Featured
Tinubu Presents 2024 Budget To National Assembly, Today …As NEC Okays $1bn Loan
President Bola Tinubu will today present the 2024 Appropriation Bill to a joint session of the National Assembly.
This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5trillion.
This is an increase from the N26.01trillion earlier considered by the council.
The President, in a letter of intent that was read at plenary by Senate President Godswill Akpabio, yesterday, signalled his readiness to present the 2024 Appropriation Bill to a joint session of the National Assembly today by 11 a.m.
The Minister of Budget and Economic Planning, Abubakar Bagudu, had earlier on Monday, disclosed the readiness of the President to present the budget to the joint Assembly after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
While disclosing that the Federal Government is projecting N18trillion revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly today.
According to the Minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.
Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
“The bill has an aggregate expenditure of N27.5trillion which is an increase of over N1.5trillion from the previously estimated, using the old reference prices.”
He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”
The minister also announced some changes made in the MTEF benchmarks by FEC.
“That approved Medium Term Expenditure Framework has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent. However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval,” he noted.
The minister said the changes “will significantly increase government revenue that the President intends to use in supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.”
Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the Council approved $1bn budget support loan from the African Development Bank.
The AfDB loan will have an interest rate of 4.2 per cent for 25 years with an eight-year moratorium, according to the minister.
He said, “The Federal Executive Council approved a $1bn concessionary loan for general budget support and to be used to improve forex availability in the country.
“The $1bn loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programmes in the power sector, social inclusion, and the fiscal policy reforms as a whole sector policy initiative.”
In October, Edun disclosed that the Federal Government secured a $80m loan from the AfDB to finance various projects in critical sectors of the economy.
He noted at the time that the $80m was to help young people in the knowledge economy, technology, and communications.
The Finance ministuer also spoke on the tax initiatives of the Federal Government.
Edun said, “There was a briefing by the Fiscal Policy and Tax Reform Committee, essentially they’ve been working for roughly 90 days, they’ve been working very well and very effectively, such that they are in a position to have even impacted the economy by coming up with initial reforms, as well as signposting the way forward in terms of very important targets.
“So in a nutshell, the policy on VAT removal on diesel is from them, they are looking to help boost fiscal situation of the government by increasing revenue, particularly tax revenue, through digitalisation, additional efficiency and rationalisation of the range of taxes that we have at the moment.
“They are looking to increase the ratio of tax-revenue-to-GDP to 18 per cent which is the average for Africa; so many countries are above that level. It is actually about the double of where we are now and within a matter of a few years, their target is to reach 18 per cent.”
The minister said the Federal Government was contemplating other economic measures in the short-term, adding that the tax reforms council’s report was well received by the President and other council members.
Edun also stated that the Federal Executive Council approved a total limit of N2tn to be available for use by the Ministry of Finance to go in and out of the market and essentially to, where possible, bring down the interest rate on the current outstanding.
He said this was “in order to keep working hard and maximising the ability of the government to use the markets and to take advantage of different situations and improve situations.”
“So essentially, it will be refinancing and the view is that there will be an opportunity to save about N50bn or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding,” he concluded.
Ahead of the budget presentation, Tinubu had three weeks ago forwarded to both chambers of the National Assembly, the 2024 – 2026 MTEF and Fiscal Strategy Paper where the sum of N26.1tn was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF.
It specifically approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.
Featured
Arson: Those Behind It’ll Account For Atrocities -Fubara …Swears In Bipi, Three Others As Commissioners
Rivers State Governor, Sir Siminalayi Fubara, has said that his administration will not fold its hands and watch sponsored political thugs run berserk, committing arson in the State.
The Governor, therefore, assured that, working with the Nigerian Police Force and the Directorate of State Services (DSS), measures will be taken to unravel those behind the recent burning of council Secretariats at Ikwerre, Emohua and Eleme Local Government areas, with a view to making them account for their atrocities.
Governor Fubara gave the assurance while swearing in four new commissioners into the Rivers State Executive Council at Government House in Port Harcourt yestersday.
Those sworn in are Hon. Israel Lebura Ngbuelu, PhD; Hon. Evans Bapakaye Bipi; Barrister Otamiri John Ngubo; and Hon. Barrister Benibo Anabraba.
