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Tag: budget

  • Budget padding controversy: ACF knocks Senate for suspending Ningi

    Budget padding controversy: ACF knocks Senate for suspending Ningi

    Arewa Consultative Forum (ACF) has expressed support for Sen. Abdul Ningi over his allegation of  budget padding and claim that the 2024 Nigerian budget is unfavourable to the North.   

    Sen. Ningi was suspended from the Senate for three months following his allegations in an interview that the national budget is padded with N3.7 trillion not attached to any project, while adding that the budget was skewed against the North with several Northern Nigerian communities not benefitting from the projects and programmes in the budget.  

    However, the ACF in a statement signed by its National Publicity Secretary, Prof. Tukur Muhammad-Baba yesterday  urged the National Assembly to carry out thorough probe of such allegations in the future.  

    His words: “The Arewa Consultative Forum has watched with keen interest the series of rather dramatic events in the Nigerian 10th Senate which culminated in the suspension of Senator Abdul Ningi from the Red Chamber for a period of three months.”

     Senator Ningi represents Bauchi Central in the 10th Senate and had served as leader of the Northern Caucus of Senators in the Senate until his resignation from same position in the wake of the saga.

     “ACF acknowledges the 10th Senate’s constitutional privilege to determine how it operates or conduct its affairs. However, ACF expects that exercise of the privilege will always be hinged, strictly and transparently, on relevant provisions in the Constitution relating to the principles of due process and fair hearing. This is critical for a body empowered to make laws for the country and to exercise oversight functions over the operations of the executive arm of Government.

    Read Also: Economy: Subsidy beneficiaries, smugglers fighting back, says Tinubu

     “ACF notes that the whole saga hinged on the rather weighty allegation earlier made by Senator Ningi, euphemistically called “budget padding”. Senator Ningi, and we must say others, had alleged that as much as the sum of N3.7 trillion is not rather egregiously attached to any specific project as it ought to under the 2024 Budget of the federation passed for implementation.

     “ACF does not wish to engage in debate with the Senate. Still, on the whole, the process appeared nimbly rushed, with concerns looking more on the messenger rather than his message. ACF notes that the allegation has since been denied by the 10th Senate as lacking in veracity. However, the interests of many communities in Northern Nigeria are at stake. Rather than the route of a rushed suspension of Senator Ningi, ACF prefers a thorough investigation of the allegation by some statutory or adhoc committee of the Senate.

     “As things stand, in the eyes of the general public, the allegation of padding as well as those related to the inclusion of curious items that benefit specific communities of some Senators as “constituency projects”, stand unaddressed with all attendant negative implications for the Red Chamber and, vicariously, the executive, regrettably, unfortunately and avoidably so for Nigeria’s nascent democracy.

     “ACF regrets that Bauchi Central will be without representation in the 10th Senate for the three months, and stands with Senator Ningi and his supporters in whatever constitutional means they seek to respond for a satisfactory denouement to this sad development.

     “ACF also calls on the 10th Senate to act with more circumspection and sensitivity in processing criticism of its operations. Robust debates on public policy issues undoubtedly strengthen development of the democratic project,” Muhammad-Baba said.

  • The N3.7trn budget padding kerfuffle

    The N3.7trn budget padding kerfuffle

    Bauchi State Peoples Democratic Party (PDP) senator Abdul Ningi stirred the hornet’s nest last week when he insisted that the 2024 Budget was padded with N3.7trn to inflate the original N25trn appropriation he claimed was passed by the National Assembly. The padding, he argued, was inserted for phantom projects regionally skewed against the North. His legislative colleagues, including northern lawmakers, pooh-poohed his claims, insisting that his claims were the product of ignorance. Since then, though he stood his ground, he had been on the defensive, isolated and ridiculed for his appalling budgetary arithmetic and wild ethnic extrapolations.

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    But the controversy he inadvertently stoked relates to discriminatory constituency projects allocations. Those allocations have in turn led to acrimonious debates between sceptical public and angry and disadvantaged lawmakers. Sen Ningi has been suspended for three months; but Nigerians can rest assured that lawmakers, whose image had never been flattering, will resolve their differences one way or the other. They always manage to turn every serious policy dispute into a kerfuffle.

  • Presidency slams senator over budget padding claim

    Presidency slams senator over budget padding claim

    • ‘It’s divisive antics to achieve primordial ends’
    • Three North’s senators kick

    Bauchi Central Senator Abdul Ningi got hard knocks from the Presidency yesterday over his claim that Budget 2024 was padded with N3 trillion and screwed against the North.

    The Presidency described the Peoples Democratic Party (PDP) senator’s claims as false, “too far-fetched and unbecoming of a leader of his status”.

    A statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, said President Bola Ahmed Tinubu forwarded an evenly distributed budget, in which none of the six geo-political zones is marginalised.

