Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,208 members, 7,815,219 topics. Date: Thursday, 02 May 2024 at 09:11 AM

FEC Approves 2018 Budget Today - Leadershipng - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / FEC Approves 2018 Budget Today - Leadershipng (12842 Views)

FEC Approves N623m For Customs To Buy Computers / FEC Approves N1.23bn For Plateau University, Customs / FEC Approves N1.7bn For Construction Of Jetty At Bonny Island (2) (3) (4)

(1) (Reply) (Go Down)

FEC Approves 2018 Budget Today - Leadershipng by BeeBeeOoh(m): 10:30am On Oct 26, 2017
There are indications that the Federal Executive Council (FEC) will today approve the 2018 budget.

The weekly Council meeting, which was shifted from yesterday to today, åhas budget submission as the only item its agenda.

The presidency had set October as the deadline for submission of the budget to the National Assembly in a bid to return the budget cycle from January to December.

LEADERSHIP gathered that barring any last minute change, President Muhammadu Buhari would present the budget to a joint session of the National Assembly on Tuesday next week.

It was also learnt that the president will today evening host the leadership of the National Assembly to a dinner to smoothen the relationship between the executive and legislature ahead of the submission of the budget to the National Assembly.

As part of effort to beat the October deadline, President Buhari had two weeks ago presented the 2018-2020 medium term expenditure framework (MTEF) and the fiscal strategy paper (FSP) to the House of Representatives in preparation for the presentation of the 2018 budget.

Speaker of the House of Representatives, Yakubu Dogara, read a letter dated October 9, 2017, conveying the MTEF/FSP to the House.

Although the Speaker read the letter without giving details, LEADERSHIP gathered reliably that in the MTEF, the federal government projected a budget of N7.9 trillion for 2018, about N500 billion more than the 2017 N7.44 trillion appropriations.

It was also learnt that the federal government proposed $45 per barrel of oil and a 2.3 million barrel per day (mbpd) oil production quota for the 2018 budget.

The executive is said to have equally proposed an exchange rate of N305/$1, with 12.42 inflation rates, a 4.8 per cent GDP growth rate and nominal GDP of N133.97 trillion, as well as N81.60 trillion nominal consumption.

It is also expected that N2.4 trillion would be spent on capital projects implementation as against N2.17 trillion approved for 2017.

The 2016 and 2017 budgets submitted by the president to the National Assembly in December were marred by controversies.

To avoid issues of missing budget and budget padding, the executive is keen on avoiding zany form of controversy in the 2018 budget.

Senate Mulls Scrapping Of Agencies Over N2tn Revenue Loss

Several Acts and laws setting up some federal government agencies risk being repealed by the Senate.

Some lawmakers who spoke on the floor of the Red Chamber yesterday called for the scrapping of the revenue generating agencies.

They attributed their suggestion to the huge revenue leakages annually, resulting in over N2 trillion in losses incurred by the federal government from remittances of the agencies between 2012 and 2016.

Also, the Senate committee on Public Accounts (SPAC) has threatened to publish names of agencies that have not submitted their annual reports and audited accounts for 2016 in the mass media.

Call for scrapping of some of the federal agencies were made following debate on the interim reports of the Senate ad-hoc committee on alleged misuse, under-remittance and other fraudulent activities in collection, accounting, remittance and expenditure of IGR by revenue generating agencies.

The Senators were palpably angered by the discovery in the report that about N2 trillion loss was incurred from under-remittances by various agencies of the federal government and that about N19 out of the N21.5 trillion generated revenue was spent by them during period under review.

Senator Ben Murray Bruce (PDP Bayelsa) said the report should give the Senate and by extension, the National Assembly, the required legislative weapon for scrapping many of the agencies that are nothing but drain pipes in the nation’s economy.

According to him, the Voice of Nigeria (VON), which was created during the era of cold war between the western and eastern blocs, has lost its relevance of existence and yet, it is still being heavily funded by the federal government without remitting any reasonable revenue to the federation account.

“The Federal Radio Corporation of Nigeria (FRCN) which made N1.2 billion under-remittance out of N7billion generated, going by this report, needs just about 2,000 efficient workforce as against the over bloated 8,000 workforce it presently parades”, he stated.

