budget

Fayemi Presents ₦124.7b Budget Estimate To Ekiti Assembly

November 9, 2019 4:32 pm

Ekiti State Governor Kayode Fayemi has presented the 2020 Appropriation Bill of ₦124, 724,869,355.95 to the House of Assembly. The bill, which is christened ‘Budget of Deliverables’, has ₦53,538,093,806.59 (43 per cent) as capital expenditure, while the recurrent expenditure is ₦71,186,775,549.36 (57 per cent). Fayemi said the budget was tailored after his administration’s five-pillar agenda for development, which is aimed at enhancing good governance and speedy economic transformation of the State.

The breakdown of the budget along the five pillars give Agriculture and Rural Development N3,677,992,233.29 (three per cent), Knowledge Economy N24,704,934,736.29 (20 per cent); Social Investments ₦11,188,372,994.37 (nine …

Sanwo-Olu Presents ₦1.168trn 2020 Budget

Sanwo-Olu Presents ₦1.168trn 2020 Budget

November 8, 2019 1:31 pm

Lagos State Governor, Babajide Sanwo-Olu, on Friday presented a budget of ₦1.168 trillion to the Lagos State House of Assembly for approval for the 2020 fiscal year. The budget is higher than the 2019 appropriation bill by 34 per cent.

According to the Governor, Capital Expenditure amounts to ₦723.75 billion while Recurrent Expenditure is ₦444.81 billion, giving a capital to recurrent ratio 62:38 percent.

Sanwo-Olu disclosed that the proposed budget will be funded by a projected revenue inlay of ₦1.071 trillion and a deficit amounting to N97.53 billion.

“This, in our view, is strong for development. We have placed …

Okowa Presents ₦389.19bn As Delta 2020 Budget

Okowa Presents ₦389.19bn As Delta 2020 Budget

November 7, 2019 4:12 am

Delta State Governor, Dr. Ifeanyi Okowa, wednesday presented the 2020 Appropriation Bill of N389,190,799,362 approximately N389.19 billion to the state House of Assembly.

Okowa noted that he was presenting the 2020 Budget Estimates, christened Budget of Sustained Development ‘’from a position of cautious optimism’’ due to certain prevailing circumstances in the country.

Read Also: Iheme-Nwosu: Lawyers Boycott Courts In Edo, Imo

The budget estimate comprised Recurrent Expenditure of N171,549,384,315 and Capital Expenditure of ₦217,641,415,047.

This disparity between total recurrent and capital estimates signalled a positive development, indicating that the state government intended to spend more on capital projects than recurrent …

Germane Issues Up At Senate Committee Budget Defence

Germane Issues Up At Senate Committee Budget Defence

November 3, 2019 4:15 am
The recent screening and budget defence by ministries, departments and agencies (MDAs) before the Senate standing committees threw up some issues.The Minister of Interior, Rauf Aregbesola, set the ball rolling, when he said the least daily upkeep spent on a prisoner in America is N31, 000, which makes nonsense of the dignity of labour in Nigeria.
The Nigeria Labour Congress (NLC) is currently battling to get government to implement the N30, 000 minimum wage agreement.Even some states are finding it hard paying the N18, 000 minimum wage, which became applicable in 2011. It is exclusive of all deductions, except those
…
Reps Committee Appeals To Commission To Spend 2019 Budget

Reps Committee Appeals To Commission To Spend 2019 Budget

October 28, 2019 4:17 pm
The House of Representatives Committee on Diaspora has appealed to the National Commission for Mass Literacy, Adult and Non-formal Education (NMAC) to utilise the 2019 budget allocation that was released to it.
The committee, chaired by Rep. Tolulope Akande-Sadipe (APC-Oyo), made the appeal during the commission’s budget presentation on Monday.

Prof. Abba Haladu, Executive Secretary of the commission said that out of the approved budget of more than ₦900 million, ₦222 million was made available to the commission in September.

Haladu said that out of the ₦222 million released, the commission had only spent ₦8 million on planned projects.

The

…
Budget 2020: Senate Tinkers With Timetable, Shifts Deadline

Budget 2020: Senate Tinkers With Timetable, Shifts Deadline

October 27, 2019 7:31 am

• May Suspend Plenary For Another Week
• Urgent Need For NABRO Re-echoes

Despite its avowed commitment to giving accelerated consideration to processing of the 2020 budget proposal, the Senate has run into hitches with its schedule for the exercise.

Consequently, it has reviewed its budget consideration timetable to allow most committees yet to conclude work, and process their reports, to do so within seven days.

