Connect with us

Government

Kwara Assembly Passes 2018 Budget

Published

on

kwara-state-governor-alhaji-abdulfatah-ahmed
  • Kwara Assembly Passes 2018 Budget

The Kwara State House of Assembly thursday passed the 2018 budget of the state totaling N190, 997, 425,571 into law.

The assembly however increased the budget size with about N9billion as against N181,886, 56,555 presented by the state Governor, Abdulfatah Ahmed, on November 25, 2017.

With the adjustment made at the consideration of the report of the Assembly Committee on Finance and Appropriation at yesterday’s plenary, the breakdown of the budget showed that the total capital receipt stands at N110,089,173,434 as against N106,681,798,633 while the recurrent expenditure is pegged at N79,908,252,137 as against N75,204,257,922 submitted by the governor.

The Chairman, Assembly Committee on Finance and Appropriation, Mashood Olanrewaju Bakare, presented the committee’s report and was subjected to debate by members of the assembly.

In the new budget size, the total recurrent surplus, which is transferred to capital development fund is now N41,921,359,879 as against N39,263,985,078 earlier presented with an increase of N2,657,374,801.

A document obtained by THISDAY yesterday indicated that the total internally generated revenue (IGR) projected for 2018 stands at N38,336,131,710 contrary to N38,451,255,162 made available to the assembly.

The document also showed that the statutory revenue from the Federation Accounts is N33,116,928,484 as against the proposed N27,999,103,484.

Similarly, the capital expenditure in the 2018 budget passed by the assembly now stands at N110,089,173,434 against N106,681,798,633 projected in the appropriation bill presented by the governor.

The assembly, through the budget passage, made provision for local government with N2billion, State Universal Basic Education Board N3billion, Kaiama road project N1billion, energy N250million as well as tertiary institution with N700million.

Shortly after the consideration of the report, ‎the Clerk of the assembly, Mohammed Katsina, read the bill for the third time as directed by the Speaker, Dr Ali Ahmad.

The Speaker directed the Clerk to prepare a clean copy of the bill for the governor’s assent.

Meanwhile, the state Commissioner for Planning and Economic Development, Wasiu Odewale, yesterday disclosed that the 2018 budget passed by the assembly is likely to be assented to by the governor next week.

Speaking with journalists in Ilorin shortly after the budget passage yesterday, Odewale said it was a feat in the history of the state, adding that Kwara was among other states of the federation that submitted appropriation bill early to the state assembly.

Odewale said his ministry started the redesigning of budget processing in the state, which according to him, translated into swift passage of the bill and praised the governor for giving him the opportunity.

“In ‎about 19 states that have submitted their budgets to the Houses of Assembly, Kwara is number three. Delta became first, Kaduna and Kwara States followed in succession.

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

COVID-19 Vaccine: African Export-Import Bank (Afrexim) to Purchase 270 Million Doses for Nigeria, Other African Nations

Published

on

African Export-Import Bank (Afrexim) Approves $2 Billion for the Purchase of 270 million Doses for African Nations

African Export-Import Bank (Afrexim) said it has approved $2 billion for the purchase of 270 million doses of COVID-19 vaccines for African nations, including Nigeria.

Prof. Benedict Oramah, the President of the Bank, disclosed this at a virtual Africa Soft Power Series held on Tuesday.

He, however, stated that the lender is looking to raise more funds for the COVID-19 vaccines’ acquisition.

He said: “The African Union knows that unless you put the virus away, your economy can’t come back. If Africa didn’t do anything, it would become a COVID-19 continent when other parts of the world have already moved on.
“Recall that it took seven years during the heat of HIV for them to come to Africa after 12 million people had died.

“With the assistance of the AU, we were able to get 270 million vaccines and financing need of about $2 billion. Afreximbank then went ahead to secure the $2 billion. But that money for the 270 million doses could only add 15 per cent to the 20 per cent that Covax was bringing.

He added that this is not the time to wait for handouts or free vaccines as other countries will naturally sort themselves out before African nations.

Continue Reading

Government

China Calls for Better China-U.S. Relations

Published

on

China Calls for China-U.S. Relations

Senior Chinese diplomat Wang Yi said on Monday the United States and China could work together on issues like climate change and the coronavirus pandemic if they repaired their damaged bilateral relationship.

Wang, a Chinese state councillor and foreign minister, said Beijing stood ready to reopen constructive dialogue with Washington after relations between the two countries sank to their lowest in decades under former president Donald Trump.

