Tag: Muhammadu Buhari

PRESIDENT Muhammadu Buhari on Monday said that his administration will increase funding for the judiciary to enable it to discharge its responsibilities.

A statement by the Special Adviser on Media and Publicity, Femi Adesina, said the President  spoke at the commissioning of the National Industrial Court of Nigeria (NICN) headquarters annex in Abuja.

A valedictory session was held for the court’s outgoing President, Justice Babatunde Adejumo, on the occasion.

The President said: “You will all recall that in 2014, the entire budgetary allocation to the judiciary was N68 billion.

“Today, the judiciary budgetary allocation has gone up to N100 billion. Rest assured that we shall continue to adequately fund the judiciary to ensure it is enabled to discharge its responsibilities.”

President Buhari stressed that it is the collective duty of the three arms of government to ensure that rights are safeguarded.

“Simply put, all Nigerians, regardless of ethnicity, religion and politics deserve peaceful and prosperous lives.

“Where these basic rights are trampled upon, Nigerians deserve fair justice delivery.

“It is, therefore, our collective duty to work collaboratively to ensure that such rights are safeguarded,” he said.

The President congratulated Justice Adejumo on his retirement and meritorious service, adding that his contributions were appreciated.

Read Also: Buhari, Akeredolu, Fasanmi greet Oyetola at 65

“I am confident his legacy will have a positive impact on those who follow him,” he said.

President Buhari noted that the court is constitutionally mandated to resolve labour disputes, emphasising that its performance directly impacts Nigeria’s ease of doing business indices.

“The socio-economic impact of this court cannot be downplayed as it also provides the platform for employees, retirees as well as the dependents of deceased employees to find justice when treated unfairly,” he added.

HIGHLIGHTS

• Infrastructure ‘received’ N1.7tr
• N600b for roads, others
• $300m Abacha loot for recovery
• More boost for economy
• Big support for security agencies
• Better living standard in N/ Delta
• Corruption battle must be won
• Power availability soon
• Total war against bunkering
• Cyber crimes to be curtailed
• PIB passage to open up oil sector
• Nigerians must be law-abiding

Challenges will not overwhelm the nation, President Muhammadu Buhari said this morning.

In a broadcast to mark the nation’s 59th Independence anniversary aired on major radio and television networks, Buhari urged Nigerians to be law-abiding as the government puts measures in place to fix the economy, restore security and drive further the development of infrastructure.

He also spoke about his devotion to the anti-corruption battle and commitment to collaborate with the National Assembly to ensure the passage of the Petroleum Industry Bill (PIB) to open up the oil sector for the government to deepen its source of income and to open it up to private sector players.

Promising to accelerate the implementation of the outgoing year 2018’s capital budget, Buhari said the Ministry of Finance, Budget and National Planning had been directed to release N600 billion for Capital Expenditure in the next three months.

Besides, he said that the government plans to give incentives to attract private sector inflow of over N205 billion to develop (19) roads and 794.4 km bridges in 11 states through the Road Infrastructure Tax Credit Scheme.

The President also promised that Nigerians would have affordable and uninterrupted electricity supply in not too distant future.

He said: “Nigeria will emerge from our present challenges stronger and more resilient than ever – but only if all of us join hands to entrench Good Governance, foster Inclusive Economic Development, and defend and protect our Nation from all those who would wish us ill.”

He said his administration remained committed to delivering positive and enduring change through maintenance of national security; restoration sustainable and inclusive economic growth and development and fighting corruption against all internal and external threats.

On security, he said: “Good governance and economic development cannot be sustained without an enabling environment of peace and security. In the last four years, we have combatted the terrorist scourge of Boko Haram.

Read Also: Buhari hails Bill Gates, Dangote for service to humanity

“We owe a debt of gratitude to our gallant men and women in arms, through whose efforts we have been able to achieve the present results. We are also grateful to our neighbours and allies – within the region and across the world – who have supported us on this front.

“The capacity of our armed forces to defend our territorial integrity continues to be enhanced by the acquisition of military hardware as well as continued improvements in the working conditions of our service men and women.”

