media accounts five year allocation summaries
December 28, 2006 | posted by Nigerian Muse (Archives)



New Age

January 18, 2005

South-South receives highest allocation in 5 years
By Tope Oluwaleye

Oil-rich South-South zone, with over N709 billion, received the highest net allocations to states and the Federal Capital Territory (FCT) between June 1999 and July 2004.

The net statutory allocation comprises gross statutory allocation plus 13 per cent share of derivation, less total deductions comprising external debt, contractual obligations and other deductions. The highest revenue – drawer from the zone was
Delta State which got a whopping N207.2 billion, followed by Rivers with N145.7 billion and Akwa Ibom State with N137.1 billion.

The figures were released by the Federal Ministry of Finance in a detailed breakdown of allocations to the three tiers of government. According to the figures, the North-West zone collected N359.74 billion to rank second. Top earner in the zone was
Kano with N80.1 billion, followed by Kaduna with N65.4 billion and Katsina State with N62.9 billion. Both Kebbi and Zamfara States drew the lowest allocation of N49.4 billion each. Lagos State topped the South West with N85.8 billion from the zone’s total of N358.5 billion. Ondo, which is the only oil producing state in the region collected N73.4 billion while Ekiti got the lowest, N38.6 billion.

North Central zone recorded a total of N345.1 billion with the highest beneficiary, FCT, collecting N69.5 billion, followed by
Niger State with N57.4 billion and the least allocation of N33.9 billion going to Plateau State.

In the North East zone, Bauchi State got the highest allocation of N56.2 billion and Gombe collected the least amount of N41.7 billion. The South East zone received the lowest allocation of N237.4 billion within the period under review. The zone has been bedevilled by problems of erosion and bad roads. Imo State led the recipients with N55.9 billion while the remaining four states collected between N43.6 billion (Ebonyi) to N47.8 billion (Abia).  

Out of the total net allocations to local governments and area councils within the same period, Kano State got the highest allocation of N82.7 billion, followed by Lagos with N64 billion. Katsina State ranked third with total receipts of N61.3 billion, ahead of Oyo State which got N52.3 billion and Kaduna State with N51.3 billion. Borno ranked sixth with N50.8 billion.

Apart from the
Federal Capital Territory, Bayelsa’s local government and area councils received the least amount of N15.8 billion. while FCT received N14.1 billion.

The total net allocation comprises of net statutory allocation plus crude oil excess proceeds and additional allocations as well as value added tax.



 

6 North Central states get N275.8885bn in 5 years

By Omoh Gabriel, Business Editor
Wednesday, December 01, 2004

LAGOS — THE six North Central states of Plateau, Benue, Niger, Kogi, Kwara and Nasarawa got a total of N275.885 billion from the federation account between June 1999 and July 2004, representing 12 per cent of total allocation of N2.358 trillion to all the states of the federation. The amount excludes allocation to the local governments.

A break down of the net allocation to the North Central states showed that Niger State got the highest with a total of N57.488 billion or about two per cent of the total net allocation to the states of the federation. It is trailed by Benue State with N53.845 billion or about two per cent, and then Kogi State with N47.620billion or about two per cent, Kwara State got N44.469 billion, while Nasarawa State received N38.540 billion. Plateau State got the least of N33.921 billion during the five-year period.

Niger State in the second half of 1999 got N2.524 billion, N8.692 billion in 2000 and N11.341 billion in 2001, which slightly declined to N11.078 billion in 2002 only to rise to N13.091 billion in 2003. In the first half of 2004, the state got N10.759 billion.

Benue State on the other hand received N2.524 billion in the first half of 1999, N7.970 billion in 2000 and N9.818 billion in 2001. The allocation to the state declined to N9.634 billion in 2002 and rose again to N 13.589billion in 2003. In the first half of this year, Benue State received N10.307 billion from the federation account.

In the same vein, Kogi State in 1999 got N2.218 billion and in 2000 the state’s share of the federation account went up to N7.175 billion. It went further up to N9.587 billion in 2001 and remained at N9.287 billion in 2002. In 2003, it went up to N10.057 billion and N9.294 billion in the first half of this year.

Kwara State, the fourth highest recipient from the zone, got N2.091 billion between June and December 1999 and N7.046 billion in 2000. In 2001, the state’s share from the federation account climbed to N8.720 billion and went up further to N9.059 billion in 2002. It rose, however, to N9.664 billion in 2003 and further to N7.886 billion in the first half of 2004.

