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Tag: 2018 BUDGET

  • Lawmaker urges strict implementation of 2018 budget

    Lawmaker urges strict implementation of 2018 budget

    Strict compliance and proper implementation of 2018 budget will sustain economic growth and reduce the present hardship occasioned by high level of poverty in the country.

    The lawmaker representing Idanre/Ifedore federal constituency in the House of Representatives, Bamidele Baderinwa said the presentation of the 2018 appropriation bill to the joint National Assembly by President Muhammadu Buhari in appropriate time will accelerate quick implementation of the budget.

    The legislator noted that though the timely presentation of the 2018 budget proposal was good but its proper implementation must be strictly followed.

    He said “It is not enough to present the budget early but Ministries, Agencies and Departments must be up to the task on the implementation of the budget”.

    According to him, the 2016 and 2017 budgets were not fully implemented, stressing that the development often lead to underdevelopment and affected the economy.

    He said “The masses also bear the brunt, as so many other things will left unattended to on the side of the government”.

    The lawmaker called on President Muhammadu Buhari to be more proactive and sensitive to issues bothering on national development.

    He emphasized that the president ought to have taken certain decisions in the overall interest of Nigerians.

    Baderinwa said Nigerians who voted for the APC await purposeful action, as they complained of the change mantra because of economic hardship.

    The Ondo lawmaker lamented the situation where Nigerians no longer ‘live at ease’ and comfortable with government policies which had not better their life.

    He charged President Buhari to be awake to the responsibility of good governance now that his health has stabilised in order to regain the trust of the people.

    The lawmaker urged the President to gear up and play true party politics and governance towards steering the wheel of progress of the country in the right direction.

    Baderinwa pleaded that the President should live up to expectations of Nigerians by applying political will to resolve all pending corruption allegations.

    He said all the anti-corruption agencies should be empowered to take lawful and decisive action against corrupt personalities in order to repose confidence in these institutions.

     

  • Amosun calls for holistic approach on 2018 budget implementation

    Amosun calls for holistic approach on 2018 budget implementation

    The Ogun State Governor Senator Ibikunle Amosun has called on all Ministries, Departments and Agencies of the state government (MDAs,) to be holistic, transparent and accountable in their inputs into 2018 budget in order to have a comprehensive Appropriation Bill.

    Amosun stated this while delivering a keynote address at the Treasury board meeting on year 2018 budget at the conference Hall, of Obas’ Complex, in Oke-Mosan, Abeokuta, the Ogun State Capital.

    He said that all MDA’s needs to be more proactive in the presentation and deliberation of their draft estimates and proposals to be submitted for the next fiscal year in order to have a hitch-free ‎budget presentation to the House of Assembly.

    “This meeting is an avenue for our administration to receive contributions from top government officials, civil and public servants in order to engender understanding, cooperation, speed service delivery and speedy passage of the 2018 budget by the House of Assembly.” Amosun said

    He noted that his administration was committed to leaving behind an enduring legacy for the masses and even generation unborn, hence the need to ensure a holistic approach was embraced, pointing out that 2018 budget would be their last full year budget.

    According to him “It is therefore critical for us to continue to deepen collaboration trendy of our budgetary process so as to bequeath on our enduring legacy to the next administration ‎and so as to move the state to an enviable height”.

    He admonished the various MDA’s which involved in the budget process and implementation not rest on their oars, noted that much was expected from them in order to lay a good foundation for the good people of state.

    Earlier in her welcome address, the Commissioner for Budget and Planning, Ms. Adenrele Adesina said the 2018 Treasury Board meeting was a reflection of the administration’s last six years budget and the reflection of the state economic and developmental plan.

    Adenrele Adesina said that the annual Treasury Board meeting was a tool that has more powers in terms of the level of disciplines among the various MDA’s to derive the State’s Income and Expenditure, adding that it was an imperative exercise for transparency and accountability.

    She urged all participants including stakeholders involved to listen to questions and contributes their quota to the meaningful deliberations that would bring about effective and efficient 2018 budget exercise.

