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National Assembly raises 2018 budget to N9.12tn

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The National Assembly has raised the 2018 budget by over N508bn, bringing it to N9.12tn.

The original estimates presented to the legislature on November 7, 2017 by President Muhammadu Buhari totalled N8.612tn.

The new budget size was contained in the report of the joint Senate and House of Representatives Committee on Appropriation laid before lawmakers in Abuja on Tuesday.

The crude oil benchmark price of the budget was also increased from $45 to $50.5.

The benchmark alteration confirmed a story by The PUNCH on May 1, 2018 that lawmakers had proposed to increase the benchmark because of the steady rise in the global price of crude.

From about $50 per barrel in November 2017 when Buhari laid the budget estimates, lawmakers noted that the crude oil price had jumped to around $80.

At the House of Representatives, the Chairman, Committee on Appropriation, Mr. Mustapha Bala-Dawaki, presented the report to the House session, which was presided over by the Deputy Speaker, Mr. Yussuff Lasun, on Tuesday.

Lasun announced that the budget would be passed today (Wednesday).

He asked members to pick copies of the report as early as 8am and read it, preparatory to the consideration and passage of the budget.

“Get your copies as from 8am so that by afternoon, we will begin to pass the budget. This announcement is very important, because we will adjourn the House on Thursday to go for the APC congresses”, the deputy speaker informed his colleagues.

There are other changes to the original document as contained in the National Assembly report, different from Buhari’s proposals.

In the President’s estimates, the recurrent expenditure was captured as N3.494tn. But in the new report, it was raised to N3.516tn.

Similarly, the development fund for capital expenditure was raised to N2.869tn from the N2.652tn proposed by the President on November 7.

The provision for statutory transfers also rose to N530.421bn from N456bn.

Debt servicing provision rose to N2.203tn from N2.014tn. The new figure includes the N190bn for the “Sinking Fund.”

However, the naira/dollar exchange rate was retained at N305 to $1.

The daily crude oil production was also retained at 2.2 million barrels.

Also, the Senate on Tuesday received the report on the 2018 Appropriation Bill from the Committee on Appropriations and might pass the budget today (Wednesday).

The Chairman of the committee, Senator Danjuma Goje, laid the report before the Senate at the plenary on Tuesday.

The Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi-Abdullahi, had on different occasions said the budget would be passed after the report was presented.

‘We’ll pass remaining parts of PIB in July’

Meanwhile, the ad hoc committee of the House on the Petroleum Industry Bill started a public hearing on the three remaining parts of the PIB on Tuesday.

The committee, which, is chaired by the Chief Whip of the House, Mr. Alhassan Ado-Doguwa, presented the three bills.

They are the Petroleum Industry Fiscal Bill, 2018; Petroleum Producing Host and Impacted Communities Bill, 2018; and Petroleum Industry Administration Bill, 2018.

The National Assembly has already passed the Petroleum Industry Governance Bill, 2017, now awaiting the assent of Buhari.

The Speaker of the House, Mr. Yakubu Dogara, who opened Monday’s hearing, disclosed that by July, the three bills would have been passed.

“We are ready to pass these bills before proceeding on our annual recess. The commitment is there to make a break from the delays of the past years,” Dogara assured the session.

On his part, Ado-Doguwa gave reasons why the current 8th Assembly opted to split the PIB into four parts.

He explained that in the past, the PIB suffered setbacks because all the issues were rolled into one bill.

Ado-Doguwa recalled that some of the issues generated controversies and resulted in the entire bill being rejected.

He stated that this time round, the issues were separated in the four bills so that they would be adequately addressed on their merits.

He added, “You are aware that the PIGB has since been passed by this legislature. These remaining three bills are already on course and we are looking forward to passing them as well.

“In this way, we will have separate bills, each addressing a particular oil industry issue in order to avoid the pitfalls of the past.”

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; and the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, were absent at the hearing on Monday.

Commenting on their absence, Dogara said it showed the seeming lack of interest of the executive arm of government in having the PIB in place.

“I can see that the minister and the NNPC boss are not represented here. That is not a problem. On our part, we have resolved that before we break for our annual recess, we will pass these bills”, the speaker said.

FG has capacity to implement N9.1tn budget – Experts

Finance and economic experts said that the N9.1tn budget size was implementable.

Those who spoke to one of our correspondents in separate telephone interviews were the Registrar, Institute of Finance and Control of Nigeria, Mr. Godwin Eohoi; a former Director-General, Abuja Chamber of Commerce and Industry, Mr. Chijioke Ekechukwu; and a developmental economist Odilim Enwagbara

Eohoi said in view of the fact that oil prices had been on the upward trend in recent times coupled with the aggressive tax revenue drive of the Federal Government, implementing a budget of that size would not be too difficult.

