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Tag: Udoma Udo Udoma

  • N289bn looted funds captured in 2017 Budget

    N289bn looted funds captured in 2017 Budget

    The Director-General of Budget Office, Ben Akabueze on Monday disclosed that a total of N288.6 billion looted funds partly recovered have been captured in the 2017 Budget proposal presented to the National Assembly by President Muhammadu Buhari last week.

    He spoke while fielding questions during the Public Presentation of the 2017 Federal Budget at the old Banquet Hall of the State House, Abuja.

    Akabueze said: “A total of N288.6 billion. This includes N97.6 billion which is equivalent of ‎$220 dollars expected from Switzerland, part of what is called Abacha loot recovery. Then it also includes N72 billion that has already been received in recent cases of loot recovery.

    “And a balance of N90 billion other expected recoveries that are at an advanced and reasonable stage that we feel comfortable and confident that they would come through in 2017. So they have been reflected in the budget.”

    The Minister of Budget and National Planning, Udoma Udo Udoma, also allayed fears over the non approval of the Medium Term Expenditure Framework, (MTEF) presented to the National Assembly before the presentation of the 2017 budget proposal.

    Udoma said the National Assembly already have the MTEF and the 2017 budget proposal and would work on them at their own pace.

    He said: “With respect to the question about the MTEF, the National Assembly has the MTEF which has been updated. And they have the budget, so everything is with them. So, they will determine how they treat it. I am sure the sequence will be they do the MTEF before they do the budget. But everything is with the National Assembly.”

     

     

  • 2017 Budget: Buhari sets up committee on revenue generation

    President Muhammadu Buhari has constituted a committee to raise additional revenues from oil and other sectors to support the funding of the 2017 budget.

    The Minister of Budget and National Planning , Sen. Udoma Udo Udoma, made this known at the public presentation of the 2017 budget proposal in Abuja on Monday, the News Agency of Nigeria (NAN) reports.

    He stated the report of the committee would be ready in time for the National Assembly to take into account while considering the budget next year.

    The minister said, “We should not allow ourselves to be discouraged by those who say we can’t find the money to fund the spending required to implement this budget.

    “We must, and we can, find the resources.

    “We will challenge our revenue generating agencies, particularly the FIRS and Customs to improve their efficiencies and broaden their reach so as to achieve the targets set for them in the 2017 budget.

    “Indeed, a cabinet committee has been set up by President Muhammadu Buhari to come up with innovative and creative ways to raise additional revenues from the oil sector, and other sectors, to support the funding of the 2017 budget.

    “The President is determined that we must find the resources; we must fund this budget; we must implement this budget; we must exist recession and we must move back on the path of growth.

    “The report of that committee will be ready in time for the National Assembly to take this into account in considering the budget in the New Year, when they return from their Christmas recess.’’

     

     

     

     

     

     

     

     

     

  • Govt’s half year revenues dip, says minister

    Govt’s half year revenues dip, says minister

    Nigeria managed to raise only 55 per cent of its six-month revenue target in the first six months of 2016, its budget minister said on Monday.

    “We have not been able to meet overheads (such as travel allowances) but have concentrated on capital expenditure,” Udoma Udo Udoma told a business conference in Abuja, the nation’s capital.

    The 2016 budget has a volume of N6.06 trillion ($30.6 billion), but the government has struggled to fund it as oil production has fallen below the target of 2.2 million barrels a day due to militant attacks in the Niger Delta.

    He also said Nigeria hopes to get a loan “soon” from the World Bank, part of efforts to raise as much as $5 billion to fund a deficit of N2.2 trillion.

    Nigeria can expect a loan worth $1 billion to support its budget from the African Development Bank (AfDB), its president said last week.

    Udoma also said Nigeria had not paid around $6 billion in so called cash calls, money budgeted to fund joint ventures with foreign oil and gas firms.

  • Ministry to consult widely on budget – Udoma

    The Minister of Budget and National Planning, Udoma Udo Udoma, has said the ministry will embark on extensive consultation on the implementation of the 20l6 budget.

    Udoma said this while answering questions from journalists at the 2016 Annual Public Lecture of the Nigerian Economic Society (NES) in Abuja on Tuesday.

