CBN

 CBN

The governor of the central bank of Nigeria, CBN Mallam Sanusi Lamido
Sanusi has submitted that the gross domestic product in the last seven
months stood at six point four percent while it is expected to hit seven
point eight five percent by December.

Mallam Sanusi stated this at the weekly federal executive council meeting
in Abuja.

Briefing state house correspondents after the federal executive meeting
presided over by president Goodluck Jonathan, minister of information Mr.
Labaran Maku said council deliberated on a number of issues including the
overview report on the performance of the economy by the governor of
central bank in the first two quarters.

On specifics, the minister disclosed that headline inflation picked up at
twelve point eight percent in the first quarter of this year, but
decelerated to ten point two percent in the second quarter while core
inflation fell from twelve point eight in the first quarter of this year
to eleven point five percent in June this year.

Revenue Court on Defaulters

 Revenue Court on Defaulters

The Rivers State Government has instituted legal action against defaulters
of business places registration and renewal following their failure to
comply with the stipulated revenue collection law.

The trial magistrate king Ejike George after hearing the defence councils
charged business operators to obey government’s law on business places
registration stressing that revenue and taxes payable to the state
government should be taken seriously by all concerned.

Citing relevant provisions of the law on registration of business, Mr.
George said it is an offence under the registration of business places law
of rivers state 1976 cap iii to fail or neglect to register or renew
business places.

After preliminary briefing by the plaintiff, the cases were however
adjourned to the 22nd, 26th and 29th of this month for further hearing.

Out of twenty-four accusers charged to court, only eighteen of the
companies appeared in court.

Later in an interview director of commerce on the state ministry of
commerce and industry Nelson Dagago-Jack and his counterpart in the
enforcement department commented on the development.

UNDP, World Bank, others to fund N’Delta projects

RELIEF appears to be on the way for residents of some states in the Niger Delta as four international organisations have agreed to provide substantial fund to some intervention projects in the region.

The development came on the heels of a recent call by the Minister of the Niger Delta Ministry, Godsday Orubebe, for alternative funding of projects in the region.

At a meeting with the United Nations Development Programme (UNDP), World Bank, European Union (EU), Japanese officials and Permanent Secretary of the ministry, Atiku Abubakar Kigo, the organisations pledged to contribute $150,000 each to intervention projects in the Niger Delta. The projects are to cost $750,000.

Kigo explained that the ministry, in executing its mandate through funding result-oriented projects, had designed a multi-dimensional stakeholders approach aimed at solving the problems of the region.

Meanwhile, Ogun State Governor, Ibikunle Amosun, has reassured international development partners and multilateral agencies of his administration’s co-operation towards facilitating development in all parts of the state.

Amosun stated this in Abeokuta yesterday during a meeting with a delegation from the World Bank, led by Mr. Hassan Kida, who paid him a courtesy visit at his office.

He stressed that the role of international partners could not be over-emphasised, as they were vital to the provision of infrastructure in countries across the world.

He said: “I must commend the efforts of our development partners as government cannot satisfy all the needs of the people without their support. They are key to development and we will do all we can to ensure that we fulfill our part in addition to creating enabling environment.”

According to the governor, the World Bank intervention in the state in the water, health and education sectors, as well as other community-based projects, have impacted positively on the lives of Ogun residents.

Amosun assured that the state government would promptly pay its counterpart funds and put up legal frame-work to facilitate the execution of development projects with the World Bank and other global partners.

He also assured all investors of security for their investments.

Amosun said: “In the future, all that the state government would do will be to perform regulatory functions only. I want to commend you for observing due diligence in all you do and would want to assure you of our co-operation.”

Kida, leader of the World Bank task team on national urban water and community-based development programme, described the visit as part of his team’s quarterly routine supervision to assess the level of compliance of facilities being put up in the state.

He disclosed that Ogun State had utilised $42.6 million out of its $78 million aid.

Kida submitted that the bank’s intervention had improved water provision from 30 per cent to 80 per cent in the state but lamented that poor power generation and decay of distribution networks had constituted major challenges to the implementation of the rehabilitation of the scheme.

He also said that the World Bank had invested additional $13.5 million on community-based development projects, including construction of roads, 12 primary school, two clinics, and electrification schemes across the state.

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