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Buhari Begs NASS to Reconsider N22.7trn CBN Loan  Approval

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President Muhammadu Buhari and Senate President Ahmed Lawan
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By Mathew Dadiya & Eze Okechukwu, Abuja

President Muhammadu Buhari, yesterday appealed to members of the National Assembly to reconsider its earlier  position on  his request to pay an outstanding N22.7 trillion to the Central Bank of Nigeria (CBN).

Buhari made the appeal shortly after  signing   the 2023 budget into law at a ceremony in the Presidential Villa, Abuja.

The money, he had said, was taken by the federal government from the apex bank and it is the balance accumulated for over 10 years.

The Senate,  last Wednesday, rejected the President’s request to restructure the N22.7tn Ways and Means advances collected by the Federal Government from the Central Bank of Nigeria.

The lawmakers rejected the request after an uproar in the Senate over the issue.

Buhari had in a letter read on the floor of the Senate on Wednesday last week sought for restructuring of the N22.7tn ways and means advances collected from CBN within the last 10 years in addition to N1tn to be collected as fresh domestic loan.

In the letter, he had said ways and means were advances from the Central Bank of Nigeria to the Federal Government for emergency funding of delayed receipt of fiscal deficits.

But yesterday, Buhari urged the National Assembly to reconsider its position on his proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN).

“As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.

“I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval.

“Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means,” he stated.

He explained that the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion.

He said that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods on infrastructure and agriculture sectors.

As is customary, he said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.

“We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal.

“The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of N765.79 billion, and an unfunded deficit of N553.46 billion.

“It is clear that the National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified.

“I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion,” he said.

Buhari said his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation commence without delay, considering the imminent transition process to another democratically elected government.

He, however, directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, expressing the hope that the National Assembly will cooperate with the Executive arm of Government in this regard.

He urged the National Assembly to reconsider its position on his proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN).

To ensure more effective implementation of the 2022 capital Budget, President Buhari thanked the National Assembly for approving his request for an extension of its validity date to 31st March, 2023.

The President directed the Ministry of Finance, Budget and National Planning to work towards early release of the 2023 capital votes to enable Ministries, Departments and Agencies commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.

Reiterating that the 2023 Budget was developed to promote fiscal sustainability, macroeconomic stability and ensure smooth transition to the incoming Administration, the President said it was also designed to promote social inclusion and strengthen the resilience of the economy.

He pledged that adequate provisions have been made in the Budget for the successful conduct of the forthcoming general elections and the transition programme.

On achieving revenue targets for the budget, the President directed MDAs and Government Owned Enterprises (GOEs) to intensify their revenue mobilization efforts, including ensuring that all taxable organizations and individuals pay taxes due.

To achieve the laudable objectives of the 2023 Budget, the President said relevant Agencies must sustain current efforts towards the realization of crude oil production and export targets.

“To augment available fiscal resources, MDAs are to accelerate the implementation of Public Private Partnership initiatives, especially those designed to fast-track the pace of our infrastructural development.

“This, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly.

“I count on the cooperation of the National Assembly for a speedy consideration and approval of the Plan.”

On the Finance Bill 2022, the President expressed regret that its review as passed by the National Assembly is yet to be finalized.

“This is because some of the changes made by the National Assembly need to be reviewed by the relevant agencies of government. I urge that this should be done speedily to enable me to assent into law,” he said.

Those who witnessed the signing of the budget include Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.

The President thanked the Senate President, the Speaker of the House of Representatives, and all the distinguished and honourable leaders and members of the National Assembly for the expeditious consideration and passage of the Appropriation Bill.

He also recognised the roles played by the Ministers of Finance, Budget and National Planning, the Budget Office of the Federation, the Senior Special Assistants to the President (Senate and House of Representatives), the Office of the Chief of Staff, as well as all who worked tirelessly and sacrificed so much towards producing the 2023 Appropriation Act.

“As I mentioned during the presentation of the 2023 Appropriation Bill, early passage of the budget proposal is critical to ensure effective delivery of our legacy projects, a smooth transition programme and effective take-off of the incoming Administration.

“I appreciate the firm commitment of the 9th National Assembly to the restoration of a predictable January to December fiscal year, as well as the mutual understanding, collaboration and engagements between officials of the Executive and the Legislative arms of government.

“These have made the quick consideration and passage of our Fiscal bills possible over the last four years.”

The President expressed the belief that the next Administration would sustain the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.

“I firmly believe the next Administration will also sustain the current public financial management reform efforts, further improve the budgeting process, and particularly maintain the tradition of supporting its Appropriation Bills with Finance Bills designed to facilitate their implementation.

“To sustain and institutionalize the gains of the reforms, we must expedite action and conclude work on the Organic Budget Law for it to become operational before the end of this Administration.”

