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FEC Okays N8.6trn 2018 Budget …Awaits NASS For Presentation
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved the draft 2018 National Budget proposal.
The FEC is to liaise with the National Assembly on a date President Muhammadu Buhari will present the document to the lawmakers.
Minister of Budget and National Planning, Udoma Udo Udoma, announced this to State House Correspondents at the post-FEC briefing.
Udoma who briefed newsmen alongside Ministers of Information, Lai Mohammed, Power, Works and Housing, Babatunde Fashola and Finance, Kemi Adeosun, however, declined to give details, insisting that only the President who is constitutionally backed has the prerogative to make them available to the public.
However, the Medium Term Expenditure Framework (MTEF) document indicates that the 2018 Budget will have an aggregate expenditure profile of about N8.6 trillion, including grants and donor funding of N199.91 billion.
This provision exceeds 2017 Budget aggregate expenditure estimate of N7.44 trillion by 15.5 percent (N1.16 trillion)
The aggregate revenue to fund the 2018 budget is expected to be around N5.65 trillion, 11 percent or N562.50 billion over the 2017 estimate of N5.08 trillion.
About 43.2 percent of this revenue is projected to come from oil sources while the balance is to be earned from non-oil sources.
These figures are subject to confirmation by President Buhari when he presents the fiscal proposals to the National Assembly.
Details of the MTEF showed that aggregate revenue to fund the 2018 budget is projected at N5.65 trillion (11.0 percent or N562.50 billion over the 2017 estimate of N5.08 trillion).
Also, 43.2 percent of this is projected to come from oil sources while the balance is to be earned from non-oil sources.
Aggregate expenditure is estimated at N8.60 trillion (this include grants and donor funding of N199.91 billion naira).
“This provision exceeds 2017 aggregate expenditure estimate of N7.44 trillion by 15.5 percent (or about N1.16 trillion).
Asked to give key details of the 2018 proposals especially the foreign exchange, oil price production benchmarks, etc, Udoma said, “It is the President’s prerogative to submit the budget, submit the proposals and give the details. I will be operating above my brief if I do that, the constitution gives that authority to the president.”
He said the federal government kept its promise to get the budget ready by October.
“We did promise that the budget will be ready in October and it is ready in October.
“We are liaising with the National Assembly because they have to approve the date for the President to come and address them to submit the budget,” he said.
The Minister said with today’s approval of the draft copy of the 2018 budget proposal, the government was indeed on the path to return the country back to a predictable January to December fiscal year.
“Before now, we used to submit budget proposal in December but now the budget is ready in October so there is a very big difference.
Fashola on his part said Council approved the construction of 14 kilometer 330KVA transmission line by Transmission Company of Nigeria, to get them ready to evacuate Azura power plant in Edo State when it is ready in May 2018.
The contract is at the sum of N796.6 million to be completed in seven months, just about when Azura should be ready.
The Finance Minister, Adeosun said Council approved the memo for the establishment of Road Trust Fund structure. She said the memo was presented with the Input of the Minister of Power, Works and Housing.
She said it is the Public Private Partnership (PPP) initiative that will allow the private sector to get involved in road construction in exchange for tax credit.
“What is unique about the scheme is that it is building on an existing scheme that avails tax credit but is one company per road and we have found that only two companies have been able to take advantage of it. The tax will be recovered over a three year period. We expect this to mobilise significant capital into road provision across the country. The ministry of works will be approving the design and the cost of those roads. The BPP will also provide certificates of no objection to make sure that the cost are reasonable, ministry of works will supervise.
“What we expect is significant road delivery especially in areas for example industrial clusters affected by very bad roads. They can get together, do the road and recover their money through the tax credit system.
“We expect the impact on revenues to be neutral because we are tightening our tax code but we still put in a limit that no company can apply and use more than 50 per cent of the tax within a year for this scheme.
“A company doesn’t have to be active in that area, so a bank, oil company, service company could get involved. We are really trying to widen the pool of funds for road construction.”
Adeosun said so far total amount that has been released on capital project for 2017 is N450 billion.
Rivers State Governor, Sir Siminalayi Fubara, has charged the newly appointed Secretary to the State Government (SSG) and Chief of Staff (CoS) to carry out their duties with discipline, loyalty and a firm commitment to the success of the administration and the wellbeing of the people of Rivers State.
The governor warned that any involvement in unauthorised nocturnal meetings or any conduct capable of embarrassing the government will attract immediate dismissal.
Fubara gave the warning yesterday shortly after the newly appointed Secretary to the State Government (SSG), Dr Dagogo S.A. Wokoma and the new Chief of Staff (CoS), Barrister Sunny Ewule, were sworn in at the Executive Council Chambers of Government House, Port Harcourt.
As part of the ceremony, the Chief Registrar of the State High Court, David Ihua-Maduenyi administered the Oath of Allegiance and Oath of Office on the duo before the governor gave his charge.
Addressing the appointees, Fubara reminded them that their elevation to the new positions was a call to service and not a platform for political grandstanding or the pursuit of personal ambition.
He stressed that their foremost responsibility should be to themselves and to the people of Rivers State, stressing that their conduct must always reflect integrity, restraint and dedication to public good.
Speaking directly to Dr. Wokoma, whom he described as an accomplished academic and mathematician, the governor expressed confidence in his intellectual depth and capacity to deliver on the new assignment.
The office of the Secretary to the State Government, Fubara stressed, demands thoroughness, discipline and a deep sense of responsibility. He charged the SSG to represent the State with honour at all times.
“Your duty includes representing the state government. You need to represent us in a way and manner that will bring honour to us.
“What is important to this administration is to see that the good works that we started and the ones that we met, are concluded in a way that will bring progress and development to our dear state,” he stated.
Turning to the new Chief of Staff, the governor explained that he is expected to ensure smooth administrative coordination, managing official engagements effectively and safeguarding the image of the Government House.
He underscored the sensitive and personal nature of the role and emphasised that the position operates strictly under the authority of the governor.
Fubara stressed that the role does not permit independent political engagements or private strategy meetings without his knowledge and consent.
“Let me sound it here very clearly. Your duty is to make sure that you handle the administrative duties and image making roles perfectly well, liaising with whoever is coming for any official assignment here.
“If you involve yourself in nocturnal meetings and all those things, I will sack you. I’m very serious. What is important to me today is peace, progress and prosperity of this state. I’m not going to compromise anything for it,” he said.
The governor cautioned that involvement of the new appointees in any action capable of bringing the government or his office to disrepute would attract appropriate sanctions.
While congratulating the new appointees, Fubara expressed optimism that they would justify the confidence reposed in them.
He called on all public officials to work together in unity, observing that collective success is stronger and more enduring than individual achievement.
The governor who also addressed the Permanent Secretaries present at the ceremony, directed those of them who have reached retirement age to start preparing their handover notes without delay.
The notice, he said, was not intended to scare anybody but to prepare their minds towards the inevitability of exiting the service one day and to pave way for an orderly transition.
He warned against any attempt to engage in financial misconduct or last-minute irregularities, stressing that he was closely monitoring the system to ensure strict enforcement of accountability rules.
Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.
The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.
Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.
The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.
“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”
The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.
INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.
According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.
An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.
The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.
He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.
“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.
The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”
On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”
The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.
He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.
Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.
Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.
He advocated that the envelope budgeting model should be set aside.
He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.
In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.
The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.
The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.
The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.
Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.
He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.
“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.
The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.