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Tag: 2017 budget

  • Senate assures on passage of implementable 2017 budget

    Senate assures on passage of implementable 2017 budget

    The Senate Wednesday assured Nigerians that the National Assembly is working to produce implementable 2017 budget.

    Chairman, Senate Appropriation Committee, Senator Mohammed Danjuma Goje, stated this at the end of a three day national public hearing on the 2017 budget.

    Goje who said that 44 stakeholders made submissions at the hearing noted that the 2017 special budget hearing was perhaps the first of its kind in the history of parliamentary/legislative practice in the National Assembly.

    He said that the level of excitement and enthusiasm shown by stakeholders especially Civil Society Organisations was quite unprecedented and encouraging.

    Goje said that a number of issues that came up will be critically analyzed and addressed

    He noted that pension, health, education and agricultural sectors came up and were given serious emphasis as the areas the country should pay more attention.

    The Gombe central lawmaker said that the challenge in the areas of pension payment, administration and general matters of non-performance was so clear and must be accorded urgent and effective attention.

    He added that the point was repeatedly made that the National Assembly must reassert itself as the possessor of the power of appropriation in order to produce the budget of the people at all times.

    Goje assured that “all proceedings we took have been properly documented and will be presented and considered by the joint committee to enable the National Assembly produce implementable budget for Nigeria and Nigerians.”

  • Senate summons Adeosun over N2b planted in Housing Sector budget

    Senate summons Adeosun over N2b planted in Housing Sector budget

    The Senate Tuesday invited the Minister of Finance, Mrs. Kemi Adeosun to throw light on the vote of N2 billion discovered in the 2017 budget of the Housing Sector,

    Minister of Power, Works and Housing, Babatunde Fashola disowned the money saying he knew nothing about how the vote crept into the Housing Sector budget.

    Fashola told the Senate committee on Housing that the Ministry of Finance may have inserted the money in the 2017 budgetary profile of the Ministry of Housing as its own initiative tagged under “Regional Housing Scheme.”

    Chairman of the committee, Senator Barnabas Gemade had wanted to know how the regional housing scheme came about.

    Fashola said; “I know as much of it as you do because it is not our initiative”.

    Apparently not satisfied, Gemade ordered the committee clerk to write the Minister of Finance,  Adeosun to appear before the committee  to explain how the N2 billion was inserted into the budget.

  • 2017 Budget: Reps reject Aviation Ministry’s budget defense

    2017 Budget: Reps reject Aviation Ministry’s budget defense

    Ministry of Aviation’s 2017 budget estimates is at a risk of not being considered unless a comprehensive presentation was made to the House of Representatives Committee on Aviation within 48 hours.

    This is because officials of the Ministry failed to satisfactorily defend some expenditures of the Ministry in the 2016 budget document.

    Defense of a preceding year’s budget is a condition for the consideration and adoption of the budget estimates of the current fiscal year.

    Meanwhile, Minister of State, Aviation, Hadi Sirika has disclosed that the process for the closure of the Nnamdi Azikwe International Airport, Abuja is complete, adding that Kaduna State  is also ready for the expected  human and  vehicular traffic upsurge during the period.

    At the Ministry’s budget session Thursday, Director of Finance, Akin Ijiwole failed to convince the Nkeiruka Onyejeocha-led Aviation Committee on how N407m was committed to a N700m project but had zero performance recorded in the budget document.

    In addition, while the Committee expressed concern over budget releases, budget performance and physical development, it questioned the rationale behind the completion of 22 capital projects out of 98 while 28 projects out of 32 were completed for Overhead.

    The Committee also sought explanation for the release of N25m out of N320m for Enugu Airport control tower with fiscal year running out.

    The Committee wondered if the project would not end up as another abandoned project.

    Onyejeocha said: “There is an urgent need to discuss procedures for making the aviation sector self-sustaining in line with the stance on diversification.

    “The aviation sector is of enormous importance to our nation and matters concerning expenditure and revenue projections require careful consideration to reap the benefits the sector has to offer”.

    In his response, Sirika said the decision of the government was to complete all abandoned projects, which was the reason behind the mobilisation of contractors that have abandoned several projects across the country, citing Enugu and Port Harcourt Airports

    On the closure of Abuja Airport, he said, “We have done all we can, the process for closure of the airport is compete.

