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Finance Minister: Revenue Is Nigeria’s Problem, Not Debt
The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, says lack of adequate revenue to finance both human and capital infrastructure should be the major worry of Nigeria, not the current debt it owes.
Ahmed made the remarks at the Public presentation and Breakdown of the Highlights of the 2022 Appropriation Bill to justify the current level of the federal government borrowing to finance the deficit of the budget.
She stated that with the federal government expected to spend N16 trillion in the proposed 2022 Budget, its expenses are minute to the combined over N100 trillion spent on the Nigerian economy.
She said at 21.6 percent borrowing for the 2022 Budget, Nigeria needs 50 percent of its current GDP to be able to have infrastructural development and growth that would translate into meaningful economic growth.
“What we have is a revenue problem and we are working on it to be able to fully fund the operations of government as well as be able to service our debt obligations.”
“Borrowings are essential for us to be able to continue to deploy necessary capital expenditures as well as human development.”
She added that the federal government has to borrow to spend more to invest in infrastructure as it would lead to more job creation, spending and taxes.
Why Nigeria’s debt exceeded 3 per cent of the GDP
“If you look at the Fiscal Responsibility Act, Section 41.1, it is clearly that the country can borrow for investing in capital expenditure and human development as long as the borrowing does not exceed 3 per cent of GDP.
“This year we have exceeded the 3 per cent by 0.39 per cent but this has been allowed in the Fiscal Responsibility Act. A provision that says that Mr. President can exceed the 3 per cent threshold where there is a national emergency. It is our collective view that the current security situation that we have, the need to properly address the economic conditions occasioned by the Covid-19 pandemic and the crash of crude oil crash qualify as national emergency.”
She added that exponential growth of Nigeria’s public debt was due to the spending made to come out fast from the two recessions the economy entered.
Defence and security spending contributed to huge fiscal deficit
The Minister blamed spending to be made on defence and security for widening the fiscal deficit for the 2022 Budget.
“With the pervasive security challenges within the country, there is a need for sustained funding of the security services and this has necessitated massive expenditures in security equipment and operations and has contributed to the fiscal deficit. Defence and the security sector account for 22 per cent of the budget expenditure for 2022.”
Breakdown of budget
A breakdown of the 2022 Budget would resort to N6.83 trillion spent on recurrent expenditure; N5.35 to go on capital expenditures and N3.61 trillion to be spent on debt servicing.
Meanwhile, revenue would be generated through: oil revenue N3.53 trillion; taxes to contribute N2.132 trillion; independent revenue would yield N1.816 trillion; retained government organisations and enterprises, N1.728 trillion and other revenue sources to bring N924.31 billion.
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BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
The Economic and Financial Crimes Commission (EFCC) on Thursday declared former Kogi State Governor, Yahaya Bello, wanted.
The anti-graft agency said Bello is wanted for alleged offences relating to economic and financial crimes to the tune of N80.2 billion.
The EFCC called on Nigerians with information as to his whereabout to report immediately to the Commission or the nearest Police Station.
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“The public is hereby notified that YAHAYA ADOZA BELLO (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).
Bello, 48-year old Ebiraman, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.
Anybody with useful information as to his whereabouts should please contact the Commission in its lbadan, Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or through these numbers 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5; its e-mail address: info@efccnigeria.org or the nearest Police Station and other security agencies, ” a public notice issued by the EFCC read.
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
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BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to submit himself for probe.
News
APC: Reprieve for Ganduje, Federal High Court stops his suspension
APC: Reprieve for Ganduje, Federal High Court stops his suspension
The former governor of Kano State, Abdullahi Ganduje, has secured a court order from a Federal High Court in Kano halting his purported suspension as the National Chairman of the ruling All Progressives Congress (APC).
The order is sequel to an ex parte motion filed by Ganduje seeking to enforce his fundamental right to fair hearing.
According to the certified true copy of the order released on Thursday to journalists, the respondents in the application are the Police, Department of State Services DSS, Nigeria Security and Civil Defence Corps NSCDC and nine other individuals.
Recall the APC executives in Ganduje ward of Dawakin Tofa local government area of Kano State had on April 16, announced the suspension of Ganduje over alleged corruption.
The decision was however quashed by both the State Working Committee of the APC in Kano and the National Working Committee NWC.
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A judge of the Kano State High Court, Usman Na’abba, had however affirmed the suspension and warned Ganduje against parading himself as head of the NWC and National Chairman of the APC.
However, in the ex parte order delivered on Wednesday by the Federal High Court and made available to journalists on Thursday, A.M Liman, a judge of the Federal High Court in Kano said the suspension should not be implemented until the case is heard and determined.
“That all the Respondents, their servants, agents or privies are hereby restrained from Implementing and/or giving effect to the purported decision reached during the purported emergency meeting of the alleged Executive members of APC Ganduje Ward, held at Ganduje Ward of Dawakin Tofa Local.
“That all the parties are hereby mandated to maintain status quo before the purported emergency meeting of the alleged executive members of APC Ganduje Ward, and to stay action in respect of this matter pending the hearing and determination of the substantive application,” Liman said.
April 30 has been fixed to hear Ganduje’s appeal.
APC: Reprieve for Ganduje, Federal High Court stops his suspension
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