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No Provision Yet for COVID-19 Vaccines In 2021 Budget, Says Finance Minister

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Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, has said that there is no provision in the 2021 Budget to fund the acquisition of COVID-19 vaccines.

The minister, during a virtual presentation of the 2021 Budget in Abuja, however, explained that the federal government is working on the type and quantity of COVID-19 vaccines to procure, while her ministry and the Ministry of Health will meet to finalize an amount to be allocated to vaccine procurement within the next two weeks.

Also, the 2020 Finance Act recently signed into law by President Muhammadu Buhari has exempted workers within the minimum wage bracket of N30, 000 from personal income tax.

The Act, which amended no fewer than 14 different fiscal laws, now extends the implementation of the Public Procurement Act to the National Assembly and the judiciary.

Nigeria is expected to receive about 100,000 doses of the Pfizer and BioNTech approved COVID-19 vaccines by the end of January.

In addition, the country, under phase two of its COVID-19 vaccination scheme, will get 42 million extra doses of vaccines through the COVAX facility.

The federal government is targeting to vaccinate about 40 percent of Nigeria’s population in 2021.

Ahmed expressed the commitment of the National Assembly to provide a supplementary budget for additional spending on COVID-19 vaccines if needed.

She said: “We agreed that the effort needed to be done so that we have clarity as to whether the provisions in the budget will be adequate or we have to make additional provisions by way of a special supplementary budget to make more provisions for COVID-19 vaccinations.”

Responding to a question on whether there was a provision for fuel subsidy in the 2021 budget, Ahmed stated that no such provision was made for it.
She also foreclosed subsidy on electricity due to the recent suspension of the hike in the electricity tariff.

The minister, however, added that the Finance Act, among others, exempts workers within the N30,000 minimum wage bracket and below from personal income tax deductions.

According to her, another key provision in the Act is the exemption of all micro and small companies earning N25 million or less as annual turnover from paying the Tertiary Education Tax.

In addition, the Act excluded commercial airline tickets, commercial aircraft spare parts and components; interests in land and buildings; animal feed and hire, rental or lease of agriculture equipment for agricultural purposes from a 7.5 percent Value Added Tax (VAT) charge.

She said: “The key guiding principle of the Finance Act 2020 is to ensure that there is a balance between broader macroeconomic strategies to attract investment, grow the economy, create jobs as well as provide immediate fiscal strategies for accelerated domestic revenue mobilization, in response to the COVID-19 pandemic and the domestic/global economic downturn.

“Specifically, the Finance Act 2020 adopts counter-cyclical fiscal policies in response to the COVID-19 pandemic by providing fiscal relief for taxpayers; reforms fiscal incentive policies to prioritize job creation and accelerate economic recovery and growth; and fosters closer coordination of monetary, trade and fiscal policies.”

Ahmed added that the 2020 Finance Act also provided for the establishment of a N500 billion crisis Intervention Fund as well as other sources approved by the National Assembly to fund the federal government’s expenditures.

Proceeds from unclaimed dividends of listed companies and unutilized amounts in dormant bank accounts outstanding for six years or more will also be channeled to the fund.

The unclaimed dividends and bank balances are subject to a perpetual trust to be managed by the Debt Management Office (DMO), with the governing council to be chaired by the finance minister and co-chaired by a nominee from the organized private sector who is of impeccable integrity and reputation.

Ahmed, however, added that genuine beneficiaries will be able to claim their funds back from the federal government at any time.

Speaking on the performance of the revised 2020 Budget, the minister said the federal government expended a total of N1.8 trillion on the execution of capital projects.

According to her, N1.8 trillion represents about 89 percent of the total provision for capital projects.

She explained that out of the amount spent, N118.37 billion was released for COVID-19-related capital expenditure.

Ahmed said while the federal government projected N9.97 trillion expenditure for 2020, it spent about N10.08 trillion, representing 101 percent performance.

Debt service, she also stated, gulped N3.27 trillion while personnel cost, including salaries and pensions, accounted for N3.19 trillion.

On the key assumptions of the 2021 Budget, the minister said the parameters were arrived at after a careful analysis of external domestic trends.

She noted that the crude oil price benchmark was retained at $40 per barrel although the World Bank forecasts $44 per barrel average crude oil price in 2021.

She added that crude oil production is projected to increase from 1.80 million barrels per day (mbpd) in 2020 to 1.86mbpd in 2021, as economies recover from a recession, and moderated by the Organisation of Petroleum Exporting Countries (OPEC) quota agreements.

