News
FG Plans to Spend N59Bn on Ex-Militants
The Federal Government plans to spend an estimated N59 billion on ex-militants, according to details of the 2014 Appropriation Bill presented to both arms of the National Assembly last week.
A breakdown of the figure showed that while N23.6 billion will be spent for payment of stipends to 30,000 ex-militants, another N35.4 billion is allocated for transformed ex-militants.
Daily Independent reported that the Presidency is to spend a total of N33.4 billion within the fiscal year, out of which N25.106 billion represents recurrent expenditure, while capital expenses is estimated at N8.39 billion.
A further breakdown of the Presidency’s budget shows that N320.222 million is for ‘honorarium and sitting allowance,’ N267.775 million for ‘welfare.’
The Economic and Financial Crimes Commission (EFCC) has been allocated N10.245 billion in the budget, comprising N8.838 billion, or 86.26 per cent recurrent expenses and N1.406 billion, or 13.72 per cent as recurrent.
The budget also made provision of N700 million for the proposed National Dialogue.
Allocation proposed for the Education sector increased to N493.45 billion of the total, which represented 10.6 per cent of the total 2014 budget proposal.
The Appropriation Bill, presented by Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, before both arms of the National Assembly, showed that N3.7 trillion, representing 72 per cent of the N4.6 trillion, is to be spent on recurrent expenditure, while N1.1 trillion was earmarked for capital projects.
This, according to analysts, does not tell of any plan for infrastructure development in the coming year. The document, they believe, failed to address critical needs of the country.
On the revenue side, the Bill proposed a Gross Federally Collectible Oil and Gas Revenue of N7.16 trillion while Non-Oil Revenue is projected at N3.29 trillion.
Out of the oil revenue, total deductions, including cost of crude oil production, subsidy payments, and domestic gas development is put at N2.15 trillion, the same amount as in 2013.
The Federal Government budget revenue is estimated at N3.73 trillion. Subsidy payments were maintained at the 2013 level of N971.1 billion.
On the fiscal balance side, the government projected that in the 2014 financial year, fiscal deficit would be about N911.96 billion, representing about 1.90 per cent of the GDP while total borrowing of N571 billion is proposed in the Appropriation Bill, representing a mere N6 billion decrease from the approved 2013 figures.
For Edwin Ikhinmwin, a financial analysts and former bank chief executive, the 2014 budget does not show any sign of helping to create jobs, which would ordinarily come through massive capital investment “needed to rejuvenate our dilapidated infrastructure and build new capacities to support job creating growth.”
Consequently, he told Daily Independent, a “budget document that provides only 27 percent for capital expenditure is a trip in self delusion and propagation of false hood. The weight of recurrent expenditure cannot be supported by the capital budget. This is symptomatic of a rent economy whose long-term growth is not sustainable.
It is like the winner of a lottery who changed his style to expensive consumption without investing in sustaining wealth creation. The money soon got finished and he became poorer than before.”
Olufemi Awoyemi, and analyst and Chief Executive of Proshare Nigerian, an online finance and economy portal, lamented the inequity in the distribution of spending in the budget.
He is particularly concerned that 72 per cent of the spending is earmarked for payment of salaries and wages to about 10 million workers or less than six per cent of the nation’s 174 million people.
Even under in the days of military, he lamented further, “capital expenditure never grew below 40 per cent of total budget… We just bloated the civil service with every many of hangers’ on and political jobber.”
Mallam Garba Kurfi, Managing Director, APT Securities and Funds Limited, told News Agency of Nigeria (NAN) in an interview in Lagos, that the Nigerian economy would not grow with the scant emphasis on capital expenditure.
Allocating a mere N1.1 trillion for capital expenditure is a child’s play, considering the nation’s huge infrastructure challenge, and that Nigeria needs capital expenditure for the economy to experience meaningful growth and development.
Sehinde Adenagbe, Managing Director, Standard Union Securities Limited, however expressed dissatisfaction with the late presentation of the budget, calling for quick passage of the budget, which he regarded as the “road map for economic activities”.
This, he said, would help companies in decision making on investment, since it is a pointer to the direction of the nation’s economy in the new year.
Harrison Owoh, Managing Director, HJ Trust & Investment Limited, also told NAN that the budget proposal failed to address critical sectors of the economy, and that it was indeed disheartening that bulk of the nation’s budget would be used for wage payment instead of capital projects.
He said that the Federal Government should be bothered about the sufferings of the masses and ensure the provision of basic social amenities.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
- News3 days ago
60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech
- Telecom3 days ago
Qualcomm Shortlists Startups for Qualcomm Make in Africa 2024 and Awards 2023 Wireless Reach Social Impact Fund
- Telecom3 days ago
ALTON, ATCON Urge FG to Address Telecoms Industry Challenges
- News3 days ago
9mobile Partners Microsoft to Host Impactful Training Session for Journalists
- News3 days ago
Academic Technologists Propose N350,000 Minimum Wage
- Telecom2 days ago
World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos
- Telecom2 days ago
Airtel Boosts NIPR Public Relations Week with Onsite Unlimited Data Connection
- E-Financial3 days ago
Confusion as CBN Deletes, Reinstates Tweet Calling Crypto-Related Directive Fake