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FEC Okays N8.6trn 2018 Budget …Awaits NASS For Presentation
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved the draft 2018 National Budget proposal.
The FEC is to liaise with the National Assembly on a date President Muhammadu Buhari will present the document to the lawmakers.
Minister of Budget and National Planning, Udoma Udo Udoma, announced this to State House Correspondents at the post-FEC briefing.
Udoma who briefed newsmen alongside Ministers of Information, Lai Mohammed, Power, Works and Housing, Babatunde Fashola and Finance, Kemi Adeosun, however, declined to give details, insisting that only the President who is constitutionally backed has the prerogative to make them available to the public.
However, the Medium Term Expenditure Framework (MTEF) document indicates that the 2018 Budget will have an aggregate expenditure profile of about N8.6 trillion, including grants and donor funding of N199.91 billion.
This provision exceeds 2017 Budget aggregate expenditure estimate of N7.44 trillion by 15.5 percent (N1.16 trillion)
The aggregate revenue to fund the 2018 budget is expected to be around N5.65 trillion, 11 percent or N562.50 billion over the 2017 estimate of N5.08 trillion.
About 43.2 percent of this revenue is projected to come from oil sources while the balance is to be earned from non-oil sources.
These figures are subject to confirmation by President Buhari when he presents the fiscal proposals to the National Assembly.
Details of the MTEF showed that aggregate revenue to fund the 2018 budget is projected at N5.65 trillion (11.0 percent or N562.50 billion over the 2017 estimate of N5.08 trillion).
Also, 43.2 percent of this is projected to come from oil sources while the balance is to be earned from non-oil sources.
Aggregate expenditure is estimated at N8.60 trillion (this include grants and donor funding of N199.91 billion naira).
“This provision exceeds 2017 aggregate expenditure estimate of N7.44 trillion by 15.5 percent (or about N1.16 trillion).
Asked to give key details of the 2018 proposals especially the foreign exchange, oil price production benchmarks, etc, Udoma said, “It is the President’s prerogative to submit the budget, submit the proposals and give the details. I will be operating above my brief if I do that, the constitution gives that authority to the president.”
He said the federal government kept its promise to get the budget ready by October.
“We did promise that the budget will be ready in October and it is ready in October.
“We are liaising with the National Assembly because they have to approve the date for the President to come and address them to submit the budget,” he said.
The Minister said with today’s approval of the draft copy of the 2018 budget proposal, the government was indeed on the path to return the country back to a predictable January to December fiscal year.
“Before now, we used to submit budget proposal in December but now the budget is ready in October so there is a very big difference.
Fashola on his part said Council approved the construction of 14 kilometer 330KVA transmission line by Transmission Company of Nigeria, to get them ready to evacuate Azura power plant in Edo State when it is ready in May 2018.
The contract is at the sum of N796.6 million to be completed in seven months, just about when Azura should be ready.
The Finance Minister, Adeosun said Council approved the memo for the establishment of Road Trust Fund structure. She said the memo was presented with the Input of the Minister of Power, Works and Housing.
She said it is the Public Private Partnership (PPP) initiative that will allow the private sector to get involved in road construction in exchange for tax credit.
“What is unique about the scheme is that it is building on an existing scheme that avails tax credit but is one company per road and we have found that only two companies have been able to take advantage of it. The tax will be recovered over a three year period. We expect this to mobilise significant capital into road provision across the country. The ministry of works will be approving the design and the cost of those roads. The BPP will also provide certificates of no objection to make sure that the cost are reasonable, ministry of works will supervise.
“What we expect is significant road delivery especially in areas for example industrial clusters affected by very bad roads. They can get together, do the road and recover their money through the tax credit system.
“We expect the impact on revenues to be neutral because we are tightening our tax code but we still put in a limit that no company can apply and use more than 50 per cent of the tax within a year for this scheme.
“A company doesn’t have to be active in that area, so a bank, oil company, service company could get involved. We are really trying to widen the pool of funds for road construction.”
Adeosun said so far total amount that has been released on capital project for 2017 is N450 billion.
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Fubara: Nigeria Needs God-fearing Leaders To Make Progress …Applauds Seventh Day Adventist
Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.
The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of the church at Government House, Port Harcourt.
Fubara who hailed the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria, expressed delight that the Church had over the years, been investing in education at various levels and currently runs two universities in the country.
He commended the church for not only using its institutions to spread the gospel of Christianity but to groom future leaders for the country.
According to him, religion should not be just about defending one’s faith, but also making meaningful impact on the lives of the people.
He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria in the task of producing not only educated people but a breed of God-fearing leaders.
“Our country is where it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation, you’ll go beyond the line and that is what has brought us to where we are today.
“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.
Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society, has also given rise to other problems such as social inequality, poverty, corruption and criminality. According to him, Nigeria needs a system where the average parent could afford quality education for their children and a guarantee that upon graduation, the average child will have the capacity to compete favourably with anybody, anywhere in the world.
“If we have a situation where the little money that you’re being paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices we have today won’t be there,” he said.
Governor Fubara expressed appreciation to the delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.
Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s ministers will be undergoing an empowerment programme to further equip them for the task of herding their flocks and serving the society.
He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.
Kohler disclosed that the Church has over twenty -four million (24,000,000) members and more than 182,000 places of worship, spread across 212 countries of the world.
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Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.
In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.
The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.
According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”
Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.
“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.
Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.
“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.
Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.
He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.
The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.
“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.
Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.
“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.
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