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Tag: Muhammadu Buhari

2018 Budget: LCCI lauds 30.8% capital allocation

The Lagos Chamber of Commerce and Industry (LCCI) has commended the Federal Government for allocating 30.8 per cent of the 2018 Federal Budget to capital projects.

The Director-General of LCCI, Mr Muda Yusuf, gave the commendation in a statement on Thursday in Lagos.

President Muhammadu Buhari presented the N8.6 trillion 2018 Federal Budget to the National Assembly on Nov. 7.

The N8.6 trillion 2018 Budget represents a 16 per cent increase in nominal term over the 2017 Budget of N7.44 trillion.

“We welcome the priority accorded to infrastructure in the budget proposal focusing on roads, railways, power projects, water projects and second Niger bridge.

“Reference was made to the embarrassing state of the access to the ports and the public private initiative to fix it.

“We welcome the decision to connect the Lagos-Ibadan standard gauge to the Apapa and the Tin-Can Island port.

“But time is of the essence.

“There is an urgent need to save the private sector and investors from the agony of persistent gridlock at the Apapa and Tin-Can ports which accounts for over 70 per cent of import and export cargo in the country,” he said.

Yusuf said that it was imperative to formulate policies to mobilise private sector capital into the infrastructure space.

He said that consideration should be given to further reduction in cost of governance and scaling up remittances of surplus from MDAs to the coffers of government.

The LCCI boss also said there was the need to refocus government’s tax drive from direct to indirect taxes in line with the National Tax Policy.

“A disproportionate focus on direct taxation is detrimental to investment and hard work.

“There is also need to curb the growing incidence of multiplicity of taxes and levies on businesses at all levels of government,” he said.

According to him, as the budget appropriation process progresses, there is need for clarifications on the status of budgetary appropriation for petroleum subsidy both for the current fiscal year and 2018.

“It is also necessary to throw some light on the status of the estimated N800 billion debt to oil marketers.

“Investors in this sector would like to see a sustainable framework for the management of petrol subsidy,” Yusuf said.

He also called for clarification on the status of Asset Management Corporation of Nigeria (AMCON) debts estimated at about N5 trillion within the debt management framework of the government.

Yusuf said that clarification on the framework for payment of contractors’ arrears which cuts across various MDAs should be provided.

“The non-payment of contractor’s arrears has taken a huge toll on many contractors.

“The amount involved has been estimated at over N1 trillion,” he said.

The LCCI boss appealed to the National Assembly to ensure speedy consideration of the appropriation bill toward normalising the budgetary cycle and bringing greater predictability to the economic management process.

NAN

November 9, 2017
Senate approves $350m World Bank loan for Ogun Development Policy Operation

The Senate at plenary on Thursday approved 350 million dollars World Bank loan for Ogun State Development Policy Operation ( DPO ) as contained in the 2016-2018 Rolling Plan.

The approval followed the presentation of a report on the loan by Chairman, Senate Committee on Local and Foreign Debts, Sen. Shehu Sani.

Presenting the report, Sani said that the committee observed that the Ogun State DPO budget for the loan had been approved by World Bank in 2016.

He added that the loan was further captured in the 2016-2018 borrowing plan as approved by the National Assembly.

Sani noted that the committee also observed that the credit facility had an attractive low financing rate of 125 per cent interest, moratorium of five years and a five-year maturity term.

He said “the facility has already been captured in the 2016-2018 Medium Term Expenditure Framework.

“It also has low and acceptable loan sustainability level, therefore it is eligible to borrow.

“The DPO loan will further help to enhance the capacity of the state government.

“The state has met the various conditions laid by World Bank and as such qualified for the loan.

“It has also put in place institutional framework for transparent and accountable budgetary and financial purpose.”

He explained that the projects to be funded by the facility would engender economic growth, increase revenue generation and create employment opportunities.

“The committee recommends that the Senate should go ahead and approve the loan as contained in the 2016-2018 external borrowing rolling plan of President Muhammadu Buhari,’’ Sani added.

The Deputy President of the Senate, Ike Ekweremadu, who presided over plenary, put the report to voice vote and was adopted by the lawmakers.

NAN

November 9, 2017
2019: Ebonyi APC drums support for Buhari

The All Progressives Congress (APC), Ebonyi chapter, says it will support the re-election of President Muhammadu Buhari in 2019.

“The Ebonyi chapter of APC would throw its full weight behind the President should he declare interest to run again,’’ Acting Chairman of the party, Chief Eze Nwachukwu, said on Thursday.

Nwachukwu said this in Abakaliki that the party took the decision after close assessment of the achievements of the present administration especially in, job creation, economic revitalisation, agricultural revolution and war against corruption.

According to him, it is natural for the party to back Buhari, so as to consolidate on the gains so far achieved.

