Vice President Yemi Osinbajo has finally given the history of how the TraderMoni scheme started which he said, was way back during the years when President Muhammadu Buhari was Chairman of the Katsina State Development Foundation.
He said that at that time, Buhari gave soft loans and micro-credits to people to assist them in their respective businesses. Professor Osinbajo, who spoke at the Family Chats yesterday, Sunday and today, Monday, in Lagos and Abuja respectively, said that the Buhari administration will continue to maximize the country’s huge resources for the benefit of the common man. “President Muhammadu Buhari said, ‘I will fight corruption, I’m for the common man. I’m for the man in the street.’ I don’t know if you have heard about TraderMoni, the loans we are giving to petty traders. He (President) was chairman of Katsina (State Development) Foundation, where they were doing the same thing – giving poor people loans, credits, so that they will be able to do their businesses. He then told me, when we came into office, that we must do the same thing for all Nigerian traders.” The Vice President said Nigeria is undergoing a rebuilding process under the Buhari administration, adding: “the message from President Muhammadu Buhari is that our country is going to the next level. We are going to do better and better. We are going to use the money of Nigeria to help Nigerians. So that traders would have more money for their businesses, so that every Nigerian can prosper. Mr. President has said that he will not allow a situation where people steal our money. That’s why we are not going back to the past, our money must be used for Nigerians. That’s why we have schemes like TraderMoni, MarketMoni, and our Social Investment Programmes.”
The Vice President said that Nigeria would be great as President Buhari is ensuring the right foundations are built for the country’s long-term prosperity. “When you are building a foundation, things will be hard. When you are not importing everything, things will be hard. We all know. But things will be better because it is an honest man who is there and the building process is still ongoing. Our country will be great. God has provided for this country a lot of resources, but it must go round. Everybody must be able to take so that there would be education, health, houses for people.”
The Minister of Finance, Mrs. Zainab Ahmed, has confirmed that a total of $5.4 billion dollars has so far been paid to states by the Federal Government for settlement of the Paris Club Refund.
The minister, who spoke to news men today, Monday in Abuja on the state of the economy, said that the Paris Club Refund was released to states in phases based on some conditions, which included that salaries and staff related arrears must be paid as a priority.
She said that there must be commitment by all states to the commencement of the repayment of Budget Support Loans granted in 2016 and clearing of amounts due to the Presidential Fertiliser Initiative.
Zainab Ahmed said that the Federal Government had also settled inherited debts despite the revenue shortfall experienced within the last three years.
The finance minister said aside the 5.4 billion dollars used to pay states over deductions made from the Paris Club debt, 6.8 billion dollars was used to settle Joint Venture Cash Call obligations.
She said that contractors being owed N1.9 trillion under the Export Expansion Grants were on the verge of being settled, adding that about N488 billion spent by state governments on road projects had also been paid.
She said that as part of the Federal Government’s efforts to ensure all pensioners get their entitlements, the ministry had released N54 billion to settle outstanding pension arrears in 2014, 2015 and 2016.
She noted that the government had settled pension claims up to March 2017.
Zainab Ahmed announced that the federal government had agreed to pay about N571 million as gratuity to 175 retired police officers affected by the Biafra war.
In the area of expenditure performance, the finance minister said that in 2018, despite the revenue shortfall, the federal government had been able to pay salaries and fully service its debt obligations.
She said as at December 21, 2019, the ministry had released overhead funding for seven months, while N995 billion had been released for capital projects.
She expressed optimism that the ministry would perform better during the rest of the budget year by driving up revenue generation to improve the fiscal space for spending.
To increase revenue, she said the federal government would be implementing more public financial management reforms.
“We will improve collaboration between our revenue collection agencies, including the Nigeria Customs Service, Federal Inland Revenue Service and other trade partners, to share information and intelligence that will help improve revenue and make collections more efficient.
“Under my tenure as the Finance Minister, I intend to continue championing such digitalisation transformation initiatives that have proven to be a good way forward for our revenue generation drive.”
When asked what are some of the taxes that would be affected by the planned increase in tax rate, the minister said that the government would from next year begin the implementation of taxes on luxury items.
“We are exploring the way to increase taxes as well as reduce taxes in some sectors.
“For Small and Medium Enterprises, what will happen is to reduce taxes. But there are some special taxes that we will be looking at imposing.
“For example, luxury taxes. If you have a private jet, we will be taxing you especially for that. If you have a yacht, we will be charging you for that and also in terms of excise duties there are also some new areas where excise duties will be introduced.
“We haven’t got all the approvals but one of the major areas might be that of carbonated drinks produced in the country,” she said.
Zainab Ahmed also said that the government had also recorded an increase in the number of registered tax payers from 10 million in 2015 to about 19 million in 2018 under the Joint Tax Board.
On the whistle blower policy, Ahmed said that the Federal Government had recovered over N8.5 billion and 465 million dollars, among others, from 1,051 investigations conducted from tip offs received.
She also said that through the Voluntary Assets and Income Declaration Scheme, over N35 billion was recovered while significant increase was also recorded in the country’s tax base.
