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Finance Minister Clears Air On N424bn Budget Padding

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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has cleared the air over the N424bn that was said to have been padded by the minister into the 2023 Appropriation Bill.

Ahmed has been accused by the Humanitarian, Health, Power and Education to have inserted, N206bn, N8.6bn, N195.468bn, and N2.250bn respectively.

The Finance Minister, however, got a clean slate before the senate when she appeared to defend herself over cases of puddings in the proposed N20.51 trillion 2023 budget from the Senate Committee on Appropriation when she made clarifications on them.

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She explained to the committee that the various sums were sent to the ministries for perusal before approval by the Federal Executive Council, before the budget presentation itself by the President, Major General, Muhammadu Buhari, ( Retd.) on Friday, October 7, 2022.

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She stated, “This project in question under the Humanitarian Affairs ministry is a project that was called National Social Safety Net project.

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“This is a total sum of $473.5m which translates to N296bn. This project was correctly described by the IR departments that collated the report but in the –process of collating the at the budget office, the wrong code was selected. This code that was selected resulted in the description showing as purchase and security weapons.

“The same project was correctly captured in the MTEF because it was also presented in the MTEF.

“She noted that the amount was correct and “it is correctly provided for in the ministry of Humanitarian Affairs disaster management, and social development because they are the agency implementing this national social safety net scale-up the programme.”

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She added, “This project is also described as refurbishment and procurement of Harris RF 578 100 military communications equipment in the sum of N8.6 billion.

“The Honourable Minister of Defence wrote to his Excellency Mr President, requesting the immediate release of $1.36 3m, and N158.92 8m for the implementation of phase one of this project.

“The Honourable Minister of Defence also requested the sum of $2.27 8m and N11.9 4 billion to implement phases two and three of the project, all of which Mr President graciously approved and was conveyed to us.”

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Ahmed added, “All the proposed budgetary sums like the N206 billion in the Ministry of Humanitarian Affairs, Disaster Management and Social Development, the N8.6billion in the Ministry of Defence, N195.468 billion in the estimates for the Ministry of Power, etc, were all captured before the presentation by Mr President.

“Most of these sums are bilateral or multilateral loans captured in the budget of agencies selected for project execution for the sole purpose of transparency.

“The totality of such loans captured in the proposed budget of the relevant agencies is N1.771 trillion.

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“Had heads of the affected MDAs carried out thorough scrutinisation of their approved budgetary proposals, the issue of insertion or budget padding wouldn’t have arisen at all, a realisation of which made the Minister of Defence, Bashir Magashi apologise after feigning ignorance of N8.6 billion in his Ministry’s budget during an interface with Senate Committee on Defence,” she said.

Ahmed noted that it was evident that there were internal coordination issues between the project of implementation units in some ministries, departments and agencies, with their CEOs and their accounting officers of the implementing ministry.

She stressed, “And also there’s also a gap of coordination even with the Minister of Finance, Budget and National Planning. We will be taking necessary measures to make sure that going forward these gaps are addressed on our site and also work with the ministers to make sure that the gaps that they have between the Project Implementation units on the CEOs are also bridged.

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“Specifically for multilateral bilateral funded projects, the PIUs are domiciled in the designated implementing MDS and the lenders will not deal with any other agency but that beneficiary agency including the Ministry of Finance, Budget and National Planning on procurements and as well as on several other aspects of the project implementation.”

Satisfied by her submission, the Chairman of the Committee, Senator Jibrin Barau (APC Kano North), said the clarifications made by the Minister were well understood by all the committee members and commended her for ensuring transparency with capturing of such loans or grants in the budget.

Earlier at an interface with the Senate Ad-hoc committee on uneven disbursement of a N500 billion Development fund by the Development Bank of Nigeria, the Minister of Humanitarian Affairs, Hajiya Sadiya Umar Farouq, failed to supply the committee with verifiable evidence of beneficiaries.

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She said about 9.8 million pupils nationwide are already benefiting from the school feeding programme at the rate of N100 per meal, aside from beneficiaries of other clusters of the programme.

READ ALSO: 2023 Election: Buhari Issues Directives To Nigerian Army

But the Chairman of the Committee, Senator Sani Musa and other members like Ayo Akinyekure, Uche Ekwunife, Mathew Urhoghide, etc, told the Minister that her presentation and that of the Coordinator of the program, Dr Umar Bindir, were beautiful on paper but lacked substance.

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The implementation of the program according to them is a nullity.

Consequently, the Committee directed her to furnish it with the names of beneficiaries of different clusters of the program, their contact address, and telephone numbers on the basis of states, local governments and wards within the week.
PUNCH

 

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Again, Dangote Refinery Hikes Fuel Price

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Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

READ ALSO:JUST IN: Dangote Refinery Reduces Petrol Price

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This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

 

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Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

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Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

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According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

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He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South

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He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

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“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

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JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

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Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

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READ ALSO:Pipeline Surveillance Contracts Decentralisation May Fuel Chaos In N’Delta, Itsekiri Youths Warn

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

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READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

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Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

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