He said the Ministry of Police Affairs was resuscitated to oversee the development and implementation of strategies to enhance internal security.

“My recent assent to the Nigerian Police Trust Fund (Establishment) Act has created a legal framework to support our Police with increased fiscal resources to enhance their law enforcement capabilities,” he said.

According to him the recent redeployment of the Niger Delta Development Commission from the Office of the Secretary to the Government of the Federation to the Ministry of Niger Delta Affairs underscored his administration’s commitment to enhance the living standards in the Niger Delta communities through coordinated and appropriate programmes.

Preaching peace to fast-track development, the President said: “I reiterate my call for all to exercise restraint, tolerance and mutual respect in airing their grievances and frustrations. Whilst the ongoing national discourse on various political and religious issues is healthy and welcome, we must not forget the lessons of our past – lessons that are most relevant on a day such as this.

“The path of hatred and distrust only leads to hostility and destruction. I believe that the vast majority of Nigerians would rather tread the path of peace and prosperity, as we continue to uphold and cherish our unity.”

He also spoke on accelerating sustainable and inclusive economy growth, pointing out that his administration has been able to diversify the economy from oil.

“This administration inherited a skewed economy, where the Oil Sector comprised only 8% of Gross Domestic Product but contributed 70% of government revenue and 90% foreign exchange earnings over the years. Past periods of relatively high economic growth were driven by our reliance on oil sector revenues to finance our demand for imported goods and services.

“Regrettably, previous governments abandoned the residual investment-driven Non-Oil Sector, which constituted 40% of Gross Domestic Product and comprised agriculture, livestock, agro-processing, arts, entertainment, mining and manufacturing activities that provide millions of jobs for able-bodied Nigerians and utilise locally available raw materials and labour for production.

“To address this imbalance, our commitment to achieving economic diversification has been at the heart of our economic strategies under the Economic Recovery and Growth Plan, which I launched on the 5th of April, 2017.”

 

DEAR Compatriots,

October 1 of each year is an opportunity for us to reflect and thank God for his endless blessings on our country.

It is also a time for us, collectively, to remember the sacrifices made by our founders and great leaders past; by soldiers, by distinguished public servants; by traditional leaders, by our workers — sacrifices on which Nigeria has been built over the 59 years since Independence in 1960; and rededicate ourselves to attaining the goals which we have set for ourselves: a united, prosperous and purposeful nation in the face of 21st century opportunities and challenges.

In the past four years, the majority of Nigerians have committed to Change for the Better. Indeed, this Administration was re-elected by Nigerians on a mandate to deliver positive and enduring Change – through maintaining our National Security; restoring sustainable and inclusive Economic Growth and Development; and fighting Corruption against all internal and external threats.

This Change can only be delivered if we are united in purpose, as individuals and as a nation. We must all remain committed to achieving this positive and enduring Change. As I stated four years ago, “Change does not just happen… We must change our lawless habits, our attitude to public office and public trust… simply put, to bring about change, we must change ourselves by being law-abiding citizens.”

Security:

Good Governance and Economic Development cannot be sustained without an enabling environment of peace and security. In the last four years, we have combatted the terrorist scourge of Boko Haram. We owe a debt of gratitude to our gallant men and women in arms, through whose efforts we have been able to achieve the present results. We are also grateful to our neighbours and allies – within the region and across the world – who have supported us on this front.

The capacity of our armed forces to defend our territorial integrity continues to be enhanced by the acquisition of military hardware as well as continued improvements in the working conditions of our service men and women.

The Ministry of Police Affairs has been resuscitated to oversee the development and implementation of strategies to enhance internal security. My recent assent to the Nigerian Police Trust Fund (Establishment) Act has created a legal framework to support our Police with increased fiscal resources to enhance their law enforcement capabilities.

These initiatives are being complemented by the ongoing recruitment of 10,000 constables into the Nigeria Police Force. This clearly demonstrates our commitment to arrest the incidence of armed robbery, kidnapping and other violent crimes across our nation.

We remain equally resolute in our efforts to combat militant attacks on our oil and gas facilities in the Niger Delta and accelerate the Ogoni Clean-up to address long-standing environmental challenges in that region.

