Business

‘Recovered looted funds will be used for 2017 budget’ – FG reveals

Published

8 years ago

July 26, 2016

Preliminary works for 2017 budget have begun in earnest going by the declaration by the Minister of Budget and National Planning , Senator Udoma Udo Udoma, that the 2017-2019 Medium Term Expenditure Framework (MEFT) will be ready for submission to the National Assembly by October.

Udoma gave insight into the 2017 budget yesterday in Abuja during a Stakeholders’ Consultative Forum with Civil Society Groups and organised private sector on the 2017-2019 METF. He said: “Demand and supply factors are expected to keep crude oil prices low in the medium term compared to the period prior to mid-2014.

We are considering a conservative oil price benchmark of $42.5 per barrel for 2017, $45 per barrel in 2018 and $50 per barrel in 2019. “We estimate oil production to be 2.2million barrel per day for 2017 , 2.3million barrel per day in 2018 and 2.4million barrel per day for 2019. We have pegged exchange rate for 2017, 2018 and 2019 at N290 to a dollar. ”

While disclosing that recovered looted funds would be used in funding part of the 2017 budget, he pointed out that N2.1trillion had so far been expended out of the N6.06trillion budgeted for 2016. He, however, added that only N253billion out of the N1.8trillion earmarked for capital projects had been spent so far. Government , he said, would continue in its effort to diversify its revenue sources to non -oil sectors.

“A significant increase in non oil revenue receipts is projected due to a gradually recovering domestic economy and government ’s expected improvement in Federal Inland Revenue Service (FIRS ) tax collection efforts. Company Income Tax is projected to increase from N1.79trillion in 2016 to over N1.86trillion in 2017 and beyond while Value Added Tax (VAT) collections is to increase by about 42.4 percent in 2017. “Operating surpluses projection have been moderated downwards for 2017 and thereafter a modest growth.

Customs collections are projected to moderate downwards for 2017 and thereafter a modest growth,” he said. Also speaking, Lead Director, Centre for Social Justice, Mr. Eze Onyepere, said government should learn and build on the mistakes of the 2016 budget.

“We should draw lessons from the mistakes of the last budget. We have all seen that the revenue projections for 2016 were over optimistic. This is why we are finding it difficult to get money to fund the budget, especially the capital expenditure. “ In 2017 onwards, we should be more empirical in our revenue forecast.

Let it be more realistic so that there won’t be a deviation of more than minus or plus five per cent. This is because if we have more money, we can do supplementary budgets rather than have an overly optimistic revenue projection and, at the end of the day, we are not able to fund our budget, ” he said. In his contribution, Governance Programme Manager Actionaid Nigeria, Mr. Obo Effanga, reminded the government of the limited time they had to fulfill promises.

“This administration is a four year period and one year has gone already and even the government had admitted that the last year will be given to politics, so effectively they have just two years left. And we are preparing the budget for one of the two years remaining. So, if we don ’t make sure that this works very well, it means that we can only look up to 2018 ,” he said.

Business

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

Published

19 hours ago

December 26, 2024

Sahara Weekly

FIRSTBANK’S DECEMBERISSAVYBE LIGHTS UP LAGOS WITH DAVIDO CONCERT

By Farouk Mohammed

Once again, FirstBank has reaffirmed its position as a champion of arts, culture, and entertainment through its annual DecemberIssaVybe initiative. This year, the bank brought music lovers an unforgettable Christmas Eve experience with the Davido Live in Lagos concert, held at the iconic Eko Hotel Convention Centre. As part of the initiative, the event was a highlight of the festive season, delivering joy, excitement, and unmatched entertainment to thousands of fans.

Delivering Exclusive Experiences

True to its legacy, FirstBank ensured its customers and followers had the chance to enjoy this spectacular event through ticket giveaways across its social media platforms. By engaging with fans on Instagram (@firstbanknigeria) and Facebook (First Bank of Nigeria Limited), the bank seamlessly connected with its audience, creating opportunities for them to witness one of Nigeria’s biggest stars perform live.

Through its First@arts initiatives like these, FirstBank continues to elevate the entertainment experience for its stakeholders, positioning itself as more than just a financial institution but a lifestyle enabler. The bank’s efforts underscore its commitment to bringing premium opportunities to its customers, creating memorable moments for families and individuals alike.

