Nigeria in a mess, Buhari pleads with Nigerians - Paper Review

That the Nigerian economy is getting worse by the day is no news, even as it has been officially stated that the nation is in recession.

Pressure keeps mounting on the Federal government to fix the system which many fear is eventually going to pack-up. Below are what the headlines of the major dailies across the nation entails.

We begin with Daily Sun with the headline: "Recession: Buhari begs Nigerians".

From the President came yesterday soothing words to Nigerians, assuring them that the current pains induced by economic hardship would soon be a thing of the past. He said they should bear with  him as government will evolve some policies to cushion them from the pains of recession.

READ ALSO: Buhari reveals when change will happen

President Muhammadu Buhari was apparently reacting to the economic gloom painted by the report of the National Bureau of Statistics (NBS) confirming that the country is in recession.

It is the worst situation in 29 years, the report said. Inflation and unemployment rates are 17.1% and 19.3% respectively. Companies are closing shop daily. Many are out of jobs.

This is even as the opposition Peoples Democratic Party (PDP) urged Buhari to resign now while the All Progressives Congress (APC) said the party lacked the moral right to make such demand.

But speaking in Osogbo, Osun State yesterday during his one day visit, the President said pro-active measures were being put in place to actualize his administration’s Change Mantra for a better Nigeria.

In an address, where he commissioned Osogbo Government High School built by Governor Rauf Aregbesola,  Buhari said the Federal Government was quite aware of Nigerians’ pains in the last one and half years, following economic retrogression occasioned by the sharp drop in crude oil price.

Buhari assured that assiduous efforts were being made by the government to rescue the nation from the crisis as well as the past mistakes that brought us to where we are and make Nigeria great again.

“Changes are never achieved on the bed of roses, but through perseverance, steadfastness, dedication and integrity,” he said.

“We promised Nigerian people positive and progressive change. We are not and will not be tired  of pursuing our goals of change. Change is through patience, perseverance and steadfastness,’ he stressed.

“We are quite aware of the pains and inconveniences that have been the lot of the citizenry in the past one year as we strive to faithfully implement our programmes in fulfilment of our Change Agenda.

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We are, however, comforted by the real change and progress we have made in fighting corruption and restoring integrity to government; providing security for lives and property; and positioning the government for effectiveness and especially deregulating the oil sector.

“We promised Nigerian people positive and progressive change during our campaign. We are not and shall not be deterred from that noble undertaking. “But as we have learnt from history, change has never been attained by any nation on a bed of roses, but rather, through patience, perseverance and steadfastness,” he said.

In the same vein, This Day reports the same line of thought having the header "After Grim Economic Data, Buhari Appeals for Patience, Promise Real Change."

Following the grim economic data released on Wednesday by the National Bureau of Statistics (NBS) confirming Nigeria’s slide into recession, rising inflation, unemployment and plummeting foreign capital importation, President Muhammadu Buhari on Thursday pleaded with Nigerians to be patient with his administration, assuring them that the pains they are currently going through would soon give way to development.

Buhari, who reminded Nigerians that his administration’s “change” mantra was aimed at restoring the nation on the path of integrity and prosperity, said this in Osogbo, the Osun State capital, during the inauguration of the Osogbo Government High School built by the administration of Governor Rauf Aregbesola.

The president urged Nigerians to be patient and persevere for a while, promising that the pains would soon give way to development. He said his administration was working hard to avoid the mistakes of the last administration in tackling insecurity and corruption and to revamp the economy, which has been badly affected by the drop in the price of oil.

The Vanguard has on its front page the headline: "Change not achieved on bed of roses - Buhari".

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AS economic hardship in Nigeria bites harder, President Muhammadu Buhari, yesterday, reminded Nigerians that he was committed to his change agenda, but that such economic change cannot be achieved on a bed of roses.

The President, who spoke in Osogbo, the Osun State capital, added that through patience and perseverance, the challenges the country was facing would become a thing of the past.

He reiterated his administration’s determination to implement the change agenda through the fight against corruption.

“We are determined to implement our change agenda by curbing excessive waste in government. We shall restore integrity to governance through the fight against corruption. We are determined to deliver and rescue the country from bad governance,” he said.

The Independent has the headline: "FG's Wrong Economic Policies Cause of Recession - NECA".

The Nigerian Employers Consultative Association (NECA) on Thursday said that some wrong economic policies of the Federal Government and lack of clarity about its economic agenda contributed to the current stagnation and recession in the country.

Larry Ettah, President, NECA, who stated this while addressing members of the association at its annual general meeting (AGM) in Lagos, said that for the Federal Government to adequately tackle the current economic challenge, it must take decisive actions to approach the issues beyond rhetoric.

Nigeria has officially entered into its worst recession in 29 years as gross domestic product (GDP) contracted by 2.06 percent in the second quarter of 2016.

Ettah, who is also the Group Managing Director of UAC of Nigeria Plc, said that the Federal Government should take much stronger action to revive the economy, which would boost demand and bring about the long-delayed structural reforms to the nation’s economy without delay.

While noting that the drastic fall in government revenue due to the fall in the crude oil prices was another cause for the recession, he said, “While there is no doubt that the past administration was profligate in its management of our commonwealth, it is quite evident that the lack of clarity about the economic agenda of the current government contributed to the current economic stagnation and recession.

The Nation bears the front headline: "Experts to Buhari: Pump in cash to save economy."

The Federal Government should pump money into infrastruture development, which will create more jobs and boost liquidity, economists and private sector players said yesterday.