In the area of fiscal collaboration with state governments, the finance minister said that the federal government had provided budget support to states with a release of N1.9 trillion.
This, she noted, was to enable the state governments meet their salary and pension obligations, especially in the face of dwindling oil revenues over the last two years.
Earlier, Fowler, who also spoke at the briefing, said that out of the 2,000 property of corporate entities identified early this year that were not paying taxes, 561 of them had come forward to make payments.
He said 116 companies claimed not to own any of these properties, adding that 30 of them had actually written to the FIRS that the property in question do not belong to them.
Fowler said based on the law, the property would be taken over by the government.
Rivers State Governor, Nyesom Ezenwo Wike has presented the 2019 Appropriation Bill of N480 billion to the State House of Assembly for consideration and approval.
Presenting the 2019 Appropriation Bill to the House today, Monday, Governor Wike said the strategic thrust for the budget is to promote economic growth and diversification, create jobs and reduce unemployment as well as to take as many of Rivers people out of poverty and improve the standard of living of Rivers State.
The budget is premised on an oil price bench mark of 55 United States Dollars per barrel, which is 5 dollars lower than that of the Federal Government.
The 2019 Rivers State Budget is Christened: “Budget of Sustainable Growth and Development.”
The governor proposed N323, 288,970,085.00 as capital expenditure, while Recurrent Expenditure will gulp N157, 122,354,564.15.
“The capital allocation of 323,288,970,085.00 for the 2019 fiscal year represents 65 per cent of the total budget. This sum is however less than the figure for 2018 by N57, 708,717,319.00 due to the reduction in the total size of the 2019 budget as against that of 2018.”
He said because the 2019 Appropriation Bill has set priorities for human capital development and infrastructural provision, a substantial part of the capital budget is allocated to the Ministries of Agriculture; Education; Employment Generation and Empowerment; Health; Sports Development; Women Affairs; Works; and Youth Development.
The governor proposed N72, 911,765,640.21 billion naira for the construction and improvement of the State’s road network and transport infrastructure.
“This sum, which constitutes about 24 per cent of the total capital budget, will be utilized to continue with the funding of the construction and completion of roads.”
The sectoral allocation of the capital budget is as follows: (Proposed) Administration Sector; N17, 820,704,443.79 ,Economic Sector: N99, 053,565,640.20 ; Law and Justice Sector; N 4,350,000,000.00; Social Sector; N127, 292,200,000.00 and ; Special Heads, N50, 347,500,000.00; Loan Repayments , N24, 425,000,000.00.
Governor Wike said the following roads will be completed in 2019. They include: the dualization of Kira – Sakpenwa – Bori – Kono road; the Andoni – Opobo Unity road; the Oyigbo town – Ebete road; Tema – Ifoko road the Mbano camp road; Eleme – Obete road; Eteo – Sime – Bayayira-Nonwa-Kira road; Rumuji – Ibaa – obele – isiokpo road; Akabuka – Omoku road; Flyover bridge at Garisson Junction abd Abonnema ring road.
Others are: Abua-Degema – Emoh-Iyak-Ighom-Elok road; Ula Ehuda – Odioku – Anwunugboko – Ubeta – Ihuechi – Odiereke road; Rumuche road in Emouha Local Government Area; Flyover bridge at Rumuokwuta roundabout; Flyover bridge at University of Port Harcourt Junction Ahoada – Odiemerenyi – Ihugbogo-odieke road; Isiodu roads , Ahoada – Ekpena road; Omoku-Aligwu-Kreigani-Oduoboburu road, Odieku internal roads; Bolo internal roads; Rumukpakani internal roads; and Umuogba – Umuokpurukpu – Umueke – Umunju Umuelechi – Eberi roundabout link road.
Governor Wike proposed the sum of N17,112,000,000.00 for the Bureau for Special Projects to fund the completion of land reclamation at Bakana in Degema Local Government Area, land reclamation at Abalama in Asari Toru Local Government Area; land reclamation and shore protection at Kula in Akuku Toru Local Government Area; the Secretariat buildings for Trade Union Congress, Nigeria Labour Congress, National Union of Rivers State Students and Rivers State Students Union Government; and the Fruit Garden market in Port Harcourt City Local Government Area.
The governor stated the administration allocated the sum of N25, 300,000,000.00 to fund healthcare delivery in the State. He said key projects in the sector will be completed and delivered in 2019.
Governor Wike said his administration will continue to give security of lives and property all the attention that it deserves in spite of the obvious lack of cooperation from the Federal Government.
“The sum of 18,000,000,000.00 has been proposed to fund all aspects of securing and keeping Rivers State safe, peaceful and secure, including the operationalization of the recently established State Neighbourhood Safety Corps programme.
“The Neighbourhood Safety Corps programme is very dear to us as a government. Apart from the number of youths that it will employ, the programme has the potential to enhance our collective security. And so we are prepared to do whatever it will take to ensure its implementation in the course of 2019.″
Governor Wike noted that the sum of N4, 350,000,000.00 only has been proposed for the Law and Justice sector to further strengthen and enhance the justice delivery system in the State.