  • 2018 Budget: Ex-ANAN President urges FG to invest in infrastructure

    2018 Budget: Ex-ANAN President urges FG to invest in infrastructure

    Dr Samuel Nzekwe, the former President, Association of National Accountants of Nigeria (ANAN), has advised the Federal Government to ensure enormous investments in infrastructure to provide growth in the nation’s economy.

    Nzekwe gave the advice in an interview with the News Agency of Nigeria on Wednesday in Ota, Ogun, while reacting to President Muhammadu Buhari’s Tuesday’s presentation of N8.61 trillion 2018 Budget to the National Assembly.

    ‘‘Massive investment in infrastructure would create enabling environment for the productive sector to thrive and produce at optimal level,’’ he said.

    Nzekwe opined that there was little improvement in the power sector in 2017, saying this had made it difficult for the productive sector to contribute maximally to the nation’s Gross Domestic Product (GDP).

    Read: The budget at a glance

    He also implored the Federal Government to work harder on the implementation of 2018 Appropriation Bill, to improve the living conditions of the people.

    Nzekwe, however, noted that the capital expenditures in the proposed 2018 budget were still very nominal, saying this might not positively impact on the nation’s infrastructure development.

    He said that servicing the nation’s debt with 25 per cent was not ideal for any economy that wanted to achieve inclusive and sustainable development.

    He, therefore, advised the Federal Government to address the huge recurrent expenditures, to have more funds for infrastructure development.

    Read Also: 2018 Budget: Era of abandoned projects over – APC

  • More lawmakers react to 2018 budget proposal

    More lawmakers react to 2018 budget proposal

    A cross section of lawmakers on Tuesday reacted to the 2018 budget proposal presented by President Muhammadu Buhari to a Joint Session of the National Assembly in Abuja.

    While some commended the proposal, others had different opinions.

    In separate interviews with the News Agency of Nigeria (NAN) in Abuja, Sen. Abdullahi Adamu (APC-Nasarawa) said the budget proposal was promising and achievable if all hands would be on deck.

    Similarly, Sen. Ovie Omo-Agege (APC-Delta) said the budget proposal by the President demonstrated that he was up to the task for the remaining term he had in office.

    “The President demonstrated that he is capable of running another campaign and govern this country for another four years. We believe in his vision for this country. We are his foot soldiers.”

    The lawmaker noted that the increase in funding for the Niger Delta Development Commission (NDDC) was highly commendable.

    He added that “I am excited about that. There is adequate funding for the Itakpe-Alaja rail line. The N150 billion set aside for social intervention is also commendable.

    “I am also excited about that even though I am not happy with the mode of implementation of the 2017 budget.”

    Omo-Agege said President Buhari had fulfilled his constitutional obligation and it was now left for the legislators to cross the T’s and dot the I’s.

    Also, Sen. Peter Nwaboshi (PDP-Delta) commended the President “for his resilience and the way he spoke for one hour five minutes.

    “It is a good development that we are seeing our president well. I am really happy about that.”

    He, however, said he expected the president in his speech to dwell on achievements in the Niger Delta.

    “This is where principally the revenue for this budget is coming from. He should have specific achievements in those areas.”

    On the Medium Term Expenditure Framework (MTEF) not passed before the presentation of the budget proposal, Nwaboshi said “this is a condition that precedes the budget as stipulated by the Fiscal responsibility Act.

    “We are supposed to pass the MTEF before the budget is presented but that was not done.”

    On his part, Senate Deputy Chief Whip, Sen. Francis Alimikhena said the MTEF and the budget proposal were presented to meet the January to December target.

    He added that “we will treat MTEF first before attending to the budget.”

    Sen. Foster Ogola (PDP-Bayelsa) on his part said the budget would emancipate Nigerians.

    He said “we pray that God will intervene to enable us to have a government that will take care of our needs.

  • Buhari pledges deep relationship between executive, legislature

    Buhari pledges deep relationship between executive, legislature

    President Muhammadu Buhari has pledged his administration’s commitment to deepen relationship between the executive and the legislative arm of government for the general good of the society.

    The President made the pledge during the presentation of 2018 budget proposal at the National Assembly, Abuja, on Tuesday.

    According to him, cooperation between the two arms of government has become imperative in view of the fact that Nigeria is currently emerging from difficult economic period.