Ahmed stated that the aggregate revenue available to fund the N13.5 trillion 2021 budget is projected at N7.99 trillion (36.9 percent higher than the 2020 projection of N5.84 trillion).

To promote fiscal transparency, accountability, and comprehensiveness, she said the budgets of 60 Government-owned Enterprises (GOEs) are integrated in the federal government’s 2021 Budget proposal.

“In aggregate, 30% of projected revenues is to come from oil-related sources while 70% is to be earned from non-oil sources. Overall, the size of the budget has been constrained by our relatively low revenues,” she added.

According to her, the 2021 aggregate federal government expenditure (inclusive of GOEs and project-tied loans) is projected to be N13.59 trillion, which is 25.7 percent higher than the revised 2020 Budget.

Also, the recurrent (non-debt) spending is estimated to amount to N5.99 trillion, representing 44.1 percent of total expenditure, and 13.3 percent higher than the 2020 revised estimates (mainly reflecting increases in salaries and pensions).

The minister also explained that the deficit of N5.6 trillion will be funded via domestic and external borrowings of N2.34 trillion apiece.

She said N2.5 billion is also expected as privatization proceeds.

The budget also has an aggregate capital expenditure of N4.37 trillion or 32.2 percent of total expenditure, which is 62.9 percent higher than the 2020 Revised Budget, inclusive of the capital component of statutory transfers and GOEs.

At N3.32 trillion, the provision for debt service for 2021 is 24.5 percent of total expenditure and 12.6 percent higher than the 2020 revised budget.

The minister also put the provision to retire maturing bonds to local contractors/suppliers at N200 billion.

 

BIG STORY

COALITION: Peter Obi Will Be Expelled From Labour Party — Arabambi

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The Labour Party has announced its intention to expel former presidential candidate Peter Obi over his participation in an opposition coalition seeking to remove President Bola Tinubu.

During a live appearance on Channels Television’s The Morning Brief on Tuesday, a party chieftain, Abayomi Arabambi, said Obi’s involvement with the coalition while remaining a Labour Party member was “unconstitutional” and “unacceptable.”

“Let me make it very clear: we are convening a NEC [National Executive Council] meeting where he [Obi] will be expelled. It is unconstitutional for you to belong to two political parties at a time. They have deceived him to their side, and there he shall remain,” Arabambi said.

He explained that the NEC would recommend Obi’s expulsion, which would then be formally approved at the party’s convention in line with its constitution.

“Obi will be expelled from our party. He is no longer a member. It is not within his right to claim, ‘I am still a member of the Labour Party,’ and at the same time be hobnobbing with what we call the ‘yahoo yahoo’ coalition. We are not going to accept that,” he said.

In a critical statement, Arabambi rejected claims that Obi was responsible for the Labour Party’s rise, saying, “I want to correct a very wrong notion—Obi did not make the Labour Party; the Labour Party made Peter Obi. It was just a chance of circumstance because of the #EndSARS protests and the failings of past administrations. Nigerians were simply tired.”

He insisted that it was the party’s credibility that gave Obi the platform that elevated his political image in 2023.

“It’s because of our own integrity. That was what gave Obi what he is today. He should be banking on our goodwill, not the other way around. He started the crisis in the Labour Party,” he said.

Arabambi also accused Obi of having an authoritarian approach, saying, “If he can fight party members to do his will, then he is not fit to run the party.”

He emphasized that the Labour Party had only one recognized leadership, stating, “Let me also make it clear: we do not have groups in the Labour Party. We have only one leadership under Julius Abure, our national chairman.”

Arabambi’s comments came after the Julius Abure-led faction of the Labour Party gave Obi a 48-hour deadline to formally resign from the party over his alleged “bromance” with the coalition.

In a statement dated 3 July, LP’s Obiora Ifoh said, “Labour Party is not part of the coalition. Therefore, any of our members who are part of the coalition are given within 48 hours to formally resign his membership of the party.

Labour Party is not available for people with dual agendas or deceptive personas. We will not allow individuals to have one leg in our party and the other elsewhere.”

Ifoh accused coalition members of being opportunistic politicians “interested in relaunching themselves into the circle of power.”

This situation arose after the opposition coalition met on Wednesday, 2 July, in Abuja, where the ADC was adopted as its platform for the 2027 elections.

The coalition appointed former Senate President David Mark as interim national chairman and former Osun governor Rauf Aregbesola as secretary.

The meeting was attended by many prominent politicians, including Atiku Abubakar, Nasir El-Rufai, Rotimi Amaechi, Dino Melaye, Dele Momodu, Gabriel Suswam, Ireti Kingibe, Emeka Ihedioha, and Sadique Abubakar—along with Obi.