Governor Fubara recalled mentioning when he sworn-in newly elected Local Government Councils’ Chairmen on 6th October, 2024, that there was intelligence on planned mayhem by misguided persons, who had threatened to prevent the elected officers from resuming duties.
True to it, Governor Fubara said, the sponsored political thugs hatched their plans, and burnt valued buildings at some council secretariats.
He said, “I said it before it happened. I knew because they were unhappy, they would go extra miles to create disaffection in the minds and hearts of the good people of Rivers State.
“We want to also let the people know that what has happened (arson) after the election, we are not going to allow it to go uninvestigated.
“A similar event had happened in this manner before, and after some weeks, some of our supporters were declared wanted in order to turn the story around.
“But this time around, I strongly believe, with the support and cooperation of the Nigerian Police and the Directorate of State Services (DSS), we will unravel those behind the assault and make sure that they account for their atrocities.”
Governor Fubara expressed appreciation for the show of patience and calmness by majority of Rivers people despite the fact that they are angry with the reckless acts of the misguided miscreants.
The Governor said he has continued to show leadership, provided the climate that has engendered productive endeavours, and will not mislead those he is leading.
“As your leader; the one steering the ship, I assure you I will not mislead anyone of you. I still stand on the path of peace. We have cases of arson in some local government areas.
“But, I appreciate your calmness. I have always maintained that we are going to be the greatest losers, if we meet them force-for-force. We need to go with peace.
“So, I will encourage everyone of you not to follow them with violence. We are carrying a basket of precious eggs in our hands. So, we need to follow them with carefulness and wisdom.”
Governor Fubara reiterated what he said the previous day on what should matter most for Rivers State, which is a firm support to ensure that the progress of Nigeria is sustained.
He said, if oil theft is not checked, the country’s economy will be badly impacted, and there will not be funds to address critical issues.
“We are in a situation where the fund that is being generated from oil production is not sufficient to tackle the challenges of Nigeria, and every hand has to be on deck to make sure that there is increase in production.
“Our focus here, not minding the distractions, will be how to provide support. You have to work with us to make sure that we curb this issue of oil theft and pipeline vandalisation.
“This is the only way that the allowances (revenue) will increase and more will also come to our State, and more progress will also be achieved in this State.”
Governor Fubara explained that his administration is doing a lot for the good people of the State, that are not being seen because of the political drama that takes their attention away.
He, however, said that his administration is working out modalities, and will soon choose a day, which could probably be before the end of October, 2024, to showcase a few projects and services that have positively impacted lives in the State.
Governor Fubara congratulated the newly sworn-in commissioners for making it into the Rivers State Executive Council.
He explained that more persons whose loyalty are for Rivers people and the administration needed to be admitted into the Rivers State Executive Council to help drive the policy of government because they will not resign their appointment.
Governor Fubara said: “We want to be sure, at this point, who we are adding into the Council, so that we will not wake up one morning and see resignation letter. So, we are taking our time.
“And usually, after a normal political period, there used to be what we call balancing. So, I can also say that the new Commissioners that are coming in are coming from their zones to also balance the political equation.”
Governor Fubara charged them to be dedicated, forthright, diligent and productive while rendering quality services to the State.
The Governor said he believed in their capacity to deliver because of their exposure to the workings of government, and expressed the hope that they will contribute positively to the success of the administration.
He said, “So, let me thank everyone of you. Let me also use this opportunity to thank the good people of Rivers State for their support, and to assure them that we will continue to defend, protect the interest of Rivers people.
“I want to thank everyone of you for your support, more especially before, during and after the elections. I appreciate your doggedness, your belief in our course to salvage this State, to protect the integrity of this State,” he added.
Head of Civil Service of the Federation (HoCSF), Mrs Didi Walson-Jack, has sought media support to fast-track the implementation of the ongoing reforms in the civil service sector.
Walson-Jack made the request during a cocktail organised by her office for media executives from different organisations in Abuja.
The event, according to her, aimed at interacting with the media men one-on-one, appreciate them and implore them to continue to strengthen the bond with the office.
“I want to start by thanking each and everyone of you for honouring this invitation. I want to say that we purposely designed this grail cocktail so that we can have one-on-one interactions.