Nasarawa State in the second half of 1999 got N1.878 billion and in 2000 it received N6.102 billion. This rose to N7.688 billion in 2001 and fell to N6.306 billion in 2002. In 2003, the state got N9.190 billion and between January and July this year the state received N7.373 billion from the Federal Government. Plateau State on its part got N2.195 billion in the second half of 1999, N6.871 billion in 2000 and N9.008 billion in 2001. In 2002 the state got N7.702 billion, N4.735 billion in 2003 and N3.408 billion in the first half of 2004.

Allocations to the states have improved considerably since the inception of this administration. Since 1999, the fortune of governments in the country has improved as a result of the higher prices of crude oil in the international market. In some cases state indebtedness have had to be deducted at source. The net allocation figures are after due allowance have been made for all such at source deduction.


Vanguard

6 North East states get N297bn in 5 years

 

By Omoh Gabriel, Business Editor
Tuesday, November 30, 2004

 

LAGOS — THE six North-East states of Adamawa, Bauchi, Gombe, Borno, Taraba and Yobe got a total of N297.452 billion from the federation account between June 1999 and July 2004. The amount, excluding allocation to local governments, represents 13 per cent of total allocation of N2.358 trillion to states of the federation.

 

A break down of the net allocation to the North-East states showed that Bauchi State got the highest with a total of N56.248 billion or about two per cent of the total net allocation to the states. It is trailed by Borno State with N55.628 billion or about  two per cent, and then Adamawa State with N50.424 billion or about  two per cent. Yobe State got N47.102 billion, while Taraba State received a net allocation of N46.272 billion.

 

Bauchi in the second half of 1999 got N2.286 billion, N7.990 billion in 2000 and N11.155 billion in 2001, which slightly declined to N10.292 billion in 2002 only to rise to N13.691 billion in 2003. In the first half of 2004, the state got N10.831 billion as allocation from the federation account.

 

Borno State on the other hand received N2.690 billion in the first half of 1999, N8.537 billion in 2000 and N11.390 billion in 2001. The allocation to the state declined to N10.588 billion in 2002 and rose to N11.989billion in 2003. In the first half of this year, it received N10.432 billion from the federation account.

 

In the same vein, Adamawa State in 1999 got N2.306 billion as its due from the federation account and in 2000 the state’s share of the federation account went up to N7.604 billion. It went further up to N10.494 billion in 2001 and remained at N10.469 billion in 2002. In 2003,  it went up to N11.080 billion and N8.467 billion in the first half of this year.

 

Yobe, the fourth highest recipient from the federation account in the zone, got N2.094 billion between June and December 1999 and N6.821 billion in 2000. In 2001 the state received N8.718 billion and went up further to  N9.054 billion in 2002. It rose, however, to N11.595 billion in 2003 and further to N8.817 billion in the first half of 2004.

 

Taraba State in second half of 1999 got N2.104 billion and    N6.903 billion in 2000. This rose to N9.187 billion in 2001 and remained at N9.509 billion in 2002. In 2003, the state got N10.833 billion and between January and July this year the state received N7.733 billion from the Federal Government. Gombe State on its part got N1.907 billion in the second half of 1999, N6.164 billion in 2000 and N8.459 billion in 2001. In 2002 the state received N7.588 billion, N9.478 billion in 2003 and N8.177 billion in the first half of 2004.

 

Allocations to the states have improved considerably since the inception of this administration. Since 1999, the fortune of governments in the country has improved as a result of the higher prices of crude oil in the international market. In some cases state indebtedness have had to be deducted at source. The net allocation figures are after due allowance have been made for all such at source deduction. 


This Day

 

N10.7 Trillion Shared in 5 Years

 

• Fiscal Responsibility Act violators risk 3-year jail
 

From Kingsley Nwezeh in Abuja, 11.30.2004

 

The three tiers of government (Federal, States and Local Governments) shared a net total of  N10.618 trillion between June 1999 and July 2004 from the Federation Account, an analysis of net allocations released by the Ministry of Finance has shown.
 

Minister of Finance, Dr. (Mrs) Ngozi Okonjo-Iweala, disclosed this  yesterday in Abuja at a stakeholders workshop on the Fiscal Responsibility Bill, the draft of which was presented to the public.  The bill seeks to ensure transparency and accountability in the disbursement of government funds and strict implementation of budgets.
 

