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Ambode Proposes N812.99b Estimates for 2017 Budget

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  • Ambode Proposes N812.99b Estimates for 2017 Budget

Lagos State Governor Akinwunmi Ambode yesterday presented a budget estimate of N812.998 billion to the House of Assembly for approval.

In the estimates, capital expenditure is N512.99 billion and recurrent expenditure is N300 billion, a ratio of 63-37 per cent.

Ambode said the budget would continue the massive infrastructure renewal and enhancement of Lagos as one of the foremost tourism and investment destination in Africa.

“While we focus on physical infrastructure, we shall continue to pay attention to social infrastructure, especially health, education, youth and social development next year”, the governor said.

He said the state was expecting an increase in federal allocation through the 13 per cent derivation from oil & gas, which will further boost its revenue profile.

“In view of our financing gap, we shall continue to sustain deficit financing in the short-to-medium term and enhance revenue growth.

“We would explore more collaboration with local and international investors through Public-Private Partnerships (PPP), especially in the areas of road expansion, transport; housing, and the environment,” he said.

The governor promised that next year his administration will “remain steadfast in its responsibility to make the state safe and secure for all citizens. We will continue to invest in security”.

“The Neighbourhood Safety Agency will become fully operational by 2017 with presence in all local governments and LCDAs.

“The key focus of the budget is road construction, rehabilitation and maintenance. Our government will focus on roads that will open up the hinterlands, improve connectivity in the state and reduce travel time.”

He also promised that the administration will begin the Phase II of the 114 local government road projects and the Fourth Mainland Bridge and carry out fundamental reforms on all modes of transportation – roads, water and the walkways.

In this wise, a Public Transport Infrastructure Bond will be issued in the course of the year, Ambode said.

“The government will embark on the urbanisation of the Marina axis, waterways channellisation, establishment of more parks and gardens as well as the community sports centres and stadia in various locations.

“We will fully implement the medical health insurance scheme and deploy e-health/ e-insurance health service solutions; and complete the on-going upgrading and extension work in the state general hospitals and Ayinke House in Ikeja. Work will begin on our medical park in the 2017 fiscal year.

“With the aim of making Lagos State the next technology frontier in Africa, we will invest in digital libraries (e-libraries) as well as Code Lagos projects to prepare our younger ones to meet the new workforce demands, harness the benefits of technology and communicate in the language of the future.

“Our administration is committed to various projects in the area of tourism. Our vision is to create a tourism hub around the Onikan-Lagos Marina Axis. We will also develop the Epe and Badagry marinas to harness the tourism potential of these areas.

“We will establish Museum for Art and Culture in Ikeja, construct five Arts/Culture theatres in Alimosho, Badagry, Epe, Ikorodu and Ikeja, with a 400-seater hall in each of them.

“We will accelerate the food expansion programme, with a special focus in rice production, animal husbandry and root crops. We will intensify our collaboration with other states in the development of a commodity value chain specifically for food commodities.

“We will boost fish production by improving the production capacity of Ayobo Fish Farm Estate in Alimosho in addition to providing jobs for the youth.

“The Employment Trust Fund has begun financial support to our youths and entrepreneurs and this will be intensified throughout next year.

“In the area of environment, we will improve water supply through Public Private Partnership (PPP) and increase the capacity utilisation of water treatment plants, ensure efficient waste management system by increasing the number of transfer loading stations from three to 15, mitigate the effect of climate change through the conservation of the natural environment and promotion of biodiversity, as well as minimising flood through effective erosion control.”

The governor sought the cooperation and understanding of Lagosians in prompt payment of taxes.

He called for the support of Lagosians in the successful implementation of the budget.

“We have a huge responsibility to ensure that it succeeds as we cannot just afford to fail even at this critical period of recession,” Ambode said.

The Speaker, Mudashiru Obasa, praised the governor for the successful implementation of the 2016 budget.

He urged ministries, departments and agencies to provide the House with necessary documents to aid the quick passage of the budget.

The presentation was witnessed by prominent Lagosians, party leaders, traditional and religious leaders as well as politicians and former lawmakers.

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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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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