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Senate okays 2024-2026 MTEF, FSP as it seeks to probe Tax Waivers from 2015 Till Date

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Sen Sani Musa

The Senate has approved the 2024-2026 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP).

The upper legislative chamber also ordered an investigation into all tax waivers from 2015 till date and directed that all waivers not directly linked to non-governmental/non-profit organizations should not be granted.

The Senate observed that before waiver can be approved, there are certain conditions attached, adding that some people have been benefitting from the waiver year in, year out.

Addressing newsmen, shortly after the plenary, the Chairman of the Joint Senate Committees on Finance, Appropriations, National Planning and Foreign Debt, Senator Sani Musa, lamented that so much have been lost to the waiver.

He said: “We can not continue to talk of waiver while we kill our local manufacturers.
What we have today are catels, who are not given back to Nigeria. We will take the bull by the horn.”

He said that the customer told the Senate that the nation lost about N1.3 trillion to waiver, adding that it doesn’t make any economy sense, when waiver is granted, and nothing is gained.

In the report of the Senate Joint Committees, President Bola Ahmed Tinubu will borrow N7.8 trillion to fund the 2024 budget of N26 trillion that will be presented to the National Assembly soon.

In the budget, N8.2 trillion is earmarked for debt services.

In the report presented for consideration on the floor of the Senate, Sani Musa revealed that the federal government projected the reduction in inflation from 27.33 % to 21.4% in 2024.

“The total budget for the 2024 will be N26 trillion with N16.9 trillion in retained revenue, N243.6 billion for the sinking fund, the statutory transfer for the budget will be N1.3 trillion, N1.2 trillion. In pension gratuity and retirees benefits.

“The total recurrent (non-debt) of N10.2 trillion, personal cost of MDAs- N4.49 trillion, capital expenditure (exclusive of transfers ) -N5.9 trillion, special Intervention (recurrent)- N200 billion and special Intervention capital -N7 billion comprise the.aggregate of Federal government expenditure of N26 trillion,” the report said.

The report further reads: “Following the criteria in the overview of the framework for revenues and expenses, which forms the basis of the 2024 FGN budget FGN proposed spending N26 trillion, of which N16.9 trillion was retained, new borrowings of N7.8 trillion (including borrowing from foreign and domestic), debt service to revenue ratio of 49%, pension, gratuities, and retiree benefits of N12 trillion, and a fiscal deficit of N9 trillion (including GOES)

“The projected N16.96 trillion revenues to the federal government for the 2024 fiscal year is attainable with effective revenue monitoring exercise and oversight by the relevant Committees of the National Assembly

“The projected fiscal deficit of N9.048 trillion, N10.02 and N11.48 proposed for the 2024, 2025 and 2026 fiscal years are 22%, 13.6% and 1% lower than the N11 6 trillion fiscal deficit for the year 2023. The proposed strategy for the government in 2024 towards deficit financing is to increase funding from privatization proceeds and foreign borrowing and reduce funding from multilateral and bilateral project- tied loans and domestic borrowing

“The Federal Government’s commitments to progressively restructure its debt portfolio towards achieving a balanced domestic-to-external debt ratio is evident in the 2024-2026 MTEF and FSP

“A significant number of the Federal Government’s Revenue- Generating Agencies engaged in arbitrary, frivolous, and extra-budgetary expenditure.”

The oil bemcark is pegged at $73.6 per barrel with daily production of 1.78 million barrel per day with an exchange rate of N700 to $1 .

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Legislature

Lawan condoles with Borno Governor, victims of flood disaster

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Former President of the Senate, Ahmad Lawan has extended his condolences to Governor Babagana Zulum and the people of Borno State following the recent devastating floods that have ravaged parts of the state.
A statement by his media adviser Dr. Ezrel Tabiowo quoted Lawan to have expressed deep sadness over the loss of lives and property caused by the disaster, which has left many residents displaced and without livelihoods.

He urged swift intervention from the National Emergency Management Agency (NEMA) and other relevant agencies to provide relief materials and assistance to the affected communities.

Lawan, who represents Yobe North Senatorial District, commended Governor Zulum’s efforts in responding to the flood disaster and pledged his support for the affected communities.

The former Senate President’s statement conveyed his solidarity with the people of Borno State during this challenging time.
The statement reads, “I am deeply saddened by the news of the severe flooding in Borno State, which has caused untold hardship and suffering to our compatriots. My heart goes out to those who have lost loved ones and property in this disaster.

