Connect with us

Economy

2019 Polls to Cost N242bn, Buhari Tells N’Assembly

Published

on

edo-election
  • 2019 Polls to Cost N242bn, Buhari Tells N’Assembly

President Muhammadu Buhari has presented a supplementary budget to the National Assembly in which he sought the approval of N164bn out of the N242bn budgeted for the 2019 general elections.

Buhari said the Independent National Electoral Commission and security agencies would need N242bn for the elections, asking the legislature to provide N164bn through virement in the 2018 budget or supplementation, while the balance of N78bn would be covered by the 2019 budget.

Buhari, in his letter to the National Assembly, titled, ‘Request for virement and supplementary 2018 budget,’ specifically asked the legislature to re-allocate part of the N578bn voted to the projects inserted into the 2018 Appropriation Act by the lawmakers to fund the elections and critical infrastructure.

The President specifically asked the legislature not to increase the current size of the 2018 Appropriation Act from N9.21tn but to vire N228bn from the N578bn to the elections as well as the critical projects as earlier proposed by the executive in the 2018 Appropriation Bill.

President of the Senate, Bukola Saraki, read the proposal at the plenary on Tuesday.

INEC to spend N189.2bn; NSAO, N4.2bn; DSS, N12bn; NSDC, N3.5bn; Police, N30.5bn; NIS; 2bn

Giving the breakdown of the running costs for the polls, Buhari said INEC needed N143, 512, 529, 445 for 2018 supplementary and N45, 695, 015,438 in 2019 budget, totalling N189, 207, 544, 893.

He said the Office of the National Security Adviser needed N3,855,500,000 for 2018 supplementary and N426,000,000 in 2019 budget, amounting to N4,281,500,000.

The Department of State Services wants N2,903,638,000 as 2018 supplementary and N9,309,644,455 in 2019 budget, totalling N12,213,282,455.

The Nigeria Security and Civil Defence Corps requires N1,845,597,000 as 2018 supplementary and N1,727,997,500 in the 2019 budget, totalling N3,573,534,500.

Also, the Nigeria Police needs N11,457,417,432 as 2018 supplementary and N19,083,900,000 in 2019 budget, to get a total of N30,541,317,432.

The Nigeria Immigration Service also needs N2,628,143,320, out of which N530, 110,078 would come from 2018 supplementary and N2, 098,033,142 from the 2019 budget.

Buhari said, “As you are aware, the 2019 general election is scheduled to be conducted early in 2019. To ensure that adequate arrangements are made for free and fair elections, it has become necessary to appropriate funds to enable the relevant agencies to commence preparations. INEC and the security agencies have accordingly recently submitted their requests. These have been subjected to the usual budget evaluation. The aggregate cost of the election is estimated at N254,445,322, 600.

“However, in line with the prevailing fiscal constraints, I am proposing that the sum of N164, 104, 792, 065 be provided for through virement or supplementation of the 2018 budget. I propose that the balance of N78, 340, 530, 535, mostly related to personnel allowances, fuelling and other costs not required until election proper, be provided in their 2019 budget.”

The President said the critical projects, whose allocations were cut by the lawmakers, required N64bn, asking that the amount should also be taken out of the allocation to the inserted projects.

The lawmakers had introduced 6,403 projects into the budget amounting to N578bn.

Buhari said, “You will also recall that when I signed the 2018 Appropriation Act, I indicated the need for the reinstatement of certain cuts made to certain critical projects provided in the original executive bill. I am therefore submitting for your consideration the reinstatement of the most critical of such cuts totalling N64,749, 216, 150 which are summarised in Page 1.

“The total amount required to be provided for in the 2018 budget for the 2019 general elections and to restore the identified critical projects to the amount earlier proposed is therefore N228, 854, 800, 215. Implementing a budget of N9.12tn for 2018 is extremely challenging and, therefore, I do not consider it expedient to propose a further increase to the size of the 2018 expenditure framework to fund these very important and critical expenditure items.

“Accordingly, I invite the distinguished Senate to consider, in the national interest, relocating some of the funds appropriated for the new projects which were inserted into the 2018 budget proposal totalling N 578, 319, 951, 904 to cover the sum of N228, 854, 800, 205 required as noted above.

“A schedule setting out a comprehensive list of these inserted projects is attached to this letter for ease of your consideration. Further to the above, kindly find attached a supplementary budget and virement proposal for your consideration.”

The two chambers of the National Assembly had passed the 2018 Appropriation Bill on May 16, 2018. The legislature had increased the budget from N8.612tn as proposed by the executive to N9.12tn.

The lawmakers had said the additional N508bn was based on the agreement between the executive and the legislature based on the increase in prices of crude oil, which led to the raising of the oil benchmark from the proposed $45 to $51.

However, the President had, while assenting to the bill on June 20, complained about the adjustments made to the estimates in the budget by the legislature.

President Promises Free, Fair 2019 Elections

Meanwhile, Buhari on Tuesday promised to do everything possible to ensure that the 2019 general elections are free, fair and peaceful.

He said all hands were on deck to forestall the violence that characterised the 2011 elections which necessitated investigations by the International Criminal Court.

Buhari made the promise in his keynote address at the Solemn Hearing to commemorate the 20th anniversary of the Rome Statute of the ICC at The Hague.

Scores of Nigerians were killed in parts of the country in the wake of the violence that broke out after the 2011 elections in Nigeria.

But the President assured the ICC that such would not happen under his watch.

He said, “Let me intimate you that Nigeria is preparing to conduct general elections in 2019.

