22032021 - Govs, APC, PDP, othersrally against attack on Ortom

One man, who is currently repeating himself, to the
sorrow of Fellow Nigerians, is President Mohammadu
Buhari. History has already recorded that as Military
Head of State from 1984 to August 1985, he led Nigeria to the
first economic recession since independence. Recession by its
nature is an economic monster destroying numerous public
and private assets – ending
up in increasing the Misery
Index.
In 1984, inflation reached
unprecedented heights;
companies laid off workers
and created record levels of
unemployment; aggregate
purchasing power declined
precipitously. More Nigerians
went below the poverty line
in the twenty months of
Buhari’s administration than
ever before. Nigerians never
had it so bad. And, all these
were happening under a
“corrective regime” which
seized power on December
31, 1983.
To silence Nigerians, the
junta resorted to draconian
measures and repressive
decrees making grumbling
out loud a punishable offence.
It was the period of “Suffering
and Smiling” — as Fela
Anikulapo rendered in his
immortal music.
But, of all the calamities
afflicting those alive then,
none was worse than the
emergence of “Essenco”, as
essential commodities were
called then. Those too young
to be aware of the hardships
Nigerians faced, as well as
those unborn at the time will
find it unbelievable that, at
one time in Nigeria,
housewives
and
grandmothers had to stand
on queue for hours just to be
allowed to buy two tins of
milk, sardines, infant milk
powder, a box of detergent,
two cakes of bath soap and
some bullion cubes. In truth
that was what mothers and
grandmothers went through
under Buhari’s military
By Godwin Oritse
The Nigerian Maritime
Administration and
Safety Agency, NIMASA,
has indicated that moving its
multimillion dollar floating
dock to the Continental
Shipyard on Dockyard Road
in Apapa, Lagos was aimed
at leveraging the availability
of the auxiliary engineering
infrastructure and services at
the shipyard to service the
floating dock.
Speaking exclusively to
Vanguard during a tour of
the floating dock currently
domiciled at the Nigerian
Navy Dockyard, NIMASA’s
Director of Shipping
Development, Engr Olu
Aladenusi, said the new
location has a welding,
fabrication, electrical and
electronic workshop, which
are very key to functionality
of the floating dock.
Aladenusi also said that
when the facility finally
becomes functional, it will
create thousands of jobs and
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Essential commodities
are back
“History does not repeat itself; man does.” — Prof Barbara
Tuchmann, Harvard University, USA
government.
Brutality was an ever
present aspect of the
allocation of “Essencos”.
Soldiers were in attendance
at each allocation point; and
the young thugs in uniform
mercilessly whipped people
old enough to be their
grandmothers. I lived in
Kaduna at the time, but my
schedule of duties took me to
all the Northern state capitals
at least twice a month.
Watching young soldiers
whipping, slapping and
kicking women with bestial
abandon was an experience
not to be forgotten – even in a
thousand years. And, all the
women wanted was the
chance to buy these basic
necessities for their families.
Get set for Round
Two of
ESSENCO with
Buhari
Those of us alive in 1985,
when Buhari was overthrown
heaved sighs of relief.
Nigerians, apparently are
masochists. We love leaders
who cause us great pain. So
we elect as many of them as
we can. Buhari returned to
power in 2015 with our votes.
save a lot of foreign exchange
that players in both the oil
and gas and maritime
industries spend to dry dock
their vessels outside the
country.
He disclosed that the
Committee set up to work on
how best to put the facility
into use has concluded its
work, adding that the report
of the Committee will be
Since then, the following
disasters have also returned
to Nigeria. Let me mention a
few.
First is recession; and this
is what Buhari’s government
announced for 2020.
“Nigeria’s GDP in the fourth
quarter of 2020 grew by 0.11
per cent in real terms. This
follows, if you will recall, two
consecutive negative growth
in the third quarter and
second quarter of 2020,
which saw the country going
into recession. As a result of
this fourth quarter positive
‘Impact of Financial Literacy
on Youths.’
Junior Achievement
Nigeria (JAN) is part of
Junior Achievement
Worldwide, the world’s oldest
and largest non-profit
economic education
organization operating in
120 countries.
Uduani who is a board
member of JAN, said it is
important that people learn
how to save from young age,
especially in the university
years and this will go with
Vanguard, MONDAY, MARCH 22, 2021 — 21
processors and importers, he
had in effect reduced
aggregate production because
not many in the Foods and
Beverages Sector can survive
without collecting foreign
exchange at official rates.
Parallel market rates
automatically introduced
inflation. Now supermarket
shelves are becoming empty.
Even Coca-cola is now
rationed to distributors. That
is always a weather vane
showing where the wind is
blowing in the sector.
We are experiencing the
same set of economic
phenomenon in 2020/21.
growth, the total growth for
Unemployment is rising in
the year 2020 is -1.92 per
absolute and percentage
cent.”
terms. About 23 million
Inflation rushed in after it.
Nigerians are now regarded
Here is proof.
as unemployed. Close to 30
“Pressure on food prices
million are not fully
spikes inflation to 17.3%” -
employed or engaged in jobs
News Report.
other than those for which
“This marked the highest
they were trained.
figure recorded in the country
Altogether close to 60 million
since 2017” - Another
Nigerians are involved. An
Report.
astonishing number of Uber
That was how we started in
drivers are university
1984. Hyper-inflation led the
graduates forced to earn
parade of unfavourable
their living by driving taxis.
economic indices and at one
But, the greatest challenge
time reached close to 30 per
Nigerians will face in the
cent. That invariably resulted
next two years will be the
in lower purchasing power
return of essential
and decline in aggregate
commodities. The longer it
demand. Industrial capacity
persists, the harder it will
under-utilisation followed
drive inflation. If care is not
inevitably and retrenchment
taken, we might be
followed — like the last man
experiencing 30 per cent or
in a parade of mourners.
more by the fourth quarter
As in 1984/5, we are not
of this year. The worker’s
facing inflation caused by too
take home pay which now
much money chasing too few
cannot take them home,
goods primarily. What we
might not even get him to
have on our hands is supplyside
inflation. Producers of
work if fuel scarcity kicks in.
Thank God, this is not
goods are now incapable of
another military government
supplying what consumers
under Buhari. Otherwise,
want.
history might repeat itself
When Buhari ordered the
again. Our women might
Central Bank of Nigeria,
again be horse-whipped by
CBN, to stop providing
young soldiers.
foreign exchange to food
Why we are moving floating dock to Continental Shipyard —NIMASA
presented to the
managements of the
Nigerian Ports Authority,
NPA, and NIMASA.
He stated that it is the
managements of these
agencies that will agree and
decide on when to move the
dock to the new location.
He explained further that
the floating dock has only
two of its kind in Africa and
one of them is in Nigeria
adding that the dock is in
very good condition waiting
to be deployed for the
economic benefits of ship
owners and the nation’s
economy.
He stated: “As you can all
see the floating dock is in
perfect condition contrary to
some media reports.
“There is a Committee
them as they grow and
develop into adulthood. He
added that savings in banks
are short term savings as
they can be used for daily
needs while long term
savings are pensions meant
for when people retire.
He said: “Savings and
pensions are critical to
national development.
Pensions are the bedrock of
the long term financial
savings. The longer you save
the better for you. What we
are saying is that it is
between the NPA and
NIMASA on the
management plan of the dock
and how to move the dock to
its permanent place.
“Right now, we have
completed the work of the
Committee and we are at the
point of reporting back to our
individual management
because we have sat for
about three weeks.”
Savings, pensions critical to national development –Expert
By Rosemary Iwunze
Managing
Director,
Sigma Pensions, Mr.
Dave Uduanu, has said that
short-term and long-term
savings are critical to
development of countries
around the world, noting that
Nigeria is not an exception.
Uduanu stated this during
a panel discussion at a
virtual media engagement
organised by the Junior
Achievement Nigeria (JAN)
where they deliberated on
That was how
we started in
1984.
Hyperinflation
led the parade
of unfavourable
economic
indices and at
one time
reached close
to 30 per cent
important that we start to
save for our future while we
are young than to wait for
when it is too late. That is
why at Sigma Pensions, we
target university students
and youth corps members for
our catch them young
programme.
“Saving for pension is no
magic. People should save
enough money now so that
when they retire, they can
continue their lifestyle in
retirement”.