Buhari presents N13.08tn 2021 budget proposal to NASS – Newstrends
Connect with us

News

Buhari presents N13.08tn 2021 budget proposal to NASS

Published

on

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

Protest: Police combat ready, deploy 4,200 operatives to FCT strategic places

Published

on

Protest: Police combat ready, deploy 4,200 operatives to FCT strategic places

The police say they are combat ready to crush any form of violence that may result from nationwide protests planned for next Thursday August 1 by some Nigerians against hardship and bad governance.

Indeed, starting with the Federal Capital Territory, Abuja, the police said it had deployed armed operatives to strategic locations.

The FCT Minister Nyesom Wike had earlier warned the organisers of the protest that Abuja would not be available for any rally or demonstration on August 1.

But a statement by Police Public Relations Officer, SP Josephine Adeh, in Abuja on Friday, said the FCT Command had deployed a total of 4,200 police officers to curb any form of violence that might arise from the protest.

The command was reacting in anticipation of the planned nationwide protest by some human rights activists and Nigerian youths, to publicly express their displeasure over hunger and hardship.

The planned protest has since generated massive traction on social media, especially on X.

According to Adeh, the command has proactively deployed material and human resources across the nooks and crannies of the nation’s capital.

 

The deployment, he said, was aimed at ensuring public safety, protecting protesters, and preventing protests from being hijacked by non-state actors.

The police command said the action was part of visibility policing, involving deployment of explosive ordinance devices (EOD) experts, and personnel at various strategic locations, raids on identified black spots, uncompleted buildings/shanties, stop and search, vehicular and foot patrol, and synergy with sister security agencies.

The Commissioner of Police FCT, Benneth Igweh, while acknowledging the right of residents to protest, advised that it should be peaceful.

He wrote, “The CP vows to resist all forms of violent protest and lawlessness, as the police will not be stampeded into allowing the destruction of public and private properties or loss of lives.

Residents are also advised to be vigilant and take advantage of the police emergency lines, to report suspicious activities through 08032003913, 08028940883, 08061581938, 07057337653 PCB: 09022222352, and CRU: 08107314192.

Continue Reading

News

National Assembly urged to create more councils for Lagos

Published

on

National Assembly

National Assembly urged to create more councils for Lagos

National Assembly has been urged to create more local governments for Lagos State, to meet its current population, social, economic and environmental challenges.

The Red Chamber is also advised to enact laws granting the state a special status for being the country’s commercial city and economic melting pot.

Renowned socio-political activist and critic, Chief Adesunbo Onitiri, made the demands in a statement in Lagos.

The activist recalled that in 1976 when the military government created states and local governments, Lagos and Kano states had 20 councils each.

“Later, Kano State councils increased to 44, while Lagos councils remained at 20. When the Abacha government carved out Jigawa State out of Kano State, Jigawa got 27 local governments, while Kano was still having 44 councils.

READ ALSO:

“It is an injustice for Lagos State to remain with only 20 local governments till today, despite its gigantic social, security and economic problems,” Onitiri said.

He recalled that when the then Governor of Lagos State, now Nigeria’s  President, Asiwaju Bola Ahmed Tinubu, created 37 additional councils in 1999, Chief Olusegun Obasanjo, then President, seized Lagos State federal allocations for two years.

He said Lagos State through the then Attorney-General, Prof. Yemi Osinbajo, sued the Federal Government, and the state government won the case against Federal Government at the Supreme Court.

He regretted that till now, National Assembly has not done the needful to enact a law to accommodate the 37 local governments created by Lagos State Government.

“Now that the National Assembly is making a law to create additional states for the people of Southeast, it is reasonable, fair and timely to create additional local governments for Lagos State.”

National Assembly urged to create more councils for Lagos

Continue Reading

News

FG warns LG chairs misusing FAAC funds will face jail term

Published

on

Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN)

FG warns LG chairs misusing FAAC funds will face jail term

The Federal Government has threatened jail terms for Local Government Area chairmen who tamper with Federation Accounts Allocation Committee funds.

Lateef Fagbemi (SAN), the Attorney General of the Federation and Minister of Justice, made the announcement yesterday at the Human Rights Writers Association of Nigeria’s 17th annual lecture event in Abuja.

He stated that none of the chairmen have immunity and will be imprisoned if they tamper with funds designated for the development of their areas. Fagbemi stated, “We have a situation on our hands; I know that it is still there; the conduct of elections must be done by the states.”

“But the distinction is this: don’t forget, the governors have immunity, the local government council chairmen or councillors, they have no immunity, so they have to choose between dealing with the funds of the local government as they like and risking going to jail. The choice is theirs (LG chairmen).

“If they want to tamper with these funds and end up in jail, it is their choice. If they want to write their names in letters of gold, activities like construction or road upgrades must be returned to the local government. They don’t all have to come to Abuja.

READ ALSO:

“If they stay at the local government, we will be able to reduce the level of insecurity that we have in Nigeria today. What obtains offshore is that the security agents are able to perform optimally because of information that comes to them from members of the public and usually it is from the grassroots.”

The minister said the federal government opted to use the supreme court to achieve local government autonomy due to the challenges it will face at state assemblies, stressing that any speaker who would have supported the cause will not survive the tenure or lose his reelection.

The Minister stated that for over two decades, local government administration in the country has been in comatose with state governments not remitting funds meant for the local governments.

Fagbemi, who urged security agents in the country to stop keeping suspects in detention beyond the period allowed by the constitution, added that detention without any court order will no longer be tolerated as appropriate sanctions will be applied to those found guilty of contravening the law of the land.

On his part, the National coordinator of HURIWA, Comrade Emmanuel Onwubiko, urged the federal government to cut down on the cost of governance.

He blamed corruption for the insecurity and high unemployment rate in the country, which is responsible for impending protests in the country.

FG warns LG chairs misusing FAAC funds will face jail term

Continue Reading

Trending