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Wike Proposes N510bn Budget for 2018

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  • Wike Proposes N510bn Budget for 2018

Rivers State Governor, Nyesom Wike, has presented the 2018 Appropriation Bill of N510 billion to the state House of Assembly for consideration and subsequent approval.

The 2018 budget of N510 billion is an increase of N40 billion (8.51 per cent) over the N470 billion budgeted in 2017.
Christened: ‘Budget of Consolidation, advancement and empowerment,’ Wike said the budget would consolidate and advance the state’s investments in infrastructure, education, healthcare, and security, as well as in growing the economy to create jobs and empower the people.

Presenting the budget proposal to the assembly yesterday, the governor said the proposed budget has N379, 997, 687, 404.00 as capital expenditure, while N132 billion would be for recurrent expenditure.

He said: “This gives a capital to recurrent expenditure ratio of 75 to 25 per cent respectively. The substantial increase in capital over recurrent expenditure, once again, underscores our commitment to direct substantial resources to the critical growth sectors of our economy.”

Wike said the 2018 budget would be funded from allocations from the federation Account: N40 billion; 13 per cent oil minerals fund: N120 billion; VAT: N6 billion, internally generated revenue: N132 billion; reimbursements: N70 billion; domestic/international credits N70 billion; and capital receipts N20 billion.

He stated that a total portfolio of N90 billion and N35 billion have been allocated to the Ministry of Works and the Special Projects Bureau respectively to fund the delivery of capital projects in the 2018 budget.

He said the administration was committed to the completion of key projects in different parts of the state, while some of the projects earmarked for delivery in 2018 include Bonny – Bile Waterside jetty; Mile one market, Phase 2; Reclamation works in Abalama in Asari Toru Local Government Area, Ogu town in Ogu/Bolo Local Government Area, Bakana in Degema Local Government Area, and Ogbumnuabali in Port Harcourt Local Government Area; Constituency projects; Real Madrid Football Academy; Luxury living quarters for Judicial Officers from the State, among other projects; and the cinema and restaurant project in the Pleasure Park, among other projects.

The governor added: “We shall also start some new projects, including the Women Development Centre the new world-class international conference centre, and roads.”

On education, Wike said: “We are devoting N50 billion to fund the education sector for the 2018 fiscal year. This sum is N20 billion more than that of 2017. In addition, we have proposed a capital grant of N500 million to each of our tertiary institutions to bolster infrastructural development and improve quality.

“Apart from proposing the sum of N2 billion for the provision of scholarships for critical areas of the State’s manpower needs, we have also proposed to set aside another N2 billion to partner, encourage and support the development of private universities and improve access to tertiary education for Rivers indigenes in the state.”

Wike stated that his administration is providing the sum of N30 billion in 2018 to enhance all aspects of the healthcare delivery system in the state, including the provision of health infrastructure for health institutions, recruitment and training of medical doctors and other healthcare personnel, refurbishing and equipping primary healthcare centres, providing vaccines for routine immunisation against child killer diseases, as well as in carrying out education and sensitisation programmes on reproductive, maternal, neo-natal and child healthcare.

On security, he said the state government would continue to invest heavily in the security of lives and property through the funding of security agencies and provision of logistics for them to effectively secure the state.

He said the administration decided to renew and strengthen her partnership with the Church of God in the State by proposing to establish a Trust Fund for the Church to administer to its needs. The sum of N1 billion has been proposed under this budget for this purpose.

Wike said in the past two and a half years, the administration had demonstrated that it was committed to solving the problems it inherited and advance the overall wellbeing of the people.

He said: “For us, our State deserves meaningful development and we must, as a Government, continue to do our best to deliver to our people. That is why we are offering a realistic budget for 2018, which takes a balanced and pragmatic approach towards solving the developmental challenges of our State and take it to the next level of transformation.”

The governor had proposed a budget of N470 billion for 2017 which, he said, recorded about 74 per cent performance, a significant improvement over that of 2016.

In his remarks, the Speaker of the House of Assembly, Mr Ikunyi-Owaji Ibani, assured the people of the State that the state assembly would continue to support the executive to deliver the development of the state.

He said an analysis of the 2018 Budget shows that the Rivers State Governor would consolidate on development in different sectors of the state’s economy, adding that that the state House of Assembly would treat the budget expeditiously while following due process.

“Only a pathological fault finder will not see the good works of the Rivers State Governor. The governor has performed creditably well,” he said.

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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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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