Business
Ogu/Bolo Council Presents N3.5bn Budget
Chairman, Ogu/Bolo Local Government Area, Mr Victor Erasmus, has presented the council’s 2020 Physical Appropriation budget of N 3.5billion to the Ogu/Bolo Legislative Council for consideration and passage.
Presenting the budget on the floor of the Ogu/Bolo Legislative Assembly, the chairman stated that the 2020 Physical Appropriation Budget, tagged ‘Budget of Continuity’ has a total recurrent expenditure of N2.274 billion, while N1.191 billion was proposed as capital expenditure.
Erasmus noted that top on the priority of the capital expenditure is the building of the new legislative block in Ogu, the completion of the Bolo Ultra Modern Market and other human capital development projects, saying “notable among issues on capital expenditure is the new legislative complex in Ogu that would be built soon and the Bolo Market”
According to him, “the 2020 annual appropriation budget will be the Budget of Continuity. I’m going to continue on human capital projects, road infrastructure maintenance, building of markets and other access roads”.
He said despite the challenges in 2019, his administration was not owing salaries as he has an up to-date record in payment of salaries and promised to maintain the feat.
“We promise to maintain our outstanding performances in the payment of salaries allowances based on the available resources. It is our prayer that Covid-19 should give way to surge in economic growth”, he said.
On his part, the leader of the Ogu/Bolo Legislative Assembly, Joachim Yemieari, pledged the continued support of the House to ensure the success of the Victor Erasmus-led administration.
Tonye Nria-Dappa
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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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