- FG’s Social Safety Programme Gulps N471bn in Three Years
A total of N470.8bn has been released by the Federal Government in the last three years for the implementation of its social safety programme.
The Federal Government had in 2015 designed the programme to improve the lives of all Nigerians irrespective of religion, political affiliation and social class.
The administration of President Muhammadu Buhari had structured the programme to be impact-oriented, specifically catering to the needs of the poor, vulnerable, unemployed and those at the bottom of the pyramid without access to finance.
Under the social safety programme, four broad initiatives are being implemented with each uniquely targeting different subgroups of Nigerians for empowerment.
They are N-Power, Conditional Cash Transfers, National Home-Grown School Feeding and Government Enterprise and Empowerment Programmes.
Figures obtained from the National Social Investment Office revealed that out of the N500bn set aside for the implementation of the programme, about N470.8bn had been disbursed.
A breakdown of the amount showed that the sum of N79.98bn was released in 2016, while N140bn and N250.84bn were released in the 2017 and 2018 fiscal years respectively.
For the implementation of the N-Power programme, about 500,000 people spread across 774 Local Government Areas have been recruited to teach in public schools, act as health workers in primary health centres and as agriculture extension advisors to smallholder farmers in various communities.
The National Home-Grown School Feeding Programme, which was aimed at providing one nutritious, balanced meal for 200 school days in a year, has been able to reach over 9.7 million pupils.
Through the Government Enterprise and Empowerment Programme, about 1,681,491 loans have been made available to successful applicants in all states and the Federal Capital Territory.
Speaking on the implementation of the social safety programme, the Senior Special Adviser to the President on Social Investments, Maryam Uwais, noted that going forward, a five-year road map had been designed for the programme.
She said that for the sustainability of the initiative, a bill that would create a legal entity of the Social Safety Intervention Programme had been drafted.
The bill, according to her, is receiving the required attention.
She said, “We have begun the journey; that is indeed a marathon, bearing in mind the needs and ambitions of this administration.
“A five-year road map has been designed and is being considered by relevant policymakers, while a bill creating a legal entity for the National Social Investment Programme is already drafted and receiving attention for sustainability.
“We need to actively explore the fiscal space for continued funding for the journey ahead. We are optimistic that we can overcome poverty in our lifetime, and improve on our human capital indices.
“It is only with political will, a concerted effort, the funding and the backing of Nigerians that we can enhance the conditions of our citizens.
“We just need to work closely with the states, the LGAs and communities, and provide the incentives for engagement with the standards and incentives offered by the Federal Government.”
Fall in Economic Activities in Nigeria Created N485.51 Billion Fiscal Deficit in January -CBN
The drop in economic activities in Africa’s largest economy Nigeria led to a N485.51 billion fiscal deficit in January, according to the latest data from the Central Bank of Nigeria (CBN).
In the monthly economic report released on Friday by the apex bank, the weak revenue performance in January 2021 was due to the decline in non-oil receipts following the lingering negative effects of COVID-19 pandemic on business activities and the resultant shortfall in tax revenues.
In part, the report read, “Federally collected revenue in January 2021 was N807.54bn.
“This was 4.6 per cent below the provisional budget benchmark and 12.8 per cent lower than the collection in the corresponding period of 2020.
“Oil and non-oil revenue constituted 45.4 per cent and 54.6 per cent of the total collection respectively. The modest rebound in crude oil prices in the preceding three months enhanced the contribution of oil revenue to total revenue, relative to the budget benchmark.
“Non-oil revenue sources underperformed, owing to the shortfalls in collections from VAT, corporate tax, and FGN independent revenue sources.
“Retained revenue of the Federal Government of Nigeria was lower-than-trend due to the lingering effects of the COVID-19 pandemic.”
“At N285.26bn, FGN’s retained revenue fell short of its programmed benchmark and collections in January 2020, by 41.3 per cent and 7.5 per cent respectively.
“In contrast, the provisional aggregate expenditure of the FGN rose from N717.6bn in December 2020 to N770.77bn in the reporting period, but remained 14.4 per cent below the monthly target of N900.88bn.
“Fiscal operations of the FGN in January 2021 resulted in a tentative overall deficit of N485.51bn.”
The report noted that Nigeria’s total public debt stood at N28.03 trillion as of the end-September 2020, with domestic and external debts accounting for 56.5 percent and 43.5 percent, respectively.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.
The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.
NNPC said the 1.44 billion litres translate to 46.30 million litres per day.
Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.
This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.
It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.
NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
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