₦airaland Forum

President of the Senate, Senat Almost three months into the year and after threats that the alleged refusal of 31 federal revenue generating agencies to submit their respective budgets for scrutiny would delay its passage, the National Assembly finally passed the 2011 Appropriation Bill of N4.97 tn on Wednesday. However, the budget, as passed by the National Assembly, was N745 bn higher than the N4.221 tn proposal submitted by President Goodluck Jonathan on December 15 , 2010. The President had based his estimates on crude oil benchmark of $65 per barrel, but in passing the budget, the Senate increased the benchmark to $75 per barrel due to rising oil prices in the global market. Both chambers of the National Assembly had separately passed a harmonised version of the budget on Wednesday, making copies ready for onward transmission to the President for his assent. However, the National Assembly raised its allocations for capital and recurrent expenditure by 52.2 per cent from the N 111.24 bn proposed by the President to N 232.74 bn; thus accounting for 4.7 per cent of the total budget. Apparently due to public outcry over the huge amount that recurrent expenditure was gulping at the detriment of capital projects, the lawmakers cut N14 bn from the amount earmarked for recurrent expenditure and jacked up the vote for capital expenditure by N557 bn. Consequently, N2.467 tn was passed as recurrent expenditure and N1.562 tn as capital expenditure. The amount for debt servicing was also reduced from the proposed N542.3 bn to N 445.09 bn, while N 496.61 bn was approved for statutory transfers. The Independent Electoral Commission, which had earlier argued against its N45.29 bn budget submitted to the legislature by the Budget Office, had the figure increased to N52.18 bn by the legislators. INEC also got an additional N9 bn for logistic support for the 2011 general elections as listed under the Service Wide Votes. Defence got the highest allocation of N 380.47 bn and was closely followed by the education sector, which got N 365.88 bn. A whopping N337. 22 bn was allocated to police formations and commands, while the health sector received N266. 73 bn. A total of N44.51 bn was approved for the Presidential Amnesty Programme, and will be spent on “the payment of stipends and feeding allowances, reintegration of the ex-Niger Delta militants, operations cost of the programme, reintegration of transformed ex-militants in 2010 ; reinsertion/transition safety allowance for 20 ,192 transformed ex-militants (2010 arrears) and additional allocations for 6 ,166 ex- militants.” While the Presidential Intervention projects received N100 bn; a total of N5 bn was provided for the payment of the new National Minimum Wage. The Senate’s version of the bill had been harmonised with that of the House of Representatives, which was also passed on Wednesday. The report of the Senate Committee on Appropriation noted that the new oil benchmark was reached after consultations involving the Ministry of Finance, the revenue generating agencies and the Senate Committee on Finance. It also indicated that the new budget was predicated on a daily oil production of 2.3 million barrels, arguing that the surpluses would be largely utilised to reduce the budget deficit in line with international best practices. On the increases made in the budget, the report said, “The Executive kept sending additional proposals till Friday, March 11 , 2011 , with adjustments, differentials and errors in the sum of N312 bn to augment ministries, departments and agencies’ key priority expenditures.” While reacting to the $10 increase in oil benchmark, the Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said the $75 approved by the lawmakers was in line with current economic realities. He said that with crude oil selling for over $100 per barrel in the international market, there was still concern about the management and usage of the “ windfall.” An economist and former Vice- Chancellor, Olabisi Onabanjo University, Ago-Iwoye, Prof. Afolabi Soyode, also said that the government was trying to build the foreign reserves from the benchmark of $75 , but added that more money should be made available to build the domestic economy.

The source is saharareporters.com

No kill us finish ooooooo

Security sources say today’s explosion at facilities belonging to the Italian oil firm Agip in Southeast Nigeria's Bayelsa State cannot be attributed to militant attacks.   The explosion came two days after Nigeria's main militant group, the Movement for the Emancipation of the Niger Delta ( MEND), warned in a statement that it will soon commence simultaneous bomb blasts and attacks on oil installations in the Niger Delta and other strategic locations in Abuja, the federal capital, and Lagos, the nation’s business hub. Timothy Antigha, a military spokesman in the oil rich region, told our reporter on the phone from his base in Yenagoa, the Bayelsa State capital, that the incident was isolated. "It happened around 11.00 PM on Tuesday, and we have since commenced investigation into the matter," he added. State Security Services (SSS) sources in the state also confirmed the incident.  "I can confirm to you that there has been an explosion in southeast Bayelsa State, on Agip facility," the source said in a short statement. The Joint Military Task Force (JTF) had earlier confirmed that there had been an explosion in the flow station located in Bayelsa state, but did not specify the exact location. Agip was not immediately available for comment.  Our sources said the explosion happened in the early hours at Agip's Clough Creek oil flowstation in Bayelsa.   MEND has not claimed responsibility for the incident.

Everything said and criticize by US is what 9ja ppl follow i sorry for ur development

I cant imagine 9ja president is a liar when we no get light for the 6day in Ejigbo and agodo.ha shai people deceiving people

My voter registration card is useless if the sch didnt reopen

Somebody should tell jonathan too accept defeat now before turning to laurent gbagbo€

I cant imagine Nigerian taking like this expecially papa,u better wise up .5million enjoying 145.5millio suffering.is such ever reported in lagos people deceiving people

Record breaker ;-)

Ask urself its a simple question.

Ask urself its a simple question.but dont show it to her if u dont want to be doomed

Kirigbosa to ACN Gbosa!!!Gbosa!!!Gbosa!!!

Kirigbosa to ACN Gbosa!!!Gbosa!!!Gbosa!!!

Kirigbosa to ACN Gbosa!!!Gbosa!!!Gbosa!!!

If my tax remain on the facilities and i can see it "ko ma lobeee"

If 9ja no wise up this is just the beginning.EVERY DAY I SUGGEST A STRONG OPPOSITION LETS VOTE FOR ANOTHER PARTY AND PDP SHOULD STAND AS OPPOSITION.

Ur missing out try out oceanic bank and learn poor management and 0%service

This people they pass their boundary for yoruba land we tell u say we no fit rule our state.mtchew if u no gree go back to your creek ok

The man should just stop visiting lagos not with the crowd he receive today.i cant imagine president unable too bring out 3000 followers.goodluck retire now and go spend ur money.

People demolitions party

Talk of structures those one are hostel in OAU becomrich try check there portal u go fear structures.

Write it down this bill is a trap if gej did not get back in to power the next administration will be forced to pass this bill but he get there the bill will be thrown out.

No worry he just dey spend money he cant my vote

It has always been said"try to discover urself"but for me i have alway try to discover myself,i have try all mean that appear too me but have not found a clue yet, can someone help me out?

I can bet u if jonathan want a debate he will not come to south west federal institution

Ur not serious for saying that ur a religious barbarian

I wonder when Nigerians are shouting PDP Round the nation i dont know how Nigerians forget the past 12year of democratic suffering still yet you insist on going with the party,why dont we insist on change in Government,for example look at the US their is frequent change in govt look at the democrat and the republican.I just wish this this forum can serve as way of enlightenen Nigerians let go for a change.A change for good a change for better govt, this is no forum for tribalism or political party

Right here in OAU Many are still waiting too be registered and this copper said they will only register 20people

Pls i need info on what is going on concerning admission stuff in oau right now anyone with real info should contact beebeedew@ovi.com. Or leave ur reply for general purpose

I see u are a coward friend no matter how long u live in US u will remain a second class citizen.the best option u have is to make 9ja a better place to live.if u make the mistake dont let ur child do the same