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Powering Prosperity – Unlocking Nigeria’s Potential Through US Partnership

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The Source
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By David Greene (Chargé d’Affaires, a.i.
United States Embassy Abuja)

Nigeria is on track to be the world’s fourth-most populous country by 2050. It already has the largest economy in Africa and, with 60 percent of its population under the age of 25, it stands on the threshold of a demographic dividend that can dramatically transform its economy for the better. Nigeria’s strategic partnerships are essential in harnessing this potential, and the United States is playing a leading role. As we near the six-month mark of President Tinubu’s administration, our relationship has emerged as a key for success. One year ago, at the U.S.-Africa Leaders Summit in Washington, DC, President Biden renewed our commitment to deepening engagement across the continent. Here is how we are doing that in Nigeria – working in areas that matter most to everyday citizens, such as growing the economy, strengthening democracy, improving health outcomes, ensuring security, and addressing the climate crisis. 

Nigeria’s economic potential is vast, and with the right macroeconomic framework, a sound fiscal strategy, and a strong commitment to rooting out corruption, it can become a preferred destination for foreign direct investment. American investors and companies are eager to engage with Nigeria, and the United States government is doing its utmost to build our bilateral trade and investment ties.

Consider these examples: We have joined forces to accelerate Nigeria’s digital transformation, with investments from U.S. tech giants such as Microsoft, Cisco, Meta, Google, and Starlink. This partnership has built a platform to train unemployed and underemployed women and youth. Moreover, it has been a catalyst for quality investment, accounting for more than a quarter of all venture capital flowing into Africa.

Collaborative efforts in agriculture further underscore our commitment. For example, the U.S. Department of Agriculture recently dedicated $22 million to strengthen Nigeria’s cocoa value chain, supporting more than 60,000 cocoa farmers, processors, marketers, and other agribusiness service providers in what is Nigeria’s #2 foreign exchange-earning export. From tech to agriculture, these steps go beyond statistics. They translate into tangible outcomes: good jobs, seed money for new ventures, and higher-value agricultural exports.

The United States is also a steadfast partner in strengthening Nigeria’s health sector. With World AIDS Day – December 1 – approaching, it is worth recalling that over the past two decades, PEPFAR, the leading U.S. initiative to address HIV/AIDS, has invested nearly $8 billion in Nigeria, providing more than 1.6 million individuals with life-saving HIV treatment. In response to COVID-19, the United States donated more than 44 million vaccine doses, helping the Nigerian government approach its target vaccination rate of 70 percent of the eligible population. Partnerships like the U.S. President’s Malaria Initiative, with an annual budget of more than $71 million, have reduced child death rates and strengthened health systems.

Those investments are just part of our overall development assistance to Nigeria. In fiscal year 2022 alone, the U.S. government allocated over $1.2 billion dollars in such support. These funds provide humanitarian assistance, and improve health, economic development, education, social services, democracy, human rights and governance, and peace and security.

In the latter two areas – democracy and security – we aim to support an inclusive future where Nigerian citizens’ votes count and translate into responsive governance, and where they can live in peace. We are a steadfast partner in seeking to strengthen election processes that will enhance accountability to meet citizens’ expectations, and pursuing innovative projects to help communities resolve differences without violence. Through cooperation with and training of Nigeria’s military and police, we are building more capable forces. Collaborating with civil society, law enforcement, and the judiciary, we are confronting the security challenges that stand in the way of economic growth while upholding a shared commitment to human rights. Initiatives include building Nigeria’s counter-terrorism capacity, bringing technology to courtrooms and case-management systems to help in the administration of justice and reduce pre-trial detention, and supporting efforts to enhance accountability and transparency in police forces.

Our partnership to address the climate crisis reflects our mutual recognition of this challenge, and our respect for Nigeria’s role as both an energy producer and a country profoundly impacted by the effects of climate change. In the leadup to COP28 – the 28th Conference of Parties to the UN Framework Convention for Climate Change, which begins this week – the United States and Nigeria are aggressively seeking solutions. For example, U.S. support for Nigeria’s leadership as a Global Methane Pledge champion has led to action that is reducing greenhouse gas emissions for the benefit of all.

