City Crime
2019 Budget ’Il Reduce Inflation -Expert
A financial expert, Prof Uche Uwaleke, yesterday said that the Federal Government’s decision to reduce the size of the 2019 budget to N8.73 trillion would reduce inflation threat.
Uwaleke, Head of Banking and Finance Department, Nasarawa State University Keffi, said in Lokoja that the decision was wise considering the country’s present fiscal realities.
The Federal Executive Council (FEC) on Oct. 24 approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than the 2018 budget which stood at N9.12 trillion.
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, made the disclosure when he addressed State House correspondents at the end of FEC meeting.
Udoma said the council also approved the 2019/2021 Medium Term Expenditure Framework (MTEF) Fiscal Strategy Paper (FSP).
According to him, the MTEF/FSP is designed to translate the strategic development objectives of the Economic Recovery and Growth Plan (ERGP) to realistic and implementable budget framework for the medium term.
He said the key assumptions highlights being proposed for 2019 budget included oil price benchmark of 60 dollars per barrel, oil production of 2.3 million barrels per day, exchange rate of N305/1 dollar, and GDP growth rate of 3.01 per cent.
Uwaleke said that the decision to slow down government’s expansionary spending, especially in an electioneering year would pose less threat to inflation.
He added that the decision would reduce the fiscal deficit to Gross Domestic Product ratio in line with the Economic Recovery and Growth Plan (ERGP) target.
According to him, the reduction will curtail government borrowing in view of the present huge debt service burden which is clearly unsustainable at over 65 per cent of revenue.
“I think the decision to scale down on the size of the 2019 budget is wise considering the present fiscal realities in Nigeria.
“The only worrying aspect of the proposed 2019 fiscal framework is the significant reduction in capital expenditure,” Uwaleke said.
He noted that the 2017 budget implementation experience coupled with the revenue challenges being encountered in the execution of the 2018 budget called for a conservative approach to next year’s budget.
“For example, the 2017 budget implementation report recently released by the Budget Office speaks of adverse variances in key budget targets due mainly to shortfalls in actual revenue receipts resulting in huge fiscal deficit.
“The same scenario is playing out with regard to the 2018 budget in respect of which the Federal Government has just sought the approval of the National Assembly for about N2.8 billion to finance the budget.
“Much as the increase in recurrent spending ostensibly to accommodate the implementation of the minimum wage is justified, the Efficiency Unit of the Federal Ministry of Finance should intensify efforts at reducing MDAs overheads and avoidable wastages,” he said.
City Crime
When Custody Becomes a Death Sentence
City Crime
Renaissance Energy Pledges Stronger Partnership With RIVCHPP
Renaissance Africa Energy Limited has pledged to strengthen its partnership with the Rivers State Contributory Health Protection Programme (RIVCHPP), following an advocacy visit by the agency’s management to the company’s headquarters in Port Harcourt.
The company’s General Manager, Health, Dr. Akinwumi Fajola, said the proposed partnership would involve the constitution of a joint team comprising representatives of Renaissance and RIVCHPP to deliberate on and develop modalities for deeper collaboration.
Fajola, who spoke during the visit, said the engagement would help strengthen the agency’s operations and advance the attainment of Universal Health Coverage in Rivers State.
He noted that the seeming bottlenecks often associated with government agencies had made some organisations and individuals sceptical about engaging with them.
According to him, the leadership style of the RIVCHPP Executive Secretary had demonstrated positive changes capable of attracting public and private-sector partners.
He stated that Renaissance Energy Limited would further strengthen its engagement with RIVCHPP, particularly in promoting health insurance within its operational areas.
Earlier, Agala described RIVCHPP as a legacy project of the State Governor, Siminalayi Fubara, established to ensure that Rivers residents have access to quality and affordable healthcare in line with the administration’s #Health4AllRivers vision.
She said since the agency became operational in January 2024, it had sustained awareness campaigns across the formal and informal sectors, resulting in steady growth in enrolment.
Agala disclosed that RIVCHPP had enrolled more than 160,000 residents across the state’s 23 Local Government Areas, giving them access to healthcare services.
She also said although Rivers was among the last states in the country to operationalise a health insurance agency, it had risen to 13th position in Universal Health Coverage and was recognised as the most improved state at the Federal Ministry of Health’s 2025 joint annual review meeting.
The Executive Secretary said the agency was implementing comprehensive healthcare plans covering all population groups, including vulnerable residents, to protect households from health poverty and catastrophic health expenditure.
She commended Renaissance Energy Limited for promoting health insurance in its operational areas and congratulated Fajola on his recent promotion.
The visit featured the exchange of promotional materials and souvenirs between the two organisations.
City Crime
Transport Fares To Reduce Nationwide From Oct. 1 – Pi-CNG & EV
-
Sports3 days agoNigerian Trio Target Titles At PFL Africa Finals
-
Education3 days agoFCE Yola Graduates 3,555 Teachers , Seeks Upgrade to University
-
Niger Delta3 days agoDiri Restates Stance On Lagos-Calabar Coastal Highway
-
Niger Delta3 days agoC’River, NUJ Pay Tribute To Late Guardian Editor
-
News3 days agoNDLEA Recovers Tons Of Illicit Drug Consignments In Nine States
-
Opinion3 days agoChecking Voter Apathy In Nigeria’s Electoral Process
-
Politics3 days ago2027: DICKSON’S EX-ALLY VOWS TO WORK AGAINST NDC INTEREST IN BAYELSA
-
Politics3 days ago2027: GROUP PLEDGES 40,000 SUPPORTERS FOR COALITION CANDIDATES IN RIVERS