The chairman said the national leadership of the APC should prevail on the President to go for second term.

“We have assessed the achievements of the present administration and have come to an undeniable truth that Mr President has done so much in areas of physical infrastructure, war against financial graft, job creation, economic repositioning among others.

“It is only natural that the President is given another opportunity to consolidate on the gains so far made in enthroning genuine democracy and putting the nation’s economy on the paths of economic growth.

“We are going to mobilize both party and non party members to support Buhari for second term.

“We are only praying that Mr President will listen to the popular voices calling on him to throw himself in for re-election in order complete the good work that his administration has started, ” Nwachukwu said.

He claimed that the APC was `robbed’ of electoral victory in 2015, but assured that it would have a “clean sweep at the governorship and presidential polls in the state come 2019.

“We are set to take over the Government House in Abakaliki by 2019 and APC will have 100 per cent votes cast in both the governorship and presidential elections.

“Ebonyi belongs to APC and I am saying that APC will take 100 per cent of votes cast for the Presidential and governorship polls and we are going to prove this fact in 2019.”

NAN

November 9, 2017
Nigerians always excel when focused – Osinbajo

Reflecting on Nigeria’s impressive ranking in the latest World Bank Doing Business report, Vice President Yemi Osinbajo on Wednesday said that the country can do better if Nigerians faced its challenges headlong.

Prof. Osinbajo said this when a team from the World Bank formally presented the 2018 Doing Business report to the Federal Government at the Presidential Villa, Abuja.

In the latest World Bank Doing Business index, Nigeria climbed up 24 places and was placed on the list of 10 most reformed economies globally.

According to the report, Nigeria made significant progress across several indicators comprising starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.

In a statement by the Senior Special Assistant on Media and publicity, Laolu Akande, Osinbajo said: “This shows that we can do better in whatever we commit ourselves to do in the country. There is nothing exceptional about Nigeria’s problems; it is just for us to find the best ways to resolve them,”

Prof. Osinbajo further praised the Presidential Enabling Business Environment Council (PEBEC) for its commitment and efforts since its inception.

“We are all excited about the latest ranking, it just shows we can do much better as a people,” the Vice President said.

In his remark, the Country Director of the World Bank in Nigeria, Mr. Rachid Benmessaoud, praised the efforts of the Federal Government, stating that the improvement was proof of the leadership provided by the Buhari administration, and the impact of its Ease of Doing Business reforms.

Benmessaoud said that Nigeria’s leap in the World Bank Doing Business rankings was “an important signal from Nigeria’s federal government’s effort, and also an important signal from Africa’s largest economy.”

He said: “We come to congratulate Nigeria and the Federal Government of Nigeria under the leadership of His Excellency, Muhammadu Buhari, for the reforms that have been undertaken that provided for Nigeria to jump into the indicators for doing business in Nigeria.

“This is a tribute to this council, which has been regularly meeting and focusing on the issues that influence doing business in Nigeria. And this council has done a great job under the leadership of His Excellency, the Vice President, Professor Yemi Osinbajo, SAN.”

The World Bank also pledged its support for the Federal Government in its bid to further the improvement of Nigeria’s investment climate.

PEBEC, which is chaired by the Vice President, was established by President Buhari in 2016, with a mandate to sustainably and progressively make Nigeria an easier place to do business. The members of the council include the Minister of Industry, Trade & Investment, who is Vice Chair; while other PEBEC members are 10 Honourable Ministers, the Head of the Civil Service of the Federation and the CBN Governor.

It would be recalled that the Enabling Business Environment Secretariat (EBES), which became fully operational in October 2016, is coordinated by Dr. Jumoke Oduwole, the Senior Special Assistant to the President on Industry, Trade and Investment.

The meeting was also attended by other ministers, including the Honourable Minister of Finance, Kemi Adeosun; Minister of Power, Works and Housing, Mr. Babatunde Fashola; and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

November 8, 2017
Adeyemi college will soon be converted to varsity – Provost

Prof. Olukoya Ogen, the Provost of Adeyemi College of Education, Ondo on Wednesday in Akure said that the college would soon be converted to a university.

The Provost who made this known when he paid a courtesy visit to the Chairman, Correspondents’ Chapel of the Nigeria Union of Journalists ( NUJ ), Ondo State chapter, Mr Ojo Oyewamide.

Ogen, who was represented by Mrs Oluseto Olatuyi, the Head of Media of the college, noted that the converting process of the college was at the last stage at the Senate.

The Adeyemi College of Education, Ondo has appealed to the Senate to fast-track passage of the bill seeking to convert the institution to a university.

“The bill is at the last stage at the Senate and we pray that it will have President Muhammadu Buhari’s assent when finally passed.

“Though if we attain that level, our responsibilities will be increased but we are up to the task,’’ he said.

