Budget
House of Reps committee rejects aviation budget
The House of Representatives Committee on Aviation led by Rep. Nnolim Nnaji on Thursday refused to hold a budget session with the Minister of Aviation, Sen. Hadi Sirika, and heads of the sector’s agencies. The infuriated lawmakers, said the won’t treat their budget, because they failed to present their 2021 proposals ahead of the scheduled date for defence. Ministries and heads of agencies, are customarily required to lay their proposals, days before the scheduled dates for defences. The chairman Nnaji in his opening remarks at the scheduled budget meeting with the Minister and the chief executives of the agencies, frowned at the failure of the Ministry to forward the documents as earlier request by the Committee. “Honourable Minister, I don’t know how you expect us to continue this meetin...
Nigeria debts will hit N38.68 trillion in 2021 – minister
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the total public debts of Nigeria would hit N38trn by December 2021. The Minister stated this on Tuesday, in her presentation to the Senate Committee on Local and Foreign Debts. The Minister said, ”The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020. “It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020 and N38.68 trillion by December 31,2021.” She attributed reasons for numerous abandoned road projects across the country to poor funds releases occasioned by dwindling revenue. She explained that the current Sukuk fund is N162bn for...
Delta governor presents N378.1 billion 2021 budget to state assembly
Delta State Governor, Ifeanyi Okowa, Tuesday, presented a proposed budget of N378, 184,397,889 for 2021 fiscal year to the State House of Assembly. The budget is made up of N170, 370,000 for recurrent expenditures and N207.5 billion for capital expenditures. Okowa in the more than 50 minutes presentation of the Appreciation Bill at the Hallowed Chamber of the House, said the budget christened “Budget of Recovery” would be funded from four sources. The sources according to the Governor, include Internally Generated Revenue, N65.6 billion, Statutory Allocation including Mineral Revenue Derivation and Excess Crude, N219.9 billion, Value added tax, N17.5 billion and Other Capital Receipts, N17.3 billion. Explaining that the 2021 budget estimates was N96.1 billion increase over the revised budg...
Nigeria to begin business sample census October 12
File Photo The National Bureau of Statistics, NBS, is to commence National Business Survey after 22 years. The statistician General of the Federation, Dr. Yemi Kale, announced this on Monday while delivering a keynote address at the Training of Trainers for the National Business Sample Census (NBSC) 2020 in Abuja. Kale said the information emanating from the census activity would be primarily useful in understanding the nature and structure of the economy, as well as providing a sound business frame for the conduct of economic surveys in the country. The Business Census also known as an Economic Census is a statistical exercise that involves the enumeration of formal and informal business establishments across the country. During this process, commercial and industrial business operations ...
ICPC uncovers N5.17 billion fraud in education, agric ministries
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has uncovered diversion of part of the N2.67 billion payments made to some Federal Colleges for school feeding during lockdown. The Chairman of ICPC, Prof. Bolaji Owasanoye, who stated this at the 2nd National Summit on Diminishing Corruption with the theme: “Together Against Corruption and Launch of the National Ethics and Integrity Policy”, said preliminary investigation had indicated that part of the N2.67billion was diverted to private accounts. The event, presided over President Muhammadu Buhari, was held at the Council Chambers of the Presidential Villa, Abuja, on Monday. The ICPC boss said: “We observed that transfer to sub-Treasury Single Account was to prevent disbursement from being monitored. ...
Minister, others shun senate over 2020 budget performance
Minister of Finance, Budget and National Planning, Zainab Ahmed, Thursday shunned the Senate when summoned to brief lawmakers of 2020 Budget Performance. The Minister’s refusal to appear before the Senator Barau Jibrin, All Progressives Congress, APC, Kano North led Senate Committee on Appropriations was the second time in two weeks. Also invited but shunned the meeting with the Senate were the Accountant-General of the Federation, Idris Ahmed, and the Director-General of the Budget Office, Ben Akabueze. Briefing Journalists in Abuja Thursday, the Chairman of the Senate Committee on Appropriations, Senator Jibrin expressed disappointment at the absence of Nigeria’s key economic and budget planners at the crucial meeting. The Senator who noted that the meeting was originally scheduled to ho...
