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Senators, Experts Differ Over Buhari’s N13.08trn 2021 Budget

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By Jude Opara, Mathew Dadiya, Tony Obiechina(Abuja),  Joy Okeke(Lagos, Dan Amasingha(Minna) and Haruna Aliyu Usman, (Birnin Kebbi)

  Nigeria legislators, financial experts and others were sharply divided in  swift reaction to President Muhammadu Buhari’s  budget proposal of N13.

08trilion, which he presented yesterday to the National Assembly.


While  some Senators who spoke to DAILY ASSET, hailed aspects of the proposal, Economists and financial experts gave knocks to the spending plan.

Those who spoke with DAILY ASSET include Senator Smart Adeyemi (APC, Kogi), Senator Obinna Ogba (PDP, Ebonyi),Finance Expert and Professor of Capital Market,  Uche Uwaleke, Chief Operating Officer, InvestData Ltd; Mr Ambrose Omordion, Managing Director/ Chief Executive of Financial Derivatives Company Limited, Mr Bismarck Rewane,  Finance expert, Farooq Abdullahi and the Socio-Economic Rights Advancement Project (SERAP).


 The budget, tagged: “Budget of Economic Recovery and Resilience” would run on N4.48 trillion deficits, with a revenue target in the fiscal year as pegged at N7.9 trillion. This, however, has attracted reactions from economic experts who expressed divergent views on the budget proposal and the possibility of being passed early by the lawmakers as the likelihood of being implemented to the later.

 Parameters and Fiscal Assumptions Underpinning the 2021 Appropriation 

The 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper set out the parameters for the 2021 Budget, which include Benchmark oil price of 40 US Dollars per barrel; Daily oil production estimate of 1.86 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of N379 per US Dollar; and GDP growth projected at 3.0 percent and inflation closing at 11.95 percent. 

 Planned 2021 Expenditure

An aggregate expenditure of N13.08 trillion is proposed for the Federal Government in 2021. This includes N1.35 trillion spending by Government-Owned Enterprises and Grants and Aid funded expenditures of N354.85 billion. For 2021, the proposed N13.08 trillion expenditure comprises: Non-debt Recurrent Costs of N5.65 trillion; Personnel Costs of N3.76 trillion; Pensions, Gratuities and Retirees’ Benefits of N501.19 billion; Overheads of N625.50 billion; Debt Service of N3.124 trillion; Statutory Transfers of N484.49 billion; and Sinking Fund of N220 billion (to retire certain maturing bonds). 

Debt Service

President Buhari, while presenting the budget, said that the country remains committed to meeting her debt service obligations. A whopping N3.12 trillion is proposed for debt servicing in 2021, representing an increase of N445.57 billion from N2.68 trillion in 2020. Of the sum, a total of N2.183 trillion would be be set aside to service domestic debts while N940.89 billion has been provided for foreign debt service. N220 billionis provided for transfers to the Sinking Fund to pay off maturing bonds issued to local contractors and creditors.

Overhead Costs

Total overhead costs of MDAs and Government Owned Enterprises are projected to rise to N625.50 billion in 2021, mainly due to the inclusion of the overheads of an additional 50 Government Owned Enterprises. Overhead provisions have also been made for newly created agencies.
To keep a tab on running costs, MDAs must adhere to extant expenditure controls. 

Capital Expenditure

An aggregate sum of N3.85 trillion is expected to be available for capital projects in 2021, as summarised below:N1.80 trillion for MDAs’ capital expenditure; N745 billion for Capital Supplementation; N355 billion for Grants and Aid-funded projects; N20 billion for the Family Homes Fund; N25 billion for the Nigeria Youth Investment fund; N336 billion for 60 Government Owned Enterprises; N247 billion for capital component of Statutory Transfers; andN710 billion for projects funded by Multi-lateral and Bi-lateral loans. The 2021 capital budget is N1.15 trillion higher than the 2020 provision of N2.69 trillion. At 29 percent of aggregate expenditure, the provision moves closer to this Administration’s policy target of 30 percent. 

 The President assured that capital expenditure in 2021 remains focused on the completion of as many ongoing projects as possible, rather than the commencement of new ones. 