These programs and cooperative efforts advance a joint agenda that is built and driven by the highest levels of our leadership. President Biden met with President Tinubu in September, and numerous senior U.S. officials have come to Nigeria in recent months to confer on meeting Nigeria’s energy needs, driving U.S. trade and investment in Nigeria, and strengthening our law enforcement cooperation. These engagements strengthen our ties, address Nigeria’s pressing needs, and tackle shared challenges.

Ultimately, realizing Nigeria’s potential hinges upon enhancing its fiscal and economic health – and capitalizing on its strategic partnerships to build on that foundation. The opportunity has never been greater. Nigeria, with its youth, energy, and entrepreneurial spirit, is poised to seize this moment. We commend the government for its bold actions thus far to try to move the economy to a more solid footing. The United States is your partner in that effort – through investment, better security, a stronger workforce, and resilient institutions – that benefits all Nigerians and expands prosperity for both our peoples. Our journey ahead has its obstacles, of course. But together we will find a path toward a shared prosperity. 

IGP Approves Posting Of Police Public Relations Officers

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The Source
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Kayode Egbetokun - IGP

Zone 2 Lagos, Cooperative, Kwara, Ebonyi, Bayelsa, Sokoto get new PPROs

The Inspector General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has approved the posting of Police Public Relations Officers (PPROs) to various State Commands and Formation to strengthen community engagement and communication. The newly posted officers are tasked with fostering positive relationships between the Nigeria Police Force and the communities they serve.

This was disclosed in a Press Release by the Force Public Relations Officer, Force Headquarters, ACP Olumuyiwa Adejobi on Wednesday, November 29, 2023.

The newly posted Officers and their respective portfolios include SP Ayuba Tunni Umma to PPRO Zone 2, Lagos; SP Hauwa Idris Adamu to PPRO Nigeria Police Cooperative; DSP Ejire Adetoun Adeyemi to PPRO Kwara State; ASP Unah Paul Echefunachi to PPRO Ebonyi; ASP Rufa’i Ahmed to PPRO Sokoto; and ASP Musa Mohammed to PPRO Bayelsa. Similarly, ASP Abuka Pius has been posted as a Staff Officer to the Public Complaint Bureau of the Force Public Relations Department, Force Headquarters, Abuja.

The Inspector General of Police emphasized the importance of community collaboration in policing, and  urged the newly posted officers to work closely with the communities they serve.

The IGP charged them to entrench the policing ideals and community-oriented initiatives being implemented by the respective Heads of their Commands and Formations.

Said the statement “The Nigeria Police Force extends its congratulations to the newly appointed PPROs and wishes them success in their new roles.”

President Tinubu’s 2024 Budget Is Padded, Useless For Nigerians

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The Source
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In a swift reaction to the 2024 Budget tagged Budget of Renewed Hope which President Bola Tinubu  presented to a joint session of the National Assembly, on Wednesday, November 29, 2023, the opposition Peoples Democratic Party, PDP, described it as useless and hopeless.

In a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP, dismissed the Budget as presented by Mr President, as “deceitful, strangulating and hopeless.” The statement added that the Budget has “no mechanism for economic recovery”, and noted that the official rate of N750 to one US Dollar is suffocating.

Following is the full text of the reaction by the PDP titled:

Tinubu’s 2024 Budget, Deceitful, Strangulating and Hopeless

*Has No Mechanism for Economic Recovery, N750/US1 Suffocating

“The Peoples Democratic Party (PDP) describes the N27.5 trillion budget for 2024 fiscal year as proposed by President Bola Tinubu to the National Assembly as a huge disservice which, if allowed to pass, will further asphyxiate Nigerians and plunge our nation into more economic depression and hopelessness.

