Business & Economy
Senate passes N982.729bn supplementary budget for 2021
The Senate on Wednesday approved the sum of N982.729 billion as supplementary budget for the 2021 fiscal year.
The approved sum represents an upward review of N86.9 billion from the initial amount of N895.842 billion transmitted to the National Assembly by President Muhammadu Buhari about two weeks ago.
The passage of the supplementary Appropriation Bill 2021, followed the consideration of a report by the Committee on Appropriation during plenary.
Accordingly, out of the total sum of N982,729,695,343 billion passed, N123,332,174,164 billion is for Recurrent (Non-Debt) Expenditure; and N859,397,521,179 billion as contribution to the Development Fund for Capital Expenditure.
Chairman of the Appropriation Committee, Senator Barau Jibrin, in his presentation explained that the sum of N45.63 billion required for COVID-19 vaccine Programme would be sourced through existing World Bank Loan as well as other Grants.
He added that the balance of N37.93 billion would be sourced from Special Reserve/Levy Accounts comprising: TSA (Foreign currency component) – N25 billion; MOFI CHQ optional – N5 billion; and Foreign Revenue E-Collection – N30 billion; 65 percent Wheat Floor Levy – N15 billion; 5.15 percent Wheat Grain Levy – N15 billion; and Rolled-Over Capital (unspent) – N5 billion.
The lawmaker disclosed that the balance of N722.40 billion which is for capital expenditure on procurement of additional equipment for the security and capital supplementation would be sourced from new borrowing.
Barau explained that the Committee in line with the harmonised position with its House of Representatives counterpart recommended an upward review of the funding of some Security Agencies that were grossly underfunded or not funded in the supplementary Appropriation Bill.
The lawmaker listed the Agencies to include the Nigerian Navy, Ministry of Police Affairs, Defence Intelligence Agency, Department of State Security Services (DSS) and Economic and Financial Crimes Commission (EFCC).
A breakdown of Capital Expenditure for Ministries, Departments and Agencies of Government in the supplementary budget shows that N8,500,000,000 was approved for the Ministry of Police Affairs; N22,586,121,511 for Police Formations and Command; N33,673,461,231 for the Defence Headquarter; N207,543,863,993 for the Nigerian Army; N157,780,421,836 – Nigerian Navy; N239,477,882,473 – Nigerian Air Force; N43,326,943,687 – Defence Space Administration; and N16,887,229,426 – Defence Intelligence Agency.
Others include: Nigeria Security and Civil Defence Corps – N14,822,575,648; Office of the National Security Adviser – N17,000,000,000; Department of State Services – N17,500,000,000; National Intelligence Agency – N4,870,350,000; Economic and Financial Crimes Commission (EFCC) – N3,500,000,000; and National Agency For the Control of AIDS (NACA) – N1,685,000,000.
Under the Federal Ministry of Health, the sum of N2,800,000,00 was approved for the procurement of Molecular Laboratory Equipments to Hospitals (N300m), National Orthopedic Hospital, Igbobi (N300m), National Eye Centre, Kaduna (N300m), National Fistula Centre, Abakaliki (N300m), National Fistula Hospital, Sokoto (N300m), Federal Neuro-Psychiatric Hospital, Calabar (N300m), University of Nigeria Teaching Hospital (N300m), Federal Medical Centre Asaba Annex Aniocha (N300m) and FMC Nguru (N400m).
In addition, the sum of N6,715,338,874 was approved for the Procurement and Installation of New Oxygen Plants Nationwide and Repairs of Oxygen Plants in FCT Hospitals; and N60,728,332,500 for Vaccines Procurement Cost (Federal Government of Nigeria Funding – $298,500,000 for 29.85 million Johnson & Johnson Vaccines.
Business & Economy
Dangote Refinery Will Generate ‘Massive Job Opportunities’ – Aliko
The President of The Dangote Group, Aliko Dangote, on Monday, said his refinery will generate “massive” job opportunities for the teeming Nigerian youths.
He stated this in Lagos during the commissioning of the 650,000 bpd Dangote Petroleum Refinery and Petrochemicals by President Muhammadu Buhari.
The project is expected to churn out Premium Motor Spirit (PMS), diesel (AGO), aviation jet fuel and Dual-Purpose Kerosene (DPK), among other refined products.
