Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
By Soni Daniel,
Northern Region Editor & Levinus Nwabughiogu
ABUJA — President Muhammadu Buhari and his ministers are studying the
details of the 2016 budget transmitted to the Presidency by the National
Assembly on Wednesday.
Recall that President Buhari had said he would not sign the budget
unless it was accompanied by the details.
Chief of Staff to President Buhari Abba Kyari receives budget from
Senior Special Assistant to President on National Assembly matters
Senator Eta Enang and Hon. Kawu Ismaila in Statehouse on 7th April 2016
Chief of Staff to President Buhari Abba Kyari receives budget from
Senior Special Assistant to President on National Assembly matters
Senator Eta Enang and Hon. Kawu Ismaila in Statehouse on 7th April 2016
The President’s receipt of the budget, yesterday, came on a day former
President Olusegun Obasanjo paid him a courtesy visit, with a
declaration that he never signed budgets into law, without details
during his tenure.
This came as indications emerged that the President will be travelling
to China on Sunday to shop for $2 billion loan to address the N3
trillion deficit in the new budget.
Competent sources said the aim of studying the document presented by the
NASS by the executive was to compare what was eventually approved with
what was sent in by the President.
It was learned that the executive was expected to spend one or two days
to go through the document to enable the President assent to the bill
before travelling to China next week.
One of the sources familiar with the budget told Vanguard, yesterday,
that the ministers were expected to examine the budget of their
respective MDAs to see whether there was a substantial addition or
subtraction which could adversely affect implementation.
The top official said that although the Presidency was not expecting the
NASS to return the fiscal document as he presented it to them, it was,
however, mindful of the need to prevent undue ‘padding’ of the budget
with unnecessary items, which had little or no real benefits to majority
of Nigerians.
The source said President Buhari was eager to sign the bill into law to
ensure immediate implementation and to give a new lease of life to the
people and arrest the hardship in the land.
“There is a groundswell of opinion that Mr. President should sign the
bill into law if there was no substantial deviation that could affect
the performance of the budget,” the official said.
Asked whether he knew when the president would assent to the bill, the
official said that he was certain that he would do so before travelling
to China next week.
President Buhari had, last week, served notice that he would study the
budget to be transmitted to him by NASS, ministry by ministry, before
assenting to it, a development that drew flaks from prominent members of
the legislature.
Most of them claimed that Buhari has no power to tamper with what they
have passed.
Buhari was said to be afraid that any undue padding of the budget could
make it difficult for his administration to implement it.
Competent sources said one controversial area that the Presidency would
look out for was money meant for ‘constituency projects’, which could
have been substantially raised as has always been the practice and a
source of friction between the legislature and the executive.
Under the tradition, the NASS allocates some projects and attaches some
money to them, with the principal officers getting higher allocations
than ordinary members of the NASS.
But President Buhari is said to be opposed to such practice and wants
the funds meant for capital projects to go straight to the respective
MDAs for implementation.
It was learned that key government functionaries familiar with the
process, had drawn the attention of the President to the trick usually
applied to import some projects into the budget after presentation by
the executive.
Buhari to borrow $2bn from China
Meanwhile, President Muhammadu Buhari will visit China on Sunday to sign
a loan infrastructure projects deal worth about $2 billion and the low
interest loan is to be deployed to finance the N3 trillion deficit in
the budget.
Though the exact figure for the loan is yet to be confirmed, the
Presidency and Chinese foreign affairs ministry confirmed the visit.
The President’s Special Adviser on Media and Publicity, Mr Femi Adesina,
who disclosed this in an interview with Reuters, said: “I can’t tell
you how much until the day the loan will be signed. Both countries will
also be signing some bilateral agreements to strengthen their
relationship, that is all I can say for now.”
In February, financial and government sources said the loan could be as
high as $2 billion, but officials have not provided an update since
then.
The federal government had said it would raise about $5 billion abroad
to cover part of its 2016 budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman, had earlier said Buhari
would visit China from April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun, visited China in February, a
Nigerian government official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the Central Bank Governor, is
scheduled to be in China sometime next week to conclude negotiations on
the $2 billion loan,” the official said.
Adeosun had earlier said the country was looking for a loan with about
1.5 per cent interest.
“We looked at our debt profile and we recognised that one big problem is
interest rate. So, we are going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So, multilateral loans are the
cheapest. If someone offers me 1.5 per cent over 20 years, I think I
should take it.
“That is why we are going to the multilateral agencies first and,
thereafter, concessional borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum in Lagos.
OBJ in Aso Rock Villa
At the Presidential Villa in Abuja, yesterday, former President,
Olusegun Obasanjo, expressed surprise over comments credited to the
National Assembly that during his time, he signed budgets into law
without seeing the details.
Obasanjo said the purveyors of the news at the National Assembly needed
to be contacted the second time to prove the authenticity of their
claim.
The former president also feigned ignorance of the travails of the
senate president, Dr. Bukola Saraki, at the Code of Conduct Tribunal
over false assets declaration.
Obasanjo, who spoke in an interview with State House correspondents
after a private meeting with President Buhari, said he was at Aso Rock
to share some of his experiences with the President.
He said: “You know that not too long ago, I was out there and I came to
share some of my experiences with him.”
Asked what those experiences were, Obasanjo said: “If I say I share
experiences with my wife, will you ask what I discussed with my wife?”
On claims that he signed budgets without details during his tenure, he
said: “Anybody who told you that, go and ask him again”
On his feelings about the 2016 budget, Obasanjo said: “To be able to
tell you about the budget, I have to read the budget to know what it
contains and what it doesn’t.”
On the delays in signing the budget and the attendant effect on
Nigerians, Obasanjo said “the constitution allows you to continue with
the budget, provided you did not go beyond the previous year’s and that
can be done up till the middle of the year.”
On Senate President’s travails, he queried: “Emm, What is happening to
him?”
The former President had arrived the villa at exactly 12:13pm in a
tinted black Toyota SUV, marked ABJ 425 PY.
On alighting from the vehicle, he exchanged pleasantries with reporters
who cracked jokes with him on his “dancing steps” during the burial of
the late mother of Ebonyi State governor, Martin Elechi, in Ebonyi last
week.
Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
By Soni Daniel,
Northern Region Editor & Levinus Nwabughiogu
ABUJA — President Muhammadu Buhari and his ministers are studying the
details of the 2016 budget transmitted to the Presidency by the National
Assembly on Wednesday.
Recall that President Buhari had said he would not sign the budget
unless it was accompanied by the details.
Chief of Staff to President Buhari Abba Kyari receives budget from
Senior Special Assistant to President on National Assembly matters
Senator Eta Enang and Hon. Kawu Ismaila in Statehouse on 7th April 2016
Chief of Staff to President Buhari Abba Kyari receives budget from
Senior Special Assistant to President on National Assembly matters
Senator Eta Enang and Hon. Kawu Ismaila in Statehouse on 7th April 2016
The President’s receipt of the budget, yesterday, came on a day former
President Olusegun Obasanjo paid him a courtesy visit, with a
declaration that he never signed budgets into law, without details
during his tenure.
This came as indications emerged that the President will be travelling
to China on Sunday to shop for $2 billion loan to address the N3
trillion deficit in the new budget.
Competent sources said the aim of studying the document presented by the
NASS by the executive was to compare what was eventually approved with
what was sent in by the President.
It was learned that the executive was expected to spend one or two days
to go through the document to enable the President assent to the bill
before travelling to China next week.
One of the sources familiar with the budget told Vanguard, yesterday,
that the ministers were expected to examine the budget of their
respective MDAs to see whether there was a substantial addition or
subtraction which could adversely affect implementation.
The top official said that although the Presidency was not expecting the
NASS to return the fiscal document as he presented it to them, it was,
however, mindful of the need to prevent undue ‘padding’ of the budget
with unnecessary items, which had little or no real benefits to majority
of Nigerians.
The source said President Buhari was eager to sign the bill into law to
ensure immediate implementation and to give a new lease of life to the
people and arrest the hardship in the land.
“There is a groundswell of opinion that Mr. President should sign the
bill into law if there was no substantial deviation that could affect
the performance of the budget,” the official said.
Asked whether he knew when the president would assent to the bill, the
official said that he was certain that he would do so before travelling
to China next week.
President Buhari had, last week, served notice that he would study the
budget to be transmitted to him by NASS, ministry by ministry, before
assenting to it, a development that drew flaks from prominent members of
the legislature.
Most of them claimed that Buhari has no power to tamper with what they
have passed.
Buhari was said to be afraid that any undue padding of the budget could
make it difficult for his administration to implement it.
