THE NATIONAL ECONOMIC COUNCIL (NEC) IS NOT A HAVEN FOR POLITICAL WITCH-HUNTING!

ZION B-BC NEWSLETTER. A Publication of the Zion Faith Bible-Believing Church, Kpeyegyi, Abuja Nigeria. { VOL. 4. NO 106. 23 august, 2015.} “…ONLY The Truth, Will Set You Free! (John.8:32).

THE NATIONAL ECONOMIC COUNCIL (NEC), IS NOT A HAVEN FOR POLITICAL WITCH-HUNTING!

The prestigious and eminent body of the 39-member National Economic Council of Nigeria is majorly saddled with the responsibility of advising the President on the economic affairs of the Federation and not in the investigations of financial crimes.

President Muhammadu Buhari was very categorical that the task of growing the economy from its present stage of near comatose was enormous but promised that the CHANGE government of the All Progressives Congress (APC), would ensure transparency, integrity and accountability in beefing and nurturing it to fruition. The National Economic Council (NEC), which was established by the provisions of Nigeria’s 1999 Constitution as amended, Third Schedule (Part I) Federal Executive Bodies, Section 153: Sub section (18 &19), is composed of the Vice President as Chairman, the 36 State Governors of the Federation, Minister of the Federal Capital Territory (FCT), and the Governor of the Central Bank of Nigeria (CBN), shall also, in particular, advise Mr, President on measures necessary for the co-ordination of the economic planning efforts or economic programmes of the various Governments of the Federation.

In his inaugural speech to the new NEC, the President promised to create an enabling and conducive atmosphere for rapid economic growth by tackling insecurity, corruption and other social vices, sustaining youth unemployment through the revival of Agriculture, Solid Minerals mining as well as Small and Medium Scale (SMEs), businesses.

In addition, he said his administration would ensure regular supply of petroleum products, increase power supply, encourage public service reforms and also ensure the need for all States to exercise constitutional responsibilities for a sustainable visionary initiatives and programmes that would restructure and transform national economy and support economic policies and planning.

As the economic think-tank of the Federal Government, NEC is also expected to motivate an enhanced blue-print for States to actualize more of Internally Generated Revenues (IGRs) to supplement their shares of the monthly Federation Account allocations.

Comrade Governor, Adams Oshiomhole of Edo State who had attracted the print and electronic media headlines over several allegations of missing funds from the Excess Crude Account (ECA), was appointed Chairman of a Committee of Five State Governors set up by the Vice President to oversight the Revenue Generating Agencies such as Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Nigeria Immigration Service (NIS), Federal Inland Revenue Service (FIRS), Nigeria Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigeria Maritime Administration & Safety Agency (NIMASA) and Liquefied Natural Gas (NLG) amongst others and confirm how their revenues were channelled and remitted to the Federation Account in line with Sections 80 &162 of the 1999 Constitution.

Two reputable international audit firms have been appointed by the Committee to examine the books of these agencies and carry out a thorough forensic investigation of compliance with stipulated Financial Regulations and Administrative Instructions in their remittance into the Consolidated Revenue Fund and which outcome would decide the next line of action by the Federal Government. It is very instructive to note that the auditors were not given time frame within which to complete the task but were instructed to work fast and be thorough without compromising standards. In particular the Governor accused the immediate past Co-ordinating Minister of the Economy and Minister of Finance, Dr. Mrs. Ngozi Okonjo Iweala, of spending a sum of USD$ 2.1 billion dollars from the ECA with neither authorisation nor approval for such withdrawal by NEC to sponsor the immediate past president’s bid for continuity at the last general elections!

There had been denials, counter- accusations and name callings from both sides of the divide since the month of June 2015, when the first salvo was fired against Ngozi by Adams who is still insisting that his allegations were based on factual statistics which cannot be faulted by any economist! The insistence of Adams Oshiomhole over the yet to be substantiated allegations, even after contracting reliable international audit firms to check all relevant revenue accrual books of all the Agencies mentioned above, points to one direction of personal vendetta against Ngozi Iweala though he kept denying it!

We totally disapprove of Oshiomhole’s attitude in the entire saga of an allegation of such magnitude which was yet to be corroborated by other State Governors who are NEC members and we hereby advise Governor Oshiomole to wait patiently for the outcome of the international auditors who do not need such distractions in the discharge of the onerous national contract! Adams Oshiomole is serving out his second term and must definitely bow out in 2016 whether he likes it or not! But we have not heard that President Buhari appointed him as one of his trusted anti-corruption campaigners because the vent and venom that had been discharged into the financial misappropriation allegations against the former Minister of Finance were more than sufficient to convict Ngozi without trial!

We must thank God that we now have in place a government that believes in the constitutional application of the Rule of Law in every issue of allegation or litigation! If Adams believes that after serving for 8years as a governor, he was clueless of how to manoeuvre himself to the Senate Red Chambers like his comrades, we must advise that his present pre-occupation of discrediting Ngozi will earn him nothing but reproach from all and sundry and several litigations of defamation of character after his immunity had expired and as for any Federal Government appointment after 2016, he should just forget it! However we need to remind the comrade Governor that the National Economic Council is different from the Economic Financial Crimes Commission (EFCC), which is mandated to investigate and prosecute all manner of financial crimes and money laundering matters, and that if he had sufficient evidence against Ngozi, he would do well to pass such to the Commission instead of indulging in cheap media publicity. Majority of Nigerians have kicked against the second tranche of USD $75m out of USD $225m dollars World Bank loan for Edo State’s Development Policy Operation (DPO), which the Comrade Governor desperately canvassed to acquire before he exited; to further carry out other imperative masses-oriented programmes in his last year of the second term in office which recorded poor performances when compared to his first advent! We advise that the NEC of which he is a member will engage international auditors to also examine his books as he expends this large sum of the green notes on “populist projects!”

Ngozi Iweala’s stubbornness for remaining in the FINANCE OFFICE long after we warned her of the definite consequences and fall outs to expect from the pervasive corruption which was the hallmark of the immediate past administration of the Peoples Democratic Party (PDP), was what has placed a dent in her impeccable character and sterling qualities as a distinguished AMAZON! We told her that she did not belong to that heinous gang that was bent on running Nigeria aground and that she should resign, but she refused like the dog that rebuffed the whistle of the hunter and became a prey of predators in the jungle! We pray that she could still retrieve whatever was left of her antecedent and pedigree by taking legal actions against her detractors at the appropriate time while we of this Editorial Board will support her with divine intercessions!

Nigeria recorded several positive pre- independence historical economic score cards which flowed into the early years of freedom before the tragedy of military intervention in July 1966 because up to that point the nation’s three regions were sustainable and self sufficient in both the Industrial and the Agricultural sectors. Imagine if past Nigerian governments had not depended solely on the mono-natural, but unsustainable product called Premium Motor Spirit (PMS), or Petrol, for over four decades for foreign reserve earnings, but have diversified to export of cash crops, the prevailing quagmire of brokerage would not have debuted!

At the beginning of 2014, global economic trends in respect of the black gold revealed a downward trend as prices snow-dived to an initial USD $70 dollars per barrel and presently below USD $48dollars! Nigeria’s crude oil bench mark for the 2015 Budget in spite of all superior economic arguments by all stakeholders was stubbornly predicated at USD $75 dollars by the immediate past Minister of Finance and the ripple effects of that defiant attitude resulted in unpaid workers salaries and a resort to further external borrowings which further complicated the country’s pecuniary situation.

Before the discovery of crude oil, Nigeria’s foreign earnings depended on several natural economic export products which included but not limited to the following: Groundnut, Palm oil, palm kennel, Cocoa, Cotton, Rubber etc, which were produced in excess proportion sufficient also to supply raw materials for the local industries which manufactured red oil from the palm oil seeds; groundnut and palm kennel oils respectively from the relevant seeds while rubber, cotton and cocoa were also supplied to indigenous companies for the production of shoes, textile materials and confectioneries which made the nation self-sufficient and not dependent on foreign finished products for consumption!

With President Buhari in the saddles, we can now go back to the basics and re-organise our economic priorities as a truly developing nation. All the moribund gigantic power projects of the AJAOKUTA STEEL INDUSTRY which are scattered across some political zones of the South West and the North Central should be quickly resurrected and kept in operation while the ongoing auditing of all the revenue generating agencies be fast forwarded to fall in line with the posture of the present administration that is determined to revamp the battered economy within the shortest time frame in the government’s calendar!

We all have roles to play to keep this transparent and righteous government on track by paying our taxes regularly as at when due to keep government social, political and economic machineries working at full throttle because serious governments are run with sundry taxes and not Petrol and trust the Almighty God to direct our technocrats, technicians, technologists artisans, and engineers in faithfulness, probity and honesty to serve this brand new UNITED STATES OF NIGERIA (USN), with determined strength and unfeigned love. Amen

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to: facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com, https://www.google.com/+zionfaithbiblebelievingchurch .

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament of your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and Saviour. Please forgive me and write my name in the Book of Life. Amen.

If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations.

I am, yours sincerely, Dr. David B.A. Olufon, Resident Pastor and Editor.08130669886, 08098194390.g-mail- dvdolufon@gmail.com