The Nigerian Bureau of Statistics (NBS), in its Second Quarter Report released on Wednesday, said the economy contracted by 2.06 per cent to record its lowest growth rate in three decades.

The report said the economy shrank by 0.36 per cent in the first quarter of 2016 to hit its lowest point in 25 years. Unemployment grew from 12.1 per cent in the first quarter of 2016 to a record high of 13.3 percent in the second.

Finance Minister Mrs Kemi Adeosun  said:  “It’s the worst time possible for us”. She, however, assured all that things will get better.

President Muhammadu Buhari said yesterday that Nigeria will be prosperous again. He spoke in Osogbo the Osun State capital, at the inauguration of a mega school built by the Rauf Aregbesola administration.

A development economist and financial Expert, Odilim Enwegbara, who is the Chairman/CEO at Pan Africa Development Corporate Company (PADCC), said the government should leverage on its expansive revenue base and spend its way out of the recession.

Daily Trust's frontpage has the headline: "Council of State meet over INEC, IG" .

The Council of State is scheduled to meet in Abuja Thursday next week to discuss key appointments proposed by President Muhammadu Buhari, Daily Trust learnt yesterday.

The council is expected to consider names of nominees to fill vacant positions of National and Resident Electoral Commissioners (RECs) at the Independent National Electoral Commission (INEC).

INEC currently has six national commissioners out of 12, while 21 out of 37 Resident Electoral Commissioners are yet to be appointed.

A top Presidency source confirmed to our correspondent last night that the meeting will hold inside the Council Chambers of the Aso Rock Presidential Villa at 11:00am.

Another Presidency source, who also preferred not to be mentioned, equally confirmed that the meeting would hold next week.

He also hinted that “pending issues” relating to the appointment of top officials of the Independent National Electoral Commission (INEC) would be discussed.

It was gathered that President Buhari would brief the council on the nomination of Ibrahim Idris as acting Inspector-General of Police. The Nigerian Police Council (NPC) is expected to ratify the appointment thereafter.

The Nigerian Council of State is an organ of the Nigerian government whose functions include advising the executive on policy making.

The council comprises the president as chairman; vice president (deputy chairman); all former presidents and all former heads of the government of the federation; all former Chief Justices of Nigeria; President of the Senate; Speaker of the House of Representatives; state governors and Attorney-General of the Federation.

The responsibilities of the council include advising the president in the exercise of his powers with respect to the appointments of  INEC commissioners, members of the National Population Commission, the National Judicial Council, prerogative of mercy and award of national honours; the council also advises the president whenever requested to do so on the maintenance of public order and on such other matters as the president may direct.

The Punch has the frontline headline titled: "MAN, LCCI, Rewane, others ask CBN to cut interest rate".

The Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, the Abuja Chamber of Commerce and Industry and other organised private sectors on Thursday called on the Federal Government to drastically slash interest rate in order to stimulate economic recovery.

Professional bodies such as the Chartered Institute of Finance and Control and the Institute of Fiscal Studies of Nigeria and renowned economists including the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, advised the government to urgently review its policies and spend more to atttract both local and foreign investors to invest in the economy.

The Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, the Abuja Chamber of Commerce and Industry and other organised private sectors on Thursday called on the Federal Government to drastically slash interest rate in order to stimulate economic recovery.

Professional bodies such as the Chartered Institute of Finance and Control and the Institute of Fiscal Studies of Nigeria and renowned economists including the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, advised the government to urgently review its policies and spend more to atttract both local and foreign investors to invest in the economy.

The National Bureau of Statistics had on Wednesday released the Gross Domestic Product figures for the second quarter of 2016, whose growth rate slid from -0.36 per cent in the first quarter to -2.06 per cent.

It also released the capital importation report for the second quarter, the unemployment statistics report, the inflation report for the month of July and the labour productivity report for the month of July, all of which painted a negative picture of the Nigerian economy with inflation rising as high as 17.1 per cent from 16.5 per cent, unemployment rate increasing to 13.3 per cent from 12.1 per cent and investment inflows dropping to its lowest levels at $647.1m from $710m.

But speaking to one of our correspondents in a telephone interview on Thursday, the President of MAN, Dr Frank Jacob, said the interest rate should be reduced from over 22 per cent to five per cent.

This, he added, would enable manufacturers to borrow for productive purposes.

The Guardian hints on the fear of an impending war, bearing the headline: "Fear of war grips N'Delta as military deploys weapons".

Apprehension, suffering and death. These are the concerns as the military begins a massive buildup against armed agitators in Nigeria’s oil rich region, the Niger Delta.

Yesterday, a long convoy of about 32 articulated vehicles was seen on the Port Harcourt-Warri dual carriage way carrying long-range tanks, armoured personnel vehicles and an assortment of weapons. The vehicles allegedly headed to military formations in Delta and Bayelsa states.

Since the military launched ‘Operation Crocodile Smile’, there has been such a movement of heavy military hardware. But it has become frequent lately.Some days ago, the Chief of Army Staff said the deployment was not meant to intimidate residents of Niger Delta but for strategic military purposes to make Nigerians feel safe in the region.

But the Ijaw Youths Council (IYC) alleged that the deployment of troops and weapons in the region was an indication that the Federal Government was not interested in peace in the region and was intimidating the people.IYC spokesman, Eric Omare, said the President Muhammadu Buhari’s government had shown through the deployment that it was never interested in dialoguing with the Niger Delta stakeholders.

Source: Legit.ng