Connect with us

National News

President Muhammadu Buhari signed the 2019 Budget into law.

Published

on

President Muhammadu Buhari on Monday signed the 2019 Appropriation bill of N8. 92 trillion (Budget) into law.


The ceremony took place at the President’s office around 11am.

President frowned at increase of the budget submitted to the National Assembly with over N90 billion

He also said that the reduction of the budgetary allocations by the National Assembly would make it difficult for the government to implements its projects targeted at diversifying the economy..

President Buhari said he will engage with the leadership of the Ninth Assembly whenever it emerges on the concerns of the executive on budget,

Present at the ceremony were the Senate President, Bukola Saraki who entered after the President had signed the budget, the Speaker of the House of Representatives, Yakubu Dogara, Deputy Senate President Ike Ekweremadu, the Chairman of the Senate Committee on Appropriation, Danjuma Goje, the Minister of Budget and National Planning, Udoma Udo Udoma, the Senior Special Assistant on National Assembly matters, Ita Enang.

Also at the ceremony were the Minister of Finance, Zainab Ahmed, Minister of Information, Lai Mohammed, Governor of the Central Bank of Nigeria, Godwin Emefuele, Chief of Staff, Abba Kyari, Secretary to the Government of the Federation, Boss Mustapha.

Share Cheers!

Join us today, become a news contributor to The Liberty Times™ Put on your story-telling hat and share a story to Liberate your mind today! TOGETHER WE SPEAK, and THE WORLD LISTENS! Send your stories to email: admin@tlt.com.ng Use the hashtag #TLTNEWS247 | tweet to @TLTNEWS247 | fb messenger www.m.me/TLTNEWS247

Advertisement
Comments

National News

Buhari reappoints Ahmed Idris as Accountant-General of the Federation (AGF).

Published

on

The Nigerian government has re-appointed Mr Ahmed Idris as the Accountant-General of the Federation (AGF).


A statement by the Head of Service of the Federation, Winnifred Oyo-Ita, said:

“The President of the Federal Republic of Nigeria, President Muhammadu Buhari has approved the renewal of the appointment of Mr Ahmed Idris for the second and final term of four years as Accountant-General of the Federation in accordance with Section 171 of 1999 Constitution of the Federal Republic of Nigeria (as amended).

“The letter of appointment signed by the Secretary to the Government of the Federation, Boss Mustapha, states that the appointment will take effect from June 25, 2019.”

Idris was first appointed AGF on June 25, 2015.

Share Cheers!
Continue Reading

National News

Osinbajo decries increasing poverty

Published

on

Vice-President Yemi Osinbajo has said the problem of extreme poverty in Nigeria keeps him up at night. Osinbajo disclosed this at a dinner and interactive session with faculty members, Harvard Business School (HBS) in Lagos.

The vice-president featured alongside Srikant Datar, Professor of Business Administration (HBS), and Bayo Ogunlesi, a Nigerian investment banker, at a question and answer session moderated by Hakeem Bello-Osagie, Chairman of Metis Capital Partners.“I think what keeps me up at night has to do with extreme poverty; the issue is that the largest number of those who vote for us are the very poor.

“The promises that government makes to them is that their lives will be better and obviously they are looking at their lives being better in the shortest possible time.

“I will like to see Nigeria being an industrialized nation in the next 10 years; a very strong middle class and most people living above the poverty line,’’ he said.

Osinbajo said that a lot of government policies were taking into account people at the bottom of the pyramid with a focus on agriculture and getting credit facilities to farmers in order to achieve self-sufficiency.

He said that many farmers in the country had been lifted out of poverty by the present administration.

According to him, a lot of attention had also been given to the Social Intervention Programmes (SIPs) which factored the provision of cheap credit to petty traders at the bottom of the pyramid.

Share Cheers!
Continue Reading

Politics

July 12: President Buhari is expected to submit ministerial list to Senate

Published

on

President Muhammadu Buhari is expected to submit a list of ministers that will form his federal executive council before or by July 2.

The Ahmad Lawan-led 9th Senate would upon resumption from its two weeks recess in July begin a speedy screening and confirmation of persons on the list.

A ranking senator told The Guardian, however, that at the moment, nothing is on the ground regarding the list of persons to be confirmed as ministers but was optimistic that within the two weeks of the Senate recess, the President would have submitted the list.

Another lawmaker who just got elevated from the House of Representatives to the Senate in the February 23, 2019 election said that although the President is still within a reasonable time if he submits the list before July, expectations are that President Muhammadu Buhari would make up for the time lost during his first term when he delayed the ministerial list for six months.

The lawmaker further noted that it is particularly very strategic and helpful for the President to meet the July timeline because the Senate might proceed on its annual end of session holiday at the end of that month to reconvene in September.

He was however optimistic that within the two weeks of the Senate recess, the President would have submitted the list.

The lawmaker further noted that it is particularly very strategic and helpful for the President to meet the July timeline because the Senate might proceed on its annual end of session holiday at the end of that month to reconvene in September.

“I believe that the President should take advantage of the three weeks the Senate would spend in session between July 2 and the end of that month by ensuring that before we come back from this two weeks recess, the ministerial list is ready so that we simply screen and confirm them within the three weeks that we are going to sit before we go on end of session recess,” the lawmaker said.

“Anything short of that would amount to dragging Nigeria back to the delay experienced four years ago because the Senate won’t resume until around the third week of September.”

Share Cheers!
Continue Reading

National News

Nigeria lost N44.6bn as a result of the drop in oil revenue

Published

on

Nigeria lost N44.6bn as a result of the drop in oil revenue occasioned by the shut-ins and shutdowns of some terminals by the Nigerian National Petroleum Corporation in April 2019, latest data obtained from the Central Bank of Nigeria revealed.