The recent redeployment of the Niger Delta Development Commission from the Office of the Secretary to the Government of the Federation, to the Ministry of Niger Delta Affairs underscores our commitment to enhance the living standards of our communities in the Niger Delta, through coordinated and appropriate programmes.

Our attention is increasingly being focused on cyber-crimes and the abuse of technology through hate speech and other divisive material being propagated on social media. Whilst we uphold the Constitutional rights of our people to freedom of expression and association, where the purported exercise of these rights infringes on the rights of other citizens or threatens to undermine our National Security, we will take firm and decisive action.

In this regard, I reiterate my call for all to exercise restraint, tolerance and mutual respect in airing their grievances and frustrations. Whilst the ongoing national discourse on various political and religious issues is healthy and welcome, we must not forget the lessons of our past – lessons that are most relevant on a day such as this.

The path of hatred and distrust only leads to hostility and destruction. I believe that the vast majority of Nigerians would rather tread the path of peace and prosperity, as we continue to uphold and cherish our unity.

Accelerating sustainable and inclusive economy growth

This administration inherited a skewed economy, where the Oil Sector comprised only 8% of Gross Domestic Product but contributed 70% of government revenue and 90% foreign exchange earnings over the years. Past periods of relatively high economic growth were driven by our reliance on Oil Sector revenues to finance our demand for imported goods and services. Regrettably, previous governments abandoned the residual Investment-driven Non-Oil Sector, which constituted 40% of Gross Domestic Product and comprised agriculture, livestock, agro-processing, arts, entertainment, mining and manufacturing activities that provide millions of jobs for able-bodied Nigerians and utilize locally available raw materials and labour for production.

To address this imbalance, our commitment to achieving economic diversification has been at the heart of our economic strategies under the Economic Recovery and Growth Plan, which I launched on the 5th of April, 2017.

This medium-term development plan charted the trajectory for our economy to exit from recession and return to the path of sustainable, diversified and inclusive growth for Nigerians. Pursuant to these reforms, the economy has recovered and we have had 9 successive quarters of growth since our exit from recession. The exchange rate in the last 3 years has remained stable, with robust reserves of US$42.5 billion, up from US$23 billion in October 2016.

Learning from the mistakes of the past, this Administration is committed to responsibly managing our oil wealth endowments. We will continue to prudently save our oil income and invest more in the non-oil job-creating sectors.

In this regard, we are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the Budget in June 2018. However, as at 20th June this year, up to N1.74 trillion had been released for capital projects in the 2018 fiscal year.

Implementation of the 2019 Capital Budget, which was only approved in June 2019, will be accelerated to ensure that critical priority projects are completed or substantially addressed. The Ministry of Finance, Budget and National Planning has been directed to release N600 billion for Capital Expenditure in the next 3 months.

To maximise impact, we shall continue to increasingly welcome and encourage private capital for infrastructural development through Public Private Partnerships. Through the Road Infrastructure Tax Credit Scheme, which I initiated in January this year, we are giving incentives to private sector inflow of over N205 billion in 19 Nigerian roads and bridges of 794.4km across in 11 States of the Federation.

As we push to diversify the economy, we still remain focused on optimizing the revenues generated from the oil and gas sector. We will, working with the Legislature, soon pass the Petroleum Industry Bill and amendments to the Deep Offshore Act and Inland Basin Production Sharing Contracts Act into law, to ensure Government obtains a fair share of oil revenues, whilst encouraging private sector investment.

We will also continue our fight against illegal bunkering of crude oil and the smuggling of refined petroleum products across our borders, including the diligent prosecution and conviction of offenders found guilty of these acts. Whilst Nigeria remains committed to free and fair continental and international trade, we will not hesitate to take all necessary steps to tackle illegal smuggling, transshipment and other predatory trade practices that destroy jobs in our country.

