100 Days of President Muhammadu Buhari

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100 Days of President Muhammadu Buhari

Table of Content Other Executive Summary 4 Day by Day News Coverage 9

Economic Data and Other Information 17

Appointments by the FGN 19 Economic Direction/Policies of the Buhari/Osinbajo Administration 21

Videos and other Visual Information/ 22

Related Links / Sources 23

Acknowledgements 24

Disclaimer 25

100 Days of President Muhammadu Buhari

EXECUTIVE SUMMARY

"No flower can remain in blossom for a hundred days" - Lao Tzu

The narrative around the 100-days review would appear to some persons as no more than a “fancy buzzword” or “boutique appraisal” that is only fulfilled based on convenience. For others, it represents a minimum requirement from political leaders to describe what they met, what they have done so far, what they intend to do; and what is expected of the citizens.

We align with the latter group and believe that when politicians campaign for a mandate and eventually win one, the voting public (the electorate) must in part-fulfilment of its own responsibility in this social contract, demand at all times an explanation or/and clarification of direction - holding elected officials to account at all times.

This would appear consistent with the natural intendment of our democratic ethos and remains a critical component of good sovereign governance.

It is thus fair to have expectations of a periodic feedback from our elected officials on the state of the republic i.e. what is going on in the country and where are we headed – in terms of security, economy, education, infrastructure, public services, jobs, competitiveness, opportunities and resolution of issues that can help us perfect our union as a people.

Yet it must be said, that underneath the chatter lays an unspoken truth – the people are impatient for change that would impact their lives. Change is neither a currency they can spend nor a luxury item they can afford to be waiting for. Change to the average Nigerian is not a love affair or an obsession with anniversaries but an open cry for help – for a better society, a chance to work, earn and afford a decent life with rights to efficient power supply, energy, quality and affordable schools for their children, well equipped hospitals, an efficient police and armed forces that protects them, good public infrastructure, the right to practice their faith without hindrance, and an opportunity to flourish and release their entrepreneurial talents.

Change for the Nigerian people is something personal and in this quest, the sheer magnitude of the demand for answers, amplified by the increased access provided by social media makes it a compelling engagement for this current crop of leaders than previous office holders.

This would appear to be what Nigerians are demanding as we hit the 100-days mark of the PMB/Osinbajo administration. We see it as setting the tone and template for future administrations in a new age.

To aid this exercise, we have therefore collated information, data and reports covering the 100-days to guide the process of appraisal; hoping to encourage a discourse premised on facts.

In the course of the exercise, we observed events, policies and decisions that would effect a significant shift in the current way of doing or thinking about governance in Nigeria.

100 Days of President Muhammadu Buhari

The seven (7) key game changers identified from the actions gleaned so far in the last 100-days based on publicly available information; which the economic, business, and financial markets must reflect upon:

1. Integrity and Accountability Backed Leadership: This has been one of the missing link in our governance architecture and should hopefully increase the possibility of a level playing field, public trust and a more purposeful public service. We note as a matter of emphasis the shift towards a more responsible and compliant posture to the constitution/rule of law with the commitment to addressing past failures as exemplified with the Ogoniland clean-up directive. If this is sustained, entities involved in environmental degradation will not find it business as usual.

The shift towards accountability, if sustained across board should see a renewed relevance for the Code of Conduct Bureau/ICPC which we hope will be enhanced in years to come with a requirement for a tax compliance declaration by political office holders. This should provide the much needed validation of assets and complement the work of the Internal Revenue Service which now can be expected to increase federal tax revenues from about N4trillion to N10trillion. Individuals and business entities are well advised to ensure that their tax situation are in order and hopefully, the FBIR would be conscious of possible dislocations that may arise in managing this change imperative.

2. Rebased GDP Slows Sharply: Nigeria recorded a 2.35%, GDP growth for Q2’2015. This is 3.65% lower than the 5-year average thus confirming that Nigeria is officially in an economic slowdown, a cycle before a recession as oil prices tumbled to a six-and-a-half year low of $42pb.

According to a September 02, 2015 report by FDC, Nigeria is grappling with lower oil production with the oil-Sector down by 6.79%. Oil is now 9.8% of GDP; manufacturing is down 0.07%, just as the services sector growth declined by 2.39% to 4.67%. Check the economic data summary in section 3 of the report for more insight into how stagflation is becoming manifest.

Suffice to say, the annual growth estimate for 2015 is now as low as 2% even as it must be said that Q2 2015 growth figures as released by the credible NBS was impacted by the election cycle and consequential stagnation that occurred leading to a shrinking purchasing power as FBNCapital reported in its PMI report for August 2015 which saw the index shrink in August 2015 to 49.2 from an earlier low of 50.6; showing a reduction in output across most sectors, especially manufacturing who will find consolation however in the related news that power output from the national grid in August spiked to 4,396MW just as the price of diesel is now down to N120 from N165 per liter in June 2015.

In the short-term, the Nigerian standard of living index - determined by terms of trade, labour productivity, and government policies is according to Nextnomics has seen trade decline by over 50%; labour productivity is low at $3.16 and declining; and government policies remains uncertain. All this must have impacted the “Misery Index” which increased by 9.5% to 35.7 for the period ended August 2105.

100 Days of President Muhammadu Buhari 3. A CBN at crossroads over Monetary Trilemma: A trilemma is either a choice among three unfavourable options, one of which must be chosen, or as a choice among three favourable options, of which only two are possible at the same time.

A situation where the inflation rate continues to rise month-on-month, the economic growth rate slows down, and unemployment continues to rise steadily (Q2 unemployed Nigerians increased by 0.7% to 8.2% while underemployed Nigerians increased also by 1.7% to 18.3%) – would suggest an economy in stagflation heading fast towards a recession (if we are not there already).

This raises a dilemma for economic, financial and monetary policy, since actions designed to lower inflation may exacerbate unemployment, and vice versa. The CBN is between the hard rock and the deep blue sea currently.

