Connect with us

News

FG spent N12.87trn in 2022 – Minister

Published

on

The Federal Government said it spent N12.87 trillion against the N17.126 trillion budgeted for 2022 as at Nov. 30, 2022.

Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, said this at the Public Presentation and Breakdown of the Approved Federal Government 2023 Budget on Wednesday in Abuja.

Ahmed said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion was for personnel costs.

“The actual spending as of November 30 was N12.87 trillion.

“Of this amount, N5.24 trillion was for debt service; N3.94 trillion for Personnel Costs, including oensions; Statutory Transfers, Overhead and Service Wide Votes expenditures totalled N1.81 trillion; and N1.88 billion was released for capital expenditure.”

Meanwhile, the minister said the fiscal deficit for 2022 was estimated at N8.17 trillion, inclusive of the supplementary Budget.

She also added that as at Nov. 30, 2022, the deficit was N6.37 trillion.

“The deficit was totally financed by borrowings, mostly from domestic sources.”

President Muhammadu Buhari signed the 2023 Appropriation Bill of N21.83 trillion into law on Tuesday.

However, the National Assembly (NASS) passed the 2023 Budget on Dec. 28, 2022 after it was laid before a joint session of the NASS on Oct. 7, 2022.

Newsmen gathered that the main aim of the 2023 Appropriation Act was to maintain fiscal viability and ensure smooth transition to an incoming administration.

The Act is aiso known as “Budget of Fiscal Consolidation and Transition’’.

Meanwhile, the Finance Bill 2022 was also passed to reinforce the administration’s public financial management reforms.

The Act is expected to make key reforms on tax laws and others

News

Gov. Adeleke flags off N14.9bn flyover bridge in Ile-Ife

Published

on

Gov. Ademola Adeleke of Osun on Tuesday flagged off N14.9 billion flyover bridge at Lagere junction in Ile-Ife.
Adeleke, during the ceremony said that the project would be completed within 12 months.
The governor said that the location of the project was  justified on the ground of easing traffic, facilitating connectivity and attracting adjacent economic activities.
According  to him, Ile Ife deserves not only an infra upgrade, but a classical  upliftment to enhance the tourism capital of the ‘divine’ town.
Adeleke also said that he was also using the occasion to  flag off the construction of 55 kilometers of roads across the 30 local governments and the area office in the state.
“After compliance with the due process and procurement laws,  the flyover bridge is awarded to Messrs Sammya Nigeria Limited at a total project cost of N14.9 billion.
” The completion period is 12 months and additionally, I flag off the construction of Local Government Roads totalling 55.86km at the cost of N30.7 billion.
“This is also to have a completion period of 12 months,” he said.
 “I want to use this platform to assure elders, sons and daughters of Ile-Ife that our government is committed to solving the many developmental issues facing this city,” he said.
Adeleke urged the  contractors and the host communities to partner closely for the successful execution of the projects.
Also, Mr Samuel Adigun, the Chairman, Sammy Construction Company, said that the flyover would be completed within 12 months and would be iconic.
Adigun explained that the flyover would be 1.1 kilometre  in length and would reduce the traffic situation in Ile-Ife.
In his remarks, the Ooni of Ife, Oba Adeyeye Ogunwusi, commended the governor for the flag-off of the flyover.
Oba Ogunwusi, however, appealed to the governor to ensure the timely completion of the project.
The Ooni also urged the governor to assist in rehabilitating bad roads in Ile-Ife and expand them, if need be.
Continue Reading

News

Terrorism: ECOWAS to raise $2.4bn to fund counter-terrorism standby force

Published

on

The Economic Community of West African States (ECOWAS) says it is working to set up a counter terrorism force to tackle security threats within the sub-region.

The Commissioner Political Affairs, Peace and Security of ECOWAS, Amb. Abdel-Fatau Musah, stated this at the opening of a three-day consultative meeting of Commandants of the three designated ECOWAS Training Centres of Excellence.

The three centres of excellence are the National Defence College, Nigeria, Kofi Annan International Peacekeeping Training Centre, Ghana, and Ecole de Maintien de la Paix Alioune Blondin Beye, Mali.

The consultative engagement is a bi-annual event coordinated by the Directorate of Peacekeeping and Regional Security of ECOWAS.

It is to support training, capacity building, research and development of the ECOWAS Standby Force, and the general peace and security within the sub-region.

Mali which is housing one of the training centres of excellence was absent at the meeting.

This may not be unconnected with the recent move by the country alongside Niger and Burkina Faso to exit the ECOWAS community.

Musah said that terrorism was cascading across the region and there was need to have counter terrorism forces to contain its spread.

“This is the decision, and in the coming weeks,  ECOWAS has already with the Chief of Defence Staffs, developed operational modalities, the concept of operations and everything for us to aggregate.

“It will be something like an advance rapid reaction force of a battalion that will be able to confront terrorists’ bases.”

He explained that as part of the resolution of the authority of Heads of States, 2.4 billion dollars would be raised to fund the ECOWAS standby force to tackle the security challenges headlong.

“The Heads of States have decided that on the first year, we must raise about 2.4 billion dollars to support the operation of this force in order to face the terrorist.”

Musah said out of the amount, the Heads of States have directed member states contribute one billion dollars to commence the operation of the stand-by force.

He also explained that Ministers of Defence and Finance from the sub-region would be meeting to fashion out funding modalities for the force.

“This brings me to why this exercise is so critical today.

“If you look at our region, it is being ravage by terrorists. Today Burkina faso has overtaken Afghanistan as the most terrorised state on earth, and Africa has become home to terrorists organisations.

“Elsewhere in the world there are opportunistic terrorists attacks like we saw in some countries not too long ago.

“We are faced with the nightmare of having one of our member states being completely occupied by terrorist groups.

“If they set up a front base in one country then no country is safe, and we have already seen the impact of that on some of the coastal countries –  Benin, Togo, Ghana and Cote d’voir – over the past few years.”

The ECOWAS commissioner, however, said Nigeria has been able to degrade the Boko Haram terrorists.

“In Nigeria, thanks to the efforts of the Nigerian Government, Boko haram have been degraded to the extent that they do not post a sustainable threat to the peace and security of Nigeria.”

Earlier, the Commandant National Defence College, Rear Admiral Olumuyiwa Olotu while welcoming participants to the meeting, said West Africa was the only region that assigned training centres with special mandate.

He, therefore, urged the participants to take advantage of the opportunity to exchange useful ideas to enhance operations against terrorist groups in the region.

Continue Reading

News

Tinubu to return Wednesday – presidency

Published

on

The presidency has announced that President Bola Tinubu and his aides will return to Nigeria from Europe on Wednesday.

The special adviser on information and strategy to the president, Bayo Onanuga, announced in a post on his X handle on Tuesday.

“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

On April 22, Tinubu left Abuja, the country’s capital, for the Netherlands on an official visit.

The presidential spokesperson, Ajuri Ngelale, stated that the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

After the engagements in the country, Tinubu travelled to Riyadh, Saudi Arabia, between April 28 and 29 to attend a special World Economic Forum meeting.

Details later…

Continue Reading

Trending