For the recurrent expenditure, Governor Wike proposed to spend as follows: Personnel Emolument, N79, 585,058,808.60; Overhead N 17, 025,380,000.00; Pension N33,000,000,000.00 and Others N27,511,915,255.55.
Through the recurrent proposals, Governor Wike accommodated the expected new minimum wage for the state and the handling of the pension challenges facing the state.
Governor Wike said: ” With this, the State Government will be in a position to pay the minimum wage whenever the National Assembly approves it. We also made provisions for staff promotion arrears and new recruitments into the State’s civil service.
“The sum of 33,000,000,000.00 is proposed for the settlement of pension liabilities. The challenge about the plight of pensioners has lingered for too long and we are determined to tackle it this time around. Certainly, our senior citizens deserve better treatment than what they are presently getting.”
The 2019 Rivers State Budget will be financed as follows: Internally Generated Revenue N120, 492,891,302.00 ,Statutory Allocation; N73, 169,813,022.00 : 13% oil minerals fund; N145, 070,991,780.00 ;Value Added Tax; N26, 377,628,543.00 ;Refunds ; N27, 337,926,155.08 ;Local Credits; N45, 000,000,000.00 ;International Credits ;N30, 000,000,000.00; Capital receipts; N300, 000,000.00 Exchange gain ;N8, 000,000,000.00 Prior year Balance ; N4, 662,073,844.92: N480, 411,324,647,00
Governor Wike said for the 2018 Budget as at November 2018, total revenue receipts from all sources (except internal and external loans) stood at 288,721,423,336, which represents about 79 per cent performance on the revenue side with respect to the totally projected IGR and FAAC receipts for 2018.
The governor said that the aggregate capital releases to MDAs as at November 2018 stood at over 65 per cent of the total capital expenditure.
Governor Wike said despite inheriting a collapsed economy from the immediate past APC administration in the state, his administration has revived the state’s economy.
“We came in with a clear vision and mission: a vision to repair and renew the promise of our State; a mission to pull our people from the cesspool of despair and restore our hopes for brighter future.
” Three and half years after, we have substantially achieved our commitments on all directions of human advancement.
“Under our watch, Rivers State has emerged from the brink of economic disaster to an era of fiscal sustainability. Today, our Gross Domestic product has increased and our economy is growing at a rate above the national average and attracting new investments even when the national economy continues to be weak, wobbly and troubling.
“Under our guardianship, we have invested at record levels to provide critical social and economic infrastructure across the State; especially roads, schools, and health facilities.
“In the process, we created hundreds of thousands of jobs across the construction value chain.”
He said the 2019 budget is intended to consolidate on the administration’s achievements and enable it to put the State on an irreversible path to sustainable economic growth and development.
Speaker of the Rivers State House of Assembly, Ikuinyi-Owaji Ibani said the House will give the budget the required consideration in the interest of the state.
He noted that the House has already approved the Medium Term Expenditure Framework, which will form the basis of the budget’s consideration.
The budget passed through its first reading after the State Governor laid the budget on the table.
President Muhammadu Buhari has ordered security agents to re-strategise for the purpose of flushing out armed bandits that have been ravaging some parts of the North and killing people.
According to a statement today, Monday, by the senior special assistant to the President on media and publicity, Malam Garba Shehu, a major operation by the Nigerian Armed Forces, Police, Department of State Services and the Nigerian Security and Civil Defence Corps, is being considered to restore peace and stability in the region.
The Presidency, reacting to the killing of innocent Nigerians in Birnin Magaji community in Tsafe Local Government Area and Magami community in Faru District of Maradun Local Government Area of Zamfara State, following attacks by suspected armed bandits, conveyed strong support to the Nigeria Police Force, which has already deployed Special Forces in each of the local government in Zamfara State and the Defence Headquarters’ deployment of a Special Military Intervention Force comprising more than 1,000 personnel to respond to the security challenges in the North Central and North West.
“These measures, among others, will be intensified to flush out the bandits from wherever they are.”
The President expressed deepest condolences to the families of those killed in the attacks, the government and people of Zamfara State, the President also wished those injured a speedy recovery.
The President, who has authorized an assessment trip to Zamfara and Sokoto States by the Chief of Air Staff, Air Marshall Abubakar Baba Sadiq on Christmas and Boxing days, reassured residents of States plagued by armed bandits, including Zamfara, Sokoto, Kaduna, Niger and Taraba, that their safety is an enduring commitment of his administration and he will continue to ensure that security agencies work round the clock to protect local populations.
The President commended Nigerians for their support to security agencies who have continued to demonstrate dedication, commitment and bravery even in very difficult and complex operations.
All Progressives Congress (APC) national leader, Asiwaju Bola Tinubu, has said that though there are things upon which Nigerians can disagree and differ, but that they must rise over these differences and treat one another with kindness and decency.
“We must exercise tolerance regarding those who even oppose us and must douse hatred and conflict where we find it.”
In a Christmas message today, Monday, to Nigerians which he personally signed, Tinubu, who is former Lagos governor said: “as a Muslim, I understand that Jesus knew the road to our better existence and that his life was dedicated so that we may walk this path as well. Whether or not one is a practicing Christian or not, Jesus holds something value for us.