The capital dollar inflow in Q2, according to CBN is down to $2.67bn; 50% down from $5.8bn in Q2’2014 with external reserves slightly down in August by 0.2% to $31.4bn. The divergence between the IFEM rate and the BDC rate shrank to N8.37 before slipping again to N20.03 – all this is happening as SME’s and FCY e- commerce trades continue to struggle with the CBN policy on FX.

According to Nextonomics “Stagflation, using the Taylor Rule shows that monetary policy is very tight with CRR @ 31% and MPR @13%, while GDP and job creation has slowed down or disappearing. Inflation (9.2%), foreign exchange (10% gap), liquidity (30%), external reserves ($31.4b), & capital importation down by 54% coupled with a slowing GDP requires lowering MPR, LR, & CRR to help provide credit to the private sector (the engine of the economy) but could end up stoking inflation, banking liquidity, and capital flight. The chief headache for the CBN is what it does about depreciating the Naira which experts are agreed will encourage capital inflows but stoke inflation. At the same time, a relaxation of capital controls by the CBN would encourage capital inflows, but make exchange rates become more volatile.” Tough choices are required.

With M2 down to N18.43trn in July, 2.05% lower than in June 2015, as against a CBN growth benchmark of 15.24% for 2015. Year-on-year inflation in July 2015 returned flat at 9.2% .2% due to favorable harvest and an abundance of rainfall which dampened food prices ; just as core inflation rose to 8.8% driven by exchange rate restrictions which has led to a decrease in imported goods, reduced economic activity and lower inventory levels by firms – all indicating that August 2015 inflation figures are expected to increase to approx. 9.4% .

Debt repayment will become difficult with a slide in oil prices despite the fact that some states have restructured previous debt obligations. How and what the CBN does hereon will have a significant bearing on the economy. The sense of urgency is not yet discernable, but perhaps muted.

4. Implementation of the Treasury Single Account (TSA) policy: This policy (a core reform requirement in the concluding observations of Nigeria’s 2013 and 2014 IMF’s Article IV Consultations) was officially introduced last year by former President Goodluck Jonathan to block revenue generation leakages in phases, with about 42 MDAs in the first phase but was not fully effected even after a deadline was

100 Days of President Muhammadu Buhari set for MDAs for February this year; perhaps due to election issues which affected many aspects of governance. Compliance is now taking place without another circular from government.

The position, consistently advocated by Economic Associates has the singular capacity to allow for a proper capturing of government revenues, eliminate or reduce leakages and allow for a proper appraisal of the capital-recurrent mix of the Nigerian state.

The impact of this singular policy should be seen in an increased revenue generation by FGN as MDA’s move their several revenue accounts (estimated in the thousands) from banks to the Central Bank of Nigeria (CBN), including offshore accounts maintained by them. Other consequential impacts will be the enhanced leverage this provides for the CBN to manage interest rates and announce a significant reduction in its Cash Reserve Ratio (CRR) requirement on private deposits; as well as enhance the fortunes of good and well-managed banks not built around public sector funds who would not suffer immediate liquidity challenges.

5. Revamped Security Architecture: Dealing with internal and external threats decisively should enhance trade, commerce and communal living. This cannot be over-emphasized as the risk element which had continually risen should now be expected to witness a significant reduction.

6. Public Sector Shift towards Reform and Data-backed Administration: The decision to address the issues of “ghost workers” hitherto resisted by some MDA’s through the implementation of the Integrated Personnel and Payroll Information System in the public (IPPIS) gives an impetus to the possibility of a more structured, efficient and accountable public service. This shift towards the increasing deployment of data as an enabler in governance got a further boost with the harmonisation of the country’s various data banks hosted by different government agencies such as the Central Bank of Nigeria, the Nigerian Police, the National Population Commission, INEC, Customs, Immigration Service and others. The recalibration of the Oil Sector/NNPC will appear consistent with this new paradigm.

We anticipate that the government will take this a step further with a move towards a re-institution of the role, place and responsibility of the Nigerian civil service as the foundation for building institutions of governance which will most likely impact the roles, responsibilities and relationships of Ministers and Permanent Secretaries in governance; through a deliberate revert to a tried and tested administrative style that on paper, should reduce political interference and deliver efficiency. How this eventually shapes up and is executed may yet be discerned. What is however clear is the new emphasis on due process which should see changes occurring in the planning, budgeting, procurement and financial architecture of governance in Nigeria.

100 Days of President Muhammadu Buhari 7. Global Economic Risks and the Nigerian Economy: With oil prices reaching a 7-year low and future oil price path remains uncertain, the risks associated with volatility in financial markets and a possible hike in interest rates from the US coupled with China’s slowing economic growth and 2% devaluation (lower GDP growth in two major economic blocs--Euro-area and Japan) the implications for Nigerian economy would appear clear-cut according to Nextonomics.

Nigeria must now prepare for a slower global output growth constraining recovery of the oil price, with negative impacts on the country’s fiscal finances. Also, capital inflows famine in emerging markets including Nigeria as interest rates and yields rise in the US which creates a further pressure on Nigeria to devalue the Naira – a sentiment gaining ground and advocacy from foreign investors. The trillema the CBN is confronted with is a significant problem that should concern us all - a difficult choice from three options, each of which is (or appears) unacceptable or unfavourable.

The report hopefully has highlighted the trend, thinking and summation of expectations of a Nigerian economy and society that has some tough decision and choices before it.

Not lost on us is what appears to be the deliberate and systematic move(s) by the presidency which was made rather obvious when PMB formally announced his front office team of trusted and reliable aides on the anniversary of his being toppled by a previously trusted but treacherous team in August 1985.

It will thus appear that a lot is being kept close to chest by the administration and Nigerians may well have to prepare for a change in approach to governance than previously experienced.

It is our expectation that in line with sovereign change management ethos, issues around managing a structural change is fraught with many pitfalls and setbacks and it is in managing these challenges that Nigerians must direct their attention and judge the administration.