It would be recalled that the Senate President, Ahmad Lawan, had warned that any minister or head of any government agency that failed to defend their budgets by the end of October would not …

Senate Clerk Chases Journalists Out of Budget Session

Senate Clerk Chases Journalists Out of Budget Session

October 26, 2019 4:32 pm

The Clerk to the Senate Committee on Special Duties, Kabir Yaba Umar, yesterday evening chased journalists out of the budget defence session the committee had with management of the North East Development Commission and the National Commission for Refugees, Migrants and IDPs.

Umar had earlier in the morning extended invitation to the Senate Press Corps to cover the Committee’s budget defence session with the two Commissions at Senate Committee Room 211 by 2p.m. and 4p.m. respectively.

Reporters from various media organisations got to the venue on schedule and started taking notes before Umar walked up to the reporters and ordered …

FGN Urges Private Investors To Exploit Budget Opportunities

FGN Urges Private Investors To Exploit Budget Opportunities

October 25, 2019 3:01 am

The Federal Government of Nigeria, (FGN) has called on private sector investors to leverage the many opportunities that exist in the 2020 Appropriation Bill.

The proposed budget, FGN said, is intended to further reposition the economy on the path of higher, inclusive, diversified and sustainable growth, as well as create jobs.

Reiterating its commitment to strengthening partnerships with the private sector, the government also encouraged prospects to invest in infrastructure being concessioned through private-public partnerships (PPPs).

Director-General, Budget Office of the Federation, Ben Akabueze, said this at the 2019 Fellows’ Night and Investiture of the Institute of Directors (IoD) …

Femi: We Must Hold Budget Defence Behind Closed Doors

Femi: We Must Hold Budget Defence Behind Closed Doors

October 23, 2019 12:48 pm
The Speaker of the House of Representatives, Femi Gbajabiamila, has defended the decisions of some committees in the green chamber to hold budget defence behind closed doors.
Since the budget defence started about three weeks ago, some committees like North East Development Commission (NEDC), Niger Delta Affairs, Power, Foreign Affairs and Basic Education have been sending out journalists invited to cover the defence during the 2020 budget breakdown of various Ministries, Department and Agencies (MDAs).
But the Speaker, while speaking with journalists after making a surprise appearance at the budget defence of the House Committee on Agriculture, insisted that
…
2020 Budget: FG Proposes ₦15bn For Life Insurance Of MDAs

2020 Budget: FG Proposes ₦15bn For Life Insurance Of MDAs

October 23, 2019 6:09 am

The federal government has proposed ₦15 billion for payment of group life insurance of its employees. The proposal was contained in the 2020 Appropriation Bill presented by President Muhammadu Buhari before the National Assembly recently.

According to the federal government, the ₦15 billion would be used to pay for Group life insurance for employees of all federal government ministries, departments and agencies including DSS/insurance of sensitive assets, Corpers plus administrative monitoring.

Section 4 (5), of the Pension Reform Act, 2014 states that “every employer shall maintain a group life insurance policy in favour of each employee for a minimum of …

‘PSC Law Could Provide Extra $1.5b To Fund 2020 Budget’

‘PSC Law Could Provide Extra $1.5b To Fund 2020 Budget’

October 23, 2019 3:15 am

The Deputy Leader of the Senate, Senator Robert Ajayi Borofice, told journalists that the commended Deep Offshore and Inland Basin Production Sharing Contract (PSC) law will give Nigeria additional US$1.5 billion for funding the 2020 budget, and warned that the National Assembly will resist attempts by oil companies to create crisis in order to disrupt concurrence of the bill by both chambers.

The PSC bill enjoyed the fastest legislative approval. What informed such speed and will other bills get the same treatment?

This is an arrangement that has been there for years and the problem of not benefitting from …

Senate Rejects Budget Presented By Niger Delta Ministry

Senate Rejects Budget Presented By Niger Delta Ministry

October 22, 2019 3:37 am

The Senate Committee on Niger Delta, yesterday, rejected the 2020 capital budget of ₦23 billion for the  Ministry of Niger Delta Affairs due to uncompleted projects in the region.

Chairman of the Committee, Peter Nwaoboshi made this known when the Minister, Godswill Akpabio appeared before the committee to defend the ministry’s budget of ₦25, 910,486,285.

The ministry is to reappear before the Committee on Monday, October 28.

Nwaboshi said with the oversight function carried out in the ministry, it was realised that the bane of the ministry was abandoned projects littered all over the nine Niger Delta states.

“There is …

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