The Senior Advocate of Nigeria (SAN) also called on the government to end wastage in governance, institute free primary and secondary education, and provide free healthcare services modelled after the United Kingdom’s (UK) NHS.

In a statement yesterday, Agbakoba said,

“I was not surprised that our national budget has reached N50 trillion for 2025. I predicted this possibility five years ago. We are simply not collecting potential revenue.

“Thanks to two men, the possibility of hitting a N100 trillion budget by 2026 is viable. We are concentrating on the tax side of revenue and ignoring the governance side.

“If the twin effort of tax and governance revenue is escalated, we ought to hit N500 trillion budgets annually by 2030. To do this requires innovation.

“First bureaucratic procedures must give way to practical outcomes. The second is big leadership. Third is easing the hardship in the land by quantitative easing and big-ticket palliatives so that all fees are waived at primary and secondary schools and health care is made free like the NHS in the UK.

“More imaginative palliatives are urgently needed to cushion the impact of the tough correction in progress. I always recommended a department of efficiency innovation and transformation to cut waste.”

According to him, “Donald Trump has appointed Elon Musk to perform this task in the United States. Part of the success of Margaret Thatcher was her Efficiency office. There is far too much waste of government resources in Nigeria that an effective efficiency can cut significantly.

“We need to see substantial borrowing to get manufacturing off the ground. There will be no production if we don’t cut waste and consumption.

“I look forward therefore, to a lean government shedding excess weight by the federal government unloading power to states and local governments.

“Government must let go of its unnecessary hold on Education. The decades of underfunding of ASUU may be resolved by making education autonomous from tight government control.

“I believe an effective and efficient government can deliver a good quality of life to Nigerians. Inflation will go down if productivity improves. These steps are easy but require major leadership decisions. The pain all Nigerians feel at present is completely resolvable with new tools applied.” [Source: ThisDay] [Featured Photo Credit]

A breakdown of the appropriation bill 2024 of N28.7 trillion:

1. Capital Expenditure — N9.99 Trillion (35%)
2. Recurrent Expenditures — N8.77 Trillion (30%)
3. Statutory Transfers — N1.74 Trillion (6%)
4. Debt Service – N8.27 Trillion (29%)

How FG plans to fund the budget 2024:

The Tinubu’s government planned the budget on the assumption that:

1. Oil price benchmark will remain at $77.96 per barrel
2. Oil Production Rate will be 1.78 million barrels per day
3. Exchange rate will remain at N800 to $1, and
4. Gross Domestic Product (GDP) growth will be 3.88%

President Tinubu Signs the appropriate bill 2024:

Speaking at the signing of the bill, the President assured Nigerians that the implementation of the 2024 budget would be efficiently pursued and vigorously monitored, adding: “All the institutional mechanisms shall be held to account in ensuring diligent implementation”.

“All MDA’s have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which in turn shall ensure the veracity of such. The Minister of Finance and Co-ordinating Minister of the Economy shall hold regular reviews with the Economic Management Team and, in addition, I shall Chair periodic Economic Coordination Council meetings,” he said.

The top priorities of the 2024 budget of N28.7 trillion are defence and internal security, job creation, macro-economic stability, improved investment environment, human capital development, poverty reduction, and social security.

The President emphasized that his commitment to enhance investment promotion while creating a rules-based society that favours no individual over the law begins with important reforms in the Nigerian judiciary, the funding for which is captured in the 2024 Appropriation Act.

“Funding the judiciary is a major element in our effort to support a just, rules-based society. Statutory transfer to the Judiciary has been increased from 165 billion naira to 342 billion naira,” the President said.

Godswill Akpabio, president of the Senate, and Tajudeen Abbas, speaker of the House of Representatives, were present at the signing.

Other senior government officials present at the brief ceremony include: Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.

According to BudgIT, “Recall that in August 2023, we itemised ten plagues that the Tinubu administration should avoid in the 2024 bud­get and budget process to en­sure value for money, curb expenditure inefficiency and waste, enforce accountability, and put Nigeria on the path­way of prosperity, economic growth, and development.

“Unfortunately, having reviewed the proposed 2024 Appropriation Bill breakdown, we observed that the Bola Ahmed Tinubu administra­tion has continued with some deleterious budget practices from previous regimes that have fostered corruption, un­derdevelopment, unemploy­ment, and multidimensional poverty.

