Senate Leader, Bamidele Opeyemi, says the N9.9 trillion recurrent expenditure in the N27.5 trillion 2024 budget proposal is too high, as it constitutes 43 per cent of the budget.
Opeyemi said this at the opening of debate on general principles of the budget at plenary in Abuja, yesterday.
He said that the total fiscal operations of the Federal Government would result in N9.8 trillion deficit, representing 3.88 per cent of estimated GDP, saying that this was above the three per cent threshold set by the Fiscal Responsibility Act, 2007.
Opeyemi listed highlights of the budget to include oil price benchmark of 77.96 dollars per barrel and daily oil production estimate of 1.78 million barrels of condensates of 300,000 to 400,000 barrels per day and exchange rate of N750 to dollar.
He said based on the fiscal assumptions and parameters, total federally-collectible revenue was N16.87 trillion in the budget, while total federally distributable revenue was N11.09 trillion
Opeyemi said total revenue available to fund the 2024 budget was N9.73 trillion, which included revenues from 63 government-owned enterprises, while oil revenue was projected at N1.92 trillion, with non-oil taxes at N2.43 trillion among others.
He said to finance the deficit would result in new borrowings totaling N7.83 trillion in addition to N294.49 billion expected from privatisation.
He said the deficit would also be financed from N1.06 trillion drawn from bilateral, multilateral loans secured for specific development projects programmes.
He, however, said there was a growing concern over continued borrowing, but the administration resorted to it to finance fiscal gaps.
“But let me state here that the debt level of the federal government is still within sustainable limits.
“Very importantly, these loans are used to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people,” he said.
Contributing, Sen.Osita Ngwu (PDP-Enugu)said President Bola Tinubu had fulfilled his promises by capturing food security, poverty allivation in the budget.
He said there was need to ensure a review of Petroleum Industry Act(PIA) to ensure the continuous ramp up of oil production to fund the deficit in the budget.
Senators, who contributed to the debate, commended the President for the budget, saying it was a budget of renewed hope.
Fubara Promises To Maximise Youth Potentials In Rivers
Rivers State Governor, Sir Siminalayi Fubara, has affirmed his administration’s focus in prioritising policies that will maximise the potentials of the youths in the State.
Fubara made this declaration yesterday at the State NYSC permanent orientation camp, Nonwa-Gbam Tai, in Tai Local Government Area during the swearing-in ceremony of 2024 Batch A Stream 1 corps members deployed to Rivers State.
This was contained in a statement by the Head of Press Unit, Office of the Secretary to the State Government, Juliana Masi, yesterday.
Represented by the Permanent Secretary, Special Services Bureau, Office of the Secretary to the State Government, Sir Samson Friday Dede, the governor commended the NYSC Scheme for the positive impacts it is making in the nation’s quest for sustained development.
“My administration will be unwavering and fully focused in supporting the youths in maximizing their potentials”, he said.
He assured the corps members of his administration’s commitment in supporting them to achieve the mandate of uniting and integrating to the nation.
The governor further admonished corps members to take full advantage of the camp programmes and activities to equip themselves to contribute to nation building.
Earlier, Coordinator, NYSC, Rivers State, Mr. George Mfongang, had urged the corps members to be in the forefront of the nation’s development by being hard working, disciplined and morally sound.
He commended them for being passionate and enthusiastic in imbibing the lessons of the orientation exercise.
The Coordinator thanked Governor Fubara for his unflinching commitment in ensuring the security and welfare of corps members in the State especially, the payment of State allowance to them.
A total of 1,585 Corps members made up of 819 males and 766 females took the oath of allegiance at the ceremony that was administered by Justice Ibiwengi Roseline Minakiri.
FG, Cement Manufacturers Agree On N7,000, N8,000 For 50kg Per Bag
The Federal Government and cement manufacturers have agreed on a N7,000 to N8,000 per 50 kg bag price of cement to halt the astronomical rise in the price of the product.
This agreement was part of a deal struck after several hours of meeting held behind closed doors at the headquarters of the Ministry of Works, between the Federal Government and cement manufacturers , in Abuja, yesterday.
The manufacturers agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide.
They, however put a caveat that the price drop from the current market price would largely depend on government fulfilling its promised interventions in certain areas of concern to ameliorate critical challenges faced in the industry.