He stated, “It will be possible to finance the budget of N9.1tn because looking at the oil price, it was at $50 to a barrel when the budget was presented, but now it’s selling for above $70 per barrel. So, it is still within acceptable limit for the lawmakers to raise the benchmark to $50 per barrel.

“There are other windows available for the government to generate more revenue considering the aggressive drive to raise tax revenue from six per cent of the GDP to 15 per cent. So, I think the budget is implementable by the government.”

Enwagbara said at N9.1tn, the Federal Government’s budget was still low compared to the country’s GDP size.

He noted that for the budget to make any significant impact, it must be raised to about 10 per cent of the GDP.

He stated, “Nigeria’s budget is for consumption and what they did is to increase the capital portion of the budget. But I believe we should also raise the budget benchmark price from the $50 proposed by the lawmakers to $80 per barrel to enable us to deploy more revenue to fund the budget.

“The budget should be increased further to about 10 per cent of our GDP because we have one of the lowest budgets in the world. When South Africa is budgeting about $200bn, Nigeria has about $28bn budget for the year, this is very low for us as a country.”

Ekechukwu, on his part, stated, “The increase in the budget figures by the National Assembly can be absorbed by the expected revenue from oil and other sectors.

“This revenue expectation does not obliterate the deficit end of the budget, which will still be funded by debts. Much as the debt profile of Nigeria is rising every day, the debt to the GDP ratio is still not above any tolerable benchmark.

“As far as the increase is not arising from indiscriminate and arbitrary increase for selfish gains, the budget will be implementable.”

An economic expert and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said the expected increase in revenue on the back of rising oil prices should either be used to reduce government borrowing or be channelled entirely to capital projects rather than increasing recurrent expenditure, debt servicing and statutory transfers.

He stated, “If the government is projecting an increase in revenue, that increase in revenue should have been used to bring down the amount that it is going to borrow in the fiscal year, and subsequently bring down the debt service costs. That way, the government would have had a more prudent fiscal budget.

“What will be the motivation for increasing the statutory transfers? It simply means that more money is going to the National Assembly, because part of the statutory transfers goes to the National Assembly, the judiciary and some agencies of government that are self-accounting. I think ordinarily, everybody in the National Assembly should be focused on having a more prudent financial position for the Federal Government.”

Source: Punchng.com

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Energy

Gov Mbah Revamps, Upgrades Nigergas after 30-year Dormancy

REPORT by ORJI ISRAEL

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Nigergas by Peter Mbah --
Governor Peter Mbah unveiling the newly revived Nigergas plant in Enugu

… Plant to create 5,000 jobs, produce 100 cubic metres of oxygen, 45 cubic metres of acetylene per hour

… Nitrogen, argon gas; carbon dioxide, CNG Stations in the pipeline

… Dr. Uduji: Mbah, Nehemiah of our time, rebuilding broken walls

…Kanayo O. Kanayo: Security is working in Enugu

Nigergas by Peter Mbah ----
The Nigergas Company

Governor of Enugu State, Dr. Peter Mbah, on Thursday, unveiled Nigergas Company Limited, revamped and upgraded by his administration after over three decades of dormancy.

Mbah said Nigergas had so far created direct employment for over one hundred skilled and semi-skilled workers, and would further create over 5,000 indirect jobs across distribution, fabrication, transport and supplies chain.

He stressed that the revival of Nigergas company, which was established in 1962 as part of Dr. Michael Okpara’s after decades of abandonment, was another proof of his administration’s commitment to reviving state-owned moribund assets and grow Enugu State’s economy from $4.4bn to $30bn.

“What we have revived and unveiled today is not simply metal and a network of pipes; it is the restoration of purpose, dignity and productivity to a site that once symbolised Eastern Nigeria’s industrial promise.

“When we speak of the goal to grow our GDP from $4.4bn to $30bn, it is not mere posturing. It is rooted in the conviction that Enugu can become a truly diversified, self-reliant economy, if we muster the will to do things differently to launch us to the future we dream of,” he stated.

On Nigergas’ rehabilitation model, capacity, and expansion plan, Mbah said, “we approved a full rehabilitation scheme and a management model that blends public ownership with private-sector performance discipline.

“The intention was clear: retain public ownership, but run the facility on modern, accountable, commercially viable lines.

“So, today, Nigergas returns to production with modernised equipment and clear technical specifications designed to meet immediate healthcare and industry needs.

The Nigergas

“The plant’s installed capacity has been upgraded to produce significant volumes of medical and industrial gases, ensuring steady local supply and reducing dependence on distant, expensive suppliers.

