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N2.17 trillion supplementary budget scales second reading at House of Reps

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The Nigerian House of Representatives has approved a N2.17 trillion supplementary budget for 2023, which includes N18 billion for statutory transfer, N992.8 billion for recurrent expenditure, and N1.16 trillion for development fund for capital expenditure.The budget was passed for a second reading on Tuesday after a debate led by the Majority Leader of the House, Julius Ihonvbere. Ihonvbere argued that the government needs the money to fund the agreement between the federal government and the NLC, which includes wage increases for public sector workers. He also urged his colleagues to pass the bill so that workers could enjoy their end-of-year holiday.Another lawmaker, Ben Kalu, supported the bill, arguing that the N1.16 trillion for capital projects is needed to urgently improve roads across the country.The bill was adopted unanimously by the House and has been referred to the Committee on Appropriations for further consideration.In expanded form, the supplementary budget can be broken down as follows:

  • Statutory transfer: N18 billionRecurrent expenditure: N992.8 billion
    • Salaries and wages: N372.1 billionPensions and gratuities: N219.2 billionOverhead: N401.5 billion
    Development fund for capital expenditure: N1.16 trillion
    • Roads: N605 billionAgricultural production: N200 billionFederal government workers’ wage awards: N210 billionCash transfer to vulnerable and poor Nigerians: N400 billion

The supplementary budget will be used to fund urgent expenditures that were not included in the original 2023 budget. It is expected to be passed by the Senate soon and signed into law by President Tinubu.

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BREAKING: Oronsaye Report: Tinubu to scrap many agencies, merge others

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President Bola Tinubu will implement some of the recommendations contained in the Oronsaye Report.

This is majorly, in order to cut the cost of governance.

This is coming 12 years after the Steve Oronsaye Panel submitted its report on restructuring and rationalising Federal government parastatals and agencies and a white paper issued two years after.

According to Bayo Onanuga, the President and the Federal Executive Council on Monday reached a decision to implement the report.

He said: “Many agencies will be scrapped and many others will be merged, to pave the way to a leaner government.”

CREDIT: DAILY POST

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‘You’re responsible for Nigeria’s economic woes’— Atiku tackles Tinubu

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Atiku Abubakar, the Peoples Democratic Party (PDP) candidate in the 2023 general election, attributed Nigeria’s economic challenges to President Bola Ahmed Tinubu.

In a statement shared on his official social media account on Sunday, the former Vice President of Nigeria urged Tinubu to take cues from Argentina’s President Javier Milei on swiftly restoring investor confidence despite inheriting a troubled economy.

Atiku criticized Tinubu for deflecting blame onto the opposition and his predecessors, calling such actions unnecessary and shortsighted. He emphasized that market dynamics respond to concrete actions, not political rhetoric.

Drawing parallels with President Milei’s leadership in Argentina, Atiku highlighted the need for well-sequenced economic reforms. He commended Milei’s proactive approach in preparing for the post-reform challenges and ensuring the availability of mitigating measures.

Atiku contrasted Tinubu’s administration’s ad hoc and hurried reforms with Milei’s strategic sequencing. He pointed out Argentina’s lean government structure achieved through reducing ministries and privatizing state-owned enterprises, contrasting it with Nigeria’s expanding bureaucracy and excessive spending on official residences.

Atiku likened Tinubu’s administration’s approach to Nero fiddling while Rome burns, accusing him of evading substantive action and blaming the opposition for policy failures, reminiscent of characters in George Orwell’s Animal Farm.

Expressing admiration for Argentina’s reforms, Atiku suggested aligning his “Recover Nigeria Plan” with Milei’s stabilization strategy to alleviate Nigeria’s economic distress. He emphasized the need for transparent policies focused on economic revival and warned against dismissing discontent, particularly among the youth, which could manifest in protests.

The statement referred to the worsening economic conditions in Nigeria, highlighted by soaring inflation rates and high living costs, as reported by the National Bureau of Statistics, with headline inflation reaching 29.90% and food inflation at 35.42% in January 2024.

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BREAKING: Fire guts FCT Minister’s residence

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A fire broke out at the private residence of Dr. Mariya Mahmoud, the Minister of State in the Federal Capital Territory Administration (FCTA), on Sunday afternoon.

Situated at No. 9, Justice Roseline Ukeji Close in the affluent Asokoro district of Abuja, the property was reportedly completely destroyed by the blaze.

Despite prompt emergency response efforts, including the arrival of fire service personnel, nothing could be salvaged from the premises.

Mr. Austin Elemue, the Minister’s Special Adviser on Media, confirmed the incident, indicating that the cause of the fire remained unknown at the time.

Authorities have initiated an investigation to ascertain the cause of the fire.

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