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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.

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ECOWAS Imposes Sanctions on Guinea Junta Over Coups

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ECOWAS Bans Junta-Investors King

West African leaders have decided to impose travel bans and freeze the financial assets of members of Guinea’s ruling junta and their families after a coup more than a week ago.

The decisions were announced Thursday after an Extraordinary Summit on Guinea in Ghana’s capital, Accra. Mediators with the regional group had traveled to Guinea to meet with junta leaders and check on the condition of deposed President Alpha Conde.

ECOWAS president Jean Claude Brou said the West African leaders have also insisted that there should be no “need for very long transition for the country to return to democratic order.”

The targeted sanctions come after Guinea’s coup leaders set a number of conditions for releasing Conde, according to the foreign minister of Ghana.

ECOWAS had already warned it will impose penalties on the junta in Guinea unless it immediately releases Conde, who has been held at an undisclosed location since being detained during the Sept. 5 coup in Conakry.

“We are coming to address a burning issue in the region,” said Ghana’s President Nana Addo Dankwa Akufo-Addo, the current chair of the regional bloc, ahead of the summit. He was joined by presidents or high-ranking officials from eight of the other 15 ECOWAS countries.

Members of the ECOWAS delegation that visited Conakry after the coup presented their reports at Thursday’s meeting, said Ghanaian Foreign Minister Shirley Ayorkor Botchway. The junta has set a number of conditions for complying with the demands of regional mediators, she said but declined to disclose what they are.

The delegation has spoken with Conde’s doctor “who ascertained that indeed physically, he’s very well,” she said. However, she said, the ex-president is still coming to terms with the fact that his government has been toppled after more than a decade in power.

“For anybody who has gone through such a traumatic experience like he did, mentally, it’s not the best, not to say that mentally we found anything wrong, but he was quite shocked; he’s still in a state of shock,” she added.

Meanwhile, in Conakry, junta leaders were also set to meet with mining company representatives on the third day of a special summit to chart Guinea’s political future. Junta leader Col. Mamady Doumbouya has sought to reassure the country’s most vital economic sector that the political changes will not impact existing mining projects in the country, which has the world’s largest reserves of bauxite.

Guinea’s coup leaders have yet to make public their proposed timeframe for handing over power to a civilian transitional government, nor have they outlined how quickly new elections can be organized.

Conde had sparked violent street demonstrations last year after he pushed for a constitutional referendum that he used to justify running for a third term, saying term limits no longer applied to him. He ultimately won another five years in office last October, only to be toppled by the coup 10 months later.

At the time he came to power in 2010, he was Guinea’s first democratically elected leader since independence from France in 1958.

The regional bloc also planned to tackle concerns over whether a second member state, Mali, is making enough progress toward a return to democracy more than a year after a military takeover there.

In Mali, the ruling junta led by Col. Assimi Goita has committed to holding new elections by February 2022, though mediators who recently visited have expressed concern about whether that deadline now can be met.

Goita overthrew Mali’s president in August 2020 and then agreed to a civilian transitional government and an 18-month timeframe for holding a vote. However, only nine months after the first coup he effectively staged a second one, firing the civilian interim leaders and ultimately naming himself as president of the transition.

ECOWAS has not reinstated Mali’s membership in the bloc, marking the first time since 2012 that two of the 15 member states are suspended concurrently.

ECOWAS President Brou said there was the need to revisit the organization’s 2001 protocol on good governance “because a lot of things have changed or improved.”

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COVID-19: Indian Travellers Regains Entry Into Nigeria

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COVID-19 Vaccine - Investors King

The federal government of Nigeria on Monday said travellers from India will no longer be denied entry into Nigeria as the country has been removed from the list of flagged countries.

In May, in an effort to curb the spread of the global health pandemic, the federal government had banned travellers from Brazil, India and Turkey from visiting the country.

Speaking on Monday during the national briefing of the presidential steering committee (PSC) on COVID-19, Boss Mustapha, secretary to the government of the federation (SGF), said the situation in the Asian county has improved.

“The Global cases recorded continues to decline to about 4m cases weekly, although it is less, compared to last year and the situation calls for caution because we are not out of the woods yet. Africa and Nigeria in particular, continue to record rising cases and lots of fatalities,” Mustapha said.

“This can really be curtailed and reduced minimally if we adhere strictly to the NPIs. I recognize the fact that people are fatigued and tired but let me encourage all Nigerians not to give up. We all need to come together to defeat this dreaded disease so we can return to our normal life.

