POLITICS
Reps Approve N13.98trn, N4.89trn New Borrowing for 2022
By Ubong Ukpong Abuja
The House of Representatives yesterday, approved N13.98 trillion expenditures, N8.36 trillion retained revenue and N5.62 trillion fiscal deficit for 2022 fiscal year.
The resolution was passed sequel to the adoption of the recommendations of the House Committee on Finance on the 2022–2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), chaired by Hon.
The lawmakers also approved new borrowings of N4.89 trillion (including foreign and domestic borrowing), subject that the provision of the details of the borrowing plan be brought for approval by the National Assembly.
In the same vein, the House approved the proposed benchmark oil price of $57 per barrel for 2022 and $55 for 2023 and 2024 based on oil forecast by the World Bank and after consultation with Nigerian National Petroleum Corporation (NNPC).
The House also approved exchange rate of N410.15/US$ as proposed by the Executive for 2022-2024; projected GDP growth rate of 4.20% be approved and projected inflation rate of 13.00%.
The House also approved the proposed N613.4 billion Statutory transfers; N3.12 trillion debt service estimate; N292 billion Sinking Fund; N567 billion for Pension, Gratuities and Retirees benefits; aggregate FGN Expenditure of N13.98 trillion made up of total recurrent (Non-debt) of N6.21 trillion, Personnel Costs (Ministries Departments and Agencies) of N3.47 trillion; of Capital expenditure (exclusive of Transfers) N3.26 trillion; Special Intervention (Recurrent) amounting to N350 billion and Special intervention (Capital) of N10 billion.
The House also tasked President Muhammadu Buhari on the need for urgent implementation of the Petroleum Industry Act (PIA) recently assented to, in order to curtail the problems of smuggling and round-tripping of petroleum products imported into the country to save the under-recovery cost.
The lawmakers also approved the $3.5 billion International Monetary Fund (IMF) loan at the rate of 0.01% to 0.02% to shore up its internal borrowing and to reduce external borrowing because of the exchange rate risks.
The House during the consideration of the report also approved key parameters, namely: 1.88mbpd daily crude oil production, 2.23mbpd and 2.22mbpd for 2022, 2023 and 2024 respectively in view of average 1.93mbpd over the past 3 years and the fact that a very conservative oil output benchmark has been adopted for the medium term in order to ensure greater budget realism.
The lawmakers tasked Federal Government on the need to sustain the N5.62 trillion (including GOEs) fiscal deficit due to the Federal Government’s conservative approach to target setting and its determination to improve collection efficiency of major revenue-generating agencies while it continues to enforce the implementation of the Performance Management Framework for GOEs by ensuring that they operate in more fiscally responsible manner whilst reviewing their operational efficiencies, and costs-to-income ratios, as declared.
Similarly, the House underscored the need for continuous review of the Fiscal Responsibility Act to ensure that all revenues are remitted to the Consolidated Revenue Fund (CRF) as at when due, in order to curtail frivolous deductions and diversion of funds by the MDAs.
The lawmakers also called for the review of all laws relating to mining businesses as a matter of urgency to ensure upward review of rates applied to royalties, ground rent and licenses renewal of all mining companies operating in Nigeria to ensure transparency in the collection of revenue by the relevant agencies of the government and also look into the issues of illegal mining activities by recommending stringent sanctions in the proposed new laws.
The House also underscored the need for Nigeria Customs Service to accelerate the process of installing scanners at all Ports across the country to curb the issue of underpayment of Custom Duties on imported goods which has resulted in huge loss of revenue to the government and to further improve it activities at all borders across the country in order to curb the issues of smuggling across border areas.
According to the lawmakers, the proposed revenue budget of the Government Owned Enterprises (GOEs) should be reviewed upward to show the reflection of their capabilities to generate more revenue as a result of the findings of the Committee.
The House also stressed the need to strengthen the offices of the Accountant General (oAGF), Auditor General of the Federation (oAuGF) and Fiscal Responsibility Commission (FRC) in the area of staffing and proper funding of its activities to ensure optimal performance of their duties in order to adequately monitor the remittances of all government revenues.
The lawmakers underscored the need for the review and amendment of the Act establishing some Ministries, Departments and Agencies (MDAs), as a matter of urgency, to evidence a more nationalistic interest, with a view to generate more revenues to the coffers of the government.
The House also called for the review of Federal Government’s budget with a view to purge of some agencies that demonstrated capacity to stand on their own without any recourse to Federal Government of Nigeria budget.
The affected agencies are: National Agency for Food and Drug Administration and Control (NAFDAC) and Nigerian College of Aviation Technology, Zaria (NCAT).
In his remarks, Hon. Gbajabiamila who noted that the issue of control of Excess Crude Account (ECA) which was opened by Federal Government has been contentious, adding that dealing with excess revenue generated vis-à-vis debt should be addressed holistically.
In his contribution, Deputy Minority Leader, Hon. Toby Okechukwu underscored the need to provide enabling environment for the private sector to thrive and drive the economy especially in the area of employment generation.
He frowned at the situation where over N6 trillion appropriated for recurrent expenditure for about one million federal civil servants at the expense of over 100 million workers, is unacceptable.
The lawmaker also harped on the need for the Committee to advise the House on what to do on loot recovery, adding that a lot of money gets into the economy without anybody accounting for it.
Hon. Okechukwu also urged the House to review the proposed N410/$ exchange rate against the N580/$ at the parallel market, showing a difference of N170 to a dollar.
On his part, Hon. Ossai Nicholas Ossai stressed the need for the Executive to present the details as well as terms and conditions of the loans before passage, in order to avoid the
In his response, Hon. Faleke argued that the more Nigerians chase the dollar, noted that anyone doing genuine business should apply to the Central Bank of Nigeria (CBN).
“Unfortunately the only weapon that we have that will lead us into production is power sector,” adding that, the agreements signed with DISCOs if reviewed will throw the country into another chaos.
While lamenting a situation where Nigeria conceded to domicile agreements and arbitration in another country, he noted that the agreement signed with the investor on Jebba power project, was appalling, saying “you will weep for Nigeria.”
After the debate, the House adopted 16 clauses out of the 17 clauses recommended by the House Committee on Finance.
POLITICS
Ondo Polls: Shettima Seeks Massive Votes for Aiyedatiwa
Vice-President Kashim Shettima has implored voters in Ondo State to re-elect Gov. Lucky Aiyedatiwa and his deputy, Dr Olayide Adelami, in Saturday’s governorship election in the state.
Shettima made the call on Wednesday while addressing the crowd at the MKO Abiola Democracy Park, Akure, for the All Progressives Congress (APC) governorship campaign.
The Vice-President assured that the duo would bring hope, prosperity, and unity.
He added that they would ensure that the sun continued to shine brighter in the sunshine state.
Shettima told the electorate to ensure their votes collectively become their voice, conviction and message to those underestimating APC’s strength and will in the state.
“Aiyedatiwa is not merely campaigning to hold onto a position — he is campaigning to bring hope, prosperity, and unity to every corner of Ondo State.
” I am confident he is the leader who can turn these ambitions into realities. This election is more than a choice between two candidates.
” It is a choice between progress and stagnation; unity and division. It is a chance to stand with a party that has consistently delivered and with a leader who truly understands the heartbeat of Ondo.
“So, as you go to the polls, remember what we stand for. Remember what you deserve: a governor with the experience, the compassion, and the strength to keep pushing Ondo toward greatness.
“Let’s secure Ondo’s future together. Let us vote APC, and re-elect Aiyedatiwa,” he said.
Extending President Bola Tinubu’s goodwill to the people of the state, Shettima said the President was in support of Aiyedatiwa.
