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Power, Defence, Transport Take Lion Share of Capital Releases from 2016 Budget

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2016 Budget
  • Power, Defence, Transport Take Lion Share of Capital Releases from 2016 Budget

The Ministry of Power has received the highest capital release of N209.246 billion (as of October 31, 2106) out of the total of N753.633 billion budgeted for 2016 capital projects for the ministries, departments and agencies (MDAs) of the federal government.

Data exclusively obtained in Abuja showed that the Ministry of Defence came second in capital releases with N69.512billion, followed by Transport, N30,540,042,428; Agriculture, N29,578,929,050; Water Resources N25,201,857,951; Interior, N21,210,059,596; Health, N18,472,539,524; and Education, N16,743,672,981.

Others include Niger Delta, N8,161,196,486; Science and Technology, N6,681,349,721; Mines & Steel, N3,360,000,000; Petroleum, N2,413,847,044, and others, N312,511,048,789.

The federal government stated recently that it had so far spent N3.577 trillion out of N6.060 trillion budgeted for the 2016 fiscal year, which translates to 79 per cent performance of the prorated budget for the three quarters.

The Minister of Budget and National Planning, Udoma Udo Udoma, said in addition to the total of N2,439.9trillion so far released for capital, non-debt recurrent and service-wide vote expenditure, a total of N1,137.7 trillion had also been paid out in domestic and foreign debt service expenditures.

This includes N44 billion transferred to the sinking fund to retire maturing obligations on bonds issued to contractors. The national planning ministry further stated that budgeted personnel cost and debt service obligations had been fully met on schedule till date.

“Additionally, the federal government has done reasonably well in the challenging circumstances with respect to capital expenditures. It is noteworthy that the total amount of N753.6billion already released for capital expenditure in 2016 is the highest in the nation’s recent history, even in the era of high oil prices,” the Ministry of Budget and National Planning had stated.

The minister added that the capital that had been released to date exceed the aggregate capital expenditure budget for 2015 of N700billion, inclusive of capital expenditure in statutory transfers.

At an interactive session with members of the Senate Committee on Appropriation in Abuja recently, Udoma said in spite of the shortfall in revenue expectations, the federal government was committed to its debt obligations and had also made efforts in funding the critical sectors to enable government function smoothly, while seeking lasting solutions to revenue shortfalls.

The minister explained that although the 2016 budget was well conceived, with reasonably conservative benchmarks, it recorded unanticipated revenue shortfalls along the line due to militants’ activities in the oil-producing Niger Delta region, a development which seriously affected the budgeted production levels for the fiscal year.

He further explained that government adopted a targeted approach with respect to capital expenditure to ensure that releases are consistently made to those sectors whose activities have the capacity of driving economic growth and fostering job creation.

He said particular attention was focused on infrastructure, agriculture and other areas with high job creation potentials, saying that all the releases had been cash-backed.

The debt service, which has been implemented up 77 per cent as at September 16, 2016 covers domestic, external and transfer to sinking fund for maturing debts—-full year budget provision for debt service was N1,475.3trillion.

country’s revenue generation mechanism.

He however, stated that the state government would support the auditing and generation of statistics of the non oil revenue sector by RMAFC.

Leader of the commission’s delegation and Federal Commissioner, Sanya Omirin, said the team was in the state to conduct a wholistic auditing of the non-oil sector, verify mining companies with licenses, verify mining leases and confirm royalties that accrue from mining.

He added that the commission was working to bring all mining operators within the tax operations of the government for revenue generation . He said the steps have become necessary because of the need to diversify the nation’s economy .

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.

Government

ICPC Declares Buhari’s Son-In-Law, Two Others Wanted For $65M Fraud

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Tarry, Gimba, Bola Fraud- Investorsking

The Independent Corrupt Practices and other related offenses Commission (ICPC) has declared Gimba Kumo, a son-in-law of President Muhammadu Buhari, and two others wanted over alleged misappropriation of $65 million National Housing Funds.

Mr. Kumo, a former managing director of the Federal Mortgage Bank of Nigeria, had in 2016 married Fatima, the president’s daughter, in Daura, Katsina State.

The ICPC in its list of wanted persons declared Mr. Kumo wanted alongside Tarry Rufus and Bola Ogunsola over the alleged fraud.