We are resolute in reforming the power sector. In August this year, we launched the Presidential Power Initiative to modernize the National Grid in 3 phases: starting from 5 Gigawatts to 7 Gigawatts, then to 11 Gigawatts by 2023, and finally 25 Gigawatts afterwards. This programme, in partnership with the German Government and Siemens, will provide end-to-end electrification solutions that will resolve our transmission and distribution challenges.

The programme will also look to localize the development and assembly of smart meters as well as the operations and maintenance capabilities of transmission and distribution infrastructure.

I am pleased with the improved inter-agency collaboration between the Ministry of Power and the regulators in the banking and power sectors to ensure that electricity sales, billings and collections are automated and become cashless.

These initiatives are important to ensure that the technical and collection losses in the sector are substantially reduced. I remain confident that Nigerians will have affordable and uninterrupted electricity supply in the not too distant future.

Our efforts to improve the power sector will complement other infrastructure investments projects under the Presidential Infrastructure Development Fund, which is investing in the Mambilla Power Plant project, as well as key economic road infrastructure such as the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kano Expressway. The first set of these projects remain on track to be completed by 2022.

Our journey to food security and self-sufficiency is well underway. We have made remarkable progress in almost all segments of the agriculture value chain, from fertilizers to rice, to animal feed production. We shall sustain these policies to ensure additional investments are channeled, thereby creating more jobs in the sector. We must not go back to the days of importing food and thereby exporting jobs.

Our commitment to achieving macroeconomic stability and economic diversification, has been underscored by the merger of the Ministry of Finance with the Ministry of Budget and National Planning.

This combined Ministry has the important mandate to enhance the management of domestic and global fiscal risks; coordinate policies with the trade and monetary authorities; raise and deploy revenues to fund budgeted expenditure; and integrate annual budgets and medium-term fiscal strategies.

With this, our revenue-generating and reporting agencies will come under much greater scrutiny, going forward, as the new performance management framework will reward exceptional revenue performance, while severe consequences will attend failures to achieve agreed revenue targets.

I recently constituted an Economic Advisory Council to advise me on inclusive and sustainable macroeconomic, fiscal and monetary policies. This independent body will work with relevant Cabinet members and the heads of key monetary, fiscal and trade agencies to ensure we remain on track as we strive for collective prosperity. However, we are also committed to ensure that the inconvenience associated with any painful policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt.

Our ongoing N500 billion Special Intervention Programme continues to target these vulnerable groups, through the Home-grown School Feeding Programme, Government Economic Empowerment Programme, N-Power Job Creation Programme, loans for traders and artisans, Conditional Cash Transfers to the poorest families and social housing scheme.

To institutionalize these impactful programmes, we created the Ministry for Humanitarian Affairs, Disaster Management and Social Development which shall consolidate and build on our achievements to date. To the beneficiaries of these programmes, I want to reassure you that our commitment to social inclusion will only increase.

Our population growth rate remains amongst the highest in the world, presenting both challenges as well as opportunities. It is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth.

Accordingly, we shall continue to invest in education, health, water and sanitation, as well as food security, to ensure that their basic needs are met, while providing them with every opportunity to live peaceful, prosperous and productive lives.

Fighting corruption and restoring good governance:

On fighting corruption, our institutional reforms to enforce the Treasury Single Account policy, introduce the Whistle-blowers’ Initiative, expand the coverage of the Integrated Payroll Personnel and Information System as well as the Government Integrated Management Information System have saved billions of Naira over the last four years, and deterred the rampant theft and mismanagement of public funds that have plagued our public service.

The Ministry of Justice, the Independent Corrupt Practices Commission, and the Economic and Financial Crimes Commission will continue to address this menace. We are determined to ensure that transparency and good governance are institutionalized in public service.

We must commit to installing a culture of Good Governance in all we do. This Administration has fought against corruption, by investigating and prosecuting those accused of embezzlement and the misuse of public resources. We have empowered teams of prosecutors, assembled detailed databases of evidence, traced the proceeds of crimes and accelerated the recovery of stolen funds.

Furthermore, we partnered with our friends abroad to combat tax evasion, smuggling, terrorism and illicit financial flows. In June 2018, I assented to the Mutual Assistance in Criminal Matters Act, to provide a domestic legal framework for obtaining international assistance in criminal matters.