“The PDP also describes the claim by President Tinubu that the budget is a Budget of Renewed Hope as conjured, unfounded and deceptive as the budget is completely devoid of concrete mechanisms to revive the economy, create jobs, address the comatose manufacturing and productive sectors, human capital development deficiencies and depleting life expectancy of Nigeria citizens.

“The 2024 budget is filled with heavily padded figures, duplicated items and several false statistics including claims of global increase in inflation rate as excuse for an impending excruciating increase in taxes and interest rate to the detriment of our productive sector.

“It is clear that the 2024 budget as proposed with its heavy provisions for luxury appetite of the Presidency and All Progressives Congress (APC) leaders which is predicated and expected to be funded from multilateral and bilateral foreign loans and increased taxes on Nigerians, is designed to further mortgage our nation and strangulate the already impoverished Nigerians.

“The budget framework with respect to Recurrent Expenditure Vote of N9.9 trillion, Capital Expenditure Vote of N8.7 trillion and N8.25 trillion for debt services is unsustainable and unrealizable in view of the stated outstanding debt and proposed borrowing which is targeted mainly to finance consumption, luxury appetite and debt servicing.

“The lack of concrete and verifiable action plans to revive the manufacturing, energy, agricultural and education sectors which are the main drivers of any economy is a pointer that the Tinubu-led APC government is bereft of ideas and completely disconnected from the reality of life being faced by Nigerians.

“It is of grave concern that the President in the budget speech stated that his government has ‘adopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024’.

“This is a clear admission of failure, incapacity and lack of direction by the APC administration to manage and grow the economy in such a way as to strengthen the national currency, productivity and competitiveness in the global market.

“It has further confirmed that the numerous promises by the President and officials of his government asserting a monetary policy to strengthen the Naira have been a deceptive ploy which is consistent with the APC in the past eight and half years.

“By adopting a defeatist N750 per US Dollar exchange rate, President Tinubu has further plunged our economy into the abyss, weakened our productive sector, wrecked the purchasing power of Nigerians and the capacity of the youths to be creative, recognizing that it will be almost impossible for Small and Medium Enterprises as well as Startups to access capital under such a suffocating budget.

“Every responsible leadership strives to work and defend its national currency. Unfortunately, the Tinubu-led government has surrendered our nation currency and pride to the whims and caprices of the so-called “market forces”.

“The PDP insists that with a transparent, honest and innovative management of resources and economic potentials of the nation; without inordinate pursuit of luxury consumption by a few individuals in leadership position, as being witnessed under the APC, the economy will witness a rapid turn-around and the Naira strengthened to its value of below N200 per US Dollar bequeathed by the PDP to the APC in 2015

“This 2024 budget as presented by President Tinubu therefore represents hopelessness for Nigerians. It is pathetic that the President whose main duty is to provide for the security and welfare of Nigerians as provided for in Section 14 (2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) could present a budget that is not geared towards the attainment of that Constitutional duty imposed on him.

“The PDP calls on the National Assembly pursuant to its Constitutional duty under Section 80, 81 and 82 of the 1999 Constitution to reject the 2024 budget as presented and use its legislative powers to disassemble the budget and make provisions that are critical and pivotal to the growth of the economy and the welfare of Nigerians.”

Uproar Trail Continued Incarceration Of Jatau Over Protest On Murder Of Deborah Samuel

By
Akinwale Kasali
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0

By Akinwale Kasali

Rhoda Jatau, the Woman who protested against the gruesome murder of Deborah Samuel, a 200-level student of Home Economics at Shehu Shagari College of Education, Sokoto, has been incarcerated – for months, and still counting.

Samuel was murdered by Islamic extremists and set ablaze after she advised her classmates against posting religious materials on their WhatsApp page.

Though, the police announced the arrest of two suspects; Bilyaminu Aliyu and Aminu Hukunci, in connection to Deborah’s murder, and they were arraigned on May 16, 2022, at the Sokoto Chief Magistrate Court for their alleged participation in the crime, nothing has been heard of the case since then.

The Sokoto State Police Command had disclosed that those arrested at the scene of the incident, while dispersing the mob, had been charged to court and the court remanded them in prison.

But it was alleged that the suspects have been released, prompting Jatau to lead a protest against the barbaric killing of the  young lady who is of the Christian faith.

She was detained in Bauchi State leading to the hashtag #FreeRhoda on the X platform.

However, Jatau, a mother of five has been in detention since 2022.

She was charged with “inciting public disturbance, contempt of religious creed and cyber-stalking” under the Penal Code and the Cybercrime Prevention Act.

Nigerians on social media X, (formerly Twitter) have continued to slam Jatau’s continued detention.

Taking to social media Tuesday,  Modupe Odele with the X handle @Mochievous tweeted, “Rhoda Ya’u Jatau is a Christian from Bauchi State who has spent over 18 months in jail for sharing a video condemning the lynching of university student Deborah Emmanuel. She was accused of blasphemy…”

Another Nigerian, @Uncle_Onos, expressed concern saying, “She has so far spent over 18 months languishing in Police detention. This is the height of wickedness and cruelty. Meanwhile, no word has been of how the killers of Deborah were treated by the Police. They are probably walking the streets freely. RHODA JATAU MUST BE FREED!!!”

Also, popular skit maker, Mr Macaroni decried the continuous detention by tweeting, “Rhoda Jatau is a Christian. A Mother of 5. She has spent over 18 months and counting in a Prison in Bauchi for condemning the gruesome and barbaric murder of Deborah; a fellow Christian. This is a crime against humanity and this madness must come to an end! FREE RHODA JATAU!!!”

Reacting to one of the several tweets calling for the release of Jatau, another netizen with the handle @king_Bello7 decried the failure of the police to apprehend the murders of Deborah but “Deborah’s killers are walking free”

A music executive, @ChubieUjah  questioned if the constitution of the nation has been swapped for Sharia law without the knowledge of Nigerians. He posted, “I don’t understand how this is happening in a civilised society that claims to be a secular state. What are they not telling us? Has our constitution been swapped for Sharia law without our knowledge?” while @ProsperLuis2 expressed that “Christians are suffering in northern Nigeria.”

Another netizen @addel_cares blamed the Christian community for the detention of Jatau.

He tweeted, “Something would happen in Nigeria, and you would ask yourself, do we even have Christian leaders in Nigeria? I don’t even blame them, but the gullible Nigerians who see them as God, and when it’s time for them to stand up, they won’t. Arrest a Muslim and put him or her in prison and see if everyone would rest.” Another X user named @GoodPikins said, “Please release the innocent woman.”

@Real_Ekaf called for justice, adding that “Enough is Enough” on the detention of Jatau and @Cutefabulous02 added, “The injustice against Christians in the north is uncalled for. I wish the secularity of the Nigerian state is applicable to all the states of the federation. The day we would understand as people that humanity begot religion may mark the day of our liberation. #FreeRhoda”

Fayemi, Oyebanji Responsible For Failed Ekiti Airport Project – SW PDP, Wants Fayemi Probed

By
Ayodele Oni
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0

By Ayodele Oni

The People’s Democratic Party, (PDP) has called for the immediate probe of former Ekiti Governor Kayode Fayemi over the failed airport project, which the party claims cost the state a whopping sum of ₦20 billion.

The party also accused the incumbent Governor Biodun Oyebanji of conspiring with his predecessor to the detriment of the people of Ekiti.

Former Governor Fayemi had hurriedly commissioned the Cargo Airport in October 15, 2022, few days to the end of his tenure, with a military plane landing at the facility and since then no flight to the airport.

In a statement through its spokesman, Chief Sanya Atofarati, the PDP alleged that Oyebanji, who served as the Secretary to the state Government under Fayemi in Ekiti, conspired against the people.

“The present administration is in the know of the charade and criminal act that took place during the last administration, and we are unapologetic in our demand for the probe of the failed airport project.

“It is on record that the incumbent Governor was the Secretary to the State Government under the Fayemi administration. He should be able to explain to the people of Ekiti State what happened to their ₦20 billion.

“The Airport project, as reported in the media, cost taxpayers a whopping sum of N20 billion naira. This money could have been infused into agriculture to improve productivity, create cottage industries, add value to education, improve healthcare , and other sustainable projects that would have had a direct impact on the economy of the state.”

The PDP also called on anti-graft agencies, especially the Economic and Financial Crimes Commission (EFCC), to swing into action and probe the project, stressing that the present administration of Oyebanji must exonerate itself of being culpable in the alleged looting.

PDP, had on several occasions, expressed its displeasure over the airport project, describing it as a conduit pipe solely aimed at siphoning the state’s meagre resources

The statement added that the PDP is giving the Oyebanji led government 14 days to investigate funding of the project and expose those and reason behind the non functioning of the airport .

Budget Of Renewed Hope

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The Source
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By Bola Tinubu

Full Text of the 2024 Budget Speech delivered by His Excellency, Asiwaju Bola Ahmed Tinubu, *GCFR, President, Federal Republic of Nigeria, at the Joint Session of the National Assembly, Abuja Wednesday, November  29, 2023

— The Vice President, Senator Kashim Ibrahim Shettima, GCON

— The Senate President, Distinguished Senator Godswill Akpabio, GCON

— The Right Honourable Speaker, Tajudeen Abbas

— APC National Chairman, His Excellency, Abdullahi Umar Ganduje

— Executive Governors here present

— Distinguished Leaders and Members of the National Assembly

— Secretary to the Government of the Federation

— Chief of Staff to the President

— Other Senior Government Officials here present

— Gentlemen of the Press

— Ladies and Gentlemen

  1. In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.
  1. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.
  1. I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.
  1. It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.
  1. The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.
  1. In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

PREVAILING ECONOMIC ENVIRONMENT

  1. Economic conditions remain challenging both abroad and at home. Despite lingering Post-Covid supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relative low rate has significant implications for our economy due to our current reliance on importation.
  1. Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.
  1. Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.
  1. The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

PERFORMANCE OF THE 2023 BUDGET

  1. Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion nairawas projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percentof GDP.
  1. As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.
  1. Despite the challenges, we continue to meet our obligations.

THEME AND PRIORITIES OF THE 2024 BUDGET

  1. Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.
  1. Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.
  1. Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.
  1. To improve the effectiveness of our budget performance, government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.
  1. To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.
  1. A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment friendly measures for sustainable growth.
  1. We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.
  1. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium term expenditure framework is Nigeria’s commitment to a greener future.
  1. Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.
  1. As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.
  1. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.
  1. Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.
  1. Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.
  1. After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.
  1. Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.
  1. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
  1. Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

31.The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion nairafrom Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

  1. Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.
  1. We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

34.Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.

35.We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.

  1. Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

37.As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.

38.I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

  1. As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.
  1. In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.
  1. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.
  1. I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.
  1. May God bless the Federal Republic of Nigeria

Osun Civil Servants, Pensioners Get Subsidy Palliative, As Gov Adeleke Approves Payment

By
Ayodele Oni
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0
Ademola Adeleke sworn in as Governor of Osun State

By Ayodele Oni

Osun State Governor, Ademola Adeleke put smiles on faces of civil servants and pensioners as he approved the payment of wage award to them as a measure to mitigate the impact of subsidy removal.

There have been much expectation in the state as to what the administration has as plan to mitigate effect of the subsidy withdrawal on petrol with the opposition alleging diverting of palliatives released by the federal government.

The governor, who celebrated his first year anniversary early in the week, boasting that his performance out weighted that of his predecessor, stated that the action was in a continuation of his avowed commitment to workers’ welfare and a fulfillment of his pledge for the gradual rollout of palliative measures to cushion the effect of subsidy removal.

“On the first day of my second year in office, I unveil this wage award and reaffirm our five point agenda which has workers’ welfare as number one item.”

Governor Adeleke’s approval was conveyed in a circular issued by the Ministry of Human Resources and Capacity Building, disclosing that workers in the service of the state will get a N15,000 wage award while pensioners will receive N10,000

The circular, which was signed by Sunday Olugbenga Fadele, a Permanent Secretary in the Ministry, noted that the wage award will run for six months, beginning from the month of December.

“Sequel to the negotiation meetings and interactions with labour movement in Osun state, including the representatives of Nigeria Union of Pensioners, the Governor of Osun State, His Excellency, Senator Ademola Jackson Nurudeen Adeleke, has approved the monthly payment of N15,000 to each active worker and N10,000 to each pensioners in Osun state as palliatives to assuage the pains being experienced as a result of removal of petroleum subsidy by the Federal Government of Nigeria.

“The payment, as approved, is to commence from the month of December, 2023 for a period of six months.

“While acknowledging and appreciating the understanding of Osun state workers and pensioners for their show of understanding regarding the efforts of the State Government in the last one year to improve tremendously on their welfare, being the first on the 5-point Action Plan, the present administration will continue to ensure its commitment to the welfare of workers are met at all times.

“It is expected that this gesture of government will spur workers in the State to be more diligent and committed to their duties.”

President Lists Priorities In 2024 Budget

By
Ayodele Oni
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0
Bola Ahmed Tinubu

By Ayodele Oni

Topmost priorities of 2024 budget proposal are national defence and internal security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.

President Bola Tinubu on Wednesday laid before the national assembly the estimates tagged Budget of Renewed Hope.

Addressing a joint session of the National Assembly on the 2024 Federal budget proposal in Abuja, President Tinubu said the nation’s internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

A statement by Chief Ajuri Ngelale,

Special Adviser to the President,

Media and Publicity, stated that the president said the proposed budget prioritizes human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.

“To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability.

“In this regard, we will work more closely with development partners and the private sector.

“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024,” the President affirmed.

Speaking on the economy, President Tinubu said a stable macro-economic environment is crucial in his administration’s bid to catalyze private investment and accelerate economic growth; hence, his government shall continue to implement business and investment friendly measures for sustainable growth.

“We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.

“In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.

“Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors.

“This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources.

“By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

“As we approach the COP28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.

“It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals.

“I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.”

The President said a conservative oil price benchmark of 77.96 U.S. Dollars per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar was adopted for 2024 as well.

Giving a breakdown of the 2024 Appropriation Bill, the President said: “Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

“Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

“The budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023, which represented 6.11 percent of GDP.

“The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and 1.05 trillion naira draw down on multilateral and bilateral loans secured for specific development projects.”

President Tinubu said his administration remains committed to broad-based and shared economic prosperity.

“We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households.”

He also said efforts will be made to further contain financial leakages through the effective implementation of key public financial management reforms.

The President commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa’s largest population.

“As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.

“I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget.

“Additionally, only projects and programs that are in line with the sectoral mandates of MDAs and those which are capable of realizing the vision of our administration should be included in the budget.”

LG Caretaker Committees In Ondo Illegal – PDP

By
Ayodele Oni
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By Ayodele Oni

The People’s Democratic Party (PDP) in Ondo State has described as illegal the decision by the State House of Assembly to approve the appointment of Caretaker Committees into Local Governments and  Local Council Development Authority, (LCDAs).

The party expressed shock by what it described as  “the shameless screening and approval of Caretaker Committees of Local Council Development Areas and Local Government Areas in flagrant violation of the 1999 Constitution of the Federal Government of Nigeria as amended.”

The state assembly had on Tuesday passed named of those nominated to serve as chairmen and vice in the local councils and LCDAs.

A statement on Tuesday, signed by Leye Igbabo, Director of Media and Publicity, noted that “It is unbelievable that those who are supposed to make laws for the state are the same persons breaking the law.

“Section 7(1) of the Constitution of Nigeria expressly states “The system of local government by democratically elected government council is under this constitution guaranteed and accordingly, the government of every state shall subject to Section 8 of this constitution ensure their existence under a law which provides for establishment, structure, composition, finance and functions of such councils”.

“Therefore, in the eyes of the law, the screening and confirmation of the said Caretaker Committees are null and void.

“Our party also believes the appointment of these committees is an attempt to derail the Local Government elections scheduled for 17th February, 2024 in view of the fact that the All Progressives Congress (APC) in the State is not in a form to have a good showing in the local polls.

“The Ondo State House of Assembly should not make itself a willing agent in the hands of those who are hell bent on driving the state towards a huge rock.

“This public show of shame must stop for once because the consequences of damaging the very constitution that binds us together is better left unimagined.”

Tinubu’s Administration Should Not Complain About State Of Economy Inherited, Enough Time To Plan For Governance – Afenifere

By
Ayodele Oni
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0

By Ayodele Oni

Afenifere, Yoruba socio cultural organization, has said that complaint by the President Bola Tinubu’s administration that it inherited bad economy from its predecessor is untenable.

In a communique signed by Chief Ayo Adebanjo

Leader, and Sola Ebiseni, Secretary General, it pointed out that there was enough time for the government to prepare for governance to enable it lay a formidable policies before it took off.

Rising from its meeting, the group at Isanya Ogbo in Ogun state, “decried current excuses of the state of the economy inherited by this Government from its predecessor of the same political party and opined that the period of three months between the declaration of the President in February and inauguration at the end of May was sufficient to lay the foundations for the economy policies of the new administration which soothing effects should be now felt by the people.

“Afenifere noted that the free-fall of the Naira in the foreign exchange market is having its toil on all aspects of the people’s life including prohibitive costs of pharmaceutical products, which are largely imported and with dire consequences for the health of ordinary Nigerians who could not afford overseas treatment like their leaders.

“Afenifere opined that without stabiliszing the Naira the much sought foreign  direct investment will continue to be a mirage.

“Afenifere noted that successive Nigerian government continued to pay only lip service to the diversification of the economy and urged governments at all levels to see beyond oil and gas and focus on agriculture, information technology and industrialisation with the Federal Government fixing the moribund steel industries and refineries.

On insecurity, the Yoruba Group “noted that fixing the economy and development are intertwined with security especially in agriculture wherein armed herders have driven farmers out of the land.”

It therefore called on the Federal Government to take the bull by the horns by ensuring and insisting  on cattle ranching within the states with comparative advantage in the culture and business of animal husbandry.

It reiterated its advocacy for multi-level policing particularly state police as imperative in a federation and particularly Nigeria with its vast territory.

Afenifere also expressed worries at the dwindling image and increasing loss of confidence in the judiciary by the Nigerian people saying ” We consider the parade of different versions of judgment  on the Kano gubernatorial elections inexplicable with disturbing implications for the  security of the state and the entire nation.

“Afenifere opined and reminded the Federal Government and leaders of the judiciary that most crises in Nigeria are always invariably associated with elections and prevarications of the judiciary.

“Afenifere insisted that a country which judiciary cannot be trusted to interpret laws with high degree of certainty and its judgment constantly  enmeshed in needless controversy cannot expect the confidence of foreign investors in its economy.”

The group insisted on the  respect of court orders on the release of detainees like Nnamdi Kanu, Sunday Igboho and others and reasoned that continued disrespect for court orders aggravates the level of insecurity in Nigeria.

Afenifere renewed its call on the Federal Government to summon the courage to match and reconcile the Resolutions of the 2014 National Conference and the Reports of the APC (El-Rufai) Committee on Federalism for the holistic restructuring of the federation which shall be enacted into a new constitution.

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