Business
Controversy Trails 2015 Federal Budget
With the Appro
priation bill for 2015 passing its second reading at the senate, a growing consensus calling for a reduction in the N4.357 trillion budget proposed for the current fiscal year is gaining momentum.
The financial statement which details government projected spending for the year has N2.6 trillion earmarked for recurrent expenditure, N943 billion for debt servicing and the sum of N411 billion to be exhausted as statutory transfers.
The budget will largely be funded from oil and non oil proposed revenues marked at N3.56 trillion and N1.918 trillion respectively.
Domestic borrowing will take a crucial cut of N1.9 billion at N570 billion down from N571.9 billion expected growth rate of (GDP) will slide to an average of 5.5 per cent which is 1.1 per cent less than last year’s forecast and 0.9 percent lower than the global growth outlook.
According to the Director General of the Budget office of the Federation, Mr Bright Okogu, the budget is premised on a gradually recovering global economy.
He said the new austerity measures, contribution to SURE-P Scheme will take a hit dropping by more than 50 per cent to N102.5bn.
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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