A breakdown of the cumulative allocations to the three tiers of governments showed that the Federal Government received N154, 633, 681, 796.66 in 1999 while the states got N89,719,045,266.40, while local government/area councils received N41,936,047,771.84. 
 

A total of N531,612, 593,116.78 went to the Federal Government in 2000, the states N348,291,513,603.64 in the same year  even as local government/area councils got N167, 160, 070, 675.77. 
 

In 2001 fiscal year, the Federal Government received N723, 920,377, 511.08 while N465,401,088, 573.91 went to the states just as N197, 546, 513, 263.92 went to the local governments.
 

In 2002, Federal Government received N791,030, 594, 492.65; states N441,784,920, 342.94; local governments N321, 324, 219, 934.24. However states and local governments jointly shared N763,109,140,277.18.
 

In 2003, N739, 208, 155,737.65 went to the Federal Government while states received N557,887,744033.24 just as local governments/area councils got N396, 799, 689,065.92. 
 

The 2004 figures showed that between January and July, the Federal Government has received N544, 289, 018, 025.39; states N454,949, 265, 366.88; local councils /area councils N284, 575, 226,875.16; and joint states/ local governments N739, 524, 492, 242.04.
 

Okonjo- Iweala said "the proposed bill will empower citizens with the knowledge they need to participate in the management of our collective wealth by compelling government at different levels to make information on all aspects of financial management including budget public".
 

She said " the bill recognises your right to know how the resources belonging to all of us are utilised.
 

“But it goes further. By insisting on good practices and accountability, it will ensure that the national cake is bigger when it is shared".
 

She said the bill prescribes a three-year jail term for ministers, accountants general and state commissioners of finance who fail to implement the law and a 1-year jail term for officers who fail to do their duties.
 

"For the minister of finance, commissioners of finance and accountants general if  the bill is not properly implemented when passed into law, a three-year minimum jail term for contravening has been prescribed. When this is passed into law, it means that I could be held and jailed", she added.
 

The proposed bill, according to the minister, also seeks to ensure that major parastatals like Nigerian National Petroleum Corporation (NNPC), Nigeria Ports Authority (NPA), National Maritime Authority (NMA) present their budgets to the National Assembly.
 

The bill also proposes the establishment of a body to be known as Fiscal Management Council in accordance with section 16 of the constitution. The council's chairman should be a seasoned economist while other members would be drawn from the public and private sectors of the economy with a tenure of four years.
 

In his remarks, Chairman of the House of Representatives Committee on Finance, Honourable Farouk Lawan, said the   House would support the bill but  indicated that it would pass through the due legislative process.
 

Chairman of the Senate Committee on Finance and Appropriations, Senator John Azuta Mbata, said the Senate had been working on a related bill in the last one year, assuring that it would be harmonized with the proposals from the Ministry of Finance to give the bill an accelerated hearing.

 


Vanguard

7 North-East states get N409b in 5 years

By Omoh Gabriel, Business Editor
Monday, November 29, 2004

LAGOS — THE seven North-West states of Kaduna, Katsina, Kano, Kebbi, Sokoto, Zamfara, and Jigawa got a total of N409.359 billion from the federation account between June 1999 and July 2004. This excludes allocation to the local governments. The amount represented 17 per cent of total allocation of N2.358 trillion to states in the federation.

A break down of the net allocation to the North-West states showed that Kano State got the highest with a total of N80.127 billion or about three per cent of the total net allocation to the states of the federation. It was trailed by Kaduna State with N65.422 billion or about three per cent and then Katsina State with N62.905 billion or about 2.95 per cent. Jigawa State got N51.075 billion, while Sokoto State got a net allocation of N50.907 billion. Zamfara State received a total of N49.468 billion during the period. In the zone, Kebbi State got the least allocation of N49.452 billion.

Kano in the second half of 1999 got N3.309 billion, N11.105 billion in 2000 and N15.512 billion in 2001, which slightly rose to N15.604 billion in 2002 only to rise to N19.595 billion in 2003. In the first half of 2004, the state got N14.999 billion as allocation from the federation account.

Kaduna State on the other hand received N2.947 billion in the first half of 1999, N10.011 billion in 2000 and N12.192 billion in 2001. The allocation to the state increased to N13.036 billion in 2002 and rose to N16.238 billion in 2003. In the first half of this year, Kaduna State has received N10.995 billion.