In the notice signed by its spokesperson Azuka Ogugua, the ICPC urged the public to provide information about the whereabouts of the wanted persons.

“The persons whose pictures appear above, Mr. Tarry Rufus, Mr. Gimba Yau Kumo, and Mr. Bola Ogunsola, are hereby declared WANTED by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in connection with issues bordering on misappropriation of National Housing Funds and diversion of the sum of Sixty Five Million dollars ($65,000,000).

“Anyone who has useful information on their whereabouts should report to ICPC Headquarters Abuja, any of the ICPC State Offices, or the nearest police station” the notice read.

In April, the senate committee on public accounts had summoned Mr. Kumo to explain the alleged irregular award of N3 billion contract when he was still at the bank.

The committee issued the summons following a query raised in a 2015-2018 report by the office of the auditor-general of the federation (AuGF) against the FMBN.

According to the report, the contract was awarded in four phases and was overpaid to the tune of N3,045,391,531.97.

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Lagos State Moves to Completely Ban Okada, Keke, Introduces Minibuses

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Minibus - Investors King

The Lagos State Government on Monday announced plans to completely ban the use of motorcycles (okada) and tricycles (Keke) due to rising crime and lawlessness across the state.

The announcement was made after a stakeholders’ meeting held at the Adeyemi Bero Auditorium, Alausa Secretariat, Ikeja.

In the meeting attended by Governor Babajide Sanwo-Olu, the Speaker of the House of Assembly, Mudashiru Obasa; the Chief Judge, Kazeem Alogba; the Commissioner of Police, Hakeem Odumosu, traditional and religious leaders and members of the civil society, among others, the governor said the string of lawlessness daily witnessed from the confrontation between commercial motorcyclists and law enforcement agencies required urgent action.

Based on all that we have seen and experienced in the past couple of weeks, as well as the increasing threat posed by the activities of commercial motorcycle operators to the safety and security of lives, we will be announcing further changes to the parameters of motorcycle and tricycle operations in the state in the coming days. No society can make progress amid such a haughty display of lawlessness and criminality,” he added.

Sanwo-Olu said from next week, the state would be inaugurating the First and Last Mile buses next week, which would take the routes the motorcycles were plying.

The state Commissioner of Police, Odumosu, raised the alarm over rising security breaches from the menace of okada operations in the state.

He said between January and early this month, 320 commercial motorcycles were impounded in 218 cases of criminal incidents in which 78 suspects were detained and 480 ammunition recovered.

In the same period, the Lagos police boss said Okada accounted for 83 per cent of 385 cases of avoidable fatal vehicular accidents in Lagos.

At the end of the meeting, a 12-point resolution was reached, among which was a ban on Okada “as a means of transportation in the state.”

 

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2023 Voter’s Registration Will Be Online, Biometric To Be Captured Physically- INEC

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INEC-PVC

The Independent National Electoral Commission (INEC) yesterday unfolded plans to allow online filing during the continuous voter registration for the 2023 general election.

The National Commissioner and Chairman, Information and Voter Education Committee of INEC, Mr. Festus Okoye, however, said only the biometric would be captured physically by INEC officials.

But the commission suffered another setback yesterday as arsonists torched its office in Ohafia Local Government Area of Abia State.

Okoye, during a stakeholders’ meeting on expanding voter access to polling units in Kano yesterday, said: “On June 28, the voter registration exercise for those above 18 years and those who have not registered before will commence with two new innovations. Those versatile with computer can register online and only visit a registration centre to capture their biometrics.”

Okoye stated that the online registration would be introduced to reduce crowd at registration centres in line with COVID-19 protocols.

The commission called on citizens, especially those willing to contest elections, whose voter cards have been defaced, whose names were wrongly spelt or addresses and locations wrongly captured to present themselves for authentication or correction.

INEC also called for valid data of all those with disabilities or physical challenges to be captured during the continuous registration for proper projections ahead of the 2023 general election.

INEC also warned political parties and politicians who have started campaigning to desist from doing so.

Okoye said: “There is a ban on political campaigns which has not been lifted yet. And I find it necessary to draw your attention for you to understand the legal implication of violating this ban.

“I have listened to comments on radio stations, which are capable of heating the polity. Media organisations should avoid providing platforms for such comments. The media should try to curtail such tensions.

“Political parties, politicians and their supporters should understand there is a legal framework for campaigns and it has not commenced yet.”

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