Jesus Christ came into the world not that we may use his birthday as an excuse for festivities. He came into this world to teach us how to show us the best aspects of our common humanity and to point the way to spiritual salvation.
“He is known as the prince of peace but he came into the world not cloaked in temporal power or visible wealth. He came dressed in humility and in compassion for those whom society has tossed aside. Let us remember these things as we eat and drink on this day. Let us, on this day, resolve to help our fellow man a bit more than we have in the past.
“It is easy to be good to family and friends. However, we must do better than this. We must strive to be kind and generous even when hard to do so.
“His teachings are of a most ethical and humanitarian existence. To follow them will make each of us a better person and to make of Nigeria a better nation.
“We are a young and growing nation. We are still shaping our national identity and political culture. It would be easy for us to descend into the way of endless squabbling and mindless conflict, to seek power solely for the sake of holding power.
“But this is not how we build our nation. We must strive to serve the greater purpose. Whether Christian or Muslim, we must recognize each other as part of the same human family and must act as brothers not antagonists.
“There will always be things upon which we will disagree and differ. Such is the way of life. But we must always transcend these inevitable differences to treat one another with fundamental kindness and decency. This is the real spirit of Christmas and this must be the spirit of the Nigeria we seek to build.
“We extend to all Nigerians of all stripes our wishes for a peaceful and happy Christmas. May we join hands and make of this Nigeria a better land for all. May God continue to bless you and this home we call Nigeria.”
President Muhammadu Buhari has made it clear that he is totally committed to free, fair, credible and violence-free polls in 2019. He emphasized that such determination as he has always been saying, “is not a ruse or yet another vain political promise. My word is my bond.”
The President, in his message today, Monday, which he personally signed, to commiserate with Christians on the Christmas celebration which commences tomorrow, Tuesday, stressed: “it is a sworn declaration on the advancement of Nigeria, the future and safety of our young and unborn generations.
“Let us tell the world that, indeed, something good can come out from Nigeria. And it will happen, as we all team up to make it happen.”
He said that with general elections around the corner and heightened political activities across the country, he had charged the security and law enforcement agencies to secure the sanctity of the ballot box and ensure that the outcome of the polls reflects the will of the Nigerian people.
He asked Nigerians that to continue to show generosity to their neighbours and demonstrate the diversity that makes Nigeria unique, “a land with a beautiful climate and vegetation, beaming with an energetic and creative youth population.
“We must not also forget that what lies ahead of us as a nation is better than whatever we must have experienced in the past.”
Buhari congratulated Nigerians, particularly Christian brothers and sisters, on the joyous occasion of this year’s Christmas, which commemorates the birth of Jesus Christ.
“Like I have done in the last three Christmas messages to my fellow compatriots as a serving President, I believe this season is another opportunity to reflect on the imagery of the humble, symbolic and divine birth of a young child thousands of years ago in Bethlehem, Judea, and the message of hope, compassion, salvation, reconciliation, forgiveness and peace that Jesus Christ embodies and conveys.”
The President recalled that in 2018, Nigerians have had mixed blessings, typical of human beings, adding that the economy made significant progress since coming out from recession and the government’s faithful implementation of the Economic Recovery and Growth Plan.
“Agricultural revolution has seen a vastly improved local production to the detriment of importation, while we have achieved surplus in our trade balance. Similarly, infrastructural deficit has been greatly reduced with significant improvements in roads, railways, aviation and power.
“In addition, we have not relented in the fight against corruption while the business environment has been improved through institutional reforms.
“On the downside, we have seen so many unnecessary deaths caused by violent clashes between neighbours, who ordinarily should complement and support one another.
“We cannot bring back the lives lost to floods, unfortunate fire disasters, road accidents, farmers/herders clashes and insurgency.
“But we can put back smiles on the faces of the grieving, the displaced and the troubled, if we show a little love and recommit ourselves to building relationships with those outside our ethnic, religious and socio-political divides.
“As we celebrate Christmas, exchange gifts, pray and visit loved ones, let us remember many others who cannot be with their families this time.
“Our brave Armed Forces, and other security men and women who make incredible sacrifices to keep us safe, the aged, the sick, physically challenged persons, all deserve our goodwill in this season of love and sharing.”
A Social Political group in Nigeria, The Progressive League (TPG), has described the Peoples Democratic Party (PDP) as a drowned opposition party that has resorted to dishing out lie to cover up all its past atrocities on the nation’s socio economy.
In a statement today, Monday by the Acting Publicity Secretary, Wasiu Ibraheem reacting to the PDP attack on Vice President Yemi Osinbajo, the group said that the PDP Publicity Secretary is not only playing God and seer of the future but deliberately dishing out lies typical of the drowned opposition party. “The PDP is still living in fool Paradise thinking Nigeria can be cajoled by their lies and deliberate distortion of facts about Buhari-Osinbajo leadership.