 

Credit: Channels TV

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BIG STORY

JUST IN: JAMB Sets 150 As Cut-Off Mark For Universities

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The Joint Admissions and Matriculation Board has approved 150 as the cut-off score for university admissions in the country.

The decision was reached on Tuesday during the 2025 Policy Meeting on Admissions, held at the Bola Ahmed Tinubu International Conference Centre in Abuja.

It also announced that the cut-off score for colleges of nursing is 140, while both colleges of agriculture and colleges of education have a cut-off score of 100.

“The minimum admissible scores for admissions for the next academic session have been fixed at 150 for universities, 100 for polytechnics, 100 for colleges of education, and 140 for colleges of nursing sciences by the stakeholders (Heads of Tertiary Institutions),” JAMB wrote on its X handle.

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Over 100 Killed In Texas Flood, Bodies Recovered As Search And Rescue Operations Continue

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The number of deaths from severe flooding in Texas climbed to more than 100 on Monday, as rescue teams continued their difficult search for individuals swept away by the rushing waters.

Among those who died were at least 27 girls and counsellors who were at a youth summer camp located by a river when the disaster struck during the Fourth of July holiday weekend.

Weather experts have cautioned about further flooding risks as rain continues to fall on already saturated ground, making recovery operations harder for the roughly 1,750 personnel involved, using helicopters, boats, and dogs.

“There is still a threat of heavy rain with the potential to cause flooding,” Texas Governor Greg Abbott stated on Monday, warning that the death toll could still increase.

President Donald Trump confirmed plans to visit Texas on Friday, as the White House pushed back against accusations that his administration’s cuts to weather agencies weakened the flood warnings.

“Blaming President Trump for these floods is a depraved lie, and it serves no purpose during this time of national mourning,” said Press Secretary Karoline Leavitt on Monday.

She noted that the National Weather Service, which The New York Times reported had several vacancies in Texas prior to the floods, issued “timely and precise forecasts and warnings.”

Trump described the floods that hit early Friday as a “100-year catastrophe” that “nobody expected.”

Although the president has previously argued that disaster relief should be handled by state governments, he signed a major disaster declaration to release federal funds and provide additional resources.

At least 104 deaths linked to the flooding have been reported throughout central Texas.

Kerr County, where the Guadalupe River flows, suffered the greatest losses, with at least 84 deaths reported, including 28 children, according to the local sheriff’s office.

Among the dead were 27 people who had been staying at Camp Mystic, an all-girls Christian camp hosting around 750 individuals when the floodwaters struck.

Camps are a cherished part of summer in the United States, with children often spending time in rural areas such as parks and woods.

Texas Senator Ted Cruz described the camps as opportunities to make “lifetime friends — and then suddenly it turns to tragedy.”

However, some locals have raised concerns about the lack of stronger flood-warning systems in this region of south and central Texas, often referred to as “Flash Flood Alley” due to its frequent and severe flooding.

Experts have emphasized that the NWS provided timely forecasts, while climate scientist Daniel Swain pointed to failures in “warning dissemination.”

San Antonio resident Nicole Wilson, who almost sent her daughters to Camp Mystic, launched a petition on Change.org urging Governor Greg Abbott to approve a modern warning system.

“Five minutes of that siren going off could have saved every single one of those children,” she told AFP.

During a candlelight vigil in San Antonio on Monday night, people gathered to pray for the victims and express ongoing concerns.

“I was pretty shocked on the gravity of the situation and how big it was, and I wouldn’t necessarily expect that our rivers would rise so quickly,” said Rebeca Gutierrez, 29.

“Hopefully there’s preventative efforts happening in similar areas to make sure nothing to this degree happens.”

In a devastating demonstration of nature’s force, the swollen Guadalupe River rose to the level of treetops and cabin roofs while girls were sleeping inside the camp.

Blankets, teddy bears, and other personal items were left coated in mud.

Cabin windows were smashed, likely from the powerful water currents.

Volunteers assisted in sifting through debris along the river, with some being driven by personal connections to the victims.

“We’re helping the parents of two of the missing children.

The last message they got was ‘We’re being washed away,’ and the phone went dead,” said Louis Deppe, 62, to AFP.

Several months’ worth of rainfall poured down in just a few hours from Thursday night into Friday, with additional rainfall since then.

The Guadalupe River surged by about 26 feet, roughly equivalent to a two-story building, within just 45 minutes.

Flash floods happen when the ground cannot absorb sudden heavy rainfall.

Human-induced climate change has intensified the frequency and severity of extreme weather events such as floods, droughts, and heatwaves in recent years.

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