“One significant observa­tion is the absence of crucial budget breakdowns from the National Assembly, Govern­ment-Owned Enterprises, and some Ministry Depart­ments and Agencies in the 2024 budget proposal. For in­stance, there is no breakdown of the National Assembly, the Niger Delta Development Commission and the North East Development Commis­sion’s budget.

“For emphasis, the budgets of key revenue generating government entities— including the Nigeria Ports Authority, Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency (NIMASA), National Petroleum Investment Management Services (NAPIMS), Nigerian Security Printing and Minting Plc (NSPM), to mention a few—are conspicuously missing from the proposed 2024 budget presented to the National Assembly.

“Furthermore, the proposed budget’s total sum is N24.08 trillion, indicating a discrepancy of N3.42 tril­lion compared to the N27.5 trillion aggregate budget presented. We suspect that the difference above com­prises the aggregate budgets of the Government-Owned Enterprises. To this effect, the Government-Owned En­terprises’ proposed revenue and expenditures require dis­aggregation. The revenues and expenditures of several Government-Owned Enter­prises have historically been absent from formal budget presentations.

“Former President Mu­hammadu Buhari promised to ensure not only the bud­gets of all MDAs and GOEs are present in the annual ap­propriation bill but also that their budgets are defended and assented to publicly. This was not implemented before the end of his tenure, and the Tinubu administration has carried on in this regard. This also indicates the need for more Government-Owned Enterprises’ budget imple­mentation reports.

“A detailed analysis of the budget also reveals du­plications in allocations, particularly in renovating the President’s and Vice President’s quarters. The Federal Government made provisions for a cumulative sum of N8 billion (N4 billion each) through the 2023 sup­plementary budget for reno­vating the President’s official quarters in Aso Rock Villa and Dodan Barracks.

“Surprisingly, an addition­al N500 million has been allocated to the renovation of the President’s quarters in Aso Rock Villa, even as N5 bil­lion has been earmarked for the renovation of the Pres­ident’s quarters in Dodan Barracks. Similarly, the Vice President’s quarters in Lagos and Abuja, which got a cumu­lative sum of N5.5 billion in the 2023 supplementary bud­get for renovation, equally got allocations of N4 billion, N300 million, and N5 billion each in the 2024 budget.”

In a personal statement released by the CBN after the last Monetary Policy Committee meeting, Ahmad emphasized the importance of sustaining lending to critical sectors of the economy while the monetary policy tightens to control inflation.

Ahmad noted that borrowing costs have risen due to the positive correlation between market lending rates and the Monetary Policy Rate (MPR).

Despite an increase in industry credit by N4.54 trillion between the end of April 2022 and 2023, the growth rate of credit has slowed.

The monthly trend in credit growth declined from 1.31 percent in March 2023 to 0.05 percent in April 2023. Lending rates remain high as a response to the contractionary monetary policy stance. These developments highlight the need for balanced actions in pursuit of price stability.

To address this, the CBN has provided intervention loans with single-digit interest rates to selected industries and Small and Medium Enterprises (SMEs) to ensure access to affordable finance for employment-generating sectors.

This intervention aims to have a positive impact on the macroeconomy by stimulating output growth, supporting businesses’ cash flows, minimizing default risk, and preserving financial stability.

As of April 2023, the banking industry’s soundness indicators remained strong. The capital adequacy ratio stood at 12.8 percent, the non-performing loans ratio decreased to 4.4 percent (from 5.3 percent in April 2022), and the liquidity ratio was at 45.3 percent, exceeding the minimum requirement of 30.0 percent. Credit to the real sector continued to grow, according to Ahmad’s statement.

The decision was communicated through a letter issued by the Budget Office of the Federation, signed by the Director General, Akabueze Ben, and addressed to the Registrar of the Nigerian Council of Food Science and Technology, an agency under the Federal Ministry of Science, Technology, and Innovation.

According to the letter, the professional bodies and councils affected by this directive will be considered as self-funded organizations. As a result, they will be fully responsible for their personnel, overhead, and capital expenditures.

The letter further mentioned that the decision to discontinue the budgetary allocation to these organizations was based on the recommendations of the Presidential Committee on Salaries.

