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FEC approves 2022 – 2024 MTEF/FSP

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By Gisflash News

July 8, 2021

The Federal Executive Council (FEC) has approved the 2022 – 2024 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF/ FSP).

Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this after the meeting of the Council which was presided over by President Muhammadu Buhari, in Abuja on Wednesday.

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According to her, the MTF/ FSP describes the Federal Government’s socio-economic and developmental objectives and priorities for the reporting period of 2022 to 2024 as well as the fiscal strategies to be put in place, and policies to achieve in the priorities.

She said her ministry presented a memo to FEC with a 2022 projected revenue of N6.54 trillion and N2.62 trillion to accrue to the Federation Account and Value Added Tax (VAT) respectively.

According to her, this revenue is projected to increase in 2023 to N9.15 trillion.

She said: “The goal for us is to improve the nation’s macro-economic situation or reposition the economy. The MTF/ FSP consists of medium term macro-economic projections, fiscal targets and estimates of revenue and expenditure including government’s financial obligations.

“We have also presented to the Federal Government the projected revenues for the 2022 to 2024, specifically for 2022.

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“The revenue that we expect is N6.54 trillion and N2.62 trillion to accrue to the Federation account on VAT respectively. And then there will be a net oil and gas revenue available for the Federation account for distribution will be N6.15 trillion in 2022.

“This revenue is projected to increase in 2023 to 9.15 trillion. The total expenditure that we are expecting we have projected and approved by Council is an aggregate expenditure of N13.98 trillion.

“This includes N1.1 trillion of government owned enterprises expenditure as well as grants and donor funded projects in the sum of N62.24 billion.

“This means that this budget is just three per cent higher than the 2021 budget in terms of the size of expenditure.

“We also reported to council the budget deficit and the financing items for the expenditure.’’

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According to the minister, the budget deficit that is projected for 2022 is N5.62 trillion, up from 5.60 trillion in 2021.

She added that this amount represents 3.05 per cent of the estimated GDP, which is slightly above the 3 per cent threshold that is specified in the Fiscal Responsibility Act (FRA).

“The FRA empowers Mr president to exceed the threshold. In his opinion, the nation faces national security threats and it is our opinion on fact agreed that we can exceed.

“The deficit is going to be financed by new foreign borrowing and domestic borrowing, both domestic and foreign in the sum of N4.89 trillion on privatisation proceeds of N90.73 billion and draw downs from existing project tied loans of N635 billion.

“I just want to state that the project had debt to revenue ratio in the report is 43 per cent. Which, of course, we know Nigerians all have concerns about the actual debt to revenue ratio but in 2019 was 58 per cent.

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“So, this is an improvement over the preceding over 2019. In 2020, the ratio was up to 85%,” she added.

The minister said she provided to council, a macro economic background, which affirmed that the Nigerian economy had recovered from a negative growth of minus 1.8 per cent in 2020 to 2.5 per cent in 2021.

She added: “Also, the inflation has moderated from a 19 months high in two months high. It’s now moderated two months now, that is coming down to 17.93 per cent.

“And our foreign reserves stands at N34.2 billion at the end of May, which is N640 million declined from the previous month.

“The key macro assumptions that were presented and council approved is that there’ll be a crude oil benchmark price of 57 dollars per barrel of crude oil for 2022, a crude oil production of 1.8 8 million barrels per day, and our exchange rate of 410 to one US dollar, an inflation rate of 10 per cent in 2022, and a nominal GDP of N149.369 trillion.

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“What is interesting is that the non oil GDP continues to grow at N169.69 trillion compared to all GDP of N14.8 trillion included in the nominal GDP.”

NAN

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Gunmen Attack Anambra Police Station, Kill Four Officers

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Gunmen Attack Anambra Police Station, Kill Four Officers
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Unknown gunmen in the early hours of Wednesday attacked a police station located in Atani, the headquarters of Ogbaru Local Government Area of Anambra State.

It was gathered that the gunmen launched the attack on the police facility around 1:30 am on Wednesday.

A further report had it that four police officers were killed in the attack.

Since the emergence of Charles Soludo as the Governor of Anambra State there had been series of attacks on police and government facilities in the state.

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Meanwhile, the spokesman of the state police command, DSP Toochukwu Ikenga, has confirmed the development.

He said, “The hoodlums came around 1 a.m., and unlucky for us, four police operatives paid the supreme price.”

“The Commissioner of Police, CP Echeng Echeng on hearing of the attack immediately mobilized men of the command from various units to the area.

“The hoodlums were still there when the CP personally led men of the command to the affected area, and the timely arrival saved the day and the hoodlums were successfully repelled, and the facility was saved.