In his submission, Senator Tayo Alasoadura declared that all the 601 federal government agencies are over bloated and not understaffed in anyway, with attendant heavy burden on the nation’s revenues in form of huge salaries.

Also contributing, the deputy President of the Senate, Ike Ekweremadu, said besides amending the laws, it was imperative to either merge or scrap some of the agencies of government that are not productive or useful to the economy.

He called on the Senate to study the Orosanya committee report and make further recommendations for the scrapping or merger of some agencies that are consuming government revenue rather than generating funds.

In the 32 – page report presented by the committee chairman, Senator Solomon Olamilekan Adeola (APC Lagos West), 25 out of the entire 93 revenue-generating agencies covered are alleged to have defrauded the federal government to the tune of N2 trillion through under-remittances of revenues made between 2012 and 2016.

Specifically, the Senator said the Nigeria Customs Service, which generated N335.855billion during the period under review, failed to remit N83.963billion as 25% of the amount generated in line with the provisions of the Fiscal Responsibility Act 2007.

Similarly, as contained in the report, the Federal Inland Revenue Service (FIRS) made under-remittance of N33.83billion out of the N455.5billion it generated.

Also included is the Nigerian Ports Authority, which recorded under-remittance of N86.636 billion into the Consolidated Revenue Fund (CRF), despite generating N789.104billion.

Others are CBN, N13.716billion under-remittance, out of N3.098 trillion generated; NIMASA, N184.489 billion under remittance out of N301.160billion generated and NTA N5.567billion under remittance out of N56.817 billion generated.

For NNPC, the committee stated that, while the Nation’s cash cow during the period under review, generated N15.541trillion, its entire expenditure during the period was N18.657 trillion, exceeding the corporation’s revenue profile by N3.115trillion.

But consideration for the recommendations made in the interim report was deferred till submission of the final report in six weeks.

Meanwhile, the Public Accounts Committee (PAC) of the Senate yesterday threatened to publish the names and details of Ministries, Departments and Agencies (MDAs) of government that do not comply with the constitutional provision requiring them to submit their annual reports and audited accounts to the Office of the Auditor General of the Federation.



The chairman of the committee, Senator Matthew Uroghide, who issued the threat, said the committee would also make recommendations to the Senate to suspend the budget approvals of the defaulting MDAs until they comply.

“Information from the Office of the Auditor General shows that all the federal government statutory corporations, commissions, authorities and agencies are not up to date with their submission of their annual accounts and audited reports as specified by section 85 (3) of the constitution. They have, therefore, violated the provisions of the constitution”, Uroghide said.

He said the committee will conduct status inquiry on the revenue generation and expenditure of the MDAs as appropriated, as part of its function to expose inefficiency, waste and ineffectiveness in the management of public funds.

$3bn Of Proposed Borrowing to Refinance Loans By Past Administration – Adeosun

Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, has revealed that $3 billion of the $5.5 billion, which it plans to raise from the international financial market, will be used to refinance debts the President Muhammadu Buhari-led government inherited from the past administration.

The Minister, who appeared on Arise TV News Programme, said the proposed $5.5 billion loan is made up of two components namely refinancing of heritage debts to the tune of $3 billion and new borrowing of $2.5 billion for the 2017 Budget.

She said, “Let me explain the $5.5 billion borrowing because there have been some misrepresentations in the media in the last few weeks. The first component of $2.5 billion represents new external borrowing provided for in the 2017 Appropriation Act to partly finance the deficit in that Budget.

“The borrowing will enable the country to bridge the gap in the 2017 budget currently facing liquidity problem to finance some capital projects

“For the second component, we are refinancing existing domestic debt with the $3 billion external borrowing. This is purely a portfolio restructuring activity that will not result in any increase in the public debt”.

Adeosun noted that the country’s debt puzzlingly rose from N7.9 trillion in June 2013 to N12.1 trillion in June 2015, despite the fact that only 10 per cent of the budget was allocated to capital expenditure when oil price exceeded $120 per barrel.

http://leadership.ng/2017/10/26/fec-approves-2018-budget-today/

Lalasticlala, Mynd44
Re: FEC Approves 2018 Budget Today - Leadershipng by three: 10:37am On Oct 26, 2017
Okay, 2017 budget has remained largely unexecuted but....

