Legislature
Senate reinforces probe into N30tr Ways and Means
***extends committee’s assignments by two months
The Senate investigation into the sum of N30trillion Ways and Means facilities granted the Federal Government at different times from 2014 to 2023 by the Central Bank of Nigeria (CBN), intensified last week.
The Ad – hoc committee saddled with the probe last Thursday got a leeway for more intense probe by the Senate with two months extension granted for the assignment.
The Chairman of the Ad – hoc committee set up in March this year, Senator Isah Jibrin (APC Kogi East) had in seeking for extension of time informed the Senate that required vital information for the probe exercise, were still being expected from some of the relevant agencies involved in the spending of the monetary facilities.
In telephone conversation with journalists in Abuja on Saturday , Senator Jibrin who is also the Chairman, Senate Committee on Customs and Excise Duties, said the two months extension granted the Committee by the Senate on Thursday last week, would make it ample opportunity to further intensify the probe exercise.
“Most of the relevant agencies have been contacted and their documents being thoroughly scrutinized as regards spending of the disbursement gotten from the ways and means .
“Being a very sensitive national assignment, the committee is carrying out very thorough investigation devoid of hasty conclusions.
“More pressures would now be mounted on few of the agencies that have not adequately responded to vital information seeking requests forwarded to them, failure for which heads of such agencies would be summoned
“The new time frame given for the investigation by the Senate, will surely make the committee, come up with thoroughly investigative report in September this year on how the N30trillion Ways and Means were disbursed within the period under review and for what purposes they were expended.
Ways and Means is a loan facility through which the Central Bank of Nigeria ( CBN), finances the federal government’s budget shortfalls.
This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.
The CBN law limits advances under ways and means to 5 percent of the previous year’s revenue, but this has been mostly breached over the years.
As a way of remedying the situation, the CBN Governor, Olayemi Cardoso, declared in February this year, that the bank would no longer grant ways and means advances to the government until all outstanding debts are refunded.
Legislature
Kogi Central Senator, Husband Empower Constituents for Yuletide
The senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan, and her husband, High Chief Emmanuel Uduaghan, have brought smiles to their constituents through a large-scale empowerment program to celebrate the Yuletide season.
The initiative, which unfolded in four phases, targeted market women, farmers, and elderly women across the five local government areas in the senatorial district.
A statement by her Chief Press Secretary, Arogbonlo Israel indicated that In Okene Local Government, beneficiaries received a tricycle and a sewing machine, while participants in Adavi Local Government went home with a tricycle and a deep freezer.
“Winners in Ajaokuta Local Government were presented with a grinding machine and a sewing machine, and their counterparts in Ogori-Magongo Local Government took home a deep freezer and a grinding machine. In Okehi Local Government, each winner received a sewing machine.
“Elderly women were not left out, as a spinning game was organized for them with prizes such as wrappers, bowls, and groceries distributed to participants.
“A total of 250 individuals, mostly women, benefited from the program, receiving business-support tools like deep freezers, grinding machines, and sewing machines to enhance their livelihoods.
The empowerment initiative was fully sponsored by High Chief Emmanuel Uduaghan, the Alema of Warri Kingdom, as part of efforts to promote entrepreneurship and financial independence among women and small-scale business owners.
Addressing the beneficiaries, Senator Akpoti-Uduaghan emphasized her commitment to improving the economic prospects of women and families in her constituency.
“This program focuses on empowering women, especially mothers, to strengthen their financial base and support their entrepreneurial pursuits,” the senator remarked.
The senator also rewarded members of her team with tricycles in appreciation of their dedication and contributions to her projects.
This latest intervention comes just two months after Senator Akpoti-Uduaghan empowered 1,300 constituents and launched a series of legacy projects to mark her first year in office.
The event attracted notable dignitaries, including former House of Representatives member Abdulrahman Badamasiu, Kogi State PDP Deputy Chairman Alhaji Yahaya Karaku, party stakeholders, community leaders, market women, and farmers.
Legislature
National Assembly Pledges Support for Tax Reforms, Extends 2024 Budget to Mid-2025
The National Assembly has assured Nigerians on Wednesday that it would not block the Tax Reform Bills presented by President Bola Tinubu in October.
