with conditions for the Budget Support facility as agreed under the Fiscal Responsibility Plan.

She added that particular states are yet to publish the mode of their financial disbursement, while some others have also not completed the Biometric Data of their staff list as agreed by the Council.

The Fiscal Responsibility Plan endorsed last year by NEC details the conditions State governments are expected to meet to qualify for FG’s Budget Support Facility which ranges from N800m to over N1B per State, per month.

BELOW ARE HIGHLIGHTS OF TODAY’S NATIONAL ECONOMIC COUNCIL MEETING PRESIDED OVER BY VICE PRESIDENT YEMI OSINBAJO, SAN

(10TH IN 2017) 83rd NEC MEETING – THURSDAY, 14th DECEMBER, 2017

UPDATE ON FORENSIC AUDIT OF REVENUE ACCRUED FROM REVENUE GENERATING AGENCIES (RGAS) INTO THE FEDERATION ACCOUNT, EXCESS CRUDE ACCOUNT AND CONSOLIDATED REVENUE FUND BY THE CHAIRMAN OF THE COMMITTEE, GOVERNOR OF GOMBE STATE,

His Excellency the Governor of Gombe State, and Chairman of the Forensic Audit Committee, Dr. Ibrahim Dankwambo, informed Council that the audit firm Messrs. KPMG, is still conducting the forensic audit of some establishment and that a full report will be ready by January 2018.

UPDATE ON THE BALANCE IN THE NATURAL RESOURCES DEVELOPMENT FUND

Council was informed by the Accountant-General of the Federation that the balance in the Natural Resources Development Fund Account as at 13th December, 2017 stands at N106.984 billion.

REPORT ON EXCESS CRUDE ACCOUNT (ECA)

The Accountant-General of the Federation also informed Council that the balance in the ECA as at 13th December, 2017 stands at $2.317 billion.

UPDATE ON THE CURRENT BALANCE OF THE STABILIZATION FUND ACCOUNT

The Accountant-General of the Federation informed Council that the balance in the Stabilization Fund Account as at 13th December, 2017 stands at N7.78 billion.

UPDATE ON BUDGET SUPPORT LOAN FACILITY

Council was informed that payment for the months of June, July and August to States has been effected, and that preparations are underway to do same for the month of September, 2017.

GENERAL COMMENTS ON SPECIAL ACCOUNTS

Council would be furnished with details of inflow and outflow beginning from 2015 to date regarding some of these special accounts: stabilization fund Account and Natural resources development fund

The Honourable Minster of Finance informed Council that the Budget Support facility to States is based upon certain conditions as agreed to under the Fiscal Responsibility Plan. But most of the States are yet to comply, she added. She said most of the States are yet to publish the mode of disbursement and most of them also have not completed the Biometric Data of their staff list as agreed in Council.

A. PRESENTATION ON CURRENT DEVELOPMENTS IN THE WATER RESOURCES SECTOR BY THE HONOURABLE MINISTER OF WATER RESOURCES

The Honourable Minister of Water Resources, Engineer Suleiman Adamu, presented a memo to Council, asking for urgent steps and action in the water sector if the country is to overcome the challenges of water supply, sanitation and water governance issues, as well as achieve the 2030 targets of the Sustainable Development Goals (SDGs) on water supply and sanitation.

He informed Council that Nigeria is lagging behind in terms of water supply, with access to pipe-borne water dropping from 32% in 1990 to less than 7% in 2017, with a corresponding increase of 25% in open defecation and the

prevalence of water-borne diseases.

He told Council that an estimated investment of N1.9 trillion is needed in the next 15 years to meet the SDGs by 2030.

He outlined a three-phase Action Plan to revitalize the water, sanitation and hygiene sector to include the following:

(a) A 12-month emergency plan beginning from the 2nd quarter of 2018 to April 2019.

(b) A five-year recovery programme to last up to 2022

(c) A 13-year revitalization strategy that will last till 2030

These plans, he said, will involve the urgent establishment of an institutional and funding framework for Water Supply, Sanitation and Hygiene (WASH) Services, and the engagement of Urban and Rural (WASH) sectors on an accelerated development path towards 2030.

The plan also calls for tripling the current investment in water supply, establishment of a WASH fund, fast-tracking the development of the National policy on Sanitation and the presidential launch of a National Sanitation Campaign to eliminate open defecation.

Furthermore, the plan is seeking the massive rehabilitation of existing infrastructure in the sector, and sectoral reform towards cost recovery and promotion of private sector participation in the sector, all aimed at taking care of the estimated 182 million population.

