₦airaland Forum

vedaxcool:
[s][/s]

Did you read where your hero of thieves had high oil prices for 4 years and could only contribute 1 billion in 2011 dime to the sovereign wealt fund while pmb with low oil prices contributed 500M? It is clear you are so far off from truth and only know jobless mumbling all through the day

How Much Did He, Buhari Left For IBB After His Self Induced Recession In 1985??

Nigerian Army has said it did not force 486 Boko Haram suspects arrested on their way from Jigawa to Port Harcourt on June 15, 2014, to drink urine.

A Controller of the Nigerian Army Operation Centre, North East, Maj. Chudi Aniukwu, said this in his testimony before the presidential investigation panel on human right violations in Abuja.

He insisted that the suspects ate same food with the soldiers and were kept for seven days for proper profiling by the Department of State Services (DSS).

Aniukwu said only one out of the 486 suspects was identified by the DSS as a Boko Haram suspect.

He recalled that the suspects were moved to Abia headquarters of the Army base, and the information was routed to the highest authority in the Army and the DSS.

Aniukwu said what aroused suspicion was the huge number of movement at a go and the volatile security situation in the country at the time.

He said after the investigation by the DSS, the driver of each vehicle was given N22,000 to enable them return to their destinations.

However, one of the drivers, Suleiman Adamu, in his testimony, said the passengers were going to Port Harcourt for greener pastures.

He added that they were held in custody for 12 days contrary to the Army’s claim that they were held only for seven days.

The chairman of the seven-man panel, Justice Biobele A. Georgewill discharged the witnesses and said their complaints would be looked into and recommendations submitted to President Muhammadu Buhari.

About 81 days since his return from medical vacation in the UK, President Muhammadu Buhari is yet to use his office in the Aso Rock Villa, multiple sources have told PREMIUM TIMES.

Mr. Buhari left Nigeria for another around of medical care in the United Kingdom on May 7 and returned on August 19.
The president, however, did not resume at his desk on Monday, August 21 as he commenced official assignments from an auxiliary office attached to his residence.

His failure to resume at the office generated curiosity among Nigerians, with some expressing the fear that Mr. Buhari had not recuperated enough to resume work.

The presidency later issued a statement explaining that Mr. Buhari was staying away from the office due to ongoing repair works.

“The regular office needs some renovation because the 103 days of absence” caused “some deterioration” presidential spokesperson, Femi Adesina, explained at the time.
Another of Mr. Buhari’s media aides, Garba Shehu, later blamed the damages on rodents, an excuse Nigerians largely found amusing.

“Following the three months period of disuse, rodents have caused a lot of damage to the furniture and the air conditioning units,” Mr. Shehu had said.

STILL AWAY

However, 81 days after the president resumed work, Villa staff and visitors to the seat of power said he was still operating from outside of his official seat.

This is despite him taking full control of the day to day running of government, including hosting visitors and holding meetings at the Villa.

Mr. Buhari, Aso Rock insiders say, is now using annex offices at other locations within the expansive premises, including one attached to his house.

Another office used by the president is the one adjoining the Banquet Hall in the State House.
On October 30, the president received Bola Tinubu, a national leader of the ruling All Progressives Congress, APC, at the Banquet Hall office.

SPIRITUAL REASONS

Mr. Buhari’s absence from his office is said to be connected to his tortuous health challenges.
Insiders say spiritualists who worked on the president’s condition advised against his use of the office.

“You know the man was actually bewitched. All these rumours about this or that illness are just guess works. No one was sure, not even the doctors,” said a close aide of Mr. Buhari who preferred anonymity.

“The trip to London in May was unscheduled and all the checks done, including in Germany, revealed nothing. We had to resort to prayers,” he said.

The source said Mr. Buhari’s office and other parts of the villa are “undergoing spiritual cleansing to avert any recurrence in the future”.

PRESIDENCY REACTS

When contacted, Mr. Shehu said the president is at liberty to work from any office or location within the villa.
Asked about the state of repairs of the president’s office as announced by the presidency in August, Mr. Shehu declined further comments.

