Economy & Politics
P&ID: President Buhari issues strong warning to international firms
President Muhammadu Buhari has issued a strong warning to international firms aiming to defraud the country (Nigeria)
President Muhammadu Buhari has issued a strong warning to international firms aiming to defraud the country (Nigeria), as he tagged the controversial $9.6 billion controversial judgment case Process and Industrial Development (P&ID) won against Nigeria a “scam.”
Speaking at the General Debate of the ongoing 74th Session of the United Nations General Assembly in New York, the President maintained that his administration would not tolerate attempts by persons and organizations he called international criminals to defraud the country.
Buhari, however, noted that the world was facing various crises, including financial crimes, and called for collective efforts by all countries to address the problems.
The President’s words: “Organised criminal networks, often acting with impunity across international borders present new challenges where only collective actions can deliver genuine results.
“This is true in the battle against violent extremism, against trafficking in people and drugs and against corruption and money laundering.
“The present Nigerian government is facing the challenges of corruption head-on. We are giving notice to international criminal groups by the vigorous prosecution of the P&ID scam attempting to cheat Nigeria of billions of dollars.”
[READ ALSO: Innoson Responds to His Arrest Warrant]
Recent development: As the court hearing of the on-going legal battle between the Federal Government and P&ID approaches, Nigerian delegates have departed to the United Kingdom to quash the earlier judgment.
It was learnt that a team of high-powered government officials is in London ahead of September 26th court session in the case against P&ID.
The Delegates: According to reports, the Attorney General of the Federation, Mr. Abubakar Malami, the Inspector-General of Police, Mohammed Adamu, and the Governor of Central Bank of Nigeria, Godwin Emefiele, led the Government delegation to the U.K on Saturday.
Other member of the delegation include the Minister of Information and Culture, Lai Mohammed, and the acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu.
The Backstory: As earlier reported by Nairametrics in its articles, P&ID was awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in the Southern Nigerian city of Calabar. With the accumulated interest payments, the sum now tops $9 billion, which amounts to about 20% of Nigeria’s foreign reserves.
[READ ALSO: $9bn Fine: FG has commenced extensive investigations locally and internationally]
Economy & Politics
National Assembly does not have power to replace constitution – Omo-Agege
The Deputy Senate President has stated that the National Assembly does not have the power to replace the constitution.
The Deputy President of Senate, Ovie Omo-Agege, has stated that the National Assembly does not have the power to replace the constitution.
The Senator disclosed this at a meeting with the Alliance of Nigerian Patriots led by Amb. Umunna Orjiako on Wednesday. He was represented by his media aide, Mr. Yomi Odunuga.
READ: FG to inject over N198 billion on capital projects in power sector in 2021
Omo-Agege said what could be achieved was an amendment of the constitution by the National Assembly. He urged stakeholders to channel the demands of a new constitution towards constitutional amendment.
“I am not so sure that we as a Parliament have the power to replace the Constitution. We can only make amendments and it is explicit in sections 8 and 9 of the constitution on how we can do that and the requisite number of votes required.
READ: Nigeria is the 14th largest producer of tomatoes in the world, second in Africa – NIHORT
“I say that because there are some top attorneys in this country, who for some reasons, keep saying that we don’t even need any of this, that we should just bring a new constitution. We can’t do that.
“What we are mandated to do by law is to look at those provisions and bring them up-to-date with global best practices, especially to the extent that it tallies with the views of the majority of Nigerians. So we are not in a position to replace this constitution, but we can only amend.”
READ: Commercial banks in frenzy as they seek N1.5 trillion boost
The senator also said that the Senate would look into issues like restructuring if there is a major demand for it from Nigerians and also the exclusive legislative list.
“But, like I said, most of the issues you have raised here, like zones replacing states, that’s another euphemism for going back to the regions. We will look into that if that is what majority of our people want.
“You talked about devolution of powers. The preponderance of views we have received so far is that those 68 items are very wide and need to shed some weight and move them to the Concurrent Legislative List.”
READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers
What you should know
- Nairametrics reported last week, that Sokoto State Governor, Aminu Tambuwal, said any plan to restructure Nigeria and the Constitution must pass through legal due process from the National Assembly.
Economy & Politics
Dapo Abiodun presents N339 billion budget to Ogun State Assembly
Ogun State Governor has presented a N339 billion 2021 budget to the State House of Assembly.