The National Water Reserves Bill now before the National Assembly provides for the establishment of Catchment Management Committees, with representatives of States within each hydrological area as permanent members.

In a similar development, the Minister informed Council that Nigeria requires an average annual investment of N59 billion to attain 78,000 hectares of planned irrigation by 2019, and a total of N1.5 trillion to attain 500,000 hectares of irrigation by 2030.

Council was also informed that the River Basin Development Authorities across the country are undergoing structural reforms towards partial to full commercialization.

Council thanked the Minister of Water Resources and urged collaboration between stakeholders in the approach to National Water Supply.

ANY OTHER BUSINESS (AOB)

SECURITY

The Chairman Governor’s Forum, Alhaji Abdullazeez Yari, informed Council that Governors have offered to contribute over $1 billion to support Military Operations in the North East. Governors said money should be taken from the ECA.

SGF/SSG’S RETREAT

The SGF informed Council that there will be a retreat in the coming days, 18th – 19thDecember, between the SGF and all Secretaries to the State Governments for better collaboration on issues of security and governance in all tiers of government.

FUEL SUPPLY

Honourable Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, told Council that fuel queues will disappear nationwide in the next 48 hours. All logistic arrangements to this effect have been concluded. He assured that there is enough fuel in the strategic reserve to last till the end of January.

In his closing remarks at the meeting, His Excellency, the Vice President, wished the Governors and the people of their States Merry Christmas holiday as the meeting is the last in the year.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
14 December, 2017

Speech: VP Osinbajo’s Remarks at the PEBEC Impact Award Ceremony in Abuja

I want to thank you very much for attending, and also to congratulate all of our awardees who have clearly distinguished themselves and have helped so much in getting to where we are.

I want to say in particular that what this demonstrates very clearly, is that there is absolutely nothing that we cannot achieve as a people if we set our minds to it.

Just listening to what Titi Shonuga had to say a few minutes ago, tells us very clearly that we are a unique people, and we demonstrated that by this extremely rapid movement 24 spaces up and qualifying as one of the 10 most improved economies in the world, within really a space of about a year or so of active work.

What happened with this group of people working together was that first; we had the Executive and Legislative coming together to make this happen. We had the very great leadership of the Senate President and the Right Honourable Speaker, and of course several of the distinguished Members of the House of Representatives who have already been given awards today.

We decided that it was time that we sorted out the business environment and we did something about that. I think the fact that we were able to meet all deadlines, and the Legislature was able to meet all the deadlines that we set, was really incredible.

Working with the States; Lagos, Kano, and seeing that even at the sub-national level, there is so much that could be done even with collaboration with the Federal Government and they can do it so effectively. I think this whole group of people deserve commendation and would like you to give them another round of applause for the excellent things that they did.

We were greatly assisted by the cooperation of all of the MDAs; Immigration, Customs, Airport authority, NAFDAC, CAC, practically every one of the MDAs worked very closely with us and very hard to make this happen. Of course, the PEBEC secretariat led by our own Doctor J as we call her, Doctor Jumoke Oduwole and the great team she has.

I want to say the next plan of action, and I think Dr. Oduwole has already pointed that out, is bound to be a lot harder and we are already beginning to see that unless we put our minds to it again, and work hard and consistently, we might not be able to achieve the objectives we set for ourselves.

I want to say to everyone, that it is so important that we move up as quickly as possible on the Ease of Doing Business scale, but more importantly, that we make a real impact on our business environment because this is not just about moving up or some World Bank rating, for us it is more important that we create an environment where small and big businesses, are able to do business effectively in this environment and do so with ease.

That is the target we have set for ourselves, that the day must come, when anyone who comes to this country can say I was able to do my business easily and effectively, and local business people can confirm that it is just a breeze to do business in Nigeria.

For us, it is more important that we are able to create an environment where small businesses and bid businesses and everyone is able to do business effectively in this environment and to do so with ease. And I think that that is the target we have set for ourselves; that the time must come, a day must come that anyone who comes into this country will say I was able to do business easily and effectively and local businesses can confirm that it’s just a breeze to do business in Nigeria and I think that we can really achieve that. A lot of it has to do with our bureaucracy and the way that the bureaucracy works. We are working very hard on that on the attitude of bureaucrats and persons who have been charged with responsibilities of making things easy. Sometimes, such people mat really not understand their roles as well as they ought because the whole business of processing or giving investment approvals and all of that should be able to make things easy and not be able to become an obstacle of sorts.

And I think that that attitude is changing and we are going to ensure that it continues to make progress as we go along. So just to say, again I thank very much for all of the efforts that have gone into this and to say that the next few weeks and few months will involve a lot of doing and all of us we are going to write into this. And I already have the assurances of our friends and colleagues in the legislature and at the states as well. We are bringing more sub-nationals at this point, may be more states and I’m sure we’re going to be even more successful than we were in the first action plan.

Thank you very much

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
December 12, 2017

Speech: VP Osinbajo’s Address at the Commissioning of the Petrolex Mega Oil City in Ibefun, Ogun State.

May I on behalf of President Muhammadu Buhari, congratulate Mr. Segun Adebutu and his team for bringing to reality this vision for an integrated Petroleum Complex, here in Ogun State.

What he and the Petrolex team have done, what they have accomplished here is an impressive testament to the power of vision and dedication, and it really is a special pleasure to be here today to see for myself and commission this one-of-a-kind facility.

From the point of view of government’s downstream objectives in the petroleum sector, this investment is of special significance.

It ticks the boxes of strengthening our distribution infrastructure for petroleum products and meeting the target for reducing the importation of petroleum products and PMS to less than 20% by the end of 2018 and first quarter of 2019.

We expect that this space will be filled by investments in facilities such as this and this is why we are delighted this facility with a capacity to store 300 million litres of petroleum products – the largest of its kind in the country and am told, the largest in Africa and conveniently holding 4,000 trucks at a time, and a jetty capable of berthing 30million metric tons of cargo. This will substantially improve retail distribution in Nigeria and increase domestic storage capacity for petroleum products and the cargo coming in on barges from larger vessels for now will be stored and loaded from the gantry right here, this will decongest the Apapa and Ibafo tanker traffic and facilitate distribution from here to practically anywhere in the country.

But more cheering is the fact that this facility is still work-in-progress. The Tank Farm that we are commissioning today represents only the first phase of a much grander project: a ‘Mega Oil City’ which will include a 250,000 barrels per day Refinery, and this clearly, to date, will be the largest single line refinery in the country.

But perhaps of greater importance as a feature of our national economic objectives is that this facility again bears out a philosophical plank of our Economic Recovery and Growth Plan, which is that private capital must lead Nigeria’s economic revolution. And this is trite as the private sector is the nation’s major economic force and that the primary business of government is to create the environment that enables commerce to thrive unhindered.

And of importance also is the fact that significant local investments such as this send the strongest possible signal to foreign investors that not only is government saying that Nigeria is the investment destination in Africa, local smart money like Petrolex is also saying the same thing.

And may I also say that there is credible independent third party evidence that we are on the right track. A month and half ago the World Bank adjudged us to be one of the ten most improved economies in the world this year, from the point of view of our business and investment climate.

This facility also represents jobs – 10,000 direct and indirect ones. Each of these jobs will support not just the workers, but also their dependents, aside from the significant impact on the local economy here – by way of increased incomes traders, farmers, artisans, and landowners. There is of course the fact that economic activities moved to a place where no economic activity was hitherto.

The Federal Government is absolutely clear in its belief that industrialization is the key to achieving sustainable economic growth and creating jobs for millions of young people. The petrochemical industry is a logical and crucial component of this plan and we are doing all we can to provide an incentive regime that will drive investments in this sector. And we certainly would like to see credible investors like Petrolex prominently in this crucial space as well. And speaking to Mr Adebutu, already, there is a plan for a fertilizer facility here and also for the production of several other elements of the petrochemical industry.

We have recently published through the NIPC, Nigeria’s full list of business incentives and barely two weeks ago the President asked that I chair a committee to look into how to provide lower interest rates for the manufacturing industry. We understand clearly that without some kind of preferential interest rates for the manufacturing industry in Nigeria, we will not be able to make much progress and for that reason we are now looking very closely into how we can provide cheap credit for the local industries and I hope we will be able to achieve this in a short period of time.

Let me again express the Federal Government’s full support for this project and our pledge is that we will be with you every step of the way, supporting in every way we can.

I must congratulate the patriarch of the Adebutu business dynasty, Sir Kensington Adebutu on this special day, where you have seen the future of your progeny in your lifetime. This is a great blessing indeed for which we join you in giving thanks to the Almighty God.

Segun and the management and staff of Petrolex Oil and Gas deserve our commendation and congratulations on this landmark achievement and we all pray for the speedy and successful completion of the next phases of this project.

Nigeria eagerly awaits the full manifestation of this “Mega Oil City Project” and in a few minutes it will be my pleasure to commission the Petrolex Mega Oil City project.

Thank you all.

Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
December 12, 2017

Press Release: Buhari’s Presidency Begins National Consultation on Farmers-Herders Conflict

Following his visit to Adamawa State on the 5th of December 2017 in the wake of the communal clashes in the area, Vice President Yemi Osinbajo, SAN, has today, Monday, 11th December 2017, commenced a series of national consultations with all relevant groups designed to find a lasting solution to the farmers-herders conflict in parts of the country.

Today’s meeting, the first in the series, held at the Presidential Villa, Abuja, and had in attendance the Emir of Kano, Muhammadu Sanusi II; the Lamido of Adamawa, Muhammadu Barkindo Aliyu Musdafa; elder statesman, Mallam Ahmed Joda; and other leaders of the Fulani communities. Subsequent meetings would focus on other interest groups.

At the meeting, previous reports on the conflict were presented by the delegation and causes of the conflict were analysed. The meeting unequivocally condemned the acts of violence that has occurred, especially the killing of children and women, and highlighted the need for Law Enforcement and other Government Agencies to dutifully and objectively perform their Constitutional roles.

The Vice President assured the delegation of the Federal Government’s resolve and commitment to the entrenchment of lasting peace in all communities across the country and the resolution of all legitimate grievances.

He said “There is nothing much more important now, in showing our leadership, beyond preventing tragedy and destruction of everything we have built as a nation. The entire Nigeria enterprise is bigger than other interests. The overall objective is ensuring that our nation is not enveloped by another crisis.”

According to the Vice President, “We now have an opportunity to do something. We have the opportunity to resolve the issues and to build a nation where we and our children can live in peace.”

Already, following the Vice President’s visit to Adamawa State last week, several food items and relief materials have been distributed to all the affected communities in the State, including Shafaron, Kodomti, Tullum, Mzoruwe and Mararraban Bare in Numan Local Government Area. Others communities that have received relief materials are Dong, Lawaru and Kukumso in Demsa Local Government Area of the State.

In the next series of meetings, the Vice President will meet with the Batta, Bachama and other groups from Adamawa State; while meetings with stakeholders from other conflict-affected States would follow.

Also at the meeting were Secretary to the Government of the Federation (SGF), Boss Mustapha, and the Minister of the Federal Capital Territory, Mohammed Musa Bello.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
11 December 2017

Speech: VP Osinbajo’s Address at the 2017 The Future Awards Africa Event in Lagos

There are particular moments in the history of nations when there is a palpable feeling that something new is about to emerge that the nation can be transformed.

Often it begins with hopelessness and cynicism. It may be that the nation has laboured under oppressive and divisive circumstances, living with poverty, inequality, bitter ethnic and religious division, and hate.

But in the midst of poverty, corruption, ethnic and religious divisions, hope begins to be built in the hearts of some; a new vision is birthed in these people.

Of the number are men and women, young, old, married and single, united by the common belief that nation can be reborn; that a new nation can be forged from the furnace of despair; that a nation of great values is possible; that the people can be united; that they can together fight corruption, reject the politics of identity and religion; and unite around the values common to the attainment of dignity and fulfilment for all.

They are united in the notion that a new tribe can emerge. A tribe of men and women from all tribes, ethnicities and faiths; built on principles that all persons are created equal; that resources attain their greatest use when they are rendered for the benefit of all; that our best talents must be applied in every task; that we must respect the rule of law and the centrality of law and order; that none will be allowed to steal or waste public resources; that we will prefer and reward excellence and merit; that Government is to create the circumstances for the happiness and prosperity of the majority; that the life of the Nigerian person is our most precious resource; that we must love our nation and love each other; and protect the weak and vulnerable.

This new tribe is one whose ethos is of hard work, whose creed is that all honest labour is dignifying, worthy of respect and reward; and that integrity is not negotiable; that our word must be our bond; that personal desires and ambitions must be moderated by faith, and consideration for others.

And so from the many tribes, ethnicities and identities will arise a ‘New People’, ‘a New Tribe’. We are at that moment in our history. And it is the historic responsibility of the new tribe to develop an understanding of who we are meant to be as a people, to develop the capacity to define our place in human history by reaching deeply into the core of our humanity to find the purpose or reason for our existence.

Are we here to live sub-human lives in one form of deprivation or the other? Aligned along parochial lines, ignoring merit and value and upholding narrow identities, permitting corruption if it is done by those of our tribe or faith?

In the womb of this ‘New Tribe’ is the greatness of Nigeria. But Greatness can only come from the willingness of the few to make the sacrifices necessary for the emancipation of the many. This new tribe can build a new nation.