“Crucially, the plant will supply liquid oxygen, medical and industrial oxygen, and acetylene gas to our hospitals, welders, agro-processors and manufacturers, improving clinical outcomes and reducing production costs for businesses that are the backbone of local livelihoods.

“The new plant has a capacity to produce 100 cubic metres of oxygen per hour; and 45 cubic metres of acetylene per hour.

“We will soon bring on stream these additional products: nitrogen; argon gas; carbon dioxide; and CNG stations,” he said.

He maintained that Nigergas’ revival would guarantee access to reliable medical oxygen saves lives, on-demand industrial gases to lower operating costs, speeds turnaround and keeps workshops and factories turning.

“These improvements ripple outward: increased industrial activity strengthens our revenue base, and deepens opportunities for MSMEs,” he said.

He commended the Managing Director of the Enugu State Investment Authority, and the Commissioner for Trade, Investment and Industry, Dr. Sam Ogbu-Nwobod; the engineering firm, Ten Gas Development Ltd (a division of INDEV GROUP and the community leaders of Emene for their roles in resurrecting Nigergas.

speaking, Dr. Ogbu-Nwobodo expressed joy that although the firm established by Dr. Okpara Administration in partnership with Siad Machine Impianti was abandoned for over three decades due to mismanagement, misappropriation of revenue, abuse of company resources, nepotism, and weak corporate governance, Governor Mbah had restored the lost dreams.

The Managing Director, Ten Gas Development Ltd., Chief Chike Madueke, noted that the restored Nigergas would provide training and thousands of employments for the youths of the state.

The Chairman, Enugu State Traditional Rulers Council, Igwe Samuel Asadu; community leader and health consultant, Dr. Joy Uduji; Chairman of Enugu East LGA, Pastor Beloved Dan Anike and a businessman, Engr. George Ndubeze Ugwu, also commended Mbah for not only breathing life into dead state-owned assets, but for also building infrastructure that make lives better and enable businesses to thrive.

The Nigergas

“You are the Nehemiah of our time. Like Nehemiah, who came and supervised the rebuilding of the walls of Jerusalem, you have also come to rebuild Enugu State,” Dr. Uduji said.

Speaking, Nollywood veteran actor and movie produce, Kanayo O. Kanayo, said, “It is not praise-singing, security is working here because when I come to make movies here, we usually stay out late into the night at Nike, and we are safe.”

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Transport

August24news Publisher, Ajagbe, Set to Present Best Driver and Best Conductor of The Year Awards

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Publisher, August24news.com, Mr. Ajagbe Adeyemi Teslim
Publisher, August24news.com, Mr. Ajagbe Adeyemi Teslim

As part of efforts to sanitize and project the image of the transportation system in Lagos State and ability to reward good deeds and eliminate the bad eggs among the drivers and conductors in the state, Lagos-based frontline journalist and publisher of Nigerian Online Newspaper, August24news.com, Mr. Ajagbe Adeyemi Teslim is set to present the best driver and best conductor awards to deserving professionals in the state.

The competition is expected to start in January 2026 and end by December 2026 and it has been designed to be a yearly competition after the maiden edition.

The parameters and measures put in place to pick the Best Driver and Best Conductor in the state is through commuters’ commendations, score cards, online voting system by the general public, public opinions and other relevant methods.

Many drivers and conductors in Lagos State are known for their lackadastical attitudes, but there are still good ones among them, which is the reason we want to reward the good ones among them so that the wrong ones will emulate from the rewarded ones.

Speaking at a press conference in Lagos, the convener of the Award and Publisher of August24news.com, Mr. Ajagbe Adeyemi Teslim highlighted some of the marks expected in every drivers and conductors before winning the awards.

He said they must possess good characters, good dress sense, good driving skills, saying that drivers and conductors must charge their passengers reasonable transport fares, possess good communication skills and relate well with their passengers, they should avoid stoping at undesignated bus-stops, avoid handling our naira with care because the way they are mishandling our naira is one of the reason why our currency is fading and changing faces.

In addition, he said that they should avoid bribing officials of the Lagos State Traffic Management Authority (LASTMA) and other road transport officials because they want to have their ways, they must receive and welcome their passengers with smiles and greetings, avoid pushing and roughhandly their passengers into and outside the bus, they must not smoke and drink before or while on duity.

He said they should be able to help passengers with free ride if the person pleads with them and they should not fight passengers whose fare is not completed, they must not make calls while driving, they should sit properly and avoid hanging on the bus, avoid picking passengers at unapproved bus stops and his or her bus must be in good condition before plying Lagos roads.