    “Even on security, we have constituted a Security Committee headed by an Assistant Inspector General of Police (AIG) with high ranking military and other security agencies officers as members.

    “Their mandate is to provide maximum security on the Abuja-Kaduna road for the users of the road.

    “The government of Kaduna State is also ready for the closure by offering to repair a section of the road leading to the Kaduna Airport, in addition to enhancing the road with street lights and cleared bush.

    “The State will also construct a bye pass route for users of the airport to avoid heavy traffic within the town.

    “The government has also assured that other auxiliary services are ready with provision of restaurants and others.”

    However, when asked to break down the figure in the budget document, Director of Finance, Ijiwole failed to convince the Committee with his explanation.

    This led the Committee to warn that the consideration of the Ministry’s 2017 budget would be affected unless full information on the real percentage of project completion as well as a comprehensive and comprehensible budget estimates presentation was made to it within 48 hours.

  • Cross River’s 2017 Budget

    Cross River’s 2017 Budget

    PROF. Ben Ayade’s 2017 budget of infinite transposition is an intellectual architecture driving aggressive infrastructural development through innovative financial engineering.
    Infinite Transposition (INFITRANS) is a modern economic and mathematical development model of fiscal engineering deployed into governance to advance and economic democratic process that facilitates endless, seamless and contiguous project and programme expenditure all round, allowing room for inner triangulation and circumlocution without necessarily changing the overall shape of the fiscal structure.
    Infinite transposition is a more advanced model of the Medium Term Expenditure Framework MTEF document and the Fiscal Strategy paper FSP.
    The importance of infrastructure for economic growth and development in any society cannot be overestimated. It has often been posited that the level of economic development in any society directly depends on the development of infrastructure. Infrastructure means those basic facilities and services which facilitates different economic activities and thereby help in economic development of the country.
    Broadly speaking, infrastructure can be divided into two basic categories: economic infrastructure and social infrastructure.
    Economic infrastructure refers to the all the internal services provided by the state in order to facilitate business activity, production and consumption. These services are vital for the economic growth and GDP of a nation since it attracts the investors to invest in setting up firms. The services include water, electricity and power, roads and railways, airports and ports, telecommunications and internet etc.
    Social infrastructure means those basic activities and services which, in addition to achieving certain social objectives, indirectly help various economic activities. Some notable social infrastructure includes education, health service, sanitation and water supply etc.
    It goes without saying then that the development of quality infrastructure is essential economic development in Cross River State.
    It is in the light of this that the indefatigable governor of Cross River State, Sen. Prof. Ben Ayade is totally committed to the development of the needed infrastructure in the state. This is in spite of the dwindling resources accruing to the state from the federally allocated and internally generated revenue.
    Due to the following, the governor is left with no other option than to drive his aggressive infrastructural development in the state through innovative financial engineering.
    The innovative financial engineering focuses on income base expansion while also making allowance to warehouse third party investor funds via the creation of an absorption portfolio on the basis of Vision, Reasoning and Reality.
    In the Cross River State 2017 budget of N707 billion tagged budget of infinite transposition, capital expenditure including infrastructure development was allocated more than 80 percent. The figure represents the actual expenditure and fiscal consumption capacity of the state, measured by its vision, ambition and reasoning built on reality.
    Some of the economic infrastructure projects proposed in the 2017 budget include the Bakassi Deep Sea Port, the Bakassi – Katsina Ala Super Highway, the Calabar Power plant including the solar and wind power farms, new cities across the three senatorial districts: Calas Vegas, Centicort and Northicott. It also includes the urbanisation of five new LGA headquarters of Itigidi, Akamkpa, Odukpani BOKI and Yala.
    Others include the investment in a CRS airline (CallyAir) and merchant vessels for maritime trade, investment in 4G internet facility and Calabar digital city project and more. These are in addition to the several other roads construction and rehabilitation work including inter and intra city roads across the entire state.
    The proposed Bakassi deep seaport and the 260km Bakassi – Katsina Ala Superhighway are estimated to cost about N700 billion.
    These projects are expected to be funded through investor funds in a public private partnership model with the ultimate target of approaching completion by 2019 to 2021.
    Recently, the vision for the building of the deep seaport began to materialize with the conclusion of plans to begin construction by Governor Ben Ayade and Chinese investors.
    The governor recently led a Technical Team from the state to conclude the funding pact with the Chinese Investors.
    For the social infrastructure aspect, there are plans for massive renovation of basic education and primary health care facilities across the state. This can already be seen with Cross River State Universal Basic Education Board set to commence rehabilitation and re-construction of about 235 primary schools across the state.
    More of these efforts are set to continue throughout the year even as some projects have been earmarked for many secondary and tertiary institutions in the state including the comprehensive health centres across the state in selected LGAS based on needs assessment.
    For the health sector, a total sum of about N10 billion has been budgeted for this year as Cross River State is set to witness massive rehabilitation and facility upgrade.
    For the supply of potable water in the state, proposals have been made for the completion of urban water schemes in Obudu, Abi and other locations that work is ongoing.
    These and many others are the infrastructure development propositions through innovative financial engineering by Senator Ayade.
    For the first time, the state budget accommodated N3billion for constituency projects to cover the 25 state constituencies of the state House of Assembly. Each member has already nominated a project after series of Town Hall meetings.
    The CRS Food Bank Project is also fully funded in the budget, already the agency carried out a successful distribution of food items across the 197 council wards in the state.
    The CRS Direct Labour Scheme programme is allocated over N14 billion to be drawn as 10 percent Direct Labour Retention Work  content which will be awarded to skilled empowered youths of the state.
    The Governor’s Enterprise Academy Project Fund is also provided for in the budget to provide financial support for enterprise innovation and creativity.
    The sum of N35 billion is earmarked for the completion of existing projects inherited from the last administration. These include rural roads, ITM Ugep, Songhai Farm, Golf Course and convention centre, Rural Electrification etc .

