Economy: Soludo Is To Blame - FG
ABUJA, (THEWILL), SEPT 15 - The federal government today moved to discredit the comments made by the former governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo on the poor performance of the economy, laying the blame of the crisis in the banking sector squarely at Soludo’s doorstep.
Speaking to State House Correspondents shortly after the weekly Federal Executive Council (FEC), at the Presidential Villa, Abuja, Mr. Labaran Maku, Minister of State, Information and Communication, said until recently, Soludo was in charge of the CBN and should therefore be held accountable for any problem in the financial sector.
Today’s FEC meeting approved the augmentation of contract for the completion of the revised estimated total cost for Sabk Dam head work and access road project in Daura Local Government Area of Katsina State at a cost of N1.2 billion with a 10 months completion period.
The Ministry of Water Resources also proposed and got approval for ratification of the law of Non-navigational uses on international watercourse to conform with the legal requirements following its adoption by the United Nations General Assembly.
The Ministry also got approval for expansion of the Owena Water Treatment Plant project in the sum of N11.7 billion with a completion period of 24 months.
The Minister said N1 billion had been provided for the project in the 2010 budget.
Other approvals at the Wednesday meeting were the ratification of the agreement on the functioning of the Gas Exporting Countries Forum (GECF), the signing of the convention on substantive rules regarding intermediate securities which is also known as the Geneva Securities Convention and the ratification of the hosting agreement signed between the Federal Government of Nigeria and African Minister's Council on Water (AMCOW).
Information and Communication Minister, Professor Dora Akunyili said, "the objectives of the convention include the promotion of growth and development of global Capital Markets through establishment of a common legal framework aimed at protecting investors, including legal and associated risks and costs in relation to domestic and cross-border transactions involving intermediated securities."