While the presidential aide is right that Mr. Buhari can choose to work from any office within the villa, Nigerians may continue to wonder when their president will return to his main office.

correctguy101:
Fear fear, no worry. We go ambush the Oracle, seize the keke, burst bottle for im head even break one of im leg...

All you have to do is ask me how...

sarrki:
High chief use this

sarrki:
High chief of the wailing wailers

I greet you


Senate will not find fashola ministry wanting

Fashola stands one of the finest in this administration

Electricity has improved tremendously

Our roads been fixed

Senate have not impacted the lives of a common man
Positively

“The ministry has already spent $35 million of public funds not appropriated by the National Assembly,” Melaye alleged.

The Economic and Financial Crimes Commission (EFCC) yesterday in Austria said it recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and October 20, 2017.

Its acting chairman, Mr Ibrahim Magu, stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

Spokesman of the commission, Mr Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.

In a presentation titled: “International Cooperation in Relation to Tecnical Assistance: The Nigerian Experience”, Magu said the sum was exclusive of smaller currencies in Durham, CRA and British Pound.

He stated that the commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

“Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in naira.

“These include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts,” he explained.

Magu, who was said to be a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery.

He said the country had also made progress in specific cases related to Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal.
These efforts, he said, cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.

In his recommendations, the EFCC boss sought improved coordination and cooperation among state parties in asset recovery.

He said this could be done through the consideration and adoption of measures that would remove traditional barriers such as bank secrecy in line with Article 46( and dual Criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.

He further sought measures to reduce cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.
Meanwhile, Nigeria has received global commendation for its doggedness in tracing and recovery of its solen assets, according to the commission’s spokesman.

Metrobaba:
let Me Ask A Question:

How Did 2017 Budget Affect My Life?

correctguy101:
This one you're looking for the Oracle trouble, the Oracle fit charter keke come your house o...

Crixina:
dey dia, his oracle is based abroad, not coutonou o, I'm guessing Florida.

The Senate, yesterday, mandated its Committees on Power and Public Accounts to investigate the whereabouts of the $650 million balance of the Eurobond that was meant to be with the Transmission Company of Nigeria (TCN) and the Nigerian National Petroleum Corporation (NNPC).

It also mandated the committee to invite the Minister of Power, Works and Housing, Babatunde Fashola, to render a detailed account in terms of public funds spent on the Afam Fast Power Project.

The apex legislative chamber urged the committee to investigate and consider summoning the Nigerian Sovereign Investment Authority (NSIA) and the Nigerian Electricity Bulk Trading Company (NBET) so as to be able to establish the status of the funds.

These resolutions were made by the Red Chamber sequel to a motion brought to the floor of the Chamber by Senator Dino Melaye (APC, Kogi), entitled “Monumental Fraud in the Power Sector”.

While presenting his motion, Melaye noted that sometime in July 2013, the Federal Government raised a total sum of $1 billion through a Eurobond issue.

He said: “The sum of $350 million was taken by the Federal Government out of the proceeds of the July 2013 Eurobond issue and released to Nigeria Electricity Bulk Trading Company (NBET) Plc. as shareholder contribution to shore up its capitalization.”

He said that the sum of $350 million released to NBET was to demonstrate NBET’s preparedness to assume its role as a government backed electricity bulk trader to provide market confidence in the privatised electricity market.

“As confidence building measure, the $350 million was domiciled with the NSIA for reinvestment in low risk investment and structured in a manner that NBET can call for funds at short notice when required,” Melaye said.

He said the fund had been with NSlA since 2014 and had helped build market confidence, especially among new investors in the electricity market who saw NBET’s positive balance sheet as a form of security that their investments were safe.

He said there was now a desperate attempt by the Ministry of Power, Works and Housing to retrieve the fund and divert same to fund the so-called Afam Fast Power Projects.

