Bagudu: Average Performance of Naira Informed Dollar Exchange Rate Peg at N800 for 2024 Budget DSS Denies Arresting Ex-CBN Deputy Gov, Aisha Ahmad US Mission Donates Office to Lagos Agency in Fight against Human Trafficking
Says current measures bound to increase forex supply into nation's economy Assures that 2024 budget will follow fiscal responsibility law which gives CBN power to lend govt 5% of total budget via ways and means window French Envoy Says Insecurity Impeding
HANDOVER OF COUNTERING HUMAN TRAFFICKING OFFICE TO LAGOS…
L-R: United Nations Office on Drugs and Crime Deputy Country Representative, Danilo Campisi; U.S. Consul General Will Stevens; Director-General of the National Agency for the Prohibition of Trafficking in Persons, Fatima Waziri-Azi; Lagos State Attorney General and Commissioner for Justice, Lawal Pedro; General Manager of Lagos State Neighborhood Safety Agency, Ifalade Oyekan; First Secretary, Embassy of the Kingdom of Netherlands, Eva de Wilt; during the official handover of the Countering Human Trafficking Office to the Lagos State Neighborhood Safety Agency ... yesterday
Minister of Budget and National Planning, Alhaji Abubakar Atiku Bagudu has disclosed that the Federal Government was conscious and strategic never to base the foreign exchange benchmark in the 2024 budget on a spot rate, to avoid eventualities and uncertainties.
Speaking with newsmen yesterday
The Department of State Security (DSS) yesterday denied online reports that former Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, Aisha Ahmad, was arrested.
The social media was awash with reports that Aisha Ahmad was arrested and detained by the Department of State Services
As part of efforts to counter trafficking in human beings in the country, the United States Mission in Nigeria has donated office and equipment to the Lagos State Neighbourhood Safety Agency (LNSA).
Handing over the complex yesterday, US Consul General in Lagos, Mr. Will Stevens said that the initiative represents a significant step forward the collective efforts to combat one of the most egregious violations of human rights – human trafficking.
The Consul General applauded the Lagos state government, specifically the anti-trafficking unit of LNSA for its commitment to creating a safe and secure environment for its citizens, even as he thanked the Kingdom of Netherlands for its unwavering commitment to at the State House, Abuja, Bagudu explained that before arriving at the projected exchange rate of N750 to the dollar in the 2024 budget, which the National Assembly raised to N800 to the dollar, government considered and viewed critically, the average performance of the naira.
He said: “For budgeting purposes, you don't use spot rate of anything. Oil price can go to 120 today, maybe (DSS) over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank, including the sum of $300 million to complete the acquisition of Union Bank which was raised by Titan Bank.
But the DSS denied the arrest in a short statement on X, formerly Twitter.
"The DSS did not, in the last 48 hours, arrest any former or present official of the CBN", it said. the cause.
Stevens also commended the United Nations Office on Drugs and Crime (UNODC), for its expertise, dedication, and tireless efforts.
Stevens stressed that the fight against human trafficking demands a coordinated approach, and the establishment of the office was a critical milestone in strengthening Nigeria's criminal justice response to trafficking in persons and demonstrates the importance of local authorities in this effort.
“It serves as a beacon of hope for victims and a symbol of our collective determination to eradicate this heinous crime. Between 2021 and 2023, the US government through the State Department’s Bureau of International Narcotics and Law Enforcement Affairs provided $1.3 million to UNODC to support the Nigerian government’s efforts to protect those vulnerable there is a shortage, maybe there is a collision between two ships that will block a channel. It would be foolish to use that as a reference price. It should take a period maybe six months to one year and say let me observe this average behaviour, so you don't use spot prices. Even with exchange rate it’s like that".
According to him: “Much as we are hoping that it would soon come below, but at the time you are doing the budget you will take a view on average performance. And that's what we did.
“In fact we took an average performance of N750 on the executive side and we proposed it to the National Assembly and the National Assembly in its wisdom, and mind you this is democracy, and President Tinubu is one who is a lifelong advocate of institutional separation of powers".
The Minister also said the President respected the National Assembly in allowing a further raise in the exchange rate considering his high respect for institutions and democracy. to trafficking.
"By consolidating our resources and expertise, we aim to create a robust framework that will not only address the needs of current victims, but also work towards prevention of future trafficking. The US government understands the importance of a comprehensive response to human trafficking.