“The refinery operation will generate massive job opportunities in their hundreds of thousands,” he said while highlighting the benefits of the refinery.
“The refinery will make available to our industries vital raw materials to a large range of manufacturers in the pharmaceuticals, food, beverages, construction and many other industries.”
The businessman also expressed thanks for the “massive” support for him and The Dangote Group towards the creation of the Dangote Petroleum Refinery and Petrochemicals plant.
He appreciated Buhari and Nigerians for the immeasurable support his company received from the inception of the project to its completion.
“What I want to share with Nigerians is actually to show my personal gratitude and that of The Dangote Group, for all the assistance that we got from the President, from the Federal Government of Nigeria, from even the President-elect, because he also set the pace by creating the Lekki Free Trade Zone as part of his dream.
“And also we want to thank most especially Governor Fashola, Governor Ambode and most especially Governor Sanwo-Olu; because they have given us all the assistance that we were looking for.
“We thank all Nigerians for giving us their support which is too numerous to mention,” the industrialist said.
Business & Economy
Dangote Refinery To Generate 12,000 Megawatts Of Electricity – CBN
The Central Bank of Nigeria (CBN) has said that the newly inaugurated Dangote Petroleum Refinery and Petrochemicals will help Nigeria generate more power for its electricity sector.
Speaking today at the inauguration in Lagos State, Governor of the apex bank, Mr Godwin Emefiele, said the Dangote Refinery is expected to generate 12,000 megawatts of electricity.
He further stated that over 135,000 permanent jobs will be available to Nigerians as operations get underway.
According to him, it is also expected that the refinery saves Nigeria between $25 and $30 billion in forex annually.
Like a venture that continues to give, the refinery Emefiele says will further give the economy an inflow of $10billion yearly.
In his opinion, the Dangote Refinery is an indication that Nigeria can produce whatever it Needs.
Business & Economy
SANWO-OLU PRAISES BUHARI, TINUBU, DANGOTE CONTRIBUTIONS TO NIGERIA’S FIRST PRIVATE REFINERY
•LASG has provided enabling environment for private sector growth, says Dangote
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday, said the stories of President Muhammadu Buhari; President-elect, Asiwaju Bola Tinubu and Chairman of Dangote Group, Alhaji Aliko Dangote are a testament that prosperity can be achieved when leaders have shared vision for the people they are leading.
Sanwo-Olu shared three different stories on how President Buhari, Asiwaju Tinubu and Dangote are connected to the newly commissioned first privately owned refinery in Nigeria, the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, said the three leaders have shown Nigerians that leadership is about consistency and commitment to Nigeria’s economic growth.
He said: “The vision of Aliko Dangote, President Muhammadu Buhari and incoming President Asiwaju Bola Ahmed Tinubu, is a story of possibility when men have a shared common vision, purpose and they have the possibility that things can happen, things can change and things can be prosperous for the people they are leading.
“These three men; Aliko Dangote, President Muhammadu Buhari, and President-elect Bola Ahmed Tinubu epitomise all the great qualities of great leadership. They have shown us that nothing can be something. They have shown us that leadership is about consistency. It is about showing that whatever it is that you believe in, give it all it takes and at the end of it you will see the results coming out.”
Governor Sanwo-Olu while commending Dangote, said the business mogul is a completely detribalised Nigerian who has impacted many lives positively.
He said: “To our son Alhaji Aliko Dangote, we are indeed truly proud that you have put Nigeria and indeed Africa on that world map in which you have done the very first. We are proud of your belief in your country and your belief in the youth that you are giving the opportunity to. We are proud of the fact that you are a Nigerian that is completely detribalised and you have imbibed it in many ways.
“It is about the opportunity this (refinery) has provided for all the youth and young people of our country. It is about the fact we can say to them the work these three men – Mr. President, Alhaji Dangote, and our incoming president have done and will continue to do.
“It is about our future. It is about providing an opportunity for the youth because over 150,000 direct and indirect jobs that will be created are for our youths; young leaders that are in their 20s and their 30s for them to believe that indeed Nigerian is a place for them. Nigeria considers them as an important and veritable tool in developing and ensuring the very best.