Acknowledging that “these are challenging times worldwide,” the President concluded his speech at the ceremony by expressing deep appreciation to Almighty God for His Grace, while commending the continuing resilience, understanding and sacrifice of Nigerians in the face of current economic challenges.

“As this Administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigerian business environment, enhancing the welfare of our people and ensuring sustainable economic growth over the medium- to long-term,” he said.

Meanwhile the Senate President, Ahmad Lawan has assured that the National Assembly will work to ensure increase funds for the government and reduce the rate of deficit in the budget.

“But that is not to say that, we should raise taxes that will be out of the roof to cause problems for our citizens. But I believe that as a National Assembly, in the next five months, we must be looking at increasing the funds available to the government and also ensuring that the deficit budget is minimized in the next assembly by the grace of God,” he said.

Also, the Speaker of the House of Representatives, Femi Gbajabiamila denied any act of padding or jerking the budget explaining that the lawmakers have done very well in meeting their constitutional mandate, as they don’t want to be seen as a “rubber stamp to the executive.”

“If you understand constitutional democracy, there are different layers of government and it’s called separation of powers. Ours is for us to receive proposals and that’s why they’re called proposals anywhere in the world.

“The National Assembly has done very well in meeting its constitutional mandate. It takes all arms of government to be on board to give a true working document for the country. The executive did everything they could; and we have even a wider view, a bird’s eye view of what’s going on in all the agencies. And we have also complemented what the executive has done. It’s all for the good of the country and that’s what we’ve done.”

It is now for the National Assembly or the legislature to collate all those proposals and look at what’s on the ground in the various constituencies. During budget defense, we have ministries, departments, agencies that come to talk to us and we look at the reality on the ground and what they have before them. And whether or not they can actually, execute their mandate as per their ministries and departments.

“It now behooves the National Assembly, where it dims to adjust figures, either downwards or upwards. And that’s exactly what we have done. The problem with the National Assembly is that you can’t win to lose. If you return the budget the exact way it is you’re called a rubber stamp. If you do what you’re supposed to do and adjust figures for the good of the country. You call it jacking up or inflation or padding,” Gbajabiamila said.

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FG Invests $617m in Creative Enterprise Fund

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By Laide Akinboade, Abuja

Federal Government has invested $617million in Digital Economy and Creative Enterprises as initiative to foster entrepreneurship and innovation in the digital economy and creative industries.

The Special Assistant to the President on Arts, Culture and Creative Economy, Ayo Adeagbo who disclosed this during his address at the African Fashion and Arts Award Business and Mentorship Summit held in Abuja yesterday said the initiative tagged the iDICE fund offered access to start-up capital and resources for the nurturing of talent in Nigeria.

While describing the formation of the Ministry of Arts, Culture and the Creative Economy by the president as a “remarkable investment”, Adeagbo added that the Minister of Arts, Culture and the Creative Economy, Hanatu Musawa should ensure the building of greater pathways for young talent to reach their global potential

“After the inauguration of Mr President, one of the remarkable investments he made into the country was the creation of a ministry to handle the affairs of art, culture and creative economy.

“The ministry, ably led by Hon. Hannatu Musawa has achieved significant strides in less than a year for the benefit of our creatives and the nation as a whole.

“Some pivotal actions taken include the significant $617 million investment in Digital Economy and Creative Enterprises (iDICE), known as the iDICE Fund – an initiative that aims to foster entrepreneurship and innovation in digital technology and creative industries.”

While unveiling the enterprise, the minister made it known that the fund offers access to start-up capital and resources essential for nurturing talent in Nigeria.

The Acting Director of the FCT Department of Arts and Culture, Kayode Aiyegbusi, who also represented the Minister of State for the FCT, Dr Mariya Mahmoud noted the importance of a synergy between the private sector and the government to grow the creative economy, adding that while the government would continue to create the enabling environment, to allow the industry to thrive.

Similarly, the convener of the AFAA, Kingsley Amako, described the creative industry as “the next oil boom”, and encouraged youths to develop their skills, build capacity and learn to produce and market their products, noting that the AFAA provided a platform for their recognition.

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Reps Query OAGF Over N15bn Payment  to Remita

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By Ubong Ukpong, Abuja

Public Accounts Committee (PAC) of the House of Representatives yesterday queried the payment of N15 billion to Remita, a payment platform from the Office of the Accountant General for the Federation (OAGF).

The committee accused the Central Bank of Nigeria (CBN) and Commercial Banks of complicity in the sharing of the N150 billion remittance.

Rep.

Bamidele Salam, Chairman PAC made the allegation at the resumed investigative hearing on revenue leakages in Abuja.

Salam said that the payment of N15 billion to Remita from the OAGF from 2016 to 2018 was questionable, adding that the OAGF paid the money without agreement or contract.

He described the payment as illegal. “The money is an illegal payment. There was no budget provision, so where did they source the money from?” the chairman queried.

