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President Muhammadu Buhari, yesterday proposed an N8.6trn budget for the 2018 financial year.

Buhari made the presentation of the 2018 budget proposal to the National assembly on Tuesday in Abuja.

Below is a full breakdown of the proposed 2018 budget:

Budget size: N8.612 trillion (16 % higher than 2017 estimates)

Assumptions, projections

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• Benchmark crude oil price-US$45 per barrel

• Oil production estimate – 2.3 million barrels per day

• Exchange rate – N305/US$ for 2018

• Real GDP growth of 3.5 per cent

• Inflation Rate of 12.4 per cent

Expenditure Estimates

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The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate)

will comprise

• Recurrent Costs of N3.494 trillion

• Debt Service of N2.014 trillion

• Statutory Transfers of about N456 billion

• Sinking Fund of N220 billion (to retire maturing bond to local contractors)

• Capital Expenditure of N2.428 trillion (excluding the capital component of statutory transfers).

Recurrent Expenditure

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A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key ministries providing critical public services such as:

• N510.87 billion for Interior

• N435.01 billion for Education

• N422.43 billion for Defence

• N269.34 billion for Health

Capital Expenditure

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Key capital spending allocations in the 2018 Budget include:

• Power, Works and Housing: N555.88 billion

• Transportation: N263.10 billion

• Special Intervention Programmes: N150.00 billion

• Defence: N145.00 billion

• Agriculture and Rural Development N118.98 billion

• Water Resources: N95.11 billion

• Industry, Trade and Investment: N82.92 billion

• Interior: N63.26 billion

• Education N61.73 billion

• Universal Basic Education Commission: N109.06 billion

• Health: N71.11 billion

• Federal Capital Territory: N40.30 billion

• Zonal Intervention Projects N100.00 billion

• North East Intervention Fund N45.00 billion

• Niger Delta Ministry: N53.89 billion

• Niger Delta Development Commission: N71.20 billion.

Key projects and programmes to be implemented in 2018:

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• N9.8 billion for the Mambilla hydro power project, including N8.5 billion as counterpart

funding

• N12 billion counterpart funding for earmarked transmission lines and substations

• N35.41 billion for the National Housing Programme

• N10.00 billion for the 2nd Niger Bridge

• About N300 billion for the construction and rehabilitation of strategic roads

Regional Spending Priorities for Peace, Security and Development

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• N65 billion for the Presidential Amnesty Programme has been retained in the 2018 Budget

• Capital provision for the Ministry of Niger Delta increased to N53.89 billion from the N34.20 billion provided in 2017

• Completion of East-West Road, with a provision of about N17.32 billion in 2018

 

(NAN)

BIG STORY

Yahaya Bello: EFCC Confirms Refund Of $760,000 From American International School Abuja

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The American International School in Abuja has reimbursed the Economic and Financial Crimes Commission (EFCC) for the amount of $760,910 that it was previously paid by former Kogi State Governor Yahaya Bello for his children’s advanced school fees.

Dele Oyewale, the EFCC spokesperson, verified this on Saturday.

The school requested the anti-graft agency’s “authentic banking details” in a letter dated October 24, 2022, in order to pay the reimbursement “as part of investigation into the alleged money laundering activities by the Bello family.”

The sum of $845,852 was said to be paid to the school between September 2021 and October 2022. The school said it deducted the educational services rendered between the period, with the remaining amount being $760,910.

The EFCC is prosecuting Bello on 19 counts bordering on alleged money laundering, breach of trust, and misappropriation of funds to the tune of N80.2 billion. The matter is before Justice Emeka Nwite of the Federal High Court in Abuja.

EFCC chief Ola Olukoyede, who vowed to prosecute Bello or resign, alleged that the embattled ex-governor withdrew $720,000 from the state’s accounts to pay his child’s school fees in advance just before he left office on January 27, 2024.

The anti-graft commission had declared Bello wanted after his successor, Governor Usman Ododo allegedly whisked him away on April 17, 2024, preventing EFCC operatives to arrest him (Bello) when they laid siege to his Abuja residence.

