Canadian mayor praises Lagos under Tinubu at event honouring Peter Obi
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Buhari presents N13.08tn 2021 budget proposal to NASS
President Muhammadu Buhari has presented the 2021 budget proposal of N13.08 trillion to the National Assembly for consideration and passage into law.
The President, who was accompanied by Vice-President Yemi Osinbajo, some cabinet members and presidential aides, arrived at the premises of NASS at about 11.03pm, according to News Agency of Nigeria.
He explained that the total aggregate revenue projected for the 2021 budget was N7.86 trillion with a deficit of N5.2 trillion, representing 3.4 per cent of the GDP.
He said the deficit would be financed mainly by new borrowing, totalling N4.28trillion.
Buhari stated that the total revenue available to fund the 2021 federal budget was estimated to N7.886 trillion which included grants and aids of N354.85 billion as well as revenues of 60 government owned enterprises.
According to him, the budget, which is described as a budget for Economic Recovery and Resilience, is based on an estimated oil price benchmark of 40dollars per barrel, daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day) and an exchange rate of N379 per dollar.
“Based on the foregoing fiscal assumptions and parameters, total federally distributable revenue is estimated at N8.433 trillion in 2021. Total revenue available to fund the 2021 federal budget is estimated at N7.886 trillion.
“This includes Grants and Aid of N354.85 billion as well as the revenues of 60 government-owned Enterprises.
According to him, oil revenue is projected at N2.01 trillion and non-oil revenue is estimated at N1.49 trillion.
“As you will observe, the format of the 2021 Appropriation Bill has been modified to include budgeted revenues, no matter how small, for each MDA, to focus on internal revenue generation.
“Accordingly, I implore you to pay as much attention to the revenue side as you do to the expenditure side.
He stated that N3.12 trillion had been earmarked for debt servicing in 2021 as against N2.1trillion in 2020
The President, who reviewed the performance of the 2020 budget so far, said the budget was amended in response to the challenges occasioned by the COVID-19 pandemic.
“As at July 2020, the Federal Government’s actual revenue available for the budget was N2.10 trillion.
“This revenue performance was only 68 per cent of our pro-rated target in the revised 2020 budget.
“At N992.45 billion, oil revenue performed well above our budget target, by 168 per cent. Non-oil tax revenues totalled N692.83 billion, which was 73 per cent of the revised target.”
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Canadian mayor praises Lagos under Tinubu at event honouring Peter Obi
Brampton is a city in the Canadian province of Ontario, with a high population of Nigerian immigrants.
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Fubara: I have moved on with governance despite political pressure
Fubara: I have moved on with governance despite political pressure
Governor Siminalayi Fubara of Rivers State has asserted that despite the political turmoil in the state, his administration remains steadfast in providing focused leadership and governance.
During a recent meeting with members of the House of Representatives Committee on Public Petitions, led by Chairman Hon. Mike Etaba, at the government house in Port Harcourt, Fubara emphasized that, as far as his administration and the people of Rivers State are concerned, there are no significant political issues to address.
Reflecting on the challenges posed by the political crisis, Fubara drew inspiration from a movie he watched, “Devil’s Advocate,” where he cited a quote by Al Pacino.
He said, “As far as we are concerned, there are no political issues. I saw a movie many years ago, entitled, ‘Devil’s Advocate.’ I believe some of you must have seen that movie too.
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“One of the starring characters, Al Pacino, said that pressure makes some people retreat or fail, and to others, it makes them focus on succeeding. We have chosen to be focused under this pressure.
“That is why we are moving ahead, making a positive impact on the lives of our people. Governance is about the people, not about self.
“Governance is about touching the core needs of those we are leading, and by the special grace of God, we are doing it.”
“Yesterday, by the special grace of God, we observed the credit line of over 3,066 persons empowered. You can imagine what that will do for the economy of the masses and the state. That is touching the lives of our people. It does not support them for selfish reasons. It does not give a contract because I want somebody to fight somebody in my community. No. This is empowering the economy of the masses and the state.
“Our focus is that, no matter what anybody is doing anywhere, we will not lose focus. We want to leave here better than we met it. And we want to also leave here without fear of anything.”
Fubara: I have moved on with governance despite political pressure
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FG begins disbursement of N50bn grant to small business owners
FG begins disbursement of N50bn grant to small business owners
The Federal Government, FG, says it has started disbursement of N50,000 grants to nano business entrepreneurs.
Dr Doris Uzoka-Anite, Minister for Industry, Trade, and Investment, verified this over the weekend, stating that no fewer than 200,000 small business owners have received the payment.
According to her, 800,000 others will receive their incentives before the program ends on May 31.
This will raise the total number of beneficiaries to 1,000,000 Nigerians, split across 774 local government areas.
She explained that about 3.6 million applications were received out of which the beneficiaries were selected randomly from among those who met the conditions.
The minister said N50 billion is available in the 2024 budget for disbursement.
The programme is one of the palliative measures announced by President Bola Ahmed Tinubu in a broadcast on July 31, last year to cushion the pains of petrol subsidy removal.
The President, in the broadcast, said: “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector.”
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In the broadcast, the President also announced that 75 manufacturing firms will be given N1 billion single-digit interest loans each to reflate their businesses.
Dr. Uzoka-Anite, in response to enquiries by our reporter, said: “The application portal was closed at midnight on April 17. The portal had to be closed due to an overwhelming number of applications totalling over 3.6 million.
“The Bank of Industry is ensuring transparency and accountability in the N50 billion disbursement using NIN, BVN and bank account details for verification to prevent duplication.
“They will also perform physical enumeration to re-verify information, including taking photographs of beneficiaries.
“The time frame for disbursement is the end of May 2024. The requirement for determining the beneficiaries is not based on particular criteria. The goal is to reach 1,290 beneficiaries per local government area across the country totalling one million people.”
On why many of the beneficiaries have not been reached, she explained: “We acknowledge that some of the beneficiaries are getting alert while others are not.
“The disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN.
“The selection is random and without human intervention from those who have passed their NIN and BVN verification.
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