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Things Buhari Needs To Do To Get Nigeria Out Of Recession – Bukola Saraki

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Saraki

Bukola Saraki

The Senate through Bukola Saraki has released a statement consisting of a list of things the government needs to to inorder to facilitate inclusive growth in all sectors and help Nigeria get out of recession

See the statement below:

1. The executive should forward an Economic Stimulus Bill containing all the fiscal stimulus packages, investments and incentives which will receive accelerated consideration and passage at the National Assembly.
2. The fiscal and monetary authorities must harmonise all policies that lower interest rates for investors in the real sector and small/medium scale farmers.
3. The government should adopt peaceful means in the Niger Delta to restore Nigeria’s oil production back to 2.2 million barrels per day.
4. The release of low interest funding under the stimulus package should be targeted at the following areas.
Social Safety Programmes
Humanitarian Activities in the North East
Power Generation
Agricultural value chain
Textile manufacturing
National highway network construction and maintenance
Railway construction and maintenance
Motor vehicle assembly plants
Completion and commissioning of Ajaokuta Steel Complex
Arts, Science and Technology
5. The President should appoint a Senior Special Adviser to lead the government engagement with the aggrieved Niger Delta Militants to ensure the protection of Nigeria’s oil and gas assets.
6. The Federal Government should negotiate foreign concessionary borrowing agreements to cover shortfalls in the 2016 budget and the government’s accelerated infrastructural development programme.
7. The Federal Government should restrict and cap the issuance of bonds and treasury bills in order not to crowd-out local investors from the market.
8. The Federal Government should ensure the payment of all genuine domestic debts owed to local contractors who have completed their jobs.
9. The Federal Government should settle all salaries and pension liabilities.
10. The Federal Government should leverage the use of pension and insurance funds to provide long-term capital on lending for agriculture, industry and housing projects.
11. The Executive should reconstitute the Board of the Central Bank of Nigeria (CBN) and all other critical agencies in order to ensure that they operate in accordance to their enabling laws.
12. The Legislature (through law) and the Executive (through policies) must take action to encourage telecommunications companies to float their shares in Nigeria’s stock market.
13. The Fiscal Responsibility Act should be used to encourage States and Local Govenrments to be more prudent and accountable in their revenue and expenditure agreements.
14. Cases involving unaccounted oil exports should be pursued vigorously to logical conclusions.
15. The Federal Government should immediately set-up an ad-hoc committee for the reconstruction of the North-East and the rehabilitation and resettlement of all Internally Displaced Persons.
16. The President should consider establishing a Council of Economic Advisers made up of experts in economic management.
17. The Federal Government should establish a platform for pro-business-oriented leadership-level engagement to boost market confidence.
18. The Federal Government should retool its export promotion policy scheme with export incentives like the Export Expansion Grant (EEG) and the export financing initiatives.
19. The National Assembly will institute a legislative framework with timelines for key government policies in the area of agriculture and solid minerals to boost investor confidence in government – and to protect investors from rapid policy reversals.
The National Assembly will examine, prioritise and fast-track the consideration of the following bills to revive Nigeria’s economy:
Petroleum Industry Bill
National Development Bank of Nigeria (Establishment) Bill
Nigerian Ports and Habours Authority Act (Amendment) Bill
National Road Fund (Establishment) Bill
National Transport Commission Act of 2001
Warehouse Receipts Act (Amendment) Bill
Companies and Allied Matters Act (CAMA)
Investment and Securities Act (ISA)
Customs and Excise Management Act
Federal Competition Bill
National Road Authority Bill
20. The National Assembly will immediately commence sustained oversight to monitor the activities of the Executive in the implementation of the 2016 Budget.
21. The National Assembly will continue to engage the Executive to create the necessary synergy on all economic and social interventions that are capable of bringing succour to Nigeria.

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Usyk defeats Fury again to retain heavyweight titles

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Oleksandr Usyk has defeated Tyson Fury by unanimous decision to retain his unified heavyweight titles.

The Ukrainian boxer was victorious over Fury for the second time in 2024 as the duo sweated it out at the Kingdom Arena in Riyadh, Saudi Arabia, in the early hours of Sunday.

Usyk won the bout after all three judges scored it 116-112 in favour of the 37-year-old champion.

Usyk defeated Fury via split decision during their first face-off in May. The loss was the first of the British fighter’s professional career, and Usyk became the first undisputed heavyweight champion of the world since Lennox Lewis 25 years ago.

The rematch went too similarly to the previous fight, with Usyk wearing down his bigger British opponents with the volume of his punches.

Fury’s determination was evident with the power behind his strikes. One of those struck Usyk in the first round and had the Ukrainian rocking for half a second.

Conversely, Usyk followed the game plan that had brought him success in the first fight between the two: plenty of body shots. As the lighter and smaller boxer, he used his advantage to pummel the Briton with speedy punches.

The Ukrainian only got more dominating as the rounds counted on, and Fury’s initial furore was waning. In the sixth round, Usyk landed an overhand left on Fury’s forehead.

The Briton replied in the following round, drawing a wince from Usyk with a sharp lefty hook. But Usyk sensed Fury’s uneasiness and pressed him continuously in the latter rounds.

The victory extends Usyk’s undefeated record to 23 wins in his professional career.

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Ex-boxing world title holder, Thierry Jacob, is dead

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French former boxing world title holder Thierry Jacob has died at the age of 59, the mayor of his home city Calais announced on Friday.

Jacob took the WBC super bantamweight title in 1992, defeating Mexico’s Daniel Zaragoza in front of his local fans in Calais.

“We begin this day with sad news. Thierry Jacob died overnight, so young,” Natacha Bouchart, mayor of the northern port city, announced on Facebook.

Jacob turned professional in 1984, retiring a decade later with a 39-6 record, losing his WBC title at his first defence against American Tracy Harris Patterson in New York.

One of his sons, Romain Jacob, followed him into the ring, claiming the European super featherweight belt in 2014.

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National Sports Festival postponed to May 2025

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The National Sports Commission (NSC) has postponed the 22nd National Sports Festival to May 2025.

In a statement on Friday, NSC said the postponement was announced by the joint technical committee of the games after a meeting on Thursday.

The festival, tagged ‘2024 Gateway Games’, was initially scheduled to take place in Ogun from January 12 to 26, 2025.

The event has been rescheduled to be held from May 16 to 30, 2025.

NSC said the festival is postponed to “reflect the new direction of sports in the country and also provides more time for the implementation of recommendations made during the joint technical meeting”.

The zonal eliminations for team sports are scheduled to be held from February 23 to 28, 2025.

Bukola Olopade, director-general of NSC, said the extra months will help the commission prepare better for the sports festival.

He also announced the Invited Junior Athletes (IJA) initiative, adding that the “young promising athletes will compete as a 38th state” at the event “for the first time in the history of the Games”.

“This would also get the commission to settle down properly. We’re excited for the new date and the extra five months to put everything together and show the whole country what capacity is all about,” Olopade said.

“When you think about the Invited Junior Athletes (IJA) initiative, where young promising athletes will compete as a 38th state, it is a promising move towards fostering development of our best young talents and it’s happening for the first time in the history of the Games.

“It’s a strategy to empower young and promising talents and create a pathway for them to be exposed at the top level. These athletes will compete against established athletes, hoping to upset the status quo. It speaks to the core of what President Tinubu has asked of us to do.”

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