News
Senate Passes N4.4trn 2015 Budget …No Provision For Fuel Subsidy
The Senate yesterday approved the 2015 budget of N4.493 trillion, which is less than the 2014 budget of N4.695 trillion by about N200 billion. Details of the 2015 budget show that there was no provision for fuel subsidy in it.
However, N21 billion was budgeted for the Subsidy Reinvestment and Empowerment Programme (SURE-P).
This may mean an end to the controversial subsidy on petrol, and may also mean that government will be unable to pay oil marketers who may want to stop importing fuel, thereby causing scarcity of the product in the country.
According to a senator, who would not want to be quoted, the government did not make provision for fuel subsidy in the 2015 budgetý, hence the national assembly passed the N4.4 trillion budget without considering it.
Speaking to journalists at the National Assembly complex yesterday, Chairman Senate Committee on Appropriation and Finance, Ahmed Maccidoý, said it was left for President Goodluck Jonathan to sign the budget into law and start implementing until May 29.
“If the president can assent to the budget he can start implementing until May 29,” he said. He also said the government was capable of financing the budget as measures had been taken to plug leakages.
The figure approved by the Senate is higher than the N4.3 trillion initially presented ýby the Federal Government in December 2014 through the Minister of Finance and coordinating Minister of the Economy, Ngozi Okonjo-Iweala, to the National Assembly.
A breakdown shows that the presidential amnesty programme will gulp N63.2 billion, while N23.6 billion will go to 30, 000 Niger Delta ex–militants, N5.5 billion to operational cost, and N34.1 billion to reintegration of transformed ex-militants.
It allocates N375 billion for statutory transfers, N953 billion for debt service, N2.607 trillion for recurrent (non-debt) expenditure, and N556 billion (inclusive of ý N144 billion capital expenditure in statutory transfers) for “contribution to the development fund for capital expenditure for the year ending on December 31, 20153 .
According to Maccido, the oil benchmark forý 2015 budget was pegged at $53 per barrel while the foreign exchange rate was put at N190 to $1.
ýLast week, the Federal House of Representatives passed the 2015 budget with a similar breakdown.
In the recurrent expenditure, the presidency will receive N20 billion, office ýof the Secretary to the Government of Federation will receive N48 billion, while defence (Ministry of Defence, Army, Air force, Navy) will receive N338 billion.
Also in the recurrent budget, Ministries of Foreign Affairs, Finance, Health and Education will receive, N41 billion, N12 billion, N237 billion and N392 billion, respectively.
Ministries, Departments, and Agencies (MDA) such as National Population Commission, ýFederal Civil Service Commission, Federal Character Commission and Police Service Commission will receive N5 billion, N1 billion, N2 billion and N740 million, respectively.
Regarding capital expenditure, ýthe presidency will receive N4 billion, office of the Secretary to the Government will receive N9 billion, while defence (Ministry of Defence/Army/Air force, Navy) will receive N36 billion.
The budget also shows thatý the Federal Capital Territory Administration (FCTA) will receive N13 billioný, while entitlements of former presidents, heads of state, vice presidents and chiefs of general staff will gulp N2.3 billion.
The Nigeria Social Insurance Trust Fund’s Pensioners protesting in Abuja, Monday
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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