I call on you all to join the new tribe. Thank you for listening.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
10 December 2017

Speech: VP Osinbajo’s Address at 2017 Nigerian National Order of Merit (NNOM) Laureates

I am delighted to join you at this investiture dinner in honour of our two new Nigerian National Order Of Merit Laureates: Professor Adesoji Adediran Adesina, NNOM, who is honoured for his outstanding work in Engineering and Technology; and a living legend, Mr. Bruce Paul Obomoyema Onobrakpeya, NNOM, who is honoured for his exceptional work, spanning decades of Nigerian history in the Arts and Humanities.

But also this evening, we have the privilege and pleasure of the company of some of the laureates of previous years. They include:

1. Prof. E. M Essien, NNOM

2. Prof. (Mrs.) Paulina K. Makinwa-Adebusoye, NNOM

3. Prof. Tanure Ojaide, NNOM

4. Prof. A. O. Anya, NNOM

5. Prof. B. O. Nnaji, NNOM

6. Prof. Hilary Inyang Inyang, NNOM

7. Prof. E. J. Alagoa, NNOM

8. Prof. Ayo Bamgbose, NNOM

9. Prof. J. P. Clark, NNOM

10. Prof. A. O. E. Animalu, NNOM

11. Prof. P. O. Ebigbo, NNOM

12. Prof. Oyewale Tomori, NNOM

13. Prof. A. F. Oluwole, NNOM

14. Prof. B. A. Osofisan, NNOM

15. Prof. Oladipo Adamolekun, NNOM

16. Prof. C. E. Nnolim, NNOM

17. Prof. A. O. Esogbue, NNOM

18. Prof. U. B. Ahmed, NNOM

19. Prof. T. O. Odugbemi, NNOM

20. Prof. Idris Mohammed, NNOM

21. Prof. J. K. Olupona, NNOM

22. Eze (Prof.) V. C. Ike, NNOM

23. Prof. L. A. Banjo, NNOM

24. Prof. S. C. Ohaegbulam, NNOM

We are immensely proud of your outstanding contributions to knowledge and to the development of our nation and our world.

Permit me to reflect briefly this evening on two strands of thought with which I have been occupied for a while, but which the events of today brought to the fore: The importance of merit, and the centrality of the humanities.

This morning in the Federal Executive Council Chambers, we were honoured to witness one of those special moments in our national life. The recognition of exceptional talent, years of consistent industry and the conferment of deserved accolades on merit.

We are reminded on such occasions that the greatness, fame and glory of nations largely rely on the hard work, creativity and service of its best talents. And this is the best case that can be made for the promotion of a culture of merit and for policies that as a rule prefer the best and then make provision for quotas for the disadvantaged by reason of geography, gender or other factors.

The best in our midst in their individual fields, in sports, science, technology, the professions, academia, the arts, and entertainment are given to societies to provide services and insights that only they can. In them lie the keys to the leaps from one level of knowledge to another

Consequently, any society that favours exigencies of any kind over merit has chosen to function at its sub-optimal level and greatness must, by the force of principle, elude it. High attainment, whether it be for individuals or nations, is a function of the priority given to merit, which brings me to the other issue, the growing tension amongst policymakers, some who take the position that our emphasis on Science, Technology, Engineering and Math should mean discouraging the humanities and arts.

Indeed, at a recent meeting of policymakers, a distinguished academic argued that private universities should not be registered to offer courses in the humanities and arts, but to focus on STEM. While it is sometimes easier to see the contributions of scientists to development it may require deeper introspection to recognize the arts as a rampart of the human spirit, and the bridgehead to meaning and understanding that it truly is.

Understanding, said Drew Faust, derives from both what is measurable and what is unmeasurable – it is enhanced by scientific insights and mathematical proofs, by philosophical puzzles, and by literature and art that transform the heart as well as the mind.

Education must encompass all of these as it seeks to fashion, not just employees and employers, but human beings who can help create a better future for themselves and for the world.”

Today, we honour two of our best in the sciences and in the humanities. This happy convergence recognizes that it is not really a choice between one or the other. Science and technology carry us farthest on the wings of the refined thinking, imagination, visioning and disciplined introspection of the humanities.

I have read the communique which has been presented by the distinguished laureates and I must say that I am personally impressed by the scope of the issues covered. Permit me to say that we are on the threshold of turning around our economy and polity irreversibly.

For me, the incredible revelation of the past few years is the realization that if we can deal with corruption and abuse of power we would have resolved the most malignant our problems. There is no way that a nation whose resources are looted by its custodians can succeed.

