Bill to Prohibit Use of Generators Passes First Reading in Senate

and in Abuja

The Senate, at its plenary yesterday, commenced the passage of a bill to ban the use of electricity generating sets in Nigeria as the bill in that regard, sponsored by Senator Binta Enagi, from Niger South Senatorial District, passed first reading.

The bill which specifically seeks to prohibit anyone from importing or knowingly selling generating sets, however, prescribed a prison term of not less than ten years, if found guilty upon conviction, as punishment.

The bill, however, provides

AMIDST OIL PRICE CRASH, FG SAYS NO CAUSE TO PANIC

as occasioned by the drop in crude oil prices, constrains the government’s ability to meet its infrastructure commitments in 2020, which is vital if we are to achieve double digit growth.

“Given this challenge, it is imperative that this roundtable session comes up with wellstructured funding models that will mobilise funds from banks and other financial institutions to fund critical infrastructure projects, while providing attractive returns to investors.

“We must also use this opportunity to consider funding for infrastructure projects that improve access to markets for farmers and SMEs, while also connecting the railways to our ports, in order to increase our non-oil exports.

“Such schemes will support greater economic growth and help free up funds for the government to focus on other priority objectives.”

According to him, the current oil price shock validates some of the measures taken by the fiscal and monetary authorities on diversification of the Nigerian economy.

NNPC Targets Production Cost Reduction

In his contribution, Kyari expressed the corporation’s readiness to strategically put in place measures to alleviate the cost of crude oil production in Nigeria to create market for Nigeria’s crude.

He noted that due to the Coronavirus pandemic, Nigeria has about 50 cargoes of crude oil that have not found landing, adding that this implies that there are no off-takers for them for now due to drop in demand.

He said in the face of the Coronavirus global pandemic, countries like Saudi Arabia have given discount of $8 and Iraq $5 to

BUHARI: I HAVE NO HAND IN SANUSI’S DETHRONEMENT

companies were invited by the commission. But on the deposed emir, the investigation will continue after the court order," he added.

Magaji said with the deposition of the monarch, the commission would now have what he described as ‘fertile ground’ to carry out its investigation without any interference.

Meanwhile, the Kano State Commissioner for Police, Habu Ahmadu, said yesterday that Sanusi's freedom was not tampered with as his movement was spelt out.

He stated that counsel to the deposed emir was economical with the truth on what transpired in Kano after the former emir's deposition.

"The lawyers did not mention everything that happened. They for an exception as it stated that the ban will not affect those that are into essential services, like hospitals, nursing homes and healthcare facilities, airports, railway stations/services, elevators, escalators, research institutions, and other such facilities that require 24 hours electric power supply.

According to the bill, approval for exclusion shall be obtained from the minister in charge of power, who shall brief the Federal Executive Council (FEC) quarterly on approvals granted.

It equally stipulated that the ban shall affect all persons using electricity generating sets which their off-takers in some locations meaning that when crude oil sells at $30 per barrel, countries like Saudi Arabia is selling at $22 per barrel and Iraq selling their crude at $25 per barrel.

According to him, the oil price crash on Monday signified the importance of oil to the global economy.

He added that oil price will continue to shape activities in the global economy.

“We used to say when the financial sector collapses, everything collapse. But certainly, it is the other way round. When the oil market collapses, everything collapses. So oil is the only commodity that the beneficiaries panic when the price goes up,” Kyari said.

He predicted that fossil fuel would remain significant contributor to energy need in the next 40 years.

“But what would not be there in the next 40 years would be inefficient producers because as we speak today, we are getting production from the least expected places. Nearly every country now produces oil and that means that the best of people who would remain are the people who would produce oil at the cheapest cost.

“Much as these are high expectations, but you must produce them today even at low prices. And the assumption for this year was $60 per barrel. Now, we are facing sub $30 per barrel and potentially we haven’t seen the bottom. We haven’t! And this is a challenge to us as a country and it is difficult to manage. It simply implies huge deficit for all of us and it would radiate in all sectors, including the financial sector,” he said.

He added: “Today, I can share with you there are LNG cargoes that are stranded because there is an abrupt collapse in demand associated with the Coronavirus. We hope that is the only reason.

ought to have mentioned what happened, the counsel to the deposed emir. I saw the press conference yesterday. Everything (deposed emir's movement) was spelt out," Ahmadu told THISDAY.

On the Kano AG's position that Sanusi was not banished by the state government, he said he would speak on it after receiving a full briefing on the matter.