Nigerian government putting in place strategies to maximise non-oil revenue – minister
In a bid to cushion the effect of continued dwindling oil revenue, the Federal government says it is putting in place an Integrated Revenue Monitoring System in place to help the monitoring of the revenues of the Federal Government Owned Entities (FGOEs) online real-time to improve transparency and accountability. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said this at the orientation program for Directors of Revenue Tuesday in Abuja. She said the federal government is putting robust policies in place to maximize its non-oil revenue as it is increasingly concerned with the dwindling profile of Revenue, a trend she said has to be quickly arrested particularly with Key revenue generating agencies of the Government. The minister noted that with revenue dwindling...
CSO urges President Buhari to freeze NDDC account
The Act for Positive Transformation Initiative, a Civil Society Organisation (CSO), has requested President Muhammadu Buhari to freeze the account of the Niger Delta Development Commission (NDDC) and suspend all further spending in the commission. Mr Johnson Kolawale, the Head, Directorate of Research, Strategy, and Programme, made the call at a news conference on Monday in Abuja. He alleged that plans were ongoing to make fraudulent expenditures by top officials in the commission. Kolawale revealed that the commission had continued to spend funds against due process and against the directive of the President. According to him, the commission has squandered an additional nine billion Naira in the last one month. “We call on President Muhammadu Buhari, the National Assembly, and genuine sec...
President Buhari presides over virtual FEC meeting
Expectedly, President Muhammadu Buhari Wednesday presided over his 10th virtual Federal Executive Council (FEC) which also had in attendance his Vice, Professor Yemi Osinbajo, and eight ministers physically present. The meeting holding at the Council Chamber, Presidential Villa, Abuja, is also being attended by the Secretary to the Government of the Federation (SGF), Boss Mustapha, Chief of Staff to the President, Professor Ibrahim Gambari, and the National Security Adviser (NSA), Major General Babagana Monguno (retd). The ministers who are present are the Attorney-General of the Federation (AGF) and Minister for Justice, Abubakar Malami, Informatoon and Culture, Lai Mohammed, Finance, Budget and National Planning, Mrs. Zainab Ahmed, Aviation, Senator Hadi Sirika, Interior, Rauf Aregbesola...
Aviation, education ministries, others make presentations at FEC meeting
President Muhammadu Buhari is currently presiding over the seventh virtual meeting of the Federal Executive Council (FEC) at the Council Chamber of the Presidential Villa, Abuja. Newsmen report that the Federal Ministries of Aviation; Niger Delta; Education as well as Works and Housing are expected to make presentations at the meeting. Those at the meeting include Vice-President, Prof. Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha; Chief of Staff to the President, Prof. Ibrahim Gambari and the National Security Adviser (NSA) to the President, retired Maj.-Gen. Babagana Monguno. Newsmen observed that 11 cabinet ministers joined the president at the Council Chamber for the virtual meeting while other ministers are participating directly from their respective off...
Senator Lawan: Why privatisation of power sector must be reviewed now
President of the Senate, Ahmad Lawan, has called for the immediate review of the privatization exercise of the power sector by previous administrations. Lawan gave the charge in his concluding remarks on a motion considered on the floor during plenary on Tuesday. The motion titled: “Power Sector Recovery Plan and the Impact of COVID-19 Pandemic” was sponsored by Senator Gabriel Suswam (PDP – Benue North East). The Senate President, who bemoaned what he described as the “inefficiency of Power Generating and Distribution companies” in the country, called for a review or eventual reversal of the terms of privatization. According to Lawan, parties involved in the shared purchase agreement with the federal government can only seek the intervention of the latter when sufficiently justified. “The...
National Assembly leadership meets finance minster over 2020 budget amendment
The Leadership of the National Assembly on Thursday met with the Minister of Finance, Budget and National Planning to be briefed by the latter on the plan by the Federal Government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. The meeting which had in attendance principal officers from both chambers, was presided over by the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila. The Senate President, in his welcome address told the Executive arm of Government to ensure that the interest of Nigerians remains protected in the proposed cut to the 2020 national budget. Lawan also expressed the willingness of the Federal lawmakers to expeditiously consider the proposed amendment to the 2020 budg...
