Business

2018 Budget: Financial Experts Want Change In Disbursement, Implementation

Published

8 years ago

May 18, 2018

Some financial experts have said the Federal Government must change its approach towards the implementation and disbursement of the annual budget for it to impact positively on Nigerians.

The experts stated this in interviews with newsmen in Lagos, yesterday while reacting to the passage of the 2018 budget by the National Assembly, six months after it was presented by executive.

Mr Emeka Madubuike, immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), who bemoaned the late passage of the budget, said implementation and disbursement were critical at the moment.

“It is not passing the budget that is the issue, the key thing is implementation. We have seen several budgets in this country but what is the impact?” Madubuike asked.

He said the country still had serious infrastructure gap, noting that proper implementation would help in reducing the infrastructure deficit for people to have hope in the country.

Madubuike called for synergy between the executive and legislature, noting that both arms were serving Nigerians.

“This distinction between the Senate and the executive is just an excuse and must be addressed in the interest of the country,” he said.

Prof. Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University, Keffi, said the passage of the budget would increase the tempo of economic activities and speed up recovery efforts.

Uwaleke said the increased allocation for capital projects would lift the stock of infrastructure if well implemented and spur growth.

He said the passage of the budget would reduce uncertainties in the business environment and boost investors’ confidence.

Uwaleke also expressed optimism that the capital market would react positively to the passage of the budget.

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, said the approval of the budget was good for the economy to boost activities and support economic recovery and development.

Omordion said the timing and upward adjustment of the budget figures were wrong considering that the budget stayed over six months before it was approved.

He called for proper monitoring of the budget to ensure effective implementation, noting that N1.5 trillion spent on infrastructure in the 2017 budget had not reflected on the economy.

Omordion said roads and power with direct bearing on the economy had remained in the worst state in spite of huge borrowing amidst rising oil prices.

According to him, the N9 trillion budget is part of preparation for 2019 elections for the executive and legislatures to do one project or the other for the people ahead of the elections.

“For the budget to make meaningful impact on the life of Nigerians and the economy, government must change its disbursement and implementation style so that project execution will be fast,” Omordion said.

He explained that the adjustment of oil benchmark price to 51 dollars per barrel against the initial 45 dollars per barrel was good considering the rallying in oil price.

Omordion said it was a good way of reducing borrowing to finance deficit budget and also to accommodate the N543 billion increment to execute their own constituency projects.

The Senate and the House of Representatives on May 16, passed the 2018 budget, raising it by N500 billion.

Both houses approved a budget that rose from N8.6 trillion to N9.1 trillion, six months after it was presented by the executive.

President Muhammadu Buhari presented the budget to a joint session of the National Assembly on Nov. 7, 2017.

Both houses of the National Assembly received the budget report of their appropriation committees.

At the Senate, the chairman of the Senate Committee on Appropriation, Mr Danjuma Goje, said the increase of N500 billion was done in consultation with the executive.

He said the increment was informed by a decision to increase oil benchmark from the proposed 45 dollars to 51 dollars.

The exchange rate of N305 to a dollar and production of 2.3 million barrels of oil per day were adopted as proposed by the executive.

Goje said the funds that would accrue from the increment would be spent on some projects already earmarked by the committee.

He said the surplus fund was spread on some ‘critical sectors’ in consultation with the executive. He gave a breakdown of how much would be spent on different sectors.

According to the report, N42.72 billion will be spent on security, N57. 15 billion on the 1 per cent vote for health as mandated by the National Health Act and N106.50 billion for the Ministry of Power, Works and Housing.

Other areas are; education, N15.7 billion, Judiciary, N10 billion and Niger Delta Development Commission (NDDC), N44.20 billion.

He added that the increment would allow for a N50.88 billion deficit reduction.

In the final breakdown, the Senate passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.

N2, 203, 835, 365, 699 was budgeted for debt service as proposed while N190, 000, 000, 000 was budgeted for sinking fund for maturing loans.

Business

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

Published

4 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

4 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.