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National Assembly approves 2024 Budget, raises it to N28.77 trillion

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The National Assembly on Saturday passed the 2024 budget, increasing it to N28.77 trillion.

While President Bola Ahmed Tinubu had in November presented N27.5 trillion proposed budget for 2024 to the joint session of the National Assembly, the National Assembly on Saturday passed a budget of N28.77 trillion.

The National Assembly increased the budget presented by President Tinubu by N1.2 trillion.

Against speculations in some quarters, the National Assembly disclosed that President Tinubu will sign the budget on Sunday.

Addresing newsmen shortly after the passage, the Chairman, Senate Committee on Appropriation, Solomon Adeola Olamilekan said that the 10th National Assembly would still maintain the January-December budget circle, adding that Mr. President can sign the budget anywhere in the country.

Explaining the reason behind the increasment, the Senate said the difference arose from additional request for some agencies after the initial proposals by the President.

Olamilekan said: “Through the closely and harmonious appropriation process, the Executive forwarded request for additional funding and some items of expenditure to the Committee which were not included in the Bill as submitted by the President. In order to accommodate the requests, the following adjustments have been made on the Bill:
* Foreign Exchange differential
*GOE’s Revenue Increased
*GOE’s Personnel reduction
*Service Wide Vote (Wage adjustment)
*Reduction from Service Wide.”

While the Senate also raised the exchange rate assumption from N750/USD to N800/USD, it adopted the oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day.

The budget deficit remained N9.18 trillion just as assumption on GDP growth rate remained 3.88 per cent.

The budget as passed include aggregate expenditure of 28.777,404,073,861 trillion, statutory transfers of N1,742,786,788,150, and capital expenditure of N9,995,143,298,028.

The sum of N9,178,930,385,914 is voted for aggregate financing items which include, the sum of N7,828,529,477,860 trillion for Debt financing. Asset sale/privatisation is N298,486,421,740 billion. Multilateral/bilateral project-tied loans is N1,051,914,486,314 trillion.

The Senate, however, noted that “the 2024 Appropriation Bill was presented to the National Assembly late, adding that “this is against the Fiscal Responsibility Act which requires the Bill be presented not later than three (3) months before the next financial year, which puts intense pressure on the processing of the Bill.”

It recommended that to ensure thorough scrutiny of budget proposal, the executives should henceforth comply with the provisions of the Fiscal Responsibility Act.

The senate asked that the Executive should ensure compliance with the provisions of relevant/extant laws as it concerns GOES

It also stated that agencies removed from FGN budget should step up their revenue generation, fund itself and remit more to the Consolidated Revenue Fund.

Olamilekan, while addressing newsmen also said that the lateness of the presentation of the budget is the reason for the fire brigade approach, adding, “the President will sign the budget before 1st January.

“There is no law that prevent the President from signing the budget on Sunday. And it can be signed from anywhere.”

He explained that they involved the executive on every stage, adding that a lot of work went into it before it was passed.

“For the President to sign, everybody was aware that we have no choice if we must maintain the January to December calendar. So, we harmonized it with the House of Representatives. This assisted us in quick collection of the report and the eventual passage,” he said.

Justifying the increase of the budget by N1.2 trillion, Olamilekan said, “what necessitate our actions is the removal of the fuel subsidy and the exchange rates, which Nigerians are paying dearly for it.

“The increase in the exchange rate, is behind the increase in the budget. Area of oil prices and bench mark is also another reason why the budget was increased and not any ulterior motive.

“Also, NCC, NPA, NIMAS were agencies affected by exchange rate which made us to increase the budget by N177 billion. If all is added, it’s amount to N1.2 trillion, which is the reason the budget has been jerked up.

“Water resources and the school feeding funds also cause us to add N100billion to the school feeding Programme. This was done so that the budget will meet the yearning of Nigerians.”

