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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.”
News
Rivers: Tinubu acted to save state, economy, says Karimi
Rivers: Tinubu acted to save state, economy, says Karimi
Chairman of the Senate Services Sunday Karimi has hailed President Bola Tinubu for the decision to declare a state of emergency in Rivers State.
He told reporters on Friday in Abuja that the President acted in the best interest of the State and Nigeria, having taken his decision in compliance with the Constitution.
“No President or government worth a name, will fold its arms and watch a political situation deteriorate to what we saw unfolding in Rivers State.
“We saw that bombing of pipelines had begun, and the security situation was getting worse with the tension everywhere”, Karimi stated.
Karimi, who represents Kogi-West on the ticket of the All Progressives Congress (APC), recalled the “fatherly role” Tinubu had played in the crisis since 2023 in a bid to get the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and suspended Governor Siminalayi Fubara to reach an understanding, to no avail.
He explained: “We were all here in 2023 when Mr President called that truce meeting at the Aso Rock Villa. There was the eight-point agenda for settlement reached between the factions.
“When Nigerians expected that progress should be made to achieve peace, things started deteriorating considerably to a point where the governor demolished the House of Assembly building and administered the state with only three legislators.”
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Karimi observed that with the recent judgment of the Supreme Court, which gave the upper hand to the 27 lawmakers loyal to the camp of the FCT Minister, matters merely got worse in the State as the lawmakers were set to impeach the Governor.
“What did you expect would be the implications? There would have been more destruction, killings and economic losses for the country.
“With the bombings that had already started, it was a matter of time before the whole state would be engulfed in flames. No responsible President would sit, arms folded, and allow that to happen “ he added.
The senator further argued that it took “painstaking efforts” by the administration to raise daily crude oil production to around 1,800 barrels, noting that Nigeria’s economy was already “witnessing a rebound under the renewed hope projects of the government.”
“Allowing the situation in Rivers to get worse before he would act, wouldn’t have helped the state or Nigeria as a country in any way.
“Mr. President intervened at the right time, and his actions are covered by law,” he said.
Karimi also spoke on the emergency declaration in Borno, Yobe, Adamawa and a couple of other states by former President Goodluck Jonathan without removing the Governors from office or suspending the state assemblies.
According to him, the case with those States was not generated by political crises but rather security concerns.
“So, I will advise those comparing the two scenarios to remember that one was purely about security threats resulting from the insurgency caused by Boko Haram, while that of Rivers is clearly political.
“It was the proper thing to do to suspend the political actors in the two factions to allow for tensions to diffuse. Nigerians should appreciate the President for the action he has taken so far,” he stated.
Sen. Karimi also noted that there was no cause for alarm as the National Assembly had indicated that the emergency rule could be reviewed as soon as there were signs that things could quickly normalise in Rivers State.
Rivers: Tinubu acted to save state, economy, says Karimi
News
Just in: Tinubu swears in Rivers Sole Administrator Ibas
Just in: Tinubu swears in Rivers Sole Administrator Ibok-ete Ibas
President Bola Tinubu has sworn in Vice Vice Admiral Ibok-ete Ibas (Retd.) as the Sole Administrator of Rivers State.
The administrator was sworn in on Wednesday after a short meeting with the President.
Tinubu announced the appointment of the retired naval chief at a nationwide broadcast on Tuesday, when he declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor, Ngozi Odu, and the state House of Assembly members.
The President said his decision was based on Section 305 of the 1999 Constitution, saying he could not continue to watch the political situation in Rivers escalate without taking concrete action.
The suspension of Fubara and other elected representatives has been rejected and condemned by many eminent Nigerians, legal luminaries, groups such as Atiku Abubakar, Peter Obi, Femi Falana, the Labour Party (LP), the Peoples Democratic Party (PDP) and the Nigerian Bar Association.
However, the emergency rule has been praised by the pro-Nyesom Wike Assembly led by Martins Amaewhule, accusing Fubara of contravening the Supreme Court ruling on the political situation in the state.
Ibas was the Chief of Naval Staff from 2015 to 2021.
He is from Cross River State where he had his early education.
The new sole administrator went to the Nigerian Defence Academy in 1979 from where he proceeded to have a successful career in the Navy, rising through the ranks to the very top.
He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management.
President Muhammadu Buhari who appointed him as Chief of Naval Staff conferred him with the National Honour of Commander of the Federal Republic (CFR) in 2022.
News
Breaking: Tinubu declares state of emergency in Rivers State
Breaking: Tinubu declares state of emergency in Rivers State
President Bola Tinubu on Tuesday night declared a state of emergency in Rivers State following the protracted political crisis in the state.
Tinubu made the declaration during a nationwide broadcast, saying it is for six months.
He announced the suspension of the Executive Governor, Siminalayi Fubara, his deputy and all the members of the House of Assembly for six months.
He immediately named an administrator, Vice Admiral Ibok-Ete Ibas (Retd), to take charge of the affairs of the state for the six-month period.
Section 305 of the 1999 Constitution interprets a state of emergency as a situation of national danger or disaster in which a government suspends normal constitutional procedures to regain control.
A state of emergency allows the President to immediately make any desired regulations to secure public order and safety. (Channels TV)
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