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Buhari Presents 2018 Budget Proposal To NASS, Next Tuesday -Drama As Reps Turn Down Presentation Request
President Muhammadu Buhari will next week Tuesday present the Budget Proposals for the 2018 fiscal year to the joint session of the National Assembly .
The President, of the Senate ,, Bukola Saraki, confirmed this yesterday as he read a communication from the presidency seeking a time slot of 10:am to lay the 2018 budget estimates before the joint session of the National Assembly.
The letter titled “Laying of the 2018 Budget Proposal Before the National Assembly” addressed to the Senate President, Dr. Bukola Saraki, reads in part: “Pursuant to Section 81 of the 1999 Constitution, may I crave the indulgence of the National Assembly to grant me the slot of 1400 hours on Tuesday, 7thNovember, 2017 to formally address the joint session of and lay before the National Assembly the 2018 budget proposal”.
Recall that the President had held a dinner with principal officers of both chambers of the National Assembly, during which the executive and the parliament agreed and resolved some contentious issues between both the executive and the legislative arms of government.
Both the executive arm of government and the federal law makers had earlier agreed to work on the budget estimates early enough so as to restore the normal January to December budget life of the annual budgets starting wit the 2018 budget.
The President had on October 18, forwarded the 2018-2020 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP to the National Assembly.
President Buhari in the MTEF document to both chambers, disclosed that the Executive is proposing an oil benchmark of $45 per barrel for the 2018 budget, a production target of 2.3 million barrels per day, mbpd, and an exchange rate of $305 to the dollar.
Meanwhile, members of the House of Representatives yesterday protested as President Muhammadu Buhari requested their permission to present the estimates of the 2018 budget to a joint session of the National Assembly.
The President asked to be allowed to lay the estimates on Tuesday, November 7.
His request was contained in a letter that the Speaker, Mr. Yakubu Dogara, read to members during plenary in Abuja.
At the Senate, the President of the Senate, Bukola Saraki, read the letter to senators.
“Pursuant to Section 81 of the 1999 Constitution, may I crave the kind indulgence of the National Assembly to grant me the slot of 1400hrs (2pm) on Tuesday, 7th of November, 2017 to formally address a joint session and lay before the National Assembly the estimates of the 2018 budget proposal,” Buhari wrote.
However, at the House, Dogara had hardly completed reading the letter when lawmakers started protesting.
Amid the shouts of “no,” “no,” some members were heard asking, “What about the 2017 budget? Have they implemented the 2017 budget? No, take it (letter) back.”
Others also said they would prefer to receive the President by 11am and not 2pm.
But, Dogara reminded the lawmakers that under the Constitution, they could not refuse to receive the appropriation bill from the President.
He noted that while the Constitution provided that the President “shall cause the estimates of the budget to be prepared and laid” before the legislature, it did not provide that lawmakers could refuse to receive it.
“Honourable colleagues, unfortunately, the constitution does not provide that we can refuse to receive the budget estimates,” the speaker added and admitted Buhari’s letter.
The Federal Government plans to spend about N8.6tn next year, a jump of about 15 per cent from the N7.44tn budgeted for the current year.
The figures were contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, which Buhari had earlier sent to the National Assembly in compliance with the provisions of the Fiscal Responsibility Act, 2007.
The House also asked the Federal Government to stop the proposed restructuring of the Growth and Employment Project and the alleged diversion of the remaining $35m from its account to other uses.
The resolution followed a motion moved by a member from Benue State, Mr. Teseer Mark-Gbillah.
The GEM is an empowerment project conceptualised by the government under the Ministry of Industry, Trade and Investment aimed at job creation and increased non-oil growth through the empowerment of 4,000 Small and Medium Enterprises across the country.
The House noted that in only three months of appointing a coordinator to run the project, the officer was being paid $4.9m per month.
Besides, the coordinator is alleged to be initiating to restructure the project to move the balance of $35m into the funding of a parallel SME fund.
The House specifically directed the Minister of Finance, the Governor of the Central Bank of Nigeria, the GEM Project Team and the World Bank to halt the planned withdrawal of the $35m.
The House also ordered an investigation into the matter to be conducted within six weeks.
A second motion moved by Mr. Gabriel Kolawole and passed by the House, sought to investigate the “non-remittance of Nigerian Social Insurance Trust Fund contributions by the federal, state and local governments and several government statutory bodies.
Meanwhile, the Senate Leader, Ahmad Lawan, yesterday said the nature of the 2018 Appropriation Bill to be presented to the National Assembly next week would determine how soon it would be passed into law.
Lawan said this in an interview with State House correspondents shortly after he and Senator Sola Adeyeye met President Muhammadu Buhari at the Presidential Villa, Abuja.
He said although it was the desire of all stakeholders that the bill be passed latest by December 31, 2017, the federal lawmakers would carry out a thorough job on the document.