    Three senators – Steve Sunday Karimi (Kogi West), Titus Tartenger Zam (Benue Northwest) and Kaka Sheu (Borno Central) – also rejected Ningi’s claims, which they described as a ruse, unfounded, baseless and a figment of his imagination.

    They dissociated themselves from it.

    The senators are members of the Northern Senators’ Forum, under whose auspices Ningi allegedly spoke.

    They warned against what they described as the antics of blackmailers bent on creating an atmosphere of crisis in the Upper Chamber of the National Assembly.

    Ningi alleged in an interview with the BBC Hausa Service at the weekend that the 2024 Budget being executed had been padded to the tune of N3 trillion and skewed against the interest of the North.

    He alleged that the report of a consultant revealed the padding.

    He added that the Northern Senators’ Forum, which he chairs, would confront Senate President Godswill Akpabio with its findings on the alleged ‘padding.’

    At a meeting last week, some northern senators also accused the Senate President of inserting projects worth N4 trillion in the 2024 budget.

    They alleged that the projects, which had no locations, were inserted into the budget, which they also claimed was lopsided against the North and some parts of the South.

    The northern senators also accused Akpabio of railroading the senators to hurriedly pass the budget, adding that it favoured Akpabio and his cronies. 

    The Chairman of the Senate Appropriation Committee, Solomon Adeola (Ogun West), said the Senate would take a position on the allegations tomorrow at plenary.

    The statement by the Presidency said: “On the uncharitable claim that the 2024 budget was anti-North, we found such position as canvassed by Senator Ningi as too far-fetched and unbecoming of a leader of his status.

    “President Tinubu is leading a government that is fair and equitable to every part and segment of Nigeria.

    “In terms of funding, distribution of capital and priority projects, the 2024 Appropriation Act was not skewed against any section of the country.

    “The North, as an integral part of the country, is well covered in all areas, from security to agriculture, healthcare to education, and other important infrastructure such as roads, rail, dams, power and irrigation projects to support all year-round agriculture.

    “It is concerning that a senator of the Federal Republic of Nigeria can employ such primordial antics to fuel divisive rhetoric at a time well-meaning Nigerians are joining hands with President Tinubu to raise the spirit of national cohesion, unity and inclusive politics.

    “We want to use this opportunity to commend Senator Yemi Adaramodu, Chairman Senate Committee on Media and Publicity, for setting the record straight.

    “We also commend Senators Steve Sunday Karimi (Kogi), Titus Tartenger Zam (Benue) and Kaka Sheu (Borno) for their forthrightness and for coming out against the misrepresentation of facts by Senator Ningi.

    “Following the false claims made by Senator Abdul Ningi, representing Bauchi Central, that President Bola Ahmed Tinubu-led Federal Government is operating two versions of the 2024 Budget, we consider it appropriate to inform Nigerians that there is no truth whatsoever in the allegation.

    “Acting under the banner of Northern Senators’ Forum, Senator Ningi falsely claimed in an interview he granted BBC Hausa Service that the National Assembly debated and passed N25 trillion as 2024 budget and not the N28.7 trillion that is being implemented by the Federal Government.

    “To begin with, President Tinubu on November 29, 2023 presented a budget of N27.5 Trillion to the joint session of the National Assembly made up of N9.92 Trillion recurrent expenditure, Debt Service N8.25 Trillion and Capital Expenditure N8.7 Trillion.

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    “This was widely reported. He did not present a budget of N25 trillion.”

    It added: “Contrary to the strange view expressed by Senator Ningi, there was no way the Senate could have debated and passed a N25 trillion budget that was not presented to the National Assembly.

    “We don’t expect a ranking Senator not to pay due attention to details before making wild claims.

    “It is also important to let Nigerians know that the budget that President Tinubu signed into law on January 1, 2024, as passed by the National Assembly was N28.7 trillion.

    “The National Assembly, in its wisdom, increased the amount proposed by the Executive by N1.2 Trillion.

    “In the spirit of democracy, which allows give and take, President Tinubu didn’t withhold his assent to the Appropriation Bill as passed by the National Assembly.

    “We want to stress that if the budget figure was increased and made to be different from what the Executive proposed, it was the National Assembly that jacked it up in the exercise of its power of appropriation.

    “President Tinubu is a firm believer in the rule of law and constitutional democracy.

    “As an avowed democrat, he will not engage and indulge in any unconstitutional action or act in any manner that assaults the Constitution of Nigeria by operating any budget outside the one approved by the National Assembly, which he dutifully signed into law.

    “We want to state categorically that the only 2024 budget that is being implemented is the N28.7 trillion budget passed by the National Assembly and signed by the President.

    “Included in the budget are statutory transfers to the Judiciary, National Assembly, Tetfund and others.”

