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FG Set To Allocate N60bn For Capital Projects

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Kemi AdeosunMinister of Finance, Mrs Kemi Adeousn, said Federal Government was set to release N60 billion for capital projects to stimulate the economy.

Adeosun made this known on Friday in Abuja at an interactive session with newsmen, and said that the disbursement would raise funds already released by the government to N400 billion since May.

She said that contractors had been paid to return to work, adding that very soon Nigerians would begin to see the impact of the administration’s efforts and policies.

“So far we have spent N400 billion on capital, that is between May when the budget was signed and now; we are going for another capital allocation meeting where we are going to allocate another N60 billion.

“So, we are pumping money into the economy at a very rapid rate, but it would take a little time for the effect to be felt”, she said.

Adeosun disclosed that the administration was encouraged by some results it was getting.

According to her, states known for agriculture are going back to it and generating revenue from it.

She expressed optimism of bumper harvest of crops, and said that storage facilities like silos, were being put in place to avoid loss of any harvest.

The minister also said that for Nigeria to survive present economic situation, corruption had to be fought holistically and that infrastructure had to be built to create employment.

“Fighting corruption is fundamental and if we stick with that and all the money stolen or diverted is directed at projects that could grow the economy, we would recover”, she said.

She said that a tax committee had been inaugurated to overhaul the entire tax system in the country.

She, however, explained that the intention to tax luxury items was not a policy because there was no constitutional provision to tax the items.

Adeosun assured that the committee would seek ways to ensure that the right laws were put in place in that regard.

She said that the Joint Tax Board (JTB) was working to harmonise taxes that were overlapping among federal, states and local governments.

“It is part of the ease of doing business initiative because these are some of the things that cause businesses to close down.

“It puts one off and even in the Federal Government, we are working on various revenues and looking at who is the best agent to collect revenue”.

The Permanent Secretary in the ministry, Mr Mahmoud Isa-Dutse, said that the media were very important tools to drive democracy and that partnership with them had made governance easier.

He also said that the media played a significant role in the Nigerian economy by interpreting government policies to the people and educating the public.

Isa-Dutse, however, advised the media to be positive in its reportage of the nation’s economy.

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Akeredolu Sacks Ondo Attorney-General, Olawoye

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Akeredolu Removes Ondo Attorney-General, Olawoye

Governor Akeredolu

Governor Rotimi Akeredolu of Ondo State has sacked the state Attorney-General and Commissioner for Justice, Mr. Kola Olawoye.

This was made known in a statement on Monday by the Chief Press Secretary to the governor, Mr. Segun Ajiboye.

Akeredolu immediately appointed a human rights lawyer, Mr. Charles Titiloye, as the new Attorney-General and Commissioner for Justice.

Also Read: #ENDSARS: Challenge CBN’s Action In Court If Your Account Is Frozen – Akeredolu

According to the statement, the Ondo State governor would forward Titiloye’s name to the State House of Assembly for confirmation.

Akeredolu also expressed his appreciation to the sacked commissioner for services rendered to the state.

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Focus On Reducing Poverty, Not 2023 Elections – Peter Obi

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Focus On Reducing Poverty, Not 2023 Elections – Peter Obi

Peter Obi

Former Governor of Anambra State, Peter Obi, has called on his fellow politicians to put issues of 2023 aside and focus on how to rescue the country from the current economic crisis.

Obi said that solving the economic problems of Nigeria was more important than political permutations geared towards the next general elections.

The former Anambra State Governor stated during an appearance on Channels Television’s Sunday Politics.

Also Read: Recession: Nigeria Is Broke, Can’t Afford 2021 Budget – Atiku

He expressed that the next election has no impact on people’s current livelihoods.

Obi also blamed President Muhammadu Buhari’s administration for not adequately preparing Nigerians for the impact of COVID-19, stating the monies borrowed by this government were not properly put to use.

“Every other country is discussing the recession and how to pull their people out of poverty.

“So what we should do now is to concentrate on the monetary and fiscal policies to start pulling people out of poverty,” Obi said.

 

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Recession: Nigeria Is Broke, Can’t Afford 2021 Budget – Atiku

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Recession: Nigeria Is Broke, Can’t Afford 2021 Budget – Atiku

Atiku Abubakar

Former Vice-President of Nigeria, Atiku Abubakar has expressed that the Federal Government should reconsider the 2021 budget owing to the recession.

Nigeria officially entered into its worst economic recession in 33 years after the nation recorded a GDP contraction of 3.62 percent in the third quarter of 2020.

He stated that Nigeria is broke and cannot afford the luxurious items in the N13.08 trillion budget proposal.

Atiku in a Twitter thread on Sunday stated that COVID-19 only complicated an existing economic problem.

Atiu went on to express that had President Muhammadu Buhari-led administration listened to advice, the recession could have been avoided.

Also Read: Recession: SERAP Asks Buhari To Cut Cost Of Governance

“We could have avoided this fate by a disciplined and prudent management of our economy.”

“This could have been avoided had this administration taken heed to the patriotic counsel given by myself and other well-meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing,” Atiku said.

He further said that now is not the time to trade blames but to focus on ways to manage the situation and called on Buhari’s government to “swallow its pride, and accept its limitations, so that they can open their minds to ideas, without caring who the messenger is.”

 

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