Lawan said, “It (passage of the budget by December 31) depends on how it goes; you know we are supposed to be working on the same page, working for the same people of Nigeria and we will like to see the National Assembly working in tandem with the executive arm of government.
“You know these things will be determined by what the budget looks like, the estimates presented to us, because naturally we always try to do a very thorough job, a very patriotic job to ensure that the budget is implementable, to ensure there is equity and there is fairness and justice in the distribution of projects across the country.”
He added, “We will like to see that done but we shouldn’t just do that at all costs, we should be looking at the benefits that could accrue from doing that and whether it is possible to just do it at once or maybe reduce the period in two phases or even more.”
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Tinubu Orders Security Chiefs To Restore Peace In Plateau, Benue, Borno

President Bola Tinubu has ordered a security outreach to the hotbeds of recent killings in Plateau, Benue and Borno States, to restore peace to areas wracked by mass killings and bomb attacks.
National Security Adviser, Nuhu Ribadu, disclosed this to State House correspondents after a four-hour security briefing with the President at the Aso Rock Villa, Abuja on Wednesday.
“We listened and we took instructions from him. We got new directives…to go meet with the political authorities there,” Ribadu told reporters, adding that Tinubu directed them to engage state-level authorities in the worst-hit regions.
Director-General, National Intelligence Agency, Mohammed Mohammed; Chief Defence Intelligence of the Nigerian Army, Gen. Emmanuel Undianeye; Director-General, Department of State Services, Oluwatosin Ajayi and Chief of Staff to the President, Femi Gbajabiamila, appeared for the briefing.
The Tide’s source reports that in Plateau State, inter-communal violence between predominantly Christian farmers and nomadic herders spiralled into gory slaughter when gunmen stormed Zikke village in Bassa Local Government early on April 14, killing at least 51 people and razing homes in a single night.
In Benue, at least 56 people were killed in Logo and Gbagir after twin assaults blamed on armed herders.
Meanwhile, in Borno State, eight passengers perished and scores were injured when an improvised explosive device ripped through a bus on the Damboa–Maiduguri highway on April 12.
Ribadu explained that after an extensive briefing, intelligence chiefs received fresh instructions to restore peace, security and stability across Nigeria.
“In particular, Tinubu had ordered immediate outreach to the political authorities in Plateau, Benue and Borno States, and the defence team had gone round those States to carry out his directives and report back.
“We gave him an update on what has been the case and what is going on, and even when he was out there, before coming back, he was constantly in touch. He was giving directives. He was following developments, and we, in charge of the security, got the opportunity today to come and brief him properly for hours. And it was exhaustive.
“We listened and we took instructions from him. We got new directives. The fact is, Mr. President is insisting and working so hard to ensure that we have peace, security and stability in our country. We gave him an update on what is going on, and we also assured him that work is ongoing and continues.
“We also carried out his instructions. We went round, the chiefs were all out where we had these incidents of insecurity in Plateau State, Benue State, even Borno, these particular three states, and we gave him feedback, because he directed us to go meet with the political authorities there,” the NSA explained.
Ribadu described Tinubu as “worried and concerned,” and said he directed that all security arms be deployed around the clock.
The government, he added, believes these steps have already produced measurable improvements, even if the situation is not yet 100 per cent safe and secure.
“He’s so worried and concerned, he insisted that enough is enough, and we are working and to ensure that we restore peace and security and all of us are there. The armed forces are there, the Civil Police, intelligence communities, they are there.
“They are working there 24 hours, and we feel that we have done enough to believe that we are on the right course, and we’ll be able to be on top of things,” Ribadu stated.
The NSA emphasised that combating insecurity was not solely a Federal Government responsibility.
He stated, “The issue of insecurity often is not just for the government. It involves the subunits. They are the ones who are directly with the people, especially if some of the challenges are more or less bordering on community problems.
“Not entirely everything is that, but of course it also plays a significant role. You need to work with the communities, the local governments, and the governors, especially the governors.
“The President will continue to direct that. We should be doing that, and that’s what we are able to. We are very happy and very satisfied with the instructions and directives given by Mr. President this evening.”
In Borno State, the NSA noted that while violence had surged in recent months, the insurgents refused to accept defeat.
He warned that most recent casualties there resulted from improvised explosive devices—”cowardly” IED attacks targeting civilians—and from opportunistic raids that follow any lull in fighting.
“We are getting the cooperation of the leadership at the state level, and everybody. It’s not 100 per cent…but we are going there.
“When you are having peace and you are beginning to get used to it, if one bad incident happens, you forget the periods that you enjoyed peacefully,” he added.
He paid tribute to the “many who do not sleep, who walk throughout, who do not go for any break or holiday”—the soldiers, police and intelligence officers whose sacrifices have created the fragile calm Nigerians now experience.
