Aso Villa Reads for 20/12/2018
Every day we bring you the best news the media is reporting about the Government of Nigeria.
Punch reported that “President Muhammadu Buhari on Wednesday presented N8.83tn budget estimates to a joint session of the National Assembly for their consideration. The 2019 national budget proposal is N300bn lesser than the N9.12tn, which was the size of the 2018 budget. The President said the fiscal document was predicated on an oil production estimate of 2.3 million barrels per day and an exchange rate of N305 to a dollar. He also proposed a Gross Domestic Product growth rate of 3.01 per cent and an inflation rate of 9.98 per cent. The total projected revenue, according to the President, is N6.97tn, which is three per cent lower than the 2018 estimate of N7.17tn. Buhari said the expected income consisted of oil revenue projected at N3.73tn and non-oil revenue estimated at N1.39tn. He explained that the sum of N8.83tn was estimated as the total expenditure with N4.04tn being recurrent expenditure and N2.031tn as capital expenditure.”
“In order to eliminate the bottlenecks associated with manual price survey in the procurement list of items in budgetary provisions, the Federal Ministry of Finance on Tuesday introduced a price checker portal to the Lagos State Government for consideration. The price checker portal, which could be accessed by states, local government areas and agencies, will contain updated prices of all procurement items that are uploaded by different vendors for use by contractors.” Punch reports that “the Head, Efficiency Unit, Federal Ministry of Finance, Mr Ojonimi Imaji, said the system would save the time spent by state and federal procurement officers on physical price survey, adding that it would ensure transparency and competitiveness in business transactions. He said this during the commencement of a two-day sensitisation programme on price checker and e-procurement, organised by the ministry in collaboration with the Bureau of Public Procurement for procurement officers in Lagos State. Imaji said, “This essentially replaces the former physical market survey that was the practice. So, it saves time, ensures transparency and brings competition. It makes procurement process easier. “When it brings competition it can reduce cost because as the vendors are competing among themselves, knowing that they all have access to upload the prices of their products, they would want to lower their costs.”
“The Pension Transitional Arrangement Directorate (PTAD) said it recently paid a total of N7.89 billion as benefits to both pensioners and Next of Kins of deceased pensioners. The Executive Secretary of PTAD, Sharon Ikeazor, in a statement to this effect said the sum of N6, 314,762,464.60 was paid to pensioners as six months arrears of the 33 per cent pension increment. She said the payment covered 101,393 civil service pensioners on all grade levels and 76, 310 Parastatals pensioners across 186 agencies. Ikeazor, noted that pensioners’ welfare was a priority for the present administration. She said out of N7.89billion, the sum of N1,565,190,623.12 was paid to 500 Next of Kins of the deceased Nitel/Mtel pensioners under the defined benefits scheme. She said these were Next of Kins of deceased Nitel/Mtel pensioners who died after service and who have completed the process of documentation and have been cleared for payment by the federal auditors.” This Day reported this.
According to Daily Sun “Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa, on Wednesday, revealed that a sum of N193.4 billion mortgage loans had been disbursed to 18,935 Nigerian workers. Dangiwa, who stated this, in Abuja, at the launch of FMBN’s digital platforms, noted that this was done in collaboration with Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and Nigeria Employers Consultative Association (NECA). The banks managing Director, who assumed office in April 2017, explained that the disbursement of N41billion for creation of mortgages, brought the total mortgage loan disbursements by the bank to N193.4 billion since inception. He added that the disbursement of N16 billion Home Renovation Loans to 16,031 beneficiaries under the National Housing Fund (NHF) brought the total beneficiaries of the loan to 22,975.”
“The Federal Ministry of Water Resources, on Wednesday said Federal Government has approved N700 million to complete the Farin Ruwa Hydro power project in Nasarawa state to boost power generation in the country. Dr Musa Ibrahim, the Permanent Secretary of the ministry, told Newsmen following the end of tour to the Farin Ruwa dam site in Wamba Local Government Area. The Federal Government had signed a Memorandum of Understanding (MoU) with the Nasarawa State Government to enable it takeover and complete the dam project.” Vanguard reports: “As at 2003 to 2004, the project was 65 per cent completed as the state government had purchased all the needed equipment, but unfortunately there was fire outbreak on the project site which destroyed most equipment, some also became obsolete. Governor Tanko Almakura had expressed the state government’s inability to complete the project, the ministry made a presentation to President Muhammadu Buhari, he however approved the release of N700 million in the 2018 budget for the takeoff of the project,” he said. “Ibrahim said that the project conceptualised in 2001 with the intention of providing no fewer than 20 megawatts electricity to Nasarawa State, was stalled due to paucity of funds.”
“In its bid to ensure the provision of needed facilities in public primary and junior secondary schools in the country, the Universal Basic Education Commission (UBEC) has disclosed its intention to disburse N142.6 billion to states and the Federal Capital Territory (FCT). Addressing newsmen in Abuja on Wednesday, the Executive Secretary of UBEC, Dr. Hamid Bobboyi, said that 50 per cent of the money (N71.3 billion) was deducted by the Federal Government from the Paris Club Refund accrued to states while the other 50 per cent was the marching grant from UBEC. According to Bobboyi, the UBEC by next year will have unhindered access to funds meant for the commission. “By next year, we will have no un-accessed funds in UBEC. Why am I making the promise? I am making it because the Federal Government found it (un-accessed fund) inappropriate and discussed it with the states and deducted from the Paris Club refund the entire amount owed by the states up to 31 of August 2017. The Federal Government will credit the account of UBEC with about N71.3 billion, which is the amount that is there. We are going to add the marching grant and so in the next few months, the states are going to get 142.6 billion,” he said.” Daily Times reported this.
“President Muhammadu Buhari on Wednesday said N305 billion had been earmarked for petrol subsidy in the 2019 budget proposal. Buhari stated this in his budget presentation speech to a joint session of the National Assembly in Abuja. “We have allowed N305 billion equivalent to one billion U.S. dollars for under-recovery by the NNPC (Nigeria National Petroleum Corporation) on Premium Motor Spirit in 2019. Let me take this opportunity to address and clarify the under-recoveries on petrol. “In a period of economic challenges where purchasing power is weak, we must reduce some of the burden on Nigerians,” he said. Daily Trust reports that “the Buhari administration had withdrawn subsidy on petrol in 2016, forcing independent oil marketers to pull out of importation of the product. Their withdrawal left the NNPC as the sole importer of petrol, whose pump price remained capped at N145 per litre against a landing and supply cost of N185/litre. Since then, the NNPC has been drawing from the Nigeria Liquefied Natural Gas (NLNG) dividend fund to cover the under-recoveries amounting to N40/litre in importation of petrol.”
