Business
BUDGET 2016: Buhari sacks Director of Budget
The embarrassing errors in the 2016 Budget appeared to have claimed a first casualty on Monday as President Muhammadu Buhari sacked the Director-General (Budget), Mr. Yahaya Gusau.
The President also approved the appointment of Mr. Tijjani Abdullahi to replace Gusau, who was appointed in August last year.
These were contained in a statement by the President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, on Monday.
Although no reason was given for the development, observers believed that Gasau was fired because of the various discrepancies that had been identified in the 2016 budget proposals currently before the National Assembly.
A top government source, who confided in The PUNCH,said although Gusasu could not be blamed for the errors and padding of the budget, the buck stopped at his table as the director-general.
The source stated, “His removal has to do with errors and discrepancies in the budget. I can assure you that more heads will roll.”
The Presidency sources had, on February 6, alleged that a budget mafia planned to scuttle innovations introduced by the current administration into the budget by inflating figures.
The mafia was alleged to have proposed a budget of N9.7tn for capital and overhead spending, excluding personnel cost, as against the Presidency’s initial estimate of about N8tn.
The group was said to have proposed N3tn as overheads alone out of the N9.7tn, a figure the Presidency later slashed to N163bn.
The ministry of budget and national planning had also promised to investigate and punish those responsible for the errors and strange figures found in the budget, which was presented to the National Assembly by Buhari in December, 2015.
The errors had delayed the passage of the budget with the federal legislature saying the February 25 deadline it set for its approval was no more feasible.
The Senate Leader, Ali Ndume, had said, “We have not postponed it indefinitely; we are saying that with the current developments, the February 25 deadline we gave ourselves may not be realistic.”
According to Adesina, Abdullahi, who succeeded Gusau, is a fellow of the Certified National Accountants of Nigeria and a banker of repute with experience in managing public finance.
In a similar development, Adesina said the President had approved the appointment of Mr. Ben Akabueze as the Special Adviser on Planning to the Minister of Budget and National Planning.
Akabueze, the immediate past Commissioner for Economic Planning and Budget in Lagos State, is said to have worked in senior management positions in Citi Bank, Fidelity Bank, United Bank for Africa, NAL Merchant Bank, Sterling Bank and BIA Consulting Limited, among others.
He is a Fellow of the Chartered Institute of Bankers and also a Fellow, Institute of Credit Administrators.
Meanwhile, the Centre for Social Justice on Monday said the 2016 budget contained N668.8bn expenditure that was “frivolous, inappropriate, unclear and wasteful”.
The centre stated this in Abuja while unveiling a report that analysed the 2016 budget.
Speaking on the report, the Lead Director, CSJ, Mr. Eze Onyekpere, said the fiscal document should be reviewed in order to remove all the expenditure that would not impact positively on the lives of the people.
He said it had become a tradition among Ministries, Departments and Agencies of government to make allowance for unnecessary expenditure in the budget.
Some of them are purchase of vehicles, welfare packages, software, computers, uniforms and clothing, refreshment and meals and subscription to professional bodies.
Others, the CSJ listed, are maintenance of office building/residential quarters, budget preparation, rents and absence of price database.
Giving a breakdown of some of the expenses that made up the unclear expenditure, Onyekpere said for the State House, for instance, the sum of N3.91bn was allocated to annual reporting maintenance of Villa facilities while N618.6m was budgeted for installation of electrical fittings.
Other expenses that the group considered as wasteful are N272m for upgrade of mechanical power line, N322.4m for linking of cable to drivers’ restroom at the Villa and N213.8m for linking of cable from the Guest House to generator house.
He added, “Despite the provision for the maintenance of Villa facilities, this huge sum is being considered for the same location.
“The Villa Guest House and facilities have already taken so much. These seem to be a play on words around electricity for the sum of N1.83bn.
“These cannot be priorities for Nigeria in these lean times. This is incredible and should be reduced by 70 per cent.”
On the huge amount budgeted for vehicles, the group urged the National Assembly to demand an inventory of all existing vehicles in the MDAs before considering such requests.
The report said, “Purchase of (motor) vehicles is a common request across many MDAs. How do we determine genuine from frivolous requests?
“Should NASS demand an inventory of existing vehicles? There is a need for justification before every approval. The demand for vehicles is even specifically tied to some foreign brands.
“This is wrong under the Public Procurement Act as only the functional specification of a product should be in the budget.”
The group believed that rather than spending these funds for the procurement of these items, they should be re-channelled to other productive sectors of the economy.
The report added, “A total of N668.88bn has been identified as resources to be saved and re-programmed. We hope the National Assembly will do the needful and reprogramme these resources for the public good.”
A source in the Presidency who claimed that the mafia was responsible for the controversial provisions in the eventual N6.07tn budget sent to the National Assembly by the Presidency, added, “These bureaucrats also proposed to spend N2.1tn on personnel for the 2016 estimate compared to about N1.8tn in the 2015 budget.’’