It is important that we bear in mind that as we tackle the issue of corruption, we must do so by way of process. The truth is that the easiest part is the arrest and apprehension of persons who have committed crime against the state. The more difficult part of it is in reforming those institutions that have been corrupted by years and years of neglect and the promotion of impunity. It is those institutions that we must strengthen and it is those institutions that are important in being able to carry forward all of the reforms that we are putting in place, that is by far a more difficult exercise.

But I want to assure you that President Muhammadu Buhari is completely committed and determined in ensuring that this country’s fortunes are turned around irreversibly. In conversations with him, he has said that it all that he has devoted the rest of his life in doing, and I am completely convinced that God spearing his life, we will see this turn around.

Our special thanks go to the Governing Board of the Nigerian National Merit Award, under the Chairmanship of Prof. Shekarau Yakubu Aku, and members of the Board’s four Specialized Committees of Assessors and External Assessors for the excellent work they have done.

To the eminent laureates please accept again hearty congratulations on behalf of Mr. President and the government and people of Nigeria.

May your path from here on shine even brighter in Jesus name.

Thank you for listening.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
08 December 2017

Speech: VP Osinbajo’s Address at Akarigbo’s Coronation

Oba Babatunde Adewale Ajayi, the Torungbuwa II (the Second); your Royal Highness.

Today we are witnesses to a rare historic event of monumental importance for the people of Remo and for the Yoruba race; the installation and coronation of the Akarigbo of Remo, the paramount ruler of Remoland.

Through the ages, this throne has proved to be a bastion of freedom, hope and egalitarianism. From the days of its founding, when men fleeing from the jihad of Uthman Dan Fodio, and the collapse of the Oyo Empire, were offered succour and safety on this very land upon which we stand today.

It is from this throne that some of the most significant ideas on the development of Remo emerged. And it is here that the culture and ethos of the Remo person is defined and propagated. Here is the sum and substance of who we are as a people. The throne of the Akarigbo has long represented the attributes of justice, enterprise and integrity. Very few have the love of the Remo man for fairness and justice.

And so we, the people of Remo, are fortunate. Our Akarigbo combines disciplines of law, accountancy and commerce, being an accomplished accountant and a barrister and solicitor of the Supreme Court of Nigeria. We could not have made a better choice.

Kabiyesi, we are all proud of your unblemished career in both professions and your outstanding successes. We are confident that your sterling attributes will benefit the governance of Remo land and its great people.

On behalf of President Muhammadu Buhari, President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, and the people of Nigeria, I congratulate you on your preferment to this illustrious throne and your coronation as the 19th Akarigbo of Remo land.

This extraordinary honour done to your Royal Majesty by the traditions and acceptance of our people undoubtedly comes with a huge burden of responsibility. This is the task of galvanizing the Remo people, for the great task of developing our towns and villages. This is a land of incredibly gifted men and women, from the professions to the arts and politics. Your reign must mark the coming together of all sons and daughters of Remo to take this historic land to its rightful place in the 21st century.

Your pedigree, commitment to our people and avowed trust in the power and grace of God, gives us great hope and confidence that you will exceed all expectations. Permit me your Royal Majesty, to say a word of prayer for you as you ascend the coveted throne of your fathers.

I pray that Remo and its people will prosper in your reign; I pray that the Almighty God will hear and answer all your prayers for this land; that the hand of God will be upon you to guide and direct you daily. Your days will be longer than anyone who has sat upon this throne, and as your days so shall your strength, your wisdom and your favour be with God; in Jesus name.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
07 December 2017

Press Release: VP Osinbajo Attends MSME Clinic Launch in Osogbo

Nigeria’s future economic growth will be driven by small and medium-sized businesses, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo said this during the launch of the nationwide MSME clinic in Osogbo, Osun State on Thursday. He added that the Buhari administration will continue to support small businesses nationwide through its economic initiatives.

The Vice President further said that there are enough resources to go round if the country and its people use its resources well, while urging Nigerians to tap into the potential in their communities to create wealth through entrepreneurship and MSMEs.

“It is pleasing to know that over 4,250 participants registered to take part in this MSME clinic and that there are nearly 206 exhibitors across the ago-allied, manufacturing and retail sectors,” Prof. Osinbajo said.

According to the Vice President “The small business is the engine of growth of the nation. We are here today, and I have seen for myself all the progress that small and medium businesses are making.

“I am confident that if we work together on this initiative, the business environment for MSMEs in our country will certainly improve significantly and by extension grow the economy.”

Also present at the event was Osun State Governor, Rauf Aregbesola; the Minister of Health, Prof. Isaac Adewole; Chairman, Federal Inland Revenue Service, Babatunde Fowler; among other government officials.