    Karimi, Zam, Sheu disagree with Ningi

    Karimi, Zam and Sheu said no room should be allowed for division and acrimony between senators from the North and South by those who may not want to accord priority to national unity and harmony.

    In their statement on behalf of the Northern Senator’ Forum, Karimi (Kogi State), Zam (Benue) and Sheu (Borno State) said the forum cannot be used to blackmail the budget process, which was done in good faith.

    Shedding light on what transpired at the Northern senators’ meeting, the trio recalled that it was only resolved that the report of the consultant engaged by the Northern Senators Forum be subjected to further scrutiny.

    They said the resolution was based on the fact that the entire appropriation process was a combination of work from the executive, represented by the Minister of Budget and National Planning and other ministers, the House of Representatives Committee on Appropriation and the Senate Committee on Appropriation.

    Dismissing the allegation of padding as a ruse, they said while the executive brought a budget proposal of N27.5 trillion, the Senate passed a budget of N28.77 trillion.

    They queried: “The difference was N1.27 trillion, coming from all three arms of government. Where is the additional so-called padding of three trillion coming from?

    “It was resolved that the Northern Senators’ consultant report be looked into by essential committees of the Senate and House of Representatives before jumping to a conclusion.”

    Karimi, Zam and Sheu urged the Northern Senators Caucus leader Ningi to “rein in those who think a crisis-ridden Senate would better profit them.”

    Noting that the North has provided leadership in Nigeria and enjoyed the support of other regions seamlessly, they said the representatives of the North should not appear to act as instruments of destabilisation now that power has shifted to the South.

    In their view, the North can agitate for a fair share of the national pie but within the ambits of decency, decorum and dignity.

    They added: “Senator Ningi has not given the correct information. He is yet to even give the Senate President or the Speaker of the House of Representatives a copy of what he claims to have discovered in the 2024 Appropriation Act before levelling allegations of budget padding against the President, the Senate President and the Senate.

    “President Tinubu presented a budget estimate of over N27 trillion on 28th November to the National Assembly, which passed a budget of over N28 trillion, which became an Act of Parliament on 1st January 2024.

    “Where did Sen Ningi get his Appropriation Act of N25 trillion? What about the extra requests that chairmen of appropriation committees of both chambers claimed came from the Executive after the submission of the initial over N27 trillion proposals by Mr President?

    “So, how did Sen Ningi’s budget analyst get the N3 trillion budget padding allegations? Must we attempt to give a dog a bad name to hang it?

    “Are APC members of the Northern Senators Forum that PDP Senator Ningi claims to lead oblivious of the anti-Tinubu/Akpabio undertones? The National Assembly should not be denigrated.”

    Senate to take position tomorrow

    Senator Adeola said the Senate will meet tomorrow to take a position on the allegations.

    However, a source said the Senate is divided on the allegations, adding that the majority believes that Ningi’s claims smack of self-indictment.

    At the weekend, some members of the Forum vowed to meet President Tinubu over the allegations.

    Adeola said: “The Senate has its procedures and rules. Since the allegations did not come from an outsider, but a serving Senator of the Federal Republic of Nigeria, the Senate will meet and deliberate on them on Tuesday before briefing the press.”

    A senator said Ningi has indicted himself by his claims.

    He said: “Number one, what Ningi did was self-indictment. There’s this saying in Hausa that if the person speaking is a fool, the person listening will not be a fool.

    “Yes, this budget, when they say it’s skewed, it is skewed to where? Who prepared the budget? All the committees did the budget.

    “The Appropriation Committee’s mandate is to compile the budget. It did not say, to make sure that the North got an equal amount with the South. No. So, what are they talking about? It’s self-indictment. Who passed the budget?

    “And then, who is the budget minister? Is he not from the North? Atiku Bagudu is from the North. It is not the Minister of Finance who is from Ogun that prepared the budget. He executes the budget. Who prepared the budget? Who gives each MDA a ceiling?

    “Again, in the budget team, the Southerners are in the minority in both chambers. The chairman of the House Committee on Appropriation is from Northwest and the buck stops there.

    “Solomon Adeola is the chairman of the Appropriation Committee and he is from Southwest, but they did not prepare the budget.

    “Now, they said they have a document and they employed a consultant and that the consultant said that the budget is skewed. And that the budget is N25 trillion.

    “Now, who are you indicting? So, it means the National Assembly padded the budget with N3 trillion. Who added the N3 trillion?

    Not only Ningi, the members of the caucus or senators from the north are more than the number of senators from the South. They are just trying to indict us.

    “He said in his interview that the work is in progress, that it is an interim report. A meeting of the Northern Senators Forum was called and we met the Senate President.”

  • 2024 budget reveals health funding gaps in states

    2024 budget reveals health funding gaps in states

    Stakeholders in the health sector have said that the 2024 budget by the 36 state governments and the Federal Capital Territory (FCT), revealed the varying prioritisation of healthcare services across Nigeria.

    A comprehensive analysis of the budgets obtained from the states, showed that Kano, Kaduna, Yobe, Abia and Bauchi are on top of the list of states with higher health expenditure, allocating between 15.0 per cent and 16.5 per cent of their total budgets to healthcare initiatives.

    However, concerns loom as some states significantly lag behind in their health budgets in line with the 2021 African Union (AU) Health Expenditure benchmark, otherwise known as Abuja Declaration. 

    Official statistics showed that Kwara, Ekiti and Niger allocated less than two per cent of their budgets to health, indicating potential challenges in healthcare accessibility and infrastructure development.

    “Kwara State, for instance, allocated 0.17 per cent of its budget to health, signaling potential challenges in healthcare delivery and infrastructure development,” it revealed.

    The stakeholders also applauded the states that met the 15 per cent healthcare budget and called for adequate funding of the health sector in the country.

    According to them, the discrepancies emphasise the urgent need for a more equitable distribution of healthcare funding to ensure all citizens have access to quality healthcare services, regardless of their geographical locations.

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    Mrs Maimuna Abdullahi, a Health Economist, Monitoring & Evaluation Specialist, Africa Health Budget Network (AHBN), said that citizens in states with lower health budget allocations should demand their rights to better healthcare by taking several actions.

    “Educate fellow citizens about the importance of healthcare funding and its impact on their well-being.

    “Use social media, community meetings, and grassroots campaigns to spread awareness,” she said, adding that they should form advocacy groups focusing on healthcare issues.

    These groups, she said, could organise rallies, petition government officials, and engage in advocacy to demand increased healthcare funding.

    She said that the people should send correspondences or make phone calls to government representatives, to express concerns about low healthcare funding.

    “Attend town hall meetings and public forums to directly address policymakers,” she said.

    Corroborating earlier opinion, Mrs Tina Atala, a lawyer in the FCT, said that people at the grassroots should explore legal avenues such as filing lawsuits or seek legal advice to challenge inadequate healthcare funding.

    Atala said that it was imperative for the people to mobilise collectively to demand for better healthcare services.

    “This can involve organizing protests, signing petitions, or participating in community meetings with local leaders. Health is a fundamental human right of every Nigerian.

    “They should work with media outlets to amplify the issue of low healthcare funding,” she advised.

    She said that by taking collective action and advocating for their rights, people could pressure government officials to prioritise healthcare funding and ensure access to quality healthcare services for all.

    Similarly; the health proposals in the 2024 federal budget that aim to enhance physical and mental health of Nigerian fall below the 2021 Abuja Declaration. 

    The Federal Government has earmarked N1.502 trillion for healthcare services including provisions for the Basic Healthcare Provision Fund, and other viable infrastructure and healthcre development programmes in the country. 

    With a funding gap of N2.622 trillion, there were concerns regarding the sufficiency of the budget, especially given Nigeria’s high out-of-pocket health expenditure and challenges pose by macroeconomic indicators.

    Inadequate funding, over-centralisation of resources and lack of transparency in the allocations, particularly the N57.392 billion for the “Immunisation plus and malaria progress by accelerating coverage and transforming services (impact)–immunisation” project, raised questions about efficient fund management and value for money. 

    (NAN)

  • Monitor implementation of 2024 budget, Medaner tells media

    Monitor implementation of 2024 budget, Medaner tells media

    Former Director of Organisation of the ruling All Progressives Congress (APC) Prof. Mustapha Ussiju Medaner has charged the media to ensure effective monitoring of the implementation of the 2024 budget by various Ministries, Departments and Agencies (MDAs) for good governance.

    The National Assembly passed the N28.7 trillion budget tagged “Renewed Hope Budget” last year, which was assented to by President Bola Ahmed Tinubu on January 1, 2024.

    Medaner gave the charge in Abuja while speaking with newsmen on the sideline at a one-day seminar by the National Commission for Refugees, Migrants, and Internally Displaced Persons (NCFRMI) for its senior staff on the implementation of the 2024 budget.

    The seminar was tagged: “The imperative of legal fluency for public servants: Navigating financial regulation, fiscal responsibility and procurement laws.”

    Medaner who is also the Head of Research, Strategy and Documentation, Office of the President of the Senate, National Assembly noted that the country has suffered poor implementation of the budget since independence, hence the need for the media to play its watchdog role.

    “You in the media, you are to help Mr President in implementing the 2024 budget. You are to look at the budget by following up on the money. How do you do that? Now that the document has been made public. Look at the implementation of it in line with the extant laws.

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    “We have seen what has been happening from independence. The implementation of the budget has been our problem.”

    Medaner commended the Commission for embarking on the seminar and called on other government agencies to do similar training.

    He further stressed the need for public servants to look at the fluency of financial regulation, the Procurement Act and Fiscal Responsibility Act by the extant laws.

    The Federal Commissioner and Chief Executive Officer of the Commission, Aliyu Tijani Ahmed stated that the seminar is targeted towards advancing the proficiency of staff on the legal aspects that govern the commission’s financial and administrative systems.

    Considering the innovations in the area of public administration, Ahmed maintained that “there is the need for enhancement of knowledge for public servants to suit the demands for effective service delivery.  

    “In an era where the complexities of governance are ever-expanding, the need for our public officials to be well-versed in the legal frameworks that underpin their actions cannot be overstated. Financial regulation, fiscal responsibility, and procurement laws are not just mere guidelines; they are the bedrock upon which transparent, accountable, and effective governance is built.

    “As public servants, the stewardship of the public’s trust and resources is a sacrosanct duty. It is a duty that requires not only dedication and integrity but also a comprehensive understanding of the legal structures that ensure the democratic values we all cherish are upheld. The intricacies of financial regulations are designed to protect our economy, the principles of fiscal responsibility safeguard our future, and the statutes of procurement laws ensure fairness and equality in public service delivery.

    “Let us take this opportunity to commit ourselves to the pursuit of knowledge, to arm ourselves with the legal acumen necessary to navigate the challenges of public service. In understanding the law, we become better protectors of the public interest and more effective guardians of the public purse”, he stressed.

  • 2024 budget: How we settled for N800 to a dollar exchange rate – FG

    2024 budget: How we settled for N800 to a dollar exchange rate – FG

    The federal government, on Thursday, January 11, clarified its reason for settling at N800 to a dollar benchmark in the 2024 Budget, saying it was aimed at avoiding eventualities and uncertainties.

    Speaking to State House correspondents, Minister of Budget and Economic Planning, Atiku Bagudu, revealed that before settling on the initially projected exchange rate of N750 to the dollar in the 2024 budget (later raised by the National Assembly to N800), the government thoroughly assessed and scrutinized the average performance of the naira.

    According to Bagudu, there could be eventualities and fluctuations, which could necessitate variations in prices of revenue commodities, citing the behaviour of oil prices, which is Nigeria’s primary revenue commodity.

    “For budgeting purposes. You don’t use spot rate of anything. Oil price can go to 120 today, maybe there is a shortage, maybe there is a collision between two ships that will block a channel. It would be foolish to use that as a reference price, I should take a period maybe six months to one year and say let me observe this average behaviour, so you don’t use spot prices. So even with exchange rate is like that,” the Minister noted.

    He explained that that, “much as we are hoping that it would soon come below, but at the time you are doing the budget you will take a view on average performance. And that’s what we took.”

    “In fact we took an average performance of 750 on the executive side and we proposed it to the National Assembly and the National Assembly in its wisdom, and mind you this is democracy, and President Tinubu is one who is a lifelong advocate of institutional separation of power.,” Bagudu added.

    The minister also said that President Tinubu respected the National Assembly in allowing raise further the exchange rate considering his high respect for institutions and democracy.

    “So, he respected democracy that even though it was higher than what he submitted, but the institution that says so, has the authority to say so and even at the time they say 100, because it’s not an official rate it’s tidal, because with the deregulated market, you no longer have an official rate, it is much lower than even the way the markets are bidding.,” the minister said.

    He noted that the Federal Government was sure that with the measures it is currently taking, there will soon be significant increase the supply of foreign exchange into the economy.

    The Budget minister who also spoke on the level of borrowing to fund the deficit in the 2024 budget, said that difference between this years borrowing amount compared to 2023 remained significant.

    “In 2023, the budget  anticipated a borrowing of close to N14 trillion. This year’s budget is N9.1trillion. So we think that is significant. Because it’s 2023 took us to about 6.11% of our GDP as borrowing. This one is  3.8%. So the quantum had decreased,” Bagudu  added.

    The budget minister explained the Federal Government  within the 2024 fiscal year intends to operate strictly within the dictates of fiscal responsibility law, which provides for the Central Bank of Nigeria (CBN), to lend to the government through its Ways and Means window, only 5 percent of total budget.

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    “We will not go outside the law and borrow from ways and means, what is outside the law. So the fiscal responsibility law says, in every one year, the central bank can lend the government up to 5% of its budget for the year. So if you go out of that, you’re going outside the lawful limit, and that’s what the minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law.

    “And secondly, as much as possible, we will even borrow away from the central bank because sometimes it’s even cheaper to borrow. So, those are the two elements. So the quantum has decreased, then we will go by the book.

    “The President, in his steadfastness has brought a central bank governor who will not even allow and we also determined coordinating minister and I so that’s combination of two.

    “And then three, our revenue projections are designed to ensure that everyone earns his job. This is a country that had ones produce more than 2 million barrels a day. So why are we behaving as if we can’t achieve that again? So the first thing is to task people and ensure that people begin to run around to earn their job the President said as much. So that’s the basis of confidence and optimism, that combination of those measures on the borrowing and then the emphasis that we must collect.

