Connect with us

News

We’ll Borrow N4.89trn To Fund 2022 Budget, FG Affirms

Published

on

The Federal Government plans to borrow about N4.89trillion from internal and external sources to finance the deficit in its proposed 2022 budget of N13.98trillion due to dwindling revenue.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known in Abuja at an interactive session organised by the House of Representatives’ Committee on Finance on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Ahmed noted that perception of the naira as being over valued over despite recent the adjustment by the Central Bank of Nigeria has compounded Nigeria’s risk aversion in the global capital market, which she said would further put pressure on the foreign exchange market, stressing that foreign portfolio investors have yet to return to the Nigerian market.
The minister stated that while the government plans to borrow to fund the N5.62trillion deficits in 2022, it will reduce capital expenditure by N259.315billion, as the reduction would become necessary due to economic volatility occasioned by unstable global oil market as well as the effects of the Covid-19 pandemic.
Ahmed said for capital expenditure next year, ministries, departments and agencies would get N1.76trrillion as opposed to the N2.02trillion spent in 2021.
She also the exchange rate has been pegged at N410.15 to a dollar per dollar and oil benchmark at $57 per barrel.
Other key macro-economic assumptions in the MTEF/FSP include a crude oil benchmark crude oil production of 1.88million barrels per day, an inflation rate of 13 per cent, and a nominal GDP of 149.369trillion.
The minister noted that interestingly, non-oil GDP continues to grow at 169.69trillion, compared to oil GDP of 14.68trillion included in the nominal GDP.
Nominal consumption is 130,49.36billion.
She said, “The budget deficit and the financing items for the expenditure projected for 2022 is N5.62trillion, up from N5.60trillion in 2021. The deficit is going to be financed by new foreign and domestic borrowings, both domestic and foreign, in the sum of N4.89trillion, then privatisation proceeds of N90.73billion and draw downs from project titles of N635billion.
“This amount represents 3.05 per cent of the estimated GDP, which is slightly above the 3 per cent threshold that is spent recommended in the Fiscal Responsibility Act. The revenue that we expect is N6.54trillion, N2.62trillion to accrue to the Federation Account and VAT, respectively.”
The minister further said the net oil and gas revenue, which would be available for the Federation Account for distribution, would be N6.151trillion in 2022.

Continue Reading

News

Rivers @ 58: Stakeholders Task Govt On Infrastructure, Human Dev

Published

on

As Rivers State celebrates the 58th anniversary of its creation today, some stakeholders have called on the State Government to do more towards improving the quality of infrastructure and human capital development in the State..

A cross section of stakeholders who spoke in an interview with The Tide also commended successive administrations in the state for their efforts towards expanding infrastructure network across the state.

They noted that more communities, both at the upland and riverine parts of the State, now have access to road network than when the stayte was created 58 years ago.

They, however, urged the government to return the state to the era of overseas scholarship when brilliant students are given opportunities to further their studies.

Speaking with The Tide, former youth leader of Chokota community in Etche Local Government Area, Mr. Ebere Nwankwo, said Rivers State has made progress in various fronts, despite the ongoing political crisis in the State.

Nwankwo noted that the State now has more tertiary institutions, both private and public, while the number of secondary schools have tripled.

He added that the State has also recorded tremendous progress in the area of healthcare.

According to him, healthcare has been brought closer to the doorstep of the common man, as there is hardly any local government in the state that doesn’t have a government health centre today.

The youth leader further said that many Rivers indigenes, home and abroad, have brought glory to the State in their various capacities, and urged the government to provide the enabling environment for the youths to excel.

Also speaking, the spokesperson for the International Peace Advocates, Mr. Emmanuel Nkweke, said the position of Rivers State among the comity of states in the country cannot be taken for granted.

He attributed this success to the efforts of successive administrations in repositioning the state for development.

Nkweke, however, called for a speedy resolution of the political impasse in the State to enable the State move to the next level of development.

Also speaking, a civil servant, Mrs. Ngozi Sunday, noted the efforts of government to improve the quality of lives of Rivers people, but called for a return to democratic governance in the State.

Another civil servant, Mrs. Munuonye Tina Ogechi, said Rivers State within the past 58 years has recorded significant achievements in road infrastructure, youth empowerment and repositioning of the state civil service for greater productivity.

She commended the suspended Governor of the State, Sir Similanayi Fubara, for taking the issue of women empowerment and peace seriously.

Meanwhile, a teacher, Mr. Orie Fiberesima, decried the high cost of living and lack of jobs in the State, and the need for a more effective government.

He also stressed the need for the government to look into the issue of high rent in Port Harcourt, noting that houses are now beyond the reach of the average Rivers man.

Mr. Innocent Chimobi, in his own view, urged the government to attract more industries and foreign investments to the State as a way of providing employment opportunities for the jobless youths in the State.

He also called the attention of the government to the terrible state of roads in some rural communities, advising the government to work hand in hand with the communities to foster better development.