“I urge the National Emergency Management Agency (NEMA) and other relevant agencies to swiftly provide relief materials and assistance to the affected communities.“

“I want to commend Governor Babagana Zulum for his proactive efforts in evacuating residents from the flooded areas and providing temporary shelters for them. His leadership has been instrumental in minimizing the impact of the disaster.“

He commended the federal government for providing additional support to Borno State to enable it to cope with the aftermath of the flood.

Lawan also urged the Borno State government to work with relevant agencies to find lasting solutions to the flooding in the state.

“While we commiserate with the victims of the flood, we must also work towards finding lasting solutions to this perennial problem. The Borno State government, in collaboration with relevant agencies, should embark on a comprehensive flood control programme to mitigate future disasters,” he said.

Senator Lawan prayed for the repose of the souls of those who lost their lives in the flood and wished the injured a speedy recovery.

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Legislature

KGHA Resumes Sitting, Congratulates Ododo over Supreme Court Victory

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From Friday Idachaba, Lokoja

The Kogi State House of Assembly has reconvened after a lengthy recess, with Speaker Rt. Hon. Aliyu Umar Yusuf expressing gratitude and excitement over the Supreme Court’s affirmation of Governor Ahmed Usman Ododo’s victory in the November 11th governorship election.

In his welcome address to members, Speaker Yusuf commended the lawmakers for their solidarity and assured them of the ruling All Progressives Congress (APC)’s commitment to collaborative governance for the state’s betterment.

Yusuf stated, “The Supreme Court’s pronouncement has profound significance for all of us, both as members of this esteemed assembly and as a state. We attribute this triumph to the Almighty God.”

The Speaker emphasized the legislature’s unity across party lines, saying, “As lawmakers, we have collectively rejoiced at this outcome, demonstrating our commitment to working harmoniously for the state’s progress.”

The assembly pledged its support for the executive branch, ensuring a harmonious working relationship to drive development and progress in Kogi State.

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Legislature

Kogi Assembly Passes Vote of Confidence on Governor Usman Ododo

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***Applauds Numerous Achievements in 7 Months

By Friday Idachaba, Lokoja

The Kogi State House of Assembly has passed a Vote of Confidence on Governor Ahmed Usman Ododo, lauding his outstanding achievements over the past seven months.

The vote of confidence was passed during Tuesday’s plenary session following the adoption of a motion on Urgent Public Importance, moved by Hon. Akus Lawal (APC-Ankpa 1).

In his motion, Hon. Akus highlighted the governor’s significant accomplishments in fiscal discipline, financial management, agriculture, health, security, infrastructure development, and education.

The motion commended Governor Ododo’s efforts in reducing the state’s domestic debt from N121 billion to N38 billion, earning Kogi State a “B-” rating with a positive outlook from FITCH Ratings.

The governor’s initiatives in agriculture, such as designating 8,000 hectares of farmland, releasing N8 billion to farm clusters, and refurbishing 200 tractors, were also praised.

In health, the motion recognized the governor’s efforts in formalizing the Health Insurance Scheme, revitalizing over 70 primary health centers, and distributing essential consumables and hospital equipment.

The governor’s commitment to security, infrastructure development, and education was acknowledged as well, including the engagement of local hunters and vigilantes, the launch of a metropolitan quick response unit, and the construction of roads and model colleges.

The House of Assembly’s vote of confidence is a testament to Governor Ododo’s dedication to transforming Kogi State and improving the lives of its citizens.

Hon. Jibrin Abu (APC-Ajaokuta) seconded the motion, which was supported by other members. In their various submissions, they applauded the governor for his achievements despite the pressure from ongoing litigation.

In his ruling on the motion, Speaker of the House, Rt. Hon. Aliyu Umar Yusuf, noted that despite the pending litigation from the election, the governor had achieved a great deal within seven months. He highlighted Governor Ododo’s impact on fiscal discipline, financial management, debt reduction, improved Internally Generated Revenue (IGR), and advancements in the agricultural sector.

Speaker Yusuf also emphasized the tremendous support the health sector has received under Ododo’s administration, from private healthcare to tertiary health institutions. He noted significant improvements in security, infrastructure development across the three senatorial districts, continuity and support for education, as well as reforms and improvements in Kogi’s civil service at both the state and local government levels.

He concluded that the governor not only deserves a pass mark but also excellence, and that a Vote of Confidence to support and encourage him was indeed in order.

Speaker Yusuf then adopted the motion following overwhelming voice votes in favor of the motion.

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