“The ministry has already spent $35 million of public funds not appropriated by the National Assembly,” Melaye alleged.
In his remarks, the President of the Senate, Dr. Bukola Saraki, mandated the joint Committee of the Public Accounts and Power to carry out the investigation, asking the former to lead the probe.Senate probes alleged $650m fraud in Power Minister.

clems88:
na coldstone ice cream

Metrobaba:
I Just Weak For The Matter

DanseMacabre:
Buhari is corrupt because Tutankhamen's tomb was discovered? I see...

DanseMacabre:
If to say na me discover this tomb ehn, the kyn gold wey I for swerve go pass even Fort Knox own.

On Tuesday, President Muhammadu Buhari presented his third national budget since he became president. It was reminiscent of his previous ones, but had very fine subtle messages for Nigerians, international spectators and investors.

By this time in the life of the administration of President Goodluck Jonathan, his minister of finance, Ngozi Okonjo-Iweala had already taken over budget presentations. President Buhari is not likely to hand over budget presentations to Kemi Adeosun, anytime soon. And this is not because she is not fit for it, but because the president’s style is different, and he seizes budget presentations to pass home salient points, which are good for his political image.

Despite the scandals which rocked the 2016 budget, it was still Buhari’s first statement that financial change was here. From Budget of change to budget of recovery and now budget of consolidation. Can you guess the name of the next budget?

The budget 2018 presentation was a very big avenue for the president to show Nigerians that he was physically fit to lead and perhaps to run for a second term in 2019. President Buhari was literally standing for at least 70 minutes, no flinching, no trembling, no wavering!

THE GOOD

There are many bright spots in the 2018 budget; the budget perhaps is the most ambitious in size and intent, since the president took office in May, 2015.

At a time when oil prices are hovering around $64, keeping the budgetary benchmark for oil at $45 per barrel is quite impressive. At times like this, Nigeria is known for its Oliver Twist nature. As oil prices soar, we seek to review budgetary benchmarks upward to enjoy the proceeds that may never come.

In 2016, the budget benchmark was set at $38 per barrel, despite warnings from the media and business analysts in and out of the nation. In that year, oil prices fell as low as $27.10 per barrel, tipping Nigeria into its worst recession in nearly three decades.

We are glad nothing like this will happen in 2018!

On the flipside, if we go with the plan in play, the results will be remarkable. At $45 per barrel, and a production level of 2.3 million barrels a day, Nigeria will see $37.78 billion (N11.5 trillion) come in from sale of crude oil in 2018. All of these will not get to the government based on sharing formula with oil companies, but a considerable amount will. On the other hand, if oil sells at an average of $60 a barrel in 2018, considering current prices, the country will get nothing less than $50 billion (N15.25 trillion) from oil.

If the governors do not sue the federal government to share excess crude oil accruals, the government should be able to add about $5bn to the excess crude account in 2018. But this is only an ideal calculation. The ideal rarely happens.

On the good side too, the input of non-oil revenue into the 2018 budget will surpass that of oil revenue in Nigeria, for the first time in over 40 years. This is very very good. But how sustainable will it be considering loot recoveries and tax amnesty will not last forever?

THE BAD

When would this deception stop? The naira is not 305 to the dollar!

I understand the Central Bank of Nigeria’s position on the naira staying officially at 305 per dollar. The CBN has made remarkable progress in keeping the naira strong despite all odds. In this same country, less than a year ago, the naira traded at 520 to the dollar. Today, a dollar is hovering around N360 at the parallel market and the interbank market.

To say the dollar is N305, as projected in the 2018 budget is to extend the reign of dollar subsidies. I understand that if the CBN allows the exchange rate systems to unify around N350 per dollar, there would be a return of fuel subsidies or an increase in pump price of petrol, hence the need to keep it at N305/$1.

However, this dollar subsidy regime may not be the best for the country at a time when we seem to be getting quite a number of things right — financially.

In 2017 we spent N2.98 trillion on salaries and other non-debt recurrent expenditure. In 2018, we would be spending N3.494 trillion on the same issues, yet we could only increase capital expenditure by 0.1 percent. This does not speak well to me.

THE LOGIC OF DEBT FOR DEBT

If you are concerned about the Nigeria my generation will lead or govern, you must worry about debt issues, and living in a country that spends nearly 20 percent of its budget on servicing debts.

For 2018, Nigeria will borrow N2.005 trillion to balance the budget and pay N2.014 trillion to service existing debt. Seems like an incongruous debt-for-debt situation. This is troubling but inevitable.

On the bright side, the current government is taking some loans to pay off some loans and one would wonder why anyone would take on new debts to settle old debts. A closer look at this prism however shows that the government is making a good decision that may be saving us billions of naira.

In plain terms, local debts have interest rates as high as 18 percent per annum, while international debts have interest around six to seven percent. If government owes N1 trillion and services it with N180 billion every year, then the same government borrows N1 trillion internationally to offset the debt. It incures N1 trillion debt, but gets to service that debt with N60 billion to N70 billion per year. That is saving at least N110 billion per year by the logic of debt-for debt. Hence, it may not be all bad to take loans to pay loans.

If all goes well with budget 2018, it posseses the power to set the limping economy back on its fast-paced right foot.

Lalasticlala, Mynd44

Residents of Oporoza, the traditional headquarters of Gbaramatu Kingdom, and home town of wanted former Niger Delta militant leader, Chief Government Ekpemupolo, in the Warri South West Local Government Area of Delta State, were on Tuesday thrown into panic when they saw two military helicopters hovering round the community.

It was gathered that the helicopters were first sighted by the residents at 10am and flown for about 30 minutes before leaving the community.

The PUNCH gathered that the aircraft returned for the second time at noon causing residents, some of who feared that soldiers were coming to invade the community, to panic and flee into the swampy neighbouring bush for cover.

Local sources who confirmed the development to one of our correspondents, appealed to the Federal Government to caution the military in order to avoid another invasion of the community over the recent threat by the Niger Delta Avengers.

Investigation showed that the Nigerian military had deployed more soldiers in the creeks of Gbaramatu and the Escravos River, including Burutu, to check the activities of militants and to prevent their planned attack on oil and gas facilities.

A military source, who pleaded anonymity, confirmed the incident to one of our correspondents, saying that they were only carrying out aerial surveillance of the area, in response to the threat by the NDA.

Also confirming the development, the spokesman for the Gbaramatu Traditional Council, Chief Godspower Gbenekama, called on the Federal Government not to turn Gbaramatu Kingdom into a theatre of war, adding that no militant is taking cover in their communities.

Gbenekama, who spoke with one of our correspondents in Warri, said, “Military helicoptershave been hovering round our communities in Gbaramatu kingdom since morning (Tuesday).

He said, “Gbaramatu people are not at war with the Federal Government. Why is it that anytime there is crisis in Bayelsa or Rivers states, the first port of call is Gbaramatu? We are just one of the many communities in the Niger Delta. We don’t deserve this siege. We have been championing peace since 2009, but every time military men are drafted to Gbaramatu.

“While we appeal to the Niger Delta Avengers to sheathe their swords, we don’t know the rationale behind the deployment of troops and gun boats to Gbaramatu creeks. We don’t want what happened in 2009 and 2016 to happen again. So, let the military restrain their men from our villages. We don’t harbour militants. Avengers are not resident in Gbaramatu Kingdom.”

Efforts to speak with the Sector 1 Commander, Joint Task Force, codenamed Operation Delta Safe, Col. Alhassan Grema, by one of our correspondents were unsuccessful.

Also, repeated calls to the spokesperson for the JTF, Maj. Ibrahim Abdulahi, for clarification were not connecting.

However, reacting to the alleged military movement into Gbaramatu, the Commander, Nigerian Navy Ship, NNS, Delta, Commodore Ibrahim Dewu, said the helicopters were 0n routine patrol along the Trans Forcados Pipeline.

Dewu said, “What they are speculating as military deployment is routine patrol along the Escravos and the Trans Forcados Pipeline. Once we sense any security concern on that line, our men usually move in to patrol the area. Nobody is deploying any gunboat or jets to specific communities. It is a normal patrol.”

Meanwhile, a Nigerian Air Force armed helicopter, EC-135, has bombed suspected illegal oil barges and storage facilities at Adokiakiri community in the Niger Delta, as the ceasefire announced by the NDA entered the fifth day.

The NAF Director of Public Relations and Information, Air Commodore Olatokunbo Adesanya, said on Tuesday that the stolen oil storage facilities were sighted in the community during an “armed reconnaissance” on Sunday and subsequently destroyed.

The NAF noted that the military remained resolute in making oil theft in the region unprofitable.

The NDA had on Friday announced an immediate end to its ceasefire with the Federal Government. The group also accused the government of being insincere despite the commitment by the leaders of the region to broker peace.

The NDA said through its spokesman, Murdoch Agbinibo, that the FG was only interested in the oil in the region.

The NAF spokesman said, “The air force has destroyed some oil barges, containing stolen oil products at Adokiakiri community in the Niger Delta. The illegal oil barges and storage facilities were spotted by the NAF EC-135 helicopter during an armed reconnaissance mission. They were all subsequently destroyed. The NAF remains resolute in making oil theft and illegal bunkering unprofitable.”

Meanwhile, the immediate past governor of Delta State, Dr. Emmanuel Uduaghan, has appealed to the NDA to drop its recent threat to resume attacks on oil installations in the region.

Uduaghan, who spoke on Tuesday, said, “I am appealing for caution in the handling of the renewed threat by the Niger Delta Avengers. I am appealing to the Niger Delta Avengers to drop the threat, and also the Federal Government to continue on the path of engagement.

“The issues raised from the various peace movements by Vice-President Yemi Osinbajo, on behalf of the Federal Government that brought some calm should be seriously addressed. We must all support the Acting Governor, Kingsley Otuaro, who has been managing the renewed threat.”

Lalasticlala, Mynd44

aolawale025:
It's gradually becoming clearer that the noise about "looted funds" is what it is: propaganda

President Muhammadu Buhari has disclosed that various loot recoveries running to the tune of N512.4 billion will be deployed to funding the 2018 Budget.
The administration also plans to finance the budget through new borrowings estimated at N1.699 trillion. Fifty per cent of this borrowing will be sourced externally, whilst the balance will be sourced domestically.

The Federal Government is also targeting N306 billion from proceeds of privatisation of some non-oil assets by the Bureau of Public Enterprises (BPE) to finance the budget deficit.

The President made the disclosure yesterday while presenting a N8.612 trillion proposed budget for 2018, which he said will reinforce and build on the recent accomplishments of his administration.
The N8.612 trillion is an increase of 16 per cent on the 2017 budget.

Buhari, who presented the budget, tagged “Budget of Consolidation”, before a joint session of the National Assembly, said the proposed budget will also sustain the reflationary policies of 2016 and 2017 budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2018 – 2020.

In the budget speech that lasted for one hour two minutes, the President lamented the late passage of the 2017 Budget, which he noted has significantly affected its implementation.
He, therefore, appealed to the lawmakers to ensure to pass the budget by January 1, 2018, to enable the nation return to the January-December calendar.

“As you are aware, the 1999 Constitution authorized necessary Federal Government expenditures prior to the 12th of June, 2017 when the 2017 Appropriation Act was signed into law. This year, we have worked very hard to achieve an earlier submission of the Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), and the 2018 Appropriation Bill. Our efforts were to avail the National Assembly with sufficient time to perform its important duty of passing the Appropriation Bill into law, hopefully by the 1st of January, 2018.

“It is in this spirit that I solicit the cooperation of the Legislature in our efforts to return to a more predictable budget cycle that runs from January to December.”
Out of the N8.612 trillion, N3.494 trillion is for recurrent costs, N2.428 trillion is for capital expenditure (excluding the capital component of Statutory Transfers); N2.014 trillion is for debt service; N456 billion is for statutory transfers and N220 billion is for sinking fund (to retire maturing bond to local contractors).

The budget is predicated on an oil price benchmark of US$45 per barrel; with oil production estimate of 2.3 million barrels per day, including condensates; while the exchange rate fixed at N305/US$ and real GDP growth estimate of 3.5 per cent; and inflation rate of 12.4 per cent.