He said, “The CBN also shared in the money. The money is an illegal payment. There was no budget provision so where did they source the money from?

 “Ordinarily, that whole sum of VAT ought to go to the Federal Inland Revenue Service (FIRS) but what they are doing in this transaction is that they will now add that VAT to the N150.

“They will add it up, and take it to the CBN,” he alleged.

He said, “System Spec and Remita, both collect revenue for the federal government, will share 50 percent, while the banks and the CBN will also have their share.”

He said that by the time the committee finishes its reconciliation, “I am very sure that hundreds of billions of naira will be the VAT component that was not remitted to FIRS.”

According to him, each bank ought to take the money and directly remit it to FIRS.

“Now Remita is saying that those collecting should calculate the money that has been shared. How do we track this kind of money?” he asked.

The PAC chairman warned the Chairman, Federal Inland Revenue (FIRS), Mr Zacch Adedeji against disregard for the committee, stressing that Adedeji’s actions amounted to contempt of parliament.

Salam said that for four times the committee invited the FIRS chairman but he failed to show up.

According to him, “In addition to writing him officially, we have also made sure that such letters were delivered personally to his mail box and his WhatsApp number.

“And we condemn and describe it as irresponsible and arrogant, and we tell him that there will be consequences if he continues this contempt of parliament.”

He said that several letters had been written him without responses, adding that the Value Added Tax (VAT) that the federal government should be collecting on Remitta had not been collected by FIRS.

The Director of Banking Services of the CBN, Mr Ahmed Abdullahi said they deemed it fit to source for an alternative way of remitting revenue and Remita and System Spec were selected because they had been rendering similar services to banks.

According to him, Remita was engaged in 2011 and operations commenced in 2012 with system module names. The CBN only finalised the transaction

He said that the fees charged under the TSA were in line with the structure of banking. The volume of revenue collection that passed through Remita was N86 million.

Mr. Oyewole Adewale, Chief Accountant, TSA Department, representing the Accountant General for the Federation, accused the CBN of not honoring its letters to reconcile the revenue accrued to the country through TSA.

He said the OAGF had developed a system where all revenue generated by the Ministries of Departments and Agencies of Government (MDAs) could now be monitored without any interference.

Mr Aderemi Atanda, the Director of Remita Payment Services Ltd., while reading the summary of the TSA collection record, said that 10, 20, and 50 percent were shared among CBN, commercial banks, and Remitta.

He said that collections are not static, they vary.

“From 2015 to 2016, it was N4.2 million, and the fee paid was N8.5 billion; in 2016, N1.3 billion was paid.”

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Tinubu Makes Numerous Promises at Slain Soldiers Burial

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President Bola Tinubu has directed the military to within the next 90 days ensure that all the benefits of the 17 officers and men of the army killed in Okuama on March 14 be paid to their families.

Tinubu said that government would provide a house in any part of the country to each of the families of the four officers and 13 soldiers.

He said that all the children of the deceased would enjoy a Federal Government scholarship up to University level.

He described the officers and soldiers as patriotic, brave and gallant Nigerians.

The president said that the deceased gave their lives to defend and protect the Nation against internal and external threats.

At the burial ceremony of the officers and soldiers on Wednesday in Abuja, Tinubu said that their death serves as a rallying point for Nigerians to condemn crime and criminality.

“They went as peacemakers and peacekeepers, seeking to bring an end to the hostilities between the two communities.“They didn’t go with tanks, machine guns and other weapons. They were on a mission of peace.“The officers and soldiers who lost their lives that day were patriots, brave and noble men who gave their lives to defend and protect our nation against internal and external threats,” he said.The 17 military personnel killed included Lt.-Col. Ali, Maj. D.E Obi, Maj. S.D. Ashafa, Capt. U. Zakari, Staff Sgt. Yahaya Saidu, Corporal Danbaba Yahaya, Corporal Kabir Bashir, Lance Corporal Abdullahi Ibrahim, Lance Corporal Bulus Haruna, Lance Corporal Sole Opeyemi, and Lance Corporal Bello Anas.The rest were Private Alhaji Isah, Private Clement Francis, Private Abubakar Ali, Private Adamu Ibrahim, Private Hamman Peter, and Private Ibrahim Adamu.Tinubu said that the deceased have all been awarded posthumous national honours.“The four gallant Officers have been awarded Member of the Order of Niger (MON). And the 13 courageous soldiers who also lost their lives have been Awarded Officer of the Federal Republic Medals.“As Commander-In-Chief, I do not take the contributions of members of our Armed Forces for granted. I recognise your valour and bravery.

