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Tag: 2019 budget

  • Budget: Buhari lists achievements on infrastructure

    President Muhammadu Buhari has identified infrastructure development as one of the areas in which his administration had made a lot of progress.

    The president stated this while presenting the 2019 budget proposal before the joint session of the National Assembly on Wednesday in Abuja.

    President Buhari, who announced budget proposal of N8.83 trillion for the 2019 fiscal year, said that the 2018 budget recorded a performance of 67 per cent.

    He said that the Federal Government carried over capital projects that were not likely to be fully funded by 2018 to 2019.

    According to him, the 2019 budget is intended to further place the economy on the path of inclusive, diversified and sustainable growth in order to continue to lift a significant number of citizens out of poverty.

    He stated that government’s approach on infrastructure was a logical one as it simply prioritised the completion of critical on-going projects over the introduction of new ones.

    The president said that, for example, in the Ministry of Water Resources, the Federal Government identified 116 abandoned or uncompleted projects relating to irrigation, dams, drainage and water supply.

    He listed the completed and/or commissioned projects to include- Central Ogbia Regional Water Project in Bayelsa State; Northern Ishan Regional Water Supply Project, Edo; Sabke Water Supply Project, Katsina State and Takum Water Supply Project in Taraba.

    Others, according to the president, are Ogwashi – Uku Dam in Delta; Shagari Irrigation Project in Sokoto State, Galma Dam, Kaduna State; Mangu Water Supply Project, Plateau State as well as the Federal University of Agriculture and Makurdi Water Supply Project in Benue.

    He said that his administration also made giant strides in the railway sector.

    “We completed and commissioned the Abuja – Kaduna Rail Line and the Abuja Metro-Rail Project. Similarly, the previously abandoned Itakpe-Ajaokuta-Warri Rail Line is undergoing test runs and will soon be commissioned.

    “We are also on track for the Lagos – Kano rail line as significant progress has been made on the Lagos to Ibadan segment of the project.

    “ We remain committed to rebuilding and expanding our road network. In 2018, an additional 1,531 kilometers of roads have been constructed and 1,008 kilometers rehabilitated across the country.

    “Priority projects such as the Abuja – Kaduna – Kano highway as well as the Second Niger Bridge are well underway through the Presidential Infrastructure Development Fund,’’ he said.

    The president also disclosed that in every state of the federation there was a major Federal road project going on.

    He said that in the North Central, long neglected roads like the Ilorin – Jebba Road, a stretch of 93 km that took a number of days to travel had been completed to provide a critical link between the Northern and Southern parts of the country over a few hours.

    Buhari said that his administration had awarded the dualisation of the road to expand it all the way to Mokwa, as was done to the Abuja – Keffi-Lafia -Makurdi roads where work recently commenced.

    According to him, work has resumed on the Suleja – Minna road after years of inactivity.

    “In the South-South, we have recently completed the 60 km section of Alesi to Ugep in Cross River State, and awarded the 72km section from Odukpani Junction to Ugep which will reduce a journey that used to take 3 days a few years back, to 3 hours.

    “Work has also commenced on the Calabar – Itu – Odukpani Road that links Akwa-Ibom to Cross River State, as we have started work on the long-neglected Bodo – Bonny Bridge to connect these long separated communities.

    “In the South East, a critical section of Umunya linking Awka to Onitsha, a stretch of 18 kilometers, is being constructed now and one side of it should be ready for use before June 2019. Roads like Arochukwu – Ohafia – Bende are also receiving our attention.

    “In the South–West, long neglected and abandoned roads like the Badagry Expressway have been awarded for construction along with the Apapa – Tin Can Island, Mile 2 – Oworonshoki, road to ease the congestion currently being experienced in Lagos, while interstate roads linking Ogun through Ikorodu to Sagamu, and Ipaja to Otta and Abeokuta are being repaired with payment to contractors.

    Read Also:  APC denounces ‘disgraceful’ PDP lawmakers for heckling Buhari

    “In the North-West, we have completed the Sokoto to Tambuwal – Jega Road comprising 135 Km out of the entire Sokoto to Yauri stretch and sections of Kaduna Eastern bypass and Kano Western bypass are also progressing.

    “In the North-East, we have started work on the long-neglected Mayo – Belwa – Jada Road, and the Gombe – Numan – Jalingo Road and recently awarded the reconstruction of bridges damaged by insurgency,” he said.

    According to him, the N100 billion Sukuk Bond raised by the government is being used to fund 25 another 25 road projects across the country.

    He listed the projects to include the construction of the Oju/Loko-Oweto bridge over River Benue, dualisation of section of Abuja-Abaji-Lokoja road, dualisation of section of Suleja – Minna road, dualisation of section of Lokoja-Benin road (Obajana – Okene), Dualisation of section of Kano – Maiduguri road linking Kano – Jigawa – Bauchi – Yobe.

