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Lagos 2020 budget performance improved from 56% to 77% at the end of Q3

A performance level of at least 86% would be achieved irrespective of the challenges by the end of 2020.

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Sanwo-Olu presents N1.1 trillion 2020 budget

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state’s overall 2020 budget performance improved from 56% at the end of the first quarter to 77% at the end of the third quarter of 2020.

This was revealed by the Governor at the presentation of the 2021 budget to the Lagos State House of Assembly, yesterday.

READ: House of reps pass N10.8 trillion revised 2020 budget, approve $5.5 billion external loan

He explained that the trend of the state’s budget performance had been progressively better, and he was optimistic that by the end of the year, a performance level of at least 86% would be achieved irrespective of the challenges.

READ: Lagos Rail Mass Transit: House of Assembly approves N153 billion for construction

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What you should know

  • In May 2020, the government of Lagos State was compelled to slash its 2020 budget by 21%, from N1.169 trillion to N920.5 billion, in line with new economic realities.
  • The Lagos State House of Assembly approved the revised budget in August 2020 with a 10% reduction in recurrent expenditure and a 24% reduction in capital expenditure.
  • The revised 2020 Budget Appropriation Bill approved by the House has a total revenue of N812.47billion and a deficit financing of N108.01billion. The recurrent expenditure is N413.41billion, while capital expenditure is N507.06billion, making the capital to recurrent ratio 55:45.
  • The Governor stated that as of September 2020, Lagos State’s total revenue performed at 98%, while total Capital Expenditure and total Recurrent expenditure performed at 71% and 83% respectively.

READ: EFCC gives reason for unspent N4 billion in 2020 budget

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N117 billion approved by FG for road rehabilitation

Babatunde Fashola has disclosed that the FG has approved the sum of over N117 billion for road rehabilitation across the country.

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Second Niger Bridge will be completed in 2022, project, Minister of Power works and housing Babatunde Fashola, Shell Nigeria Exploration and Production Company, SNEPCo Bayo Ojulari, Power supply in Nigeria

The Federal Government has approved the sum of over N117 billion for the rehabilitation of roads across the country in 2021.

This was disclosed by Babatunde Fashola, Minister of Works and Housing, in a press briefing after the Federal Executive Council (FEC) meeting was held in Abuja on Wednesday.

What you should know 

  • Nairametrics reported last month that Mr Fashola had stated that the Ministry’s priority in its 2021 budget was to complete already ongoing road and bridge projects across the nation.
  • Fashola also said that the Federal Government needed at least N500 billion annually for the next 3 years to develop and fix its 35,000 kilometres road network, as work continued on 13,000 kilometres of the network.
  • Fashola stated last month that the Federal Government was committed to finishing the Lagos-Ibadan expressway, adding that the drop in crude oil prices could not be a barrier to its completion.

Fashola disclosed on Wednesday that the sum of N18.9 billion, was approved for the rehabilitation of roads and bridges including the 26 km of Kano-Dambatta-Kazaure-Daura road, Anambra- Enugu Roads, Bridge construction Cross River, Nkumi bridge and others.

The other memorandum relating to roads also is for the total sum of N98.7 billion,” he added. This includes roads and bridges in Zamfara, Kebbi, Katsina, Anambra and Kano

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$1.3 billion Malabu oil field sale was perfect – Dan Etete

Nigeria’s former Petroleum Minister has said that the sale of the $1.3 billion Malabu oil field to Shell and Eni in 2021 was legally perfect.

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FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

Dan Etete, former Nigerian Minister of Petroleum has said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.

He disclosed this on Wednesday through his lawyer, Antonio Secci, in a Milan Court, investigating the cases of bribery and corruption related to the deal, as reported by Reuters.

READ: Why Nigeria is suing Royal Dutch Shell and ENI for $1.1bn

In Wednesday’s hearing, Dan Etete’s lawyers called for the former Nigerian Minister to be acquitted of corruption charges related to the deal.