“We have also made efforts to ensure equity in the distribution of projects and programmes in the proposed budget. I will be providing the National Assembly a list of some of the most critical projects which we must work collectively to ensure they receive adequate funding. Until projects reach completion, they do not deliver the dividends of democracy that Nigerians rightly deserve, ” President Buhari said. 

Highlights of the 2021 Capital Projects 

Major highlights of the 2021 appropriation includes key capital spending allocations in the 2021 Budget include: Power: N198 billion (inclusive of N150 billion for the Power Sector Recovery Plan); Works and Housing: N404 billion; Transportation: N256 billion; Defence: N121 billion; Agriculture and Rural Development: N110 billion; Water Resources: N153 billion; Industry, Trade and Investment: N51 billion; Education: N127 billion; Universal Basic Education Commission: N70 billion; Health: N132 billion; Zonal Intervention Projects: N100 billion; and Niger Delta Development Commission: N64 billion.

 Recurrent Expenditure

A major part of the 2021 recurrent cost estimate is allocated to paying salaries and overheads in MDs: N227.02 billion for the Ministry of Interior; N441.39 billion for the Ministry of Police Affairs; N545.10 billion for Ministry of Education; N840.56 billion for Ministry of Defence; and  N380.21 billion for Ministry of Health.

 Personnel Costs

The President who lamented that personal cost still federal government’s largest single item of expenditure; disclosed that in the seven months to 31st July 2020, it accounted for 34 percent of total Federal Government spending and is projected at 33 percent of 2021 expenditure.To check the incidence of payments to non-existent personnel and unauthorised allowances, the President declared that only Federal staff that have been captured on the Integrated Personnel Payroll Information System (‘IPPIS’) platform will receive salaries.  

Revenue Estimates

Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. Total revenue available to fund the 2021 Federal Budget is estimated at N7.886 trillion; including Grants and Aid of N354.85 billion as well as the revenues of 60 Government-Owned Enterprises. Oil revenue is projected at N2.01 trillion.

Non-oil revenue is estimated at N1.49 trillion. As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation.

Accordingly, I implore you to pay as much attention to the revenue side as you do to the expenditure side. 

 Highlights of Sectoral Allocation 

President Buhari at the budget presentation said N4.28trn would be borrowed to make up the N13.08 trillion presented to the joint session of the National Assembly for approval for the incoming 2021 fiscal year.

 The proposed expenditure is predicated at a crude oil benchmark price of $40 per barrel and a daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day). Also, the budget is based on the exchange rate of N379 to $1, Gross Domestic Product (GDP) at three percent and inflation rate at 11.95 per cent. 

The President equally said the 2021 budget would also energize the Ministries, Departments and Agencies (MDAs) to generate revenue, no matter how small, just as he urged the legislature to equally pay attention to revenue generation as much as they did to the expenditure. 

According to him, the 2021 budget was the roadmap for a post-Covid-19 economy aimed at accelerating the economic recovery process.In the budget, the National Assembly got N128 billion, while N380.21b had been allocated to the health ministry. 

“There is also a N1.35 trillion spending by Government Owned Enterprises as well as Grants and Aids funded expenditure of N354.85 billion”, he said. 

The highlights of the budget include; a recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and debt service pegged at N3.12 trillion. Similarly, statutory transfers had been put at N484.4 billion while Pension, Gratuities & Retirees Benefits was put at N501.19 billion and overhead cost at N625.50 billion. 

“There is a provision of N63.5 billion for the Niger Delta Development Commission (NDDC)”, he added. 

Based on the projected fiscal permutations and parameters, the total distributable revenue is estimated at N8.433 trillion in 2021, while the total revenue available to fund the 2021 federal budget is estimated at N7.886 trillion.

 However, Buhari equally noted that the deficit would be financed mainly by new borrowings totalling N4.28 trillion, N205.15 billion from proceeds of privatisation and N709.69 billion in drawdowns on multilateral and bilateral loans secured for specific projects and programmes. Also, from Oil revenue, about N2.01 trillion is projected, while non-oil revenue is estimated at N1.49 trillion. 

Other allocations include N29.7 billion for the North East Development Commission (NEDC), N110 billion for the Nigerian Judicial Council (NJC), N70.05 billion for the Universal Basic Education Commission (UBEC) while the Independent National Electoral Commission (INEC) has N40 billion for the fiscal year under review. 

