Connect with us
nairametrics

Business News

President Buhari accuses Saraki and Dogara of holding Nigeria to ransom

@MBuhari has condemned the Senate President, @bukolasaraki and Speaker of the House of Representatives, @YakubDogara for delaying the passage of the 2019 budget, causing Nigeria to miss the fiscal period.

Published

on

President Buhari interview, President Buhari signs 2019 budget, President Buhari scores Saraki and Dogara low, Ajaokuta Steel bill, President Buhari congratulate First Bank, First Bank 125 years Anniversary, minimum wage, VAIDS, VOARS, Muhammadu Buhari, Rice importation

President Muhammadu Buhari has condemned the Senate President, Bukola Saraki and Speaker of the House of Representatives, Yakubu Dogara for delaying the passage of the 2019 budget, thereby causing Nigeria to miss the fiscal period.

The legislative arm of Nigeria had passed the 2019 Budget in April 2019 during a plenary session led by Saraki. This was five months after President Buhari presented the budget to the National Assembly in December.

“I told them (Saraki and Dogara) how do they feel to hold the country to ransom for seven months without passing the budget. They are not hurting me, they are hurting the country. I rate them very low.

“To hold a budget for seven months cannot be justified if you really bother about your country.” Buhari said in an interview with nta yesterday.”

Reason for the late passage: The relationship between the leaders of the National Assembly and the Presidency has been less than cordial in the last three years. The frosty relation worsened after Saraki and Dogara both dumped the ruling All Progressive Congress (APC) party to rejoin the People’s Democratic Party (PDP) last year. This, coupled with witch-hunting allegations, deteriorated the relationship.

Dogara Defends NASS: In a post published on the Speaker’s website, Dogara said the job of the legislatures is not to always agree with the Federal Government, as there isn’t any chamber in the world that does so. According to him, the budget is a sensitive issue that needs careful attention, so if the administration wants the January-December timeframe, then FG should ensure early submission of the budget to NASS.

“There is always a strain, this issue of budget, because it deals with high stakes-distributional issues as to who gets what, which part of Nigeria gets this and that, so it will continually be an issue.” Dogara said in the post.

Why this matter: Nigeria’s fiscal budget runs from January to December. However, it’s almost six months into the year and six months left to the end of 2019 and President Buhari just signed the budget yesterday after Senate passed it in April.

GTBank 728 x 90

The delay in budget implementation could ground or slow operation in some ministries, thereby leading to the late execution of some vital.

More so, the Presidency will now have the perfect excuse to defend its failure to complete certain projects in 2019. It would simply blame it on the delayed passage.

What you need to know: Contrary to President Buhari’s claim that the budget was held for seven months, it was actually five months, because he presented the budget in December to a joint session of the National Assembly, which includes the Senate and House of Representatives.

GTBank 728 x 90

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

1 Comment

1 Comment

  1. Humphrey Onaburekhan

    May 28, 2019 at 7:27 pm

    It’s really unfortunate that the common masses are always left to suffer the after effect of the fight between the executives and NASS. How on earth can they explain to the masses why a budget that runs from January – December is just being signed into law after six months.
    Time is coming when the masses will react to these insensitivity of NASS. We cannot continue with this I don’t care attitude.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply

Nigerian Electricity Regulatory Commission says international electricity customers remitted the sum of N2.04billion to Nigeria in three months.

Published

on

NERC postpones increase of electricity tariffs

Nigeria’s international electricity customers – Togo, Niger, and Benin, remitted the sum of N2.04billion in the first quarter of 2020, as their outstanding electricity bill to the Market Operator (MO) of the sector in Nigeria.

This was found in the Nigerian Electricity Regulatory Commission 2020 first quarter report, which was released recently.

According to the report, a total of N4.05billion ($13.22million) invoices were issued by the MO to international customers including Societe Nigerienne d’electricite or NIGELEC; Societe Beninoise d’Energie Electrique (SBEE); and Compagnie Energie Electrique du Togo (CEET).

