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Trust, Key To Nigeria ’s Economic Growth – Osinbajo

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images 25 Trust, Key To Nigeria ’s Economic Growth - Osinbajo

Vice-President Yemi Osinbajo has described trust as critical to the nation’s economic growth.
He said the nation’s entire credit system was based on trust.
According to a statement on Sunday by his Senior Special Assistant on Media and Publicity, Laolu Akande, the Vice President made the remarks in a keynote address he delivered at the Nigeria Leadership Initiative webinar series with the theme “A national conversation on rebuilding our national values system.”
The statement was titled “Why merit is crucial to economic growth, by VP Osinbajo.”
Osinbajo was quoted as saying that before credit facility can be extended to a customer, there must be trust that he or she will repay.
He added that citizens will not pay taxes if they do not have the trust that government will not embezzle it.
Osinbajo said, “Economic growth rests upon the substructure of values. The basis of the entire credit system as we know it, is trust. Indeed, the word credit is derived from the Latin word ‘credere’ —to believe or to trust. For a credit facility to be extended to a person, trust is placed in the borrower and his or her willingness and ability to repay.
“When we say that there is a credit crunch, we are referring to a lack of trust. This has significant implications for the economy. Banks cannot lend to people when fraud is widespread, and enterprise and industry cannot flourish without credit.
“Financial institutions may also be reluctant to lend because they cannot trust that the government will remain consistent with regulatory policies. For the same reason, investors may be discouraged from investing. When we speak of investor confidence, we are merely describing the level of trust investors are willing to place in an environment.
“Citizens who do not trust that their taxes will not be embezzled due to official corruption are unlikely to see any value in paying their taxes. If people stop trusting the media, they are more likely to fall prey to merchants of fake news which can have a destabilizing effect on a nation.
“Where everyone is self-seeking, there can be no trust and without trust, it is impossible to sustain an open society. The significance of trust for the workings of the economy and society are far-reaching.”
Osinbajo said the country was in need of a value system that promotes national development.
He said such value system must be capable of engendering unity and a shared vision.
He added, “For purposes of national unity, for example, we must accept that unity and peace are important outcomes, but the condition predicate for both unity and peace is justice (both legal and social justice). So, in our context, justice includes the notions of fairness, equity, and equality.
“In our context, justice includes the notions of fairness, equity, equality and it is significant that our Constitution is actually replete with references to these themes.”

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Protesters Launch Soro Soke Online Radio

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images 61 2 Protesters Launch Soro Soke Online Radio

‘Soro Soke’ is a Yoruba statement which means ‘Speak upThe establishment of Soro Soke radio by the #EndSARS protesters is urging everyone to speak up, air their views and grievances against any unjust systemSoro Soke radio which has gone live will also serve as a platform to report missing persons.

Soro Soke radio can be accessed by clicking on the link below:
https://s4.radio.co/s99d55c85b/listen

The protest began to fight the wrongs of the Special Anti-Robbery Squad (SARS).

Nigerians took to social media to commend the establishment of the online radio.

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Akwa Ibom Youths Give FG Seven Days Ultimatum To Take Over Zamfara Gold

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images 60 3 Akwa Ibom Youths Give FG Seven Days Ultimatum To Take Over Zamfara Gold

The youths said at a press conference in Uyo on Tuesday said that the gold in Zamfara belonged to the Federal Government and Governor Bello Matawalle had no right to sell the gold bar to the Central Bank of Nigeria (CBN)Leader of Young Democratic Movement, Kuseme Idiong and Speaker, South South Youth Assembly, Comrade Victor Thompson stated that proceeds from the sale of Zamfara gold should be shared among all the 36 states and Federal Capital Territory (FCT), as is done with the oil proceeds from the Niger Delta.

Akwa Ibom Youths under the auspices of Young Democratic Movement (YDM), and South South Youth Assembly have given the Federal Government seven days ultimatum to take over the gold in Zamfara state currently controlled by the state government.

The youths said at a press conference in Uyo on Tuesday said that the gold in Zamfara belonged to the Federal Government and Governor Bello Matawalle had no right to sell the gold bar to the Central Bank of Nigeria (CBN).

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Leader of Young Democratic Movement, Kuseme Idiong and Speaker, South South Youth Assembly, Comrade Victor Thompson stated that proceeds from the sale of Zamfara gold should be shared among all the 36 states and Federal Capital Territory (FCT), as is done with the oil proceeds from the Niger Delta.


They noted that the Constitution of Nigeria stipulates that mines and minerals including oil fields, oil mining, geological surveys and natural gas in states are exclusively under the control of the Federal Government, and wondered why the FG has not taken over the gold in Zamfara.

They described the action of Zamfara state governor as an act of lawlessness and impunity, and called on the Executive and Legislative arm of government to rise up against it.

They stated that failure of the FG to take over the mineral resources found in Zamfara state would force them to embark on a nationwide protest and call out youths in the country to join.

The groups further demanded an upward review of the derivation funds paid to Niger Delta states saying oil-producing states were not actually paid the 13 percent.

“That both the Executive and the Legislative arm of the Federal Government should rise against this act of lawlessness and impunity from the perpetrators of the sale of Zamfara Gold.Details of both past and present gold or other mineral sales should be made public and proceeds should be shared among all the states as in the case of Oil derivatives from the Niger Delta region.

“The Federal Executive Council and the National Assembly should revisit the derivative funds formula for oil-rich Niger Delta states as oil-producing states are fed below the 13% derivation.

“Failure to upwardly review the derivative funds formula for oil-rich Niger Delta states, the Federal Government must allow Niger Delta to directly sell her oil just as the recent case of Zamfara gold bar.

“We give the Federal Government up till Saturday, October 24, 2020 to give a robust and satisfactory response to our demands else the Youths of Niger Delta shall on Tuesday, October 26, 2020 embark on a Nationwide protest drawing the attention of the international community to this terrible situation. We must warn that we will not leave the streets until our demands are met,” the group stated.

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Senate confirms Dahir-Umar as DG PenCom amidst protests

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images 58 3 Senate confirms Dahir-Umar as DG PenCom amidst protests

The Senate on Tuesday , confirmed the appointment of Aisha Dahir – Umar , as the substantive Director General of the National Pension Commission Board amidst protests from some senators.
Another nominee who was also confirmed by the Senate was Dr Oyindasola Oluremi Oni, from North Central as Chairman .
Also confirmed were Clement Akintola ( South -West ); Ayim Nyerere ( South – East) and Charles Emukowhale ( South – South ) , as commissioners of the PenCom board .
The Senate , however, rejected the confirmation of Hannatu Musa ( North -West ) because she was unable to present her discharge certificate from the National Youths Service Corps .
Members of the Minority Caucus in the Senate last week sent a petition to the Committee on Establishment and Public Service , seeking the disqualification of Dahir – Umar as the substantive DG of PenCom .
Until her confirmation on Tuesday , Dahir -Umar , from the North -East geopolitical zone , held the position in acting capacity .
The Minority Leader of the Senate , Senator Enyinnaya Abaribe, who argued against Dahir -Umar confirmation , insisted that since her predecessor did not complete her tenure , the position should be occupied by somebody from the South -East , where Mrs Chinelo Anohu -Amazu , whose five – year tenure was truncated , hailed from .
Ruling on Abaribe’s argument , the President of the Senate , Ahmad Lawan , said the constitutional provisions relied upon by those who are kicking against the DG ’s appointment was not valid because the tenure of Anohu-Amazu ’s board had expired before the appointment of Dahir -Umar
The President , Major General Muhammadu Buhari ( retd .) , had penultimate week , sent the name of Dahir -Umar to the Senate , seeking the lawmakers ’ confirmation for her to be the substantive DG and others , to the board of the agency .
Details later …

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