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Buhari Presents 2018 Budget Tuesday as FEC Approves Estimates Thursday

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  • Buhari Presents 2018 Budget Tuesday as FEC Approves Estimates Thursday

President Muhammadu Buhari will present the 2018 Appropriation Bill to the National Assembly on Tuesday, an authoritative presidency source said wednesday.

The bill, which is expected to be approved today by the Federal Executive Council (FEC), according to the source, is heading to the legislature early to give legislators ample time to deliberate on and pass in good time for its implementation to begin on January 1, 2018.

“Arrangements have been made for President Buhari to lay the budget on Tuesday,” he said, adding: “It is our hope that the National Assembly would expedite action on it and get it ready for presidential assent by December 2017.”

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, is to present the estimates for approval today as the federal government had yesterday shifted the weekly FEC meeting to today explaining that today’s meeting would be dedicated to the examination of the 2018 budget as proposed by ministries, departments and agencies (MDAs) of the government and compiled by the budget ministry.

The presidency had yesterday on its Twitter handle, @NGRPresident, tweeted the shift of the FEC meeting to today and explained that the sole agenda would be 2018 Budget.

“Federal Executive Council (FEC) meeting will hold tomorrow (today), Thursday, October 26. Agenda is #Budget 2018, which is currently being finalised,” the tweet read.

The tweet was later followed by another one by the Government of Nigeria on its Twitter handle, @AsoRock, in which the federal government said it was keeping faith with its plan to ensure the passage of the 2018 budget before the end of the year with a view to returning the country to January – December budget cycle.

“We’re on course with plans to have #Budget2018 passed into law before the end of 2017, and restore the budget calendar to Jan—Dec,” the government tweeted.

On August 10, this year, Udoma had told State House correspondents during a retreat on the implementation of the federal government’s Economic Recovery and Growth Plan (ERGP) with the theme: “Building Synergy For Effective ERGP Implementation,” that the government would leave no stone unturned to ensure the presentation of the budget before the National Assembly in October to pave the way for its passage before the new year.

He also said the government would transmit the 2018 – 2020 Medium Term Expenditure (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly ahead of their resumption from vacation then.

He said: “The National Assembly is on break. So, nearer the time they will resume in September, they will get the MTEF. Ours is to follow the Fiscal Responsibility Act, which has some timelines and we are trying to keep strictly to those timelines.

“So, the budget will get to the National Assembly by October. That was our commitment. We will go all out to make that happen. We made a commitment that we will do that on our part and we intend to deliver on that commitment. This is a government that delivers on its promises,” he said.

But the government failed to keep its promise to submit the budget “nearer the time” of the resumption of the National Assembly as the legislative institution which resumed from its annual recess on September 26, did not receive the MTEF and FSP until October 17.

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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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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Abuja Electricity Distribution Company Issues Ultimatum to 86 Government Agencies Over N47bn Debt

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Power - Investors King

The Abuja Electricity Distribution Company (AEDC) has issued an ultimatum to 86 government agencies, including the Presidential Villa, owing a collective debt of N47 billion.

The notice comes as a response to the prolonged failure of these agencies to settle their outstanding electricity bills.

According to the public notice released by the AEDC management, some of the highest debts are attributed to prominent entities such as the National Security Adviser (owing N95.9 billion), the Chief of Defence staff barracks, and military formations (indebted to the tune of N12 billion).

Also, several ministries, including the Ministry of the Federal Capital Territory and the Ministry of Power, have sizable outstanding bills.

The AEDC has expressed its frustration over the inability of these government bodies to honor their financial obligations despite previous attempts to facilitate payment.

In response, the company has warned of imminent disconnection of services if the outstanding debts are not settled within 10 days of the notice.

The outstanding debts are attributed to various factors including the devaluation of the naira, cash scarcity resulting from demonetization programs, high inflation rates, removal of fuel subsidies, and foreign exchange challenges.

These financial burdens have adversely impacted the operations of the AEDC, contributing to a loss of N99 million in foreign exchange alone.

As the deadline for payment approaches, government agencies are under pressure to address their outstanding debts to avoid service disruptions.

The AEDC remains steadfast in its commitment to ensuring that all entities fulfill their financial obligations, underscoring the importance of prompt payment for uninterrupted electricity services.

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