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2016 Budget May Not Achieve Target – Fashola

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Minister of Power, Works and Housing, Mr Babatunde Fashola

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has warned that the Federal Government’s aim of achieving inclusion and employment, through the N6.6tn 2016 budget  may be elusive; and that the people targeted  may not benefit,  if government’s spending or contracts are mainly handled by foreign companies.

He also said the gains might not be realised if professionals were either not participating or, where they did, preferred imported goods to local ones.

He urged indigenous companies, professionals, artisans and all Nigerians to take advantage of the FG’s budget of N1.8tn for capital expenditure, in particular; and N6.06trn total budget size, to increase their patronage, professional efficiency, job and wealth-creation potential.

He spoke during the fifth meeting of the National Council on Lands, Housing and Urban Development in Ilorin, the Kwara State capital on Friday.

The summit was themed, ‘Building adequate capacity of professionals, artisans and tradesman in the built environment.’

The minister said the plan of President Muhammadu Buhari’s administration to increase the capital spending in 2016 budget to 30 per cent of the total budget size of N6.06trn was enough evidence of change.’

He stated that the aim of FG’s N6.06tn budget was to reflate the economy, stimulate it and increase national productivity.

Fashola said, “The decisions taken by the Buhari administration is to increase the capital spending in 2016 budget to 30 per cent of the total budget size of N6.06tn.  This is change for those who still ask what has changed. It is change because it is a welcome departure from almost a decade of spending only 10 per cent of our annual budget on capital expenditure.  “It means that unlike in the past, when only about N400bn was planned  for capital spending,  and indeed much less was ultimately released and spent, this year about N1.8tn is planned for capital spending with the commitment to fund it.

“But this is not the end of the purpose of spending. It is only the means to get to the end.

“The end really is to reflate this economy,  to stimulate it back to growth and back to productivity. To provide the opportunity for people to feel included in the economy in a way that growth then translates into employment for them. Employment for ordinary hardworking people who can then get up in the morning and say with the dignity that comes with it that I am going to work.”

He added, “But I must advise that inclusion and employment will not happen by happenstance. They will not happen simply because government plans to spend money and actually does so.

“Yes, the budget will work, money will be spent, but inclusion may not happen and the people targeted for the benefit may not benefit, if the benefit is transferred to foreign countries, to foreign factories because professionals either do not participate or where they do, they prefer foreign made or imported goods to local ones.”

The Kwara State Governor, Alhaji Abdulfatah Ahmed, urged the participants to avail themselves of the opportunity of the conference to review existing policies on lands, housing and urban development. He advised them to put in place new policies that would adequately address existing challenges and bequeath an efficient land and housing sector to future generations.

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

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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