Retail price for cement jumped from N5,000 to N10,000 within one week in the open market, after wholesalers, citing increasing cost of transportation and other variables, made adjustments to the price they sell to retailers.
Retailers in turn transferred the additional cost burden to consumers to stay afloat.
This prompted President Bola Tinubu to order the Ministers of Works, David Umahi and his Trade and Investment counterpart, Dr. Doris Uzoka-Anite. to meet with cement manufacturers to find a solution to the crisis.
Umahi had, while calling for the meeting, expressed the Federal Government’s concern over the development, adding that if the situation wasn’t brought under control, it had the potential of hurting the prosperity agenda of the current administration.
After the meeting, Umahi read out a communique in which he mentioned concerns raised by the manufacturers.
These concerns include: bad roads, smuggling, high cost of energy, and the Forex crisis. This according to the manufacturers were the primary reasons behind the price hike.
He also said the manufacturers which include Dangote Cement PLC, BUA Cement PLC, Larfarge Africa PLC and Cement Producers Association, expressed willingness to reduce the prices going forward.
Representatives of the Federal Government include the Minister of Works and his counterpart in the Ministry of Industry, Trade and Investment.
While reading the communique, Umahi said: “The meeting noted the challenges of the manufacturers like: cost of gas; high import duty on spare parts; bad road network; high foreign exchange; and smuggling of cement to neighbouring nations.
“The government noted the challenges and reacted as follows: Federal Ministry of Industry, Trade and Investment to seek some remedies from Mr. President on cost of gas and import duties.”
We Are Hungry, Dying, Ibadan Protesters Tell Tinubu
Thousands of people, on Monday, thronged the major streets of Ibadan in Oyo State, to protest the hardship in the country.
The protesters, who are mainly youths, kept saying they were not out to cause trouble, but to call the attention of all the tiers of governments to the unbearable hardship in the country.
Though they did not use any objects to block the roads, they converged on accesses leading to the University College Hospital, UCH, Ibadan, Sango, Dugbe and Eleyele, thereby blocking vehicular traffic.
They displayed several placards with inscriptions such as ‘Give us good health, End bad governance, End food hike, Open border, End hardship, ‘Is this the renewed hope you promised?’
At intervals, organisers of the protest kept updating the security agents who kept vigilance to arrest anyone who caused problem or hijacked the protest for selfish ends.
During the protest, some schools and banks shut their gates.
The Tide learnt that the protest was convened through the social media.
One of the messages sent by the conveners read, “People should not pass through Mokola roundabout because there will be protest on Monday”.
The message advised that motorists should take alternative routes to their destinations.
A lady who refused to disclose her name, caught the attention of many people with a placard that read: ‘Sanitary pad now costs N4,000; we can’t be using cloth, Please, help us’. Nothing should happen to me. All I’m asking for is my legitimate earning and ease of life.’
Another woman, who identified herself as Mobolaji Inaolaji, one of the coordinators, said: “We want to tell our leaders that things are not right, they should make things easier for us. We are not here to cause violence, things are too costly and people are dying.
“It is our right to protest whether we got permit or not. We have told the security agents that they should arrest whoever causes problem. We are peaceful and law abiding. All we want is to make government know our pains. We will go through most parts of the city.”
Other protesters who were speaking with anger, said: “This problem is too much. Whoever wants to arrest me should come and do so. If we don’t die outside, we’ll die at home.”
After about an hour at Mokola, the protesters headed towards Sango and other parts of the city.
Ict/Telecom22 hours ago
‘No Going Back On Plans Against Passport Racketeers’
Nation1 day ago
Disconnection Notice: Tinubu Directs Payment Of Presidential Villa’s Outstanding Electricity Bill
News22 hours ago
FG To Audit N23trn Ways & Means
Business1 day ago
Merchant Navy Lauds NIWA Over Staff Welfare
Niger Delta22 hours ago
Ibom Developers Prioritise Health Through Medical Outreach Programmes In A’Ibom
Niger Delta23 hours ago
Oborevwori Charges Councils On Support To Corps Members
Ict/Telecom22 hours ago
Expert Wants Telcos To Prioritise Improved QoS
Business1 day ago
OPay Introduces Customer Service Innovative Solutions