"I have not watched the AG's video. When I do so, I will be able to speak on it," he said. Bayero Weeps, Receives Letter of Appointment

Meanwhile, Sanusi's successor, Alhaji Aminu Ado Bayero, yesterday wept while delivering his address a few minutes after he received the letter of appointment run on diesel/petrol/kerosene of all capacities with immediate effect in the country.

However, the Senate referred the bill seeking to preclude courts at all levels in the country from interfering in affairs of political parties on all issues on pre-election matters to its Adhoc Committee on Constitution Review.

The bills which are three in number and sponsored by the Deputy Senate President, Senator Ovie Omo-Agege, include bills for Acts, to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999, to preclude the Federal High

Today, for Nigeria’s crude, we have about 50 cargoes that have not found landing.

“It means that they don’t know where to take them to and this is so with many other jurisdictions. So, when you sell in the market at $32, there is a huge problem. There are so many countries whose cost of production is at $30. So, when you produce at $30 per barrel, you are out of business.

“Beyond that, you have competition, which depresses the potential of coming out of the impact of Coronavirus for at least three months. So, we need to prepare for the shock. Even if price rise up again - we have backlog of production that is hanging and has to be resolved. What that means is that we would have the impact of this shock for sometimes.”

To Fashola, funding remains a key factor to infrastructure development.

He said it would require N288.72 billion to complete critical road projects, particularly those that lead from the Lagos, Warri, Port Harcourt and Calabar ports to the savannah and to the borders with Niger Republic to Cameroon.

He said: "If we make those roads work, then we score a big dent in easing transportation by road across Nigeria. The rail is progressing because the money is there: Lagos-Ibadan, second Niger Bridge and Abuja-Kano are progressing because the money is there. So the big elephant is how do we find the money?"

He also decried a situation where budget releases to finance infrastructure had often fallen 50 per cent between 2016 and 2020.

"What we have seen from our 2016 to 2020 budget is that we are getting just under 50 per cent budget releases. And that speaks again to the challenge that the minister had had to deal with: raising revenues in as emir.

In his emotional address, Bayero said his late father, Alhaji Ado Bayero, trained them to always respect leaders, elders, and constituted authorities.

Aminu pledged to support Ganduje’s and Buhari's governments.

The emir said as Muslims, they believe in fate and Allah's will as He does not make a mistake.

"We also believe that everything has an end. We must recall our late Emir Ado Bayero’s admonition that we keep on believing in God. He also trained us on patience and obedience to elders.

"He assured us that patience leads to success. Now we have seen the lessons taught to us in reality. I urge people to believe in Allah and be our brothers' keeper

Court, the High Court of the Federal Capital Territory, and state High Courts, respectively, from entertaining pre-election disputes emanating from congress, conferences, conventions or other meetings convened by political parties for the purpose of electing members of its executive committees or other governing bodies and for related matters 2020.

The Omo-Agege’s bills which proposed establishment of special courts or tribunals to handle all pre-election matters within the political parties were subsequently forwarded to the Constitution Review order to fund infrastructure," he added.

Also speaking on the panel, Amaechi gave reasons why the country was yet to float a national shipping line.

He explained that the failure of the petroleum ministry to implement the Cabotage law had not encouraged private sector investment.

He said: "When we were to bring in the metals, the iron for the tracks, just to move it from China to Nigeria and I was excited to support a Nigerian company that has a shipping line to bring it from China to Nigeria.

"And you know the response we got? That there's a Chinese law that says only Chinese vessels can carry Chinese cargoes.

"Now, we had that law but either NNPC or the Minister of Petroleum has refused to implement that law...Now if you want to encourage private sector investment in Nigeria, then that law should be implemented.

"In fact, when I became minister for transport, I announced to the country that we will establish a national shipping line. So what does the law say - 60 per cent of Nigerian investors and 40 per cent of foreign.

"We travelled to Singapore and a foreign company in Singapore was ready to invest. We came back here, till today no Nigerian has brought one kobo even though we installed a committee for that purpose. That's why we don't have a national shipping line today."

In his speech, the founder of Zenith Bank Plc, Mr. Jim Ovia, stressed the importance of a vibrant banking sector for the diversification of the Nigerian economy.

Ovia said Nigerian banks over the years, had contributed significantly to the growth of the economy. in a bid to bring development to the emirate, Kano and Nigeria as a whole," he said

The emir also thanked the governor and the four kingmakers for the appointment, promising to keep the legacy and history of the two-century-old emirate.

Speaking also, the Emir of Bichi, Alhaji Nasiru Ado Bayero, thanked God for their new positions.