“We have commenced intelligence already, and we hope to unravel the persons behind the attack.”

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Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

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Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John YakubSupreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

The Supreme Court has affirmed the six years imprisonment imposed on a former Federal Director of Pensions, Mister John Yakubu, and also ordered him to refund the sum of N22.9b to the Federal Government.

The N22.9b was part of the police pension fund he admitted before a High Court of the Federal Capital Territory (FCT) to have been misappropriate

Justice Tijjani Abubakar in a judgment in an appeal filed by Yusuf upheld the decision of the Court of Appeal which in 2018 sent him to six years imprisonment in addition to the refund of the sum.

The apex court held that Yusuf and others engaging in fraudulent practices must be told through court judgments that it is no longer business as usual.

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Sept 26, 2021A Senior Advocate of Nigeria (SAN), Mallam Yusuf Ali, says it is not to late for members of the  National Assembly to revisit the issue of  electronic transmission of election results to ensure credibility.Ali, who made the remarks while speaking in an interview with newsmen on Sunday in Osogbo, said the more credible elections were, the less litigations they will attract.The  News Agency of Nigeria (NAN) reports  that the Nigerian Senate had on July 16, passed the Electoral Act (Amendment) Bill, 2021, after division among its members on the electronic transmission of results.

The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.

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The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.

Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.

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Justice Abubakar said that the appeal of the former federal pension director seeking to set aside the six years jail term against him was frivolous and devoid of merit.

He further held that victims of the convicted director deserve restitution which can only be achieved through justice.

Yusuf had dragged the Federal Government before the apex court seeking to overturn the six years imprisonment slammed on by the Court of Appeal.

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The former pensions director, who is serving the six years jail term at the Kuje correctional facility, also asked the Supreme Court to set aside a whopping sum of N22.9 billion he was ordered to refund to the government treasury by the Court of Appeal in a 2018 judgment.

He was sent to prison in 2018 by the Court of Appeal in Abuja upon being found guilty of defrauding the Federal Government to the tune of N22.9 billion through police pensions.

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Stakeholders task Nigerian youths on good governance, leadership advocacy

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Dr Odiakpo Obire, the founder of Good leadership for Africa, an Abuja based Non-Governmental Organisation (NGO) said the aim of the awards were to encourage African leaders to take their place as leaders among world leaders.
He said the youths of Africa had what it takes to elect the right leaders into offices as this was fundamental to their future and the success of the country.


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Stakeholders task Nigerian youths on good governance, leadership advocacy
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Abuja Nov 5, 2021 (NAN) Stakeholders in governance have urged Nigerian youths to be advocates of good governance and leadership in order to make Nigeria a better place.

They gave the advice in separate interviews with the News Agency of Nigeria (NAN) at the second global good governance awards and summit held in Abuja on Friday.

The theme for the award is “ Good governance mentality for global impact.

Dr Odiakpo Obire, the founder of Good leadership for Africa, an Abuja based Non-Governmental Organisation (NGO) said the aim of the awards were to encourage African leaders to take their place as leaders among world leaders.

He said the youths of Africa had what it takes to elect the right leaders into offices as this was fundamental to their future and the success of the country.

According to him, good governance and leadership are achievable and controllable by the youths.
“ Good governance and leadership make strong institutions.

“ The Africa and Nigeria of our dreams cannot be achieved if youths neglect accountability and advocacy of good leadership’, he said.

Obire stated that everyone appointed into a leadership position could help achieve a great Nigeria if they put the needs of the masses first and do what was expected of them.

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“ From the Federal Government to the local government, to the appointees to the least held office, everyone has the responsibility to do the right thing, ” he said.

He said democracy in Nigeria is over 22 years and youths had to rise to the responsibility of advocating for good leadership and accountability.

“ Good governance starts from selecting good leaders by the youths, ” he said.

Amb. Louis Temisan, Mayorking Ultimate International Magazine said a lot of people, institutions and NGOs are worthy of celebration because they advocate good governance.

“ People, institutions and NGOs who are staff minded, support youth empowerment, community development deserve all the celebration and recognition, ” he said.

According to him, advocating for and publicising good governance will challenge other lacking leaders to do better in their respective communities.

Amb. Anthony Nwangwu disclosed that good governance should be measured by good directions and steps taken by a leader to ensure life was easy for people.

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He said good governance is not measured by the number of cars a leader has or how much cash they throw around.

Nwangwu said good governance affects every facets of life.

NAN reports that about 30 people from the private and public sectors were recipients of different awards.

Some category of these awards include, award of Excellence in Human resource, award of best security outfit and award of best youth empowerment. (NAN)

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