In the same vein, Katsina State in 1999 got N2.875 billion as its due from the federation account and in 2000 the state’s share went up to N9.378 billion. It went further up to N11.874 billion in 2001 but improved slightly to N12.149 billion in 2002. In 2003, it went up to N15.003 billion and N11.624 billion in the first half of this year.

Jigawa, the fourth highest recipient from the federation account in the North-West geo-political zone, got N2.310 billion between June and December 1999 and N8.018 billion in 2000. In 2001 the state’s climbed to N10.743 billion and declined slightly to N9.669 billion in 2002. It rose, however, to N11.503 billion in 2003 and further to N8.830 billion in the first half of 2004.

Further breakdown also shows that Sokoto State in second half of 1999 got N2.291 billion and in 2000 it received N7.608 billion. This rose to N9.289 billion in 2001 and remained at N9.616 billion in 2002. In 2003, the state got N11.904 billion and between January and July this year the state received N9.656 billion from the Federal Government. Zamfara State on its part got N2.040 billion in the second half of 1999, N6.750 billion in 2000 and N9.698 billion in 2001. In 2002 the state got N9.719 billion, N12.025 billion in 2003 and N9.244 billion in the first half of 2004. Similarly, Kebbi State in the second half of 1999 got N2.200billion, N7.025billion in 2000, N9.087 billion in 2001, N9.271 billion in 2002, N12.422 billion in 2003 and N9.444 billion in the first half of 2004.

Allocations to state governments in the six geo-political zones have improved considerably since the inception of this administration. Since 1999, the fortune of governments in the country has improved as a result of the higher prices of crude oil in the international market. In some cases, states indebtedness have had to be deducted at source. The net allocation figures are after due allowance have been made for all such at source deduction.

 


 Vanguard

6 South-West states get N358.855b in 5 years

By Omoh Gabriel, Business Editor
Wednesday,
November 24, 2004

LAGOS—THE six South-West states of Lagos, Oyo, Ogun, Ondo, Osun and Ekiti got a total of N358.855 billion from the federation account between June 1999 and July 2004. This excludes allocation to local governments in the states. This represents 15 per cent of total allocation of N2.358 trillion to states in the federation. A break down of the net allocation to states of the federation in the South West geo political zone showed that Lagos got the highest allocation during the period.

The state government, according to figures released by the Federal Government, got a total of N85.833billion or about four per cent of the total net allocation to the states. Second in the zone is Ondo State, one of the oil producing states, with a total allocation of N73.471billion or about three per cent, followed by Oyo with N61.097 billion or about 2.8 per cent. Ogun State got N52.077 billion, which is trailed by Osun State which got a net allocation of N47.7 billion. Ekiti State on its part received N38.675 billion during the period.

A break down of the allocation showed that Lagos in the second half of 1999 got N4.790 billion. In 2000, it was allocated N13.754 billion and in 2001, the state’s share of the federation account rose to N18.906 billion. The amount declined to N17.004 billion in 2002 and N17.568 billion in 2003. In the first half of 2004, the state got N13.808 billion.

Ondo State, on the other hand, received N2.303billion in the first half of 1999, N11.466 billion in 2000 and N16.662 billion in 2001. The allocation to the state declined to N12.829 billion in 2002 and rose again to N16.569 billion in 2003. In the first half of this year, Ondo State has received N13.640billion from the federation account.

In the same vein, Oyo State in 1999 got N2.629 billion as its due from the federation account and in 2000, the state’s share of the federation account went up to N8.827 billion. It went further up to N11.994 billion in 2001 but declined slightly to N11.447 billion in 2002. In 2003, however, it went up to N14.720 billion and N11.478 billion in the first half of this year.

Ogun, the fourth highest recipient in the South-West, got N2.447 billion between June and July 1999 and N7.949 billion in 2000. In 2001 the state’s share from the federation account climbed to N10.186 billion and further to N10.314 billion in 2002. It rose to N11.749 billion in 2003 and further to N9.428 billion in the first half of 2004.

The breakdown of other states' allocation in the geo-political zone showed that Osun State in second half of 1999 got N2.125 billion and in 2000 it received N7.222 billion. This rose to N9.439 billion in 2001 and remained at N9.407 billion in 2002. In 2003, the state got N10.564 billion and between January and July this year, the state received N8.942 billion from the Federal Government.