    He said “this speech would be incomplete without commending the immense, patriotic and collaborative support of the National Assembly in the effort to move our great nation forward.

    “I wish to assure you of strong commitment of the Executive branch to deepen relationship with the Legislature.

    “Nigeria is currently emerging from very difficult economic period. If we all cooperate and support one another, we can consolidate on our exit from the recession and firmly position the country
    for economic prosperity.’’

    The president told the joint session of the National Assembly that projects presented within the 2018 budget estimate had been carefully selected and subjected to extensive consultations and stakeholder engagements.

    He added that “as a government, we are determined to bring succour to our people, improve their lives and deliver on our promises to them.

    “2018 is a crucial year as we strive to ensure that we consolidate our successes and institutionalise the policies and practices that drove this turnaround.

    “I appeal to you to swiftly consider and pass the 2018 Appropriation Bill.”

  • Photos: Buhari, Osinbajo, others at the National Assembly

    Photos: Buhari, Osinbajo, others at the National Assembly

    President Buhari presents 2018 “Budget of Consolidation”, joined by VP Osinbajo, SAN, and other government functionaries at the National Assembly, 7th Nov, 2017.

  • 2018 Budget: Oyegun appeal to Nigerians to be patient with govt

    2018 Budget: Oyegun appeal to Nigerians to be patient with govt

    The Chairman of the All Progressives Congress(APC), Mr John Oyegun has called on Nigerians to be patient with the present administration while it works to reposition the economy.

    The chairman was reacting to the 2018 Budget Proposal presentation by President Muhammadu Buhari before the Joint Session of the National Assembly on Tuesday.

    He said the Federal Government was doing its best to rebuild an economy that was near collapse before the assumption of office of the present administration.

    While expressing optimism that the 2018 budget would cater to the needs of Nigerians, he said the process of rebuilding an economy often came with some form of hardship.

    Oyegun, however, assured Nigerians that the period of hardship would be over and everyone would be better for it.

    “The 2018 budget proposal presented by President Muhammadu Buhari was well received, we are all happy.

    “The side attraction is that the President has demonstrated his determination to move the country forward.

    Read Also: 2018 Budget: N2.014trillion set aside for debt servicing – Buhari

    “We are rebuilding the nation’s economy. The economy collapsed, oil price collapsed, everything is as if it is starting afresh. It takes time and it creates a lot of hardship

    “We are appealing to Nigerians to be patient because at the end of the day we are going to have a country we will be proud of and an economy that will offer all Nigerians the opportunity to grow.

    President Muhammadu Buhari had, while presenting the 2018 budget proposal, tagged “Budget of Consolidation’’, said the principal objective of the budget would be to reinforce and build on recent accomplishments.

    He said the present government would sustain the reflationary policies of 2016 and 2017 budgets.

    He said the key parameters and assumptions for the 2018 Budget were set out in the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

    These parameters, he added included an oil price benchmark of 45 dollar per barrel, oil production estimate of 2.3 million barrels per day, including condensates and exchange rate of N305 per dollar for 2018.

    Others according to him are real GDP growth of 3.5 per cent; and inflation rate of 12.4 per cent.

  • 2018 Budget: N2.014trillion set aside for debt servicing – Buhari

    2018 Budget: N2.014trillion set aside for debt servicing – Buhari

    President Muhammadu Buhari on Tuesday presented an appropriation bill of N8.612 trillion for 2018.

    The President, while presenting the document before the joint session of the National Assembly in Abuja, said the budget was meant to consolidate the achievements of previous budgets.

    He said the 2018 budget was also to deliver on Nigeria’s economic recovery growth.

    The News Agency of Nigeria (NAN) reports that the proposed budget had a 16 per cent increase compared to the 2017 appropriation of N7.298 trillion.

    Buhari said that 30.8per cent of the budget proposal had been dedicated to capital expenditure, while N3.494 trillion of the proposal had been set aside for recurrent expenditure.

    According to him, N2.014trillion of the budget has been set aside for debt servicing.

    He further stated that the 2018 appropriation was under pin by an oil bench mark of 45 dollars per barrel, oil production level of 2.3 million barrel per day and exchange rate of N305 to the dollar.

    Read Also: N8.612tr budget for 2018 will sustain steady economic recovery – Buhari

    The President said the size of the 2018 budget was a reflection of his administration’s determination to consolidate and sustain the nation’s economic growth.

    While reviewing the performance of his administration, Buhari noted that N1.2 trillion had so far been expended on execution of capital projects through 2016 budget.

    He said the Federal Government had also invested 500 million dollars in the nation’s Sovereign Wealth Fund (SWF) as part of deliberate measures to support government’s diversification drives.

    The President announced that the nation’s external reserve presently stood at 34 billion dollars as of Sept. 2017, while the country recorded trade surplus of N56.5 billion as of second quarter of 2017.

    On food security, the President said that a committee headed by Vice-President Yemi Osinbajo had been inaugurated to check smuggling of food items across the country’s border towns.

    He warned that food smugglers would be dealt with accordingly by the government.

    Read: 2018 budget: Buhari proposes 8.6 trillion naira

  • 2018 Budget: Saraki harps on increased non-oil revenue generation

    2018 Budget: Saraki harps on increased non-oil revenue generation

    The President of the Senate, Dr Bukola Saraki, has emphasised the need for government to increase non-oil revenue generation.

    He made this known on Tuesday in Abuja when President Muhammadu Buhari presented the proposed N8.612 Trillion 2018 budget before a Joint Session of the National Assembly.

    Saraki said that as the country gradually recovered from recession, it was important to reset the fundamentals that drove the economy so that it would not slide back into recession.

    He added that “we must reassess the relationship between oil and our economy. Oil prices are gradually inching up, but that is no reason for complacency in our diversification drive.

    “We must grow our economy away from oil and increase attention to other sources of revenue generation.”

    He also stressed the need for emphasis on tax collection, saying other independent revenues from state-owned enterprises must be taken seriously.

    Read: N8.612tr budget for 2018 will sustain steady economic recovery – Buhari

    “If the budget is to be funded, we cannot afford to turn blind eye to revenue under-performance.

    “While there is need to review extant laws guiding the operation of some government enterprises, I would call for more determined effort on the part of the executive, to block leakages.

    “This sector alone accounts for over N40 trillion in valuation, of which less than N400 billion is remitted as revenue to Consolidated Federation Account. This is not acceptable. We need to vigorously address this area,” Saraki said.

    The president of the senate commended President Muhammadu Buhari, the Economic Management Team, lawmakers, well as Nigerians, for working together to make the necessary sacrifices to get the economy out of recession.

    He added that “`without doubt, this recovery benefitted from greater policy coordination, prioritisation and passage of economic reform bills, but more importantly, the resilience of the Nigerian people.”

    He furthers said that the implementation of the 2018 budget and how it was implemented would be a defining element of the present administration.

    “We must therefore continue to work together to steady the ship of this recovery.”

    “Further to the area of increasing independent revenue, there is need to review agreements that government signed with some private sector service providers.

    “Many of these agreements are biased, and clearly not in the interest of the country.

    “We appreciate the need to spend, but we must ensure that our borrowing is targeted at productive projects that will stimulate the economy.

    “We must also ensure real value-for-money in projects funded by borrowing and ensure that the projects are not overpriced.”

    Saraki called for the submission of the 2018 budget to ensure consistency in government’s economic programmes and tax policies.

    He said“ this bill, which should clearly detail the imposition, alteration or regulation of taxes such as the proposed tax on luxury items and excise taxes, among others, will put the financial proposals of government into effect.”

    Read Also: Saraki, Dogara faults Osinbajo’s budget remark

  • Saraki, Dogara meet Buhari over 2018 budget

    The 2018 budget may be presented to the joint session of the National Assembly any time from November 1, 2017, it was learnt yesterday.

    A source in the National Assembly, said the Senate President, Bukola Saraki, Speaker of the House of Representatives, Hon. Yakubu Dogara and some principal officers of both chambers met President Muhammadu Buhari to discuss modalities for the presentation of the 2018 budget.

    The implication of the meeting, it was learnt, was that a letter seeking the approval of a date for the presentation of the budget might be read on the floor of the two chambers today.