According to him, President Tinubu is confident that the governor’s re-election will sustain the commitment of APC to the people’s well-being.
“Today, I bring you the goodwill of President Tinubu, who would have loved to be here today, but he is with us in spirit, and he has fully endorsed the Aiyedatiwa-Adelami ticket as the torchbearers of prosperity for the state,” he said.
Shettima urged the people of Ondo to look beyond distractions and instead at the integrity and stability, the APC has brought to the state.
“Look at the work we’ve done to strengthen our economy; even if the gains may not always be immediately visible. Consider the real, practical solutions APC offers to make the sun shine brighter in Ondo State,” he added.
He described Aiyedatiwa and his deputy as men of exceptional courage and leaders tested by challenges that would have deterred many.
Shettima noted that the governor had shown remarkable resilience in building a formidable force for the APC in the state.
“From overcoming politically motivated attacks to uniting our great party, he has proven himself not just a survivor but a leader who stands strong for the good people of the sunshine state,” he said.
Earlier, Aiyedatiwa urged the people to vote for APC, saying that his predecessor, late Rotimi Akeredolu, would be happy seeing all APC winning the election.
Aiyedatiwa recalled that Akeredolu once told him that he, Aiyedatiwa, would succeed him, adding that the late governor would be glad to see this happen come Saturday.
He said that the electorate would attest to the level of development in the state, pledging that by the time he returned, he would do his best.
The National Chairman of APC, Dr Abdullahi Ganduje, also expressed confidence that Aiyedatiwa would win the Saturday, Nov. 16 gubernatorial election.
According to him, a vote for Aiyedatiwa is a vote for unity, peace and development. (NAN)
POLITICS
Rivers Crisis: Wike’s Aide Warns Okurounmu Against Being Bias
By Laide Akinboade, Abuja
Federal Capital Territory (FCT) Minister, Nyesom Wike’s Senior Special Assistant on Public Communications and New Media, Lere Olayinka, has warned Afenifere Chieftain, Dr Femi Okurounmu, to avoid getting involved in matters capable of ridiculing his status as an elder statesman, especially matters on which he would not speak objectively for obvious reasons.
Olayinka stated this while reacting to Dr Okurounmu’s statement, accusing President Bola Tinubu of being laid-back on the ongoing crisis in Rivers State, asked “what exactly Dr Okurounmu expected President Tinubu to have done?”
Olayinka said it was strange that Dr Okurounmu, a former Senator could opt to be playing ostrich to the avalanche of disobedience to court judgements by the Governor of Rivers State, Sim Fubara, and the danger such affront on the judiciary posed to democracy and peace in the country.
“One is however not too amazed because he (Okurounmu) holds the record of being the first Senator to be suspended by his colleagues out of the seven Senators that have been suspended since 1999 till date,” Olayinka said.
Dr Okurounmu had accused the FCT Minister of being the architect and mastermind of the Rivers crisis, saying, “even if Governor Sim Fubara is his godson, Wike should be told that he cannot be his surrogate as a sitting governor with full powers.”
Responding, Olayinka asked when Wike told Dr Okurounmu that he wanted Governor Fubara to be his surrogate, and not function as the Governor of Rivers State, adding that “He (Okurounmu, as an elder should be honest enough to stand before the mirror and ask himself the roles he played in Fubara becoming governor.”
He said: “In Yorubaland, when two children are fighting, what the elders do is to sit them down and listen to their sides of the conflict. Elders don’t just sit in their bedrooms and apportion blame as done by Baba Femi Okurounmu.
“Was it Wike that went to the Rivers State House of Assembly Complex and set it on fire so as to prevent duly elected lawmakers from carrying out their duties?
“Was it Wike that has been illegally using three members out of the 32-member State House of Assembly to carry out legislative business in Rivers State, including passing the State Budget as well as screening and confirming commissioners, when the constitution says that budget can only be passed by two-third of the Assembly members?
