Connect with us

Government

Nigeria To Approve $180m More For Capital Spending –Adeosun

Published

on

budget

Nigeria’s Minister of Finance, Kemi Adeosun on Friday said the government will allocate 60 billion naira ($180 million) more spending on capital projects.

The funds will form part of the 2016 budget and addition to earlier releases.

Nigeria has been struggling to boost its economy by diversifying away from crude oil revenue.

Africa’s largest economy is in the middle of its worst financial crisis for decades as a slump in oil revenues hammers public finances and the naira.

The central bank governor has said recession is likely.

Buhari on Thursday said the country needed to balance monetary and fiscal policies in order to return to growth.

Government capital spending so far has exceeded 400 billion naira this year, Adeosun said, despite the record budget being held up for months by wrangling between President Muhammadu Buhari and parliament.

Last month, Adeosun said the country will commence international borrowing in the third quarter of the year.

The government has said it plans to borrow up to $10 billion, with about half of that coming from foreign sources, to help make up a budget shortfall exacerbated by a slump in oil prices.

Nigeria had initially planned to hold Eurobonds road shows in March but postponed sales as investors complained about the overvalued naira, according to bankers.

Nigeria’s government has said it wants to change the balance of its debt portfolio so that 40 percent of its borrowing comes from abroad, compared with 16 percent now. It also wants to extend the average maturity of its debt profile.

Adeosun met international investors in June on a non-deal roadshow in London as Africa’s biggest economy explores fund-raising options to finance a record budget deficit.

The Finance minister said apart from infrastructure investments, the government was reviewing its tax policies to improve collection and widen the net, make its import tariffs more competitive and cut costs to boost the economy.

Nigeria generated 200 billion naira from independent sources this year, which includes revenues from government departments that would have otherwise not been captured in the budget.

The West African nation will tap partnerships with the private sector to boost investment. Adeosun said the government was in discussion with General Electric to develop and operate rail services to improve transport for goods across the country.

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.

Continue Reading
Comments

Government

Court of Appeal Upholds Adeleke’s Victory in Osun State Governorship Election

Published

on

Ademola Adeleke

In a landmark judgement, the Court of Appeal sitting in Abuja has affirmed the victory of Senator Ademola Adeleke as the rightful governor of Osun State.

The ruling, which comes as a surprise to many, overturned the decision of the Osun State Governorship Tribunal which had earlier nullified Adeleke’s election victory.

Following the governorship polls in the state, an Election Petition Tribunal had sacked Adeleke from office, citing his failure to secure the majority of lawful votes during the July 16 governorship polls. However, in a unanimous agreement by a three-man panel led by Justice Mohammed Shuaibu, the Court of Appeal quashed the tribunal’s judgment and gave its verdict to uphold Adeleke’s victory.

The Appeal Court Panel revoked the tribunal’s order which directed that a Certificate of Return be withdrawn from Adeleke and issued to his predecessor and All Progressives Congress (APC) candidate, Gboyega Oyetola. The panel held that the Osun State Tribunal was wrong to have said that there was overvoting, a claim that only relied on the evidence by Oyetola and the APC, and as such, doesn’t prove their case in any way.

The judge faulted Oyetola and APC, that they only relied on the data from the back end server and failed to look at the voters register which forms the foundation of the whole electoral process and as such, cannot strengthen their allegations of overvoting. The court also resolved in favour of Adeleke on the issue of jurisdiction, stating that section 285(8) of the constitution as amended, the court has every right to entertain the appeal.

The ruling is a significant victory for the Peoples Democratic Party (PDP) and Adeleke, who had been locked in a legal battle with the APC over the governorship position since the election. Many Nigerians have applauded the Court of Appeal’s decision as a step towards consolidating the country’s democracy and upholding the rule of law.

The decision has also set a precedent for future electoral disputes in the country, as it highlights the importance of credible evidence in proving electoral malpractice claims. This ruling has shown that allegations of overvoting cannot be sustained without concrete evidence from the voters register, and political parties must be thorough in their investigations and presentation of evidence in such cases.

Continue Reading

Government

NIMC: Presidential Council Faults N1000 NIN Fee, Demands Review 

Published

on

The recently announced N1000 National Identification Number (NIN) verification fee for the application, issuance and renewal of international passports by the National Identity Management Commission (NIMC) has been criticised.

The Presidential Enabling Business Environment Council, PEBEC faulted the mandated charge and called for a review.

Investors King had earlier reported that NIMC declared that Nigerians living in the country will pay N1000, while Nigerians residing in other African countries will pay $3 or its equivalent in other currencies and those in other continents across the world will pay $10 or its equivalent in other countries as NIN verification fee for application, issuance and renewal of their international passports.

Reacting to the development, the Special Adviser to the President on Ease of Doing Business/PEBEC Secretary, Jumoke Oduwole, in a statement, emphasised the need for a review to make citizens enjoy quicker and less expensive government services.

Oduwole, who commended the collaboration between NIMC and Nigerian Immigration Service (NIS), said such a partnership will enhance passport services.

She noted that stakeholders are not impressed with the extra charge to be paid for the NIN verification before they can process their passports.  

According to her, the outline of the Business Facilitation (Miscellaneous Provisions) Act 2022 signed into law by the President Muhammadu Buhari on February 8, 2023 states that where an applicant requires the service of a ministry, department or agency, the MDA involved is mandated to conduct the necessary verification or certification from relevant MDAs, in respect of the applicant.

Investors King understands that PUBEC was set up in 2016 by President Buhari with the aim of curbing hectic bottlenecks and bureaucratic limitations accompanied with owning and managing business enterprises in Nigeria. 

The chairman of the council is the vice president, Prof. Yemi Osinbajo. PUBEC has since its existence periodically issued EO1 Compliance Reports containing monthly reports of Ministries, Departments and Agencies submitted to the council.

Continue Reading

Government

INEC Considers Postponement of Governorship and State Assembly Elections Amidst Legal Battles

Published

on

BVAS Machine

The Independent National Electoral Commission (INEC) is currently considering the possibility of postponing the upcoming governorship and state assembly elections, following the legal battles that have arisen from the recent presidential and national assembly polls.

INEC is expected to make a decision on the issue during a meeting of its national commissioners, scheduled for Wednesday night.

Investors King understands that the legal battles revolve around the extraction of data embedded in the bimodal voter accreditation system (BVAS) and the inspection of other election materials.

The presidential candidate of the Labour Party (LP), Peter Obi, and the standard bearer of the Peoples Democratic Party (PDP), Atiku Abubakar, have filed similar applications seeking to obtain the certified true copy (CTC) of all the data in the BVAS.

INEC has opposed the applications, arguing that granting them would affect its preparations for the forthcoming elections.

Tanimu Inuwa, counsel to INEC, has asked the court to vary the orders granting permission to Obi and Atiku to inspect all the sensitive materials used in the conduct of the presidential election.

However, the court has refused to grant INEC’s request, stating that the commission failed to specify which of the orders it wished to vary.

The court has clarified that it granted Obi and LP permission to do electronic scanning and/or make photocopies of voter registration and ballot papers used in the conduct of the election, and not permission to access the database of INEC, as misconceived by the electoral body.

Given the legal battles and the possible impact on preparations for the forthcoming elections, INEC is now considering postponing the governorship and state assembly elections.

This decision, if taken, would have significant implications for the electoral process and could further heighten tensions in the country.

The ongoing legal battles highlight the need for all stakeholders to work together to ensure a free, fair and credible electoral process. It is essential that INEC and other stakeholders prioritize the integrity of the electoral process over political expediency and work towards resolving these legal disputes in a timely and transparent manner.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending