Business
Nigeria will Sustain Positive Growth Outlook – Adeosun, Emefiele
…External Reserves Hit $47.93bn
…$322m Abacha funds earmark for Social Safety Nets
Nigeria’s Minister of Finance, Mrs. Kemi Adeosun and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, affirmed on Sunday that the country’s positive growth outlook would be sustained.
The Minister and the CBN Governor gave this assurance at a joint press briefing at the end of the 2018 International Monetary Fund and World Bank Spring Meeting in Washington DC, United States.
Adeosun, who noted that the present growth outlook contrasted with the outlook in 2015, stated that inflation rate was slowing down while the foreign reserves were rising.
Expressing optimistic on the Federal Government’s sustenance of the growth trajectory, the Minister however called for vigilance and focus for the country not to fall back into recession.
She said, “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow but other countries do not have rooms to grow.
“By 2019, the growth will be far more robust than the present level in 2018. We are therefore very optimistic in sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers, particularly aggressively growing our revenue base.
“The Administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”
On the State-Owned-Enterprises such as the Nigerian National Petroleum Corporation, she disclosed that the Government would continue to efficiently and effectively manage their costs and plug leakages.
“We must make sure that every money that is earned comes in. We will drive the process of improving governance,” she added.
On the nation’s domestic debt, the Minister stated that the Government would not aggressively grow the debt.
“We are refinancing our inherited debt portfolio from short term Treasury Bills to longer tenured debt which has resulted in huge savings and reduction in costs of funds for the Government,” she said.
She disclosed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 due to the appeals from tax payers for more time to regularise their tax status.
She revealed that the present Administration has raised the tax payers’ base from 13 million in 2015 to 17 million as at 2018.
The Minister confirmed the recovery of the sum of US$322,515,931.83 Abacha funds from the Swiss Government into a special account in the CBN.
The funds, according to her, have been earmarked for the National Social Safety Nets programme of the Government.
“The objective of the National Social Safety Nets Project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system,” Adeosun stated.
The CBN Governor also reiterated Nigeria’s positive growth outlook, noting that a growth of 2.5 per cent had been projected by the IMF and World Bank for Nigeria.
He disclosed that the country’s foreign reserves had risen to US$47.93 billion.
“There is need to save for the raining day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks,” he explained.
He assured that concerted efforts were ongoing to realise the 80 per cent target for financial inclusion by 2020.
Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu After Rigorous Selection
In a significant leadership transition at one of Nigeria’s foremost military-civilian academic institutions, Professor Lawan Bala Buratai has been appointed as the new Vice Chancellor of the Nigerian Army University Biu (NAUB).
The appointment was announced following an intensive and merit-based selection process conducted by the Governing Council of NAUB at the Armed Forces Officers Mess and Suites, Asokoro, Abuja. The Council, under the chairmanship of Dr. Awwal Moriki, concluded its deliberations and formally presented the letter of appointment to Prof Buratai in a brief but momentous ceremony.
Dr. Moriki, while congratulating the new helmsman, described the selection as the culmination of a transparent and rigorous process aimed at identifying a visionary academic leader who embodies the university’s core values of excellence, discipline, and innovation.
With this appointment, Prof Buratai succeeds Professor Kyari Mohammed, whose single five-year tenure is widely credited with laying a strong foundation for the university’s academic and structural growth.
The Nigerian Army University Biu (NAUB) was established in 2018 as a unique public institution owned by the Nigerian Army and designed to serve both military personnel and civilians. Located in Biu, Borno State, the university was conceived as a strategic response to the security and developmental challenges facing Nigeria and the wider Sahel region.
NAUB is focused on entrepreneurship, innovation, defense studies, and technology-driven research. It offers undergraduate and postgraduate programs in diverse fields ranging from engineering and environmental sciences to social sciences, computing, and military history.
What sets NAUB apart is its civil-military partnership model, which aims to foster mutual understanding and collaboration between Nigeria’s armed forces and the general populace. The university plays a key role in developing indigenous solutions to security challenges while also contributing to national capacity building and economic resilience through education.
With increasing national and international recognition, NAUB continues to attract scholars and partnerships across Africa and beyond, committed to transforming it into a world-class institution in security and development research.
Professor Lawan Buratai, a respected scholar and administrator, is expected to lead the university into its next chapter—deepening academic standards, expanding infrastructure, and strengthening NAUB’s role in national transformation.
His appointment signals a continuity of vision with a renewed focus on excellence, innovation, and service to the nation.
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