The CBN said the country’s oil earnings fell from the N516.88bn recorded in March to N472.28bn in April, adding that this also affected the gross federally-collected revenue for the month.

Although oil receipts accounted for 59.4 per cent of total revenue which the country made in April this year, data from the bank showed that earnings from oil dropped by 8.6 per cent when compared to the previous month’s receipts.

Also, earnings from the sector were 26.2 per cent lower than the provisional monthly budget estimate, as the apex bank explained that the shutdown and shut-ins of terminals were due to leakages, technical issues and maintenance.

The bank stated, “Oil receipts, at N472.38bn or 59.4 per cent of total revenue, was below both the provisional monthly budget estimate and the preceding month’s receipt of N516.88bn by 26.2 per cent and 8.6 per cent, respectively.

“The fall in oil revenue relative to the provisional monthly budget estimate was attributed to the shut-ins and shut-downs at some NNPC terminals due to technical issues, leakages and maintenance.”

Similarly, the CBN noted that at N322.93bn or 40.6 per cent of total revenue, non-oil revenue was below the provisional monthly budget estimate of N466.91bn by 30.8 per cent, but exceeded the preceding month’s receipt of N251.01bn by 28.7 per cent.

It said the lower collection relative to the provisional monthly budget estimate was due to the shortfalls in corporate tax, value added tax, Federal Government independent revenue and education tax.

On operations of the Federation Account, the bank stated that at N795.31bn, the estimated federally-collected revenue (gross) in April 2019 fell below the provisional monthly budget estimates of N1.11tn by 28.2 per cent.

“However, it exceeded the receipt of N767.90bn in the preceding month by 3.6 per cent. The decrease, relative to the provisional monthly budget estimate, was attributed to a shortfall in both oil and non-oil revenue,” it added.

It further stated that of the total N616.21bn retained revenue in the Federation Account, the sums of N88.49bn, N67.82bn and N24.72bn were transferred to the VAT Pool Account, the Federal Government Independent revenue and ‘others’, respectively, leaving a balance of N435.18bn for distribution to the three tiers of government.

Of this amount, the Federal Government received N208.39bn, while the state and local governments got N105.70bn and N81.49bn, respectively.

The balance of N39.59bn was shared among the oil producing states as 13 per cent Derivation Fund.

Similarly, from the N88.49bn transferred to the VAT Pool Account, the Federal Government received N13.27bn, while the state and local governments received N44.25bn and N30.97bn, respectively.

“Also, the sum of N78.09bn was shared as excess oil revenue,” the CBN stated.

It explained that the federal, state and local governments received N35.79bn, N18.15bn and N13.99bn, respectively, while the 13 per cent Derivation Fund received N10.15bn

Share Cheers!
Continue Reading
Advertisement
Opinions expressed by our Contributors are their own. We have robust systems and procedures in place to check that all articles submitted and published are unique and exclusive to The Liberty Times™ Nigeria. If you need to flag any content as abusive, CLICK HERE to email us. LEARN MORE about becoming a News Contributor.

Advertisement
Advertisement
Advertisement INEC
Advertisement
Advertisement

Tags cloud

@lekkimodels

  • Image Credit: @iam__.shy 🌶🌶🌶
___________ 
Tag pics LekkiModels

Get a chance to win a ₦200K Professional Makeover + Photoshoot session. Get Featured + Get Scouted 🇳🇬🇬🇧🇺🇸 How? Follow us👍 + Tag pics #LekkiModels share www.lekkimodels.com 
___________

#fashion #nollywood #actress #style  #unilag #uniport#warri #lagos #instalagos #southafrica
#nigeria #hothot #booty #legwork #naturalhair #naturalbeauty #zanku 
#yellow #fashionphotography #picoftheday #beautiful #simple #naijagirlskillingit #mua #lagosphotographer
  • Image Credit: @iam__.shy 🌶🌶🌶
___________ 
Tag pics LekkiModels

Get a chance to win a ₦200K Professional Makeover + Photoshoot session. Get Featured + Get Scouted 🇳🇬🇬🇧🇺🇸 How? Follow us👍 + Tag pics #LekkiModels share www.lekkimodels.com 
___________

#fashion #nollywood #actress #style  #unilag #uniport#warri #lagos #instalagos #southafrica
#nigeria #hothot #booty #legwork #naturalhair #naturalbeauty #zanku 
#yellow #fashionphotography #picoftheday #beautiful #simple #naijagirlskillingit #mua #lagosphotographer
  • Image Credit: @iam__.shy 🌶🌶🌶
___________ 
Tag pics LekkiModels

Get a chance to win a ₦200K Professional Makeover + Photoshoot session. Get Featured + Get Scouted 🇳🇬🇬🇧🇺🇸 How? Follow us👍 + Tag pics #LekkiModels share www.lekkimodels.com 
___________

#fashion #nollywood #actress #style  #unilag #uniport#warri #lagos #instalagos #southafrica
#nigeria #hothot #booty #legwork #naturalhair #naturalbeauty #zanku 
#yellow #fashionphotography #picoftheday #beautiful #simple #naijagirlskillingit #mua #lagosphotographer

#ModelsOfAfricanOrigin LekkiHQ ➡ Get a chance to win a N200K Professional Makeover + Photoshoot session ➡ Follow us👍 ➡ Tag pics #LekkiModels ➡ Get Featured 🚀Get Scouted 🇳🇬🇬 www.tlt.ng/lekkimodels

@TLTNEWS247