“The most potent way of getting out of this situation is through vaccines, which science and research has presented to us. I call on every eligible person to come out and be vaccinated. There are various choices now. We have AstraZeneca, Moderna, Johnson and Johnson and we expect Pfizer to be delivered very soon. There will be enough vaccines to go around soon. By the second quarter of 2022, we would have received about 52 million doses of the vaccines.

“To ease travels for fully vaccinated Nigerians, we are exploring the principles of reciprocity between Nigeria and other nations. For the time being, Nigerians are advised to always carry their vaccination card details or barcode on their electronic devices for easy access especially for those travelling outside the country.

“​Compliance with protocols laid down for quarantine to ensure control remains a source of worry to the PSC. The need to review the protocol has become expedient to align with existing global protocols and realities. On this note, the PSC will adopt a sustainable model and policy that will be unveiled soon. To begin with, India has been removed from the list of flagged countries in view of improved situation in that country.”

“On this note, the PSC will adopt a sustainable model and policy that will be unveiled soon”, he said.

Osagie Ehanire, minister of health said evidence has so far shown that the Delta strain is already dominant in Nigeria.

He warned that though the third wave of the pandemic may appear to be leveling out because there have been no catastrophic increases in infections and fatalities, it is not wise to assume that the threat is gone, especially as cases are fluctuating and have to be identified by genomic sequencing.

The minister assured that even though there is a 25 percent shortfall in CICAX supply, Nigeria will not run low on vaccines.

Ehanire further noted that there were reports of new coronavirus mutations circulating in other countries, and assured that government will monitor with all tools available to respond appropriately.

Also speaking, Faisal Shuaib, executive director of, National Primary Healthcare Development Agency noted that vaccine cards were becoming a requirement across the country.

He, therefore, warned against any attempt to produce/procure and sell fake COVID-19 vaccination cards.

“Anyone who ventures into this would be apprehended and made to face the law. This is a criminal offense, in which both the buyer and seller would be prosecuted.

“We, therefore, urge all Nigerians to report any suspected attempt by any person or group of persons to buy or sell a COVID-19 vaccination card to us via our call centre line on 0700 220 1122, any of our social media handles (Facebook and Instagram), at the nearest police station or any other law enforcement agency. No one needs to cut corners on COVID-19 vaccination.

“The vaccines are free, and the vaccination cards are given free of charge at any of our designated health facilities after your vaccination,” Shuaib said.

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South Africa Plans To Introduce Covid Passport

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South Africa has announced plans to introduce a vaccine passport amid widespread mistrust of the Covid-19 vaccine in the continent’s most affected country.

President Cyril Ramaphosa made the announcement in a televised address to the nation and assured that the immunization of the adult population was a necessary prerequisite to fully reopen the economy and avoid a fourth wave of infections, while the number of cases has dropped sharply in the country.

In two weeks, we will “provide more information on a system of ‘vaccine passports’ that can be used as proof of vaccination for various purposes and events,” he said without providing further details.

He added that the “sustained decline in infections (…) over the past few weeks” would, however, allow for a relaxation of the restrictive measures starting Monday.

The nightly curfew will be extended by one hour, to 11 p.m., and the limits on gatherings will be raised.

Restrictions on the sale of alcohol will also be eased, although protective masks will still be required in places open to the public.

The peak of a third stubborn wave due to the Delta variant is now over. Over the past seven days, the average number of new daily infections has dropped 29 percent from the previous week and 48 percent from the week before, Ramaphosa said.

“Our most urgent task is to vaccinate our population,” he said, noting that vaccine supply “is no longer a constraint.”

“If many people are not vaccinated (…) the risk of new and more dangerous variants emerging is much greater,” he warned.

After delays in the supply and distribution of doses, the vaccination campaign is now struggling to take off because of skepticism about the vaccine, especially among men.

To date, just over seven million people have been fully vaccinated in South Africa, with more than a quarter of adults have received at least one dose.

The country’s goal is to vaccinate 40 million South Africans, or about two-thirds of the population, by next March.

Authorities have recorded more than 2.8 million cases of the coronavirus since the start of the pandemic, and 84,877 deaths, making it the worst affected country in Africa by the pandemic.

South African scientists are monitoring a new local variant with an unusually high mutation rate, dubbed C.1.2, although its presence is so far marginal among new cases detected in the country.

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