    “We have seen the reforms so far have been the more revenue but we are not stopping there. We believe that our objective to achieve at least 1.8 million production per day is something that has been done before. And with security gains that are increasing with mobilizing of all stakeholders.

    “For example, just yesterday, maybe you will have seen even the governors have re-energized the National Economic Council Committee on crude oil theft and prevention. So that governors will say to the extent that is happening in their state, they will take personal responsibility and lead.

    “So if all governors can control their states, we assure that things can be done.  So because of that we are confident that the revenue projections are achievable and with budget efficiency and discipline we are putting we believe that we won’t recourse to additional borrowing than maybe we will even borrow less,” Bagudu noted.

  • Lagos Assembly passes N2.267tr budget for 2024

    Lagos Assembly passes N2.267tr budget for 2024

    The Lagos State House of Assembly on Friday passed the N2.267 trillion budget for 2024 presented by Governor Babajide Sanwo-Olu last year.

    The budget, comprising 58 per cent capital expenditure and 42 per cent recurrent expenditure, was approved after a unanimous voice vote by the lawmakers.

    Governor Sanwo-Olu, on December 13, 2023, presented the 2024 budget proposal of N2.246 trillion to the House, saying the state anticipates internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.

    Before its passage, the Chairman of the joint committee on Budget and Finance, Sa’ad Olumoh, presented a report of the committee, which recommended that the Public Works Corporation, the Water Corporation, and the state-owned tertiary institutions be placed in first-line charge to enable them to perform optimally.

    Obasa, during the presentation, said the government should ensure a functional budget.

    “It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.

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    “Palliatives should move from just giving people garri, rice, beans, or even money. We should have a direction that is focused, impactful, and deeply backed up by effective policy implementations.

    “For instance, in the name of palliative care, let there be a provision of drugs at all public hospitals at subsidised rates. At the same time, the focus should be on a downward review of treatment costs in these hospitals,” the Speaker said during the budget presentation,” he noted.

    During plenary yesterday, Obasa said: “A bill for a law to authorise the issuance and appropriation of N952,430,566,998 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,315,545,553,871 from Development Fund for Capital Expenditure, thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December, 2024, be passed into law.”

    Obasa also hailed the lawmakers for their dedication and cooperation in ensuring a quick passage of the Appropriation Bill, and directed the Clerk of the House, Olalekan Onafeko, to forward a copy of the approved budget to Governor Sanwo-Olu for assent.

  • Ojodu presents community-driven budget

    Ojodu presents community-driven budget

    Chairman of Ojodu Local Council Development Area (LCDA), Segun Odunmbaku, has presented N3.5 billion budget to the legislative house at the council secretariat, Oke-Ira, Ogba.

    The appropriation bill was tagged “Community-Driven Budget”.

    Odunmbaku said his administration remains committed to enhancing the quality of life of the citizens through policy thrust with the focus on key components of the Health, Education, Youth & Women Empowerment and Social Infrastructure (H.E.Y.S) Agenda.

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    “We are mindful of the need to ensure continuous provision of dividend of democracy for our people as our own obligation for their freely given mandate to us. We are also determined to protect and consolidate on our achievements recorded so far,” he said.

    The proposed budget, he said, was well planned and clearly outlined people’s programmes and projects while wishing the legislators fruitful deliberations over the appropriation bill.

    Leader of the House, Opeyemi Apatira said the legislative will prioritize key sectors such as Education, Healthcare, Infrastructure and Social Services in its appropriation responsibilities based on feedback and needs expressed by constituents.

  • Why we increased 2024 budget, by Reps

    Why we increased 2024 budget, by Reps

    Chairman of the House of Representatives Committee on Appropriation, Hon. Abubakar Kabir Bichi has explained why the National Assembly increased the 2024 budget from N27.50 trillion to N28.78 trillion.

    Bichi also said that the increase was necessitated by the promise from Government Owned Enterprises (GOEs) to increased their revenue generation in the 2024 fiscal year.

    The House and the Senate passed a harmonised budget of N28.78 trillion on Saturday, December 30, an increase of about N1.27 trillion over the budget presented by the president.

    Bichi explained that revenue-generating agencies have pledged a substantial revenue increase in 2024 to support the budget.

    He said: “We had a meeting with the GOEs, we believe that their submissions are not enough. They have agreed to increase their revenue.

    “That is how we are able to get that 1.2 trillion which we applied to capital”, Bichi said, adding that the budget increase in the appropriation bill is allocated to the capital component rather than recurrent expenditure.

    “I believe this budget is brilliant and Nigerians will see a lot of impacts.  This is the first time the capital (component) is bigger than recurrent.”