Meanwhile, a Kogi State High Court sitting in Lokoja has ordered EFCC chairman to appear in court on May 13, 2024, to show cause why an order of committal should not be made against him for allegedly disobeying court order.

The EFCC boss is facing a contempt charge for carrying out “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, pending the determination of the substantive Originating Motion.

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BIG STORY

Yahaya Bello: Kogi Court Summons EFCC Chairman Olukoyede Over Alleged Contempt

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Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), has been directed by a Kogi State High Court in Lokoja to appear in court on May 13, 2024, to provide justification for not having an order of committal placed against him for allegedly defying a court order.

A contempt charge has been brought against the EFCC chairman for executing “some acts upon which they (the EFCC) have been restrained” by the Court on February 9, 2024, while the Originating Motion’s merits are being determined.

Justice I. A. Jamil, delivering a ruling in Suit No: HCL/68M/2024 and Motion No: HCL/190M/2024, ordered that “the said act was carried out by the Respondent (EFCC) in violation of the order, which was valid and subsisting when they carried out the act. That same act of the Respondent amounts to Contempt.

EFCC operatives had laid siege on the residence of the immediate past Governor of Kogi State, Alhaji Yahaya Bello, as early as 8 am on April 17, 2024, with a bid to arrest him, despite a court order restraining them from taking such action, pending the determination of the Originating Motion.

Justice Jamil’s order was based on a motion ex-parte filed by Yahaya Bello through his lawyer, M.S. Yusuf, where he prayed to the court for an order to issue and serve the Respondent (EFCC Chairman) with Form 49 Notice to show cause why Order of committal should not be made on Olukoyede.

Having listened to the arguments of the Applicant’s counsel, the submission and the exhibits attached in the Written Address, Justice Jamil granted Yahaya Bello’s prayers and ordered Olukoyede to be summoned to appear before the court to answer the contempt charge.

Delivering his order on the motion on April 25, 2024, Justice Jamil said, “The applicant’s application before me is to the effect that the Respondent has carried out some acts upon which they have been restrained by this Court on the 9th of February, 2024, pending the determination of the substantive motion on Notice before this Court.

“That the said act was carried out by the Respondent in violation of the order which was valid and subsisting when they carried out those acts. That same acts of the Respondent amount to acts of contempt.

“That the Respondent should be summoned to appear before this Court to answer to the contempt charge.

“It’s against the above facts that this Court hereby grants the prayers sought in line with the principle of “Audi Ultra Patem”. To wit:

“An order of this Honourable Court for the issuance of Form 49 Notice to show cause why an order of committal should not be made against the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC).

“An order for service of Form 49-Notice to show why an order of committal should not be made on the Executive Chairman of the Respondent – Economic and Financial Crimes Commission (EFCC) at EFCC Corporate Headquarters, Plot 301/302, Research and Institution District, Abuja.

“This matter is adjourned to the 13th of May, 2024 for the Respondent’s Chairman to appear before this Court in answer to form 49 ordered to be served on him.”

 

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BIG STORY

Naira Depreciates Because I Was Out Of The Country — Odumeje

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The Mountain of Holy Ghost Intervention and Deliverance Ministry’s Prophet Chukwuemeka Ohanemere, popularly known as Odumeje, declared that he had returned to Nigeria in an effort to halt the dollar’s appreciation relative to the Nigerian Naira.

Odumeje, in a video recorded at the airport while returning from London, boasted: “This is Indaboski Bahose. The war and the battle. A man full of power and activities. The only man who tells you, “I will bring down a dollar,” and he gets it done. When I left the country, dollar began to rise; now, I am back, I will continue where I stopped.”

In a video recording of one of his church programmes a few weeks ago, the self-acclaimed prophet had claimed that the exchange rate of dollar to naira came down because of one of his powers, which he dubbed ‘Abidoshaker.’

His claims came on the heels of the Nigerian currency’s significant gains after exchanging at N1,920 per dollar.

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