The President Buhari further directed that in compliance with the Fiscal Responsibility Act 2007, all beneficiaries of Statutory Transfers will be required to furnish the Budget Office with periodic reports on the allocation and expenditure of funds.

He said this is to enable prompt inclusion in the quarterly Budget Implementation Report.

The Ministry of Defence came top with a proposed allocation of N840billion, while Police and Education got N441.39billion and N554.10 billion respectively.

Buhari said the allocation to education represented a 60 per cent increase from the 2020 budget and warned lawmakers against including projects in the budget that would be difficult to implement.  

“Let me re-emphasize that Nigerians expect that the 2021 budget, will contain only implementable and critical projects, which when completed, will significantly address current structural challenges of the economy”, he stated. 

The President, however, commended the National Assembly for its “tremendous efforts in approving the revision of the 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy Paper, and passage of the 2020 Appropriation (Repeal and Amendment) Act, in response to the Coronavirus Pandemic”.  

“Today marks an important occasion in our quest to accord the federal budget process the seriousness it deserves. In line with our commitment, we have worked extra hard to ensure early submission of the 2021 –2023 Medium-term Expenditure Framework and Fiscal Strategy Paper, as well as the 2021 Appropriation Bill.

 “It is my sincere hope that the National Assembly will pass this Bill into law early enough to enable implementation by 1st January 2021, given the collaborative manner in which the budget was prepared”.



“The 2021 Budget was prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus Pandemic.

The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy. 

“The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the Coronavirus Pandemic. “Real Gross Domestic Product (GDP’) growth declined by 6.1 per cent in the second quarter of 2020. This ended the third-year trend of positive, but modest, real GDP growth recorded since the second quarter of 2017. 

“I am glad to note that through our collective efforts, our economy performed relatively better than that of many other developed and emerging economies.“GDP growth is projected to be negative in the third quarter of this year. As such, our economy may lapse into the second recession in four years, with significant adverse consequences. 

“However, we are working assiduously to ensure a rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.

“As skills’ deficits limit employment opportunities in the formal economy, various skills’ development programmes are being implemented simultaneously to address this problem frontally.

 “For instance, the Government is implementing the Special Public Works programme to provide employment opportunities to 774,000 youths across the 774 local government areas of Nigeria. We have also recently introduced the N75 billion Nigeria Youth Investment Fund of which N25 billion have been provided in 2021 Budget”, he added.  
  
Adeyemi, Ogba Hail Budget 

In a related development, Sen. Smart Adeyemi (APC Kogi) commended President Buhari’s resolve to continue the execution of ongoing projects in the 2021 budget.Adeyemi made the commendation while reacting to the 2021 budget presentation by President Muhammadu Buhari to the joint session of the National Assembly in   Abuja on Thursday.

 “A typical Nigerian politician will not be thinking of completing ongoing projects; he will be thinking of new projects.

“If these projects are completed and we have good network of roads in the North, South, West and East of the country, there will be boom in economic activities.

“And because the economists are telling us that next year may not be too friendly economically; this is a global problem.

“We may not feel the pain as much because the policies that are required to cushion global economic recession are already put in black and white for people to know that the government is conscious of it.Similarly, Sen. Obinna Ogba (PDP Ebonyi) also said he was delighted that Buhari directed that all ministers and heads of Ministries Departments and Agencies (MDAs) must appear to defend their budgets before the National Assembly. 

“Not that the country does not have revenue but these revenues go down the drain as the MDAs account for are  not what are actually generated.“Effort should be made to transfer all money generated directly to the Federation Account and when this is done, you will discover that the issue of revenue will not be a problem in the country.”

He expressed surprise that the N100 billion earmark as zonal intervention fund had remained the same over the years.“I am surprise that the money earmarked for zonal intervention projects for the 2021 budget estimates is not increased.

“It has always been like that for some time now; it needs to be increased. Experts Laud Early Presentation, Fault Parametres, Framework Speaking with DAILY ASSET in separate reactions the financial experts argued that some of the assumptions did not take into consideration of the present reality. 

The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, faulted the benchmark oil price, saying based on current crude oil price, a $40 barrel per day projection was too optimistic. Brent Crude price closed at $41 per barrel yesterday.


Rewane said: ”Normally, you would allow at least 20 per cent headroom between the spot price and your benchmark price. If you are to take 20 per cent headroom, which means the oil benchmark should be about $32 per barrel.

 “Then, you give room for negotiation with the National Assembly. Let’s say all things being equal the lawmakers could add $3 and you end up at about $35 per barrel.

“That gives you enough headroom. Now you are proposing $40 per barrel and crude oil price even dropped to $39 per barrel last week.  So, I think it is too ambitious because in the oil market you never know what would happen.”

Furthermore, he argued that the federal government’s estimated crude oil production volume was also overtly ambitious, explaining that presently, Nigeria’s production quota is 1.4 million barrels per day.

“So, I would have preferred to see 1.6 million barrels per day as production volume and $32 per barrel as the benchmark price,” he said.In terms of the N379/$I, which the budget was predicated upon, Rewane said: “I think we should have an exchange rate-determining mechanism. If you are going to unify the exchange rates, it is definitely not going to be around N379 to a dollar. I don’t want to give an exchange rate, but I think we need a flexible exchange rate. But generally speaking, it is a countercyclical budget, which is good.

There is growth in the expenditure, both in naira and dollar terms.” A Senior Economist/Head of Research and Strategy, Greenwich Merchant Bank, Mr. Ayodeji Ebo, said that the exchange rate benchmark did not align with current realities in the foreign exchange market describing it as a complete deviation from the federal government’s step to unify the exchange rates.

“The oil production seems overly optimistic, given the OPEC cut in oil output,” he added. The Managing Director, Afrinvest Research, Mr. Abiodun Keripe, argued that the  exchange rate peg is insufficient as the prospects for recovery in the value of the naira remains weak.

”I assume that the government is being mindful of signalling a weak outlook for the naira, ” Keripe said. 

Professor of Economics and Capital Market, Joseph Uche Uwaleke, who expressed mix reaction on the budget, however, commended the Executive arm of government for submitting the budget proposal in good time that allows the National Assembly sufficient period to consider and pass the appropriation Bill. 

Uwaleke said that the assumptions and budget parameters are realistic except for the Exchange rate of N379 to the dollar that may not hold due to the on-going process of unifying Exchange rates across all forex windows by the CBN consistent with the IMF prescription. 

The Nigeria’s first professor of capital market said the real GDP growth rate projected at 3% is a little ambitious in view of the impact of COVID’19 on the economy expected to linger till next year, adding “this is why the recent Fitch report on Nigeria projects a GDP growth rate of 1.3% for the country in 2021”. 

Uwaleke said, “I wish to note that the budget proposal seems to have set the right priorities with the bulk of capital spending going to Works and Housing, Power and Transport.

For the first time in many years, the capital allocation to Education and Health are above that of defense. “I must add however, that new borrowings of over N4 trillion to part finance a deficit of over N5 trillion is worrisome given the already huge amount of over N3 trillion allocated to debt servicing alone. “COVID’19 notwithstanding, the deficit to GDP should have been kept within the 3% threshold stipulated in the Fiscal Responsibility Act 2007.

 “I hope the National Assembly will consider any amendment within the budget envelope of N13.08 trillion and not end up jerking up the figure.”   

Financial experts also commended President Buhari for early presentation  of 2021 budget proposal and called for prompt passage.

They spoke in separate interviews with the News Agency of Nigeria (NAN) in Lagos, while reacting to Buhari’s presentation of the 2021 budget estimates to the National AssemblyChief Operating Officer, InvestData Ltd; Mr Ambrose Omordion, said that early presentation of 2021 budget to the National Assembly was a welcome development.

Omordion said that the early presentation would give the lawmakers enough time to do their jobs and to keep to January to December budget period.He, however, expressed concern on huge cost of debt servicing which stood at N3.12 trillion.

“The N13.08 trillion estimate is huge to make impact but the high cost of servicing debt which is about N3.12 trillion is huge.“All the budget assumptions look realistic if the fiscal and monetary authorities will match their words with actions by complementing each other with good policy framework to drive the economy,” Omordion said. 

An Accountant and a Public Affairs Analyst, Mallam Farooq Abdullahi,  while reacting to the 2021 fiscal estimates in Minna, yesterday, said: “Let me start by saying that am still studying the different components of the proposal, but from my preliminary observations it will have minimal impacts on Nigerians”. 

Abdullahi explained  that, from a cursory look at the proposal before the National Assembly, it was obvious that Nigeria “is groaning under a debt burden which if not properly managed, can mortgage the future of the country”. 