The article mentions that several ministries will be affected by this decision, including the Ministry of Trade and Investment, the Ministry of Information and Communication, the Ministry of Agriculture and Rural Development, the Ministry of Transport, the Ministry of Mines and Steel, the Ministry of Justice, the Ministry of Works and Housing, and the Ministry of Environment.

Some of the specific professional bodies and councils mentioned in the article include the Teachers Registration Council of Nigeria, the Computer Registration Council, the Librarians Registration Council, the National Education Research and Development Council, the Mass Literacy Council, the National Examination Council, the West African Examination Council (Local and International), the Nursing and Midwifery Council, the Pharmacist Council of Nigeria, the Medical and Dental Council of Nigeria, the Medical Laboratory Science Council of Nigeria, the Environmental Health Council of Nigeria, the Nigeria Press Council, the Council for the Regulation of Freight Forwarding in Nigeria, the Council of Nigerian Mining Engineers and Geosciences, the Veterinary Council of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Survey Council of Nigeria, the Legal Aid Council, the Council of Legal Education, the National Automotive Design and Development Council, the Nigeria Export Promotion Council, the Financial Reporting Council of Nigeria, the Nigeria Investment Promotion Council, and the Nigerian Council of Food Science and Technology.

He emphasized that his administration aims to accomplish these goals by implementing budgetary reforms that stimulate the economy without causing inflation.

To promote domestic manufacturing and reduce dependence on imports, Tinubu stated that his industrial policy will employ a comprehensive range of fiscal measures.

Additionally, he emphasized the importance of improving accessibility and affordability of electricity for both businesses and households.

Tinubu pledged to nearly double power generation and enhance transmission and distribution networks. He also encouraged states to develop local energy sources.

Addressing concerns raised by local and foreign investors, Tinubu assured them that his administration would thoroughly review complaints related to multiple taxation and other barriers to investment.

He emphasized his commitment to ensuring that investors and foreign businesses can repatriate their dividends and profits back to their home countries.

In Nigeria, countless folks anticipate the weekend since it provides a break from the busy and stressful work or school week and allows them to loosen up, having them spend time with friends and family, and participate in fun activities.

Weekends are an opportunity to recharge and reinvigorate, as well as pursue hobbies or interests that are not feasible on weekdays. However, it is essential to keep things in perspective and avoid putting too much tension on the weekend to meet all of our expectations.

It’s also essential to prioritize self-care and recuperation, especially if the week has been particularly intense or hectic. There are a few tips on enjoying your weekends without spending recklessly:

• Enjoy a movie marathon. At home, you can rent movies or watch them via streaming services. All you need here is just an Internet connection to make it happen.
• Take a picnic at the park or the beach. You can bring some refreshments and food from home and relax while complimenting the scenery. Although, this shouldn’t happen every weekend and this would also depend on your locality.
• Many trails and parks focus on providing free or low-cost outdoor activities.
• You may decide to just do something differently. Visit a farmers’ market. You can buy fresh produce and try some local cuisine.
• Pay a visit to a museum or an art gallery. On weekends, many museums and galleries offer free or discounted admission. Again, this shouldn’t be every weekend. It might just be once a month or twice quarterly.
• If you are a football lover, you may also want to do something different this time. Just walk into a fancy restaurant where they show your favorite match, grab a drink, and a few chops – that’s it.
• Participate in some volunteer work. Volunteer at a local shelter or food bank to give back to your community.
• Participate in a free concert or festival. Check your community’s events calendar for free events.
• Plan a game night with your friends. You can play board games or card games at home while snacking.

According to the Governor, the budget plan will not only “aggressively” focus on finishing ongoing capital projects, but it will also extend intervention programs and enhance social support to citizens and their means of livelihood.

The budget was approved during a brief ceremony at the Governor’s Office in Alausa.

Sanwo-Olu stated that the budget would demonstrate his government’s willingness to scale up excellent governance and quality service to residents through the T.H.E.M.E.S Agenda, emphasizing that the budget would move the State to a greater level of fiscal growth and social development.

The 2023 Appropriation Bill has a capital expenditure of N1.019 trillion, representing 58 percent of the 2023 budget. The recurrent expenditure, representing 42 percent, is N748 billion, which includes personnel cost, overhead, and debt services.

The Governor said the implementation of the budget would see to the completion of various ongoing capital projects, including the final construction phase of the 37-kilometer Lagos Red Rail Line from Agbado to Ebute Metta.

