Tag Archives: approval

FG Paid N222.1bn On Fuel Subsidy Within 7 Months Without Approval- Perm Sec

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The Federal Government, on Tuesday, admitted spending  N222.1 billion on fuel subsidy between January and July without the approval from the National Assembly and without its provisions  in the 2015 Appropriation.

Permanent Secretary, Federal Ministry of Finance, Mrs Anastasia Daniel-Nwaobia, represented by the Director General, Budget Office of the Federation, Mr Aliyu Gusau, made the  revelation  in Abuja, on Tuesday, in her  presentation  at the ongoing public hearing organized by the House of Representatives ad hoc committee on the non-implementation of the 2015 capital budget.

She, however, explained the Federal Government, in one of its fiscal items, made the extra-budgetary spending under “Emergency Intervention (fuel subsidy crisis),” to end the eight-month long fuel scarcity which started in December 2014 and ended in July 2015.

This came just as the committee queried the finance ministry over N600 billion it  borrowed from Central Bank of Nigeria (CBN)to finance the payment of salaries and wages, contrary to the provisions of the Fiscal Responsibility Act, which “provides that money borrowed should be used to fund only capital projects.”

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PMB Seeks Senate Approval To Obtain N14.7 bn Loan For Edo State

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Buhari has written to the Senate requesting for the approval to obtain a total of $75 million credit loan amounting to N14.7 billion from the World Bank for Edo State.

According to President Buhari, the proposed loan facility of $ 75 million would be a second leg of a Development Policy Programme the World Bank had approved in 2012 which was a total sum of 225million dollars ( N44.1 billion ) to Edo state government designed to be implemented in three tranches of 75millon per annum.

The letter which was read to Senators Tuesday by Senate President Bukola Saraki, said that the Edo State government would carry out some developmental projects for the growth and development of the state.

He also said that it would help generate employment, increase the Internally generated revenue base of the state, provide infrastructure as well as increase private Investment in the state.

Meanwhile, Edo external debt profile of Edo State already stands at $123 million dollars.

In the letter titled, “Request for approval to obtain 75million USD credit facilities from the world bank for Edo state, Senate President Saraki said, “I am writing to seek the consideration from the National Assambly an approval for the request from Edo state government to obtain a 75million dollar credit facility from the World Bank.

“You may wish to know that the World Bank had aproved a development policy programme for the total sum of 225million dollars to Edo state government in 2012 to be implemented in three tranches of 75millon per annum.

“The first tranch was approved by the national assembly in the 2012/2014 Federal Government external ruling borrowing plan.

“The Development Policy Operation, DPO has since been successful implemented by the state in 2014. Following this success, the bank’s board of executive directors approved the second tranch. On April 29, 2015, the DPO two was captured in the federal governernment external borrowing plan of 2014/2017 which is pending with the national assembly.

“It is for the above reason that I seek your favour to facilitate the consideration and approval of the development policy operation 2 loan of 75 million to enable the state to consolidate on the gaze of the first tranch of the operation DPO…”

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PMB Seeks Senate’s Confirmation Of Newly Appointed Service Chiefs

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The Senate on Tuesday announced the receipt of a letter from President Muhammadu Buhari, requesting the confirmation of Service Chiefs, recently appointed by him. President of the Senate, Bukola Saraki, read the letter at plenary as the Red Chamber resumed after five weeds recess.

Saraki said that the letter for confirmation of the appointments was in accordance with the provisions of Section18 (1) of the Armed Forces Act, 2004.

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President Buhari Writes Senate, Seeks Approval To Appoint 15 Advisers

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President Muhammadu Buhari has written to the Senate seeking approval to appoint 15 advisers.
The letter was read in the Senate on Tuesday by the Senate president, David Mark.

It was Mr. Buhari’s first correspondence to the National Assembly since assuming office Friday.
The appointments would be the second for the new president who only named his spokespersons and chief of protocol on Sunday.

Mr. Buhari has not given a hint of those he would name as advisers or ministers.
Earlier, the Senate had congratulated Mr. Buhari, Vice President Yemi Osinbajo and all the 29 governors who were sworn in on Saturday.

In his remarks, Mr. Mark urged the President and all the governors to observe the rule of law as they go about administering the country.

Credit: PremiumTimes

Senate Approves Additional $200m Loan for FG, Passes Criminal Justice Bill into Law

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The Senate has approved the request of President Goodluck Jonathan to raise additional $200 million Diaspora Bond from the international capital market in addition to an initial $100 million approved by the upper chamber of the national assembly in the 2012-2014 borrowing plan.

In a letter dated February 4, 2015 addressed to Senate President, David Mark, the president explained that the increment being sought was to enable him to address critical infrastructure in the country, while also giving Nigeria’s diaspora citizens the opportunity to invest in the development of the country.

Presenting the report, Senator Ehigie Uzamere, who chaired the Senate Committee on Local and Foreign Debts, which held joint meetings with the Committee on Finance said several meetings were held with officials of the Debt Management Office in the course of their assignment.

According to him, the joint committee was guided by Nigeria’s Medium Term Debt Management Strategy (2012-2015); The Debt Sustainability Analysis (2013); Fiscal Responsibility Act (2007); Debt Management Act (2003) and the 2014-2016 MTEF/FSP.

Senate President, David Mark, who presided over the sitting, said he was confident that the funds would be judiciously utilised by the Jonathan-led administration.

The Senate, also on Tuesday, passed the criminal justice bill into law. The bill, which according to the lawmakers, would ensure speedy dispensation of justice in the country has been presented since 2005. During this period, it has been adopted by the Lagos State government and has been amended once.

Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Umaru Dahiru, said when signed into law, the bill would promote efficient management of criminal justice in the country.

Mark also said that the bill would help in repositioning the criminal justice in the country