 He said from the figures already before the public domain, the sum of N3.12 trn would be spent on debt servicing, which is higher than the N2.18trn for the outgoing year. 

 “From this scenario, it is obvious that our debt profile is increasing on yearly basis and this will no doubt impact negatively on the overall welfare of the citizens”, he added.

 SERAP Seeks Reduction of  NASS N238bn Vote

 Meanwhile, Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Ahmad Lawan and Speaker of the House of Representative, Femi Gbajabiamila to urgently push to cut the N128bn budget for the National Assembly in 2021.”The national assembly ought to prioritise spending for education and healthcare.”

“We’ll see in court if our lawmakers approve this money for themselves.”Nigeria’s 2021 budget: Education [UBEC] gets N70.05bn. Healthcare gets N35.03bn, despite the COVID-19 pandemic.”But national assembly gets N128bn. This is more than the proposed spending on education and health combined.

“We’ll fight to end this blatant violation of the constitution.    It’s Budget of Hope-CitizensSome section of the public in Bauchi state have described the N13.08tn budget presented by President Buhari to a joint session of the National Assembly, as a budget of hope and rising expectations.A renowned scholar and economist, Dr Abdulmaji Jamal encapsulated this optimism in an interview with the News Agency of Nigeria (NAN) in Bauchi on Thursday and described the estimate as realistic. 


“But we must expect a significant reduction in the prices of consumables, especially, foodstuff,” he said.

In the same vein, Malam Dauda Mohammed, a civil servant expressed optimism that the price of oil in the international market would appreciate and the budget target could be achieved as envisaged or even better.

He added that the budget which was projected at the N 4.4 trillion deficit would definitely see the light of the day through exploiting the various existing revenue sources and blocking of leakages.

Also, Mr Alhassan Ibrahim, a businessman lauded the president for such an ambitious budgetary allocation.He said that the N420 billion and the N20 billion earmarked for the social investment and housing programmes would likely generate employment and provide sufficiency in shelter.

Ibrahim, however, called on the government to ensure full implementation of the budget while calling on the national assembly to ensure speedy and timely passage of the budget into law for development. 

  Nigerians reactions from Kebbi State are mainly of disapproval, one Almustapha Haruna described the budget as empty, he contended that, the president is not serious in the fight against insurgency and banditry which is on the increase.

According to him, even though huge billions have been spent without positive impact, but it doesn’t warrant reducing it.


Also, Asiya Dan Bala, who spoke to DAILY ASSET said that the budget had fallen short of human development expectations. “He didn’t mention welfare of citizens whose bellies are too empty to see any infrastructure as often talked about,” he said adding “frustration, joblessness has increased rate of suicides in the country”.
” A lot of Nigerians have lost confidence and hope in the Buhari- led government,” she stated adding that Nigerians now don’t pay attention to budget because the five budgets by the Buhari administration made little or not impact on the citizenry.

According respondnet who preferred to be anonymous said Buhari’s budget was a mere presentation of documents with nothing to write home about, he urged him to direct the government energies to unifying the country and strive hard to put smiles on the faces of Nigerians. 

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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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Dangote, Elumelu Make Economic Planning System List

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By Lubem Myaornyi, Abuja

President Bola Tinubu has in a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).

PECC comprises leaders and key government officials like: President of the Federal Republic of Nigeria – Chairman of the PECC; Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Minister of Agriculture and Food Security; Minister of Aviation and Aerospace Development; and Minister of Budget and Economic Planning.
Others are: Minister of Communications, Innovation and Digital Economy; Minister of Industry, Trade and Investment; Minister of Labour and Employment; Minister of Marine and Blue Economy; Minister of Power; Minister of State, Petroleum Resources; Minister of State, Gas; Minister of Transportation; and Minister of Works.Tinubu also included 13 members of the organized private sector to drive the nation’s economy.The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one year, subject to the President’s directive: Alhaji Aliko Dangote; Mr. Tony Elumelu; Alhaji Abdulsamad Rabiu; Ms. Amina Maina; Mr. Begun Ajayi-Kadir; Mrs. Funke Okpeke; and Dr. Doyin Salami.The rest members are: Mr. Patrick Okigbo; Mr. Kola Adesina; Mr. Segun Agbaje; Mr. Chidi Ajaere; Mr. Abdulkadir Aliu; and Mr. Rasheed Sarumi.