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    According to him, citizens made contributions in to the money bill at a one-day town hall meeting organised by the House, while the National Assembly joint committee on appropriations worked closely with the executive to arrive at the budget.

    During budget defence early this month, Bichi told Adewale Adeniyi, the Comptroller-General (CG) of the Nigeria Customs Service (NCS), to increase the agency’s revenue target for 2024 to N6 trillion from its proposed N5.79 trillion, stressing that the government needs money to finance several projects.

    The appropriation committee chairman also urged the Nigerian Upstream and Downstream Petroleum Regulatory Commission (NUPRC) to increase its revenue target to N6 trillion from the proposed N5.6.

  • National Assembly jerks up 2024 budget to N28.78tr

    National Assembly jerks up 2024 budget to N28.78tr

    • Appropriation increased by N1.2 trillion
    • Budget based on exchange rate of N800/1$
    • Lawmakers okay securitization of N7.388tr Ways and Means; president’s request to borrow $7.8bn, €100m
    • Economy will witness boom in 2024 – Presidential aide

    Estimates for the 2024 National Budget went up by N1.2 trillion yesterday  as the National Assembly rounded off its consideration of the Appropriation Bill.

    The two chambers at a special session, passed the budget at N28.78 trillion as against the N27.50 trillion presented to it by President Bola Tinubu on November 29.

    The lawmakers also increased the exchange rate from N750 to N800 per dollar but  the 1.78mbpd daily oil production, US$77.96 oil benchmark price and GDP growth rate of 3.88% were approved as proposed by the President.

    Sequel to the adjustments to the budget proposals, N1.74 trillion is for Statutory Transfer; N8.77 trillion is for Recurrent Expenditure; N9.99 trillion is for Capital Expenditure; and N8.27 trillion is for Debt Service.

    The capital budget increased from the  N8. 7 trillion proposed  by the President to N9. 995 trillion, while the recurrent budget was reduced from N9. 92 trillion to N8. 76 trillion.

    The National Assembly adopted the harmonized report of its joint Committees on Appropriations presented to the Senate by   Solomon Adeola (APC, Ogun West)  and in the HoR by Abubakar Kabir Bichi.

    Speaking before the budget was passed, House of Representatives Speaker,  Tajudeen Abass, said future budgets would  be taken to the people at the constituency level to allow them also to make inputs.

    He said “as representatives of the people, it is essential that we involve citizens in our key processes and decision-making.

    “It was in line with this that the House organised a citizens’ town hall on the 2024 Appropriation Bill, where the public was given the opportunity to express views on how the budget can better address the specific needs of all Nigerians, especially those at the grassroots.

    “The House remains committed to engaging citizens in its activities and ensuring the lawmaking process is open and inclusive. In the coming years, the budget will be taken to the people at the constituency levels to allow them also to make inputs.”

    Speaking with newsmen after the budget passage, Chairman of the House Committee on Appropriation Bichi, said the increase was occasioned by prevailing circumstances in the country as well as the current exchange rate.

    He said after their meeting with the leadership of government owned enterprises (GOEs), it was agreed that the revenue estimate given to them was unrealistic and the fact they have to increase their revenue contribution to funding the budget.

    He said the GOEs were expected to contribute about N700 billion to the budget, adding that in addition to the gain from the increase in the exchange rate, the country would  be able to generate the N12 trillion increase in the budget.

    He said “We have inflation and exchange rate for the dollar, the executive proposed N750 to the dollar, but after we studied carefully, we looked at it, it is unrealistic. So we increased it to N800.

    “Also we had a meeting with the GOEs, we believe that their  submissions were not enough. They have agreed to increase their revenue to 700 billion. That was how we were able to get that 1.2 trillion which we applied to capital.

    “This is the first time capital expenditure is bigger than recurrent. We appropriated about N850 billion for  education. We gave them a lot of money. I believe this budget is brilliant and Nigerians will see a lot of impact.”

    Under the Statutory Transfer, National Judicial Council (NJC) got the highest allocation of N341.626 billion; followed by Niger Delta Development Commission (NDDC) with N338.925 billion; Universal Basic Education Commission (UBEC) gets N263.044 billion; North East Development Commission (NEDC) – N131.836 billion.

    Others include Basic Healthcare Provision Fund (BHPF) – N131.522 billion; National Agency for Science and Engineering Infrastructure (NASENI) – N131.522 billion; Public Complaint Commission (PPC) – N14.460 billion; and N5 billion for National Human Rights Commission (NHRC), respectively.

    Ministry of Defence got the highest allocation of N1.308 trillion, followed by Ministry of Police Affairs – N869.121 billion; Ministry of Education – N857.134 billion; Ministry of Health & Social Welfare – N667.577 billion; Ministry of Interior – N362.552 billion; Ministry of Youth – N201.467 billion; National Security Adviser (NSA) – N199.763 billion; Ministry of Foreign Affairs – N140.456 billion; Ministry of Agriculture & Food Security – N110.248 billion; Secretary to the Government of the Federation (SGF) – N100.248 billion and Presidency – N97.913 billion.

