Connect with us

News

FG, NASS’ Rift Deepens …As Senate Summons Finance Minister Over 2012 Budget

Published

on

The Senate yesterday in Abuja mandated its Committee on Appropriation to summon the Minister of Finance, Dr Ngozi Okonjo-Iweala, to explain the level of implementation of the 2012 budget.

The Deputy Senate President, Senator  Ike Ekweremadu, issued the directive at a public hearing by the joint Committee on Appropriation and Finance on the implementation of the 2012 Appropriation Act.

Ekweremadu expressed concern over the poor implementation of the budget, adding that the level of implementation was below expectation.

He said that Okonjo-Iweala, who also doubles as the Coordinating Minister for the Economy, had last week failed to brief the Senate on the implementation of the budget.

He decried Okonjo-Iweala’s official trip to London to represent the president at an investment forum, saying that there were other officials who could represent the Nigerian government.

“We consider our meeting with her on any issue that has to do with budget implementation to be more important than any other assignment.

“We know there are other ministers and government officials that could as well have done that to enable her to be here with us this afternoon.

“ So it is regrettable that she is not here, ” he said.

He explained that the public hearing was aimed at evaluating the level of performance of the budget and to know what was responsible for the non- implementation.

Ekweremadu said the public hearing also offered opportunity for the Senate committees to respond to allegations that the budget performed badly due to “tinkering’’ by the National Assembly.

“One of the excuses we’ve read from the pages of newspapers for non performance of the budget is what they considered as the tinkering of the budget by the National Assembly.

“So, what we had wanted to do today is to hear from the executive what those tinkering are.

“If they have response from the National Assembly, our appropriation committees should also respond, ‘’Ekweremadu stressed.

He said the National Assembly was determined to know the actual performance of the budget in terms of the funds released and the projects that were ongoing.

The Deputy Senate President subsequently adjourned the public hearing till Thursday to enable the Appropriation Committee to take the necessary legislative action to ensure that the minister appears before it.

“The Committee on Appropriation should take immediate steps including, if possible, summoning the minister to show up before it and other relevant committees by Thursday this week,’’ he added.

Earlier, Chairman of the Senate Committee on Appropriation, Senator Ahmad Maccido, had said the Senate was disappointed at the dismal level of performance of the budget.

“Contrary to claims by the executive that the level of implementation was 56 per cent, we have found out that the performance level is actually 21.5 per cent.

“This is based on records from the office of the Accountant-General of the Federation. The Senate is not happy about this,’’ he said.

The Secretary to the Government of the Federation (SGF), Chief Anyim Pius Anyim, and the Minister of State for Finance, Dr Yerima Ngama, were among the representatives of the executive at the meeting.

Meanwhile, the Minister of Finance and the Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has again addressed the issue of budget implementation raised by the House of Representatives, saying that transparency and prudence were the major considerations of the Federal Government.

Okonjo-Iweala said that the Federal Government would manage the budget in a way that will best serve the interest of Nigerians.

In a statement by her spokesperson, Paul Nwabuikwu, Okonjo-Iweala said, “our objective is to achieve both higher budget implementation and better management of the country’s resources.

She said “the improvement in implementation ratio from 39.2 per cent by the end of May to 56 per cent utilisation of cash backed resources by June 20 was made possible by the direct leadership of President Goodluck Ebele Jonathan, who is leading the drive for better budget performance.”

Okonjo-Iweala expressed confidence that there would be further improvement in the level of implementation before the end of the year,” saying,”to maximise results, the ministry is careful and methodical in releasing funds to MDAs. She stressed that given the rate of utilisation, there is still room for more implementation.

Continue Reading

News

FG Targets Production Of Locally Made Vehicles By Dec

Published

on

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”

Continue Reading

News

Waive Tax On Electronic Imports, Women Engineers Appeal To Tinubu

Published

on

The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”

Continue Reading

News

Pan-Igbo Group Hails Dangote Group For Reducing Diesel Price

Published

on

A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.

Continue Reading

Trending