    •Rt. Hon. Lebo is Speaker, Cross River State House of Assembly.

  • Senate Leader briefs Osinbajo on 2017 Budget

    Senate Leader briefs Osinbajo on 2017 Budget

    Senate Leader Ahmed Lawan yesterday met with Acting President Yemi Osinbajo at the State House,
    He briefed him on the progress made by the Senate in the consideration of the 2017 Appropriation bill.
    According to him, Senators on the platform of the ruling All Progressives Congress ( APC) and the opposition parties are unanimous in their support for President Muhammadu Buhari.
    He spoke with State House correspondents at the end of the meeting.
    He said: “I’m here to meet the Acting President to brief him on what the Senate is doing on the Appropriation Bill 2017. You know we have suspended plenaries for three weeks. The idea is to have ample time to focus on the appropriation bill. The committees will start to work from this week —meeting the MDAs on the budget defence that they need to do.
    He said: “Secondly, you know that the Acting President is an APC members.
    As a new Senate Leader, it is also important that I come here to this office to tell the Acting President and our administration that the APC caucus in the Senate is now a united caucus.
    “We are ready as a caucus to support our administration; we are also ready as a Senate, that is both the APC and the minority parties, to work for the betterment of Nigerians. Our colleagues in the opposition have always been supportive and being there for the Senate to function.”
    The whole development, he said, is to ensure that the government delivers on its campaign promises to Nigerians.

  • Senate meets on smooth 2017 budget passage

    Senate Leader, Senator Ahmed Lawan, on Monday assured Nigerians that the 2017 budget will be smoothly and promptly passed.

    Senator Lawan told reporters in Abuja that the Senate leadership will meet committee chairmen on the need to ensure a seamless budget process.

    He noted that it is obvious that Nigerians are waiting anxiously for the 2017 budget to be passed.

    He said, “The leadership will meet tomorrow (Tuesday) with committee chairmen on the way forward for the budget. After the meeting, committees will begin the budget defence. We don’t envisage any issues. Everybody has learnt his lesson. We are all working for the smooth passage of the budget.”

    Lawan said the meeting with committee chairmen would pave the way for the committees to do their job of passing the budget as soon as possible.

    Senate President, Bukola Saraki, had on Thursday announced that the Senate Leadership would meet with committee chairmen after plenary but the meeting was shifted to Tuesday.

    It is expected that the meeting would lay the template for the budget defence with Ministries, Departments and Agencies (MDAs).

    The meeting will also draw the time table for the budget defence.

  • Reps, IMF meet over recession, 2017 budget

    The International Monetary Fund (IMF) and the members of the House of Representatives meet on Thursday over the biting economic recession and the 2017 budget.