Davido: The Highlight of DecemberIssaVybe

On Christmas Eve, the atmosphere at the Eko Hotel Convention Centre was nothing short of electric as Davido, the Afrobeats superstar, delivered an exhilarating performance. With hits like “Feel,” “Unavailable,” “FUNDS,” and “Dami Duro”, the audience was immersed in a musical journey that celebrated Nigerian creativity and artistry. The energy was infectious, as fans sang along to every lyric, making the concert an unforgettable experience for all in attendance.

For many, this was their first time seeing Davido live, and FirstBank made it possible, proving once again its dedication to supporting the arts and providing access to world-class entertainment.

The Spirit of DecemberIssaVybe

The DecemberIssaVybe initiative is not just about music; it’s about community, homecoming, and shared joy. Designed to resonate with Nigerians, both at home and in the diaspora, the initiative creates opportunities for family bonding and cultural connection during the festive season. Events like Davido’s concert, the Calabar Carnival, and Flytime Fest have all contributed to making the 2024 edition of DecemberIssaVybe truly extraordinary. Through DecemberIssaVybe, FirstBank continues to demonstrate its commitment to enriching the lives of its customers by providing access to premium events and creating platforms that celebrate the essence of Nigerian culture.

More Than Banking: A Commitment to Community

FirstBank’s impact goes beyond providing financial services—it’s about enabling memorable experiences. By supporting events like the Davido Live in Lagos concert, FirstBank strengthens its bond with customers, enhancing its role as a catalyst for joy and togetherness during the festive season.

With its steadfast support for the arts and entertainment industry, FirstBank also contributes to the economic empowerment of the value chain, showcasing its leadership in promoting culture, music, and creativity in Nigeria.

Stay Connected, Stay Vibing

For those who experienced the magic of Davido’s concert and other DecemberIssaVybe events, the memories will remain cherished. For those who missed out, FirstBank offers more opportunities to join the excitement. Stay tuned to its social media platforms—Instagram (@firstbanknigeria), Twitter (@FirstBankngr), and Facebook (First Bank of Nigeria Limited)—for updates, contests, and more exciting opportunities.

Business

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

Published

1 day ago

December 26, 2024

Sahara Weekly

Don’t Return Fuel Subsidy Through Dubious Means, Group Tells NNPCL’s Mele Kyari

The Afenifere Mandate Forum (AMF) has cautioned the Nigerian National Petroleum Company Limited (NNPCL) against re-introducing fuel subsidy through dubious means, citing the regime’s notorious history of corruption.

The group emphasised the need for transparency going forward, urging the Central Bank of Nigeria (CBN) not to make payments to NNPCL’s foreign partners in the name of subsidy.

In a statement signed by its President, Otunba Davies Folorunsho, the group said the fuel subsidy regime was embroiled in corruption, with allegations of fraudulent payments and inflated subsidies.

Folorunsho said Mele Kyari, the Group CEO of NNPCL, was at the centre of the controversy, with reports of the company importing toxic fuel from Malta.

He noted that this not only perpetuated corruption but also endangered the health and safety of Nigerians.

However, Folorunsho said the he removal of fuel subsidy has been a significant step towards economic recovery, saving the country billions of dollars that were previously spent on subsidizing petrol prices.

“In 2022 alone, subsidies gulped $10 billion, leaving the state oil company NNPC with nothing to remit to the treasury,” he added.

“Fuel subsidy were not only financially ruinous but also largely regressive, benefiting mostly car-owning urbanites and those who could afford petrol-powered generators.

“As a result of the subsidy removal, the financial burden on the government has been significantly reduced, freeing up more funds for critical infrastructure and social programs.

“Additionally, government revenue has increased, smuggling has decreased, and the risk of adulterated fuel has been mitigated. The removal of fuel subsidy has also paved the way for a more sustainable energy ecosystem, encouraging the use of alternative energy sources and reducing Nigeria’s reliance on fossil fuels.

The group urged the NNPCL to maintain transparency in its operations and avoid re-introducing fuel subsidy through the backdoor.

“We believe that the removal of fuel subsidy is a step in the right direction, and we urge the government to continue on this path towards economic recovery,” Folorunsho said.

Business

Adron Homes Celebrates Christmas with Customers, Reaffirms Commitment to Bridging Nigeria’s Housing Deficit

Published

1 day ago

December 26, 2024

Sahara Weekly

Adron Homes Celebrates Christmas with Customers, Reaffirms Commitment to Bridging Nigeria’s Housing Deficit

As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”