Further breakdown showed that Ekiti State got a net allocation of N1.861 billion in the second half of 1999 and N6.161 billion in 2000. In 2001 it was allocated N8.256 billion but dropped to N6.587 billion in 2002. In 2003, the state got N8.407 billion and in the first half of 2004, N7.400 billion.

Allocations to state governments have improved considerably since the inception of this administration. Since 1999, the fortune of governments in the country has improved as a result of the higher prices of crude oil in the international market. In some cases state indebtedness had to be deducted at source. The net allocation figures are after due allowance have been made for all such deductions.

 

Vanguard

9 oil states get N886.570b in 5 years

By Omoh Gabriel, Business Editor
Tuesday, November 23, 2004

LAGOS—THE nine oil producing states got a total of N886.570 billion from the federation account between June 1999 and July 2004. This excludes allocation to local governments in the states. A break down of the net allocation to states of the federation showed that Delta got the highest allocation during the period. 

The state government, according to figures released by the Federal Government, got a total of N207,205,520,093.76 or 8.76 per cent of the total net allocation to the states. Second is Rivers State with a total allocation of N145,791,169, 261.66 or  6.2 per cent, followed by Akwa Ibom with N137,185,605,770.17 or  5.8 per cent. Bayelsa State got N125,911,797,483.38, which is trailed Ondo which got a net allocation of N73,471, 513,482.51.

Imo State on its part received N55,909,252,839.81 while Edo and Abia States got N47,673,975,707.47 and N47,875,075,118.36 respectively. Cross River got the lowest allocation of N45, 546,887,628.44.
A break down of the allocation shows that Delta in the second half of 1999 got N3.131 billion. In 2000, it was allocated the sum of N27.358 billion and in 2001, the state’s share of the federation account rose to N40.531billion. The amount further rose to N43.610 billion in 2002 and N52.365 billion in 2003. In the first half of 2004, the state got N40.208 billion.

Rivers State on the other hand received the sum of N3.013 billion in the first half of 1999, N17.805 billion in 2000 and N22.128 billion in 2001. The allocation to the state improved to N30.169billion in 2002 and N40.928 billion in 2003. In the first half of this year, Rivers has received N31.746 billion from the federation account.

In the same vein, Akwa Ibom State in 1999 got N2.832 billion as its due from the federation account and in 2000 the state’s share of the federation account leaped to N21.853 billion. It went up to N30.858 billion in 2001 but declined to N18.793 billion in 2002. In 2003 however, it went up again to N32.445 billion and N30.403 billion in the first half of this year.

Bayelsa, the fourth highest recipient from the federation account, got N2.175 billion between June and July 1999 and N17.071 billion in 2000. In 2001 the state’s share from the federation account climbed to N22.473 billion and fell to N18.082 billion in 2002. It rose to N32.855 billion in 2003 and further to N33.252 billion in the first half of 2004.

The breakdown of other states allocation in the oil producing states shows that Ondo State in the second half of 1999 got N2.3 billion and in 2000 it received N11.4 billion. This rose to N16.662 billion in 2001 but declined to N12.829 billion in 2002. In 2003, the state got N16.569 billion and between January and July this year the state received N13.640billion from the Federal Government.

Further breakdown showed that Imo State got a net allocation of N2.205 billion in the second half of 1999 and N8.659 billion in 2000. In 2001 it was allocated N11.769 billion but dropped to N10.120 billion in 2002. In 2003, the state got N12.132 billion and in the first of 2004, N11.027 billion.

Abia State got N1.880 billion in the second half of 1999 and N7.068billion in 2000. In 2001, a total of N8.997 billion was its net allocation and this rose to N9.054 billion in 2002 and further to N11.285 billion in 2003. In the first half of this year the state received N9.590 billion.

Edo State on its part was allocated N2.240billion in the first half of 1999 and N7.663 billion in 2000. In 2001 the state collected N9.730 billion as its share of the federation account. This declined to N7.436 billion in 2002 and improved to N10.775 billion in 2003. In the first half of 2004, Edo State has already collected the sum of N9.827 billion from the federation account.

Allocations to state governments have improved considerably since the inception of this administration. Since 1999, the fortune of governments in the country has improved as a result of higher prices of crude oil in the international market.