Instead, lawmakers vowed to engage with the public to dispel misconceptions and ensure the passage of the key legislative reforms.
In a joint statement, Senate President Godswill Akpabio and House Speaker Hon. Tajudeen Abbas affirmed their commitment to supporting the President’s tax reforms, calling them a transformative opportunity to strengthen Nigeria’s fiscal system.
The reforms include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024.
Akpabio praised the reforms as the first comprehensive tax overhaul since Nigeria’s independence, which he said would boost small and medium enterprises, improve revenue, and foster a competitive business environment.
“We will not kill any reform that you have forwarded to us, Mr. President,” he said, urging the public to engage thoughtfully with the proposals.
Echoing his sentiments, Speaker Abbas pledged that the National Assembly would work closely with President Tinubu to ensure the successful passage of the tax reforms and the 2025 budget. “We are fully committed to supporting the 2025 budget and all related reforms,” he declared.
In addition to the tax reform discussion, both chambers of the National Assembly also moved to extend the capital component of the 2024 budget to June 30, 2025. The bill for the extension has already passed its first and second readings in the Senate.
The decision to extend the budget’s implementation period reflects a strong resolve to ensure that key infrastructure projects continue without interruption.
Legislature
Tinubu Presents Bold N47.9tr 2025 Budget of Restoration
President Bola Ahmed Tinubu has unveiled the 2025 budget tagged the Budget of Restoration: Securing Peace, Building Prosperity to a joint session of the National Assembly.
The N47.9 trillion proposal is designed to solidify ongoing economic reforms, tackle insecurity, and lay the groundwork for long-term national prosperity.
The budget seeks to build on Nigeria’s economic progress while addressing critical issues such as security, infrastructure, and human capital development.
In his address, President Tinubu acknowledged the sacrifices made by Nigerians in the journey of economic reforms and highlighted key achievements, including a 3.46% economic growth in the third quarter of 2024, a rise in foreign reserves to $42 billion, and a trade surplus of ₦5.8 trillion.
These, he said, reflect the administration’s commitment to restoring macroeconomic stability and promoting inclusive growth.
“The progress we’ve made is a testament to the resilience of our people, and we are determined to continue building a stronger, more prosperous Nigeria,” Tinubu stated.
The 2025 budget comes with a revenue target of ₦34.82 trillion and an expenditure projection of ₦47.90 trillion, which includes ₦15.81 trillion allocated for debt servicing. This results in a budget deficit of ₦13.08 trillion, or 3.89% of the country’s GDP.
The President also set ambitious economic projections, aiming for a reduction in inflation from 34.6% to 15% and an improvement in the exchange rate from ₦1,700/$ to ₦1,500/$. Crude oil production is expected to reach 2.06 million barrels per day.
The budget outlined significant investments in key sectors to include defence and Security with the loin share of ₦4.91 trillion to strengthen national security and combat insurgency and banditry.
Infrastructure gulped N4.06 trillion to improve transportation, energy, and other critical infrastructure projects, with a focus on private capital investment.
Education was allocated N3.52 trillion, including ₦826.90 billion for educational infrastructure and student loans to enhance access to quality education.
Healthcare got N2.48 trillion, with ₦402 billion earmarked for health infrastructure to ensure Universal Health Coverage.
Additionally, the agriculture sector will receive support to boost food security and farmer productivity.
While President Tinubu highlighted the strategic priorities for Nigeria’s future, he also acknowledged the fiscal challenges posed by the country’s rising debt burden. With over N15 trillion allocated for debt servicing, concerns have been raised about the sustainability of Nigeria’s borrowing trajectory.
The President called for a collective effort to overcome the challenges of insecurity, corruption, and poor economic decisions of the past.
He urged Nigerians to unite in building a resilient economy that will provide opportunities for all citizens.
“Our vision is to restore peace, rebuild prosperity, and create opportunities for every Nigerian. This is a call to action for all of us,” Tinubu emphasized.
President Tinubu’s 2025 budget marked a continued commitment to his administration’s Renewed Hope Agenda. With a focus on security, infrastructure, and human capital development, the budget aims to set Nigeria on a path of sustainable growth and recovery, though the heavy reliance on debt financing will require careful fiscal management in the years ahead.
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