Following the revelation, the Federal Government, it was learnt, would soon commence an investigation to determine the roles played by permanent secretaries, directors and budget officers in MDAs in the padding of the budget.
The PUNCH gathered from top government officials that the probe, which is expected to commence any time from now, would also be extended to assistant directors, deputy directors and other top-level officers in agencies of government.
It was learnt that the investigation, to be carried out by the Ministry of Budget and National Planning. would assist in unravelling the mystery surrounding the padding of the budget.
Business
Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos
Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos
The stage is set for the 2025 Expatriates Business Awards (EBA), a prestigious celebration of global enterprise and diversity shaping Nigeria’s economic landscape. Scheduled for Sunday, July 6th, 2025, at the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos, the event promises to be a night of elegance, culture, and recognition of foreign excellence driving local growth.
Speaking at the unveiling, Miss Odunola Abayomi, Director of Awards, highlighted the event’s bold vision: to honour the transformative contributions of expatriates, foreign businesses, and migrant communities in Nigeria.
“Today, we celebrate a vision that transcends borders,” she said. “This award is a heartfelt ‘thank you’ to those who have invested, innovated, and contributed immensely to Nigeria’s economy.”
Now in its fifth year, the Expatriates Business Awards—originally launched in 2020 as The Ethnic Business Awards (TEBA)—has evolved into a premier platform spotlighting global entrepreneurship within Nigeria’s borders. Past editions have featured high-profile hosts like media personality Daddy Freeze and Ghanaian actress Ella Mensah, setting a benchmark for excellence and inclusivity.
This year’s ceremony will feature a vibrant mix of exhibitions, music, comedy, and cultural performances, fostering cross-cultural dialogue and celebrating shared economic progress. The selection process is already underway, combining public nominations, opinion polls, and independent research to ensure transparent, merit-based recognition.
Powered by Pun Communications Ltd. and presented under the TEBA Foundation for Humanity, the event continues to uphold values of integrity, excellence, and impact.
“Nigeria is not just a destination; it’s a global opportunity hub,” Miss Abayomi added. “We invite the media, diplomatic corps, business leaders, and the international community to join us in celebrating the global heartbeat of Nigerian enterprise.”
For sponsorships, media inquiries, or ticket information, visit: www.theethnicbusinessawards.com
Business
Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award
Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award
In a landmark celebration of sportsmanship, leadership, and vision, Aare Adetola Emmanuelking, the esteemed Chairman and Chief Executive Officer of Adron Homes and Properties, has been honored with Nigeria’s inaugural Noble Golfer Award. This prestigious accolade was conferred upon him by the renowned Elite 18 Global Golfers during a high-profile event that brought together key figures from the sports, real estate, and business sectors.
The Noble Golfer Award recognizes individuals who have shown steadfast dedication to advancing the game of golf and promoting sports culture in their communities. Aare Emmanuelking’s nomination exemplifies his exceptional commitment to enriching the golfing landscape in Nigeria, alongside his broader initiatives aimed at fostering sports development across the nation.
Aare Emmanuelking is not merely a business leader; he is a pioneer in integrating golf into modern lifestyle experiences. Currently, he is leading the ambitious development of a state-of-the-art golf course in Nigeria a monumental project that aspires to redefine leisure, tourism, and sporting excellence within the country. This golf course aims to provide a premier playing experience while also serving as a social hub for golfing enthusiasts and the community at large.
In a bid to make golf more inclusive and accessible, Aare Emmanuelking has also initiated the construction of advanced golf driving ranges in all Adron Homes Estates across Nigeria. This visionary project is designed to encourage participation in the sport among Nigerians of all ages and backgrounds, fostering wellness, recreation, and community engagement as integral parts of Adron’s residential developments.
At the award presentation, Aare Emmanuelking conveyed his heartfelt gratitude for the recognition, emphasizing his belief in the transformative power of sports as a vehicle for national development and youth empowerment. He remarked, “Golf is not just a game; it exemplifies discipline, a distinct lifestyle, and a pursuit of excellence. Through Adron Homes, we are not merely constructing houses—we are nurturing communities built on the foundations of wellness, unity, and opportunity.”
The Elite 18 Global Golfers commended Aare Emmanuelking’s innovative approach, highlighting how he effectively merges real estate advancements with world-class sports infrastructure. They acknowledged that his efforts have the potential to inspire a new generation of golfers and to position Nigeria as a premier destination for international golfing events.
As Aare Adetola Emmanuelking continues to break new ground in both the real estate and sports development arenas, receiving this award serves as a testament to his lasting influence—not only in the realms of business but also in cultivating a legacy of excellence, one fairway at a time. His contributions are poised to create lasting change, inspiring future generations and fostering a vibrant culture of sport and community in Nigeria.
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