Hopefully, this modest effort of ours should help trigger a more extensive interaction amongst stakeholders on the need to set up bridges and firewalls to address the problems that brought us to this state; and the solutions to take us to the promised land.

The task of nation building has started and we will continue to retain a keen interest in developments. Do feel free to share with us your own views on the state of the union.

Thank you.

Olufemi AWOYEMI MD/CEO Proshare

100 Days of President Muhammadu Buhari

DAY BY DAY NEWS COVERAGE

Date News Extract Sector “Nigerians have shown their commitment to democracy and are determined to entrench its culture. Our journey has not been easy but 29-May- President Muhammadu thanks to the determination of our people and 15 Buhari Inaugural Speech strong support from friends abroad we have today a truly democratically elected Governance government in place”.

Nearly 30 years after he was ousted from 30-May- After 30 years, Buhari returns power, and after three failed attempts to 15 to power as Nigeria's elected Governance return, PMB, was sworn into office yesterday as the nation’s 15th leader.

President Muhammadu Buhari has finally President Buhari Appoints Femi announced the first set of appointments into his 31-May- Adesina, GarbaShehu as Admin administration. The President namedMr Femi 15 Spokesmen Adesina and Mal. GarbaShehu as his spokesmen. President Muhammadu Buhari and Vice Declare your assets publicly, President YemiOsinbajo have been urged to 1-Jun-15 SERAP urges Buhari, Osinbajo Transparency declare their assets publicly in line with their promises for transparency and accountability. President Muhammadu Buhari has written to

Buhari writes Senate, seeks the Senate seeking approval to appoint 15 2-Jun-15 Legislature approval to appoint 15 advisers advisers. It was Mr. Buhari’s first correspondence to the National Assembly since assuming office. President Muhammadu Buhari said he will Buhari to review Amnesty review a report by the human rights group, 3-Jun-15 International’s allegations Amnesty International, alleging widespread against Nigerian Military Security torture and extrajudicial killings by Nigerian military in the fight against Boko Haram. President Muhammadu Buhari on Wednesday assured Nigerians that he would do all within Nigerians won’t regret electing his powers to ensure that they would not regret 4-Jun-15 me, says Buhari Governance entrusting national responsibility to him by electing him during the March 28 presidential election. The Permanent Secretary, Ministry of Petroleum Resources and Head of Nigeria’s delegation to OPEC meeting, Dr. JamilaShu’ara, yesterday FG to Review PIB as House 5-Jun-15 Oil & Gas disclosed that the new administration headed Passes Oil Legislation by PMB would look into the Petroleum Industry Bill (PIB) and effect the necessary changes that will facilitate its early passage. Abuja, Nigeria, 6 June 2015: PMB says in fulfillment of one of their campaign promises, Buhari, Osinbajo's Assets To Be his declared assets and those of Vice President 6-Jun-15 Released After Verification By Yemi Osinbajo will be released to the public CCB Transparency upon the completion of their verification by the Code of Conduct Bureau (CCB PMB, on Sunday left Nigeria to attend the G7 Fashola, Dambazau accompany 7-Jun-15 Summit which begins in Bavaria, Germany on Buhari to G7 summit Governance Sunday. PMB okayed a three-pronged relief package Unpaid Salaries: Buhari okays including sharing of fresh allocations, granting 7-Jun-15 N804.7b lifeline for states - Finance of soft loans and restructuring of states’ debt- servicing payments. PMB arrived in Munich, Germany on Sunday, 7 President Buhari Arrives June, armed with the “wish list” of Nigeria in 8-Jun-15 Germany With Nigeria’s “WISH Governance line with the demand of the Group of Seven LIST” (G7) industrialized countries.

100 Days of President Muhammadu Buhari The military authorities have, in compliance with PMB’s May 29 directive, started moving Military moves command centre 9-Jun-15 their command centre to Maiduguri, Borno to Borno Security State, to combat the activities of Islamist militant group, Boko Haram. This Tuesday a statement issued by the Special President Muhammadu Buhari Adviser (Media and Publicity) to the President, 10-Jun- Reacts To Election Outcomes Of Mr. Femi Adesina, said PMB would have 15 Leaders Of The National Legislature preferred that the APC process of electing Assembly leaders been followed. PMB has rejected a proposal for an alternate leadership between Nigeria, Chad, Niger, Cameroun and Benin, of a joint military force against Boko Haram. He said a proposal that Buhari rejects proposal for such leadership alternate amongst the 11-Jun- Chad, Niger, others to head participating nations after every six months, 15 central force against Boko Security may ultimately undermine the joint operations. Haram The president said his argument should be adopted since Nigeria remains at the centre of the Boko Haram crisis, and will provide the bulk of troops for the operation. PMB on Friday made his first senior cadre appointment, naming Mohammed Dikwa as Nigeria’s new acting Accountant-General of the 12-Jun- Buhari appoints new Federation (AGF). The appointment, which 15 Accountant General Finance takes immediate effect from June 12, 2015, followed the retirement from service of Jonas Otunla. Buhari Receives Joda Report, The Transition Committee led by Ahmed Joda 13-Jun- Heads to South Africa for AU on Friday at the Defence House, Abuja finally 15 Summit Governance submitted an 800-page report to PMBi. President Muhammadu Buhari on Saturday Buhari Promises Improved 14-Jun- promised that education would receive the Budgetary Allocation to 15 Finance needed budgetary allocation in order to boost Education the education sector. PMB attributed the delay in his appointment of ministers to the late submission of the transition committee’s report on the previous 15-Jun- Why I have not appointed Governance administration to him. The President said he 15 ministers yet – Buhari was being careful in order not to make mistakes in appointing individuals especially to key positions such as in the finance and petroleum ministries The Nigerian Electricity Regulatory Commission 16-Jun- FG issues 774mw generation Energy (NERC) yesterday issued four licences that will 15 licenses for solar, gas generate about 774megawatts (mw) electricity