By: John Bibor/Claire Julius

Continue Reading

News

Minister Sets Up Team To Manage Emefiele-Linked Estate

Published

on

The Minister of Housing and Urban Development, Ahmed Dangiwa, yesterday, unveiled a 12-member ministerial committee to oversee the 753-unit recovered housing estate linked to former Central Bank of Nigeria Governor, Godwin Emefiele.

The estate was recently handed over to the Ministry by the Economic and Financial Crimes Commission, following a directive from President Bola Ahmed Tinubu.

In a statement released yesterday, Dangiwa emphasised the critical nature of the assignment, describing it as a key step towards realising the housing component of the Renewed Hope Agenda.

The statement read, “Housing and Urban Development Minister, Ahmed Dangiwa, has inaugurated a twelve-member ministerial committee on the 753-unit recovered housing estate located in the Lokogoma district, Abuja, FCT.”

He reiterated that the committee’s mandate aligns with the President’s vision and the Ministry’s reform objectives to transform the estate into liveable, secure, and affordable homes for Nigerians.

“The committee was constituted based on the vision of Mr President and the Ministry’s housing reform drive to ensure that the recovered property is swiftly transformed into liveable, secure, and affordable homes for the benefit of Nigerians,” he said.

Dangiwa underscored the importance of technical expertise and institutional integrity in executing the assignment, noting that committee members were selected from key departments within the Ministry.

“Your selection is a testament to the confidence the Ministry has in your ability to drive this initiative with the seriousness and efficiency it demands.

“Nigerians are watching and expect results. They want to see homes completed and allocated transparently. They want to see the government working for them,” Dangiwa emphasised, urging committee members to collaborate effectively and remove unnecessary bottlenecks.

He charged them to adopt a fresh mindset, stating, “Think outside the box. Be results-oriented.”

The committee is chaired by the Ministry’s Permanent Secretary, Shuaib Belgore, and includes senior directors and aides from the technical, financial, engineering, planning, procurement, and media departments.

The committee’s Terms of Reference include conducting a thorough structural and integrity assessment of the buildings, determining the number and condition of housing units, and valuing existing work through proper surveying and market evaluation.

Additionally, the committee will assess costs required to complete essential infrastructure such as roads, power, and water. It will also develop standards for architectural and finishing consistency, propose a fair and transparent strategy for disposal and allocation of units via the Renewed Hope Housing Portal, and devise a public engagement plan to build confidence.

The committee must ensure effective coordination with key stakeholders, including the EFCC, FCTA, and relevant utility providers. A preliminary report is expected within four weeks.

The Minister of State, Yusuf Ata, emphasised the need for the committee to co-opt additional professionals as required, given the scale of the task and tight deadline.

“The committee should have the authority to co-opt members to assist, considering the magnitude of the task and the four-week timeline,” he noted.

Belgore assured that the team would execute its duties diligently and professionally.

“The committee has been tasked with ensuring the recovered estate undergoes a comprehensive technical assessment, is strategically completed, and disposed of transparently and cost-effectively, in line with national housing delivery objectives,” he said.

He added that the success of the assignment would serve as a model for transforming recovered public assets into impactful infrastructure.

“The successful execution of this assignment will serve as a benchmark for converting recovered public assets into infrastructure that directly benefits the people,” he concluded.

Continue Reading

News

Hajj 2025: Saudi Arabia Deports Gumi

Published

on

Renowned Islamic scholar, Sheikh Ahmad Gumi, has been deported from Saudi Arabia after being denied entry into Medina, effectively barring him from participating in the 2025 Hajj pilgrimage.

Gumi, a Kaduna-based cleric, known for his controversial views on national and international issues, confirmed the development in a statement posted on his official Facebook page, yesterday.

“Due to some reasons related to my views on world politics, the authorities in Saudi Arabia do not want me to be present at Hajj even though they have granted me a visa,” Gumi wrote.

The cleric, who was part of a delegation of religious scholars sponsored by the National Hajj Commission of Nigeria (NAHCON), arrived at Prince Mohammad Bin Abdulaziz International Airport in Medina on Saturday night via Umza Air.

However, upon arrival, Saudi immigration officials reportedly stopped him at the airport and denied him entry into the city, before placing him on a return flight to Nigeria.

Sheikh Gumi added in a statement on his page that the Nigerian authorities have shown concern and have promised to engage Saudi officials to seek clarification and resolution.

“I am grateful to the authorities in Nigeria who have pledged to engage with the Saudi authorities on this matter,” he said.

Although no official reason has been provided by Saudi Arabia for the deportation, observers believe the action may be connected to Sheikh Gumi’s outspoken political and religious views, which may be at variance with the kingdom’s policies.

Gumi has, in recent years, played a prominent role in dialogue initiatives with armed groups in Nigeria’s northern region and has often voiced criticism of Western and Middle Eastern political interventions.

The incident has sparked discussions among religious communities and the wider public, with many questioning the implications of political ideology on religious observance.

As of the time of filing this report, there is no official statement from the Saudi embassy or the Nigeria’s Ministry of Foreign Affairs on the development.

Sheikh Gumi has since resumed his public preaching and teaching engagements in the country.

Continue Reading

Trending