“Hasn’t Governor Fubara been ignoring judgements of the courts concerning his regime of lawlessness in Rivers State? When the Court of Appeal in Abuja on October 10, 2024, affirmed a lower court’s decision nullifying the Rivers State’s 2024 budget signed into law and being operated by Governor Fubara, did the governor obey the judgement?
“And is it not shocking that Dr Okurounmu had chosen to ignore the danger Governor Fubara’s deliberate affronts on the rule of law pose to democracy and peace in Nigeria?”
On Dr Okurounmu’s accusation that President Tinubu was being laid-back on the Rivers State crisis, Olayinka asked; “What exactly does Baba Femi Okurounmu expect the President to have done? Overrule the various judicial pronouncements and join Governor Fubara in his reign of lawlessness?
POLITICS
$35 million Atlantic Refinery project: Ex-Reps member commend Tinubu, EFCC over diligent prosecution
From Mike Tayese, Yenagoa
Former Member of the Federal House of Representatives, Hon. Israel Sunny Goli has commended President Bola Tinubu and the Economic and Financial Crime Commission (EFCC) over the recent investigations and prosecution of graft cases and fight against corruption.
Hon. Israel Sunny Goli, who represented the Brass/Nembe Federal Constituency in the House of Representative, also commended the EFCC for the thorough investigation into the $35 million fraud concerning the 2,000 barrels per day (BPD) Atlantic Refinery project in Okpoama, Brass Local Government Area of Bayelsa State.
Hon. Israel Sunny Goli, in a commendation letter addressed to the Chairman of the
Economic and Financial Crimes Commission, said the arrest of Mr.
Akintoye Adeoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, and Eng. Simbi Kesiye Wabote, former Executive Secretary of the Nigerian Content Development Monitoring Board (NCDMB), and others who are key figures in the alleged fraud, has instilled hope among our people and bolstered confidence in the EFCC under your leadership.According to him, “It is heart-warming to observe that public confidence in the agency under your leadership has grown significantly, as you have steered a new course of transparency, focus, and zeal in the operations of the foremost anti-graft agency.”
“While the arrest of the aforementioned individuals is a positive development, I respectfully request the investigation of the
board chairman of the NCDMB and its members for their potential complicity in approving the award of the contract to an entity with no known track record for the construction of a 2,000 BPD Modular Refinery in Okpoama, Brass Local Government Area.”
“The lack of response or support from either the board chairman or its members since I raised the petition on this matter raises significant concerns about their potential complicity in the fraudulent act. To fully understand their involvement, I recommend an immediate arrest and investigation of Timipre Sylva, being the board chairman and other members of the board.”
“Nothing would be more gratifying to the people of Brass Local Government Area than to see everyone involved in the perpetration of this $35 million fraud brought to justice, with every stolen dime refunded so that the project can be executed for the benefit of all.”
Hon. Sunny-Goli, who is also a traditional ruler from Two Brass with the title Kemmer V; Amadabo of Kemmer-Ama, extended his gratitude to President Bola Tinubu for the unwavering stance against corruption,”I would like to extend my gratitude to President Bola Ahmed Tinubu for his unwavering stance against corruption. This firm position has expedited the investigation and arrest of those involved in grand larceny while holding public trust, particularly in this case.”
“Such a resolute approach by the President serves as a deterrent to other public office holders.It is disheartening that, despite the government’s good intentions towards its citizens, those entrusted with implementing policies for the benefit of the people are choosing to corruptly enrich themselves at the expense of the populace.”
Recall that the Economic and Financial Crimes Commission (EFCC) arrested former Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Timber Kesiye Wabote, in connection with an alleged $35 million fraud involving the Brass Project.
It was gathered that the arrest is related to a failed refinery project for which $35 million was allocated.
Wabote’s arrest followed the detention of Akintoye Adeoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, who is facing allegations of misappropriation, money laundering, and diversion of $35 million in public funds.
Wabote is currently held at the EFCC’s facility in Abuja.