Business

2014 Budget Targets N7.5trn Revenue -Okonjo-Iweala

Published

12 years ago

January 22, 2014

The Minister of Finance, Dr Ngozi Okonjo- Iweala, said that the 2014 budget envisaged a net collectible revenue of N7.50 trillion.
Okonjo-Iweala, who is the Coordinating Minister for the Economy, said this at the public presentation of the 2014 budget, in Abuja on Monday.
She said that N3.73 trillion of the expected collectible revenue would be used to fund the 2014 budget, which focuses on boosting job creation and inclusive growth.
“The budget has been underpinned by the parameter of oil benchmark of 2.39 million barrels per day compared to 2.53 million barrel per day in 2013.
“She said it was also underpinned by a “benchmark oil price of 77.5 dollar per barrel, projected real GDP growth of 6.75 per cent and average exchange rate of N160 per dollar.
“Based on this, the 2014 budget envisages a net federally collectible revenue of N7.50 trillion, out of which N3.73 trillion is expected to fund the Federal Government budget.
She said the figure represented a 9 per cent reduction from the N4.1 trillion in 2013.
She said the budget reflected “a total of expenditure of N4.64 trillion representing about 7 per cent reduction from the N4.99 trillion budget in 2013.
“It is made up of various categories of N399 billion for statutory transfer, N712 billion for debt servicing, N2.41 trillion recurrent non-debt expenditure and N1.25 trillion for capital expenditure,” she said.
On key allocations, she said that N655.47 billion was allocated to Education sector, including UBEC and TETfund, while the Ministry of Defence got N340.33 billion.
Similarly, she said the Ministry of Police Affairs, and the Police Service Commission got N301 billion.
According to her, the Federal Ministry of Health received N262.74 billion, while the Ministry of Works had N128. 65 billion.
The minister said the ministerial allocation showed that the Federal Ministry of Power was allocated N102.45 billion, while the Federal Ministry of Agriculture received N66. 64 billion.
“These amounts also leverage additional resources from the donor community which will add to our ability to implement the budget.
Okonjo-Iweala said N268.37 billion comprising Federal Government was budgeted for SURE-P in 2014.
The minister said the fund was made up of savings from the partial removal of fuel subsidy of N180 billion augmented by 2013 unspent funds of about N88.37.
According to her, the Federal Government aggregate spending of 2014 is estimated to rise to N4.91 trillion out of which N1.53 trillion set aside for capital expenditure.
She said that fiscal deficit would rise marginally to about 1.9 per cent of the GDP in 2014 budget as against 1.85 per cent in 2013.
The minister pointed out that the figure was within 3 per cent of GDP threshold stipulated in Fiscal Responsibility Act of 2007.

Minister of Works, Mr Mike Onolememen, Minister of State for Finance, Dr Yerima Ngama and Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, at the presentation of 2014 Federal Budget in Abuja last Monday. Photo: NAN

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

3 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

3 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.