Competent sources said one controversial area that the Presidency would
look out for was money meant for ‘constituency projects’, which could
have been substantially raised as has always been the practice and a
source of friction between the legislature and the executive.
Under the tradition, the NASS allocates some projects and attaches some
money to them, with the principal officers getting higher allocations
than ordinary members of the NASS.
But President Buhari is said to be opposed to such practice and wants
the funds meant for capital projects to go straight to the respective
MDAs for implementation.
It was learned that key government functionaries familiar with the
process, had drawn the attention of the President to the trick usually
applied to import some projects into the budget after presentation by
the executive.
Buhari to borrow $2bn from China
Meanwhile, President Muhammadu Buhari will visit China on Sunday to sign
a loan infrastructure projects deal worth about $2 billion and the low
interest loan is to be deployed to finance the N3 trillion deficit in
the budget.
Though the exact figure for the loan is yet to be confirmed, the
Presidency and Chinese foreign affairs ministry confirmed the visit.
The President’s Special Adviser on Media and Publicity, Mr Femi Adesina,
who disclosed this in an interview with Reuters, said: “I can’t tell
you how much until the day the loan will be signed. Both countries will
also be signing some bilateral agreements to strengthen their
relationship, that is all I can say for now.”
In February, financial and government sources said the loan could be as
high as $2 billion, but officials have not provided an update since
then.
The federal government had said it would raise about $5 billion abroad
to cover part of its 2016 budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman, had earlier said Buhari
would visit China from April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun, visited China in February, a
Nigerian government official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the Central Bank Governor, is
scheduled to be in China sometime next week to conclude negotiations on
the $2 billion loan,” the official said.
Adeosun had earlier said the country was looking for a loan with about
1.5 per cent interest.
“We looked at our debt profile and we recognised that one big problem is
interest rate. So, we are going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So, multilateral loans are the
cheapest. If someone offers me 1.5 per cent over 20 years, I think I
should take it.
“That is why we are going to the multilateral agencies first and,
thereafter, concessional borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum in Lagos.
OBJ in Aso Rock Villa
At the Presidential Villa in Abuja, yesterday, former President,
Olusegun Obasanjo, expressed surprise over comments credited to the
National Assembly that during his time, he signed budgets into law
without seeing the details.
Obasanjo said the purveyors of the news at the National Assembly needed
to be contacted the second time to prove the authenticity of their
claim.
The former president also feigned ignorance of the travails of the
senate president, Dr. Bukola Saraki, at the Code of Conduct Tribunal
over false assets declaration.
Obasanjo, who spoke in an interview with State House correspondents
after a private meeting with President Buhari, said he was at Aso Rock
to share some of his experiences with the President.
He said: “You know that not too long ago, I was out there and I came to
share some of my experiences with him.”
Asked what those experiences were, Obasanjo said: “If I say I share
experiences with my wife, will you ask what I discussed with my wife?”
On claims that he signed budgets without details during his tenure, he
said: “Anybody who told you that, go and ask him again”
On his feelings about the 2016 budget, Obasanjo said: “To be able to
tell you about the budget, I have to read the budget to know what it
contains and what it doesn’t.”
On the delays in signing the budget and the attendant effect on
Nigerians, Obasanjo said “the constitution allows you to continue with
the budget, provided you did not go beyond the previous year’s and that
can be done up till the middle of the year.”
On Senate President’s travails, he queried: “Emm, What is happening to
him?”
The former President had arrived the villa at exactly 12:13pm in a
tinted black Toyota SUV, marked ABJ 425 PY.
On alighting from the vehicle, he exchanged pleasantries with reporters
who cracked jokes with him on his “dancing steps” during the burial of
the late mother of Ebonyi State governor, Martin Elechi, in Ebonyi last
week.
Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
President Muhammadu
Buhari will visit China on Sunday to sign a loan infrastructure projects
deal worth about $2 billion and the low interest loan is to be deployed
to finance the N3 trillion deficit in the budget.
Though the exact figure for the loan is yet to be confirmed, the
Presidency and Chinese foreign affairs ministry confirmed the visit.
The President’s Special Adviser on Media and Publicity, Mr Femi Adesina,
who disclosed this in an interview with Reuters, said: “I can’t tell
you how much until the day the loan will be signed. Both countries will
also be signing some bilateral agreements to strengthen their
relationship, that is all I can say for now.”
In February, financial and government sources said the loan could be as
high as $2 billion, but officials have not provided an update since
then.