    “We already indicated that in terms of our medium term plan, we are going to have extensive consultations.

    “We are going to consult the National Assembly, civil society, organised interest groups and the general public because we want to make sure that the input of all Nigerians are captured in developing our plans.

    “ Some areas have been indicated that we could improve upon and so we will take all that into account as we move forward,” the News Agency of Nigeria (NAN) quoted the minister as saying at the public lecture.

    Udoma explained that the strategic implementation plan was meant for the 2016 budget and the time frame would be the fiscal year of the budget.

  • Interior, Power, Defence, Education top 2016 Budget allocations

    Interior, Power, Defence, Education top 2016 Budget allocations

    The Ministries of Interior, Power, Defence and Education are the ministries that got huge allocations in the 2016 Budget.

    President Muhammadu Buhari signed the 2016 Budget into law last Friday.

    The Minister of Budget and National Planning, Udoma Udo Udoma, on Thursday presented the N6.06 trillion 2016 Budget breakdown at the Presidential Villa, Abuja.

    According to him, Interior Ministry got N513.65 billion, Power, Works and Housing received N456.93 billion, Defence garnered N443.07 billion, while N403.16 billion was allocated to Education Ministry.

  • No date yet for 2016 Budget signing – Udoma

    No date yet for 2016 Budget signing – Udoma

    The Minister of Budget and National Planning, Udoma Udo Udoma, on Wednesday said there is no date yet in sight for President Muhammadu Buhari to assent the 2016 Budget.

    According to him, talks on the grey areas in the budget are still in progress.

    He spoke with State House correspondents at the end of the Federal Executive Council (FEC) meeting in Abuja.

    He said: “On the 2016 Budget, we are still talking.

    “On the expectation that we will soon have a budget, the monitoring and evaluation mechanism are designed to make sure that the budget delivers what it promises. That mechanism was looked at by the Federal Executive Council (FEC) and approved.”

    To ensure that the 2017 budget is done on time, the minister disclosed that a timetable was approved for the 2017 budget by FEC.

    The purpose, he said, was to get the 2017 Budget on time to the National Assembly and ensure its passage this year.

    He also said that the Council noted the report of the Nigerian Economic Summit Group which in partnership with the National Planning Commission (NPC) organised an economic summit last year and made various recommendations.

    On his part, the Minister of Communication, Adebayo Shittu said that no negotiation has been reached yet with MTN on the fine imposed on the telecommunications firm.

    He disclosed that one of the memos which also came before FEC was the one requiring approval of the final Acts and instruments amending the International Telecoms Radio Regulations.

     

     

  • Reps to meet Adeosun, Udo Udoma on budget

    Reps to meet Adeosun, Udo Udoma on budget

    The House of Representatives Committee on Appropriations will hold special budget defence session with Minister of Finance, Kemi Adeosun and Minister of Budget and National Planning, Udoma Udo Udoma, on the 2016 budget proposal.

    Also invited by the committee are – Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, Accountant General of the Federation (AGF) and the Director-General in the Budget office of the Federation.

    The Chairman, House Committee on Appropriations, Abdulmumin Jibrin, who spoke on the presentation of the 2016 budget so far, revealed that all budget proposals of the Ministries Departments and Agencies (MDAs)  presented by House standing Committees have been harmonised with their Senate counterparts.

    He said: ” By tomorrow ( Friday) we will finish taking the reports, we have agreed that we will invite the Minister of Budget and Planning, Minister of Finance, the Accountant -General of the Federation, the Director of Budget Office and Central Bank Governor and engage them extensively on the entire budget.

    “We also have pending issues on the 2015 budget, so they have to come with 2015 budget performance and then we will go into special session,” Jibrin stated.

    The lawmaker also directed the clerk of the committee to liaise with the office of the Clerk of the House to access the members’ data base for easy dispatch of message to all the 360 members and various committees on the February 25 deadline for final submission and consideration of the MDAs budget.

     

  • FG rules out tax increase

    FG rules out tax increase

    The Federal Government on Thursday ruled out increasing taxes as a way of offsetting the deficits in the 2016 Budget proposals presently before the National Assembly.

    The Minister of Budget and National Planning, Udoma Udo Udoma, said the government will rather concentrate on improving taxes’ collection.