using solar and gas. Source Daily Trust. PMB regretted yesterday that those he regarded as ‘strong men’ have destroyed Strong men have destroyed 17-Jun- Governance institutions in Nigeria but promised that his instititutions in Nigeria — 15 administration would do its best to ensure that BUHARI institutions bequeathed to the country by the British colonial leaders were restored. The Bureau of Public Enterprise (BPE) has faulted a media report that it wrongly procured FG approved our N929m PHCN 18-Jun- Energy the payment of N929 million as legal fees for wind-up contract, recruitment – 15 the wind-up of the defunct Power Holding BPE Company of Nigeria (PHCN) alongside its recent recruitment. Weeks after the inauguration of the PMB’s 19-Jun- Foreign Reserves Drop To Economy administration, the nation’s foreign reserves 15 $29.004b - went down by 2.73 percent. Buhari: Democracy Should be PMB on Friday charged Nigerians to accept 20-Jun- Lifestyle, not Government Governance democracy as a lifestyle as against a system of 15 System government. At last, President Muhammadu Buhari on 21-Jun- At Last, Buhari Moves Into Villa Sunday evening moved into his official 15 Admin residence in the Presidential Villa, Abuja.

100 Days of President Muhammadu Buhari his new government is battling to reshape gloomy position of the Nigeria , saying he met an almost empty treasury and huge debts left behind by his predecessor. Mr. Buhari also said 22-Jun- I met huge debts, “virtually Finance the tradition of expecting an incoming 15 empty treasury” – Buhari government to turn in its report card within the first 100 days in office puts enormous pressure on the present government given the current state of things. Buhari cuts number of aides, PMB slashed the number of aides and 22-Jun- journalists for foreign, local Admin journalists that would accompany him on both 15 trips foreign and local trips. PMB oni Tuesday in Abuja assured state governors that the days of impunity, lack of accountability, and fiscal recklessness in the management of national resources are over in Buhari talks tough, vows to 23-Jun- Nigeria. Speaking at a meeting with the recover billions of dollars stolen Anti-Corruption 15 governors in the Presidential Villa, Mr. Buhari by past officials also vowed that funds stolen by government officials who abused their offices in the recent past will be recovered and systemic leakages stopped. PMB said in Abuja that his administration has Buhari secures U.S., others’ received firm assurances of cooperation from 23-Jun- support to recover billions Anti-Corruption the United States and other countries on the 15 stolen from Nigeria recovery and repatriation of funds stolen from Nigeria. From 38 in January this year, the number of 25-Jun- Nigeria’s active oil rigs fall by active oil rigs in Nigeria plunged to 28 in April, Oil & Gas 15 26% mostly triggered by the slump in global crude oil prices. Helped by exchange gains, Nigerian government gross revenue (exclusive of VAT) 26-Jun- Government revs up revenue by moved up for the first time in months by Finance 15 N42bn N41.999 billion to N324.061 billion in May from N282 billion April figure, but still abysmally lower than the budgeted N514 billion. The Federal Government is building a helipad in Presidency Builds Helipad in 28-Jun- Daura, Katsina State, in order to ensure a Daura, Maintains Only Six Security 15 direct flight for PMB whenever he visits his Serviceable Aircraft country home.

29-Jun- Buhari Inaugurates National PMB will today inaugurate his administration’s Economy 15 Economic Council Today National Economic Council (NEC).

‘NNPC, CBN, Customs, NPA The Federal Government is planning to borrow 30-Jun- between N180bn and N240bn through the sale must remit incomes into Finance 15 of government bonds in the third quarter, the Federation Account’ Debt Management Office has said. The Federal, state and local governments Govts share April’s N307b received N307.45 billion (excluding deductions 1-Jul-15 Finance derivation fund and transfers) from the federation account’s 13 per cent derivation fund. PMB has recommended the appointed of Mrs. Buhari Appoints Amina Zakari Amina Bala Zakari as the acting Chairman of 2-Jul-15 Acting INEC Chairman as Jega Electoral Process the Independent National Electoral Commission Steps Down (INEC) following the conclusion of the term of office of Prof. Attahiru Jega. PMB on Thursday appointed Mr. Lawal Musa Buhari appoints Daura as DSS 3-Jul-15 Security Daura as the new Director-General of the boss Department of State Security Service.

Buhari Warns on Injustice, PMB speaks to the issue of political intolerance 4-Jul-15 Political Harassment by Any Security and harassment Nigerian

PMB yesterday assured Nigerians that his Buhari Pledges Thorough Probe administration would ensure that all cases of 5-Jul-15 of Political Assassinations, Security political assassinations, intimidation and Kidnappings in Nigeria kidnappings in the country are thoroughly

100 Days of President Muhammadu Buhari investigated and the perpetrators speedily brought to justice, irrespective of their political affiliations.

