Business
Stakeholder Criticises Benue’s 2017 Budget Proposal
Former Lagos Police Commissioner, Alhaji Abubakar Tsav, has criticised Benue’s budgetary proposals for 2017, specifically declaring that the N4.5 billion voted for “Government House Administration” was to “service politicians”.
Abubakar told newsmen in Makurdi, recently, that voting such a huge amount for government house administration was “outrageous”.
“I have gone through the proposals. The budget has failed to address the core issues affecting the Benue people.
“The budget shows that government is more interested in addressing issues that have no direct bearing to the lives of the poor people,” he said.
He expressed surprise that a government that had not paid salaries, even after collecting bailout funds, loans and Paris Club Refund, could seek to “waste so much” on government house administration.
“`From the budget details, there is no capital project that will be executed in the government house. It means that the whole money will go into entertainment,” he said.
Tsav advised government to rather pay more attention to the welfare of civil servants, pensioners and teachers, and alleged that most Benue residents were living in hunger and want because of a general lull in activities.
The Tide source reports that of the N4.5 billion proposed for the government house administration, N3.3 billion was for the governor’s office, while N1.2 billion was proposed for the deputy’s office.
The figure is more than two times the N1.6 billion voted for the same purpose in the 2016 budget.
Our source also reports that an item referred to as “biological assets” had a provision of N100 million, two times its N50 million provision in the 2016.
Efforts to ascertain the category of assets termed “biological”, however proved abortive as government officials also claimed to be ignorant of what was meant.
Contacted, the Commissioner for Information and Orientation, Mr Lawrence Onoja, justified the budget estimates, saying that they were proposed with the “best intentions”.
“The amount proposed for the government house administration and office of the deputy governor is not outrageous. It is a proposal subject to the approval of the state house of assembly,” he explained.
He said that the figure went up compared to last year’s because of government’s intention to construct a new office for the deputy governor and renovate some guest houses in the government house.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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