“They will continue to be there,” he said, adding, “Things have changed in this country…we are on the right track and we will not relent. We will not sit down; we will not stop until we are able to achieve results.”
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FG Laments Low Patronage Of Made-In-Nigeria Products

A Federal Government agency – the National Agency for Science and Engineering Infrastructure, has decried the low patronage of Nigerian-made products by Nigerians.
The agency identified some challenges leading to the low patronage of the local products as affordability and public perception, among others.
Speaking during a stakeholders meeting organised by the agency in Akure, Ondo State capital, yesterday, the Deputy Director of Engineering at NASENI, Mr Joseph Alasoluyi, said Nigerians preferred buying foreign goods compared to local goods.
Alasoluyi, however disclosed that the agency had trained over 50 participants in the production of hand-made products, in a bid to ensure Nigeria-made products are patronised.
He explained that NASENI was set up to promote science, technology, and engineering as a foundation for Nigeria’s development and currently operates 12 institutes nationwide to achieve its objectives.
According to him, the aim of President Bola Tinubu, who is also the overall chairman of NASENI, was to ensure high production and patronage of “our local products thereby creating employment opportunities for many.”
He said, “The idea of this programme is to interface to ensure we produce products using our indigenous technology. This is what NASENI is out for, to ensure that homegrown technologies are encouraged.
“We are out there to ensure we integrate efforts to ensure that local technology is used to develop products within the resources we have.
“ The NASENI’s ‘3 Cs’ – Creation, Collaboration, and Commercialisation – that define NASENI’s strategic mandate: Creating innovations through research, Collaborating with partners to develop and refine products, and Commercialising these solutions to benefit the economy.
“Our achievements include the development of solar irrigation systems, CNG conversion centres, building machines capable of producing up to 1,000 blocks per hour, 10-inch tablets, locally made laptops, and electric tricycles (Keke Napep) set for market launch.”
In his remarks, the Deputy Vice Chancellor of the Federal University of Technology, Akure, Prof. Samuel Oluyamo, blamed the Federal Government for not properly funding research in the varsities, also noting that many research outputs were left halfway due to lack of funding and weak linkages between research institutions and industry.
Oluyamo also queried the Federal Government’s commitment to funding research and development, saying many academic innovations remained on the shelve due to a lack of support for commercialisation and poor infrastructure.
“Until we upscale research into mass production, technological growth will remain elusive. The government is not funding research in the universities enough. Thank God for TETfund that is trying in this regime. The major interest in beefing up research in universities and research institutions is really not there,” he said.
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Nigeria Seeks Return To JP Morgan Bond Index
The Director-General of the Debt Management Office, Patience Oniha, has said that Nigeria is in advanced discussions with JP Morgan to re-enter the Government Bond Index and renew investors’ confidence.
Oniha disclosed this on Wednesday at a Nigerian Investors’ Forum on the sidelines of the World Bank and International Monetary Fund Spring Meetings in Washington, D.C.
The DMO boss explained that Nigeria has enjoyed favourable credit assessment among rating agencies in recent times on the back of the sweeping reforms initiated by the Central Bank of Nigeria.
Fitch Ratings recently upgraded the Long-Term Issuer Default Ratings of seven Nigerian banks and two bank holding companies to ‘B’ from ‘B-‘, noting that the outlooks are Stable.
The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Limited, Guaranty Trust Holding Company Plc, First HoldCo Plc, First Bank of Nigeria Ltd, Fidelity Bank Plc and Bank of Industry Limited.
The upgrades of the Long-Term IDRs of the banks followed the recent sovereign upgrade and reflect Fitch’s view that Nigeria’s sovereign credit profile has become less of a constraint on the issuers’ standalone creditworthiness, the rating agency said.
Fitch also upgraded Nigeria’s Long-Term IDRs to ‘B’ from ‘B-‘ on 11 April, a decision that reflected increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies.
“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.
Nigeria was removed from the JP Morgan index in 2015 ostensibly due to its deviation from orthodox monetary policies and influence of capital control in its management of foreign exchange.
Principally due to reduction in oil revenues at the time, Nigeria introduced currency restrictions to defend the naira after it failed to halt a dangerous slide with burning of dollar reserves. The bank had earlier warned Nigeria to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to conduct transactions with minimal hurdles.
“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” the bank said in a 2015 note.
Nigeria was listed in JP Morgan’s emerging government bond index in October 2012, after the Central Bank removed a requirement that foreign investors hold government bonds for a minimum of one year before exiting.
The JP Morgan Government Bond Index reflects investor confidence and opens doors to billions of investment flows, making Nigeria’s proposed re-entry a positive signal to the market and investors.
Oniha explained that talks with JP Morgan were ongoing and had gained momentum in recent times due to the stability created by the FX market reforms.
“With all the reforms that have taken place, particularly around FX, we have started engaging JP Morgan again to get back into the index. We think we are eligible now,” the DMO DG said.
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