“It is equally ironical that PDP moribund campaign are the ones talking about the political relevance of the people’s Vice President Yemi Osinbajo who has shown without fear or favor that the office of the vice president is not meant for selling off government properties but giving back to the people and uplift the less privileged for the greater good of our country. “The political sophistication of the South West will never make them fall prey to the gangs of looters working tirelessly to find their way back to the National Treasury against the consistency and tireless effort of Prof. Osinbajo.
“Without leaving any part of the country behind, we have no doubt the choice of good over evil is a easy one for the South West in particular and Nigeria in general. “The PDP efforts to continue to bandied fake corruption allegations against the vice president is another Dubai Strategy of PDP that is already falling flat. On the N33 billion NEMA Fund and Tradermoni, we say Osinbajo is a truthful, credible and a man of integrity whose contributions has brought Change to Nigeria as a public officer never found culpable of any corrupt practice in his political career. “The PDP should not forget that the House of Representatives has since exonerated the Vice President on the claims on the IDP funds. We also state that the TraderMoni is never an election or vote buying method, it is to further strengthen our micro economy. “The PDP should forget returning to power in 2019 as Nigerians are yet to recover from the maladministration and retrogression that bedevilled the country from 16 years. “The Progressive League hereby wants to remind the PDP that the government of the people for the people as represented by Buhari -Osinbajo will never depart this path to progress, this government will continue to build more roads and infrastructure for posterity and the fight against corruption will never cease as a symbol of corruption as represented by your presidential candidate will never lead this nation.”
Kogi State Governor, Alhaji Yahaya Adoza Bello has presented a budget of N146,736,042,510 to the State House of Assembly for consideration and approval for the year 2019.
Presenting the proposal today, Monday, Governor Yahaya Bello said that the budget outlay is divided into Recurrent Expenditure of N71,841,314,458 representing 48.96 percent and Capital Expenditure of N74,894,728,051 representing 51.04 percent.
The full address of the governor is reproduced here:
ADDRESS BY THE EXECUTIVE GOVERNOR OF KOGI STATE, HIS EXCELLENCY, ALHAJI YAHAYA BELLO ON THE OCCASION OF THE PRESENTATION OF THE 2019 BUDGET PROPOSAL TO THE STATE HOUSE OF ASSEMBLY ON 24TH DECEMBER, 2018
Protocols:
I thank the Almighty God for another opportunity to stand before the Kogi State House of Assembly. It has been an eventful year since the last time I was here and we have weathered many storms together as we worked to serve our people. To God Almighty Alone be the Glory.
There is no doubt that mutual respect and cordiality has enabled both Arms to function optimally in our joint efforts to reposition Kogi State through accelerated development and the ideals of probity, accountability, equity and justice.
I am here to present the Kogi State 2019 budget proposals and to secure your continuing support for our policies, programmes and projects in the coming year through your expeditious consideration and passage of this Budget.
Mr. Speaker, Honourable members of the House, We have always done our best to align the expectations of our people with our New Direction Agenda through judicious use of resources appropriated in successive Budgets.
This is our 3rd Budget and we have chosen to tag it, BUDGET OF CONSOLIDATION’ for the simple reason that it will help us build on previous successes while simultaneously laying the foundation for fresh growth.
Distinguished members, the outgoing 2018 ‘Budget of Sustainable Growth’ provided a framework for sustaining momentum on various growth and development initiatives kick-started in previous years, and given the resources available we did not underachieve set objectives.
At the core of any budget is credibility, thus the objective of our 2019 Budget is consolidation of what we have been doing in the last 3 years, mainly the completion and commissioning of key infrastructure projects and reinvigoration of ongoing human development programmes.
In addition to minimizing extra-budgetary expenditure, this Budget of Consolidation is critical to the attainment of sundry macroeconomic goals including the effective delivery of public services through fair distribution of resources.
Above all, it will assist compliance with the budgetary objectives and principles stated in the Medium Term Expenditure Framework (MTEF) as well as the Fiscal Strategy Paper (FSP) approved by this Honourable House.
As you are aware, the principal objectives of these instruments are wealth creation, poverty reduction, employment generation, security of lives and properties, peace-building, and ensuring fairness, transparency, and accountability in the governance of Kogi State.
With this Budget, as with previous ones, the Administration’s commitment to honest and realistic implementation remains unshaken while our Blueprint for a New Direction of multidimensional poverty reduction and wealth creation remains a priority.
Mr. Speaker Sir, Honourable members, you may wish to recall that the nation is only just recovering from a recession but the danger remains present and apposite with the Central Bank of Nigeria warning that if the right things are not done, Nigeria might might slip back into recession.
Thus, we, the Executive, the Legislature and the Judiciary, have a joint mandate to provide foresighted leadership in order to render our domestic economy impervious to recession while ensuring that Kogites get the most mileage from all categories of public resources.
One way the Executive is working to promote economic stability is to key into the Economic Recovery and Growth Plan (ERGP) of the Federal Government, backed by a hard schedule of fiscal discipline – financial cost-cutting, blocking of leakages and elimination of wastage from government processes.
Mr. Speaker, permit me to say that government validates its legitimacy and reputation from the support it enjoys among the governed. That goodwill is directly proportional to the benefits flowing to the people from the policies of government.