The commission stated that during the quarter, NIGELEC made a payment of ₦1.61billion ($5.27million) as part of its outstanding bills for the energy received from NBET and services rendered by the MO.

It stated, “Similarly, SBEE paid ₦0.43billion ($1.39million) in respect of services received from MO.

GTBank 728 x 90

“It was noteworthy that tariff shortfall (represented by the difference between actual end-user tariffs payable by consumers and the cost-reflective rates approved by NERC) had partly contributed to liquidity challenges being experienced in the industry.

“The settlement ratio to the expected Minimum Remittance Thresholds, having adjusted for tariff shortfall, indicated that power distribution companies needed to improve on their performance.”

But

GTBank 728 x 90

Special customers like Ajaokuta Steel Co. Ltd and others in its environs did not make any payment in respect of the N0.27billion and N0.05billion invoices issued to them by the Nigerian Bulk Electricity Trading Plc and the MO respectively, during the period under view.

Meanwhile, the power distributors failed to remit N119.88billion to the sector within the same period.

Whereas Discos were expected to make a market remittance of 46.09% during 2020/Q1, only 32.53% settlement rate was achieved within the timeframe provided for market settlement in the Market Rules,” it added.

What it means: The Discos’ remittance level, regardless of the prevailing tariff shortfall, was still below the expected MRT and they are expected to improve on their performances.

Jaiz bank ads
Continue Reading

ENDSARS

#EndSARS: Protests may return if panels do not address all issues in 2 weeks – Former Nigerian Minister

Akinyemi says the #EndSARS protesters would return to the streets if their demands are not addressed in two weeks.

Published

on

This was disclosed by Professor Bolaji Akinyemi, during a news interview with ARISE TV this afternoon, as he called on the FG to urgently address the issues raised by the protesters, as these issues extend beyond police brutality and the immediate reform of the Nigeria Police force.
He explained during the interview that the current demands of the youths extend beyond basic needs, which remain the core mandate of the present administration.
He likened the #EndSARS protest to the #BlackLivesMatter demonstration and reiterated that demands of the youth extend beyond stomach infrastructure, as it is more of a call for good governance in a bid to address the concrete issues that the country faces.
He called for strategic actions towards combatting the evils of unemployment in Nigeria; called on the military to employ more military men to soak up the unemployment, and also provide security for the country.
On the issue of restructuring, Professor Akinyemi said restructuring is also key to solving the many problems facing the country.
The Professor of Political Science noted that the way forward for Nigeria will be for the government to utilize the Justice Mohammed Uwais report on electoral reforms and the 2014 National Conference report, which he believes addresses the issues confronting Nigerians.
What they are saying
During the interview, Professor Akinyemi said, “I will say and let me believe I am wrong, the judicial panels have just two weeks to address all these issues before the youths come back to the streets. The government should at least give the youths the impression that you have not set up all these panels to buy time, but that you are genuinely and seriously interested in addressing their issues.”
He reiterated the need for the employment of more police officers,
We told the government, because I was part of that conference, that the United Nations said Nigeria needs 1.5 million policemen. We have only about 350,000 and we were recommending that the Nigerian government should employ 750,000 more policemen.”
What we’ve seen in the past two weeks is that we don’t have enough men in uniform to guarantee security in this country if every part of the country decides to blow up. So you serve two purposes – employment and security, and those are things you can do immediately.
“We have just seen how every Governor was scrambling around in the past two weeks; if you allow each state to have its own state police, you wouldn’t have that experience. I have heard of a situation where the streets took over even governance in almost every state. So, restructuring is that you allow things to be done at the local level.”

Continue Reading

Coronavirus

COVID-19: Jason Njoku and wife test positive

iROKOtv CEO and wife have contracted the novel coronavirus.

Published

on

Jason Njoku and Wife testes positive to Covid-19

Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.

Jason,  disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”

The media mogul did not reveal if his children caught the virus too.

GTBank 728 x 90
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
act markets
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement