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FG Disburses N130.7bn To Defence Sector In 4 Months – Finance Mnister



The Minister of Finance, Dr Ngozi Okonjo-Iweala, on Friday said the Federal Government disbursed N130.7 billion to the defence sector from January to April.

Okonjo-Iweala made this known while briefing newsmen during breakdown of the 2014 budget signed by the President Goodluck Jonathan in Abuja.

She said: “Defence spending is top in everything; you know that military establishment need new things to assist them in their work and ours will not be different.

“No budget will be enough to meet their demands but for now, I think the sector takes almost a trillion of the budgets.

“To be specific, they have about N968.127 billion and we have disbursed N130.7 billion between January and April 2014,’’ she said

The minister explained that N85.9billion out of the amount disbursed was for personnel cost, saying that the military paid its personnel because it was yet to be integrated into the IPPIS.

Okonjo-Iweala said that N3.8 billion approved by the President was being processed and would soon be released, adding that there were other additional spending.

She said the delay in the passage of the budget would not hamper the running of the economy.

The minister said that the law gave the executive the power to spend up to 50 per cent of the budget pending its approval.

“That is exactly what we have done and you know we have disbursed N200 billion for the first quarter of the 2014 based on what the law allows us to do.

“So the effect of the delay may be relatively minimal’’, she said.

Okonjo-Iweala said the 2014 budget had focused on many policies that would be beneficial to the economy and would drive economic growth and development.

The policies, she said, included housing under the Nigeria Mortgage Refinancing Company, the sugar roadmap and the automobile.

She added that these policies would help drive positive growth in the economy, adding that the housing mortgage would take off by first week of June.

“From June, we will advertise for the people that will benefit in the initial 10, 000 housing scheme. This will give the young ones hope to live.

“Again, it also very important to hear that the concept of the Nigeria mortgage refinancing had received award and recognition at the just-concluded African Development Bank meeting.

“This is to show that we are going the right way’’, she said.

Okonjo-Iweala explained that the agriculture, aviation and solid mineral sectors would get support in form of duty to buy equipment.

The duty, she said, would be basically incentives at zero per cent.

Commenting on additional N53 billion to the budget, she said that the Federal Government would look for additional funding to handle it.

“If not, it will be added to the N571 billion proposed to be borrowed by the government in the budget’’, she said. [NAN]

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  1. frank

    May 26, 2014 at 7:05 am


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Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff



 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.


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Tech News

TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities



The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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Metro News

BREAKING: Court Jails Rep Member For Lying



BREAKING: Court Jails Rep Member For Lying


A member of the House of Representatives, Victor Mela has been sentenced to one-month imprisonment by a Magistrate Court in Wuse, Zone 6.

The lawmaker who represents Billiri/Balanga federal constituency was, however, given an option of fine.

Also Read: North Is The Worst Place To Live In Nigeria -Sultan of Sokoto

Recall that on November 10 that a magistrate court found the lawmaker guilty of lying under oath while filling the CD001 INEC form prior to the 2019 elections.

The magistrate had, however, set a different date for sentencing of the lawmaker after his lawyer pleaded for leniency.

Mr Mela swore to an affidavit thrice, denying citizenship of another country whereas he has a British passport.


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