The Governor of Ogun State, Prince Dapo Abiodun, presented the N339 billion budget for 2021 tagged “Budget of Recovery and Sustainability,” to the Ogun State House of Assembly.
This was disclosed by the Governor on Wednesday after he presented the budget proposal to the House. He added that the budget will remain focused on completing as many projects as possible.
READ: We are working to clear N124 billion backlog of export claims – NEPC
READ: Buhari presents N13 trillion 2021 Budget to National Assembly
I have just presented the Appropriation Bill for the Year 2021, tagged "Budget of Recovery and Sustainability" at the Ogun State House of Assembly, following inputs from stakeholders across the three Senatorial Districts in the State. pic.twitter.com/laWjnFzxkv
— Prince Dr. Dapo Abiodun – MFR (@dabiodunMFR) December 2, 2020
READ: Reps to support total reforms in aviation industry through legislation – Speaker
What they are saying
“Aggregate expenditure for the State Government is N339billion, with a recurrent expenditure of N162billion and capital expenditure of N177billion,” the State Governor said in his statement.
He added that the budget would be focused on project completion in the state.
READ: Sanwo-Olu presents N1.1 trillion 2020 budget
“The budget remains focused on the completion of as many ongoing projects as possible. The State House of Assembly would be presented with the most critical projects, which we must all work collectively to ensure they receive adequate funding,” he said.
READ: Lagos Rail Mass Transit: House of Assembly approves N153 billion for construction
He also said that the budget will provide suitable grounds for recovery from the obvious economic challenges of the current fiscal year, while ensuring that Ogun State’s local economy remains sustainable going forward.
Economy & Politics
Gov. Wike presents 2021 budget worth N448.6 billion
Rivers State Governor has presented the 2021 budget worth N448.66 billion to the Rivers State House of Assembly.
The Governor of Rivers State, Nyesom Wike, has presented the 2021 budget titled “Budget of Recovery and Consolidation,” worth N448.66 billion to the Rivers State House of Assembly for consideration.
According to a report by the News Agency of Nigeria, the budget represents more than 20% increase over the 2020 Revised Budget of N300 billion.
READ: FG’s unsustainable budget deficit and debt service cost
What you should know
- The 2021 budget comprises the sum of N305.89billion budgeted for capital expenditure, while N142.78billion is earmarked as recurrent expenditure.
- Of the budgeted sum for capital expenditure, which represents 68.18% of the total sum constituted; Administrative Sector, N87.7 billion; Economic Sector, N105 billion; Law and Justice, N1.7 billion; Social sector, N132 billion; and deductions/Loan repayments, N38 billion.
- N82.9 billion is budgeted for provision of infrastructure including roads, bridges and the completion of flyover projects at Okoro-Nu-Odo, Rumuola, Rumuogba, and GRA junctions, all in Port Harcourt metropolis.
- Out of the sum budgeted for recurrent expenditure, N76 billion is for personnel costs; N18.8 billion is for overheads and N47.7 billion will be for grants and transfers to the consolidated revenue charges.
READ: IGR: States generate N612.9 billion in H1 2020, dips by 11.7%
What they are saying
Commenting on the budget, the Governor said: “The 2021 budget will also prioritise security and sustain existing efforts in combating insecurity and keeping residents safe and secure.
“We will also deliver the Ogoni/Andoni/Opobo unity road, the Eastern Bypass dualisation, 6th and 7th flyover projects and the Wakama road, as well as all other ongoing rural roads in our communities and local government areas across the state.”
READ: N200 billion Unclaimed Dividend: Securities dealers reject FG’s plan to manage fund
READ: SEC says state governments have borrowed N900 billion from capital market
What this means
With about 68.18% of the total budget allocated to capital expenditure, this is a pointer that the present administration is committed to continuing various capital and developmental projects aimed at transforming the state, advancing its economic and social growth, and positioning it as one of the frontline states in Nigeria.
COVID-19 Update in Nigeria
Mutual Benefits Assurance Plc to raise N4.8 billion through private placement
Engineer Sanusi Garba assumes office as Chairman of NERC
CBN latest policy on diaspora remittance kicks off tomorrow
Glo subscribers to enjoy 10% bonus airtime
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦470/$1
Camey & Rock executes N4.3 billion worth of share purchase agreement with Resort Savings and Loans
Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA
$1.3 billion Malabu oil field sale was perfect – Dan Etete