The federal government had said it would raise about $5 billion abroad
to cover part of its 2016 budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman, had earlier said Buhari
would visit China from April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun, visited China in February, a
Nigerian government official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the Central Bank Governor, is
scheduled to be in China sometime next week to conclude negotiations on
the $2 billion loan,” the official said.
Adeosun had earlier said the country was looking for a loan with about
1.5 per cent interest.
“We looked at our debt profile and we recognised that one big problem is
interest rate. So, we are going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So, multilateral loans are the
cheapest. If someone offers me 1.5 per cent over 20 years, I think I
should take it.
“That is why we are going to the multilateral agencies first and,
thereafter, concessional borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum in Lagos.
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
President Muhammadu
Buhari will visit China on Sunday to sign a loan infrastructure projects
deal worth about $2 billion and the low interest loan is to be deployed
to finance the N3 trillion deficit in the budget.
Though the exact figure for the loan is yet to be confirmed, the
Presidency and Chinese foreign affairs ministry confirmed the visit.
The President’s Special Adviser on Media and Publicity, Mr Femi Adesina,
who disclosed this in an interview with Reuters, said: “I can’t tell
you how much until the day the loan will be signed. Both countries will
also be signing some bilateral agreements to strengthen their
relationship, that is all I can say for now.”
In February, financial and government sources said the loan could be as
high as $2 billion, but officials have not provided an update since
then.
The federal government had said it would raise about $5 billion abroad
to cover part of its 2016 budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman, had earlier said Buhari
would visit China from April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun, visited China in February, a
Nigerian government official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the Central Bank Governor, is
scheduled to be in China sometime next week to conclude negotiations on
the $2 billion loan,” the official said.
Adeosun had earlier said the country was looking for a loan with about
1.5 per cent interest.
“We looked at our debt profile and we recognised that one big problem is
interest rate. So, we are going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So, multilateral loans are the
cheapest. If someone offers me 1.5 per cent over 20 years, I think I
should take it.
“That is why we are going to the multilateral agencies first and,
thereafter, concessional borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum in Lagos.
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
President Muhammadu
Buhari will visit China on Sunday to sign a loan infrastructure projects
deal worth about $2 billion and the low interest loan is to be deployed
to finance the N3 trillion deficit in the budget.
Though the exact figure for the loan is yet to be confirmed, the
Presidency and Chinese foreign affairs ministry confirmed the visit.
The President’s Special Adviser on Media and Publicity, Mr Femi Adesina,
who disclosed this in an interview with Reuters, said: “I can’t tell
you how much until the day the loan will be signed. Both countries will
also be signing some bilateral agreements to strengthen their
relationship, that is all I can say for now.”
In February, financial and government sources said the loan could be as
high as $2 billion, but officials have not provided an update since
then.
The federal government had said it would raise about $5 billion abroad
to cover part of its 2016 budget deficit which could be as high as N3
trillion.
Lu Kang, Chinese foreign ministry spokesman, had earlier said Buhari
would visit China from April 11-15 to sign “cooperation agreements” and
attend a business forum.
When the Finance Minister, Kemi Adeosun, visited China in February, a
Nigerian government official said the loan deal she agreed on could be
signed by President Muhammadu Buhari.
“The Finance Minister, in the company of the Central Bank Governor, is
scheduled to be in China sometime next week to conclude negotiations on
the $2 billion loan,” the official said.
Adeosun had earlier said the country was looking for a loan with about
1.5 per cent interest.
“We looked at our debt profile and we recognised that one big problem is
interest rate. So, we are going to try and borrow as far as possible
externally.
“We are borrowing at the cheapest rates. So, multilateral loans are the
cheapest. If someone offers me 1.5 per cent over 20 years, I think I
should take it.
“That is why we are going to the multilateral agencies first and,
thereafter, concessional borrowing and also tap into the Eurobond
market,” the minister had said at a KPMG forum in Lagos.
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
Read more at: http://www.vanguardngr.com/2016/04/buhari-heads-to-china-to-borrow-2bn/
Chanting and drumming, some of them are calling for the vice-chancellor to resign.
They are angered that the campus has been closed after student complaints about a lack of electricity and water – exacerbated by the current fuel shortages.
Only journalists are being allowed in to speak to the students. Outside the gate, the police
Read more at: http://www.vanguardngr.com/2016/04/2016-budget-buhari-ministers-study-details/
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