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FG To Cut 2016 Capital Budgetary Spending – Adeosun

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Kemi-Adeosun-Minister-of-financeThe Minister of Finance, Kemi Adeosun, has dropped the hint that the total budgetary spending on 2016 capital expenditure may be reduced by the federal government amid the disclosure that the budget would not be fully implemented.
The minister gave the hint in London while addressing international investors.
Our correspondent reports that the capital expenditure in the Appropriation Bill passed by the National Assembly and signed by President Muhammadu Buhari is N1.59 trillion – 15 per cent lower than the N1.86 trillion proposed by the Executive in the Medium Term Expenditure Framework.
The figure (N1.59b) represents 26 per cent of the N6.06 trillion 2016 budget signed by the president.
Though Mrs. Adeosun was not specific on the expected amount to be yanked off the 2016 budget or any capital expenditure head to be affected, a source at the Budget Office claimed that over 50 per cent of the capital expenditure budget would not be implemented. This means only the sum of N795 billion would be available for spending on capital projects in the fiscal year.
According to the minister, who spoke while addressing international investors, the decision to reduce capital expenditure spending was favoured against an option of increased borrowing to plug the increasing revenue gap.
Recall that the 2016 budget has a deficit of N2.21 trillion or 2.14 per cent of GDP, which the Executive said will be sourced from domestic and foreign borrowings with the promise that it will be applied strictly to financing capital expenditure.
Speaking further, the Budget Office source, who spoke under the condition of anonymity because he is not authorized to speak to the press, said the unimplemented portions of the 2016 budget would be transferred to next year’s.
Although Adeosun said the government would not want to increase its debt to GDP ratio in 2016, she hinted that the ratio would eventually go up over the next three years to about 20 per cent from current 13 per cent.
This means that the current administration plans to borrow annually throughout the span of its first four years.
Meanwhile, the minister stated that the Treasury Single Account, TSA, which was N2.9 trillion in March, has witnessed significant increase to N3.3 trillion in May.
She further noted that the finance ministry was continuing to discover pockets of revenue that had escaped its net, including visa fees, airport landing charges and shipping levies.

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National Broadcast: PDP Slams Buhari Over ‘Disappointing, Empty’ Speech – PDP

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National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP
National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP

Muhammadu Buhari

The Peoples Democratic Party (PDP) has blasted President Muhammadu Buhari over his nationwide broadcast over the ongoing #EndSARS protest rocking the country.

Recall that Buhari in his speech called for an end to the protest, adding that his government had already accepted and started implementing demands of the protesters.

He, however, failed to acknowledge the shooting of protesters by soldiers of the Nigerian Army at the Lekki Toll Gate on Tuesday night.

Also Read: President Muhammadu Buhari’s speech – Full text

Reacting in a statement on Thursday night by its spokesperson, Kola Ologbodinyan, the PDP said Buhari’s address was depressing and failed empathy test.

The party appealed to Nigerians, particularly the youth, to remain calm and allow a return to normal life in the collective quest for peaceful co-existence in the overall interest of the nation.

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

PDP

The Peoples Democratic Party (PDP) has condemned the killing of peaceful #EndSARS protesters at the Lekki Toll Gate, Lagos.

This was contained in a statement titled “EndSARS- Lekki Massacre,” signed by the PDP National Publicity Secretary, Kola Ologbondiyan, late on Tuesday.

Ologbodiyan said, “The Peoples Democratic Party, condemns in very strong terms, the killing of peaceful protesters at the Lekki Toll Gate in Lagos as well as other parts of our country.

Also Read: Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

“It is shocking that security agents and, in some cases, thugs, were reportedly deployed to end the lives of promising Nigerians. This, to say the least, is saddening.

“Those responsible for the heinous murder of the innocent and harmless Nigerians must account for their nefarious acts.

“The PDP calls on President Muhammadu Buhari to immediately direct an end to these wanton killings across our nation.

 

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#EndSARS: Gov Bello Warns Protesters Against Overthrowing Buhari

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Gov Yahaya Bello
#EndSARS: Gov Bello Warns Protesters Against Overthrowing Buhari

Governor Bello

The Governor of Kogi State, Yahaya Bello has declared his intention to lead the #EndSARS protest against police brutality ongoing nationwide.

He stated this during an interview with Africa Independent Television AIT on Monday night.

Bello called on his fellow state governors to tack charge in their respective states so as to prevent loss of lives and properties due to attacks by hoodlums.

Also Read: Fayemi Names Members Of Judicial Panel On Human Rights Violations By Police

He, however, warned Nigerian youths to resist the temptation of using the current situation in the country to seek an undemocratic change in leadership.

The Governor warned that those interested in the presidency must wait till 2023 and go through democratic processes.

He urged the protesting youths to leave the streets and embrace dialogue.

https://twitter.com/jeffreyetuss/status/1318273749565739011?s=19

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