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Nigeria Saves N8 Billion Monthly by Eliminating 40,000 Ghost Workers – Presidency

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By getting rid of 40,000 ghost workers, the Muhammadu Buhari administration is saving N8 billion monthly, a presidential aide has said.

Garba Shehu, the Senior Special Adviser on Media and Publicity to the President, stated this in a statement issued on Monday on the state of the Nigerian economy.

“See what the current administration is doing to sanitise the huge salary bill by eliminating payroll fraud,” Mr. Shehu said.

“So far, the federal payroll has been rid of about 40,000 ghost workers. More than eight billion naira stolen monthly has been saved.”

He said the Federal Government is also determined to enforce fiscal discipline across the states to check wasteful spending.

He said the Federal Government would force the state governments to reform their spending and build savings and investments.

Mr. Shehu said the reform would include blockage of leakages that allowed government’s revenues to be siphoned into private hands.

“The Federal Government is not limiting the reforms to the centre, but forcing state governments to reform their spending and build savings or investments,’’ he said.

He said that the ongoing probe into the finances of the military authorities was part of the reform aimed at checking corrupt practices in the military establishment.

“Look at what a civilian administration is today doing to the military, investigating their finance and accounts that the military could not do to themselves.

“We are also saving on wasteful expenses like First Class Travel and Private Jets for official trips.

According to the presidential aide, government is also increasing spending on capital projects, especially on infrastructure needed to make Nigerian businesses competitive and create jobs.

“Currently, there is focus on key sectors (apart from oil) that can create jobs and or generate revenue such as Agriculture, Solid Minerals and Manufacturing.’’

He said that if these things had been done when the oil price was as high as $140 per barrel, Nigeria would not be in the current predicament.

“We would not be suffering now if we had no cash reserves, but we had regular supply of power, a good rail system, good roads and good housing.

“Now that the oil has fallen as low as 28 dollars per barrel, it is very difficult to do what is needed but they must be done to save Nigeria.

“There is no other way if we want to be honest.

“If PDP were still in power they would have continued deceiving people, by borrowing to fund stealing and wastage and the problem would have simply been postponed for future generations to face.”

Mr. Shehu also responded to criticisms that the Buhari administration’s economic policies were not clear.

“There are many who say that this Government’s economic strategy is unclear whereas the previous government seemed well co-ordinated,” he said.

“I will make the confession that we, the officials hired to communicate government policies, that includes myself, have not done as well as we should have.

“The truth is that more than any other time before, there is a clear direction and strategy for achieving growth and development.

“Revisionists may not agree, but the truth of the matter is that the previous administration only had one issue, which was how to spend money (oil revenues and borrowed money).’’

He said that the spending by the past administration was focused on the wrong things and even though the economy seemed to be growing it was not sustainable.

(NAN)

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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FG Has Paid Fuel marketers N74B in Seven Months — NMDPRA

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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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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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