The budget is predicated on a deficit of N2.005 trillion, representing 1.77 per cent of GDP. “We expect our fiscal operations to result in a deficit of N2.005 trillion or 1.77 percent of GDP. This reduction is in line with our plans under the ERGP to progressively reduce deficit and borrowings,” he stated.

Total federally-collectible revenue is estimated at N11.983 trillion in 2018. The three tiers of government are to receive about 12 per cent more revenues in 2018 than the 2017 estimate.
Of the amount, the sum of N6.387 trillion is expected to be realised from oil and gas sources. Total receipts from the non-oil sector are projected at N5.597 trillion.

The government’s estimated total revenue is N6.607 trillion in 2018, which is about 30 per cent more than the 2017 target. There is also the projected oil revenues of N2.442 trillion, and non-oil as well as other revenues of N4.165 trillion.

Non-oil and other revenue sources of N4.165 trillion, include several items including: Share of Companies Income Tax (CIT) of N794.7 billion, share of Value Added Tax (VAT) of N207.9 billion, Customs & Excise Receipts of N324.9 billion, FGN Independently Generated Revenues (IGR) of N847.9 billion, FGN’s Share of Tax Amnesty Income of N87.8 billion, and various recoveries of N512.4 billion, N710 billion as proceeds from the restructuring of government’s equity in Joint Ventures and other sundry incomes of N678.4 billion.

The president said: “We plan to finance the deficit partly by new borrowings estimated at N1.699 trillion. Fifty per cent of this borrowing will be sourced externally, whilst the balance will be sourced domestically. The balance of the deficit of N306 billion is to be financed from proceeds of privatisation of some non-oil assets by the Bureau of Public Enterprises (BPE).”

He said the government is closely monitoring her debt service to revenue ratio. “We shall address this ratio through our non-oil revenue-generation drive and restructuring of the existing debt portfolio. Presently, domestic debt accounts for about 79 per cent of the total debt. Our medium-term strategy is to reduce the proportion of our domestic debt to 60% by the end of 2019 and increase external debt to 40 per cent,” Buhari told the lawmakers.

He listed the key capital sectoral allocations in the 2018 budget to include, Power, Works and Housing: N555.88 billion; Transportation: N26 3.10 billion; Special Intervention Programmes: N150 billion; Defence: N145 billion; Agriculture and Rural Development N118.98 billion; Water Resources: N95.11 billion; Industry, Trade and Investment: N82.92 billion; Interior: N63.26 billion; Education N61.73 billion and Universal Basic Education Commission: N109.06 billion.

Others include Health: N71.11 billion; Federal Capital Territory: N40.30 billion; Zonal Intervention Projects N100.00 billion; North East Intervention Fund N45 billion; Niger Delta Ministry: N53.89 billion; and Niger Delta Development Commission, N71.20 billion.

A substantial part of the recurrent expenditure for 2018 is for the payment of salaries and overheads in key ministries such as: N510.87 billion for Interior; N435.01 billion for Education; N422.43 billion for Defence; and N269.34 billion for Health.

The President disclosed that the government was working hard on the Ogoni Clean-up project, saying provision has been made in the 2018 budget for oversight of the project. “During the year, we engaged eight international and local companies proposing different technologies for the mandate. To enable us select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the four local government areas of Ogoni land. These demonstrations were recently concluded and the results are being studied by the Governing Council of the Ogoni Clean-up Project.

“Although the project will be funded by the International Oil Companies, we have made provisions in the 2018 Budget for the costs of oversight and governance, to ensure effective implementation,” he disclosed.

He assured oil producing communities of the Niger Delta of the readiness of his administration to honour all agreements, saying the nation cannot afford to return to the ‘dark days of insecurity and vandalism’.
The President equally commended leaders of the Niger Delta for their continued support to the government.

“Our mutually beneficial engagement with oil producing communities in the Niger Delta contributed immensely to the recovery in oil production experienced in recent months. We would like to thank the leadership and communities in the Niger Delta for their continued support and to also reiterate our assurances that this administration will continue to honour our commitments to them. We cannot afford to go back to those dark days of insecurity and vandalism.

“We all want a country that is safe, stable and secure for our families and communities. This means we must all come together to address any grievances through dialogue and peaceful engagement. Threats, intimidation or violence are never the answer.”

The President was also excited about the nation’s economic growth.
On power sector, Buhari said “it still remains a work in progress”, lamenting that despite increased generation capacity, there are challenges of transmission and distribution networks.
He said government was working with the privatized distribution companies to see how to overcome this challenge.

On food security, the president said that a committee headed by Vice President Yemi Osinbajo had been inaugurated to check smuggling of food items across the country’s border towns.

Lalasticlala, Mynd44

Infrastructure, represented by the Ministry of Power, Works and Housing and Ministry of Transportation, and Defence, will take the bulk of federal capital spending in 2018, according to a proposal submitted by President Muhammadu Buhari to the National Assembly Tuesday.

The three ministries will get money more than the 12 other sectors combined.


Dubbed the ‘Budget of Consolidation,’ President Buhari said the budget would consolidate on the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2018 – 2020.


Giving a further breakdown of the budget, Mr Buhari said that 30.8 percent (or N2.652 trillion) of the budget will be allocated to capital expenditure while N3.494 trillion is budgeted for recurrent expenditure.


Details of the budget proposal revealed that the Power, Works and Housing has the highest capital project proposal with N555.88 billion.


The president listed some projects which will be executed under this sector in 2018 to include the Mambilla hydro power project and the National Housing Programme.
Transportation sector comes second with a projected allocation of N263.10 billion for capital projects.


Specifically, N12 billion counterpart funding is earmarked for transmission lines and substations, N10.00 billion for the 2nd Niger Bridge; and N300 billion for the construction and rehabilitation of the strategic roads.


The third sector to attract most in capital expenditure proposal is Special Intervention Programmes with N150.00 billion and Defence, fourth with N145.00 billion.


Other sectors are Agriculture and Rural Development, N118.98 billion; Water Resources: N95.11 billion; Industry, Trade and Investment, N82.92 billion; Interior: N63.26 billion; Education N61.73 billion; Universal Basic Education Commission, N109.06 billion; Health, N71.11 billion; Federal Capital Territory, N40.30 billion; Zonal Intervention Projects, N100.00 billion; North East Intervention Fund, N45.00 billion; Niger Delta Ministry, N53.89 billion; and Niger Delta Development Commission, N71.20 billion.
Details of the budget proposal revealed that a significant increase is being projected in the revenue accruable from the oil and non-oil sectors.


“Based on the above fiscal assumptions and parameters, total federally-collectible revenue is estimated at 11.983 trillion Naira in 2018. Thus, the three tiers of Government shall receive about 12 percent more revenues in 2018 than the 2017 estimate.


“Of the amount, the sum of 6.387 trillion Naira is expected to be realised from oil and gas sources. Total receipts from the non-oil sector are projected at 5.597 trillion Naira.


“The Federal Government’s estimated total revenue is 6.607 trillion Naira in 2018, which is about 30 percent more than the 2017 target. As we pursue our goal of revenue diversification, non-oil revenues will become a larger share of total revenues. In 2018, we project oil revenues of 2.442 trillion Naira, and non-oil as well as other revenues of 4.165 trillion Naira.


“Non-oil and other revenue sources of 4.165 trillion Naira, include several items including: Share of Companies Income Tax (CIT) of 794.7 billion Naira, share of Value Added Tax (VAT) of 207.9 billion Naira, Customs & Excise Receipts of 324.9 billion Naira, FGN Independently Generated Revenues (IGR) of 847.9 billion Naira, FGN’s Share of Tax Amnesty Income of 87.8 billion Naira, and various recoveries of 512.4 billion Naira, 710 billion Naira as proceeds from the restructuring of government’s equity in Joint Ventures and other sundry incomes of 678.4 billion Naira.”