The Depot and Petroleum Products Marketers Association (DAPPMA) has expressed deep FG Is Owing Us Over N300bn – 6-Jul-15 Finance concern that the federal government has kept DAPPMA mum over the huge subsidy debt owed to marketers. The federal government yesterday approved Unpaid Salaries: Buhari okays the distribution of $1.7 billion from the Excess 7-Jul-15 Finance N804.7b lifeline for states Crude Account (ECA) among the three-tiers of government. Nigeria on Wednesday abstained from voting on a Security Council resolution that would have Buhari chooses to be neutral as dubbed the 1995 massacre at Srebrenica 8-Jul-15 Nigeria abstains from crucial Foreign Affairs during the Bosnian war, a “crime of genocide”. UN vote Nigeria was joined by fellow African country, Angola, as well as China and Venezuela, to abstain from voting. As a result of tight fiscal policy anchored on blocking of leakages, Nigeria’s foreign reserves Foreign Reserves Rises To 9-Jul-15 Economy has risen from $29.1 billion left by the $31.89bn immediate past government to $31.89 billion presently. PMB will only receive 50% of the salary paid to his predecessor, Goodluck Jonathan. The president’s decision to take a pay cut was conveyed to the Office of the Secretary to the 10-Jul- Buhari, Osinbajo take 50% pay Governance Government of the Federation. The current 15 cut annual remuneration of the President of Nigeria as published by the Revenue Mobilisation Allocation and Fiscal Commission is N14, 058,820.00. As part of his plans to actualise his campaign promise of reducing the huge cost of 11-Jul- Buhari to earn N28.12m in four governance to free funds for the delivery of Governance 15 years, N7m a year democracy dividends, PMB and his deputy, Professor Yemi Osinbajo have slashed their salaries by 50 per cent. PMB’s failure to constitute his cabinet over 40 12-Jul- Buhari's Delayed Appointments days after taking over power is unsettling top Governance 15 Unsettle APC leaders of his party, All Progressives Congress (APC), THISDAY can reveal. Nigeria’s foreign exchange reserves which stood at $29.00 billion as at June 30 rose to $29.719 13-Jul- Foreign Reserves Rise By billion on July 8, indicating that it grew by $719 Economy 15 $719m In Eight Days million during the eight day period, data from the Central Bank of Nigeria (CBN), showed on Sunday. PMB has approved N160 to $1 exchange rate 14-Jul- Buhari okays N160 to $1 for Economy for the Nigeria Christian Pilgrims Commission’s 15 Christian pilgrims (NCPC) operations. The Vice-President, Professor YemiOsinbajo (SAN), has called on the international community to develop appropriate mechanism Osinbajo Asks World Leaders to 15-Jul- to dismantle safe havens and ensure Dismantle Safe Havens for Anti-Corruption 15 repatriation of stolen funds and assets to the Stolen Funds countries of origin as mandated in the United Nations Conventions Against Corruption and Transnational Organised Crime. Oil giant Nigerian National Petroleum 16-Jul- NNPC under fire over $1.2b Corporation (NNPC) is in the news again – over Oil & Gas 15 transfer its bid to transfer $1.2 billion from commercial banks to the Central Bank of Nigeria (CBN).

President Buhari Appoints PMB appoints Abdullahi Gana Muhammadu as 17-Jul- Abdullahi Gana Muhammadu As Security new Commandant-General of Nigerian Security 15 New Civil Defence Boss and Civil Defence Corp

100 Days of President Muhammadu Buhari Garba Shehu told SaharaTV that “merit was the Buhari Vows To Bring Back yardstick that was used to generate these 18-Jul- Stolen Money, Garba Shehu Anti-Corruption appointments. I don’t think it will be helpful for 15 Says us to be counting the number of Hausa, Yoruba and Igbo appointments. 19-Jul- Buhari Leaves Nigeria For U.S PMB is expected to arrive Washington D.C in Foreign Affairs 15 With 33 Delegates the United States at 9pm, Nigerian time.

PMB confirmed that he will not appoint ministers until September. “In Nigeria’s case, it would neither be prudent nor serve the 20-Jul- No Ministers for Nigeria till interests of sound government to have made Governance 15 September – Buhari these appointments immediately on my elevation to the presidency; instead, Nigeria must first put new rules of conduct and good governance in place. The Revenue Mobilisation, Allocation and Fiscal Commission has said that it cannot stop 21-Jul- Salary cut: We can’t stop Finance President Muhammadu Buhari or any other 15 Buhari, says RMAFC political office holder from cutting down on their salaries and allowances. PMB yesterday, said that no corrupt member of 22-Jul- No corrupt APC member’ll his party, the All Progressives Congress (APC), Anti-Corruption 15 escape justice — Buhari or associates will go scot-free in his anti-graft war. Nigerian Shippers Council, Cross River State Dredging of Calabar Port: FG 23-Jul- chapter, has alleged that the Federal paid N20bn to mystery firm, Maritime 15 Government paid a whopping N20 billion to a shippers’ council alleges firm with no known address. Following the declaration of force majeure by Integrated Energy Distribution and Marketing 24-Jul- FG takes over Yola Disco from Company, the core investor in the Yola Energy 15 private investors Electricity Distribution Company, the Federal Government has taken over the beleaguered power firm. Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday, disclosed that Foreign Reserves Rise As Nigeria’s foreign reserves have increased from 25-Jul- President Buhari Continues Economy $28.57 billion at the end of May to $31.53 15 Plugging leakages billion as of July 22, 2015, following blockage of leakages by PMB as his anti-graft war gathers momentum As part of the ongoing reform of several strata Ministers Won't Award of the Nigeria, PMB has disclosed that ministers 26-Jul- Contracts Again, Says President Anti-Corruption won’t be having the luxury of awarding 15 Buhari contracts or getting corrupt in how contracts are awarded. The N300 billion Central Bank of Nigeria (CBN) 27-Jul- N300b CBN workers’ pay Finance lifeline, which will enable them pay their 15 bailout for 27 states ready workers, will be ready in two weeks. There was no resolution on Monday on the crisis rocking the House of Representatives over House: President Orders its principal offices, as PMB, at a meeting with 28-Jul- Lawmakers to Resolve Crisis Legislature the lawmakers of the ruling All Progressives 15 Before Plenary Tuesday Congress (APC), only succeeded in ordering them to resolve their differences ahead of resumption of today’s plenary. The Nigeria Customs Service (NCS), on Customs seals warehouses of 29-Jul- Tuesday, sealed warehouses of defaulting rice rice importers over N23.6b Finance 15 importers over non-payment of N23.6 billion excess levy excess importation levy. The Nigerian National Petroleum Corporation has announced the successful re-streaming of 30-Jul- P’Harcourt, Warri refineries Oil & Gas the Port Harcourt and Warri refineries after nine 15 begin crude production – NNPC months of phased rehabilitation conducted by its in-house engineers and technicians

100 Days of President Muhammadu Buhari

Nigeria’s President Plans To PMB plans to split the state-owned Nigerian 31-Jul- Split State Oil Company Into Oil & Gas National Petroleum Corporation (NNPC) into two 15 Two Entities entities, his spokesman said on Saturday.

