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President Buhari signs N8.91 trillion 2019 Budget into law

President Muhammadu Buhari has signed the N8.91 trillion 2019 Appropriation Bill #Budget2019 into law today, just a few weeks after it was passed by the National Assembly. The signing ceremony kicked off at the Presidential Villa earlier today.

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FG signs N8.91 trillion 2019 Budget into law

President Muhammadu Buhari has signed the N8.91 trillion 2019 Appropriation Bill into law today, just a few weeks after it was passed by the National Assembly. The signing ceremony kicked off at the Presidential Villa earlier today.

Stakeholders in attendance: Some Senators and Ministers were present at the signing ceremony, including the Speaker of the House of Representatives, Yakubu Dogara, Chairman of the Senate Committee on Appropriation, Danjuma Goje, the Minister of Budget and National Planning, Udoma Udo Udoma, and the Senior Special Assistant on National Assembly matters, Ita Enang.

Also present at the ceremony are the Minister of Finance, Zainab Ahmed, Minister of Information, Lai Mohammed, Governor of the Central Bank of Nigeria, Godwin Emefiele, Chief of Staff, Abba Kyari, and Secretary to the Government of the Federation, Boss Mustapha.

Earlier Developments: The National Assembly, upon passage of the appropriation bill, increased the budget to the current figure. The N8.9 trillion budget was passed during the Senate’s plenary session headed by Senate President, Bukola Saraki in April.

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More Details: The 2019 budget was passed five months after President Buhari presented the appropriation bill to the National Assembly in December 2018. This is an improvement compared to the passage of the 2017 and 2018 budget which took six months each.

Break down of Approved Budget: In the upgraded budget by the National Assembly, the sum of N2.094 trillion was allocated to capital expenditure, recurrent expenditure got N4.055 trillion, statutory transfers N502 billion, fiscal deficit was raised to N1.908 trillion (1.37%), special intervention fund N500 billion and deficit to Gross Domestic Product (GDP) of 1.37%

Note that when passing the 2019 budget, the National Assembly adopted the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) with 2.3million barrel per day (bpd) oil production, $60 per barrel as oil price benchmark; N305/$1 as the exchange rate.

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A Booster for the economy: The signed appropriation bill is expected to boost Nigeria’s economy, which has been surrounded by uncertainties. Recently, the Central Bank of Nigeria (CBN) noted that foreign investors are still observing policy direction in the economy due to the general elections.

The general elections, coupled with the delay in the signing of the 2019 budget, are believed to have slowed down the economy. In the meantime, business activities should improve across ministries and states governments, due to the approved budgets.

 

 

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Coronavirus

COVID-19: FG to inaugurate 18-man vaccine task team

FG has announced plans to set up an 18-man Covid-19 Vaccine Task Team with the responsibility to acquire and deploy vaccines in the country.

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Minster for health, FG ignores travel ban calls despite Uganda, US, others move against coronavirus, FG reports 10 new cases of COVID-19, COVID-19: FG to inaugurate 18-man vaccine task team

The Federal Government has announced through the Ministry of Health, that it will inaugurate an 18-man Covid-19 Vaccine Task Team, in a bid to ensure vaccine security In Nigeria.

This was disclosed on Monday by the Health Minister, Dr. Osagie Ehanire, during the daily briefing of the Presidential Task Force (PTF) on COVID-19 in Abuja.

He revealed that the need for a task force comes as vaccines would be made available globally. The responsibilities of the task force include the acquisition and deployment of vaccines in the country.

Now that vaccines are known to be close at hand, the Federal Ministry of Health is taking measures toward vaccine security, for which an 18-man National COVID-19 Vaccine Task Team with seven Terms of Reference (ToR) will be inaugurated.

“The ToR will include generating strategies for acquisition, deployment, and options for licensed production by Biovaccine Nigeria Ltd.

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“Our options with WHO/GAVI led Covax facility remains our first line of engagement,” he added.

(READ MORE:

(READ MORE: COVID-19 Palliatives: CACOVID donation is 95% complete – PTF)

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What you should know  

After news of the Pfizer vaccine went viral, Nairametrics reported that the Health Minister, Dr. Osagie Ehanire, said Nigerians will benefit early from COVID-19 vaccines when the product is made available for commercial use. He revealed that any vaccine that is deemed fit for commercial use in treating coronavirus will be made available early to Nigerians.

Nairametrics also reported plans by the Nigerian government to set up a vaccine production company in Nigeria to boost local COVID-19 vaccine production.

