Tag Archives: Unveils

FG Unveils N7.02trn Package To End Recession

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As part of moves to get the country out of recession, the Federal Government has outlined new revenue sources to fund the 2017 budget.
This is even as the House of Representatives also yesterday passed for the Second Reading the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The Minister of Budget and National Planning, Udoma Udo Udoma, who unfolded the new revenue measures, stated this when he appeared before a joint committee of the Senate on Appropriation and Finance, to defend the MTEF/FSP. He said the Federal Government will issue new oil licences, review the current joint venture arrangements with oil companies, review marginal oil fields and mount pressure on revenue generating agencies to surpass expected targets.
Also, the government has stated that the 2017 budget oil benchmark will be pegged at $42.50. This is a departure from $38 per barrel which was used for 2016 budget.
Daily oil production volume for next year was retained at 2.2 million barrels. The exchange rate was put at N305 to the dollar. The new exchange rate is significantly higher than that of 2016. The 2016 budget exchange rate was pegged at $197.
Udoma said N10 trillion is being targeted by the government as revenue during the 2017 fiscal year. Out of this amount, about N5 trillion is expected to be generated from sales of crude oil.
Non-oil revenues will rake in about N5.06 trillion. These revenues are expected to come from corporate and company taxes, Nigeria Liquefied Natural Gas, Stamp Duties, capital gains tax, Value Added Tax (VAT), Customs, Excise, fees, surcharges on luxury items, special levies and Federal Government independent revenue.
The 2017 budget which was initially pegged at N6.6866 trillion, has also been raised to N7.298 trillion. In 2016, the government submitted an ambitious N6.059 proposal to the National Assembly.
Out of this, the government is expected to expend N1.488 trillion in servicing domestic debts. In 2016 budget, the Federal Government earmarked N1.307 trillion.
On foreign debt, the Federal Government will spend N175.882 billion. It spent N54.480 on foreign debt servicing in the 2016 budget.
On capital expenditures, the Federal Government budgeted N2.058 trillion. In the 2016 budget, N1.587 was earmarked by the Federal Government for capital projects.
Recurrent expenditures will gulp N1.866 trillion. About N1.748 was budgeted for the same purpose in the 2016 Appropriation. The new figure is coming, despite claims by the Federal Government that thousands of ghost workers have been yanked off from government’s payroll.
The Federal Government also intends to borrow N2.321 trillion. Out of this, N1.253 will be sourced locally, while N1.067 will be gotten from foreign sources. In the 2016 budget, N1.182 was reportedly borrowed locally, while N635.8 billion was gotten through foreign borrowing.
On budget projections, Udoma said: “I know N7 trillion seems larger than N6 trillion. In actual dollar term, the 2017 budget is smaller. We have had challenges in revenue generation in funding the 2016 budget. We are trying to get to the bottom of revenue generating agencies in order to raise more money.
“We want to issue a presidential order to ensure that revenue generating agencies are unable to spend money unless payment of salaries until their budgets are passed.
President Muhammadu Buhari is expected to present the 2017 budget proposal today before a joint session of the National Assembly.
Unlike in the past, the budget submission will go ahead,  despite the non-passage of MTEF and FSP by the Senate.
Meanwhile, the House  of Representatives yesterday passed for Second Reading, the 2017-2019 MTEF/FSP submitted by Mr. President.
The document was referred to the joint Committees on Appropriations, Finance and Loans, Aids and Debt Management. It contains plans for capital expenditure for 2016 increased to N635.77 billion.
It also has a revenue target of N4.169 trillion (against N3.856 trillion in 2016) and total expenditure of N6.687 trillion.
A further breakdown of the MTEF showed the Gross Domestic Product (GDP) is expected to grow at 3.02% in 2017, with crude oil benchmark pegged a $42.5 per barrel and 2.2mbpd oil production; foreign exchange pegged at N350/$ while fiscal deficit was pegged at 3 percent.

Read More: sunnewsonline

TSA: CBN Unveils Operational Guidelines For States

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State governments will soon begin to enjoy the benefits of the Treasury Single Account (TSA) as the Central Bank of Nigeria (CBN) yesterday unveiled guidelines for the operation of TSA by state governments.

The federal government has been able to consolidate its account with a balance of N2.2 trillion through the policy.

The TSA, according to the CBN, would be a major component of financial and treasury management reforms to be undertaken by the states.

The new circular posted on the Central Bank’s website yesterday explained that the Central Bank introduced the guidelines for states in exercise of its powers, as provided in the CBN Act 2007, Section 47, sub section 2(2d).

