{"id":64061,"date":"2018-10-15T21:35:15","date_gmt":"2018-10-15T20:35:15","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=64061"},"modified":"2018-10-15T21:35:15","modified_gmt":"2018-10-15T20:35:15","slug":"nigeria-is-the-best-performing-economy-in-africa-says-keyamo","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-is-the-best-performing-economy-in-africa-says-keyamo\/","title":{"rendered":"Nigeria is the best performing economy in Africa, says Keyamo"},"content":{"rendered":"
\n
Festus Keyamo, director of media of the Buhari Campaign Organisation, says<\/div>\n<\/div>\n
\n
\n
\n
\nNigeria is the best-performing economy in Africa.<\/p>\n<\/div>\n

The senior advocate of Nigeria (SAN) also said the federal government has
\nre-introduced \u201coil (subsidy) premium\u201d in the 2019 budget proposal.<\/p>\n

Speaking on Channels TV on Monday, Keyamo said the Nigerian National
\nPetroleum Corporation (NNPC) by the NNPC Act has the powers to spend
\nmonies unappropriated.<\/p>\n

Making comments on the state of the economy, Keyamo said: \u201cI need to
\nremind Nigerians about the GDP growth. Of the 11 countries that went into
\nrecession around the world, Nigeria has exceeded all of them in terms of
\nGDP growth\u201d.<\/p>\n

\u201cNone of them has crossed 1.4 to 1.5 percent, Nigeria is doing close to
\ntwo percent GDP growth right now. Let us get that one clear,\u201d he said.<\/p>\n

\u201cForbes Africa has rated Nigeria as the best-performing economy in Africa.
\nThe results came out two-three weeks ago, we are the best-performing
\neconomy in Africa.\u201d<\/p>\n

\u2018SUBSIDY\u2019 HAS BEEN RE-INTRODUCED IN THE 2019 BUDGET
\nThe 48-year-old lawyer said the Muhammadu Buhari-led government said is
\nnot paying subsidy like the Peoples Democratic Party (PDP) did but
\nacknowledged that the Buhari admin is only paying \u201cpremium\u201d.<\/p>\n

\u201cWhat happened under the PDP government was that they were paying for
\nproducts that did not land at all. That was the scam that was happening,
\nIt was fraud, the greatest stealing in the history of this country
\nhappened under them.<\/p>\n

\u201cAll the PDP bigwigs were all involved in this subsidy scam, then you saw
\nthat many of them refunded money. Like I said, they were paying for
\nproducts that did not land at all, they will tell you they have brought
\nproduct and you have to pay subsidy on those products.<\/p>\n

\u201cThe NNPC officials knew, everybody knew that the products did not come at
\nall. What did Buhari do when he came? He said he wanted to cleanse that
\nindustry, he said NNPC should take complete charge of importation.<\/p>\n

\u201cThe government wanted to eliminate subsidy at that time, but as the price
\nof crude went up, the price of production went up, the price of the
\nbye-products also went up, its normal.\u201d<\/p>\n

He said at the point when oil was $28 to $30, government was not paying
\nsubsidy, but \u201cthe difference occured when oil prices went beyond $43 per
\nbarrel, because that was the benchmark, as it rose beyond $43, the delta
\nstarted, not subsidy. We started to pull away from N145\u201d.<\/p>\n

\u201cSo the landing cost came to N203\/N205, and we are still selling for N145
\nand the president said you cannot suffer the masses. Now how do they cover
\nit? Not subsidy.<\/p>\n

\u201cThe NNPC Act allows the NNPC to make refunds to the federation account,
\nin other words, they can spend money and return the balance to the
\nfederation account, by law.\u201d<\/p>\n

When asked why the government was not appropriating this \u201cpremium\u201d, Keyamo
\nsaid, \u201cIt is now in the 2019 budget; despite the fact that it is backed by
\nlaw, that premium has been put in the 2019 budget proposal\u201d.<\/p>\n<\/div>\n<\/div>\n

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<\/div>\n","protected":false},"excerpt":{"rendered":"

Festus Keyamo, director of media of the Buhari Campaign Organisation, says Nigeria is the best-performing economy in Africa. 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