POLITICS
Nigeria can’t Rely on Borrowing for 2024 Budget-Minister
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, says Nigeria cannot rely on borrowing to fund the 2024 budget.
Edun stated this on Thursday when he appeared before the joint Senate Committee on the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.
He stated that the best way Nigeria could fund its budget was to spend more money on infrastructure to generate more revenue.
“Clearly the environment that we have now, internationally as well as nationally we are in no position to rely on borrowing.
“We have an existing borrowing profile. Our direction of tariff is to reduce the quantum of borrowing or intercepting deficit financing in the 2024 budget.
“Simply put internationally there is focus among rich countries on bringing down the inflation rate to stabilise the economies and give them opportunity for investment growth.
“They are in the process, sacrificing that immediate goal for compacting their economies or at least contracting the money supplies and pushing up the interest rates and of course high interest rates and investments don’t go together,” he said
Edun added: “What is left for us to access those funds are expensive so it is the last thing that we must rely on.
“As we know we have all the figures and debt servicing and cushioning 98 per cent of government revenue.
“The last thing you can think of is to pile up more debts. Government needs to not just maintain its activity, it needs to spend more.
“If you look at government spending, if you look at the budget as a percentage of GDP, ours is one of the lowest being 10 per cent, even Ghana is at 25 per cent, rich ones they are 50 per cent.”
“The very rich countries have to be most advanced in terms of social safety nets and its social security system at 70 per cent of GDP. Government spending definitely will lead to increase in revenues
“The number one source of revenue especially in short term, even in the medium term is all revenue.”
Sen. Sani Musa, the Chairman of the committee expressed the fears that the revenue projections of government Ministries, Departments and Agencies that had so far appeared before the MTEF-FSP panel, were lower that the Federal Government projections for 2024.(NAN)
The National Security Adviser (NSA), Malam Nuhu Ribadu, has demanded a retraction of election rigging allegation made against him by the chairperson of Edo chapter of the Peoples Democratic Party (PDP), Anthony Aziegbemi.
Aziegbemi had in a statement on Sept. 14, accused the Federal Government of planning to rig the upcoming Edo Governorship Election, using Ribadu and the Department of State Service (DSS).
He claimed that Ribadu had released 2 million U.
S Dollars to the APC governorship candidate in the election as part of the plot.In reaction to the allegation, Ribadu’s lawyers, Charles Musa & Co, described the allegation as “totally false” and demanded immediate retraction.
“We write on behalf of Mallam Nuhu Ribadu, National Security Adviser (NSA) of the Federal Republic of Nigeria (our Client), in response to your press statement titled “Edo 2024: presidency’s move to interfere, manipulate guber poll using DSS, NSA uncovered.”
“The publication falsely alleges, inter alia, that, “$2 million was ordered to be released to the APC candidate by the NSA to buy votes and bribe security agencies,” the letter said.
The lawyers said the malicious and libelous statement had brought their client into public disdain and odium.
According to them, the portrayal of their client as a corruption enabler and his office as an appendage of a political party willing to cause chaos in Edo, is entirely false and damaging to his reputation.
“As a renowned career police officer and pioneer Executive Chairman of the Economic and Financial Crimes Commission (EFCC), our Client has consistently demonstrated integrity and a commitment to fighting corruption.
“It is inconceivable that he would be involved in such odious acts.
“Given the extensive damage your false and baseless allegations have caused our client, we demand a written apology to our Client and a full retraction of the publication in its entirety.
“We also demand a publication of the retraction in a full-page advertorial in at least five nationwide newspapers; 10 reputable and well-read online news sites; seven national and international television stations, and 10 radio channels with national and international reach,” they said.
The lawyers also demanded payment of N10 billion as damages for reputational and other injuries.
“Take notice that if our demands are not met within seven days, we shall proceed with our Client’s further instructions, including taking legal action to enforce his rights,” they added. (NAN)
From Joseph Amedu, Lokoja
Kogi State Governor, Ahmed Usman Ododo has described the governorship candidate of the All Progressives Congress (APC) in the September 21 governorship election in Edo State as a true representation of the aspirations of the people of the state, promising to use his contacts and cultural ties with the people of Edo State to ensure the victory of the party and its candidate in the Edo governorship election.
Ododo made the declaration at the APC youth rally in Igarra, headquarters of Akoko-Edo Local Government Area at the weekend.
The Kogi State Governor who was received by the Deputy Governor of Edo State, Comrade Phillip Shaibu promised to galvanize support among the large population of youth and women in the area for the victory of the APC candidate in the September 21 governorship election.
He appealed to the people of Akoko-Edo to shun all acts of violence but to resist intimidation by defending their votes for the APC in the election.
He assured the people that the APC Governorship candidate, Senator Monday Okpebholo will replicate the outstanding performance of the past APC leadership in the state led by former Governor Adams Oshiomhole, stressing that the APC and its governorship candidate will deliver on their campaign promises by according topmost priority to the welfare of the people as currently being exemplified in Kogi State under his leadership.
Ododo who spoke in English and Ebira languages commended the people of Akoko-Edo for their peaceful conduct in the course of the campaign and assured that their support will be rewarded by the APC and its governorship candidate once the party emerges victorious in the September 21 governorship election.
Ododo has since arrived in Benin City, the Edo state capital ahead of the grand finale of the APC governorship campaign rally on Saturday where he is expected to address the rally along with other leaders of the party in the final push for the party’s victory in the Edo state governorship election.
From Dan Amasingha, Minna
Niger state governor, Mohammed Umaru Bago has expressed profound sadness over the death of Joseph Haruna Duza, the member representing Munya State Constituency and Chairman of the House Committee on Security and Intelligence.
In a condolence message statement by his Chief Press Secretary, Bologi Ibrahim, Governor Bago described the passing of the lawmaker as both shocking and a significant loss, not only to the people of Munya but to the entire state.
Bago highlighted Duza’s invaluable contributions and active role in combating insecurity within the state, as well as his unwavering dedication to its growth and development.
The Governor emphasised that only God can fill the void left by Duza’s demise.
Bago extended his heartfelt condolences to the Speaker of the Niger State House of Assembly, Barr. AbdulMalik Sarkin Daji, other members of the 10th State Assembly, the immediate and extended family of the deceased, and the people of Munya Local Government.
He urged them to accept Duza’s death as an act of God.
Bago prayed for the repose of Duza’s soul and for comfort for all those affected by this loss.
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