PMB has appointed Alhaji Mohammed Kari as 1-Aug- Buhari Appoints Kari as the Commissioner for Insurance and Chief Finance 15 NAICOM's CEO Executive of the National Insurance Commission. As part of efforts to reduce corruption in the Audit Queries Must Be 2-Aug- civil service, President Muhammadu Buhari has Answered within 24 Hours - Admin 15 ordered that henceforth, all audit queries must Buhari be answered within 24 hours. On a month-on-month basis, the rise was $2.262 billion or 7.80 per cent, while on year- 3-Aug- External Reserves Rise By Economy to-date basis, the drop in reserves level 15 $2.27b In July reduced to $3.197 billion or 9.28 per cent from $34.468 billion as of December 31, 2014. The Federal Government through the National Automotive Design and Development Council 4-Aug- FG grants 12 additional auto Automobile (NADDC) has awarded licenses for the 15 assembly plants licences establishment of 12 new vehicle assembly plants in the country. PMB has warned that the federal government 5-Aug- FG Reads Riot Act to Illegal will no longer tolerate illegal mining and other Mining 15 Miners improper activities that have inhibited the growth of Nigeria’s solid minerals sector. PMB yesterday ordered the Ministry of Aviation 6-Aug- Buhari orders quick action on Aviation to expedite action on the establishment of a 15 new national carrier new national airline for the country. Federal Government is to appoint two reputable FG Set For Forensic Audit Of international firm for a forensic audit of 7-Aug- NNPC, NIMASA, Customs, NPA, Anti-Corruption accounts of the all its revenue generating 15 Others agencies, in a bid to promote transparency in public accounting system. PMB has said Nigerians must stop paying mere 8-Aug- We must go back to Agriculture lip service to agriculture, as crude oil and gas Agriculture 15 as Oil Revenue Shrinks exports will no longer be sufficient as the country’s major revenue earner. Vice President Yemi Osinbajo on Saturday VP Osinbajo: Buhari’s Probe of stated that PMB’s probe of former President 9-Aug- GEJ’s Government is Nothing Anti-Corruption Goodluck Jonathan‘s administration is nothing 15 Personal personal – it is just a general initiative for fighting against impunity. PMB has given the instructions for each and every Federal Government Ministry, Buhari recalls order for MDAs to 10-Aug- Department or Agency to start paying into a operate Treasury Single Anti-Corruption 15 Treasury Single Account (TSA) for all Account government revenues, incomes and other receipts. PMB has appointed a Presidential Advisory ItseSagay heads Advisory 11-Aug- Committee against Corruption headed by Committee on war against Anti-Corruption 15 Professor Itse Sagay, a prominent professor of Corruption law and civil rights activist. Following PMB’s directive ordering all federal ministries, departments and agencies (MDAs) In Major Reform, FG Begins to remit all government revenue into the 12-Aug- Implementation of TSA Anti-Corruption Treasury Single Account (TSA), the Head of 15 Service, Mr. Danladi Kisali, has announced that the e-Collection of government receipts came into effect yesterday. “I want to reiterate that your appointments and subsequent elevation to these ranks are based on your pedigree as first class senior officers 13-Aug- Buhari swears in new Service who identify sterling leadership qualities. Security 15 Chiefs Therefore I have no doubt in my mind that all of you are equal to the task ahead of you. You must acquaint yourselves and justify the honour done to you”.

100 Days of President Muhammadu Buhari PMB has terminated the appointment of the Managing Director of the Nigerian Ports 14-Aug- Buhari Sacks NPA MD, Ado Admin Authority (NPA), Alhaji Sanusi Ado Bayero, who 15 Bayero, Reinstates Abdullahi was appointed by former President Goodluck Jonathan in the twilight of his administration Indians in Nigeria advised to invest in Nigeria’s India/Africa Summit: Buhari textile, agricultural sectors as India, one of 15-Aug- Keeps India in the Dark on Economy Nigeria’s longstanding bilateral partner 15 Nigeria’s Participation expresses worries that PMB is yet to confirm Nigeria’s participation at the……. The Deputy President of the Senate, Ike Senate Will Reconvene if Buhari Ekweremadu on Sunday in Enugu disclosed that 16-Aug- Sends Ministerial List, Says Legislature the Senate will reconvene from its recess once 15 Ekweremadu it receives signal that PresidentMuhammadu Buhari is ready with his ministerial list PMB has concluded plans to recover all 17-Aug- Buhari to recover govt houses government property still in possession of Anti-Corruption 15 from Jonathan’s men government officials who served under former President Goodluck Jonathan.

Buhari orders review of PMB says he will gladly reverse or abandon 18-Aug- economic policies ahead of Economy some inherited economic policies if doing so will 15 2016 budget lead to the creation of more jobs for Nigerians.

PMB has approved the dissolution of the President Buhari approves Executive Management Team of the Assets 19-Aug- Appointment of New AMCON Finance Management Corporation of Nigeria (AMCON). 15 MD and Executive And appointed new members of the Board subject to senate approval

PMB has appointed William Babatunde Fowler 20-Aug- Buhari Appoints Tunde Fowler Finance as Executive Chairman of Federal Inland 15 to head FIRS Revenue Service

PMB nominates former President Olusegun 21-Aug- Buhari picks OBJ as envoy to Admin Obasanjo as his special envoy to mediate in the 15 Guinea Bissau conflict in the West Africa country.