“The objective of this guideline is to provide state governments with a clear framework to support their successful implementation of the TSA initiative based on standardized banking arrangements, operational processes and IT infrastructure,” it added.

An essential requirement for operating the TSA by states is that government agencies are not to operate any bank account under any guise outside the purview and oversight of the treasury.

In addition, the Central Bank explained that, under the policy, the consolidation of government cash resources should be comprehensive and encompass all government cash resources, both budgetary and extra-budgetary.

The banking sector regulator listed the two TSA models to include: The main TSA and associated ledger sub-accounts (where they exist) are to be maintained in a single banking institution; or the main TSA maintained in a single banking institution and associated zero balance ledger sub-accounts (ZBAs) (where they exist) are maintained in other institutions from where balances are swept daily to the main TSA in CBN or the appointed main TSA hosting financial institution.

“Each state government shall select any TSA model of its choice. The choice of a TSA model shall be informed and guided by the availability of clear operational processes and basic technology infrastructure that supports the implementation of the model of choice.

“Each state government shall inform the governor of the Central Bank of Nigeria of its decision to introduce the TSA scheme, detailing: the state’s preferred TSA model (banking structure) and level of preparedness to commence, operate and support the scheme, which shall include, but not limited to, project organisation and resourcing, operational process workflow, available technology infrastructure, etc.

“Each state government shall maintain contractual agreement(s) with parties involved in the design, delivery and ongoing support of its TSA scheme. Such agreement shall clearly define the terms and the roles and responsibilities of the state government and the relevant parties,” it added.

Credit: Leadership

Police Unveils Boko Haram’s Plan To Recruit Primary, Secondary School Students In Adamawa

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Adamawa State Police Command, yesterday, alerted residents of plan by some members of Boko Haram to initiate secondary and primary school students as members.

In a statement by the command’s Public Relations Officer, DSP Othman Abubakar, police warned proprietors of secondary schools to beware of those it described as “unscrupulous individuals who visit schools under the guise of philanthropic gesture to initiate students and pupils as Boko Haram members.

“The Adamawa State Police Command wishes to inform members of the public, that some unscrupulous individuals visit schools under the guise of philanthropists distributing items such as sweets, Date palm (Dabino),s ugarcane, coconut to students/pupils.

“They did this with a view to initiate them into cultism and Boko Haram activities,” the statement said. The command warned principals, proprietors, securities in schools and parents, to caution their children and wards to report with immediate effect, any suspicious person to security agents in the state.

Credit: Sun

Victoria’s Secret Unveils $2 Million Bra

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Victoria’s Secret announced today that Lily Aldridge is the lucky model who will walk the 2015 Victoria’s Secret Fashion Show runway wearing the coveted Fantasy Bra. A very wiggly Lily appears in a video on Vogue.com wearing the one-of-a-kind lingerie set.

According to Vogue.com, the Fireworks Fantasy Bra is embellished with 6,500 precious gems, which total 1,364 carats, and is set in 18-karat gold. The panties are adorned with 126 diamonds and 400 other precious stones. Together, the set is worth a cool $2 million.

Credit: Cosmopolitan

FG Unveils New NYSC Certificates

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Federal Government, Tuesday, unveiled newly improved National Youth Service Corps (NYSC) certificates to be issued to corps members at the conclusion of the mandatory one year service to their fatherland. Speaking at the unveiling ceremony in Abuja, the Director General of the NYSC, Brig-Gen. Johnson Olawumi said the scheme took the step to wage war against forgery and impersonation.

The DG, represented by the Acting Director of Certification, Alhaji Aliu Daura, explained that the new certificate would be embossed with the carrier’s photograph in line with the global best practices. According to Olawumi, the issuance of the new NYSC certificate would take effect from Batch ‘C’ 2014, who will be passing out on 15 October.

Read More: vanguardngr

2nd Ministerial List: Saraki Unveils Names

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Senate President, Bukola Saraki has announced to the senators names of nominees in the 2nd batch ministerial list.

The list which was submitted to the senate yesterday by President Muhammadu Buhari, contained 16 names.

Among names mentioned are:

Adamu Adamu (Bauchi), Hajia Bukar Ibrahim, the former first lady of Yobe State (Yobe); Senator Heineken Lokpobiri (Bayelsa);  James Ocholi, SAN (Kogi); Anthony Anwuka, a professor of education administration, who was secretary to the government of Imo state; and Isaac Adewole, a professor of obstetrics and gynaecology.

