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Buhari Speaks: How We Intend to Fund Nigeria’s N6 Trillion Budget

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President Muhammadu Buhari

President Muhammadu Buhari has explained that despite the fall in the international price of crude oil, measures taken to block leakages in the nation’s revenue generating agencies would ensure enough cash to fund the N6 trillion budget he recently submitted to the National Assembly.

The president gave the explanation in an interview with Mansur Liman of the BBC Hausa service on Christmas eve. He also spoke on his government’s ‘success’ at defeating the Boko Haram insurgents.

PREMIUM TIMES’ Sani Tukur translated the interview;

Q: You recently submitted the biggest budget estimates in Nigeria’s history to the National Assembly, and this came at a time the price of oil has drastically gone down in world markets. How do you intend to get money to fund the budget?

Buhari: As a government, we inherited N1.5 trillion domestic debt and when foreign debt is added we have about N2.2 trillion. Everybody knows Nigeria is not a poor country, we are rich, and we have human resources, the problem had been that leadership did not take seriously, curbing corrupt tendencies.

Apart from highlighting our debt profile, we have also shown the changes we have made in the Customs for instance, how; much we are making from the Customs service, how much from petroleum, that is NNPC; how much we are making from the ports. There have been lots of leakages in these sectors. If we block these leakages, we would make much more money to run the country despite the fall in the price of oil.

Q: Are you sure you can block all the leakages? Because if one looks at it, it was just the leaders of these agencies that were changed while most of the lieutenants who were part of the system of the “leakages” are still in place. What do you think would change to make sure that “business as usual” does not continue and Nigeria would get those monies?

A: It is generally believed that a fish begins to rot from the head; once the head is rotten, the whole body is also rotten. We have tried to remove all the heads of the organisations, and most of the lieutenants have been changed. A lot is happening in this government that people do not appear to understand; many permanent secretaries of ministries have been changed; we used to have 42 ministers, now we have 36 because the constitution requires that each state of the federation must have a minister; we used to have 42 ministries, now we have 24.

Q: You have also allocated 30 per cent of the budget to capital projects; what informed that decision?

A: It is a must. Remember during the campaigns, we said Nigeria is facing three things and nobody disputed that assertion. Firstly; there was widespread insecurity, war in the north east, while the country’s oil was being stolen at random in the south; secondly; there is massive unemployment, 62 per cent of the nation’s population are youth from the age of 35 years downward; most of them are unemployed, including those who went to school and those who did not, that is a serious problem. Therefore, it has become necessary to restore peace and create employment.

That is why we are returning to agriculture and mineral resources. Thirdly, bribery and corruption was basically suffocating the country. If we don’t kill these monsters, this country would go down.

That is why those who stole monies meant for arms procurement and shared it among themselves are being arrested and are being shown documents, so that they would be asked to refund the money or face prosecution; we would use those documents to prove what they stole, collect all the assets acquired from the proceeds and then jail them.

Q: You have initiated a programme in which poor and vulnerable Nigerians would be paid N5,000 monthly; what have you put in place to ensure that there is justice and fairness in the running of this programme?

A: It is not possible for everyone needing it to get it; but the Federal Government has said it would collaborate with the states and local governments. At the local government level, almost everyone knows each other. It would be easy to identify those to give who would go into trading and how to get it back. It would be like a cooperative and we all know how it operates. Also, state governments would identify those who have capacity to employ more people and all we need to do is to empower them. Our people already know how to go about implementing these modalities to create employment for the citizens.

Q: You earlier mentioned Boko Haram. After your assumption of office, you gave a deadline of December to bring an end to Boko Haram insurgency. We are almost at the end of December, does it mean you and the armed forces have failed?

A: I want people to understand that after I settled down and got good grasp of what the country is going through, we removed all the service chiefs and appointed new ones. We also undertook an investigation and found out how the monies meant for arms procurement were diverted and shared by officials in the last administration. They sent the boys to the war front without arms and ammunition, leading some of them to mutiny after which they were arrested and detained.

We have been able to raise money and fund the war. Go and ask the people of Borno, Yobe and Adamawa; how many of their local governments were under the control of insurgents? And how many are currently still under the insurgents?

May be we would not win the war completely by the end of the month, but the insurgents have now resorted to putting on explosive vests on young children, mostly girls aged 15 and below and then sending them to markets, mosques and churches to detonate. Boko Haram themselves know that the era of them taking over communities and local governments are over. If people would be fair to us, they would know that the Nigerian Army has basically met the deadline and are winning the war. You cannot find any significant number of Boko Haram members in Adamawa, and Yobe, only may be in about three local governments of Borno in the area around our borders with Chad Republic. They are not in a position to threaten Nigeria now, so we have won.

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Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

FG Has Paid Fuel marketers N74B in Seven Months — NMDPRA

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petrol

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Wednesday disclosed that the federal government has paid oil marketers N74 billion as bridging claims in last seven months..

The agency said it was reacting to claims by the Independent Petroleum Marketers Association Nigeria (IPMAN), Suleja branch, that continuing fuel scarcity was caused by non-payment of bridging claims.

The agency said it paid N71.2 billion bridging claims and another N2.7 billion freight differentials to the marketers as of June 6.

In May, IPMAN said the government owed its members half a trillion naira being the cost of transporting petrol across the country.

However, at the time NMDPRA had claimed to have paid oil marketers bridging claims of about N59 billion in five months.

In recent months, fuel scarcity has worsened in Abuja and several other cities across the country.