This measure has already strengthened our law enforcement agencies in obtaining evidence, investigating suspects and facilitating the recovery, forfeiture and confiscation of property implicated as proceeds of crime.

An example is the US$300 million recently identified as part of the Abacha money-laundering case, working closely with the Government of the United States of America. The Federal Ministry of Justice is working with the US Department of Justice to conclude a Memorandum of Understanding to expedite the repatriation of these funds.

The P&ID Arbitral Award has underscored the manner in which significant economic damage has been caused by the past activities of a few corrupt and unpatriotic Nigerians.

The policies that we are putting in place today are to ensure such criminal and unpatriotic acts do not go without consequences. Our renewed partnership with the 9th National Assembly will facilitate the swift passage of enabling laws that will institutionalize these anti-corruption efforts in our criminal justice system.

In this connection, I call upon our States to intensify their own efforts to instill greater fiscal transparency and accountability. And to ensure greater fiscal efficiency and optimum use of our very scarce resources.

The blight of Corruption is fighting back. Nevertheless, this is a battle that we shall see through and this is a war, which we shall win by the Grace of God.

I will also call upon all Nigerians, from every walk of life, to combat Corruption at every turn. By choosing to question and confront corrupt practices, by reporting unethical practices or through whistleblowing. Together, we can overcome corruption and will no longer be a country defined by corruption.

Fellow Nigerians, let me reiterate my call for unity across our dear nation.

Nigeria will emerge from our present challenges stronger and more resilient than ever – but only if all of us join hands to entrench Good Governance, foster Inclusive Economic Development, and defend and protect our Nation from all those who would wish us ill.

I thank you most sincerely and wish you a Happy Independence Anniversary.

May God bless you all, and may He continue to bless the Federal Republic of Nigeria.

The Chairman of the Senate Committee on Defence and Deputy Chairman, Senate Committee on Anti-Corruption,  Senator Aliyu Magatakarda Wamakko,  has appealed to Nigerians, to join hands with President Muhammadu Buhari,  to move Nigeria to the Next Level of prosperity.

The remark  is coming from Wamakko as the nation marks its 59th independence anniversary.

Read Also: Buhari denounces Kaduna school of torture

The lawmaker who represents Sokoto North Senatorial District in a statement on Monday night by his Special Assistant on Media and Publicity, Bashir Rabe Mani  said all well-meaning citizens of the country owe it a duty to the nation,  to render the necessary support, with a view to ensuring the existence of a Nigeria, commensurate to the dreams of all .

According to him, “the President is making commendable and plausible efforts to take Nigeria to greater heights.”

 

 

The Federal Government plans to devote N2.45trillion (about 24.5 per cent) of its N10.002trillion 2020 budget estimates on debt servicing, according to the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to the National Assembly on Wednesday.

In the MTEF/FSP document, the Federal Government has also adjusted the 2020 budget figures from N9.789 trillion to N10.002 trillion. The MTEF and FSP document was accompanied by a letter from President Muhammadu Buhari to the Senate which was read during plenary by President of the Senate Ahmad Lawan.

The  Federal Government plans to borrow N1.7 trillion. Of this amount, N850 billion will be domestic borrowing while the balance of N850 billion will be foreign. The Federal Government has projected a total fiscal deficit of N2.154 trillion with additional funding coming from: privatisation proceeds of N126,522,715,909; multi-lateral/Bi-lateral project-tied loans N328,128,150,000.

Sale of government property and Non-Oil asset sales are expected to be nil in 2020. The total budget for 2020 is put at N10.002,285,764.998. For 2021, N10,198,623,174,614 and in 2022, N10,507,395,157,584.

In a move designed to erase friction between the monetary and fiscal authorities, the government has restricted the Central Bank of Nigeria (CBN) to its core function of monetary policy issues, while the Federal Ministry of Finance would, henceforth, be saddled with fiscal matters. The development is seen as a proactive measure to prevent a clash and bad blood between the fiscal and monetary authorities.