He added that the funding for the second phase of the Blue Line from Mile 2 to Okokomaiko had equally been approved in the budget, stressing that the Ojo General Hospital project and mental health facility in Ketu-Ereyun being undertaken by the State Government would race to completion.

Sanwo-Olu said the contractors handling various road and school construction projects in Badagry, Amuwo Odofin, Ikorodu, and Eti Osa could now have access to funds to deliver the projects.

He said: “I’m delighted to assent to the 2023 Appropriation Bill transmitted to me after it was passed by the House of Assembly. The budget went through a rigorous review and passed through all the relevant statutory channels required before we now have a live document that can be implemented. This is a budget that speaks to the aspirations and needs of Lagosians.

“The budget is audacious and its size is a reflection of the confidence our citizens repose in us. It is also a significant improvement in the discharge of the citizens’ civic responsibility in the areas of taxes and levies that are due to the Government. I give assurance of our commitment to prudent implementation and improvement in service delivery that will bring about more dividends of good governance.”

Sanwo-Olu expressed his appreciation to the leaders and members of the House of Assembly for the timely consideration and independent ratification assignment done on the document.

The Governor promised to raise the level of implementation of the Appropriation Law, pledging that the ongoing electioneering would not slow down the governance process.

Sanwo-Olu said although Lagos had the highest budget among the federating units, he added that the budget size was a far cry from the actual number that should have been proposed which befits Lagos’s developmental aspiration.

He said the State could do a lot more if the citizens would partner with the Government by committing to pay their taxes.

He said: “Lagosians must know that our Government is committing to protecting their lives and their means of livelihoods. We can provide a lot more opportunities for our citizens in transportation, education, public health, and other areas of human endeavor. To achieve these objectives, residents must see the real partner in us.

“We have seen the growth across the city and opportunities for business. Our budget must speak to this growth. Lagos needs to be in the comity of cities that can take opportunities to another level and ventilate its economic potential.”

According to Gbenga Omotoso, the state Commissioner for Information and Strategy, Sanwo-Olu is likely to sign the Appropriation Bill, which had previously been approved by the state House of Assembly for the Governor’s approval.

The event will commence at 3 p.m. in the Lagos House Ikeja Conference Room.

Remember that the Lagos State House of Assembly authorized a total of 1,768,014,155,285 for the fiscal year 2023 sometime in December last year, 2022.

Governor Babajide Sanwo-Olu presented the N1.69 trillion ‘Budget of Continuity’ to the House in October 2022.

The Year 2023 Budget of Continuity comprises a total revenue of N1.342trillion and deficit financing of N350bn, which comprises N1.108trn total Internally Generated Revenue (IGR) and N234,235bn total Federal Transfers.

Sanwo-Olu also proposed a recurrent expenditure of N760bn (45%), comprising N403bn total overhead; N247bn total personnel cost, and N109bn recurrent debt service. He proposed a total capital expenditure of N933bn (55%) comprising N670bn expenditure and N263bn repayment.

All intending pilgrims who were unable to complete the Y2022 holy pilgrimage but who left their money with the State Government and postponed their intentions until the Y2023 exercise were instructed in a statement signed by the Commissioner for Home Affairs, Prince Anofiu Olanrewaju Elegushi, to try to pay the amount of N1,340,000.00 in addition to the initial deposit of N1.3 million paid between 2019 and 2022.

He emphasized further that individuals who had previously paid the N2,640,000.00 fee for the most recent spiritual exercise but were unable to make the pilgrimage owing to unavoidable circumstances are not impacted by the directive.

He states that each intending pilgrim must obtain a “Bank Draft” from one of the nation’s commercial banks in the name of the “Lagos State Muslim Pilgrims Welfare Board” and submit it to the Board’s Accounts Department for further processing.

Elegushi emphasized that no prospective pilgrim should deposit funds into any individual accounts and cautioned that doing so was done at the individual’s own risk.

The Commissioner urged the prospective pilgrims to begin making payments as soon as possible and said that the Board would promptly inform them if there were to be any additional fees added to the N2.640 million.

He also reiterated his earlier statement that the intending pilgrims who left their money with the State Government between 2019 and 2022 for the forthcoming Y2023 exercise would be given priority when the spiritual exercise eventually commenced.