Laolu Akande
Senior Special Assistant on Media and Publicity
Office of the Vice President
November 30, 2017

Speech: VP Osinbajo’s Remarks At The 6th Presidential Quarterly Business Forum For Private Sector Stakeholders

Let me again thank you all for your attendance at this Quarterly Business Forum on agriculture, agribusiness, and the agro allied value chain. I think we are at a special moment in our journey to food security, and to becoming a power of sorts, especially of processed agricultural products in particular.

We are in a special moment because the Federal Government has shown commitment towards agriculture and entire value chain. We have seen enthusiasm of all the players, including the small farmers all across the country.

Getting feedback concerning issues that have been raised, there is cheaper credit, and the President directed that we set up a small committee to look at the issue of intervention funds in agriculture. It is clear, that we are not able to bring down interest rates overnight, the way out is by some kind of intervention agreement.

I chair a committee to look at how to monitor and use intervention funds. We will ensure that the funds go to the right people and also monitor the use of the funds. We are also refining the Anchor Borrowers’ Programme, and other intervention schemes that we have.

Listening to questions concerning lower tariffs, we must pay higher tariffs, these sorts of things are inevitable. What we are trying to do is not increase tariffs for now, but how we can ensure we clean up the entire value chain. I’m sure you are aware of the Payment Assurance Guarantee which we put in place for over N700billion to ensure gas is paid for and for liquidity in the whole value chain.

Today, we will be meeting with the World Bank on a scheme they have been working with us on to fund the entire value chain, and ensure we transit smoothly from where we are, to a much more market-determined policy for electricity. This will involve a fair amount of subsidy and help the Federal Government and World Bank are working together on that. There is no way of sustaining the current subsidies long term, but we want to ensure the process is smooth.

Dealing with the gridlock in Apapa port, the first thing to recognize is that the port is meant to be a 34 million metric tonnes capacity port. Now it is doing 80million metric tonnes, so it is obviously a port far too small for the size of business it is doing.

We have met with all of the important stakeholders, asides from those who do their business there like Flourmills, Dangote and BUA. We have also met with the Navy, Police, NPA, Lagos State Government, all federal agencies working in the ports and port concessionaires.

At our last meeting, we worked on a number of initiatives and agreed on a number of things that have to be done. I went personally to see for myself what was going on in the port area. There is a major problem there, but everyone has agreed on what to do and there is a plan which we are executing. Nothing would happen overnight, but we have a good plan that will make it work.

We have taken a number of decisions; empty containers are to be relocated to holding bays, shipping companies would no longer be allowed to operate holding bays within the port, tank farms would not to be permitted within the Apapa area and process licensing access to trailer parks by NPA to commence. A task force has been set up to manage traffic within the Apapa and Tin Can Island environs.

The PEBEC team has been monitoring what’s going on and we are watching closely to solve the problem. As you can imagine, it is a long running problem and the roads in that neighborhood are extremely bad but we are trying to fix them.

We agreed that Dangote Group will carry out palliative works and reconstruction of some major sections of the Apapa road, which is expected to be completed by June 2018. Procurement processes have also been concluded for construction of Liverpool road to Tin Can, to Mile 2, Oworonshoki up to the toll gate. The Honeywell Group has committed to construct a trailer park, they have started and will complete it very shortly. BUA Group agreed to do the works around the Tin Can Island road. We have it in hand, and we are watching and following up on it.

On excise duty, I have read the PWC study, which goes in one particular direction. And being a professor and having read several studies, I know how studies can generally represent the point of view that you prefer. We will consult the study, and make sure that this does not hamper business and raise costs in any way to discourage production.

On poultry, we go back to the problem around smuggling and what to do when supply does not meet demand. There is a huge demand for poultry and despite local production, people are still buying imported poultry. Just as we did, with tomatoe paste industry, we must work something out with poultry. In developing the policy for the tomatoe industry, we were quite sure of what it would take to bring local production to the point where cost don’t go high because we are banning imports. We have got a fair balance and soon all will see the policy as a good one. With poultry, it is a similar situation, it is something we must work on and the Honourable Minister of Agriculture will work on that, so that we can get some sort of balance.

Smuggling is a serious threat to our economy, and Mr. President has asked me to head a team to work out what needs to be done. We are making the point to our neighbors, that smuggling is an existential threat, we can’t permit the level of smuggling going on.

Last year, there was over 500,000 metric tonnes of rice around Christmas, which the Minister of Agriculture told us about and how it came in through one of our neighbours, but we blocked it.

