Connect with us

Economy

Poor Budget Implementation Affecting Economy – Saraki

Published

on

Recession

Senate President, Bukola Saraki, has lamented that ineffective implementation of past budgets and abandonment of projects have led to wastage that has negatively affected the nation’s economy in the last 16 years, according to Punch report.

Saraki, according to a statement on Thursday by his Chief Press Secretary, Sanni Onogu, stated this at an interactive session with Civil Society Organisations on the 2016 budget in Abuja.

In order to correct the anomaly, Saraki said the 8th National Assembly had stepped up its oversight functions to ensure that funds were spent judiciously.

He also noted that diversification was crucial to the success of the nation’s economy.

 The National Assembly, he added, was working to pass laws that would “boost internally generated revenues by plugging the loopholes that exist in our system and encouraging the small and medium-scale business owners in our communities.”

Saraki commended the over 100 CSOs that participated in the interactive session.

He said, “We know that the work ahead of us is necessary. We also know that the road ahead of us will be lined with challenges. However, we also know that we cannot do this alone. We need all hands on deck for this one.

“In this regard, in response to the citizens’ concerns and public expectations, the 8th National Assembly, through this platform and the various others that we have set up online, will continue to be accessible to you. We will work tirelessly to address your concerns; after all, we are only here because of you.”

The Senate president said the maiden interactive session was convened to allow both the members of parliament and the CSOs to explore new angles, consider fresh opinions and weigh new suggestions on the reasonable changes that needed to be made, and on the best way to forge ahead with the 2016 appropriation process.

“This is not only an opportunity for you to air your views, it is also a window that has presented itself that will allow all of us to work together to pass a budget that we can all be proud of,” Saraki added.

Representatives of the various CSOs expressed support for the National Assembly’s decision to postpone the passage of the 2016 Appropriation Bill due to numerous errors and padding of figures discovered in the document.

The groups, from various zones across the country, said by postponing the passage of the budget, the National Assembly had saved the country from being short-changed by enemies of progress in the public offices, whose sole aim was to satisfy their personal interests.

The National Assembly had on Tuesday shifted indefinitely the February 25 deadline earlier fixed for the passage of the 2016 Appropriation Bill due to numerous errors and padding of figures, which it noted required more time to correct.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Egypt Leads Nigeria, South Africa in Foreign Direct Investment

Published

on

Global debt

Egypt Leads Nigeria, South Africa in Foreign Direct Investment

The United Nations Trade Association has Nigeria recorded a total of $2.6 billion in Foreign Direct Investment (FDI) in 2020, below the $3.3 billion posted in the preceeding year.

South Africa, Africa’s most industrialised nation, reported $2.5 billion during the same year, slightly below Africa’s largest economy and 50 percent below the $4.6 billion attracted a year earlier.

The report also noted that Africa recorded a total of $38 billion FDI in the same year, representing a 18 percent decline from the $46 billion posted in the corresponding year of 2019.

However, Egypt led Nigeria and South Africa with $5.5 billion FDI, an increase of 38 percent from the preceeding year.

The report read in part, “FDI flows to Africa declined by 18% to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63% to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities.

UNCTAD also noted that global foreign direct investment declined by 42 percent to an estimated $859 billion, down from $1.5 trillion in 2019.

The decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated $229 billion. Flows to Europe dried up completely to -4 billion (including large negative flows in several countries). A sharp decrease was also recorded in the United States (-49%) to $134 billion.

Continue Reading

Economy

FG to Partly Fund Six Rail Projects Connecting All Regions

Published

on

rail project

FG to Partly Fund Six Rail Projects Connecting All Regions

The Federal Government will pay a total sum of N71 billion to partly fund six rail projects connecting all regions of the country.

In the report obtained from the Federal Ministry of Finance, Budget and National Planning, the six rail projects marked for development this year are Lagos-Kano rail line (ongoing), Calabar-Lagos (ongoing), and Ajaokuta-Itakpe-Aladja (Warri).

Others are the Port Harcourt-Maiduguri railway, the new Kano-Katsina-Jibiya-Maradi line in Niger Republic and the Abuja-Itakpe and Aladja-Warri Port and refinery/Warri new harbour.

The Buhari administration will also spend N15.1 billion on the development of safety and security of critical projects, airport certification, runway construction, terminal building, among others in the aviation sector in 2021.

Last week, Rotimi Amaechi, Minister of Transportation, said the Lagos-Kano line would be connected from the Ibadan end of the Lagos-Ibadan railway and would cost $5.3 billion.

We are waiting for the Chinese government and bank to approve the $5.3bn to construct the Ibadan-Kano. What was approved a year ago was the contract,” the minister said.

He added, “The moment I announced that the Federal Government had awarded a contract of $5.3bn to CCECC (China Civil Engineering and Construction Corporation) to construct Ibadan-Kano, people assumed the money had come in; no.

“We have not got the money, which is a year after we applied for the loan. We have almost finished the one of Lagos-Ibadan. If we don’t get the loan now, we can’t commence.”

Continue Reading

Economy

FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

Published

on

FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

In a bid to improve the usage and enhance the convenience of train transport in Nigeria, the Federal Government on Thursday announced the launching of the Electronic Ticketing platform for the Kaduna-Abuja rail services.

The N900 million E-ticketing platform was introduced by the Minister of Transportation, Chibuike R. Amaechi, and the Nigerian Railway Corporation.

Amaechi said the new platform would improve efficiency, promote accountability, reduce leakage and enhance economic growth, as well as save time.

The E-ticketing platform was a Public-Private Partnership project done in conjunction with Secure ID Solutions, who provide and would manage the system for 10 years in an effort to recoup its investment before the Nigerian Railway Corporation take charge.

Kofo Akinkugbe, the Chief Executive Officer, Secure ID Solutions, said as the new E-platform issued 25,000 tickets after a successful pilot test on Thursday.

Potential Travelers can book via three ways:

1. Mobile app
2. Website
3. POS or Cash at the station

A validator would be used to scan the ticket barcode to ascertain its authenticity before boarding.

Amaechi further announced that self-service ticket vending machines at various train stations would be introduced soon.

Continue Reading

Trending