“I want to also thank our President-elect who propelled a vision of what we are enjoying today. As governor and as Lagosian, he was the main architect of the modern history of the trajectory of Lagos and we are hopeful and praying that when he comes in as president, all of those additional vision that he has will come to reality.”
Governor Sanwo-Olu, who was part of the birth of the Lekki free zone in 2006 during the tenure of Tinubu as Governor of Lagos State, praised the host communities for showing hospitality to investors in the area.
“I want to use this opportunity to thank our host community. This community has been the host to several firsts in our country and I want to thank all of them; from the traditional rulers to all of the indigenous citizens that have continued to reflect the true spirit of Lagos to be able to show hospitality and accommodation in everything that we are about,” he said.
Governor Sanwo-Olu also commended President Muhammadu Buhari’s eight years in office, saying the people of Lagos State are proud of what the President has done for Nigeria.
He said: “You (President) have spent 2,915 days out of 2,922 days that you have. Mr. President, you have spent 99.98 percent of your time. Mr President history will certainly judge you well. We in Lagos are happy. This is your third trip to the Lekki Free Zone in less than a year.
“We are proud of you. We are indeed excited that you have thrown everything you have into it and as you bow down, I might not have the opportunity of holding a microphone again, I want to say to you, that on behalf of Lagos State, we are truly proud of the things that you have done for us in this country.”
Speaking earlier, Dangote commended Lagos State Government under the leadership of Governor Sanwo-Olu for providing an enabling environment for private sector growth, particularly the Dangote Refinery.
He said: “Lagos State Government has been exceptionally remarkable in their efforts toward the completion of this project.
“The Lagos State Government under the leadership of Governor Babajide Sanwo-Olu has provided an enabling environment for private sector growth in the state and this project. It has allowed us to invest over $30 billion in different sectors of the industry.”
Tinubu’s inauguration: We’re in charge here – Enenche dares witches, wizards coming to FCT
ShareThe Senior Pastor of Dunamis International Gospel Center, Dr Paul Enenche has issued stern warning to witches and wizards coming...
Seun Kuti Thanks Family, Friends, Lawyers After Freedom
ShareAfrobeat musician, Seun Kuti, has expressed gratitude to his family members, friends and legal advisers for their support towards his...
10th Senate: Count Me Out Of Senate Presidency Race – Lawan
Share The President of the Senate, Senator Ahmad Lawan has denied reports that he aspiring for the position of the...
Gov AbdulRazaq emerges new Chairman of Nigeria Governors Forum Governor AbdulRazaq AbdulRahman of Kwara state has emerged as the new Chairman of Nigeria Governors Forum. This is contained in a press statement issued by his Chief Press Secretary, Rafiu Ajakaye Wednesday morning to journalists in Ilorin. According to the statement,the exalted office was bestowed on him by his colleagues. The governor among others pledged to uphold the ideals and vision of the NGF as a most credible, authoritative, influential and effective inter-party platform for consensus building and peaceful resolution and advancement of pan-Nigeria goals, interests and aspirations The statement reads,”I want to thank Allah, exalted is He, for the historic event in which my brother Governors bestowed upon me the Chairmanship of the Nigeria Governors’ Forum (NGF). It added that,”The significance and the huge responsibilities of this office are not lost on me. “I hereby pledge to uphold the ideals and vision of the NGF whilst recognising and appreciating the eminent track record of the institution as a most credible, authoritative, influential and effective inter-party platform for consensus building and peaceful resolution and advancement of pan-Nigeria goals, interests and aspirations. “l will ensure regular consultation with all members in order to arrive at consensus on all issues for the advancement and promotion of national interest, peace, progress, and stability of the nation.” “As a body, we will also continue our tradition of maintaining a close and cordial relationship with His Excellency the President, the National Assembly, all Federal and State institutions, the business community, the civil society, media, and development partners. “Finally, l wish to thank my dear colleagues for the confidence reposed in me as the new Chairman of NGF.”the statement ends
Share Governor AbdulRazaq AbdulRahman of Kwara state has emerged as the new Chairman of Nigeria Governors Forum. This is contained...
Senate Confirms Dabiri-Erewa’s Reappointment As NIDCOM Boss
Share The Senate has confirmed the nomination of Mrs Abike Dabiri-Erewa for reappointment as the Chairman and CEO of Nigerians...