In the president’s determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan. The taskforce comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth. The EET is now mandated to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six months, for immediate implementation within two weeks of its inauguration.The EET will meet twice weekly and is composed of the following members: Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET); Minister of Budget and Economic Planning; Minister of Power; Minister of Agriculture and Food Security; Coordinating Minister of Health and Social Welfare; and Minister of Industry, Trade and Investment.Others include: Governor of the Central Bank of Nigeria; National Security Adviser; Chairman, Nigeria Governors’ Forum; Governor of Anambra State; Governor of Ogun State; Governor of Niger State; Executive Chairman, Federal Inland Revenue Service; Director-General, Budget Office of the Federation; GCEO, NNPC Limited; Director-General, Nigeria Economic Summit Group; Special Adviser to the President on Energy; Dr. Bismarck Rewane, Economist; and Dr. Suleyman Ndanusa, Economist.The Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves as the working group under the Presidential Economic Coordination Council (PECC), playing a crucial role in the economic governance structure established by the President. The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate (six months).The EMT is composed of the following officials: Coordinating Minister for the Economy and Minister of Finance (EMT Chairman); Governor of the Central Bank of Nigeria; Minister of Budget and Economic Planning; Minister of Industry, Trade and Investment; Minister of Communications, Innovation and Digital Economy; Minister of Works; Minister of Labour and Employment; and Minister of Agriculture and Food Security.Other officials include: Minister of State, Petroleum Resources; Minister of State, Gas; Minister of Power; Minister of Transportation; Minister of Aviation and Aerospace Development; and Minister of Marine and Blue Economy.The Chairman of the EMT may, as needed, call on any Federal Minister or Head of Agency to brief the EMT on key programmes and developments affecting the economy.The President’s formation of the PECC, under his Chairmanship, alongside the creation of the EET, led by the Chairman of the EMT, and the EMT itself, is the manifestation of a unified strategy aimed at enhancing Nigeria’s economic management architecture for verifiably improved performance. The formation of these teams will complement existing economic governance structures, including the National Economic Council (NEC), which is chaired by the Vice-President.Over the next six months EET will focus on the rapid implementation, monitoring, and evaluation of critical initiatives, strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.

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North-East Region Loses  $6.7bn to Insurgency — Zulum

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By Tony Obiechina, Abuja

Governor of Borno State, Babagana Zulum has revealed that the North Eastern states lost $6.7billion to insurgency.

He stated this during a visit to the Director-General, Nigeria Country Department of African Development Bank (AfDB), Mr Lamin Barrow in Abuja.

Zulum made the assertion while commending AfDB on the implementation of its $65.

75million Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme (IBSDLEIP) to ameliorate insurgency.

Currently, IBSDLEIP is implemented in the North East states of Bauchi, Borno, Adamawa, Gombe and Taraba.

Zulum said the root driver of insurgency in the state was hunger and the initiative focuses on providing basic amenities that would reintegrate the Internally Displaced Persons (IDPs) into the society.

He said, “First and foremost, I want to commend the bank on the successes so far recorded in the implementation of the Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme in Borno State.

“The insurgency in Borno has triggered acute humanitarian and livelihood crises, devastating the economic activities of our populace, with the root cause to be poverty and lack of basic infrastructure.

“An outcome of the recovery and peacebuilding assessment of the impact of insurgency revealed that over 6.7 billion dollars were lost to insurgency, out of which Borno state accounted for two-thirds of the amount.

“The implementation of the Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme has helped us in addressing some of the humanitarian, livelihood and infrastructural problems arising from Boko Haram Insurgency in the State.”

Zulum expressed the state’s readiness to abide by the set rules and regulations of the bank, adding that, “We are ready to abide by the project procurement processes and implementation guidelines of the bank and we are also committed to working with the bank’s team and other stakeholders to ensure the completion of the project.”

Responding, AfDB’s Director-General expressed the continued commitment of the bank to support the reintegration of the displaced population in the state and improve the livelihoods of the people.

Barrow said, “We want to commend the Governor for his visionary and hands-on leadership style. We reassure him and the state of the commitment and continued support of the bank in improving the livelihoods and quality of life of the people of Borno State.”

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