“Contrary to the tragic incidents that characterised the 2011 general elections in Nigeria which necessitated preliminary investigations by the International Criminal Court, I assure you that all hands are on deck to prevent any recurrence of such tragic incidents.

“We shall do everything possible to ensure that Nigeria witness the conduct of free, fair and peaceful elections in 2019.”

Buhari called on the states parties to support ICC with jurisdiction over serious cases of corruption and illicit financial flows by state actors.

He added, “A strong and effective ICC has the potential to send a powerful message about the international community’s commitment to accountability, a message that will be heard by both victims and perpetrators.

“Equally, a strong and effective ICC demonstrates the international community’s commitment to the rule of law.

‘‘A strong and effective ICC can also act as a catalyst for other justice efforts, expanding the reach of accountability.

“These could include serious cases of corruption by state actors that severely compromise the development efforts of countries and throw citizens into greater poverty.

“These could also include cases of illicit financial flows where countries are complicit and obstruct repatriation of stolen assets. As the African Union Champion on Anti-corruption, these are issues dear to my heart.”

The President thanked the judges of the court for electing a Nigerian, Chile Eboe-Osuji, as President.

While congratulating Eboe-Osuji, on his election, the President said Nigeria was proud of him.

Buhari recalled that the court was established 20 years ago as a global court, inspired by the Nuremberg trials of World War II war criminals, to hold people accountable for crimes against humanity, war crimes, crimes of genocide and aggression.

He noted that the ICC had given hope for justice to many by demanding strict adherence to the rules of international humanitarian law.

The President noted that Nigeria had cooperated with, and supported the court at all times.

This, he said, the country had demonstrated by its full and transparent cooperation on matters on which it was being investigated and also in its several country statements at the sessions of the court.

The Nigerian leader is the only President invited to grace the 20th anniversary of the adoption of the ICC Rome Statute.

Over 25 high-level state officials, the President of the Assembly of States Parties to the Rome Statute, O-Gon Kwon; ICC Prosecutor, Fatou Bensouda; ICC Registrar, Peter Lewis; UN Legal Counsel, Miguel de Serpa Soares; and other special guests, attended the event.

Coalition urges ICC to tackle Buhari over killings

The Nigerian Coalition for the International Criminal Court, a civil society concerned with the advocacy for the domestication of the International Criminal Court’s Rome Statute, on Tuesday, charged the court’s prosecutor, Fatou Bensouda, to engage the visiting President Muhammadu Buhari, on the continued killings in Nigeria.

The coalition also asked the ICC’s prosecutor to engage Buhari on the alleged non-accountability on the part of the country’s security agencies, while also calling on the Nigerian government to join in the fight against impunity and domesticate the Rome Statute.

Buhari had travelled to the ICC in The Hague on Sunday for the commemoration of the 20th anniversary of the establishment of the court through its Rome Statute.

The NCICC, in a statement jointly signed by its Chairman, Mr Chinonye Obiagwu; and its Vice Chairman, Dr Abiola Akiode-Afolabi, congratulated the court, which they said needed to be supported in the face of rising global violations of humanitarian laws and human rights.

The coalition noted that Nigeria had yet to domesticate the Rome Statute, despite being under the ICC’s preliminary examination due to the armed conflict between Boko Haram and Nigerian security agencies and different crimes committed in the Niger Delta region.

While calling on the ICC’s prosecutor to seize the opportunity of Buhari’s attendance at the court’s 20th anniversary to engage the President on the continued killings in the country, the NCICC also asked the Nigerian government to domesticate the Rome Statute and prosecute those involved in “the gross and frequent violations.”

The statement read in part, “The NCICC emphasises that in the rise of global violations of humanitarian laws and human rights, there is no better time to support the International Criminal Court than now.

“To ensure a more just world, it is important for states to foster cooperation with the ICC by domesticating and implementing the Rome Statute’s provisions of complementarity in their national legislation and prosecute international crimes committed within their territory.

“Despite Nigeria being listed as a preliminary examination country due to the armed conflict between Boko Haram and Nigerian security and different crimes committed in the Niger Delta region, the country continues to face more violations of human rights and crimes violating international law.

“It is imperative at this time for the Nigerian government to stand up for justice, domesticate the Rome Statute and prosecute these gross and frequent violations.

“As President Buhari attends the event of the Rome Statute at 20, we urge the ICC Prosecutor, Fatou Bensouda, to engage the president on the continued killings in the North-Central and North-East regions and the non-accountability on the part of the state security.”

The coalition noted that the ICC had so far had 26 cases, issued 32 arrest warrants and delivered verdict in six cases, with eight convictions and two acquittals, the most recent being that of Jean-Pierre Bemba Gombo.

It added that Nigeria, though a state party of the ICC, had since the submission of its instrument of ratification on September 27, 2001, failed to domesticate the Rome Statute into its national legislation in accordance with the provisions of section 12 of the 1999 Constitution.

“The Rome Statute which is the founding treaty of the International Criminal Court vested the court with the power to exercise jurisdiction over international crimes to wit: genocides, crimes against humanity, war crime and crime of aggression,” the coalition’s statement read.

It added, “The NCICC calls on the Nigerian government to join in the fight against impunity and domesticate the Rome Statute and further reiterates the need for the National Assembly to expedite the domestication of the Rome Statute bill which comes up for a public hearing on July 18, 2018.”

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.

Continue Reading
Comments

Economy

Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

Published

on

Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

Continue Reading

Economy

IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

Published

on

IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

Continue Reading

Economy

South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

Published

on

South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending