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Government Plans N510 Billion Budget Support For States

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Budget 2017 year on cube with pencil and clock
  • Government Plans N510 Billion Budget Support For States

The Federal Government said it has concluded arrangement to assist states in funding their budgetary plans with a N510 billion fiscal stimulus plan known as ‘Budget Support Programme.’

The 12-month standby loan facility was designed to bring immediate financial relief to state governments and enable them meet their financial obligations, with a monthly N50 billion in the first three months and N40 billion available for the remaining nine months to them.

Accordingly, to begin the disbursement to cash-strapped states to enable them execute their plans and pay salaries to workers, the Finance Minister, Mrs. Kemi Adeosun, has appointed eight accounting firms to monitor the compliance by them with 22 fiscal conditions set by the Federal Government last year.

A statement yesterday by the Director of Press in the Federal Ministry of Finance, Alhaji Salisu Na’nna Dambatta, said: “Federal Government has commenced independent review of states’ financial management by appointing eight reputable accounting firms to monitor and evaluate the implementation of the 22-point Fiscal Sustainability Plan (FSP).

While announcing their appointment, Adeosun said that the firms were “expected to vigorously monitor, evaluate and verify performances of the states against the agreed milestones set by each state government under the fiscal sustainability plan.”

She said the state governments that failed to implement the action plans, as stated, would be taken off the facility with immediate effect.

Besides, the Federal Government yesterday said it would roll out the long-awaited Diaspora bond by March.

This followed the successful passage of the Diaspora Bond Bill into law by the National Assembly.

Adeosun, who disclosed this yesterday at a meeting with the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Abike Dabiri-Erewa, stated that the move was part of efforts to mainstream Nigerians in the Diaspora in the economic and social development of the country.

She added that with the rolling out of the Eurobond in January and the passage of the Diaspora Bond law, all was set for it.

Dabiri-Erewa had visited the minister to learn some of the government’s plans for the Diasporians, whom she said, had remitted over $35 billion in 2016.

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

University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

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University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

University of Ibadan (UI) on Friday announced it is going ahead with resumption on February 20 despite the second wave of COVID-19.

In a statement released by the school, the First Semester of the 2020/2021 academic session will commence virtually on February 20, 2021.

The virtual academic session will last for 13 straight weeks and end on Friday May 12, 2021, while the matriculation ceremony will hold on Tuesday March 16, 2021.

The University of Ibadan also scheduled one week for the Finalization of Continuous Assessment, to begin from Mon. 17 May and ends Friday 21 May.

The rising number of COVID-19 cases has compelled the Senate to approve the virtual academic session in an effort to ensure the tertiary institution abides by the protocols established by the Federal Government to curb the spread of the pandemic.

“It, therefore, agreed that the 2020/2021 First Semester lectures will be delivered online. In this regard, students will not be accommodated on campus,” a statement from the school said.

“Senate also approved the cancellation of the 2019/2020 session. The next session is, therefore, renamed 2020/2021 Academic Session. Consequently, students who have been admitted for the 2019/2020 session will now be regarded as the 2020/2021 intakes.

“Kindly note that online opening of Registration Portal and Orientation Programme for the 2020/2021 intakes may commence ahead of the Sat 20/02/21 date indicated above,” the statement said.

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House of Representatives Impeached Trump Over Capitol Invasion

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House of Representatives Impeached Trump Over Capitol Invasion

The United States House of Representatives on Wednesday impeached President Trump for the second time after instigating the US Capitol invasion.

Led by Speaker of the House, Nancy Pelosi, 232 representatives, including 10 Republicans, voted to impeach the outgoing president against 197 that voted for him to remain in the office for the next six days when he would handover to the president-elect, Joe Biden.

The ten Republicans were Representatives Liz Cheney of Wyoming, the party’s No. 3 leader in the House; Jaime Herrera Beutler of Washington; John Katko of New York; Adam Kinzinger of Illinois; Fred Upton of Michigan; Dan Newhouse of Washington; Peter Meijer of Michigan; Anthony Gonzalez of Ohio; David Valadao of California; and Tom Rice of South Carolina.

Speaking before the vote, Pelosi said “a constitutional remedy that will ensure that the Republic will be safe from this man who is so resolutely determined to tear down the things that we hold dear and that hold us together.”

“He must go. He is a clear and present danger to the nation that we all love,” she said, adding later, “It gives me no pleasure to say this — it breaks my heart.

Republicans, who unanimously stood behind president Trump in 2019 during his first impeachment, were divided this time over the attack on Capitol.

A Republican representative from California, Kevin McCarthy, said “The president bears responsibility for Wednesday’s attack on Congress by mob rioters,” Mr. McCarthy said. “He should have immediately denounced the mob when he saw what was unfolding.”

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US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

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Joe Biden Economic Impliccations on Nigeria

US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

The joint congress of the United States on Thursday, January 7, 2021 certified Joe Biden as the 46th President of the United States following President Trump’s mob action that disrupted the congress joint proceeding on Wednesday.

After ordering his followers to disrupt proceedings on Wednesday, President Trump later announced that there will be an orderly transition on January 20.

Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th,” Trump said in a statement issued by White House Deputy Chief of Staff Dan Scavino.

“I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!” Trump added.

While the certification was just a mere formality as Biden had secured enough electoral college votes (270) required to clinch the world’s most powerful seat, the refusal of Donald Trump to accept the results of the November 2020 election made the session a keenly watched, especially after Trump mob disrupted a joint session of the Senate.

Also read Facebook, Twitter, Instagram Lock President Trump Out of Their Platforms Following Insurrection

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