Ogen, who was represented by Mrs Oluseto Olatuyi, the Head of Media of the college, noted that the public hearing had been held where the institution defended the need for the college to be converted to a university.

According to him, the college has since been operating as a university in terms of learning modules and research, thereby competing with other universities’ programmes.

Ogen urged the chapel to collaborate with the institution in the area of information dissemination.

The provost, who stressed the need for better and improved relationship between the college and the Chapel, described it as a major stakeholder in information management.

“We are primarily here to seek your support and improve relationship in any area that you can be of help to our college as it relates to information dissemination and development of the school.’’

On the issue of security on the campus, Ogen said that the school had taken preventive measures to forestall breach of security in and around the campus.

He disclosed that the college had installed Close Circuit Television (CCTV) in strategic locations on the campus as part of efforts to ensure security.

The provost also maintained that all students had been issued mandatory identity cards to students of the institution.

Responding, Chapel chairman, Oyewamide commended the provost for his visit and for appointing an expert to manage its Public Relations Unit.

He said that the chapel would continue to collaborate with the college by propagating its activities with a view to boosting its image and for mutual benefits.

NAN

November 8, 2017
PHOTO: President Buhari Presides over FEC meeting

President Muhammadu Buhari on Wednesday presided over the meeting of the Federal Executive Council ( FEC ) with Vice-President Yemi Osinbajo and cabinet ministers in attendance.

PRESIDENT BUHARI PRESIDES OVER FEC 1. President Muhammadu Buhari in chat with Vice President Yemi Osinbajo during the Federal Executive Council Meeting held at the Council Chambers State House. PHOTO; SUNDAY AGHAEZE/ NOV 8 2017

PRESIDENT BUHARI PRESIDES OVER FEC MEETING 6. Cross Section of Ministers during the FEC Meeting held at the Council Chambers State House in Abuja. PHOTO; SUNDAY AGHAEZE/NOV 8 2017

PRESIDENT BUHARI PRESIDES OVER FEC 11. R-L; Chief of Staff, Mal Abba Kyari embraced the Head of Civil Service of the Federation, Mrs Winifred Oyo-Ita while the NSA Major General Babagan Monguno Rtd looks on during the Federal Executive Council Meeting held at the Council Chambers State House. PHOTO; SUNDAY AGHAEZE/ NOV 8 2017

PRESIDENT BUHARI PRESIDES OVER FEC MEETING 8A. R-L; Chief of Staff, Abba Kyari, Permanent Secretary Office of the SGF, Roy Ugo Head of Civil Service of the Federation, Mrs WInifred Oyo-Ita and NSA Major General Babagana Monguno Rtd during the FEC Meeting held at the Council Chambers State House in Abuja. PHOTO; SUNDAY AGHAEZE/NOV 8 2017

PRESIDENT BUHARI PRESIDES OVER FEC MEETING 9. R-L; Chief of Staff, Abba Kyari, Minister of State Aviation, Sen Hadi Sirika, Head of Civil Service of the Federation, Mrs WInifred Oyo-Ita and NSA Major General Babagana Monguno Rtd during the FEC Meeting held at the Council Chambers State House in Abuja. PHOTO; SUNDAY AGHAEZE/NOV 8 2017

PRESIDENT BUHARI PRESIDES OVER FEC 12. R-L; Minister of Budget and National Planning, Sen Udoma Udo Udoma, Minister of Environment Alhaji Ibrahim Jibrin, Minister of State Hajiya Khadija Buka Abba Ibrahim and Minister of Agriculture, Chief Audu Ogbeh during the Federal Executive Council Meeting held at the Council Chambers State House. PHOTO; SUNDAY AGHAEZE/ NOV 8 2017

November 8, 2017
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.”

November 7, 2017
Lawmakers react to 2018 budget proposal

Mixed reactions on Tuesday trailed the 2018 budget proposal of N8.6 trillion, shortly after it was presented by President Muhammadu Buhari before a Joint Session of the National Assembly in Abuja.

Some lawmakers expressed satisfaction with the budget which has a nominal increase of 16 per cent above the 2017 Budget estimate and tagged “Budget of Consolidation’’.

Sen. Kabiru Marafa (APC-Zamfara) said it was a budget of hope and a realistic one, looking at its parametres.

He said “there are various indications that the budget proposal is realistic.

“For instance, the oil benchmark of 64 dollars per barrel as against 45 dollars per barrel in the 2017 budget will help in the implementation of the budget when passed and assented to.

“Also, the promise made by President Muhammadu Buhari during the presentation that the aspirations Niger Delta people would be looked into, would improve crude oil production.

“Even with the sectoral allocation, I believe it is a budget for the common man.”

Marafa assured that the National Assembly would play its role by ensuring that all standing committees worked assiduously to realise an implementable budget.