The Federal Government has begun moves to 22-Aug- Buhari To Set Up Special Courts establish special courts to try corruption-related Anti-Corruption 15 For Looters cases as part of the efforts to fight graft in the country. PMB on Sunday in Abuja urged Nigerian lawyers Don't cover the misdeeds of not to sacrifice the integrity of the country’s 23-Aug- crooks, Buhari urges Nigerian Anti-Corruption legal system in a bid to cover the misdeeds of 15 lawyers their clients, no matter how lucrative the brief may be. PMB has directed the National Security Adviser Buhari raises 13-member panel to convene an investigative committee on the 24-Aug- to probe weapon procurement procurement of hardware and munitions in the Security 15 since 2007 Armed Forces from 2007 till now, a statement by the Special Adviser to the President on

Media and Publicity, Femi Adesina, has said. PMB has approved the cancellation of offshore processing and crude swap deals for refined oil Buhari cancels NNPC crude 25-Aug- products between the Nigerian National swap deals with traders Oil & Gas 15 Petroleum Corporation (NNPC) and oil traders,

Reuters reported quoting presidency sources yesterday. President Muhammadu Buhari has approved the following appointments: Engr. Babachir David Lawal – Secretary to the Government of the Federation.Alhaji Abba Kyari – Chief of Staff to 26-Aug- Buhari Appoints SGF, CoS, Admin the President. Col. Hameed Ibrahim Ali (rtd.) – 15 others Comptroller-General, Nigerian Customs Service Mr. Kure Martin Abeshi – Comptroller-General, Nigerian Immigration Service. Senator Ita S.J. Enang – SSA to the President on National

100 Days of President Muhammadu Buhari Assembly Matters (Senate). Hon. Suleiman A. Kawu – SSA to the President on National Assembly Matters (House of Representatives).

PMB has granted licences to 65 Nigerian companies to construct modular refineries. The 27-Aug- Buhari approves 65 licences for Oil & Gas companies were selected from about 285 15 private refineries applications that were screened for the purpose. PMB said on Thursday in Abuja that Nigeria, Buhari Pledges to Work with under his leadership, would work more closely 28-Aug- Saudi Arabia, Turkey to with other countries facing the challenge of Economy 15 Diversify Economy falling oil prices to rapidly move away from dependence on crude oil exports for economic survival. PMB has directed the Governor of the Central Amnesty: Buhari Directs CBN To Bank of Nigeria (CBN), Godwin Emefiele to 29-Aug- Security / Internal Pay Tuition fees Of Ex-Militants ensure the outstanding tuition, stipends and 15 Affairs allowances of all amnesty beneficiaries are paid without further delay. PMB, yesterday, reassured the parents of the 30-Aug- Buhari gives succour to Chibok Security / Internal abducted Chibok school girls of his 15 girls’ parents Affairs government’s determination to rescue the girls alive. In line with the federal government’s resolve to reflate economic activities in the country, the 31-Aug- Bailout: CBN Injects N338bn in Central Bank of Nigeria (CBN) will this week Finance 15 27 States to Stimulate Economy continue the disbursement of its special intervention fund totaling N338 billion to 27 states in the country. The Federal Government has directed the new Comptroller-General, Nigeria Immigration Service, Martins Abeshi, to, as a matter of Deploy more personnel in Security / Internal urgency, deploy more personnel in the 1-Sep15 borders, FG orders Immigration Affairs country’s land, air and water borders. It also admonished the CG to take decisive measures in addressing corrupt practices, indiscipline and wrong-doings in the service. PMB on Tuesday announced of his plans to Buhari signals plans to reinvigorate the EFCC and ICPC as well as other 2-Sep-15 overhaul EFCC, ICPC Admin anti-corruption agencies, as part of strategies to reinforce accountability in the nation’s public governance.

The Department of State Services (DSS) has DSS Retires Marilyn Ogar, 14 3-Sep-15 relieved 2 Directors and 13 other senior officials others from the service. Security

Presidency discloses details of PMB and Vice President Yemi Osinbajo released 4-Sep-15 Buhari, Osinbajo’s assets Anti-Corruption details of their declared assets.

The presidency has named a former North Presidency appoints U.S-based American Bureau Chief of The Guardian, Laolu 4-Sep-15 journalist, Akande, as VP Admin Akande, as a Senior Special Assistant to lead Osinbajo’s spokesperson the media and communication unit in the office of Vice President Yemi Osinbajo.

100 Days of President Muhammadu Buhari

ECONOMIC DATA AND INFORMATION

Financial Buhari's 100days Reference DAY BY DAY Crisis Yrs May Sept NEWS COVERAGE 2008 2009 Jun 30'15 Source Refrence Note Indicators 30'15 04'15 Further work is on- Security NA NA NA NA NA going GDP Annual Growth Rate 7.1 7.67 3.96 2.35 2.35 CBN (%)

Reserves ($'B) 29.6 29.07 31.5 CBN

Inflation (%) 15.1 13.9 9 9.2 9.2 CBN

Exchange Rate (Official N) 196.95 196.95 197 CBN

Parallel Market (Official N) 218 228.5 222.5 TheAnalyst

Bank Lending Rate (%) 21.15 23.27 26.43 26.84 27.03 CBN

MPR (%) 9.75 6 13 13 13 CBN

CRR (%) 31 31 31 CBN

Data released Quarterly. Q1'15

Unemployment (%) 14.9 19.7 7.5 8.2 8.2 NBS figure used for May and Q2'15 Figures for June & September

Bills Passed (NASS) 123 NA NA

Data released Quarterly. Q1'15

Total Foreign Trade 4,392,738 4,372,429 4,372,429 NBS figure used for May and Q2'15 Figures for June & September

July & August data

Power (Mw) 4,113 3,240 NA NERC not available as at 03-Sept-15 Data released Quarterly. Q1'15

Employment (Jobs Created) NV NV 469,070 141,368 141,368 NBS figure used for May and Q2'15 Figures for June & September

Data released Quarterly. Q1'15

Total Public Debt (N)billion NV NV 12.06 12.12 12.12 DMO figure used for May and Q2'15 Figures for June & September

Data released Quarterly. Q1'15 Trading Consumer Confidence Index -10.00% -12.40% -12.40% figure used for May economics and Q2'15 Figures for June & September Crude Oil Price (Brent) 44.36 75.11 50.72 CBN US$/Barrel August (Most Purchasing Manager Index FBN NA NA 49.04% 56.00% 49.20% current) data used (%) Capital for Sept Stock Market Capitalisation 6.96 4.99 11.66 11.42 10.15 TheAnalyst (N)Trillion

