Connect with us

Government

2016 Budget May Not Achieve Target – Fashola

Published

on

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, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Government

92.6 Million Nigerians Enrolled For the National Identification Number – NIMC

The Federal Government through the Corporate Affairs Commission (CAC) has stated that NIN will be a compulsory requirement for business registration. 

Published

on

National-eID-card

The National Identity Management Commission (NIMC) has announced that 92.63 million Nigerians have enrolled for the National Identification Number as of November 2022.

This represents an increase of 1.9 million when compared to the 90.68 million recorded in October.

According to the recent data released by NIMC, more men have been captured than women. The data also revealed that men accounted for about 52.1 million people or 56 percent of the total people captured so far in the NIN database.

On the other hand, women represent 40.5 million or 44 percent of the total enrollment, Investors King learnt.

On a state-to-state basis,  Lagos State recorded the highest enrollment with about 10.3 million. This was followed by Kano State with more than 8 million people.

Other states with substantial enrollments include Kaduna with 5.4 million, Ogun with 3.8 million, Oyo with 3.6 million, FCT with 3.2 million, Katsina with 3.1 million, Rivers with 2.7 million, Delta with 2.4 million, and Bauchi with 2.4 million.

Meanwhile, Bayelsa is presently the state with the lowest enrollments.  A total of 583,323 have so far enrolled in the state. Ebonyi trailed Bayelsa with 744,869 and Ekiti’s record shows 971,712 enrollments. While Cross River, Taraba, Yobe, Enugu, Imo, Akwa Ibom and Zamfara followed with 1 million, 1.3 million, 1.3 million, 1.5 million, Imo 1.5 million, 1.5 million and 1.6 million, respectively.

In another development, the Federal Government through the Corporate Affairs Commission (CAC) has stated that NIN is now a compulsory requirement for business registration like it is with banks.

According to the Registrar of the Corporate Affairs Commission, Garba Abubakar, NIN was adopted because its security can’t be compromised, unlike the National Identity card, passport, and driver’s license, which could easily be cloned.

“If you don’t have a NIN, it means you can’t register your company. The essence is to verify the integrity of the data we are collecting,” Garba noted.

National Identification Number is the unique number created by the Nigerian government to identify Nigerians, curb crimes, deepen infrastructure in cities and generally access all citizens.

Continue Reading

Government

Governors Forum Replies FG, Blames Poverty on Rising Insecurity

The NGF accused the federal government of being unable to tame rising insecurity which has led to the high costs of food.

Published

on

Child Poverty - Investors King

The Nigerian Governors Forum (NGF)  has stated that governors could not be blamed for poverty in their respective states. The NGF accused the federal government of being unable to tame rising insecurity which has led to the high costs of food.

Investors King could recall that President Muhammadu Buhari earlier alleged that governors are pocketing funds meant for the development of the local governments. 

Similarly, the Minister of State for Budget and National Planning, Clement Agba, also stated that the 36 governors were responsible for the rising poverty index in the country,

According to the Governors Forum, the rising level of poverty among Nigerians was a consequence of the biting effect of insecurity on commercial and agricultural activities.

A statement released by NGF’s  Director of Media and Public Affairs, AbdulRazaque Bello-Barkindo said “It is important to put on record the progress made by state governors in the administration of their states, which have witnessed tremendous progress in recent times. Governors have undertaken projects where they, in conjunction with their people, deem them fit for purpose.

“This dereliction of duty from the centre is the main reason why people have been unable to engage in regular agrarian activity and commerce. Today, rural areas are insecure, markets are unsafe, travel surety is improbable and life for the common people generally is harsh and brutish.”

Barkindo further accused the minister of deviating from the major issues and passing blames when he and his colleague, the Minister of Finance, Budget and National Planning, Zainab Ahmed, should be implementing policies that can ameliorate the hardship Nigerians were facing. 

Barkindo in the statement added that the primary duty of any government is to ensure the security of lives and property, an area he claimed the Federal Government has failed. 

“But the Federal Government, which is responsible for the security of lives and property, has been unable to fulfil this covenant with the people, thus allowing bandits, insurgents, and kidnappers to turn the country into a killing field, maiming and abducting people, in schools market squares and even on their farmlands,” he said. 

Continue Reading

Government

President Buhari Accuses Governors of Stealing LG Funds

Published

on

Muhammadu Buhari

Nigerian President, Muhammadu Buhari has once again accused state governors of stealing monthly allocation due to local government under them.

The president spoke at a parley with members of the Senior Executive Course of the National Institute for Policy and Strategic Studies, Kuru, held at the State House Banquet Hall, Abuja.

Speaking at the event, the president stated that it beats anyone’s imagination how some governors collected money on behalf of council areas in their states, only to remit just half of such allocation to the council chairmen, who would further deplete the remittance by filching it. Investors King learnt. 

 ‘‘I found it necessary to digress after reading my speech and this digression is a result of my personal experience. What they did, this is my personal experience, if the money from the Federation Account to the state is about N100m, N50m will be sent to the chairman, but he will sign that he received N100m. The governor will pocket the balance and share it with whoever he wants to share it with,” the president narrated. 

‘‘This is what’s happening. This is Nigeria. It’s a terrible thing; you cannot say the person who was doing this is not educated. He was a qualified lawyer, he was experienced, yet he participated in this type of corruption.” he queried. 

Furthermore, the president clarified that state governors and local government chairmen should be held responsible for the underdevelopment in the rural areas noting that most of the local governments lack basic amenities. 

Similarly, the National Union of Local Government Employees on Thursday backed the position of the president on the embezzlement and mismanagement of local government funds.

Responding to Buhari’s position, the  President of the Nigeria Union of Local Government Employees (NULGE), Hakeem Ambali, said Buhari was merely stating the obvious.

The NULGE President nevertheless admonished the president to go beyond the statement and ensure governors, especially those in APC to sign the local government autonomy bill into law.  

“He should go beyond that statement. He is the leader of the party, he should ask them to sign the autonomy into law; he is the leader of the governors,’’ he said.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending