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Nigeria: N/Delta Crisis - Yar'Adua Laments Revenue Lost
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Daily Champion (Lagos)
9 July 2008
Posted to the web 9 July 2008
Clement Nwoji
Abuja
President Umaru Musa Yar'Adua on Monday lamented that the country has so far this year lost about 30 per cent of its oil revenue due to the continued crisis in the Niger Delta
Yar'Adua who noted that the increase in prices of oil in international market is generating revenue to the country, however said there was urgent need to curb the crisis in the region through infrastructure build up.
He further assured domestic and international investors that the government would not relent in creating the enabling environment expressing optimism that the next G8 summit would be held in Abuja.
The president spoke yesterday while declaring open a two-day conference on "Financing the seven-point agenda of the Federal Government through the capital markets", organised by the Securities and Exchange Commission (SEC) and alongside the Nigerian Stock Exchange and the Association of Issuing Houses of Nigeria.
The president whose address was read by the Minister of State for Finance, Mr. Remi Babalola explained that his administration of seven-point agenda was well articulated to identify priority areas needed for national development.
The agenda headed had been identified in line with its role in actualising the administration's vision for a grater nation and in consonance with the Vision 2020 as well as the fulfillment of the Millennium Development Goals (MDGs).
For the sake of emphasis, the seven-point agenda seeks to improve the lives of all Nigerians by focusing attention on: the provision of critical infrastructure required for national development, focusing attention on the Niger Delta in a holistic manner that will resolve the various issues, ensuring food security, improving human capital through provision of internationally acceptable education for all.
"Reforming the land tenure system towards ensuring greater access to affordable homes and productive activities, addressing the various challenges posed to national security and alleviation of poverty through wealth creation, the president said.
He pointed out that the objectives of implementing the agenda include creating of 10 million jobs and achieving a double -digit Gross Domestic Product (GDP) growth rate between now and 2011.
President Yar'Adua applauded the recent positive developments in the capital market and its increasing capacity to fund multi-billion naira projects by creating platform for superior returns on investment in the emerging market.
He expressed hope that the capital market would continue to serve as the engine of growth and development by adequately supporting the financing of the various initiatives under the seven-point agenda.
Earlier, the Finance Minister, Dr. Shamsudeen Usman assured that the GDP growth rate would exceed 7 per cent by end of this year just as he expressed hope that many of the macro-economic indices would continue to grow to support the country to meet the emerging market investment destination in 2008.
To him, "we will be making public support instrument which would further reinforce our self regulation to benchmark our economic performance and pursue policies that will apply positively to the growth of the economy, he stated.
The capital market, he said would mobilise both local and foreign direct investment for financing economic growth and development at a supersonic pace.
Dr. Usman who was represented by the Minister of state for Finance, Mr. Remi Babalola noted that the nation's market capitalisation GDP percentage was low, maintained that "there was need to evolve comprehensive measures to strengthen the market to enhance the financing of economic development.
He further disclosed that the government would soon release the public private partnership legal and regulatory framework which would list project areas of interest, bidding and approval processes among others.
On the budget amendment sent to the National Assembly, he said, "It is certainly not a foreclosure of the supplementary appropriation. We will still present the supplementary appropriation to the National Assembly. They are not even related. You can expect the supplementary appropriation any moment from now.
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"The supplementary appropriation is very ready. The supplementary budget will focus on power and transportation. I can't tell you when value of the supplementary budget will be submitted to the NASS."
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