In 2019, in addition to programmes for multidimensional poverty reduction and wealth creation, we are investing even more in human capital development by dedicating a massive 15% of this Budget to Education, both formal and non-formal.
We are also making provisions in this budget to attract investors, stimulate economic activities, empower our people, and raise standards of living even as we explore fresh options for increasing the revenue base and improving the overall economy of the state.
It is with the foregoing in mind that I call on this honorable House, as well as all men and women of goodwill to co-operate with the Administration so that the policies, programmes and projects contained in this Budget Proposal can be implemented holistically.
The Honourable Speaker, Honourable members, Distinguished Ladies and Gentlemen, before I give the details of the 2019 Budget Proposal I will now review the performance of the 2018 budget and the achievements we made in the outgoing year.
HIGHLIGHTS OF YEAR 2018 BUDGET PERFORMANCE.
The total Budget package for year 2018 was N151,677,854,494 for both Recurrent and Capital Expenditure.
The total recurrent revenue approved for year 2018 was N90,834,787,658, out of which N46,895,199,757 was collected as at the end of August, 2018 representing 51.63% performance.
The approved capital receipts for 2018 was N60,843,066,836 out of which N4,312,367,201 was realized representing 7.09% performance as at the end of August, 2018.
A total sum of N66,694,526,233 was approved for recurrent expenditure in year 2018, however, only N28,506,097,331 was spent as at 30th August, 2018 representing 42.74% performance.
The approved capital expenditure for 2018 was N84,983,328,261 out of which the sum of N13,812,132,688 was expended representing 16.25% performance as at August, 2018. This lean performance is due to the current economic downturn in the country which has bedeviled our income expectations from various sources.
2019 BUDGET OF CONSOLIDATION
Macro-economic indicators show an uptick in global growth at 3.8% and gradual recovery on the national front from recession, and a reduction in the inflation rate.
As a State Government with no control over monetary policy, the state budget is our key fiscal policy tool for strengthening our economy and safeguarding against unforeseen shocks. The budget is also our most important mechanism towards achieving our State Development Plans and socioeconomic aspirations.
By a combination of budgeting best practices and development partner demands, it is therefore imperative for the state to present a realistic and implementable Budget going forward, thus this 2019-2021 multi-year budget is based on conservative, but realistic, projections.
Mr. Speaker, Honorable Members, the 2019-2021 Multi-Year Budget is based on Zero-Based Budgeting principles and is tailored towards actualization of our State Development Plan. From a fiscal perspective, the key targets of this budget are:
Ensuring the actualization of the development priorities of the government as articulated in the State Development Plan and respective Sector Implementation Plans (SIPs).
Maintaining a favourable proportion of Capital to Recurrent Expenditure.
Completing all on-going projects and adding new projects in the critical area of needs.
Expanding our revenue generation capacity so as to reduce over dependence on federation allocation.
Maintaining a sustainable debt position thereby reducing our State Domestic Debt profile.
To provide a conducive environment for investors and Donor Agencies to operate in the State.
To enhance greater transparency, accountability and proper public expenditure management.
BUDGET POLICY STATEMENT
The fiscal strategy of Government is anchored on the on-going Public Financial Management (PFM) Reforms, therefore over the period 2019-2021 the Kogi State Government’s fiscal policy will be directed at:
Improving the efficiency and effectiveness of spending.
Greater control of the wage bill.
Directing capital expenditure to critical infrastructure such as Road, Housing, Education, Health and such other thematic areas as Job creation, Youth Engagement, Infrastructure and Utilities as well as Public Sector and Pension Reforms.
Boosting revenue receipts by identifying and blocking revenue leakages; and gradual fiscal consolidation in order to achieve a level of public spending consistent with macroeconomic stability and sustainable debt.
BUDGET OBJECTIVES AND TARGETS
The 2019 Budget is designed to give expression to our overall aspirations within the context, but the specific fiscal objective is simply effective allocation of scarce resources to identified critical programmes and projects, with the following major targets:
To improve security of lives and properties in Kogi State and enhance further her current good standing in the top three on several security, peace and low crime statistics among Nigerian states.
To improve the quality of education at all levels and make it accessible and affordable to all citizens in order to produce the skilled manpower needed for our economic transformation.
To improve access to healthcare leading to improvement in efficiency of the healthcare delivery system.
To ensure food security and generate a high proportion of the GDP from agriculture.
To exploit the full potentials of our economy and expand trade and commerce in the State.
To ensure that products from our agricultural and industrial activities have access to markets locally and internationally.
To ensure gainful employment of youths and create opportunities for the development of their talents.
To achieve sustainable development and promote social and economic development through culture and tourism.
To establish the necessary framework for a robust mining and solid minerals sector, and to brand Kogi State as the nation’s foremost solid minerals mining destination.
To expand the road network in urban and rural areas through construction of new roads and bridges and rehabilitation of existing ones.
To improve the quantity, quality and access to safe water for domestic, commercial and industrial uses as well as improve sanitation and hygiene practices among the citizens.
