Biden’s $2.3 Trillion Plan Draws Mixed Feelings From Democrats

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April 22, 2021

U.S. Senate Republicans on Thursday proposed a $568 billion, five-year infrastructure package as a counteroffer to President Joe Biden’s sweeping $2.3 trillion plan, calling their measure a good-faith effort toward bipartisan negotiations.

The proposal, which falls below even the range of $600 billion to $800 billion that Republicans floated earlier in the week, focuses narrowly on traditional infrastructure projects and broadband access.

It drew a mixed response from Democrats, who narrowly control both chambers of Congress. Some Democrats dismissed it as inadequate to the task of repairing America’s infrastructure and reliant on user fees that would penalize working people.

The Republican plan would not result in higher taxes but be fully paid for with user fees on electric vehicles and other items, unspent federal funds and possible contributions from state and local governments.

“This is the largest infrastructure investment that Republicans have come forward with,” said Senator Shelley Moore Capito, who has helped lead the effort as top Republican on the Senate Environment and Public Works Committee.

“We see this as an offer that’s on the table and deserves a response,” the West Virginia lawmaker told a news conference.

Republicans sent the proposal to Biden on Thursday, before unveiling the package, which represents less than one-quarter of the Democratic president’s plan.

Democratic Senate Majority Leader Chuck Schumer had no immediate comment on the Republican proposal, but told reporters: “Any infrastructure proposal has to be green and cannot be paid for on the backs of working people.”

Biden, who asked Republicans this week to offer a counterproposal by mid-May, proposed an infrastructure plan that includes not only traditional infrastructure projects but seeks to alter the course of the U.S. economy by addressing climate change and expanding human services such as care of the elderly.

CBN Governor Denies Allegation Of Printing Money

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Angel Gimalo

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April 22, 2021

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The National Economic Council (NEC) has dismissed allegations by the Federal Government printed N60 billion to shore up March allocation to States.

Edo Governor Godwin Obaseki had accused the Federal Government of financial recklessness in printing extra cash to meet up with allocations faulting the current administration’s borrowing pattern.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had denied the allegation.

However, during its virtual meeting on Thursday, NEC presided over by Vice President Yemi Osinbajo, having received presentations from Minister of Finance, the Central Bank (CBN) Governor Godwin Emefiele and Nigerian Governors’ Forum (NGF), said it was satisfied with that no money was printed for March allocation.

The meeting was attended by many Governors, FCT Minister as well as the Ministers of Transportation Rotimi Amaechi; Information and Culture Lai Mohammed; Aviation Senator Hadi Sirika and Water Resources, Suleiman Adamu.

The Council expressed satisfaction with clarifications made by the NGF represented by its Chairman, Governor Kayode Fayemi, Ahmed and Emefiele on the alleged printing of N60 billion by the Federal Government.

The Minister and CBN Governor stated the allegation of the printing of money to augment allocation was outright false.

The NGF also supported the conclusion and NEC affirmed the same as the highest constitutional body tasked with economic affairs in the country, according to the spokesman of Vice President Laolu Akande.

On security concerns in parts of the country, the Council unanimously affirmed the unity of Nigeria and said it would adopt the report of the national town hall meeting on National Unity and Security held recently in Kaduna.

Lagos Agricultural Sector To Generate $10 Billion In The Next 5 Years

By

Emenike Agu

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April 22, 2021

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The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector in the state could generate as much as $10 billion within the next 5 years.

This is as the governor noted that Lagos could no longer afford to rely exclusively on other states for its food, adding that it was time to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.

This disclosure was made by the Governor at the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, adding that most of the investments would be private sector-driven while the government acts as the catalyst and enabler.

Governor Sanwo-Olu opined that the Roadmap would also lead to wealth generation, value creation, food security, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.

He said that the roadmap essentially focuses on 3 pillars, which are: growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of private sector participation.

What the Lagos State Governor is saying

Sanwo-Olu, in his words, said, “Our strategies for sustainable Agricultural Development shall focus on three pillars. First, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains; Focus on growing the midstream and downstream sectors that are of value and lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”

The projection is that the total investment in the Agricultural Sector from the government, private sector, donor agencies and development partners will run into over $10 billion in the next five years. While we expect most of the investment to be private sector-driven, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.’’

The governor pointed out that the state had already started the revamping of its Agricultural Land Holding Authority (ALHA) to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.

Sanwo-Olu listed some State’s landmark investments that will aid smooth delivery of the Roadmap to include the Lagos State Aquatic Centre of Excellence (LACE) that would boost fish production from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry as well as other statewide agriculture-focused initiatives.

He said, “I am greatly encouraged by the interest already generated in the Five-Year Agricultural Roadmap and I hope it will be sustained and backed with concrete action on the part of our development partners and the international community. I assure you that the Lagos State Government is putting in place deliberate incentives to make your investment safe, secure and profitable.’’

Sanwo-Olu, therefore, urged potential and established stakeholders in the agricultural sector to partner with the state in order to transform the agricultural sector for food security, wealth generation, poverty eradication, economic diversification, rapid industrialisation and accelerated socio-economic growth.

Gov. Sanwo-Olu Projects Lagos Agriculture To Generate $10b By 2025

By

Elizabeth Williams

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April 22, 2021

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The Executive Governor of Lagos State, Babajide Sanwo-Olu has projected that the total investments in the agriculture sector in the State would run to $10B in the next five years with the formal launch of the State 5-year Agricultural development and Food Systems Roadmap .

Sanwo-Olu however added that most of the investments would be private sector-driven while the government would act as the catalyst and enabler.

He noted that the State could no longer afford to rely exclusively on other States for its food adding that it was time for the State to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.

Governor Sanwo-Olu opined that the roadmap would also lead to wealth generation, value creation, food security, the industrialization of the agricultural sector and the entrenchment of inclusive socio-economic development of the State.

According to him, the Roadmap essentially focuses on three pillars which are the growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of the private sector participation.

“Our strategies for sustainable Agricultural Development shall focus on three pillars. Firstly, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains such as Fisheries, Poultry, Piggery, Rice, Vegetables and Coconut with support from donor agencies.

The projection is that the total investment in the Agricultural Sector from the government, private sector, donor agencies and development partners will run into over $10Billion in the next five years. While we expect most of the investment to be private sector-driven, government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects,” Sanwo-Olu noted.

He assured that the State would formulate policies that would encourage private sector investment in agriculture while providing robust market information systems for Agricultural Value Chain actors for adequate planning and the circumvention of risks and uncertainties.

Nigerian Senate Approves Fresh $1.5BN, € 995M Loans

By

Elizabeth Williams

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April 22, 2021

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The Nigerian senate has given the federal and state governments approval to borrow $1.5 billion and €995 million loans.

The Senate President Ahmad Lawan-led parliament gave the approval at plenary on Wednesday.

The approval was given after the senate considered the report of the Committee on Local and Foreign debts.

The loans were part of the $5.5 billion and €995 million external borrowings President Muhammadu Buhari had, in May 2020, asked the Red Chamber to approve to finance various priority projects of the federal government and to support the state governments facing fiscal challenges.

Senator Clifford Ordia, Chairman of the Committee, had presented the report of his panel.

The Committee notes that while Nigeria’s Total Public Debt Stock is on the increase it is important to note that the Loan is in the immediate best interest of the Nigerian State and its citizens in dealing with the COVID-19 pandemic in a way that the economy will be positioned for quick recovery and resume growth

Meanwhile, development of the nation is the answer given by the presidency for critics of government borrowing.

Turkish Crypto Founder Flees With Reported $2Bn

By

Elizabeth Williams

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April 22, 2021

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Turkish prosecutors on Thursday launched an investigation after the Istanbul-based founder of a cryptocurrency exchange froze trading and fled the country with a reported $2 billion in investors’ assets.

The Thodex exchange suspended trading after posting a mysterious message on Wednesday saying it needed five days to deal with an unspecified outside investment.

Turkish security officials then released a photo of Thodex founder Faruk Fatih Ozer going through passport control at Istanbul airport on his way to an unspecified location.

Local media reports said Ozer — reported to be 27 or 28 years old — had flown either to Albania or Thailand.

Thodex went dark after running a promotional campaign that sold Dogecoins at one-fourth the price at which they were trading on other exchanges.

But the exchange locked in those investments and did not allow the coins to be either sold or converted into other cryptos.

“Why don’t you allow my coins to be transferred?” Dogecoin investor Kaya Dinar asked Thodex in one typical tweet from a worried crypto trader.

Local media reports said Ozer — reported to be 27 or 28 years old — had flown either to Albania or Thailand.

Thodex went dark after running a promotional campaign that sold Dogecoins at one-fourth the price at which they were trading on other exchanges.

But the exchange locked in those investments and did not allow the coins to be either sold or converted into other cryptos.

Canada’s Trudeau Pledges New Emissions Reduction Target Of 40-45%

By

Elizabeth Williams

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April 22, 2021

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Prime Minister Justin Trudeau told the global climate summit Thursday that Canada will make deeper cuts in greenhouse gas emissions by 2030.

The new target is to cut those emissions by 40-45 percent below 2005 levels, Trudeau said, upping the previous goal of 30 percent under the Paris climate accord.

“We must take action now. Because there’s no vaccine against a polluted planet,” Trudeau told the virtual summit being hosted by US President Joe Biden.

He said his government will enshrine this new goal in a law as Canada works to become carbon neutral by 2050.

As it presented a budget Monday the government had already raised Canada’s emissions reduction target to 36 percent below 2005 levels.

In his speech Trudeau said Canada had adopted one of the strictest carbon taxes in the world. It will go from $50 per ton of CO2 — the main greenhouse gas — to $170 a ton by 2030.

If major economies in the room were to follow Canada’s lead and adopt a rising price on pollution and commit to phase out coal plants, we would accelerate our global path for a safe, prosperous net-zero future,” Trudeau said.

Radio-Canada said Wednesday that a minimum 40 percent target was the “price of entry” to the summit, which marks the United States’s return to the climate table.

On Tuesday, former US vice president Al Gore urged Trudeau in a Twitter message to try for a reduction of at least 50 percent by 2030.

Japan Strengthens 2030 Emissions Cut Target

By

Elizabeth Williams

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April 22, 2021

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Japan Prime minister announced Thursday ahead of a key US-hosted climate summit his country aims to cut emissions 46 percent by 2030, significantly more than previously pledged, the country’s

“We aim to cut greenhouse gas (emissions) by 46 percent in fiscal 2030 from fiscal 2013,” Yoshihide Suga told a meeting hours before the discussions called by US President Joe Biden begin.

Japan’s fiscal 2030 will begin in April of the calendar year.

The new target revises a previous goal of cutting emissions 26 percent from 2013 levels by 2030.

Japan is still heavily reliant on fossil fuels, in part because many of its nuclear reactors remain offline after the Fukushima meltdown a decade ago.

Suga last year set a 2050 deadline for Japan to become carbon-neutral, putting it on the same timeline as the European Union and ahead of China’s 2060 goal.

Environmentalists have urged nations to take more immediate action ahead of the two-day virtual Earth Day summit organised by Biden.

Suga is one of 40 leaders attending the talks that kick off later Thursday, heralding a US return to the climate front lines after Donald Trump’s term.

Several other countries have also announced revised targets for slashing emissions and more pledges are expected at the meeting.

Speaking before Suga’s announcement, Ken Tanaka from conservation group WWF Japan said a reduction target of 45 percent was an “absolute minimum”.

“Now it has set a 2050 net-zero goal in October, it is important for Japan to have an ambitious interim target” to achieve its long-term aim, he told Newsmen.

Climate activists want to see Japan, which was the sixth-biggest contributor to global greenhouse emissions in 2017, reduce its reliance on coal.

Mother arrested for locking up, starving daughter for 10 years in Kano

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Cleopatra Okohai

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April 22, 2021

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A mother, identified as Rabi Mohammed, has been arrested by operatives of the Kano State Police command for locking up and starving her daughter, Aisha Jibrin, for 10 years in Darerawa Quarters, Fagge Local Government Area of the state.

Rabi and her husband, Mohammed Jibrin, who is now at large, allegedly locked up their 15-year-old daughter inside a room (solitary confinement) within their house for about 10 years without proper feeding and health care.

Spokesperson of the state police command, DSP Abdullahi Haruna, who confirmed the development, yesterday, said efforts were in progress to also arrest the father of the victim.

Haruna said good Samaritans reported the act to the police, leading to the rescue of the victim, adding that the victim was rushed to Murtala Muhammed Specialist Hospital, Kano.

According to him, “On Monday, at about 1100hrs, the Kano State Police Command received information, which revealed that one Aisha Jibrin, 15 years old of Darerawa Quarters, Fagge LGA, Kano State was solitarily confined for 10 years in a room by her biological parents, one Mohd Jibrin and Rabi Mohammed of the same address inside their house without proper feeding and health care.

“On receipt of the report, the Commissioner of Police, Kano State Command, Sama’ila Dikko, raised and instructed a medical team and a team of detectives to proceed to the scene, rescue the victim and arrest the culprits.

The teams immediately swung into action. The victim was rescued and rushed to Murtala Muhammed Specialist Hospital, Kano and was admitted.

“One suspect named Rabi Mohammed, 35 years old, a mother to the victim, was arrested while efforts are in progress to arrest the father of the victim who is currently at large.

Nigeria Ranked Number One Importer In Africa By WTO

By

Angel Gimalo

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April 22, 2021

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The World Trade Organization (WTO) has ranked Nigeria as the number one importer of commercial services in Africa.

This was disclosed in WTO’s data on the ‘Leading Exporters and Importers of Commercial services excluding intra-EU Trade 2020’, released.

The data stated that Nigeria ranked 25 largest importer of commercial services in the world, while Egypt emerged second in Africa and number 28 globally in 2020.

However, Nigeria was not found on the list of top exporters of commercial services in the world, but Egypt and Morocco made the list of top 30 exporters worldwide among African countries.

Egypt and Morocco emerged number 26 and 27 respectively as the list of largest exporters of commercial services worldwide.

The United States (US) ranked first as the top commercial importer and exporter of goods, the United Kingdom (UK) followed as the second largest exporter of goods with China, India and Singapore.

China, UK, Japan and Singapore joined US as the top countries for importation of goods in 2020.

WTO said: “The impact of the pandemic on merchandise trade volumes differed across regions in 2020, with most regions recording large declines in both exports and imports.

“Regions rich in natural resources saw the largest declines in imports, including Africa (8.8 percent), South America (9.3 percent) and the Middle East (11.3 percent), probably due to reduced export revenues as oil prices fell around 35 percent.”

According to the trade organization, there’s a projection that Africa’s export will grow by 8.1 percent in 2021 and 3.0 percent in 2022, but this depends on travel expenditures picking up over the course of 2021, which would strengthen demand for oil.

WTO also projected 5.5 percent growth in Africa’s import by 2021 and 4.0 percent in 2022, while the Gross Domestic Product (GDP) market exchange rate will grow to 2.6 percent and 3.8 percent this year and next year respectively, after a decline of 2.9 percent in 2020.