Others are Dan Ali, a brigadier-general who was retired in 2013; Okechukwu Enelamah, the CEO of African Capital Alliance.

Credit: Vanguard

IGP Unveils New Security Roadmap

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Inspector General of Police (IGP), Solomon Arase, yesterday unveiled a wide scope of strategies for curtailing crimes, saying the police will henceforth work with communities and social groups.

Speaking at a national security summit, organised by the Nigeria Police, in collaboration with The Sun Publishing Limited, Arase said the police would use traditional rulers, youth organizations, community-based associations, the media, women bodies and religious associations to tackle crimes in the society.

The IGP noted that these groups that had been grossly underutilized were very strategic assets to the nation’s security.

He said: “If properly engaged, the citizen-driven policing model will free police’s human, financial resources which are deployed to the management of low-level crimes and ensure that police assets are optimally deployed to manage high level crimes.”

Inspector General of Police (IGP), Solomon Arase, yesterday unveiled a wide scope of strategies for curtailing crimes, saying the police will henceforth work with communities and social groups.

Speaking at a national security summit, organised by the Nigeria Police, in collaboration with The Sun Publishing Limited, Arase said the police would use traditional rulers, youth organizations, community-based associations, the media, women bodies and religious associations to tackle crimes in the society.

The IGP noted that these groups that had been grossly underutilized were very strategic assets to the nation’s security.

He said: “If properly engaged, the citizen-driven policing model will free police’s human, financial resources which are deployed to the management of low-level crimes and ensure that police assets are optimally deployed to manage high level crimes.”

Read More: sunnewsonline

Air Force Unveils Unmanned Bomb Detector, Light Surveillance Aircraft

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The development is part of the force’s contribution to the fight against insurgency in the troubled north-eastern region.

Commandant of the AFIT, Air Vice Marshal Toni Adokwe, introduced the device at a gathering ahead of the institute’s 44th Convocation Ceremony coming up on Friday.

The Commandant demonstrated how the device could dictate and pick up Impoverished Explosive Device to safer locations for disposal.

The device has a frequency jammer to distort GSM signals and also has a time run of four hours.

He said it was produced by students of the Armament Engineering Department in 2012 and was later modified to a higher level called Unmanned Ground Vehicle type two.

Adokwe affirmed that with effective innovative approach to technology, Nigeria would be able to tackle the current security challenge in the North-east.

He emphasised that the growing wave of bombings by the Boko Haram sect required more researches and innovations of modern equipment and technologies to tackle the challenge.

The Commandant further explained that the institute had equally commenced research into the development of a Light Surveillance Aircraft that would be in conformity with the climatic temperature of Nigeria and the West African sub-region.

Read More: http://www.channelstv.com/2015/07/28/air-force-modifies-unmanned-bomb-detector/

Enugu Governor Elect Unveils His Four-Point Agenda

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The governor-elect of Enugu State, Ifeanyi Ugwuanyi, has unveiled a four-point agenda for his administration. In his acceptance speech in Enugu on Tuesday, Ugwuanyi listed the agenda to include employment generation, social services and good governance, rural development, security and social justice.

Ugwuanyi said that the four-point agenda would run concurrently with that of the present administration of Governor Sullivan Chime.

He said: “I renew the message of peace, hope and development of our dear state and the principles of seamless continuity and consolidation.

“I reaffirm my commitment to seeing through the legacy of the present four-point agenda and once again commit to all our campaign promises in the 17 local government areas of the state.

“From the 17 local government areas, the people spoke eloquently with their votes and entrusted on me the responsibility of rendering selfless service to our dear state.

“I am deeply humbled by that mandate reposed in me and I hereby accept it with all sense of humility and gratitude.”

The governor-elect commended the 22 political parties that endorsed him as governor and other stakeholders including former Senate President Ken Nnamani, former governors Jim Nwobodo, Okwesilieze Nwodo and Dr Chimaroke Nnamani.

Others were Deputy Senate President Ike Ekweremadu, Admiral Allison Madueke and Group Capt Anthony Oguguo.

 He extended a hand of fellowship to fellow governorship to the other contestants and promised to work with them.

In his remarks, the state Chairman of the People’s Democratic Party (PDP), Chief Ikeje Asogwa, also thanked the people of the state and party faithful for their unalloyed support. “As we move on politically, we want to move the state forward politically and economically. I want to promise that as much as possible, we will carry everyone along.

“I want to you to continue supporting the governor,” he said.

Credit: NAN