To ensure sustainable use of the environment and continuous management of environmental challenges such as flooding, pollution, degradation and gully erosion.
To facilitate the social and economic development of Kogi State by ensuring easy access to lands for agricultural, residential, commercial and industrial uses to all citizens and investors.
To improve the quantity of decent housing and facilitate the creation of viable urban communities in the state.
To improve and expand affordable housing options through public private partnerships.
To reduce average power outage through the generation and distribution of adequate electricity in the urban and rural areas in Kogi State.
To rejuvenate the transportation sector in all its layers and to facilitate mobility of goods and services.
In absolute terms, Mr. Speaker, we will strive to complete every single project we have started in each of our 21 Local Government Areas, and to pay the contractors we have commissioned to work for us, even as we continue to cut the cost of government and ensure that our people are the ultimate beneficiaries of public resources.
SUMMARY OF THE 2019 DRAFT REVENUE AND EXPENDITURE ESTIMATES
The summary of the draft 2019 Revenue and Expenditure Estimates is as follows:
The proposed 2019 Budget has an estimated outlay of N146,736,042,510. This total budget outlay of N146,736,042,510 is divided into Recurrent Expenditure of N71,841,314,458 representing 48.96% and Capital Expenditure of N74,894,728,051 representing 51.04%. This is represented in the table below:
Expenditure Item
Allocation %
Recurrent Expenditure
N71,325,314,459
48.61%
Capital Expenditure
N75,410,728,051
51.39%.
Total N146,736,042,510
100%
The total Budget expenditure outlay is given in the following sectors:
Code
Sectors Allocation %
01 Administration 45,198,834,158 30.80
02 Economic 51,753,811,012 35.27
03 Law and Justice 7,446,791,251 5.08
05 Social 42,336,606,08928.85
Total N146,736,042,510
N100%
THE TOTAL BUDGET PACKAGE
The total Budget package for year 2019 is N146,736,042,510 as against N151,677,854,494 approved for year 2018. This is a decrease of N4,941,811,984 or 3.26% when compared with the 2018 Revised Budget. In addition to earlier stated reasons, inherent in the reduction is a tactical move to match new indicators released by the World Bank which will determine access to budget support funding.
Mr. Speaker Sir, Honourable Members, Distinguished Guests, Ladies and Gentlemen, I now present to you the year 2019 Draft Budget for your consideration and approval. The Honourable House is invited to note that:
We have budgeted a total estimated recurrent revenue of N104,341,267,675 consisting of N20,172,740,733 from internal sources, N60,972,262,719 as State’s share from the Federation Account, N17,500,000,000 revenues from Value Added Tax (VAT), N2,243,973,366 from Excess crude, N130,893,199 as refund from Federal Government, N2,000,000,000 from Non-Oil Revenue, N200,698,829 from Foreign Exchange Equalisation and N120,698,829 from Excess Bank charges.
Recurrent Revenue for the year 2019 stands at N104,341,267,675. Out of the above figure, the estimated personnel cost for the period is N36,153,682,517 whereas N35,687,631,941 is Overhead Costs, thereby giving N71,325,314,459 as a total recurrent expenditure for the year 2019.
From the foregoing, we have a total estimated Transfer Surplus of N33,015,953,216 as Capital Development Fund.
The estimated Capital Receipt is N42,394,774,835 comprising Capital receipts analysis by economic, Aids and Grants. However, if the Transfer Surplus of N33,015,953,216 is added to this amount, we shall have N75,410,728,051 as fund available for capital development projects.
Total estimated capital expenditure therefore stands at N75,410,728,051.
In summary, our total estimated revenue (i.e. recurrent revenue and capital receipts) stands at N146,736,042,510 for the year 2019 making total estimated expenditure (i.e, Recurrent and Capital) to stand at N146,736,042,510 for the year 2019 making our 2019 Budget a balanced budget.
Mr. Speaker Sir, Honourable Members, Distinguished Guests, Ladies and Gentlemen, it is now my pleasure to formally present to you the 2019 Draft Budget for your deliberation and approval.
JUDICIARY CRISIS
It will be very remiss of me to end this Presentation without addressing the needless injury and suffering our civil servants who work in the Judiciary are undergoing right now because of a needless impasse foisted on the state by the Judicial Arm.
Members may wish to recall that following a Collective Agreement signed with Organized Labour on the disbursement of the last Tranche of Paris Club Refunds, we embarked on Pay Parade cum Table Payment as the most transparent methodology for making sure that money reaches only genuine and actual civil servants in the form of salaries and pensions.
This Honourable House graciously encouraged her civil servants to participate and can testify that the process was speedy, dignified and effective in identifying civil servants, capturing their biometric data and paying them their due.
The Judiciary refused to participate citing notions of Independence and Autonomy which are at best dodgy in law and at worst extremely legalistic and were supported by the Judiciary Service Union of Nigeria which has proceeded on an indefinite strike.
The efforts of this House to broker a middle ground was stopped in its tracks by an ex parte injunction curiously obtained while the court staff were on strike, and at a time when no one else could transact any business in the various Court Registries because of the strike.
As things stand now, the genuine civil servants serving in the Judiciary are boycotting (or being forced to boycott) their own salaries and pensions while the money for their several months’ pay sits in the bank.
I pray Mr. Speaker and the Honourable House to take notice of these curious events, to ask the right questions, especially why the payroll of the Kogi State Judiciary seem to be a document for the eyes of only some senior initiates alone, but above all, to assist us in resolving the impasse so that our people who have worked hard for their money can do the needful to receive it.
3RD ANNIVERSARY EVENTS
In my very first Budget Presentation here, I did reel out a long list of projects which we had embarked upon. I am glad to report that most, especially the civil engineering ones, are gradually winding down their contractual and construction cycles, and are nearing completion even as we speak.
In the last week of January 2019, we will observe our anniversary week as usual during which we intend to showcase major projects and achievements of the Administration across the 3 Senatorial Districts. We are also working to bring His Excellency, President Muhammadu Buhari and other dignitaries to assist us in commissioning some of them.
I shall therefore crave the indulgence of this honourable house to be my guests as we observe our 2019 Anniversary Week and Presentation of Compendium of Achievements.
IN CONCLUSION
Mr. Speaker, Honorable Members, this is the third time I have been admitted into this honorable House to present the annual budget, and it is only fitting that I express my gratitude again for the accommodation.
I am deeply grateful to honorable members for allowing maturity and mutual patience to characterize the relationship between this honourable House and the Executive over the last 2 years in particular.
We will all face critical elections next year, starting from February and I trust that the next time I stand here to interact with this House, we will have a contingent of legislators who will continue with the tradition of placing our state above personal interest. I have no doubt that many of you here now will be here then.
I wish all of you the very best.
Do enjoy a very Merry Christmas and I wish all of us a peaceful, prosperous and fulfilling New Year.
The Central Bank of Nigeria (CBN) has forgiven MTN Communications Limited (MTNN) on its earlier directive that the communications giant should reverse repatriations, valued at $8.1 billion done on its behalf by four commercial banks between 2007 and 2015 on the basis of Certificates of Capital Importation (CCIs) irregularly issued to it (MTNN).
In a statement today, Monday, by the CBN’s Director of Corporate Communications, Isaac Okorafor, the Nigeria apex bank said that the decision to forgive MTNN followed the review of the case with the additional documentation which the company provided it.
“The CBN has concluded that MTNN is no longer required to reverse the historical dividend payments made to MTN Nigeria shareholders.
“However, the CBN identified that the proceeds from the preference shares in MTNN’s private placement remittances of 2008 were irregular having been based on CCIs that were issued without the final approval of CBN.
“The CBN and MTNN have mutually agreed that the aforementioned transaction be reversed notionally to bring it into full compliance with foreign exchange laws and regulations.
“The parties have resolved that execution of the terms of the agreement will lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter.
“The CBN assures foreign investors that the integrity of the CCIs issued by authorized dealers remain sacrosanct. Potential investors are encouraged to take advantage of the enormous investment opportunities that abound within Nigeria.”
The Central Bank had waded into the matter in August this year, culminating in the MTNN holding several meetings with the CBN in the course of which MTNN supplied additional material information, not previously offered to the apex bank, satisfactorily clarifying its remittances.
Former Senate Leader and Chairman, Niger Delta Development Commission (NDDC), Victor Ndoma-Egba, has described one-term promise by the Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar if he is elected in the 2019election as deception.
He said that the only guarantee for the Igbo to ascend the presidency in 2013 is for President Muhammadu Buhari to be voted back to complete his second term, which will make him disqualifies him from contest in 2013, thereby paving the way for Igbo to take a shot at it.
“By the application of the law, come 2023, Buhari will become ineligible to contest because he must end his tenure and that is when the south east can have their turn. Any other person that comes, forget whatever promises they make.
“The moment they seat on that chair, they must take their constitutional two full terms. So, any other person will delay the chances for the south east. That is why I think the south east will go with President Buhari.”
The former senate leader said however that automatic ticket for Igbo for the Presidency in 2013 might not be possible, but they have brighter chance after the Buhari’s second term.
Ndoma-Egba emphasized that while there would not be an automatic ticket for the region, they must however put their house in order if a south easterner must get the plum job.
“We are talking about the opportunity and it is for the south east to go and organize themselves and ready itself for that opportunity. Will they have an opportunity in 2023 through President Buhari? The answer is yes, the opportunity will be there and you need to put your house in order. “Will it be possible with another person in 2023 considering the fact that the person would have a constitutional two term? The answer is no.”
He assured that the ruling All Progressives Congress (APC) would embark on issues based campaign and that the party is not concerned about the length of campaign but its quality. Source: Vanguard
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All Progressives Congress (APC) national leader, Asiwaju Bola Tinubu, has said that though there are things upon which Nigerians can disagree and differ, but that they must rise over these differences and treat one another with kindness and decency.
A Social Political group in Nigeria, The Progressive League (TPG), has described the Peoples Democratic Party (PDP) as a drowned opposition party that has resorted to dishing out lie to cover up all its past atrocities on the nation’s socio economy.