In line with the new order, the Federal Government has outlined priority areas, which the Central Bank of Nigeria (CBN) has to stick to in managing the economy while the Federal Ministry of Finance will concentrate on fiscal matters.

Read Also: Fed Govt, states sign MoU on SDGs

This is a clear departure from the practice over the years, when the CBN had increasingly played both monetary and fiscal roles in response to the exigency of the time designed to close a noticeable gap.

To take back its control of fiscal matters, the Federal Government has outlined what the roles of the CBN will be in the near future. According to MTEF/FSP document, the priority areas, which the CBN must focus on, include:

• Preserving domestic macroeconomic and financial stability
• Fostering the development of a robust payments system infrastructure
• Improving access to mortgage facilities and credit for small holder farmers, MSMEs.
• Supporting the education sector and youth with entrepreneurship skills in the creative industry.
• Boosting external reserves.
• Accelerating economic growth and job creation.
• Supporting economic diversification efforts through intervention programs in the agriculture and manufacturing sectors.
• Promoting price and monetary stability, reducing inflation to single digit, and
• Maintaining exchange rate stability.

The letter reads: “It is with pleasure that I hereby submit the 2020=2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) to the Senate.

”Let me use this medium to express my gratitude for the much improved partnership between the legislative and executive arms of the Federal Government in our goal of making the budget process deliver better outcomes for the Nigerian people.

“In particular, I note, with appreciation, the commitment and support the Distinguished Senators have continued to demonstrate.

”Pursuant to provisions of the Fiscal Responsibility Act, 2007, the preparation towards submissions of the 2020 Budget to the National Assembly is progressing well.

”The MTEF/FSP was prepared, taking into account key developments  in the global and domestic environments.

”We have endeavoured to ensure that forecast revenues are realistic, but also reasonably challenging in the face of our significantly constrained fiscal space.

”Planned spending has been set at prudent and sustainable levels, consistent with government’s overall developmental objectives as set out in the Economic Recovery and Growth Plan (ERGP).

“Given our shared objectives to returning the budget to a predictable January- December fiscal year with effect from 2020, I hereby forward the 2020-2022 MTEF/FSP to the Distinguished Senate and trust that it would be expeditiously considered to facilitate the 2020 FGN Budget preparation.”

The 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) outlines Federal Government’s fiscal policies/strategies and macroeconomic projections for 2020 – 2022 and provides the broad framework for the annual budget in line with the Fiscal Responsibility Act (FRA), 2007.

In 2020, the Federal Government plans to cut a whooping N1.16 trillion off capital expenditure from N2.92 trillion in 2019 to N1.877 trillion in the proposed 2020 budget.

Details of the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) 2020-2022 showed that capital expenditure will suffer successive cuts for the three-year period, despite increases in total expenditure during the same period.

Key assumptions of the 2020 Budget Framework: Oil Production 2.18 mbpd; Oil Price $55/b; Exchange Rate N305/$; Inflation Rate 10.81%; Nominal Consumption N122.75 trn; N142.96 trn Nominal GDP; GDP Growth Rate of 2.93% and Debt Service for 2020 N2.45trillion

A lower benchmark oil price of $55/b (against $60/b for 2019) is assumed, considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

There are strong indications of an oversupplied market in 2020. The three major forecasters – Organization of the Petroleum Exporting Countries (OPEC), International Energy Association (IEA) and the U.S Energy Information Administration (EIA) generally see non-OPEC production growing by around 2mbpd this year, and by even more next year.

The Federal Government had last week warned Nigerians to brace up as the 2020 to 2022 fiscal years would be challenging.

According to the MTEF/FSP document, the 2020 to 2022 fiscal years would be very challenging with respect to revenue generation and rapid growth in personnel costs.

It attributed the growth in personnel cost to the creation of new ministries and appointment of additional ministers.

The Federal Government is ready to take firm decisions to contain rising personnel cost, and that “any government staff not captured in the Integrated Payroll and Personnel Information System (IPPIS) by October 2019 should forget their salaries.”

It further said that from 2020, the budgets of all MDAs and Government Owned Enterprises (GOEs) would be contained and published in the nation’s annual budget.