He also thanked Ganduje for what he described as a gift given to him by Allah through the governor, praying for unity among the royal family and the state as a whole.

Ganduje said it was a historic occasion being the first time two brothers would become first-class emirs in the state.

According to him, it is also the first time in the history of Nigeria

Committee of the Senate for further legislative processes.

Also, a bill sponsored by Senator Adamu Abdullahi (Nasarawa West), which seeks for an Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999 to make provisions for Right to Food and Food Security in Nigeria and for related matters, 2020, passed Second Reading.

Similarly, a bill for an Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999 to provide for the regulation of the jurisdiction of the Supreme Court and Court of Appeal and for

“In 2004, before consolidation, all the Nigerian banks put together, their total market capitalisation was below N12 billion and all of them put together could not lend onetenth of what Dangote Cement required. But today, one of the top tier banks is much larger than all the banks’ shareholders’ funds put together in 2004.

“So, that is a testimony that Nigerian banks are solid. We have even started to export our expertise to West and East African countries. Nigerian banks in Ghana are the ones showing the way. They didn’t know about recapitalisation, until we thought them,” he said.

Dangote Tasks FG on Economic Diversification

To the President of the Dangote Group, Alhaji Aliko Dangote, the government must stop paying lip service to economic diversification, adding that the diversification of the economy needs to be achieved urgently, following Monday’s crash in the price of crude oil.

Dangote said the country must also take advantage of its huge market and address the high cost of doing business, diversify into agriculture and manufacturing to reset the economy in the right path.

He added: “The diversification of this economy is very important, in fact, we are late. Since 1979 that I came to Lagos, people have been talking about the diversification of the Nigerian economy. You can only diversify the economy through manufacturing and agriculture. Manufacturing actually creates a lot of jobs, creates middle class and also transforms countries.

“These are areas we need to really focus on. But how do you diversify an economy and go into manufacturing that

to create five first-class emirates.

el-Rufai Appoints Sanusi Kaduna Varsity Chancellor

However, within 24 hours after el-Rufai appointed Sanusi into the board of the state's investment promotion agency, the governor yesterday appointed him as the chancellor of the Kaduna State University.

A statement by el-Rufai’s Special Adviser on Media and Communication, Mr. Muyiwa Adekeye, said the dethroned emir succeeded the pioneer Chancellor of KASU, His Highness, Malam Tagwai Sambo, the Chief of Moro’a in Southern Kaduna.

It added that the appointment was based on the fact that related matters, 2020, sponsored by Senator Basiru Ajibola (Osun Central), also scaled the Second Reading.

The Senate also passed for second reading a bill sponsored by Senator Bamidele Opeyemi (Ekiti Central) which seeks for an Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999 to provide immunity for members of the legislature in respect of words spoken or written at plenary sessions or committee proceedings and institutionalise legislative bureaucracy in the Constitution; and for related matters, 2020. makes sense and also makes it an inclusive growth, then you need to actually do what we call backward integration or import substitution.”.

Dangote noted that Nigeria has a readily available market because of its huge population and stressed the need for government to remove factors that have continued to constrain the manufacturing sector.

According to him, providing enablers such as road and power infrastructure would have the government effectively diversify the economy from crude oil.

He said: "Well as you know, for the crash of the oil price, it is imperative that we diversify this economy. Our economy is great because we have a local market because when you look at the economy of Asia, it's mainly focused on exports. But we have a domestic market: this is a country with about 200 million people apart from the rest of the ECOWAS market where our imports last year was almost $47 billion.

"It is not sustainable, we cannot have 200 million people growing at about 2.7 per cent and then we are importing most of the things that we are consuming. I think we really need to be serious this time around so we don't just keep talking about diversification...it has been very elusive I don't know why. It is possible but we are not really focusing on that.

"We need to reduce the cost of doing business: the cost of doing business can actually affect everybody. I can tell you the truth, the government lost so much money last year in the traffic logjam of Apapa alone. We as a company, our three companies lost over N30 billion in terms of profits, which means the government will also collect less taxes. So we need to look at infrastructure, we need to look at power."

“In public life, His Highness has demonstrated a strong commitment to education.

“Kaduna State Government has no doubt that as Chancellor, His Highness Muhammadu Sanusi II, would provide symbolic and substantive leadership in raising the profile of KASU as an emerging center of learning on the national and global level,” it said.

President, Nasarawa Gov Meet Meanwhile, Buhari yesterday held a closed-door meeting with the governor of Nasarawa State, Abdullahi Sule.

Sule arrived at the Presidential Villa about 10 a.m ahead of the Federal Executive Council (FEC) meeting.