“Let me also go ahead to thank you for all the supports you have given to the Office of the Head of the Civil Service of the Federation (HCSF) in the years past I know that the Fourth Estate of the realm has always supported this office.
“I will also go ahead to thank you for your support, especially at my announcement as the HoCSF and that support has continued, up till date.
“We, therefore, thought it fit that we should organise this event just to interact with you to strengthen the bond that this office has with the media, “ she said.
The HoCSF recalled that her office had continued with programmes she met on ground upon assumption of office, especially the ongoing reforms on Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025).
She, therefore, appealed to the media for continuous reportage on the initiative, so as to give it the necessary publicity for proper dissemination to the citizens.
“You will recall that the office has the Federal Civil Service Strategy and Implementation Plan (FCSSIP- 2022 to 2025) and that is the plan that we are still driving.
“We want to request that you collaborate more with us, we are asking that the friendship, the partnership go beyond what it is now to ensure that the reforms which this office is driving get the full publicity it requires,” she said.
Walson-Jack used the medium to announce the preparation to re-introduce the civil service national anthem officially for the entire civil servants to recite at every national programme.
“The anthem has been re-introduced to drive the reforms and it’s expected that the anthem will be sung by all federal civil/public servants and indeed Nigerians.
“And it will be an anthem that will encourage every public servants to be efficient, productive, incorruptible and citizen-centred, “ she added.
Participants at the event congratulated Mrs Walson-Jack for her uplifting to the position of the HoCSF and pledged to continue in the relationship.
In a response, Mr Ephraims Sheyin, Editor-in-Chief, News Agency of Nigeria (NAN), pledged the agency’s readiness to give the HoCSF the needed support.
According to him, supporting government policies has always been NAN’ priority as government’s owned media organisation.
“You can take it for granted that we are going to give the Office total support. It is part of our own mandates to support Federal Government policies, so we are going to do that fully for the head of service.
“As she said, she has her policies which are in tandem with the federal government policies, she is asking for the support in implementation of the Federal Government policies.
“She has very lofty ideas, she has lofty things that she believes that we should do. Our job is to make sure that whatever government wants to do, we have to support such policies, “ he said.
Speaking in the same vein, Mrs Halima Musa, Director News, NTA, assured her office’s partnership with the Head of service towards ensuring communicating the needed values on excellence, incorruptibility and new culture of efficiency to the public.
Featured
LG Polls: Rogue Policemen Break RSIEC Gate, Strong Room To Steal Electoral Materials …Fubara Foils Attempt To Cart Away Materials
Rivers State Governor, Sir Siminalayi Fubara has foiled an attempt by the Nigerian Police, led by the Deputy Commissioner of Police (Operations), to take over the Rivers State Independent Electoral Commission (RSIEC) at 1am on Friday, 4th October, 2024.
The rogue policemen were said to have attempted to scale through the gates and strong room of the Commission to cart away sensitive Electoral materials meant for the conduct of Saturday’s local government election in the State.
The deployment was said to have been ordered by the Inspector-General of Police.
However, the evil plots of the rogue policemen and DC Ops were botched when vigilant security officials alerted principal officers of the Commission and relevant government authorities, who immediately informed the Governor of the development.
The Governor immediately led a team of government officials, lawmakers from the National Assembly and State House of Assembly, top political stakeholders, and other leaders to storm the facility.
Addressing newsmen in front of RSIEC Office on Aba Road in Port Harcourt, after an encounter with the rogue policemen, the State Governor, Sir Siminalayi Fubara condemned the conduct of the policemen on illegal duty, saying that the IGP was taking his friendship with some Abuja-based politicians too far.
He restated the position that the attempt to surreptitiously withdraw policemen already deployed to protect the facility, and replace them with a detachment from a neighbouring State was unacceptable.
He reminded the IGP that local government election was the internal affairs of states, and advised him to allow the federation unit conduct its affairs without interference.
At present, the Chief of Staff, the Speaker of the Rivers State House of Assembly, and State and National Assembly members, alongside other stakeholders, are manning the RSIEC office to ensure that the rogur policemen in two trucks and two Hilux vehicles do not return and that elections will go ahead as scheduled on Saturday.