    Stressing that the government does not want to increase the suffering of Nigerians, the minister said the government is aiming to increase corporate tax and Value Added Tax (VAT) collections by at least 20 per cent.

    He spoke with State House correspondents at the end of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo.

    The minister was accompanied by governors Akinwunmi Ambode (Lagos), Willy Obiano (Anambra) and Badaru Abubakar (Jigawa).

    Udoma said: “We expect about 20 per cent increase in VAT collection, which is conservative in terms of our revenue projections. We are expecting much more than that.

    “With reference to the budget, one thing we are determined not to do is to cut any of those capital projects, because we need them to stimulate the economy. We are going to work with the National Assembly, to see how we can get savings.

    “One of the areas we are looking at is our cash call elements.  The minister of state for petroleum is looking at how we can cut our cash call elements which is about N1trillion by innovative financing. So he is discussing with some oil companies and looking for some innovative financing which might pick up some of the financing so that we reduce our financial output and contribution by the federal government.”

     

  • MTEF: FEC approves N6tr expenditure for 2016

    MTEF: FEC approves N6tr expenditure for 2016

    The Federal Executive Council (FEC) presided by President Muhammadu Buhari on Monday approved N6 trillion expenditure for 2016 Budget under the Medium Term Expenditure Framework (MTEF).

    The FEC after three hours meeting approved the three-year MTEF.

    The Minister of Budget and National Planning, Senator  Udoma Udo Udoma, spoke with State House correspondents at the end of the meeting.

    He was accompanied by the Minister of Information, Lai Mohammed and Minister of State for Budget and National Planning, Zainab Ahmed.

    According to him, an oil price of $38 per barrel of crude oil and 2.2 million production barrels per day were projected in the framework.

    The approved MTEF, the minister said, will be forwarded to the National Assembly.

  • Highlights of ministerial screening

    Highlights of ministerial screening

    A ministerial nominee from Akwa Ibom, Senator Udoma Udo Udoma, sets the ball rolling.

    He has been asked to take a “bow and go.”

    The next nominee to enter the podium is a former governor of Ekiti State, Dr. Kayode Fayemi.

    Rights activist, Shehu Sanni, asked the ex-governor if truly he escaped through an unconventional border during the late Gen. Sani Abacha era.

    Fayemi said, “I did not borrow to pay salaries, but borrowed to fund capital projects for Ekiti.”

    He has also been asked to take a ” bow and go.”

    The next nominee to face the senators is Chief Audu Ogbeh.

    The ex-National chairman of the PDP has been asked to take a ” bow and go.”

    The next ministerial nominee is Dr. Ogbonnaya Onu.

    He is acknowledging cheers from the senators.

    He has been asked to take a ” bow and go.”

    The next ministerial nominee is Dr. Osagie Ehanire from Edo State.

    He will take questions from senators.

    The nominee has been asked to take a ” bow and go.”

    In all five ministerial nominees have been cleared by the Senate.

    The sixth nominee, Lt. Gen.Abdulrahman Danbazzau (rtd), takes to the podium to take questions from senators.

    Lt. Gen. Danbazzau has been asked to take a ” bow and go.”

    The APC National Publicity Secretary, Alhaji Lai Mohammed, is the next nominee to face the senators.

    He took six bows before the lawmakers – three for Saraki and three for the Senators.

    Mohammed has been asked to take a ” bow and go.”

    Seven ministerial nominees have now been cleared by the Senators. We have three more to go.

    A female ministerial nominee, Amina Mohammed, is now addressing the Senators.

    After her address, she will take questions from the lawmakers.

    After taking few questions, she has been asked to take a ” bow and go.”

    The ninth nominee, Suleiman Adamu, is now addressing the senators.

    Adamu has been asked to take a ” bow and go.”

    The last nominee for today, Ibrahim Jubril Adamu, is introducing himself to the senators.

    He is a ministerial nominee from Jigawa State.

    He has also been asked to take a ” bow and go.”

    Adamu’s clearance by the Senate ended the proceedings for today.

    All the 10 ministerial nominees that faced the senators on Tuesday have been confirmed as ministers.

    The exercise will continue on Wednesday with the screening of second set of nominees.