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Lagos’ N812. 99bn Golden Jubilee Budget Gets Assembly’s Approval

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  • Lagos’ N812. 99bn Golden Jubilee Budget Gets Assembly’s Approval

The Lagos State House of Assembly yesterday passed the 2017 budget proposal of N812. 99 billion presented by Governor Akinwunmi Ambode into law.

The House passed the sum of N305, 28 billion as total Recurrent Expenditure and N507.82 billion as the total Capital Expenditure for the Year that will end on December 31, 2017.

Ambode had on November 29, last year presented an Appropriation Bill of N812.99 billion to the lawmakers for approval.

The House after receiving the budget directed all its standing committees to invite all Ministries, Departments and Agencies to defend their allocations. The passage followed the House’s adoption of the report by its Committee on Budget and Economic Planning presented by the Chairman, Mr. Rotimi Olowo.

Olowo said the state was able to achieve 71 percent budget performance in spite of the economic recession in the country.

The lawmaker also said that the state would embark on progressive taxation which would bring more people into the tax net and make the rich pay more.

As part of the recommendations of the committee, the lawmakers said there was a need to comply with the Appropriation (Re-ordering) Law, 2016 to release funds to relevant MDAs. The lawmakers added that there was a need for the Ministry of Economic Planning and budget to carry out a budget review of 2015-2017 Medium Term Expenditure Framework (MTEF) of MDAs before allocating envelopes for Y2018 proposed budget estimate.

According to the committee chairman, ”This would guide against duplication of expenditures (Capital and Recurrent) by MDAs.”

The House approved a sum of N650 million for education, N350 million for Agriculture, N360 million for LASIEC, while the Capital Expenditure of LASIEC was increased from N2.5 billion to N3 billion to cater for election matters.

Meanwhile, overhead for Security/Emergency Interventions was reduced from N500 million to N400 million and N1 billion was allocated to capital expenditure for the ministry of Special Duties and Inter governmental Relations.

The Assembly approved a sum of N20.43 billion for LAMATA, N2 billion for Ferry Services, N4 billion for maintenance/Repair of roads (Recurrent) while the capital vote head for Road Maintenance rose from N790.10 million to N1.79 billion. Meanwhile, overhead cost of Lagos State House of Assembly Service Commission was increased from N210 million to N252 million while the capital expenditure. The House also approved N10 billion for the State Infrastructure Intervention Fund, while it approved N159.55 million for state Electricity Board.

The Speaker of the House, Mr. Mudashiru Obasa, after taking a voice vote on each sectoral allocation of the Appropriation Bills and approval given to each, the House passed the budget. Ambode had assured that the budget will be judiciously implemented to continue the massive infrastructural renewal and upgrading of Lagos into one of the foremost tourism and investment destinations in Africa.

The governor, who christened the budget as “The Golden Jubilee Budget” as it coincides with the State’s 50th Anniversary, said it would focus on physical infrastructure, while social sectors especially health, education, youth and social development will be given adequate attention.

On the revenue expected from federal allocation, the Governor said a conservative approach will be adopted owing to the falling oil prices, which according to him, was about $41.98 per barrel at the time of finalising the budget.

He however expressed optimism that the state’s federal allocation will increase through the 13 percent derivation from Oil & Gas in 2017.

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

Abdulaziz Yari, Former Governor of Zamfara State, to Forfeit N270 Million in Zenith, Polaris

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Abdulaziz Yari, Former Governor of Zamfara State, to Forfeit N270 Million in Zenith, Polaris

The former governor of Zamfara State, Mr. Abdulaziz Yari, could forfeit as much as N270 million stashed in Zenith Bank and Polaris Bank, according to Justice Ijeoma Ojukwu of the Federal High Court in Abuja.

Justice Ijeoma Ojukwu said the former governor could not prove how he came about the money legitimately to the court on Tuesday.

Mr. Yari, 52, who served as governor of Zamfara State for eight years between 2011 and 2019, was said to have used his position to amass wealth, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stated.

Since the court granted an order for interim forfeiture of Yari assets in August 219m he has been unable to explain why the money found in his bank accounts should not be forfeited to the Federal Government.

Justice Ijeoma explained that while there is nothing wrong in having such an amount in one’s bank account, the owner must be able to explain the legitimate source of such funds.

“The respondents, who have been given an opportunity to tell their story, have failed to provide evidence for such legitimate income.

“The respondents have not countered the case and facts presented by the applicants (ICPC).

“The respondents, having failed to establish the legitimate source of the money as stated in this case, this honourable court hereby makes an order of final forfeiture of the following:

“An order of final forfeiture of N12,912,848.68, being proceeds of some unlawful activity stashed in the name of Abdulazeez Abubakar Yari.

“An order of final forfeiture of $57,056.75, being proceeds of some unlawful activity stashed in an account number …in the name of Abdulazeez Abubakar Yari.

“An order of forfeiture of N11,159,674.17, being proceeds stashed in an account in the name of Kayatawa Nigeria Limited.

“An order of final forfeiture of $319,000.91, being proceed of some unlawful activity stashed in the name of Kayatawa Nigeria Limited.

“An order of final forfeiture of N217,000.04, being proceeds of some unlawful activity allegedly stashed in the name of B. T. Oil and Gas Nigeria Limited.

“An order of final forfeiture of $311,817.15, being proceeds of some unlawful activity stashed in the name of BT. Oil and Gas Nigeria Limited,” the judge held.

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45th President of the United States, Donald Trump, Launches ‘office Of The Former President’ In Florida

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45th President of the United States, Donald Trump, Launches ‘office Of The Former President’ In Florida

The former President of the United States, Donald Trump, has launched the “Office of the Former President” in Florida in a move that suggests the 45th President of the world’s most powerful country remained resolute in his fight to return to office in the year 2024.

According to a statement released, the purpose of the office will be to oversee Trump’s post-presidential advocacy, ‘Make America Great Again’.

The Office will be responsible for managing President Trump’s correspondence, public statements, appearances, and official activities to advance the interests of the United States and to carry on the agenda of the Trump Administration through advocacy, organising, and public activism,” an official statement said.

President Trump will always and forever be a champion for the American People,” the statement added.

The former president has not made any public appearances since he left office on January 20, 2021, instead remained inside his luxury Mar-a-Lago resort.

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President Muhammadu Buhari Appoints New Service Chiefs as Buratai, Others Resign

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President Muhammadu Buhari Appoints New Service Chiefs as Buratai, Others Resign

President Muhammadu Buhari has appointed new service chiefs in an effort to bring the growing insecurities in Nigeria to an end.

The appointed service chiefs are Major-General Leo Irabor, Chief of Defence Staff; Major-General I. Attahiru, Chief of Army Staff; Rear Admiral A.Z Gambo, Chief of Naval Staff; and Air-Vice Marshal I.O Amao, Chief of Air Staff.

Femi Adesina, a presidential spokesman, stated in a statement issued on Tuesday.

According to him, the appointment was after Buratai and other service chiefs resigned and immediately retired from service.

The resigned and retired service chief were the Chief of Defence Staff, General Abayomi Olonisakin; Chief of Army Staff, Lt-Gen. Tukur Buratai; Chief of Naval Staff, Vice Admiral Ibok Ekwe Ibas; and Chief of Air Staff, Air Marshal Sadique Abubakar.

President Buhari thanked the outgone service chiefs for their dedication and commitment towards securing and protecting the lives of Nigerians.

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