Vanguard

November 22, 1004

FG, states, councils spend N7 trillion in 5 years

By Omoh Gabriel, Business Editor
Monday,
November 22, 2004

LAGOS—THE Federal Government has received a total of N3.484 trillion as its share of the federation account in the last five years. States and local governments got N3.7 trillion during the period, amounting to a total of N7.25 trillion for the three tiers of government from the common pool— federation account. This amount is the total net allocation to the various tiers of government in the country after allowance was made for total deductions from states for external and contractual obligations.

Figures released by the Federal Ministry of Finance showed that between June and December 1999, the first six months of this administration, the Federal Government got N154.633 billion while states and local governments combined got N131.655 billion. In 2000, the Federal Government share of the federation account amounted to N531.612 billion as against the N515.451 billion allocated to states and local governments.

According to the figures, in 2001 the federation account rose with the Federal Government receiving N723.920 billion while states and local governments received N662.947 billion. The allocation to the various tiers of government further improved in 2002 as the Federal Government got from the federation account a total of N791.030 billion while states and local governments got N763.109 billion.

In 2003 when the revenue allocation formula was adjusted, the Federal Government had N739.208 billion allocation while states and local governments had N954.687 billion. In the first six months of this year, the Federal Government had a total of N544.289 billion allocation while the other two tiers of government had N739.524 billion.

The boost in government revenue from the federation account rose on account of the favourable condition in the crude oil market where the price has always been above the budget bench mark since the inception of this administration. Part of the allocation is the contentious excess crude revenue. Since assumption of office by the administration five years ago, the average price of crude oil in the international market has been above the budget benchmark.

While the budget was based on $18 or $22, and more recently $25 per barrel, the price of crude has always risen during the period on the average to between $25 and $55 per barrel, thus giving rise to oil windfall sometimes referred to as excess crude oil proceeds.

The proceeds have, most of the time, generated disagreement between the Federal and state governments which clamour for the sharing of the money.

The gains from crude oil earnings and favourable revenue generated by the various tiers of government in Nigeria ordinarily should have enhanced the welfare of Nigerians but this seems not to have impacted positively on the citizenry in terms of improved standard of living which, by current estimate, has gone down as more than 70 per cent of the population are said to be living below one dollar per day.

Available data with the Central Bank of Nigeria showed that in 1999, the Federal Government spent a total of N947.690 billion when Obasanjo took over the Presidency of the country. In 2000, CBN records showed that government had a total expenditure of N701 billion while in 2001 it spent a total of N1.018 trillion. The sum of N1.018 trillion was spent by the Federal Government in 2002 and N1.225 trillion in 2003. But the same government in these years of bumper price from the international oil market has run its affairs on deficit, borrowing huge sums from the money market to finance its expenditure at very high cost.

Alleged profligacy of the Federal Government drew flak from the International Monetary Fund (IMF) and the World Bank which described Nigeria as a country where oil wealth has not benefitted its populace. Despite government’s excess earnings from crude oil which is far above successive budget estimates, government, in 1999, incurred a deficit of N285 billion.

CBN data showed that in 2000, government incurred a deficit of Nl 03 billion, N22 1.04 billion in 2002 and in 2003, N301 .4 billion. As a result of this huge deficit financing, despite government earnings, the Federal Government spent a total of N556 billion to service domestic debt. This implied that because a chunk of the money was borrowed from the banking system, government spent a large portion of its yearly recurrent budget in paying domestic as well as external debts.

Financial analysts were worried that much of the country resources is being frittered away on debt servicing. In 2002, government spent N12.4 billion on agriculture, one of its priority sectors, while a total ofN3 3.3 billion was spent on servicing domestic debt. Another priority area of government— road and construction— had only N9.27 billion as total expenditure in the recurrent expenditure of government, while health received N50 billion. The organised private sector at various fora has lamented government’s poor handling of the economy.

According to the half year review of the economy by NACCIMA, the sluggish growth of the economy witnessed in 2003 has continued in the first half of 2004. The NACCIMA said Nigeria was in dire need of considerable improvement as the performance of macro-economic variables showed that economic recovery had not shown any sign of significant progress.

The private sector umbrella body said that an assessment of the attendant effects of this scenario indicated existence of low productivity, low quality social services, rising rate of unemployment, low social welfare policy programme, tensed industrial relations climate, dysfunctional infra structural facilities, epileptic supply of electricity, frequent increases in prices of petroleum products, insecurity of life and property, high cost of funds, continuous naira depreciation, among others.


 

 

 

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