Now, three shiploads of rice have left Thailand, 120,000 metric tonnes, going to this same neighbour of ours who have very large warehouses where they store this rice. It is very clear that this rice is for us because our neighbours don’t consume parboiled rice, they consume the white broken rice. It is clear that our neighbours do excellent business, with allowing rice to come into Nigeria and other products including poultry

I think it is important for us as a country, to make the point clear, that we are not going to accept that. We are all within the same economic zone and work together, so we go in a friendly and polite manner as possible, to ensure that this practice stops.

For those who are familiar with it, the duty in some of these neighboring countries, especially for rice, is deliberately set lower than ours, it is about a fourth of ours. We have increased duty tax so as to discourage importation but they would naturally drop duty to encourage import and then it would come to Nigeria.

I think we are at a point where we are making a fair amount of progress with the land issues also with the State Governors. It is not a problem we can solve overnight. For titling of land, banks find it difficult to accept lands just as it is, banks won’t accept the lands without titles, one of the issues we are working with State Governments is to ensure titles are done effectively and effectively as quickly as possible. Lagos, Kano and Rivers are working very well with us.

We have an Ease of Doing Business initiative for the sub-nationals, and at the moment, a road show is going on, trying to encourage State Governments to work with us. There is no national policy on land titling.

With respect to land clearing, we have heard from BOI and Minister of Agriculture on how we need to assist States, particularly the Southwest, to ensure that we support land clearing.

I have noted the suggestions that have been on a standing -consultative forum on agriculture and agri-business. This will be extremely useful and we should do. How we should go about it will be left with the Minister of Agriculture and Minister of Industry, Trade and Investment to work those out.

So let me again express my gratitude to your all for you time and for all of what you have done to make the Nigerian economy work well. All of us know how difficult it has been, but I am encouraged by the efforts which individuals, associations and groups are making to improve things, our circumstances and our situation as an economy.

We are all firmly of the view that this country can do a lot more than what it is doing if we get the infrastructure and incentives right. This country can be one of the major agriculture and agric-business centres in the world. I am sure if we work together we can achieve all of that.

Fundamental to our economic policy is private sector leadership, and we have emphasized that time and time again. We have tried to establish several public – private sector platforms including this one, the quarterly business forum. The constant engagement in my view is the way to go. If we continuously engage and interact this way, we will resolve most of the problems that stand in the way of our becoming the great economy that our country surely has the potential to be.

Thank you once again, and I hope that you will be able to spend a few minutes at lunch.

Thank you.

Released by
Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
November 27, 2017

Press Release: World Bank Praises FG For Ease of Doing Business Ranking Feat

The Buhari administration has now devised a clear pathway to achieving its power sector reform objectives, according to Vice President Yemi Osinbajo, SAN.

The Vice President stated this today at the State House in Abuja when he met with a delegation of officials from the World Bank (WB) and the International Finance Corporation (IFC) led by Mr. Riccardo Puliti, Senior Director of the Bank’s Global Energy Practice.

Speaking to the delegation at the meeting which had in attendance the Minister of Power, Works and Housing, Mr Babatunde Fashola and the Minister of Finance, Mrs Kemi Adeosun, the Vice President assured “we are completely committed to ensuring that we play our part in the arrangement and we think that this possibly one of the clearest pathways in a long time”

He lauded the partnership between the Federal Government and the World Bank team for the commitment and support shown to the implementation of the Power sector recovery programme.

Prof. Osinbajo noted that the partnership with the World Bank has “helped us a great deal with the timelines and milestones that have to be achieved and also a great deal in refining our own approach to the entire reform process”.

During his remarks, the leader of the delegation and a Senior Director on Global Energy Practice at the World Bank, Mr Riccardo Puliti expressed satisfaction with Federal Government’s cooperation and commitment to the reform of the power sector. He noted that the partnership between the World Bank and the Federal Government is a model which would add great value to the power sector in Nigeria.

Mr Puliti equally praised the Buhari Presidency for the remarkable feat achieved in the ease of business ranking released recently by the World Bank, noting that it is a major milestone for the country’s economic reform programme.

Meanwhile, the Minister of Power, Works and Housing, Mr. Fashola told journalists after the meeting, that the delegation was in the State House to brief the Vice President on the progress made by the Federal Government working with the World Bank on the Power Sector Recovery Programme. He assured that the reform programme is intended to solve various problems confronting the sector and would make the sector effective, as well as make it responsive to consumers and customers who will be ultimate beneficiaries of the on-going reform programme.

Laolu Akande
Senior Special Assistant to President on Media & Publicity
Office of the Vice President
November 27, 2017