Tag Archives: ECA

former Chief economist passes on, ECA Mourn.

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ECA – The Economic Commission For Africa has joined the mourning train over the death of one of its most distinguished Chief Economists, Prof. Owodunni Teriba, who was buried on Tuesday in Chicago, Illinois in the United States of America.

In a statement by its Communications Section on Tuesday, the United Nations agency lauded Prof. Teriba’s contribution to the economic development and growth of the African continent.

The 82-year old, who died on Friday in Chicago, was a distinguished Professor of Economics and an accomplished scholar who worked at the ECA in various capacities for 18 years.

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He retired in February 1998, after serving as Chief Economist of the Commission and Director of the then Socio-Economic Research and Policy Division (SERPD) under the late Prof. Adebayo Adedeji.

Teriba led the development and implementation of several initiatives in support of accelerating Africa’s development, including the African Alternative Framework to Structural Adjustment Programmes for socio-economic recovery and transformation (AAF-SAP).

Executive Secretary of ECA, Ms Vera Songwe, said the work Teriba did for the continent of Africa during his time at the ECA will never be forgotten.

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Teriba first came to the ECA in 1980/81 while he was on sabbatical from the University of Ibadan, Nigeria, and later in 1985 as the Senior Regional Adviser to Member States of the Commission on economic surveys, research and planning.

He rose to become the ECA’s Chief Economist under Prof Adedeji, the then Executive Secretary of ECA.

Songwe recalled that Teriba contributed immensely to the Lagos Plan of Action (LPA) and the Final Act of Lagos (FAL) that were adopted by the African Heads of State and Governments in 1980.

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“He also contributed to Africa’s Priority Programme for Economic Recovery (APPER) that formed the basis of the UN Programme of Action for African Economic Recovery and Development (UN-PAAERD) that was adopted by the UN General Assembly in 1986.

“Teriba also played a leading role in the United Nations New Agenda for the Development of Africa, 1991 (UN-NADAF), and the AAF-SAP that was adopted at various levels in 1989 beginning with the ECA’s Conference of African Ministers of Finance and Economic Planning, the African Heads of State and Government and the General Assembly of the United Nations.

“Colleagues at the ECA hailed him as a humble person with an in-depth and exceptional knowledge of development economics who made outstanding contributions both at national, regional and international levels to economic policy,” she said

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Teriba had a PhD and an MA in Economics from the University of Manchester in England. His first degree was a B.Sc.(Hons) Economics from the University of Ibadan in Nigeria.

He is survived by his wife Yetunde, a former Head of Gender Coordination and Outreach Division in the Women, Gender and Development Directorate of the African Union Commission, five children and seven grandchildren


#Newsworthy…

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Senate decries $4m ECA paid to lawyer.


The Senate on Tuesday asked the Accountant General of the Federation, Ahmed Idris, to supply details of the lawyer who was paid $4m from the already depleted excess crude account.

The accountant general was in the red chamber to explain the Federal Government’s achievements so far on the revenue projection for 2020. He was also expected to give reasons for the depletion in the ECA.

Idris said the country currently had $71.8m in the ECA from $2.2bn which the administration of the President, Major General Muhammadu Buhari (retd.), inherited from the former President Goodluck Jonathan administration in 2015.

The money in the ECA, according to Idris, rose to $2.6bn in 2016 and reduced to $2.4bn in 2017.

He added that the money was further depleted in 2018 to $631.4m; $324.9m in 2019 and reduced drastically to $71.8m.

He said the sum of $254m was paid out this year from the $324.96m balance carried over from 2019.

He explained that $250m was invested in the Nigeria Sovereign Investment Authority while a lawyer got $4m.

Idris, however, drew the anger of the Senate Committee on Finance led by the Chairman, Solomon Adeola, when he failed to supply details of the lawyer who was paid $4m as professional fee.

Adeola directed Idris to furnish the panel with details of the beneficiary and what he did to qualify for the amount.

The accountant general pledged to supply details of the information demanded to the committee before the end of the week.

According to Idris, the ECA is an escrow account set up by the Federal Government and into which the difference between the benchmark price of crude and the actual sale price thereof in the world market is paid.

He said, “The money in this account is used to serve as buffer in the event of fluctuation in oil price or reduction in supply to the international market.

“The inflows into the ECA have been fluctuating due to the positive and negative variances in the price of crude.

“The transfer into the account has witnessed downward trend in view of the low oil prices, particularly from year 2015 to date. The balance in the ECA as of 2nd March, 2020 is $71, 813,941.84,” he added.

Idris said the country had realised N10tn so far this year for the three tiers of government, even as he said personnel cost had gulped N493bn; consolidated pension, N59.77bn; overhead, N46.65 and capital supplementation, N20.76bn.

He, however, said no money had been released so far this year to fund capital projects.

When the committee probed further, he said N340bn would be released before the end of the first quarter as capital expenditure.

Meanwhile, the President of the Senate, Ahmad Lawan, has raised the alarm over the dwindling oil revenues in recent days.

He, therefore, asked four of its standing committees to immediately start discussing with relevant government agencies and experts on economy with a view to addressing the negative effects of the dwindling oil revenues.

The country had pegged its oil benchmark at $57 per barrel but the outbreak of the coronavirus has led to the crash of crude oil price to $35.

Lawan directed the committees on Finance, National Planning, Appropriation and Petroleum Resources (Upstream) to start working out the solutions to the economic issue.

The committees, he said, were expected to meet with relevant Federal Government’s agencies and experts to find out what government could do to get out of the looming crisis.

He said, “The purpose is to ensure that we are able to control the situation, because if the crude price is $31, that is almost $26 off what we budgeted.

“That is so significant and it can affect the implementation of the budget. While we pray for the best, we should also prepare for the worst.”


#Newsworthy…