The G-20 nations announced a pledge to pay for vaccine distribution to developing nations that can’t afford it. The leaders also announced a debt extension programme to developing nations during the weekend’s G-20 summit.

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Economy & Politics

Gov. Makinde presents N266 billion budget to Oyo State House of Assembly

Governor Seyi Makinde has presented a ₦266.64billion budget proposal to the Oyo State House of Assembly.

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The Oyo State Governor, Seyi Makinde, presented the Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly. The total budgeted sum is ₦266.64billion, with education expected to receive N56.35billion – 21% of the budget and a rise from N12 billion budgeted in 2019.

This was disclosed by Governor Makinde in a social media post on Monday.

According to NAN, Mr. Makinde disclosed on social media that the ‘Budget of Continued Consolidation’ was prepared with input from stakeholders in all seven geopolitical zones of the state.

The total budgeted sum is ₦266.64billion The Recurrent Expenditure is ₦136.26billion, while the Capital Expenditure is ₦130.38billion. We are again, aiming for at least 70% implementation of the budget,” he said.

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The News Agency of Nigeria also disclosed that infrastructure spending in the budget would be N46.06billion – representing 17.27% of the total budget and an increase of N33.66 billion over that of last year.

Other sectors include Agriculture which represents 3.6% valued at N9.58billion and Healthcare taking 4.9% of the budget with an N13.29billion allocation.

(READ MORE: #EndSARS: Nothing wrong with social media bill – Ali Ndume)

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The Governor disclosed that Oyo has reduced its infrastructure deficit and made improvements in the areas of healthcare, education, and others.

We have been able to lower our infrastructural deficit, make improvements in healthcare delivery, improve the quality of education, and achieve milestones in our security systems,” he said.

He also added that the state had recorded a 26% increase in IGR at N25.6 billion and hopes to increase IGR to over N100 billion for the 2021 budget.

As of September, we had recorded an IGR of N25.6 billion. And using the half-year figures, it represented a 26.4% increase in IGR year-on-year. Oyo State’s IGR is presently about 32% of actual aggregate revenue.

“We still have not achieved a total dependence on the state’s income outside of the federal allocation to fund the budget. Slowly, but surely, we are getting there.

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“For the 2021 budget, our plan is to increase our annual IGR to N102.82billion. We hope to achieve this by widening the tax net to bring in more taxpayers into the system,”  he added.

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Economy & Politics

Restructuting: Plans must pass through legal process from the National Assembly – Tambuwal

Tambuwal has insisted that plans to restructure Nigeria and the Constitution must pass through due process from the National Assembly.

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The Governor of Sokoto State and Former House of Reps Speaker, Aminu Tambuwal, has said that any plan to restructure Nigeria and the Constitution must pass through legal due process from the National Assembly.

Tambuwal disclosed this at a plenary session of the 26th Nigerian Economic Summit, titled: “Building partnerships for resilience” in Abuja on Monday.

Tambuwal warned that Nigeria must learn from mistakes 0f 2015 when the last attempt to amend Nigeria’s constitution was rejected after the first reading.

He added that any plan to restructure must be done after amending the constitution, which must pass through the assembly.

“As it were at the moment, whatever you are going to do about the constitution, has been prescribed by the constitution and how you are going to do it.

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“The constitution has prescribed how a word in that constitution is going to be amended.

“Except of course we are saying we are going to jettison the National Assembly and the State Assemblies in getting it done, which is not possible,” he said.

“So you cannot go outside of the constitution to amend the constitution. We better come to terms with this realization and to come together and agree on how best we can work together to achieve what the nation desires,” he added.

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What you should know 

The agitations from the October protests in Nigeria have revived talks about restructuring in Nigeria. Earlier this month, the Governors of Ekiti and Kaduna State, Kayode Fayemi and Nasi El-Rufai argued that restructuring was a means to end Nigeria’s economic troubles.

“In essence, our desire to build a more perfect union should be anchored on the principle of devolution of powers – that is, re-allocation of powers and resources to the country’s federating units.

“The reasons for this are not far-fetched. First, long years of military rule have produced an over-concentration of powers and resources at the centre to the detriment of the states. Two, the 1999 Constitution, as has been argued by several observers, was hurriedly put together by the departing military authority and was not a product of sufficient inclusiveness.

“All points considered, the fiscal burden of maintaining a largely inefficient and over-bloated bureaucracy is a metaphor for shooting oneself on the foot,” Fayemi said.

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