100 Days of President Muhammadu Buhari

Source: Nextnomics – Nigeria’s Global Competitiveness Ranking

100 Days of President Muhammadu Buhari

APPOINTMENTS BY THE FGN

APPOINTMENTS IN NIGERIA May 29, 2015 to September 04, 2015 S/ Name of N Position Institution Sector Appointee Date Zone Replaces Zone Muhammed Lawal 30-May- 1 ADC Presidency Security Abubakar 15 NW Ojogbane Adegbe NC Sen. Special Ass. Media & 31-May- 2 Publicity Presidency Media Garba Shehu 15 NW Doyin Okupe SW Spec. Adv, Media & 31-May- 3 Publicity Presidency Media Femi Adesina 15 SW Reuben Abati SW Mohammed State Chief of 31-May- Jameel Abubakar- 4 Protocol Presidency Admin Abdullahi Kazaure 15 NW Waziri NW Accountant General of Civil 25-Jun- 5 Federation Service Finance Ahmed Idris 15 NW Jonah Otunla SW 29-Jun- 6 Director DPR Oil Modecai Ladan 15 NW George Osahon SS 30-Jun- 7 Ag. Chairman INEC Poltical Amina Bala Zakari 15 NW Attahiru Jega NW 8 Director General DSS Security Lawal Daura 2-Jul-15 NW Ita Ekpeyong SS Chief of Defence Abayomi 13-Jul- 9 Staff Defence Security Olonishakin 15 SW Alex Badeh NE Chief of Army 13-Jul- 10 Staff Army Security T.Y. Buratai 15 NE Kenneth Minimah SS Chief of Naval 13-Jul- 11 Staff Navy Security Ibot-Ete Ekwe Ibas 15 SS Usman Jibrin NC 13-Jul- 12 Chief of Air Staff Air Force Security Sadique Abubakar 15 NE Adesola Amosu SW Chief of Defence 13-Jul- 13 Intel Defence Security Riku Morgan 15 NC Gabriel Okoi SS/NC National Babagana 13-Jul- 14 Security Adviser Presidency Security Monguno 15 NE Sambo Dasuki NW Commandant AbdullahiGana 17-Jul- 15 General NSCDC Security Mohammed 15 NC Ade Abolurin SW Ag. Director 27-Jul- Patrick 16 General NIMASA Maritime HarunaJauro 15 NE Akpobolokemi SS Niger Delta Amnesty 28-Jul- 17 Special Adviser Office Admin Paul Boroh 15 SS Kingsley Kuku SS Commissioner Insuranc 31-Jul- 18 for Insurance NAICOM e Mohammed Kari 15 NW Fola Daniel SW Executive Vice- Umaru Garba 4-Aug- 19 Chairman NCC ICT Danbatta 15 NW Eugene Juwah SS Emmanuel Ibe 4-Aug- Joseph 20 GMD NNPC Oil Kachukwu 15 SS ThlamaDawha NE Group Executuve 11-Aug- 21 Director NNPC Oil Maikanti Baru 15 NE Ian Udoh SS Group Executuve 11-Aug- 22 Director NNPC Oil Isiaka Abdulrazaq 15 NC Bernard Otti SE Group Executuve Dennis 11-Aug- 23 Director NNPC Oil NnamdiAjulu 15 SE Adebayo Ibirogba SW Group Executuve Babatunde Victor 11-Aug- 24 Director NNPC Oil Adeniran 15 SW Attahiru Yusuf 13-Aug- Sanusi Ado 25 MD NPA Maritime Habibu Abdulahi 15 NW Bayero NW

100 Days of President Muhammadu Buhari 18-Aug- 26 MD AMCON Banking Ahmed Lawan Kuru 15 NW Mustafa Chike-Obi SE Executive William Babatunde 20-Aug- Sunday 27 Chairman FIRS Finance Fowler 15 SW Odugbesan SW Budget Aliyu Yahaya 20-Aug- 28 Director General Office Finance Gusau 15 NW Bright Okogu SS Comptroller Internal 27-Aug- 29 General NIS Affairs Martin Kure Abeshi 15 NC David Parradang NC Comptroller Hameed Ibrahim 27-Aug- 30 General Customs Trades Ali 15 NC DikkoAbdullahi NW Babachir David 27-Aug- 31 Secretary to FG Presidency Admin Lawal 15 NE Anyim Pius Anyim SE Chief of Staff to 27-Aug- Jones Oladehinde 32 the President Presidency Admin Abba Kyari 15 NE Arogbofa SW SSA to the President on National Joy Emordi SE Assembly Matters 27-Aug- 33 (Senate) Presidency Admin Ita S.J. Enang 15 SS SSA to the President on National Joy Emordi SE Assembly Matters (House 27-Aug- 34 of Reps) Presidency Admin Suleiman A. Kawu 15 NW Deputy Chief of Rahman Adeola 3-Sep- Mohammed NE 35 Staff Presidency Admin Ipaye 15 SW Kachalla Abubakar Senior Special Assistant (Media Umar Sani NW & Publicity), VP 3-Sep- 36 Office Presidency Media Laolu Akande 15 SW

100 Days of President Muhammadu Buhari

ECONOMIC DIRECTION/POLICIES OF THE BUHARI/OSINBAJO ADMINISTRATION

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100 Days of President Muhammadu Buhari

VIDEOS AND OTHER VISUAL INFORMATION

PMB Meets with Barack Obama at The PMB at Chatham House, London White House

PMB speaks on his visit to the US with

Christiane Amanpour

Related Links 1. Nigeria: A Conversation with President Muhammadu Buhari| United States Institute of Peace

2. Buhari Discusses Nigeria's Challenges With Leaders In G7 Summit -- 08/06/15| Channels TV

3. President Buhari Chairs Peace and Security Meeting at AU Summit| NTA News

4. Buhari Anti-corruption and The Nigerian Polity

5. TSA for MDAs Implications for Nigerian’s Political Economy

100 Days of President Muhammadu Buhari