Little or zero performance in capital expenditure but overperfomance in salaries and loan repayment.

This seems a little dodgy.

Were secret recruitments carried out? Why the increase from projected salaries?

Were more loans taken within the period?

By who and for who and for what?

Why are we suddenly paying back more than we budgeted for?

4 Likes

Re: FEC Approves 2018 Budget Today - Leadershipng by Nobody: 10:41am On Oct 26, 2017
If they like they should approve or wait till 2019.
10 per cent of the budget was allocated to capital expenditure when oil price exceeded $120 per barrel yet they were physical projects for Nigerians to see.
This criminal and lazy government keeps using the previous government as a pretext for their failure.
When will this government starts fulfilling just 5% of their promises, what is the crime of Nigeria?

18 Likes 3 Shares

Re: FEC Approves 2018 Budget Today - Leadershipng by Secretgis: 12:25pm On Oct 26, 2017
Money don come...celeb goes braless on her birthday with the caption I can do whatever I like see photos [url=]http://newzpotter..com.ng/2017/10/its-my-birthday-and-ill-flash-if-i-want.html?m=1[/url]
Re: FEC Approves 2018 Budget Today - Leadershipng by emmasege: 12:25pm On Oct 26, 2017
Can anything good still come out of this dullard who was foisted on reasonable Nigerians by zombies?

I'm yet to feel any positive change at my end. Buhari's regime will fondly be remebered as the worst in Nigeria's post-independence history.
Re: FEC Approves 2018 Budget Today - Leadershipng by ArchangeLucifer: 12:25pm On Oct 26, 2017
I need to know how much will be allocated to my worship and casting of my graven images.
Re: FEC Approves 2018 Budget Today - Leadershipng by ateamblezing(f): 12:25pm On Oct 26, 2017
Wait till it gets missing

1 Like

Re: FEC Approves 2018 Budget Today - Leadershipng by LeeMason(m): 12:25pm On Oct 26, 2017
How much be the money ? Divide it by 170million people and pay me mine

6 Likes 1 Share

Re: FEC Approves 2018 Budget Today - Leadershipng by nairavsdollars(f): 12:26pm On Oct 26, 2017
I am very sure they will dodge the Maina issue...Lets wait for the lie from this man

12 Likes

Re: FEC Approves 2018 Budget Today - Leadershipng by tdbankplc: 12:26pm On Oct 26, 2017
Is my arrears included?
Re: FEC Approves 2018 Budget Today - Leadershipng by Flexherbal(m): 12:26pm On Oct 26, 2017
"It was also learnt that the president will today evening host the leadership of the National Assembly to a dinner to smoothen the relationship between the executive and legislature ahead of the submission of the budget to the National Assembly."
Re: FEC Approves 2018 Budget Today - Leadershipng by Blue3k(m): 12:28pm On Oct 26, 2017
This sound a little too good. What sectors are going to be driving this growth. The inflation rate at 2018 dropping to under 15% would be surprising to me. I say that because it's drops 1 or 2 percentage since I started watching.

The executive is said to have equally proposed an exchange rate of N305/$1, with 12.42 inflation rates, a 4.8 per cent GDP growth rate and nominal GDP of N133.97 trillion, as well as N81.60 trillion nominal consumption. It is also expected that N2.4 trillion would be spent on capital projects implementation as against N2.17 trillion approved for 2017.

1 Like

Re: FEC Approves 2018 Budget Today - Leadershipng by superior494(m): 12:28pm On Oct 26, 2017
ok o

check my signature for your professional business plan
Re: FEC Approves 2018 Budget Today - Leadershipng by Paperwhite(m): 12:29pm On Oct 26, 2017
Junk journalism-why not wait till they approve it first.Meanwhile hope it'll not be another "padded budget"? angry
Re: FEC Approves 2018 Budget Today - Leadershipng by paradigmshift(m): 12:30pm On Oct 26, 2017
what's the effect of 2017 budget ?
oya make una go borrow again
Re: FEC Approves 2018 Budget Today - Leadershipng by sohans(m): 12:30pm On Oct 26, 2017
2018 budget?
Where 2017 own
Say baba.....
Re: FEC Approves 2018 Budget Today - Leadershipng by vedaxcool(m): 12:31pm On Oct 26, 2017
Pray NASS would hasten action on it.
Re: FEC Approves 2018 Budget Today - Leadershipng by Blue3k(m): 12:37pm On Oct 26, 2017
Do they have will to fire anyone. We all know the federal government workforce is over bloated. The Senate itself has published multiple papers on such. The fact is we know it's political patronage that keep these guys on payrolls. They don't even make profit on most of these agencies as it seems.

In his submission, Senator Tayo Alasoadura declared that all the 601 federal government agencies are over bloated and not understaffed in anyway, with attendant heavy burden on the nation’s revenues in form of huge salaries.

Also, the Senate committee on Public Accounts (SPAC) has threatened to publish names of agencies that have not submitted their annual reports and audited accounts for 2016 in the mass media.

You should have already.

2 Likes

Re: FEC Approves 2018 Budget Today - Leadershipng by shaddoww: 12:42pm On Oct 26, 2017
we no kuku see wetin dem do with 2015, 2016 n 2017 budgets.
Re: FEC Approves 2018 Budget Today - Leadershipng by naijamafioso: 12:52pm On Oct 26, 2017
shaddoww:
we no kuku see wetin dem do with 2015, 2016 n 2017 budgets.

i wonder o, be like say na themselves dem dey do the budget for.

contact my signature for free bitcoins

1 Like

Re: FEC Approves 2018 Budget Today - Leadershipng by AishaBuhari: 12:57pm On Oct 26, 2017
Huge amounts dispensation with zero performance/utilization undecided

1 Like

Re: FEC Approves 2018 Budget Today - Leadershipng by NwaIgboBoy(m): 1:15pm On Oct 26, 2017
And that isn't my problem, my own is that 2018 will come and go Nigeria will still dey go back........ I LOVE HATE NIGERIA!!!
Re: FEC Approves 2018 Budget Today - Leadershipng by chikago1: 1:21pm On Oct 26, 2017
kai buhari, dis your government is really f**cked up. we have not seen the impact of 2017 budget and you are already thinking of 2018? God why?

1 Like 1 Share

Re: FEC Approves 2018 Budget Today - Leadershipng by thunderbabs: 2:01pm On Oct 26, 2017
Money wey no affect the least Nigerian undecided . Here in Abuja and since buhari enteres d villa, if you see any construction of any kind anywhere, na individuals.

Dont know what the 2017 budget has done, talkless 2018 undecided

2 Likes 1 Share

Re: FEC Approves 2018 Budget Today - Leadershipng by Activeman391(m): 2:09pm On Oct 26, 2017
This is good news,pls let the money be used judiciously
Re: FEC Approves 2018 Budget Today - Leadershipng by slimfairboy(m): 2:18pm On Oct 26, 2017
cry All these budgets na for their pockets e go enter last last.
Re: FEC Approves 2018 Budget Today - Leadershipng by raphaeladeyele: 2:29pm On Oct 26, 2017
May God assist the National Assembly make no delay like 2016
Re: FEC Approves 2018 Budget Today - Leadershipng by honestivo(m): 3:33pm On Oct 26, 2017
Implementation is the issue ,not by summiting a new budget when old one have not implemented.
Re: FEC Approves 2018 Budget Today - Leadershipng by franchuks(m): 7:20pm On Oct 26, 2017
We hope there won't be padding this time! Nigeria, I hail thee! The more things change; the more they remain the same!
Re: FEC Approves 2018 Budget Today - Leadershipng by Nobody: 7:52am On Oct 27, 2017
Ever since this APC led government came into power, all their budgets has been paddings no physical projects but only photoshopping projects on media space.

What would be the name of the 2018 budget sef

(1) (Reply)

Prince Eze Madumere Honours Jasper Azuatalam With An Award (Photos) / Class Of 2019: Mixed Fortunes For Ex-governors / PDP Senators Reject Bayelsa, Kogi Election Results

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 41
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.