"That is why in addition to projects like this, which build the physical infrastructure, we have invested in the training of first responders as well as the reintegration of victims of trafficking,” he stated.
In 2023, through the US Agency for International Development (USAID), Stevens said the government trained 160 civilian law enforcement officers to respond to cases of human trafficking and counselled more than 100 civil society organisations on how to
His words: "So, he respected democracy that even though it was higher than what he submitted, but the institution that says so, has the authority to say so and even at the time they say 100, because it's not an official rate because with the deregulated market, you no longer have an official rate, it is much lower than even the way the markets are bidding".
Bagudu noted that the Federal Government was sure that with the measures it is currently taking, there will soon be significant increase in the supply of foreign exchange into the economy.
The Minister who also spoke on the level of borrowing to fund the deficit in the 2024 budget, said that difference between this year's borrowing compared to 2023 remained significant.
“In 2023, the budget anticipated a borrowing of close to N14 trillion. This year's budget is N9.1trillion. So we think that is significant. Because 2023 took us to about 6.11% of our GDP as borrowing. This one is 3.8%. So the quantum had decreased". identify and refer potential victims of trafficking.
"Through our Academy for Women Entrepreneurs programme, 20 victims of trafficking and other returned migrants received specialised business management training and mentorship from seasoned entrepreneurs, giving them the needed economic and social support to reintegrate into their communities. As we celebrate the opening of this office, let us also renew our commitment to collaboration, information sharing, and continuous improvement.
"The 2023 Trafficking in Persons Report from the US State Department underscores the evolving tactics employed by traffickers in Nigeria, such as cyber scam operations involving deceptive job postings and fraudulent dating websites to entice unsuspecting victims,” he added.
He explained the Federal Government within the 2024 fiscal year intends to operate strictly within the dictates of fiscal responsibility law, which provides for the Central Bank of Nigeria (CBN), to lend to the government through its Ways and Means window, only five percent of total budget.
Bagudu stated that this government will be guided by law: "We will not go outside the law and borrow from ways and means, what is outside the law. So the fiscal responsibility law says, in every one year, the central bank can lend the government up to 5% of its budget for the year. So if you go out of that, you're
The Outgoing French Ambassador to Nigeria, Ms. Emmanuelle Blatmann has noted that insecurity continues to undermine Nigeria’s push for greatness, stating that Nigeria has all it takes to be among the economic greats globally.
Blatmann, who has been withdrawn from Nigeria to take up the position of Director for Africa and the Indian Ocean at French Ministry for Europe and Foreign Affairs, said: “Nigeria should solve the security challenges and see how many businesses would roll in.”
The envoy while narrating what Nigeria should have gained had there been no challenges with security in the country, noted that countries in Europe were looking to Nigeria to solve their energy problem as a result of the war in Ukraine.
She said that Europe had to seek solution elsewhere because the country could not provide the needed energy as a result of insecurity and illegal oil bunkering
She said: “One thing that has frustrated me over the last two years is the problem in the oil and gas sector. When Ukraine war started, all the European countries were trying to diversify their supply of gas and oil and obviously many of going outside the lawful limit, and that's what the minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law.
“And secondly, as much as possible, we will even borrow away from the central bank because sometimes it's even cheaper to borrow. So, those are the two elements. So the quantum has decreased, then we will go by the book.
“The President, in his steadfastness has brought a Central Bank governor who will not even allow and we are also determined, Coordinating Minister and I, so that's combination of two. them turned to Nigeria.
“Because at that time due to oil bunkering Nigeria was not only able to increase its capacity, and supply but sometimes was not able to meet the already existing contracts and was not meeting the quota the Organisation of Petroleum Exporting Countries (OPEC) had fixed, the European countries have to look elsewhere.”
She lamented that this could have gone far in bringing back oil boom to the country and it was rather unfortunate that the opportunity was lost.
She equally decried that at a point in time some oil exploration companies had to close down as they alleged that 90 per cent of oil pumped into the pipelines were stolen.
Blatmann asked: “How is that sustainable for any business,” insisting that to get back into business and attract businesses to Nigeria, security was paramount.
She however noted that despite the challenges, Nigeria is a country with immense potential and opportunities, noting that France recognises this and has invested so much in Nigeria.
The envoy said France remains the second largest country with Foreign Direct Investment (FDI) into Nigeria and has through its development bank- Agence Francaise de Development (AFD) been pushing concessionary loans to Nigeria.