Wang called on Washington to remove tariffs on Chinese goods and abandon what he said was an irrational suppression of the Chinese tech sector, steps he said would create the “necessary conditions” for cooperation.

Before Wang spoke at a forum sponsored by the foreign ministry, officials played footage of the “ping-pong diplomacy” of 1972 when an exchange of table tennis players cleared the way for then U.S. President Richard Nixon to visit China.

Wang, a Chinese state councillor and foreign minister, said Beijing stood ready to reopen constructive dialogue with Washington after relations between the two countries sank to their lowest in decades under former president Donald Trump.

Wang called on Washington to remove tariffs on Chinese goods and abandon what he said was an irrational suppression of the Chinese tech sector, steps he said would create the “necessary conditions” for cooperation.

Before Wang spoke at a forum sponsored by the foreign ministry, officials played footage of the “ping-pong diplomacy” of 1972 when an exchange of table tennis players cleared the way for then U.S. President Richard Nixon to visit China.

Wang urged Washington to respect China’s core interests, stop “smearing” the ruling Communist Party, stop interfering in Beijing’s internal affairs and stop “conniving” with separatist forces for Taiwan’s independence.

“Over the past few years, the United States basically cut off bilateral dialogue at all levels,” Wang said in prepared remarks translated into English.

“We stand ready to have candid communication with the U.S. side, and engage in dialogues aimed at solving problems.”

Wang pointed to a recent call between Chinese President Xi Jinping and U.S. President Joe Biden as a positive step.

Washington and Beijing have clashed on multiple fronts including trade, accusations of human rights crimes against the Uighur Muslim minorities in the Xinjiang region and Beijing’s territorial claims in the resources-rich South China Sea.

The Biden administration has, however, signalled it will maintain pressure on Beijing. Biden has voiced concern about Beijing’s “coercive and unfair” trade practices and endorsed of a Trump administration determination that China has committed genocide in Xinjiang.

Continue Reading

Government

U.S. Supreme Court Allows Release of Trump Tax Returns

Published

on

President Trump Signs Executive Order In Oval Office Of The White House

U.S. Supreme Court Allows Release of Trump Tax Returns

The U.S. Supreme Court on Monday paved the way for a New York City prosecutor to obtain former President Donald Trump’s tax returns and other financial records as part of a criminal investigation, a blow to his quest to conceal details of his finances.

The justices without comment rebuffed Trump’s request to put on hold an Oct. 7 lower court ruling directing the former Republican president’s longtime accounting firm, Mazars USA, to comply with a subpoena to turn over the materials to a grand jury convened by Manhattan District Attorney Cyrus Vance, a Democrat.

“The work continues,” Vance said in a statement issued after the court’s action.

Vance had previously said in a letter to Trump’s lawyers that his office would be free to immediately enforce the subpoena if the justices rejected Trump’s request.

A lawyer for Trump did not immediately respond to a request for comment.

The Supreme Court, which has a 6-3 conservative majority included three Trump appointees, had already ruled once in the dispute, last July rejecting Trump’s broad argument that he was immune from criminal probes as a sitting president.

Unlike all other recent U.S. presidents, Trump refused during his four years in office to make his tax returns public. The data could provide details on his wealth and the activities of his family real-estate company, the Trump Organization.

Trump, who left office on Jan. 20 after being defeated in his Nov. 3 re-election bid by Democrat Joe Biden, continues to face an array of legal issues concerning his personal and business conduct.

Vance issued a subpoena to Mazars in August 2019 seeking Trump’s corporate and personal tax returns from 2011 to 2018. Trump’s lawyers sued to block the subpoena, arguing that as a sitting president, Trump had absolute immunity from state criminal investigations.

The Supreme Court in its July ruling rejected those arguments but said Trump could raise other objections to the subpoena. Trump’s lawyers then argued before lower courts that the subpoena was overly broad and amounted to political harassment, but U.S. District Judge Victor Marrero in August and the New York-based 2nd U.S. Circuit Court of Appeals in October rejected those claims.

Vance’s investigation, which began more than two years ago, had focused on hush money payments that the president’s former lawyer and fixer Michael Cohen made before the 2016 election to two women – adult-film actress Stormy Daniels and former Playboy model Karen McDougal – who said they had sexual encounters with Trump.

In recent court filings, Vance has suggested that the probe is now broader and could focus on potential bank, tax and insurance fraud, as well as falsification of business records.

In separate litigation, the Democratic-led U.S. House of Representatives was seeking to subpoena similar records. The Supreme Court in July sent that matter back to lower courts for further review.

Continue Reading

Trending