Nigeria's Foreign Reserve Rises To $10bn
Adey Oyenuga
Vanguard Daily (Lagos)
March 12, 2001
Posted to the web March 12, 2001
Emeka Mamah
Enugu
Nigeria's foreign reserves which was about $3 billion United States
dollars when the military handed over power to civilians in 1999
has now risen to $10 billion.
This was disclosed by the National secretary of the ruling People's
Democratic Party (PDP), Dr. Okwesilieze Nwodo in Enugu while
speaking a the state congress/fund raising of the party at the
Michael Okpara Square weekend.
Nwodo said that president Olusegun Obasanjo's administration
had been managing the resources of the country well, resulting in
the "increase in our foreign reserve from a little over three billion
dollars in 1999 to $10 billion at present."
Urging the people of the state to support Chief Obasanjo's
administration, he said PDP was the only party that could manage
the resources well and cater for the people's needs.
The National Secretary of the party further reminded the people
that the PDP government had also upgraded the Enugu Airport
to an international airport adding that the KLM airline would
soon fly its aircraft into the airport.
"When I was in government in Enugu State, the federal
government gave N100 million each for the development of
both the Kaduna and Lagos International Trade Fairs and gave
a paltry N10 million for the development of Enugu International
Trade Fair...
However, President Obasanjo has approved the release of
N1000 million for the development of the permanent site of
Enugu International Trade Fair.
"He has also promised take up the N2 billion water scheme which
will ensure adequate water supply to Enugu Metropolis. President
Obasanjo has also promised to reactivate the Oji River Thermal
Power Station to produce 100 megawatts of electricity that will
serve Enugu State and the South East.
It is only the Obasanjo administration that budgeted N00 million
each for the infrastructural development of all the senatorial zones
in this country.
"On petroleum, the federal government is trying to break the
monopoly of middlemen who collect our crude oil at cheap price
and sell us the refined type at exorbitant prices..." he said.
Also in his own speech, the state governor, Dr. Chimaroke
Nnamani said that "no responsible government can take the
electorate for granted" adding that this was why his government
had embarked on massive provision of asphalt roads, portable
water, hospitals and health centres as well as established the
Augustine Nnamani campus of the Nigeria flaw school at gbani.
Meanwhile, about N6 million was realised during the fund raising
ceremony at which the state executive council and the parastatals
donated N1 million each. Also chief Gabriel Nwatarali donated
N500,000 while Dr. Okwesilieze Nwodo and Chief Gbenga
Olawepo donated N250,000 and N50,000 respectively.
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Copyright © 2001 Vanguard Daily.
otasco otanda
three billion dollars in 1999 to $10 billion at
accursed country is not worth investing in. Indeed
with the value of naira falling everyday, coupled with
the collapse of civil service and infrastructural
facilities and double digit inflation rate and low
industrial capacity utilization, increasing the
foreign reserve is a good idea.
But that’s not my beef, really. In an obvious show of
ignorance, Mr Nwodo said that “President Obasanjo
has APPROVED the release of N1000 million … He has
also PROMISED take up the N2 billion water scheme…
President Obasanjo has also PROMISED to reactivate the
Oji River Thermal Power … It is only the Obasanjo
administration that BUDGETED N100 million each for the
infrastructural development “
We are all too familiar with these empty verbs:
APPROVED, PROMISED, PROMISED, BUDGETED, AWARDED
CONTRACTS, etc. They mean nothing at all to the SE;
they are all cheap talk, and ndiIgbo will never
believe them until they start using the completed
facilities. They are all lies, absolute lies!
To illustrate, take the case of digitalization of core
SE state capitals and commercial and industrial cities
like Owerri, Umuhia, Abakalikki, Aba, etc. The
contracts are awarded every six months, over and over
again, for two years, but not a single kobo was given
out to actually start the work:
THE GUARDIAN, TUESDAY, AUGUST 22, 2000
“COMMUNICATIONS problem being experienced in the South
Eastern part of the country will abate soon, as 60,000
digital telephone lines have been earmarked for the
region. Minister of Communications Alhaji Mohammed
Arzika, who disclosed this at the weekend while in
Anambra State, as part of his nationwide tour of NITEL
and NIPOST facilities, said Anambra State alone will
get 27,000 lines. According to Arzika, 15,000 lines
have been allocated to Port Harcourt, while Owerri
gets 10,000 lines and the remainder goes to Calabar.
The minister said of the 27,000 digital lines approved
for Anambra State, Onitsha metropolitan city will
take a total of 21,000 lines, Abagana 1,000 lines
while 5,000 lines would be installed in Awka, the
state capital. According to him, all these towns
would be connected by Optic Fibre Transmission to and
through Onitsha and linked with other parts of the
country before the end of the year 2000.”
THE GUARDIAN, TUESDAY, SEPTEMBER 26, 2000 “THE
Federal Government at the weekend signed a fresh
contract deal worth N2.5 billion with
telecommunications giant, Siemens Limited.
Communication minister Mohammed Arzika, who signed on
behalf of the Nigerian Telecommunication Limited
(NITEL) management said: ‘On Wednesday September 13
(2000), the Federal Executive Council (FEC) approved
the award of contract for the provision and
installation of some digital telecommunication
facilities in seven states in the country.’ … the
scope of the work covered the provision and
installation of nine new digital switching equipment
in seven locations, including Owerri 10,000 digital
plus 4,140 trunks; Umuahia 5,000 digital plus 3,600
trunks; Abakaliki 2,500 digital plus 1,560 trunks;
Lokoja 5,000 digital plus 2,580 trunks; Damaturu 2,500
digital plus 1,440 trunks; Lafia 2,500 digital plus
2,070 trunks and Jalingo 2,500 digital plus 1,5000
trunk.”
THE GUARDIAN, FRIDAY, NOVEMBER 10, 2000 "As far as we
(Imo State House of Assembly) are concerned, what the
territorial manager told us was no reason, while we
were aware that a contract was awarded for
digitalisation of 10,000 lines and it is in this
year's budget. They (NITEL SE manager, Alfa Alao)
promised that the job would be completed in March
(2000), and now we are in November. No work has been
done when the contract was awarded before March. He
(Imo State House Speaker) lamented that the state
which was created in 1976 was still operating analogue
system whereas some of the newly created states had
been digitalised.”
THE GUARDIAN, SUNDAY, FEBRUARY 4, 2001 “NITEL has
awarded the contract for the digitalization of seven
towns in the South-east and the Middle belt.
According to Mr. Tayo Ekundayo, the spokesman of the
company, the towns are Owerri, Umuahia, Abakaliki,
Lokoja, Lafia, Jalingo and Damaturu. "Put at the
cost of about N2.5 billion, … The job, expected to be
completed within the year, was awarded to a German
company, Messrs. Siemens AG, a telecommunications
engineering firm. … He (Tayo Ekundayo) said that very
soon the completed lines will be added to the network
of NITEL, adding that a test- run of the job is about
to be completed. “
The fact, however, is that not a single kobo has been
given to start the work, and no work will start this
year. So when Mr. Nwodo opens his mouth about
obasanjo PROMISED, BUDGETED, AWARDED, etc, to SE, he
is evidently making a fool of himself; needless to say
that he is “anu ofia”.
-K.O.
Date: Mon, 12 Mar 2001 12:18:00 -0800
From: Adey Oyenuga <oye...@chapman.edu>
Nigeria's Foreign Reserve Rises To $10bn
Vanguard Daily (Lagos)
March 12, 2001
Posted to the web March 12, 2001
Emeka Mamah, Enugu
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