He added that the legislature would be keen on oversight to check implementation level of projects.

Sen. Magnus Abe (APC-Rivers) said the budget proposal was realisable.

He said that from the presentation, every part of the country got something out of the budget.

“Everybody looking for the prospect of the economy got a glimmer of the hope from the budget proposal presented today.

“We need to do what we ought to do not to lose time while we re-organise the budget from January to December, by rolling over some of the projects and plans for 2017.”

The lawmaker, however, added that like every other budget, there were still challenges in passing and implementing it.

He said budget cycle had some procedures and rules that had to flow with it, adding that the Medium Term Expenditure Framework(MTEF) was supposed to be treated by National Assembly before receiving the budget proposal.

Abe said that was not done because MTEF was not presented early enough.

“It will be difficult to implement the budget proposal without taking care of some of those challenges but outside of that, I believe that we are on track and with all working together, it is achievable.”

On the effect of non-oil sector on the sector, Abe said from the presentation, the country’s export was beginning to bring in returns, adding that if consolidated, it was achievable in the long term.

However, Sen. Mao Ohuabunwa (PDP-Abia) said his concern was the implementation of the 2017 budget.

He stressed that it was the implementation of the budget that would impact positively on the people.

He added that “I am speaking on behalf of Nigerians as a senator that we should talk more about implementation than applauding the presentation of the budget proposal.

“That is why I am insisting that we should know the level of implementation of the 2017 budget before we talk of 2018.

“On the face value, N8.6 trillion is an increment over 2017 estimate but what is the level of implementation of the previous budget?.”

November 7, 2017
Death of 26 Nigerians in Mediterranean sea, tragic, avoidable – Abike Dabiri

Mrs Abike Dabiri – Erewa, Senior Special Assistant to the President on Foreign Affairs and Diaspora on Tuesday described the death of 26 Nigerians in Mediterranean sea as “most unfortunate and tragic’’.

Dabiri-Erewa in a statement by her Special Assistant on Media, Abdur-Rahman Balogun, said: “promising young Nigerians embarking on such dangerous journeys, in search of greener pastures, end up faced rather with hopelessness, torture, despair and sometimes death, as in this case.

“The deaths of these young Nigerians, mostly women and girls were avoidable and preventable.”

“It is tragic and lamentable. It is just not worth it ultimately.

“There has to be sustained awareness campaigns on the dangers inherent in such journeys. Migration policies are getting tougher all over,’’ she said.

Dabiri-Erewa said that President Muhammadu Buhari has been working with the International Organisation of Migration, to bring back voluntary returnees pointing out that it was not usually greener out there, even if survived.

While appealing to the Italian authorities to ensure thorough investigations into the deaths, the presidential aide, advised Nigerians to desist from such journeys.

“Regrettably, such trips are usually paid for, sometimes as high as 4,500 dollars as inhumane traffickers profit from the illicit business, luring the victims who ignorantly fall for the apparently fake lure of a better life out there.

“The boats now being used are getting smaller and more dangerous, and those on the other side are not particularly willing to save them from drowning any more.

“No fewer than 26 Nigerians were reportedly got drowned in the Mediterranean Sea on Sunday,” she said.

She noted that the Italian prosecutors had begun an investigation into the deaths of the victims, mostly teenagers, though hundreds of other migrants survived.

NAN

November 7, 2017
N8.612tr budget for 2018 will sustain steady economic recovery – Buhari

President Muhammadu Buhari on Tuesday in Abuja presented about N8.612 trillion as the 2018 Appropriation bill to a joint session of the National Assembly, saying the projected expenditure would drive rapid economic recovery.

He said at the session that with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2018, the budget would consolidate on the achievements of previous budgets to aggressively steer the economy to the path of steady growth.

“With the economic recovery made so far, it is clear that we made the right decisions.

“And I urge you all to support the Federal Government’s policies towards economic recovery,’’ he said.

Buhari said that the government would continue to develop infrastructure and increase investments in agriculture to attain food security and reduce importation.

Read Also: Nigeria saves 20 Billion naira monthly on payroll system – Buhari

He added that while the Federal Government was committed to identifying alternative means of funding new projects, there was need to continue to pursue public private partnership, to provide more infrastructure in the country.

According to him, the Federal Government has been able to construct or rehabilitate about 776-kilometer roads in 2017.

The president said that the construction of Abuja metroline had attained 98 per cent completion, adding that work had commenced on the Ajaouta-Itakpe rail line which was abandoned for 17 years.

He said that the project would be delivered in September 2018, adding that the country’s power sector would witness a turn around.

“The power sector reform is still working in progress as we have increased power generation but we still have some challenges in transmission and distribution network,” Buhari said.

He added that the Federal Government was committed to green alternative energy.

November 7, 2017