Jonathan endorses N31b for 9 energy project

Minister of Finance, Mr. Olusegun Aganga, said yesterday that about N31 billion has been approved for the construction of nine power projects across the country, some of which have been completed. Speaking at the 27th meeting of the Convergence Council of Ministers and central bank governors of the West African Monetary Zone (WAMZ) in Abuja, the minister, who was represented by Minister of Finance of the State, Hajia Yabawa Lawana Wabi, have also said to strengthen the country's democratic dispensation, the government has ratified the African Charter on the principle of the rule in Nigeria. To this end, the activities that allow free and fair elections in April 2011 are progressing satisfactorily. The late introduction of 'green' as a single currency in the sub-region, said the role of money is the result of interaction between the authorities 'action' and the behavior of market participants. "Money can not develop without a market in which the conditions of supply and demand are freely expressed. Without a real sectors actively integrated financial markets and 'green' will not achieve the status and financial efficiency of the single currency plan WAMZ"he said. According to him, the implementation, at most, all the current Economic Community of West African States (ECOWAS) protocols on trade liberalization and the implementation of bilateral and multilateral agreements that facilitate the free movement and seamless of people and goods within the sub-region is perhaps the strongest foundation on which to anchor a system viable. 
The minister also noted that Nigeria has intensified its efforts to reduce its budget deficit in compliance with the Fiscal Responsibility Act. However, President Goodluck Jonathan, sorry for the internal crises that have hindered the development of the sub-region, saying that peace is essential to the success of monetary union. 
He said: "In recent years, the internal crises have unfortunately forced us to spend more time and resources for conflict resolution, rather than economic development. Let me reiterate that peace and good governance is an essential ingredient for success a monetary union. That is why I am pleased that the election in Guinea was completed successfully and the country has returned to full democracy. This will not only enable the country to realize its full potential, but also create an environment favorable for the country to contribute to the success of WAMZ. 
"I am pleased in particular, note the extension of a membership of WAMZ with the admission of Liberia in February 2010. E 'gratifying that I have personally signed, here in Abuja and on behalf of the Authority of Heads of State of WAMZ, the host agreement in Liberia WAMZ as a full member. I understand that Liberia has begun collecting some of the benefits of full membership in our area with the extension project of the payment system being implemented in The Gambia, Guinea and SierraLeone. The authority of heads of state following the recommendations of the Convergence Council of Ministers and central bank governors of the Member States reach decisions on other key components of components WAMZ. The information I have regarding the level of preparation these key components of the project WAMZ indicates steady progress. " 
Jonathan, who spoke through the Minister of Finance, Mr Olusegun Aganga, noted that the decision of the movement of macroeconomic convergence, although low, has, however, have been encouraging, adding that with the emergence of cross-border banking activities in the area and the need to safeguard the stability of the financial sector, central banks' steps towards achieving a sound financial stability is commendable. 
He said: "I welcome the initiatives of the central banks of Member States to sign a memorandum of understanding with each other to create synergies in their collective effort aimed at the attainment and maintenance of sound financial stability. In addition, the Bankcentral states have also established a college of supervisors to ensure that the supervisory issues are looked at in a holistic way that the risk of infection is required at all times. "