News
Senate Pegs Crude Benchmark At $78
The Senate has disagreed with the Federal Government’s proposed benchmark of $75 per barrel for the 2013 Budget, raising it up to $78 per barrel, 2kobo less than the position of the House of Representatives on the oil benchmark.
Considering the report of its committee on the Medium Term Expenditure (2013 – 2015), yesterday before its final passage, the Senate also rejected the structures of Subsidy Reinvestment Programme (SURE-P)of the Federal Government at state, senatorial and local government levels, on the note that as there were a total deviation from the initial goals of the programme.
The Senate’s Joint Committee on Finance and National Planning on the Medium Term Expenditure Framework for 2013 to 2015 had in its report presented by the Chairman of the committee, Sen. Ahmed
Makarfi, said the committee recommended that $75 per barrel should be adopted for the MTEF and FSP while a higher benchmark would beadopted for the 2013 budget.
The joint committee had also recommended the rejection of the structures of SURE-P and that details of the programmes’ projects be attached to the budget for clarity.
Both chambers of the National Assembly rejected the oil benchmark of $75 per barrel proposed by the Federal Government, on the basis that an increase would provide more money for the funding of the budget deficit and make funds available for certain sectors in dire need of funding.
But the executive had warned that an increased benchmark for oil price would be dangerous for the economy given the volatile nature of the global oil prices.
The committee on the issue of foreign and local debts, raised alarm over the rate of borrowing by the Federal Government, as the debts had continued to grow, putting the nation at the risk of returning to the days of huge debt burden.
According to Makarfi, the projected fiscal deficit for the period 2013-2015 as contained in the MTEF document, stood at N1.937trillion, N900.8billion and N738.4billion, respectively.
His words: “The total level of pending implied a deficit of 2.85 per cent, 2.17 per cent, 1.60 per cent and 1.11per cent of GDP in 2012, 2013, 2014 and 2015, respectively as against 6.60 per cent of GDP in 2010.
“While high level of foreign borrowing could return Nigeria to where we came from, that is, high level of foreign debts, high level of domestic borrowing can push up interest rate and crowd out private sector from the credit market,” Makarfi said.
According to his analysis, if Nigeria goes ahead to procure the proposed $80billion loan, by 2015, external debt could be as high as $15billion.
While the Senators, in their contributions, agreed with the committee’s report, President of the Senate, David Mark, noted that it was the desire of the Senate to ensure speedy development of the country through the process of budgeting but enjoined his colleagues to reserve their elaborate debates for the 2013 budget consideration slated to commence, today.
Nneka Amaechi-Nnadi
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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