    Others are the dualisation of section of Kano – Katsina road, Dualisation of section of Kano Western By-Pass, Construction of Kaduna Eastern By-Pass, Rehabilitation of outstanding section of Onitsha-Enugu Expressway, Rehabilitation of Enugu-Port Harcourt road and dualisation of section of Yenegoa road junction.

    The president said that his government had also creditably acquitted itself in power supply, as it was working on over 90 transmission projects across the country.

  • How we utilised N9.12trn 2018 budget — Buhari

    President Muhammadu Buhari on Wednesday gave an overview of the implementation of the N9.12 trillion 2018 budget, saying 67 per cent performance had so far been recorded by Ministries, Departments of Agencies (MDAs) of government.

    The President revealed this when he presented the 2019 budget estimates at a joint session of the National Assembly in Abuja.

    According to him, out of the total appropriation of N9.12trillion, N4.59 trillion had been spent by Sept. 30, 2018, against the prorated expenditure target of N6.84 trillion.

    He said: “This represents 67 per cent performance. Debt service and the implementation of non-debt recurrent expenditure, notably payment of workers’ salaries and pensions are on track.

    “Despite the delay in the passage of the 2018 Budget on 20th June 2018, the sum of N820.57 billion had been released for capital projects as at 14th December, 2018. We have carried over capital projects that were not likely to be fully funded by year-end 2018 to the 2019 budget.’’

    The President said the 2018 budget was based on a benchmark oil price of 51dollars, oil production of 2.3 million barrels per day and an exchange rate of N305 to the dollar.

    He added that based on these assumptions, the federal government’s aggregate revenue of N7.17 trillion was projected to contribute to the 2019 budget of N9.12 trillion while the projected deficit of N1.95 trillion (or 1.73 percent of GDP) was to be financed mainly by borrowing.

    Read Also: 2019 Budget: Buhari scolds unruly lawmakers

    “In 2018, average oil production up to end of the third quarter was 1.95 mbpd, as against the estimated 2.3 mbpd for the entire year. However, average market price of Bonny Light crude oil was higher (an average of $74 per barrel as at October) than the benchmark price of $51.

    “As at the end of the third quarter, federal government’s actual aggregate revenue was N2.84 trillion, which is 40 percent higher than 2017 revenue.

    “The overall revenue performance is only 53 percent of the target in the 2018 budget largely because some one-off items are yet to be actualized. We have now rolled this revenue item over to 2019,” he said.

    While urging the lawmakers to expedite action for the passage of the 2019 budget, the President stressed the need for the legislature to partner with the executive arm of government for the benefit of Nigerians.

  • Security beefed up at NASS as Buhari presents 2019 budget proposal

    Security has been beefed up in and around the National Assembly ( NASS ) complex ahead of President Muhammadu Buhari’s visit to present the 2019 Appropriation Bill.

    Buhari is billed to present the federal budget proposal before a joint session of the Assembly on Wednesday at 11 a.m.

    The News Agency of Nigeria reports that combined teams of security agencies have been deployed at the three entrances into the complex.

    The entry points are the main gate overlooking the Federal Secretariat, the entrance through the SGF office on Aso Drive and the back gate connecting the Presidential Villa.

    Read Also: How states can be viable, by Emefiele

    A NAN correspondent at the scene reports that entry into the complex has been limited to accreditation lists submitted by different units in the Assembly.

    Only those whose names are on the lists are allowed in after being thoroughly screened by the security operatives.

    Vehicular movement into the complex has also been restricted to lawmakers and principal management staff of the Assembly.

    The budget presentation is coming on the third day of a four-day warning strike by the National Assembly workers under the aegis of the Parliamentary Staff Association of Nigerian.

  • Okorocha presents N276 billion budget

    Imo State Governor, Rochas Okorocha on Thursday presented a budget proposal of N276, 818,071,812 for the 2019 fiscal year.

    A breakdown of the budget, showed that a total sum of N214, 641,699,585, representing 77.54% of the total budget was earmarked for capital expenditure, while N62, 176,372, 227, representing 22.46% of the total budget was set aside for recurrent expenditure.

    Presenting the budget tagged ‘Budget of Consolidation and Economic Stability’ , the governor, stated that “with the presentation of the 2019 budget proposal to the House, we have launched the state into the last phase of the Rescue Mission Development Plan”.

    He said that his administration’s commitment to making the state a robust as well as the fastest growing economy in Nigeria is irrevocable, adding that, the 2019 budget provides a realistic platform for the attainment of the state’s development goals under the Rescue Mission State Department Plan”.

    According to the governor, the budget is designed to ensure the completion of all on going projects in the state and improve the economic growth through investment infrastructure.