Marketers had listed the high cost of buying petrol at the depots and the high cost of diesel to truck them as the major factors responsible for the recent queue.

On Monday, the government announced that the nation’s capital petroleum deliveries were up nearly 100 per cent after the government offered additional N10 freight reimbursements to marketers.

The statement by the NMDPRA reads: “The attention of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been drawn to allegations made by the Independent Petroleum Marketers Association Nigeria (IPMAN Suleja Branch) on product scarcity as a result of non-payment of bridging claims.

“The authority chief executive of the NMDPRA, at a meeting held on 17th May 2022 with IPMAN bridging payment was discussed extensively and the processes were explained and agreed upon by IPMAN.

“He assured IPMAN of NMDPRA’s willingness to continue making payments of outstanding claims to promote seamless operations.

“Pursuant to the meeting, the NMDPRA went ahead to make an additional payment of N10 billion in June and sought for an upward review of the freight rate which was approved by President Muhammadu Buhari and is currently being implemented.

“The Authority wishes to reiterate that bridging payment is an ongoing process which is carried out after due verification exercise by the Authority and Marketers.

“So far, the Authority paid N71,233,712,991 bridging claims and another N2,736,179,950.84 freight differentials to the Marketers as at 6th June 2022.

“A breakdown of payment made to Marketers is as follows: Major Marketers (MOMAN) received N9,958,777,487.24, IPMAN members were paid N42,301,923,616.96, NNPC Retails N6,661,459,118.61 while DAPPMAN members were paid N12,303,195,651.57, these translate to a total of N73,969,892,941.84.

“It is disheartening that despite these payments and increase of N10 bridging cost, which was approved by President Muhammadu Buhari two weeks ago, IPMAN could turn around to accuse the NMDPRA of insensitivity,” the statement said.

It said NMDPRA remains committed to ensuring a safe, efficient, and effective conduct of midstream and downstream petroleum operations.

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Nigeria-Cameroon Link Bridge up for Inauguration this June – Fashola

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The Minister of Works and Housing, Babatunde Fashola (SAN), has stated that the Nigeria-Cameroon link bridge will be inaugurated this June.

Speaking at the 16th inter-ministerial meeting of the group in Abuja, Fashola who doubles as the Chairman of the five regional ministerial steering committees, explained that the largely funded bridge by the African Development Bank (AfDB) is completed and in hopes that ECOWAS would deliver support for the inauguration.

“We have completed a new link bridge that links Nigeria to Cameroon, and it was funded largely by the AfDB and we are hoping that the ECOWAS commission will give us the necessary support to ensure the formal opening of that bridge sometime in the month of June,” he said.

The commitment to the piece of infrastructure, according to the minister, is to transform the road network into a first-class six-lane motorway, emphasizing that while speed is important, quality must not be lost.

“We’re trying to deliver a better life for five countries and over 40 million people who use that corridor, almost on a daily basis.

“The future is bright, this is an important investment for the people of Africa to achieve the objective of the Africa Union (AU) to create a trans-African highway,” he stated.

Lydie Ehouman, AfDB’s Chief Transport Economist and Project Task Manager, also spoke at the event, stating that the bank had been able to acquire an additional €3.5 million for the road project.

Investors King gathered that the total sum available for the initial financing of the project’s strategic research has increased to $41 million.

“The agreement for the on-lending of this additional grant by the bank to ECOWAS is currently being finalised. Thus, in addition to its substantial contribution of $25 million, the bank will have mobilised €12.63 million in the form of a grant from the European Union.

“This brings the total amount available for the financing of this highly strategic study to the equivalent of about US$ 41 million,” she stated.

She did, however, point out that specialists in member countries’ claims of delays were untrue, because the arrangement was that labor should persist while any differences were aired and rectified.

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UNDP, DPGA to Promote Global Digital Goods 

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digital

The United Nations Development Programme (UNDP), Digital Public Goods Alliance (DPGA), the government of Norway, and Sierra Leone have agreed to promote inclusive digital public infrastructure in countries across the world.  

On Wednesday, Investors King gathered that world leaders, development organisations and philanthropic funders are set to invest in a “large-scale technology sharing, funding, and commitment to supporting the international cooperation agenda.”

In its published statement, UNDP stated that the agreement is to improve governance frameworks, which are critical to building a resilient future for countries. 

At the event, global leaders committed their efforts to funding and the implementation of digital public infrastructure through a newly established Digital Public Goods Charter (DPG), which serves as a framework to increase international cooperation on this plan.

With its DPG Charter, co-led by the DPGA and the Digital Impact Alliance (DIAL), the UNDP outlines a clear vision for a coordinated global approach to building a safe, trusted, and inclusive digital public infrastructure using DPGs. 

“Doing so can enable countries – regardless of income levels – to transform services and service delivery for people and communities everywhere,” the statement read. 

The DPG Charter, and the commitments made by global leaders, are especially relevant given the devastating socio-economic impacts of the COVID-19 pandemic and mounting climate disruption. 

These challenges, compounded with the unprecedented food, energy, and financial crisis added by the war in Ukraine, are creating an urgent need for global action. 

Digital Public Goods are open-source solutions used to build digital public infrastructure (DPI), enabling countries to provide better services and foster inclusive economic growth. 

While the Digital Public Infrastructure (DPI) involves digital systems like cash transfers, digital identification, and data exchange that enable the adequate provision of essential society-wide functions. It also allows the building of resilient crisis recovery. 

 

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