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Buhari seeks speedy approval of the 2016/2018 external borrowing plan 

President Muhammadu Buhari is seeking the approval of the House of Representatives on the 2016/2018 external borrowing plan.

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Petroleum Industry Bill, revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive , Nigeria recoups N594.09 billion from whistleblowing policy in less than 3 years , Buhari seeks speedy approval of the 2016/2018 external borrowing plan , Finance Bill to use banks as agents to tax Nigerians , FG battles 6 oil firms for failure to remit N20 trillion , President Buhari receives 2020 budget, fear of padding to delay assent , Nigeria’s Budget Spending Under Buhari Still Under 2013 Levels 

President Muhammadu Buhari has forwarded a letter to the House of Representatives with the intent of seeking review and approval of the 2016/2018 external borrowing plan, according to The Nation.

The Details: The letter was read by the Speaker of the House of Representatives, Femi Gbajabiamila, at a plenary session yesterday. The letter urged the National Assembly to quickly approve the borrowing plan to enable the government finance the listed projects contained therein. It should be noted that the plan was ignored by the 8th Assembly.

Making reference to the 8th Assembly, Buhari explained that only a part of the borrowing plan was approved. He singled out the North East development plan and the China Exim bank funded Lagos to Ibadan rail as the only project approved by 8th Assembly in the borrowing plan.

Did Buhari bypass National Assembly as probe into Ajaokuta deal with Russian begins?, Buhari seeks speedy approval of the 2016/2018 external borrowing plan 

This act greatly limited the government in achieving its developmental plan in terms of power, education, agriculture, education among others, according to the President.

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He added that the projects contained in the borrowing plan had already been approved by the Federal Executive Council in August 2016. To help the House swiftly approve the bill, the President promised to make sure the Minister of Finance, Zainab Ahmed was available to provide any necessary clarifications, regarding the borrowing plan.

[READ MORE: Obasanjo backs Buhari’s border closure commitment]

What you should know: The President’s financial plan (2016-2018 external borrowing plan) was approved by the Federal Executive Council in August 2016 and sent to the 8th Assembly in September 2016.

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The leadership of the federal parliament led by Senator Bukola Saraki and Yakubu Dogara invariably rejected the request in November 2016.

Other developments: Recently, President Muhammadu Buhari forwarded six aviation bills to the Senate for consideration and passage into law.

The six bills include Civil Aviation Bill 2019, Federal Airport Authority of Nigeria Bill 2019, Nigerian College of Air Space Management Agency Establishment Bill 2019.

Others are Nigerian College of Aviation Technology Establishment Bill 2019, Nigerian Meteorological Agency Establishment Bill 2019, and Nigerian Safety Investigation Bureau Establishment Bill 2019.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Economy & Politics

Nigeria’s Ngozi Okonjo-Iweala close to being announced as new DG of WTO

Ngozi Okonjo-Iweala is expected to be announced as the new DG of the World Trade Organisation.

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WTO, Nigeria’s former finance minister, Okonjo-Iweala, gets IMF appointment

Nigeria’s former Finance Minister, Dr. Ngozi Okonji-Iweala, is close to being appointed as the new Director-General of the World Trade Organisation (WTO).

READ: Okonjo-Iweala gets Organised private sector’s endorsement for WTO job

According to Reuters, a group of ambassadors also known as “troika” has proposed Ngozi Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.

READ: Buhari assures Okonjo-Iweala that the country will push until she emerges WTO DG

Most Nigerian Media houses have already announced NOI as the winner of the process even though this is yet to be made official by the WTO.

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The winner for the role of DG of WTO is expected to be announced formally by the WTO later today.

Details later…

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Economy & Politics

Kano State presents N147.9 billion budget for 2021 fiscal year

Governor Ganduje has presented the total sum of N147.9 billion as Kano State’s proposed budget for 2021 fiscal year.

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Dala Inland Dry Port set to take off after N2.3 billion investment - Kano Govt., DB to support 1.26 million farmers with $95 million

Kano State Governor, Abdullahi Ganduje has presented the total sum of N147.9 billion as its proposed budget for 2021 fiscal year before the Kano State House of Assembly today.

Presenting the budget tagged “Budget for Economic Recovery and Sustainable Development,”Governor Ganduje said the budget is in furtherance of his administration’s vision for diversification of the state sources of revenue which will engineer development in the future.

Backstory: Recall that Nairametrics had earlier reported the drive and optimism by Kano State government to boost its Internally Generated Revenue. This might probably explain why IGR increased by almost 10% between 2020 allocations and proposed estimates for 2021.

What you should know: The breakdown of the budget verified by Nairametrics showed the following key highlights:

  • The total budget increased by approximately 7.0% from N138.279 billion in 2020 to N147.935 billion in 2021.
  • Capital expenditure for the periods under view increased by 10.93% from N60.485 billion to N67.095 billion.
  • Recurrent expenditure also increased from N77.79 billion to N80.839 billion, indicating a 3.92%. increase for the periods under view.
  • Internally Generated Revenue (IGR) increased by approximately 10% from N24 billion to N26.395 billion during the period under view.
  • A breakdown of the budget showed that the Education sector has over N37 Billion representing 25% of the total budget while the health care delivery service has over N25 Billion representing 17% of the total budget.

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Economy & Politics

Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.

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Why Okonjo-Iweala should win the WTO DG role- Prof. Moghalu

A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.

The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics

READ: WTO: Okonjo-Iweala invites volunteers, says she has no money for PR firm

Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.

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READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support

What you should know

Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.

Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.

(READ MORE:WTO DG: Okonjo-Iweala gets the backing of 79 countries so far)

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Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.

“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”

READ: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt

What this means

If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.

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