    He said the budget will consolidate the development efforts of his administration by ensuring prudence and efficiency in the expenditure programmes.

    “It gives hope and practical support to our youth who are key to our prosperous future; it will not only consolidate our development efforts but will ensure prudence and efficiency in our expenditure programmes,” he said.

    He said the budget would focus on urban renewal, efficient health care delivery, women and youth empowerment, health development among others.

  • Niger Assembly passes N164.5bn 2019 budget

    Niger House of Assembly on Thursday passed the 2019 appropriation bill of over N164.5 billion.

    The News Agency of Nigeria reports that the figure showed an increase of over N4 billion from the over N159.5 billion presented by Gov. Abubakar Bello on Nov. 6.

    The passing of the bill followed the presentation of a report of the House standing Committee on Appropriation and Planning.

    The budget set aside over N65.4 billion for recurrent expenditure while capital expenditure would gulp N99billion.

    The assembly set aside N65.413billion for recurrent expenditure as against N63.324billion and N99.037billion for capital expenditure as against N96.205billion presented by the executive.

    Presenting the report, Mr Muhammad Lokogoma, chairman of the committee, said that the House interfaced with various Ministries, Department and Agencies (MDAs) while scrutinising the budget.

    Lokogoma said adjustments were made in some areas considered critical with believe of sourcing for more revenues to finance them.

    “Mr Speaker, Hon. members, as much as it is the desire of the committee to accommodate increment recommended by various standing committees of this assembly, we were constrained by inadequate funds to entertain such increment.

    “However, adjustments were made in some areas that are considered critical with the believe of sourcing for more revenues to finance them,” he added

    He said the committee observed that there were late and inadequate release of state counterpart funds to development partners and that has affected the state’s growth.

    “The committee is of the view that refusal or delay in releasing counterpart funds for development organisations has affected the growth and development of the state.

    “The committee, therefore, urge this House to appeal to the state government to ensure prompt release of counterpart contribution to development partners.

    “This will enable them commence and finish their projects before the end of the year for the benefits of Niger people,” he added.

    The chairman further decried the low patronage of government printing press by MDAs which according to him has negatively affected the revenue base of the state.

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    In his remarks, the Speaker of the House, Alhaji Ahmed Marafa, commended the committee for speeding the process that enabled the assembly to pass the budget.

    Marafa assured that the budget when fully implemented would accelerate urban and rural development.

    “The people of Niger state have been waiting for this important moment and believe this budget would have a direct bearing on their lives.

    “I want to assure them of our resolve to always put them first in all considerations,” he added.

    The speaker directed the clerk to forward copies of the budget to the governor for his assent.

  • 2019 Budget: FG liaises with NASS on presentation date

    The Federal Government is liaising with the National Assembly on a date for the presentation of the 2019 budget estimates to the Legislature.

    The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, disclosed this in a statement by his Special Adviser on Media and Communication, Mr Akpandem James, on Thursday in Abuja.

    The minister said that it was the procedure when the budget is ready for the Executive to liaise with the Legislature for a date for presentation.

    He said a date would be given by the Legislature for the Budget to be laid before the joint session of the National Assembly.

    Udoma, however, refuted that he blamed the National Assembly over delay in presentation of 2019 Budget estimates as reported by some news media.

    He said it was obvious that some of the reporters misconstrued his response while responding to the question on when the Budget would be submitted to the Legislature after the weekly Federal Executive Council (FEC).

    The minister said there was no time throughout the interaction with the media did he blamed the National Assembly for the delay in the presentation.

    He also said he did not give any impression that there was any issue between the two arms of government over the Budget.

    Read Also: 2019: INEC tasks staff on productivity, credible elections

    The FEC had on Oct. 24 approved the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2019-2021 to provide template for the 2019 budget.

    In the MTF/FSP, N8.73 trillion was estimated for the 2019 budget which is N400 billion lower than that of 2018.

    The price of crude oil per barrel was pegged at 60 dollars and exchange rate at 305 dollars.

    The MTEF/FSP was designed to translate strategic development objective of the economic recovery and growth plan into a realistic and implementable budget framework.

  • 2019 Budget: Buhari awaits National Assembly’s nod for presentation

    Budget and National Planning Minister Udoma Udo Udoma yesterday said the 2019 Budget was ready for presentation.

    He said that President Muhammadu Buhari was waiting for the National Assembly to give him a date to present the proposal to the joint session of the National Assembly for scrutiny.

    According to him, “the President is ready to present the budget any day the lawmakers are ready”.

    The Federal Executive Council (FEC) had at a special session last Friday approved and transmitted the budget proposal to the National Assembly.

    Udoma, who briefed reporters at the State House after the FEC meeting in the company of Information, Culture & Tourism Minister Lai Mohammed and Transportation Minister Rotimi Amaechi, said that the decision on the date for the presentation “is purely in the hands of the lawmakers”.

    The minister said: “As you already know, the budget is ready. We are liaising with the National Assembly because they are to give us a date. If they say today, we will go. The budget is ready.”

    On the Gross Domestic Product (GDP), he said: “Today, I reported to the FEC we have seen steady recovery from the recession period the report indicates that the economy when measured by real GDP grew at 1.81 per cent in the third quarter 2018, compared to 1.5 per cent in the second quarter of 2018.

    “The FEC was particularly encouraged to note that economic growth continues to be driven by the non-oil sector which grew by 3.32 per cent in the third quarter.

    “This has been the strongest growth in non-oil GDP in twelve consecutive quarters since the fourth quarter of 2015.

    “By economic activity, non-oil growth was driven by transportation, electricity, telecommunication, metal oils, quarry and so on. In addition, agriculture and manufacturing sectors also grew, agriculture by 1.91percent manufacturing by 1.92 per cent these are stronger growth than in the second quarter.

    “So, overall, council most encouraged by these results shows improvement in the economy, it also shows that our plans are working; it equally shows that we need to intensify our economy and keep fit with our reforms through continuous implementation of the ERGP in order to continue to attract investments and set the economy on a more sustainable and inclusive growth trajectory. The council is encouraged by this and believes we should be able to do even better in the 4th quarter.”

    Noting that investors will naturally be cautious in making investments during the periods of general elections, he urged investors not to be cautious with the forthcoming 2019 general elections but to invest in Nigeria.

    Amaechi, said that FEC approved $22.995 million towards enhancing security of the maritime sector.

    The Transport minister said: “We got an approval for NIMASA to enhance security of the maritime sector, in terms of the maritime sector we are talking about the security on the waterways and the contract is worth $22.995 million.

    “It was approved for six companies to protect six sections of the coastal waterways and the $22.9 million when converted amounts to N7.13 billion.”

  • 2019 Budget proposal ready for presentation 

    The Federal Executive Council (FEC) meeting on Friday approved the 2019 Budget proposal for onward transmission to the National Assembly.

    The Minister of Budget and National Planning, Udoma Udo Udoma briefed State House correspondents at the end of the special FEC session chaired by President Muhammadu Buhari.

    Read Also:2019 budget: Special FEC session to hold Friday

    He was with the Minister of Information, Lai Mohammed.

    According to him, it is now left for the National Assembly to agree on a date when President Muhammadu Buhari can present the document to the two chambers of the National Assembly.

    Details Later…

  • Ex-ANAN president urges FG to expedite action on 2019 budget

    Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), has advised the Federal Government to expedite action in presenting the 2019 budget proposal to the National Assembly.

    Nzekwe gave the advice in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun on Thursday.

    According to him, the advice became necessary in order not to create panic in the economy.

    He further said that taking decisions and direction where the economy should go would be difficult to predict since the Federal Government was the biggest spender in the country.

    Read Also: 2019 budget: Special FEC session to hold Friday

    The former ANAN president noted that delay in passing annual budget was a major challenge confronting the country.

    “Annual budget should be ready as early as possible so that the National  Assembly can contribute their own part to the budget, ‘’ Nzekwe said.

    The accountant said that budget delay was not good for an economy just coming out of recession.

    He, however, urged the Federal Government to redouble its efforts in preparing the  2019 budget and ensure that the budget is passed as early as possible to increase  activities in the economy.

  • 2019 Budget: Emergency FEC likely tomorrow

    The Federal Executive Council (FEC) may hold an emergency session tomorrow to approve the 2019 Appropriation Bill.

    A reliable Presidency source said the government plans to present  the budget proposal to the budget to a joint session of the National Assembly next week.

    The Presidency has, however, opened talks with the National Assembly leadership on the likelihood of accommodating President Muhammadu Buhari to make the budget presentation next week.

    The source, who spoke in confidence, said the budget had been prepared for FEC consideration.

    After the FEC approval, President Buhari will notify the National Assembly of his intention to present the Appropriation Bill.

    The source said: “Initially, there were plans by FEC to consider and approve the budget on Wednesday but the President was away on official duties to Poland.

    “We have fixed Friday for an emergency FEC meeting on the budget because we do not have time on our side.

    “In fact, if we get the nod of the National Assembly, the government, the President will present the budget to the legislature next week.”

    A Presidency official, who confided in our correspondent, said ministers had been put on notice for an emergency FEC session on or before tomorrow.

    The official said: “Before the FEC meeting ended on Wednesday, Ministers were told to be on standby for an emergency session on or before Friday.

    “We are hopeful of wrapping up the budget issue before the Yuletide. It is left to the National Assembly to cooperate with the President.”