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2024 budget implementation: Tinubu warns MDAs on performance, assents to N28.7trn appropriation bill

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…Sets aside N100bn for feeding school children

…Defence, internal security, job creation, macro-economic stability, top priorities

…Statutory transfer to Judiciary increased from N165bn to N342bn

By Moses Adeniyi

President Bola Tinubu, on Monday, signed the 2024 Appropriation Bill into law, warning Ministries, Departments and Agencies (MDAs) must provide regular reports of the budgetary performance to help ordinary Nigerians.

The goal, according to him, “is to promote efficiency, dedication, and accountability.”

“If you cannot do that, you may have to leave us to do the job on your behalf,” he warned.

The signing of the budget early, he said, was to keep up with his avowed commitment to maintaining a timeous, predictable, and efficient budget cycle.

“All MDAs have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such.

“The Minister of Finance and Coordinating Minister of the Economy shall hold regular reviews with the Economic Management Team and, in addition, I shall Chair periodic Economic Coordination Council meetings,” President Tinubu said while assenting to the bill in his office at the Presidential Villa State House, on Monday, shortly after returning to Abuja from Lagos.

Present at the signing were President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas.

Other senior government officials present at the brief ceremony include: Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.

Speaking at the signing of the bill, the President assured Nigerians that the implementation of the budget would be efficiently pursued and vigorously monitored.

He said, “Today the first holiday on the calendar. Thank you very much I must say. When I presented the budget on November 29, 2023, I presented N27.5 trillion and left room and I called for expeditious treatment of the budget, the review, the passing, the debate and all that.

“Today we have a budget of N28.7 trillion with an increase of N1.2trn over the proposal that I submitted. I thank the National Assembly for this prompt review adjustment and auditing necessary. This is evidence and a great testament to the excellent relationship between the executive and the legislature. We should keep it up.

“In my address then, I remarked that the budget is a budget of renewed hope. It is anchored on reducing the deficit and increasing capital expenditure particularly in our priority areas. The Approved 2024 budget that we just approved achieves both objectives. It contains a very good increase in the capital side, a reduction in recurrent expenditure and it brought down the deficit from 6.11 percent to 3.88 percent. That, to me, is an achievement.

“Then we can debate in the area of economic thinking. Whether capital expenditure and reduction in the current means what? It is subject of interpretation. It means a lot. It means where the hope is hanged in development and particularly human capital development.

“When you pay attention to education, health and road infrastructure you are resuscitating the economy and making sure that the ordinary people are carried along.

“Let me take one of it. While we take power and steel and other projects, one of the priority areas we just passed is the N100 billion provision for the feeding of school children. That is a stimulant that will encourage our school attendance and others.

“I have been meeting with local governments at sub-national levels so that we can collaborate and jointly bring an all inclusive programme that will help. Yes, I’m pleased with what you’ve done with the judiciary and other areas.

“All other details will be mentioned in future.

“I cannot conclude my remark without saying that a budget is only as good as its implementation. We will implement this. I want to assure Nigerians that all the MDAs and our teams have been warned. That’s why we even take our time to separate economic planning from finance.

“MDAs must have a regular report of the budgetary performance in the area that we put in place to help ordinary Nigerians.

“The goal is to promote efficiency, dedication, and accountability. If you can not do that, you may have to leave us to do the job on your behalf.

“Signing the Appropriation Act today is a great honour because to me as a politician and head of state, there is no holiday.

“When I was campaigning for this job, I made a pledge that I will commit myself fully and I found team members particularly Wale Edun, Atiku Bagudu, the National Assembly leadership and all of you.

“I know what today means to everybody and weeks before today when I brought the budget, it was like can we meet the first of January. Can we meet at the end of December? All in question marks. You delivered sincerely.”

President Tinubu assured that all the institutional mechanisms shall be held to account in ensuring diligent implementation.

The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasised that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.

“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from 165 billion naira to 342 billion naira,” the President said.

Some of the key estimates are: capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion, and statutory transfers, N1.7 trillion.

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Shettima departs for 2024 US-Africa Business Summit in Dallas

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Vice-President Kashim Shettima is expected to depart Abuja for Dallas, United States of America, to represent President Bola Tinubu at the 2024 US-Africa Business Summit.

The summit is organised by the Corporate Council on Africa.

Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice-President, said this in a statement on Sunday in Abuja.

Nkwocha said Shettima would join other political and business leaders across Africa, the USA and beyond for the summit.

According to him, the summit will feature high-level dialogues, networking business sessions and the plenary, all scheduled for the Kay Bailey Hutchison Convention Center in Dallas, Texas.

He said that the African leaders expected at the summit include, the President, Republic of Liberia; Joseph Boakai, President, Republic of Malawi; Lazarus Chakwera and the President, Republic of Angola, Joao Lourenço.

Nkwocha said other African leaders that would grace the summit are the President, Republic of Botswana, Mokgweetsi E. K. Masisi, President, Republic of Cabo Verde, José Maria Neves, and the Deputy Prime Minister, Kingdom of Lesotho, Nthomeng Majara.

He said besides the summit’s plenary, Shettima would speak at the Roundtable on African Infrastructure Investment with a focus on impact and returns.

” He (Shettima) is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses.

” Additionally, the Vice-President will speak at a plenary session on Navigating Africa’s Energy Future as well as chair a session dedicated to promoting the ‘invest in Nigeria’ initiative.

” He is also expected to attend other meetings and engagements on the sideline of the summit.”

Nkwocha said that Vice-President Shettima is expected back in the country at the end of his engagements in the US.

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Israeli to close Al Jazeera’s operations in the country – PM Netanyahu

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Prime Minister Benjamin Netanyahu said his Cabinet has unanimously voted to close broadcaster Al Jazeera’s operations in Israel.

The move came after Israeli lawmakers recently approved a new media law widely referred to as the “Al Jazeera law” that gives the government powers to ban foreign broadcasters if they are deemed a risk to state security.

Netanyahu announced the Cabinet decision in a post on X, formerly Twitter, in which he called Al Jazeera “the hate channel.”

Israeli Communications Minister Shlomo Karhi said on Sunday that he had signed the closure order and that it would be implemented immediately.

According to Israeli reports, this means that offices in Israel could be closed, broadcasting equipment confiscated, the station removed from cable and satellite television channels and its website blocked.

The Israeli government had accused Al Jazeera, which is based in the Gulf emirate of Qatar and has a wide reach in the Arab world, of biased reporting on the ongoing war against Hamas militants in the Gaza Strip.

Al Jazeera has reported extensively on the catastrophic situation in the Palestinian territory and shown images of death and destruction that are rarely seen on Israeli television stations.

The channel also regularly shows videos of attacks on Israeli soldiers by Hamas’ military arm, the Qassam Brigades.

The channel has rejected allegations of bias and, in the past, accused Netanyahu of spreading “new lies and inflammatory slanders” against the network.

Al Jazeera has also accused the Israeli military of deliberately targeting journalists on several occasions.

Netanyahu has accused Al Jazeera of “damaging Israel’s security, actively participating in the massacre on October 7 and inciting against Israeli soldiers.”

Al-Jazeera was founded in 1996 and is headquartered in Doha. It was one of the first Arab TV stations to publish critical reports on the region and quickly gained popularity.

The Israeli government’s efforts to ban Al Jazeera have drawn criticism from some of the country’s most prominent allies, including the United States and Germany.

The U.S. State Department expressed irritation of the decision and reiterated support for the free press all over the world.

A German Foreign Office spokesman also criticised the so-called Al Jazeera law last month: “A free and diverse press landscape is the cornerstone of a liberal democracy.”

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OTC 2024: PETAN leads stakeholders on sustainable energy solutions for Africa’s future

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The Petroleum Technology Association of Nigeria (PETAN) has led delegates to the 2024 Offshore Technology Conference (OTC) in Houston, Texas U.S. to discuss sustainable energy solutions for Africa’s future.

Mr Kevin Nwanze, Executive Secretary, PETAN, disclosed this in a statement on Sunday in Lagos.

Nwanze said that PETAN’s Nigerian pavilion at OTC 2024 would be hosted under the theme, “Sustainable Energy Solutions for Africa’s Future”.

He said that the conference would have more than 200 hours of multidisciplinary discussions and networking events, including a wide range of topics, suited for every participant.

PETAN scribe, however, called for stakeholders’ participation at the 2024 OTC, holding between May 6 and May 9 at the NRG Park, Houston, Texas, US.

According to him, PETAN has been responsible for hosting stakeholders at the OTC for many years.

“The association is calling on government agencies, stakeholders, oil and gas companies, and Nigerian investors to participate at the Nigerian pavilion at the prestigious event in Houston, U.S.

“Participation in the Nigerian pavilion shall deliver a unique opportunity for exhibitors and delegates to interact with global professionals

“As they share their insights on technological advances, energy transition, safety, environmentally focused solutions, and economic and regulatory impacts of the offshore energy sector,” he aded.

Nwanze said: “It allows organisations to engage with world leaders, CEOs, and government officials from around the world, with the chance to create and develop business relationships.

“And also tap into emerging regions vital to offshore development and obtaining recognition necessary for growth and visibility to thousands across the globe.

“Showcase your company’s capabilities to over 1,000 delegates and over 250 companies in the industry.

“Promote products and services to operators and contractors in the local region.

“Gain access to the latest industry news and access to networking opportunities with professional contacts from across the world.

“Network with the upstream, midstream, and downstream organisations and high-profile government officials and key decision-makers in the industry.

“Build and establish new leads as well as entrench a global presence in the industry.

“Get familiar with competitors’ capabilities to stay ahead in the industry,” the statement read.

The OTC 2024 expects over 31,000 energy professionals as attendees, 45 technical sessions, 450 presentations and over 1,300 exhibitors drawn from different countries, including Nigeria.

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