“I honour your unflinching commitment to making our country safe from criminals, bandits, kidnappers and insurrectionists.”The President urged the officers and men of the military not to be deterred by these setbacks and be prepared to continue to work for peace and harmony.Tinubu also called on Nigerians to rededicate themselves to rebuilding communities and making them places where love, tolerance and harmony reigns.“Leaders at all levels, especially community leaders and traditional rulers, must work to strengthen the bonds that unite us. We must end the cycle of violence and bloodletting.“I want to make it clear, once more, that those who committed this heinous crime will not go unpunished. We will find them and our departed heroes will get justice.“The elders and chiefs of Okuoma also have a duty to help the military in fishing out the gunmen who committed the barbaric crime against our men.”The president commended the Armed Forces for their restraint in choosing not to carry out any reprisal attacks in Okuoma or its neighbouring communities.“We must all ensure that the innocent people of Okuoma are not made to bear the punishment of the guilty and wicked among them.”

On his part, the Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja, said the officers and soldiers of the Nigerian Army who were gruesomely murdered in Okuama Community in Delta on March 14, left behind 10 widows three of whom are pregnant and 21 orphans.Lagbaja made this known at the burial of the 17 personnel comprising one Lieutenant Colonel, two Majors, one Captain and 13 soldiers, on Wednesday at the National Cemetery in Abuja.According to him, the Okuama killing has added to the care of the Nigerian army and, by extension, the Nigeria state, 10 widows, three of whom are four, five, and eight months pregnant, 21 orphans, and many other dependents, including parents.“While commiserating with the families of these gallant soldiers, I assure them that the Nigerian army and the good people of this country will not leave them in the cold.“We shall do all within our power to provide succour to them and preserve the memories of their departed loved ones,” he said.Lagbaja said he considered his toughest job to be putting fine men and women in harm’s way, sometimes knowing that they might not return to their families and loved ones.He added that his men, correspondingly and intriguingly, know that in spite of the equipment, training, and other forms of preparations, sometimes some may not make it back alive, while some may return handicapped.According to him, “when soldiers die in the hands of the enemies of the State, we take it as dying for what the nation has considered a just cause; we celebrate them as gallant heroes.“But when they are gruesomely murdered by the very people they are trained, equipped, and took an oath to protect, it is highly demoralizing.“It is no longer news that 17 of the Nigerian Army’s finest men, whom we have come to bury, were murdered in a reprehensible manner on March 14 in the Okuama community of Delta State while they went on a legitimate peace-making mission.

“It grieves my heart that it took our search and recovery effort over 72 hours to recover some vital organs of the decapitated and disembowell bodies of my men that were scattered all over the Okuama community by the community youths and their friends.“I consider it the most barbaric act any citizen or community can commit against the authority of the state, and I must place on record that a lot of restraints have been exercised so far in our search and recovery efforts for missing arms, ammunition, other equipment, and body parts.“I assure the President and all Nigerians that the Nigerian Army remains committed to its constitutional responsibilities and will not be deterred by setbacks such as witnessed in the Okuama community.“As tasked by the President and Commander-In-Chief of our Armed Forces, the Nigerian Army, with the assistance of its sister services and other security agencies, is committed to bringing the perpetrators of the Okuama murder to book and recover all service and personal belongings taken from the murdered troops.“The Nigerian Army will continue to seek the cooperation of all well-meaning Nigerians, particularly in the affected area, towards swift and successful conduct of our search and recovery operations,” he said.The Chief of Defence Staff (CDS), Gen. Christopher Musa, said the fallen heroes exemplified the very best of service to nation and love for country.Musa said they were the vanguards of peace, the guardians of freedom, and the sentinels of security, adding that their selflessness and unwavering dedication to duty would forever be etched in their hearts and memories.He assured the families of the deceased officers of the support of the nation and the armed forces in every way possible, urging them to find solace in the knowledge that their loved ones made an indelible mark on the nation’s history.The defence chief said the military would honour their memory by continuing the fight against those who sought to undermine the peace and security of the nation.

“We will remain steadfast in our resolve to build a nation worthy of your sacrifice.“The loss we feel today is immeasurable, but we must not allow it to dim the light of hope within us.“Instead, let us use this moment as a rallying cry to come together as a nation, to support our armed forces, and to work tirelessly towards a Nigeria free from the grip of violence and insecurity.“We owe it to these fallen heroes to honour their memory by redoubling our efforts to create a safer and more prosperous nation for all.“Let us build a nation where every citizen can live without fear, where communities can thrive, and where our children can grow up knowing the true meaning of security and stability.“To the men and women who continue to serve in the armed forces, I want to express my deepest gratitude for your dedication to duty.“Your commitment to defending our nation, even in the face of great peril, is truly commendable,” he said.Speaker, House of Representatives, Tajudeen Abbas, Deputy Senate President, Jibrin Barau, Secretary to the Government of the Federation, George Akume, and governors of Delta, Bayelsa, Kano, Kogi and Imo states amongst others attended the burial ceremony.

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