Today’s Thisday Newspaper Headlines, Wednesday 19th December 2018

Today’s Thisday Newspaper Headlines, Wednesday 19th December 2018

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12m Farmers Mobilise for Buhari’s Second Term, Contribute N100 Each
Wed, 19 Dec 2018

BUY OR SELL OLD AND NEW CARS, PARTS, CAR MATERIALS AS CAR MART NG LAUNCH IN NIGERIA

President Muhammadu Buhari’s return bid would receive a hefty financial boost this evening as 12 million farmers that benefited from the Central Bank of Nigeria’s Anchor Borrowers’ Programme plan a grand reception for him at the Presidential Villa, Abuja with a pledge to contribute N100 each to the president’s campaign fund, insisting that the current agricultural revolution taking place at the grassroot across Nigeria must continue.

According to impeccable THISDAY sources, the pledge would amount to a whooping N1.2billion and would be put together by the farmers under the auspices of Anchor Borrowers Farmers’ Association, whose membership runs across the country, particularly the North-west and the North-east.

Saying one good turn deserves another, one of the leaders of the farmers, who spoke on condition of anonymity, said they were happy with the president for his credit initiatives that had boosted their trade.

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“Baba Buhari has been so good to us. So we think contributing N100 each will not be too much a way to appreciate him,” he said.

The Central Bank of Nigeria (CBN) had in line with its developmental function established the Anchor Borrowers’ Programme (ABP) and was launched by the president on November 17, 2015.

The programme is intended to create a linkage between anchor companies, involved in the processing, and small holder farmers (SHFs) of required key agricultural commodities. The programme thrust of the ABP is provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food. At harvest, the SHF supplies his/her produce to the Agro-processor (Anchor) who pays the cash equivalent to the farmer’s account.

As at August 2018, about N150 billion had been disbursed to farmers under the programme.

The farmers’ gesture would be the second of such by interest groups since Buhari declared his intention for a presidential rerun. The first was in September 2018 when a group, National Consolidation Ambassadors Network (NCAN), put together N45 million to purchase the All Progressives Congress’ presidential expression of interest and nomination forms for him.

The president had complained loudly that the amount was too much for him to raise, having borrowed N25 million in 2015 to purchase the same forms.

The group came to his rescue, generating in the process, however, a huge controversy over the legal implication of the gesture because of the limitation placed on campaign donations by the Electoral Act 2010 as amended.

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Oil Price Slumps to $59, Threatens 2019 Budget Implementation
Wed, 19 Dec 2018

Oversupply in the crude oil market caused by increased production by the United States and Russia, yesterday forced a drop in the price of crude to a 14-month low, threatening the implementation of Nigeria’s 2019 budget to be presented to the National Assembly today by President Muhammadu Buhari.

Apart from the forecasts of record US and Russian crude oil output, a sharp sell-off in stock markets as the outlook for global growth deteriorated, has also impacted on the global oil market.

While the US crude oil, West Texas Intermediate (WTI), dropped $2.04, or 4.1 per cent, to a low of $47.84, its weakest since September 2017, the North Sea Brent lost $2.41, or 4.0 per cent, to $57.20, representing a 14-month low.

However, before the end of the trading, WTI recovered to around $49.28, while Brent last traded around $59.01.

With oil price at $80 during the period of the preparation of the 2019 budget, the federal government had ignored the $50 per barrel oil price benchmark proposed in the Economic Recovery Growth Plan (ERGP), and proposed a $60 per barrel oil price for the budget.

Though Nigeria’s daily output was about 1.9 million barrels per day, the federal government also predicated the budget on the 2.3 million barrels per day.

Also N305 was proposed as exchange rate to the dollar, with government planning also to work to keep inflation down after slight increases in the last two months on the heels of 18 months consecutive decline.

However, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, had said the federal government was considering a leaner 2019 budget of N8.6 trillion, against the N9.1 trillion approved by lawmakers for 2018.

But with the drop of oil price from $86 per barrel in October to $58 per barrel, the implementation of the budget is increasingly under the threat.

Both oil benchmarks have shed more than 30 per cent since early October due to swelling global inventories.

The Organisation of the Petroleum Exporting Countries (OPEC) and other oil producers agreed this month to curb production by 1.2 million barrels per day (bpd), equivalent to more than one per cent of global demand, in an attempt to drain tanks and boost prices.

But the cuts won’t happen until next month and meanwhile production has been at or near record highs in the US, Russia and Saudi Arabia, undermining spot prices.

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For Saraki, Number 13 = 56
Wed, 19 Dec 2018
By Yusuph Olaniyonu Let me do a little review about the history of the nation’s upper legislative chamber, the Senate. It has so far had 13 Presidents. Of these 13, three of them, Dr. Nnamdi Azikiwe, Dr. Dennis Osadebey and Chief Nwafor Orizu, presided when the nation was operating the parliamentary system of government and []The post For Saraki, Number 13 = 56 appeared first on THISDAYLIVE.
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Otieno: Nigeria Will Benefit Significantly from African Trade Insurance Agency
Wed, 19 Dec 2018
The Chief Executive Office of African Trade Insurance Agency, Mr. George Otieno, in this interview, spoke to journalists on the implication of Nigeria’s signing to join Africa’s only multilateral credit and investment insurer, saying it will assist in providing insurance cover for infrastructure and debt refinancing support. Goddy Egene presents the excerpts: Tell us about []The post Otieno: Nigeria Will Benefit Significantly from African Trade Insurance Agency appeared first on THISDA
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Why Insurance Sector Recapitalisation Failed
Wed, 19 Dec 2018
Ebere Nwoji writes on factors that led to the cancellation of the recapitalisation exercise initiated by the National Insurance Commission earlier this year The National Insurance Commission (NAICOM) on July 25th 2018, rose from its bi-monthly insurers committee meeting and announced a new capital base for operators in the sector. The new capital was then []The post Why Insurance Sector Recapitalisation Failed appeared first on THISDAYLIVE.
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Otakikpo’s $12m Rivers LPG Plant Takes Off in 2019
Wed, 19 Dec 2018
Chineme Okafor in Abuja The liquefied petroleum gas plant (LPG) being established in Ikuru Town in Rivers state by Green Energy International Limited, operators of the Otakikpo marginal oil field in Oil Mining Lease (OML) 11, will be ready for installation by the second quarter of 2019, the Chairman of the company, Prof. Anthony Adegbulugbe, []The post Otakikpo’s $12m Rivers LPG Plant Takes Off in 2019 appeared first on THISDAYLIVE.
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Group Funds Education for Indigent Members
Wed, 19 Dec 2018
Ugo Aliogo The Erhurun Uneme Development Association, Lagos branch has provided funds to support the education of indigent members as part of efforts to contribute the growth of the community. Speaking at the event, the Chairman of the Association, Mr. Peter Balogun, said the association basically exists to cater for members’ interest and to get []The post Group Funds Education for Indigent Members appeared first on THISDAYLIVE.
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Ogbeh: Farmers to Hold 40% of Bank of Agriculture
Wed, 19 Dec 2018
James Emejo in Abuja The Minister of Agriculure and Rural Development, Chief Audu Ogbeh, has disclosed that farmers will hold 40 per cent of total shares in the Bank of Agriculture (BoA) by the time its commercialisation is concluded by the Bureau of Public Enterprises (BPE). According to him, the Central Bank of Nigeria (CBN) []The post Ogbeh: Farmers to Hold 40% of Bank of Agriculture appeared first on THISDAYLIVE.
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Buhari Declines Assent to NBC Amendment Bill
Wed, 19 Dec 2018
Ekweremadu says he’s not on travel ban list Deji Elumoye in Abuja President Muhammadu Buhari has declined assent to a Bill that seeks to amend the law establishing the National Broadcasting Commission (NBC). This is coming as the Deputy Senate President, Senator Ike Ekweremadu, has said that he is not among Nigerians placed on the []The post Buhari Declines Assent to NBC Amendment Bill appeared first on THISDAYLIVE.
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Solskjaer Considered for Caretaker Role after Mourinho’s Sack
Wed, 19 Dec 2018
*Pochettino not interested in Manchester United job Manchester United sacked manager Jose Mourinho yesterday after identifying a catalogue of his failings at the club. Former United striker Ole Gunnar Solskjaer is being considered as likely caretaker manager. Solskjaer scored 126 goals in 366 appearances during his 11 years at Old Trafford and is best remembered []The post Solskjaer Considered for Caretaker Role after Mourinho’s Sack appeared first on THISDAYLIVE.
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WAGT Upgrades into African Tour as Tour Championship Tees off
Wed, 19 Dec 2018
Olawale Ajimotokan in Abuja Two years after it began, the West African Golf Tour (WAGT) has broken new grounds by evolving into the African Tour with an ambitious plan to organise 16 tournaments in 2019. The FCT Classic is scheduled to be the inaugural tournament on the African Tour and will take place from February []The post WAGT Upgrades into African Tour as Tour Championship Tees off appeared first on THISDAYLIVE.
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