On what would be the benefits of the winner, Ajagbe stated that the winner will go home with over dozen gifts which include, a brand new bus, a brand new private car, a duplex,  free 20 liters of fuel daily for a month, twenty four million naira cash, brand ambassador contract, driving contract, tour of 10 notable places in the state, courtesy visit to 10 dignitaries in Lagos State, automatic employment for two of his children in Lagos State, 24 different native and English attires from a popular designer, 24 new tyres, an award plaque, conductor and driver bet, a befitting gala night and Letter of commendation from the Lagos State Government, adding that the best conductor will also get whatever the driver gets.

When asked about what prompted the idea, the publisher said that he had witnessed many ugly incidents among Lagos drivers and conductors, which he said made him think of a way to change the narrative and to rebrand the profession.

According to him, “we want to put them on the watch, we want to set an agenda for them, we want to curb thier lakadastical act and non-challantant attitude such as drinking and smoking while on duty as well as reward the best among them, eradicate the bad ones and also encourage others so that they can be emulated.

He added that there is no agency that monitors thier activities in the state, claiming that what the National Union of Road Transport Workers (NURTW) and local governments does is just to collect fees and levies from them.

Speaking further, he said; “I have witnessed a situation where drivers and conductors beat passengers because of a mere 10 naira change during argument.

“I have witnessed, where drivers and conductors abused and insulted passengers which led to trauma. I have seen where a passenger was stranded, trekked home and even begged for transport fares simply because a wicked conductors took his change away. I have seen where people where properly dressed, clean and neat, unfortunately a public bus tore and dirty thier cloth. These are people who are set for their daily jobs, going for job interviews and attending social gathering.

He said that on numerous occasions, he had seen situations where conductors and drivers returned lost phones, gadgets, loads and even bags of money to their passengers, saying that “we must not shy away from the truth or be economical with the truth, the good ones are still living and must also be recognized and rewarded.”

“I have not seen when conductors give passengers free ride out of the 365 days in a year. Some of them are not friendly with their customers, they should be able to give back to the society or their passengers and they should be ready to partake in CSR. Anyone who does this will win the award of the year,” he said

When asked what his organisation stands to benefit from the awards, Ajagbe told newsmen that his target are numerous because “we want the best for Lagos State and Nigeria as a whole. We want them to be responsible and accountable to their passengers and the general public. We want commuters to get value for their money, We want them to be good ambassadors because foreigners and the international communities see their practice.

“We want to set an agenda for them, we want to change the narrative, we want to change the public orientation that public bus drivers and conductors are respected people and not bad people as people see them.

“Some of them are always the cause of accidents on our roads due to their lakadastical attitude. We want the government to put them on a good pedestal. We want them to put a stop to their hooliganism and fighting during the cause of their business.

“The NURTW and the local governments are levies collectors. We want the state government to mandate drivers and conductors to start wearing uniforms and have numbers to identify the erring ones among them,” he stated.  

Speaking on the measure and yardstick to pick the best driver and best conductor among the thousands in the business, Ajagbe stated that members of the public will engage in voting after evaluating all the requirements.  

The drivers and the conductors will also appeal to their passengers to vote for them via hard copy forms, sms text code and online voting.

Ajagbe said that all commercial buses drivers and conductors in Lagos State are eligible to participate in the competition because it is free, adding that no payment is required to participate in the competition once he or she is a registered member of the union in a specific garage attached to a route in Lagos State.

When asked if the project will fly and accepted by members of the public and even get sponsors, Ajagbe said that 90 percent of Lagosians ply public busses on a daily, weekly, monthly and yearly basis to their various destination and they must have had one or two experiences with some of these drivers and conductors and they will be willing to share their positive or negative thoughts.

He stressed that the job is taking a new look and dimensions, particularly when it’s coming with rewards and that sponsors are always keen to assist creative ideas and concepts like this.

“We would work in hand with the Lagos state government, the state Ministry of Transportation, Lagos State Branch of the NURTW State, local government branch and Unit Chairmen, drivers and conductors association and other relevant agencies attached to transport business in Lagos state”. Ajagbe added.

Ajagbe revealed that the whooping sum of one billion naira (1.000,000,000) is proposed for the project and then called on the Lagos state government, the ministry of Transportation, corporate bodies, well meaning Nigerians to key into the idea and response promptly to the proposal sent to them as he can be contacted through; [email protected] for sponsorship and partnership to produce the best Driver and Best Conductor in Lagos State.

Commenting on the project, is former LAGOS State commissioner for Transportation, Hon. Dr. Muiz Banire (SAN) stated that it is a laudable project that will add honour to the work of the commercial bus drivers and conductors in Lagos State as he kindly appealed to sponsors to fully support the project.

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Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.

The tool is expected to make compliance easier and improve transparency in the system.

In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.

“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.

Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.

The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.

Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.

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