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Tag: BMO

  • Insecurity: BMO urges military to maintain winning streak

    Insecurity: BMO urges military to maintain winning streak

    The Nigeria Armed Forces have been charged not to relent on their recent strategies which have effectively degraded the operational capacity of the insurgents.

    These strategies have improved and enhanced peace and security in the North-East and Nigeria generally.

    This was contained in a statement by the Buhari Media Organisation Chairman, Niyi Akinsiju and Secretary Cassidy Madueke, on Monday in Abuja.

    The BMO lauded the military’s various operational victories in counter-insurgency operations against the Boko Haram and the Islamic State of West Africa Province (ISWAP).

    It said that the bombardment of various operational bases, communication infrastructures, neutralising of top commanders of the insurgents have disoriented the insurgents’ camp.

    “This has resulted in their members deploying arson and attacking soft targets like the last kicks of a dying horse, aimed at projecting fear into the people’s psyche.

    “The officers and men have shown tremendous mastery in this war, sending a signal of strength that Nigeria’s territorial integrity remains intact by OWN troops who forestalled the planned subversion against her sovereignty without procuring the services of Private Military Contractors, otherwise known as foreign mercenaries.

    “For those with an in-depth knowledge of the goings-on in the North-East, the Buhari Administration’s approach in conducting its counter-terrorism and counter-insurgency operations has deployed a mass attack approach against the insurgents.

    “This has led to enclaves and hideouts being destroyed. Joining forces with our neighbours under the auspices of the Multinational Joint Task Force (MNJTF) has led the Nigeria Air Force (NAF) taking its firepower to the enemies’ camp by embarking on cross border strikes”.

    On the call for the Service Chiefs to be changed, BMO noted that “President Buhari as the Commander-in-Chief understands the impact rotating military chiefs strategically engaged in the frontline operations could have, and the potential dangers of taking the country and the region back to its pre-2015 moments.

    “The dynamics of asymmetric warfare underscore the need for leadership stability, to avoid tactical and operational mistakes that can be exploited by the insurgents to quickly recover from previous defeats and reorganise themselves, replace lost fighters and continue threatening destruction against Nigeria.”

    The BMO is of the opinion that “today’s war on terror is intelligence-driven. With the full cooperation of the community, actionable intelligence is derived and leads to victory against the insurgents.”

    BMO urged the public to continue supporting the Armed Forces in their quest to rid the North-East of the remnants of insurgents and build trust with their host communities as a key strategy in dominating the insurgents. (NAN)

  • 2.9% economic growth projection achievable in spite IMF’s position– BMO

    2.9% economic growth projection achievable in spite IMF’s position– BMO

    The Buhari Media Organisation (BMO) says the 2.9 per cent economic growth projection by the Federal Government for 2020 is achievable in spite of downward projection by the International Monetary Fund (IMF).

    A statement signed by its Chairman, Niyi Akinsiju and Secretary Cassidy Madueke in Abuja, said the IMF projection would be proven wrong.

    It disclosed that IMF position was arrived at after concluding its Article IV consultation with Nigeria.

    The BMO said the IMF downward growth projection for Nigeria from its initial 2.5 per cent to 2.0 per cent was off the mark.

    “They factored in obvious indicators that speak to weaknesses in terms of earnings, revenues and global trends fueled by the Coronavirus epidemic, which may indirectly affect Nigeria because of its impact on crude oil price that has hit economies around the globe.

    “It is a known fact that before President Buhari took over in 2015, Nigeria was a mono-economy with its budget mainly based on the price of crude oil at the international market.

    “Nigeria is in the process of active diversification. We have over the past four years commenced the process of looking inward and that is slowly but gradually taking our economy away from being foreign dependent.

    “The IMF may have forgotten that Nigeria is diversifying its economy, thanks to Buhari’s foresight that it would be suicidal to rely entirely on revenue from oil to generate funds to bankroll the developmental programmes of government.

    “This informed his decision to tow the path of economic diversification with focus on the development of agriculture, solid minerals, science and technology, manufacturing and Information Communication Technology (ICT).’’

    The organisation said the Central Bank of Nigeria (CBN) which was the monetary policy authority of the nation had also been proactive in this new thinking.

    It disclosed that the apex bank had raised Loan-to-Deposit Ratio (LDR) of banks from 60 to 65 per cent, principally to create more funds for credit to existing or new businesses.

    The organisation noted that the CBN’s LDR had ensured that more than two trillion Naira credit was created over the past six months, while businesses were being funded and capacity to produce had increased leading to rise in job creation.

    The BMO said that this would of course impact positively on the country’s GDP.

    According to the organisation, the Finance Act is also changing the economic environment, either in terms of growing new small and medium scale enterprises through tax exemption for companies that have less than N25 million annual turnover.

    “That is huge and it enhances investment for development.

    “Nigeria has shown progress, and considering the current policies’ deployments by the Federal Government, our GDP growth rate would increase and also improve our GDP to population growth ratio.

    “A number of legacy projects like Lagos-Ibadan expressway, Kashimbila Dam and hydro power project, Dadin Kowa dam are scheduled to be concluded and commissioned before the end of 2020. Lagos-Ibadan rail line will be operational by the beginning of the second quarter of this year.

    “All these will also have multiplier effects on the economy. We are moving away from being a foreign dependent economy by domesticating the capacity of our own economy which is important for growth.’’ (NAN)