    The IMF team led by Mr. Amine Mati, Senior Resident Representative, African Department, during an interactive session with the joint House Committee on Finance, Appropriation and Aids, Loans and Debt Management, expressed its readiness to provide necessary support for the ailing Nigerian economy.

    Mati said the IMF conducts annual economic assessment for all member countries to look at the challenges and assess the economic situation.

    He said: “We discuss with the governments what are their policy initiatives. We actually discuss with all stakeholders, which is why it is  important to come and talk to you, the Senate, civil societies, private entities, banks, financial and non-financial entities to try to get a sense of what is happening in the economy and try to assess the situation, discuss the outlook and then have some policy recommendations for discussion.

    “This is an assessment that is done every year. We are trying to finish this mission next week and then hopefully present the report to our board on March 24 and then the report will become public.”

     

     

  • 2017 budget: Saraki seeks equitable distribution of projects

    Senate President, Bukola Saraki, on Thursday asked Senate standing committees to ensure equitable distribution of projects in the 2017 budget.

    Saraki gave the mandate while committing the 2017 Appropriation Bill to the Appropriation Committee after a three- day debate of the general principles of the fiscal document.

    The Senate President noted that only equitable distribution of projects would assuage the feeling of those who felt that their zones were not adequately represented in the budget.

    He added that equitable distribution of resources would give a sense of belonging to all parts of the country.

    Senators of the South East geo-political zone had complained bitterly that their zone was not fairly treated in the allocation of resource in the budget.

    They noted that the zone got paltry N14 billion worth of projects in a budget of N7.298 trillion.

    Saraki said, “While we are doing their exercise, the issues raised by our colleagues on the equitable distribution of projects should be considered.

    “I will like all our respective committees to take care of that to ensure sense of belonging by all and I hope that on this area we would ensure that we do our best in ensuring that this exercise is better than last year.”

    Saraki also mandated the committees to review the budget objectively, especially the planned expenditure and revenues in line with the main objectives of the fiscal document.

     

  • Senate begins consideration of 2017 budget

    The Senate on Tuesday began debate on the general principles of the 2017 budget presented to a joint session of the National Assembly by President Muhammadu Buhari on December 14, 2016.

    Senate Leader, Senator Ahmed Lawan, flagged off the debate of a Bill for an Act to authorize the issue from the consolidated revenue fund of the Federation the total sum of N7, 298,507,709,937, of which N419,020,648,000  is for statutory transfers, N1,663,885,430,499 for debt service, N177,460,296,707 for sinking fund for maturing bonds, N2,979,151,756,196 for recurrent (Non-Debt) expenditure while the sum of N2,058,,989,578,536 is for contribution to the development fund for capital expenditure.

    Lawan noted that with the 2017 budget of recovery and growth, the future of the country looks bright as the year to year growth in capital expenditure demonstrated the government’s desire to make the country more competitive in order to bring the economy out of recession and into steady growth and prosperity for Nigerians.

    He said the 2017 budget was designed to align expenditure to long-term objective, sustainable development as well as fiscal consolidation, inclusive growth and job creation, stabilization of the welfare of Nigerians by focusing more on micro-economic stability, consolidating structural reforms and enhancing governance and institutional goals.

     

  • Senate to focus on 2017 budget this week

    The Senate will begin debate on the 2017 appropriations bill submitted by President Muhammadu Buhari this week.

    Both chambers of the National Assembly Senate had last week passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 to 2019, paving way for the consideration of the 2017 appropriations bill.

    A Notice Paper for the week from January 23 to January 27, issued by the office of the Chairman of the Committee on Rules and Business, Senator Baba Kaka Garbai, said all three days of plenary will be dedicated to debate on the 2017 budget.

    On Tuesday, prior to the commencement of the budget debate, the Committee on Customs and Excise, Chaired by Senator Hope Uzodinma, will submit its report on the Bill to Repeal and Re-Enact the Nigerian Customs Service Management Act (2017).

    Also scheduled for Tuesday is a motion by the Senate Leader, Sen. Ahmed Lawan, for the re-appointment of President Buhari’s nominee, Mr. Aghatise Erediauwa, as the Executive Director of the Nigerian Deposit Insurance Corporation (NDIC)  in accordance with Section 5(4) and 8(3) of the NDIC Act of 2004.