COVER
FG Spends N3.19 trn on Personnel Costs in 2020
By Tony Obiechina, Abuja
The Federal government will spend a total sum of N3.32 trillion, which amounts to 24.5 per cent of the total expenditure of the 2021 budget on debt servicing.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed who disclosed this at the 2021 Budget Breakdown on Tuesday, said the federal government released a total of N1.
80 trillion for the financing of capital expenditure under the 2020 budget, while N3.27 trillion was spent for debt servicing.According to her, the Federal government spent a total of N3.
19 trillion for personnel costs, including payment of pensions in the 2020 Recurrent Budget Expenditures.According to her, the government will be making a total sum of N709.69 billion from multilateral/bi-lateral loan drawdown to add to the funds to be raised from borrowing, sale of public assets to finance the deficit in the 2021 budget.
During the virtual presentation, Ahmed said the N1.8trn spent on capital projects for the 2020 fiscal period represents about 89 per cent of the provision made for capital projects.
The minister explained that out of the N1.8trn spent on capital projects, the sum of N118.37bn was released for COVID-19 related capital expenditure.
She stated that while the Federal Government had projected the sum of N9.97trn expenditure for 2020, it actually spent about N10.08trn representing 101 per cent performance.
Released N1.80trn for Capital Projects in 2020 – Minister
Also, the Federal Government said it released the sum of N1.80 trillion for capital projects execution in 2020, representing 89 percent of the provisions in the budget.
Minister of finance budget and national planning Mrs Zainab Ahmed who disclosed this on Tuesday said the sum of N118.37 billion was released for Covid-19 capital expenditure.
The Minister gave the figures at the virtual public presentation of the 2021 approved budget in Abuja.
She stated that while the Federal Government had projected the sum of N9.97trn expenditure for 2020, it actually spent about N10.08trn representing 101 per cent performance.
She put the amount spent on debt servicing at N3.27trn while the sum of N3.19trn was released for payment of salaries and pensions.
President Muhammadu Buhari on 31st December,2020 signed 2021 N13.5 trillion budget into law. The signed 2021 budget is 25.7 percent higher to 2020 budget.
Giving insights into aggregate revenue to fund 2021 budget projected at N7.99 trillion (36 percent higher ) than 2020 projection of N5.84 trillion, Mrs Ahmed said 30 percent of the projected revenue would come from oil related sources and 70 percent from non- oil sources.
” Over all, the size of the budget has been constrained by our relatively low revenue”, she said.
For expenditure component of 2021 budget, government projected recurrent ( non- debt) sum of N5.99 trillion, indicating 44.1 percent of total expenditure and 13.39 higher than 2020 revised budget.
2021 budget comes with aggregate capital expenditure of 4.37 trillion representing 32.29 percent of total expenditure and 62.9 percent higher than 2020 .
The debt service provision is N3.32 trillion representing 24.5 percent and 12.6 percent higher than 2020 revised budget.
To retire maturing bonds to local contractors, she said sum of N200 billion had been provided for in the new budget, representing 1.68 per cent of the total budget, adding that , ” over all, N5.60 trillion has been provided for borrowing to finance the budget deficit.
The borrowing , the Minister said would come in a two form- domestic and foreign sources with an equal fixed amount of N2.34 trillion respectively while another borrowing in sum of N709.69 billion is to be procured from multilateral and bi- lateral sources.
Privatisation proceeds target of N205.15 billion would form part of the proceeds to finance 2021 budget, said the minister.
In 2021 budget government’s ministries with large chunk of capital allocations are: Ministry of education N1,146.8 billion, health N600.52 billion, defence and security sector N1,114.16 billion; railway N11.61 billion for rehabilitation and railway tracking.
On measures government is adopting to curtail waivers, she said government was in the process of working out waiver cost as guide to final decision.
” As I reported in my presentation, some of the cost that we expect to incur under the tax waver, custom duties waiver, we said that what we are trying to do is first is to carry out the assessment of what is costing us.
“We are now in the process of reviewing what can be scaled back because the size of the cost of the tax waver is quite significant in terms of revenue for the country”
Responding to inquiry on fate of oil subsidy provision, the Minister said it was a settled topic which had been dealt with. She ruled out possibility of retaining oil subsidy.
“No. We are not bringing back fuel subsidy. We didn’t make provision for fuel subsidy in the budget. The impact of what was done is reducing some of the cost components that are within the fuel subsidy template. No provisions have been made for subsidy of fuel, no provisions have been made for subsidy of electricity”, she stated.
On how much government was targeting in assuming control of unclaimed dividends, an action provided for in finance Act of 2020, which is drawing flasks from certain quarters, she gave conservative estimate of N850 billion.
“There would be as much as N850 billion. We have to get the exact report from CBN and then Company’s Registrar to ascertain that so it could be realised into this special trust fund for unclaimed dividends and dormant account.
Again , this is a special trust fund, it means government is keeping the money in trust for the beneficiaries at any time a registrar or a bank confirms that this is a true and bonafide beneficiary of this fund then government will release from that trust fund to the investors bankers bank entitlement”, she added.
The government, the Minister restated was not keen about locking down the economy. However, she said government would have no choice to toe the path if health challenges pose by breach of Covid-19 protocols remain continue unabated.
” We hope we never have to lockdown the economy like we did before because the impact is very high on the economy, but then if the health challenge becomes so large, and government has no option then that step might be taken. But right now , what we are doing as government, is to re-enforce the measures that needed to be taken by government, by companies; by individuals to mitigate the impact of COVID-19 pandemic to reduce the expansion and also obviates the health challenges .
“Currently the vaccines are now out and they are available and Nigeria is in the process of deciding and beginning to acquire its own vaccine so we do hope that a lockdown the type we’ve seen in 2020 will not happen”, she assured.
The Minister gave insight on finance implication of procuring Covid-19 vaccines by the government.
“First, we are aware that we are expecting donations . As you know, there is a global alliance to support economically weak nations with vaccines. Our understanding of the current plan is that , we will be getting vaccines donations to cover up to 20% of our population. But then, the global standards say that to achieve immunity you have to vaccine at least 70% of the population and so there is a 50% of the population that we may be required to pay for their own vaccination.
“There is inter ministerial committee looking at this matters and the assurance is that government will do what ever is needful to keep the citizens and economy safe even if it means coming back with a supplementary budget as the minister indicated earlier”, Ahmed said.
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.
The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna. The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils.The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.
A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request. The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
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