Reuters disclosed that 13 other people are involved in the corruption case including CEO of Eni, Claudio Descalzi.

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READ: Court adjourns trial of Shell, Eni officials over bribery allegation in Nigeria

The accused pleaded non-guilty and said that the proceeds of the deal were paid into accounts owned by the Nigerian Government.

The ex-Shell executives also accused in the case will have a hearing on the 9th of December.

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READ: P&ID dispute: $200 million guarantee to FG judgment shows FG’s commitment to tackle corruption-  Malami

What you should know 

Multinational oil companies, Eni and Shell, paid $1.3 billion in 2011 to acquire OPL 245 offshore field.

The payment was to a company called Malabu, which was owned by Nigeria’s former Oil Minister, Dan Etete.

However, Italian prosecutors claim that most of the payments were kickbacks to Nigerian government officials. Italian prosecutors also claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with Dan Etete keeping half.

READ: $85 Million Malabu oil money has been refunded to FG

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Nigeria’s Minister of Justice, Justice Abubakar Malami, reported in July that the Dutch and Swiss governments were expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.

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Multinational Petroleum oil and gas giant, Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.

READ: Italian Court jails Nigerian, one other over Malabu oil deal

in June, the Federal Government tracked down and grounded a luxury private jet, owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal.

Nairametrics reported that the Federal Government, on Wednesday, September 9, 2020, asked a court in Milan to order Royal Dutch Shell and Eni to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal.

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Nigeria is the 14th largest producer of tomatoes in the world, second in Africa – NIHORT

NIHORT has said that Nigeria is the world’s 14th largest producer of tomatoes, finishing second in the continent.

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OPINION: Development policies should focus on producers, not consumers

The Executive Director of the National Horticultural Research Institute (NIHORT), Dr. Abayomi Olaniyan has said that Nigeria is the world’s 14th largest producer of tomatoes, finishing second in the continent.

According to the News Agency of Nigeria, Dr. Olaniyan disclosed this during the inauguration of a one-week empowerment and training programme for 150 youths and women farmers on Telfairia (Ugwu vegetable) production and tomato value chain in Kwale, Ndokwa West Local Government Area of Delta State.

Despite producing 2.3 million metric tonnes of tomato annually, current national demand is estimated to be slightly higher at 3 million metric tonnes annually

READ: CBN restricts forex for milk import to Nestle, Chi, Friesland, 3 others

READ: BUA Cement set to establish ultramodern 3million cement plant, 50mw power plant in Adamawa

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What they are saying

Commenting on the subject matter, Dr. Olaniyan who was represented by the Director of research at the institute, Dr. Ephraim Nwanguma stated that: “Tomato is a profitable horticultural crop that provides income to farmers and agents involved in its production and marketing.

“Nigeria is the 14th largest producer of tomato in the world, second in Africa, but it is the 13th largest importer of tomato paste in the world and third in Africa.

READ: CBN launches Private Sector-led Accelerated Agriculture Development Scheme

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“Nigeria currently produces 2.3 million metric tonnes against 1.8 million metric tonnes produced two years ago while the national demand is three million metric tonnes.

“Also, there is a high prospect in production of telfairia and marketing within and outside Nigeria.”

READ: NASCON’s Unimpressive Revenue Impairs Bottom-Line Performance

What you should know

  • The recent production capacity of 2.3 million metric tonnes indicates an increase of 27.8%, from the corresponding figure recorded in 2018.
  • Despite being one of the largest producers of tomatoes in the world, Nigeria is also one of the world’s net importers of tomato paste, placing 13th globally and 3rd in Africa.
  • This fact was corroborated in a research by the Global Alliance for Improved Nutrition titled ‘’Landscape analysis of dried tomato production and market in Nigeria’’, which stated that over 45% of fresh tomato produced in Nigeria is lost due to poor handling practices and other logistics issues

READ: Fear among tomato farmers as Dangote Farms suspends seedlings distribution 

READ: Nigeria’s $1.5 billion steel plant set to produce 1 million MT of steel annually

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