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Information Ministry takes Economic Enlightenment Campaign to Jigawa

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Muhammed Idris

To educate citizens on the economic interventions under President Bola Ahmed Tinubu’s administration, the Federal Ministry of Information and National Orientation has commenced a public awareness campaign in Jigawa State.
The ministry urged the public, especially the youth, to take advantage of the opportunities for self-reliance, with the initiative highlighting various job creation and poverty alleviation programs.
The Minister of Information and National Orientation, Mr. Mohammed Idris, represented by Mala Bashir Dahiru Galadanci, Head of the Federal Information Center in Dutse, highlighted the government’s “Renewed Hope” initiatives.
He emphasized that the interventions were designed to change the narratives in the economic wellbeing of Nigerians and provide job and skill opportunities, particularly for the youth, to encourage self-reliance and entrepreneurship.

According to Mr. Galadanci, the administration is committed to addressing poverty and unemployment by introducing accessible programs that benefit citizens at the federal, state, and local levels. He called on the people of Jigawa State to explore these opportunities and support government efforts in transforming the country’s economy.

Jigawa State Director of the National Orientation Agency (NOA), Mr. Ahmad Tijjani, also called for public support of the government’s policies. He acknowledged that while some recent policy changes have impacted citizens’ living standards, these new interventions are a proactive step toward alleviating poverty and economic hardship.

In a presentation, Professor Ali Siro of the Sociology Department at the Federal University Dutse detailed various federal interventions, including the Student Loan Program, Consumer Credit Corporation, Compressed Natural Gas Initiative, National Youth Talent Export Program, National Housing Initiative, and several small business loan schemes.
He explained the eligibility criteria, repayment terms, and benefits of the initiatives to encourage public participation.

In his goodwill message, the Emir of Dutse, Hamim Nuhu Sanusi, commended the federal government for introducing multiple economic interventions to cushion the impact of new policies.
Represented by Senior Counsellor Alhaji Mustapha Aminu, the Emir suggested a review of civil service rules, urging the government to adjust workers’ salaries and make loan terms more flexible to prevent financial strain on the workforce.

This campaign marked the beginning of a nationwide effort to educate citizens on government interventions aimed at creating socio-economic opportunities and improving the overall welfare of Nigerians.

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EFCC declares that Bello is not in its custody, amidst speculation of his arrest by the agency

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***Bello leaves EFCC without interogation

The Economic ane Financial ctimes Commisaion has discredited reports that the immediate past Governor of Kogi State Yahaya Bello is in its custody .
Head, Media and Publicity of the anti graft agency, Dele Oyewale in a terse statement on Wednesday indicated that Media reports earlier in the day that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC, is incorrect. “The Commission wishes to state that Bello is not in its custody. Bello, already declared wanted by the Commission for alleged N80.2billion money laundering charges, remains wanted with a subsisting warrant for his arrest.
Bello’s media team had sent out a statement earlier indicating that the former Kogi State Governor Yahaya Bello had turned himself in to
honor the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Their statement confirmed that the former Governor appeared before the EFCC after consulting with his family, legal team, and political allies.
In another twist, indications emerged that Bello, who had initially claimed to have voluntarily honoured the commission’s invitation, was trailed and arrested by EFCC operatives in Lokoja at midnight.

In yet another twist, Bello’s Director of Media, Ohiare Michael said, “Earlier today, we reported the voluntary visit of former Governor of Kogi State, HE Alh. Yahaya Bello to the Economic and Financial Crimes Commission office to honour the Commission’s invitation.
“In the statement, we reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.
“The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo.
“Recall that the case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. The former Governor decided to honour the invitation to clear his name as he has nothing to hide and nothing to fear. “

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At last, Yahaya Bello honors EFCC invitation

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Yahaya Bello

Former Kogi State Governor Yahaya Bello has honored the Economic and Financial Crimes Commission (EFCC) invitation, following allegations of corruption and fraudulent activities during his tenure.
Bello’s media team in a statement confirmed that he appeared before the EFCC after consulting with his family, legal team, and political allies.
The former governor had been declared wanted by the EFCC over alleged money laundering and corrupt enrichment amounting to N80.2 billion.

The statement reads: “The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development; and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State.

“He was accompanied to the EFCC Headquarters by high profile Nigerians.

“It is our hope that the Commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.

“Details of his engagement with the operatives of the Anti-Graft Agency will be disclosed later.”

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