    Senate,HoR  approve securitization of N7.388 Ways and Means

    Also yesterday,the two chambers  considered and passed the securitisation of outstanding 7.388trn debit balance (Ways and Means) in the Consolidated Revenue Fund (CRF) following a request by President Tinubu.

    Tinubu, in a letter read by Senate President Akpabio and HoR Speaker Abass, said while the Federal Government was considering various measures to forestall the use of Ways and Means advances for domestic debt servicing, it had become imperative to securitize the outstanding Ways and Means advanced to the FGN, before the end of the year 2023.

    Tinubu said the securitization of the Ways and Means would  lead to the realization of many benefits.

    The letter reads, “I write to draw the kind attention of the House of Representatives to the provisions of Section 38 of the subsisting Central Bank of Nigeria, (CBN)’s Act 2007, which stipulates that the apex bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue. provided such overdraft do not surpass five percent of the government’s revenue from the previous year.

    “The House is invited to note that, from available information by the CBN, the Consolidated Revenue Fund (CRF) Account of the Federal Government of Nigeria (FGN) stood at N7,388,696,034,520.87 as at December 11 2023. largely due to domestic debt servicing, principal and interest

    “While the Federal Government is considering various measures to forestall the use of ways and means advances for domestic debt servicing, it has become highly imperative to securitize the outstanding ways and means advanced to the FGN, before the end of the year 2023 The securitization of the “Ways and Means will lead to the realization of the following benefits amongst others

    “a) Reduction of Debt Service Cost, as the Interest Rate for the securitized ways and means advances is lower at 9% p.a compared to MPR-3%

    “b) The savings arising from the much lower Interest Rate could help to reduce the deficit in the Budget

    “c) Improvement in debt transparency as securitized Ways and Means Advances are included in the public debt statistics.

    “In view of the foregoing the House of Representatives is invited to kindly consider and approve the securitization of the outstanding debit balance of N7,388,696,034,520.87 in the CRF as at December 11, 2023.”

    Senate okays Tinubu’s request to borrow $7.8bn, €100m

    The Senate separately approved President Tinubu’s request to borrow $7.8billion and €100 million as part of the 2022  – 2024 borrowing plan of the Federal Government.

    The resolutions of the Senate followed its consideration and adoption of the report of its committee on Local and Foreign Debt during its special plenary.

    Tinubu had said that the Federal Executive Council under former President Muhammadu Buhari approved the loan facility on May 15, 2023 to finance infrastructure, health, education, agriculture, insecurity and other sectors.

    He further explained that the foreign loan had become necessary to bridge the financial gap and return the economic activities of the country to normalcy.

    The funds, he said, would be used to develop infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms.

    Nigeria’s economy ‘ll witness boom in 2024 – Tinubu’s aide

    The presidency has assured Nigerians that the country’s economy will witness a major turnaround  in 2024 with efforts being made by President Bola Tinubu to change the narratives.

    Senior Special Assistant to the President on Media and Public Affairs,  Temitope Ajayi, gave the assurance  in Ikere-Ekiti, headquarters of Ikere Council  Area of Ekiti State  during a get-together party organised in his honour by Annunciation School Old Boys Association (ASOBA) 1995 set.

    He said that the Federal Government was working round the clock to revamp the economy and invariably address the current hardship Nigerians are facing.

    Ajayi averred that President Tinubu was committed to fulfilling his renewed hope agenda for the country, adding that Nigerians will soon witness the positive impacts of the current programmes and policies of his administration.

    Ajayi, who acknowledged the economic challenges confronting the citizens,expressed optimism that the president and his team are assiduously working to change the narratives in the new year for the betterment of Nigerians.

    He pleaded with Nigerians to have trust in President Tinubu’s efforts towards re-engineering the nation’s economic, social and infrastructural structures in order to birth a new Nigeria that would work for all, irrespective of social and economic status.

    He said, ” Nigerians should look forward to a great year in 2024. The president is going to speak to Nigerians on January 1st in a national broadcast where he is to once again highlight some of the reforms he has taken and what he is doing to make sure Nigerians feel the impact of his government.

    ” Of course, things are a bit tight but the president is working round the clock to make sure that Nigerians feel a new sense of life starting from next year; it is going to be a year of prosperity, a year of abundance, a year for economic breakthrough, a year of a lot of social engineering, where Nigerians will see high impact economic projects that will transform our lives, that will give us a good quality of life in roads and other critical infrastructures that this economy needs to take off and really boom.

    “Those are things the president is focusing on and he will remain focused on them in 2024 and throughout his tenure.”