Why Lagos needs N7tn for infrastructure, says Sanwo-Olu.

Why Lagos needs N7tn for infrastructure, says Sanwo-Olu.

Lagos State Governor, Babajide Sanwo-Olu, said on Friday that the state needed at least a N7tn budget size for infrastructure and basic amenities in the 2024 fiscal year.

Sanwo-Olu, however, added that he would soon present a budget of over N2tn to the state House of Assembly.

The governor, who disclosed this at the 8th Lagos Corporate Assembly, a business forum, tagged ‘Babajide Olusola Sanwo-Olu, BOS Meets with Business Community,’ held at Lagos House, Ikeja, also expressed the readiness of his administration to ensure ease of doing business in the state despite current global business challenges.

“The demands from the report gathered from ministries, departments, and agencies show that if we have the resources, at least N7tn will be needed for the 2024 budget to meet the state’s infrastructural challenges and other basic amenities.

“Though we are proposing over N2tn budget size for the year 2024 to be presented to the state House of Assembly soon and we are having a demand of N7trn, our revenue is far from it.

“That’s one of the challenges we are having presently. We want to fix roads and do it correctly. We need to scale up with modern technology and put in place enduring policies.

“We didn’t anticipate the current inflationary rate. Our focus is on how to meet the demands of our people amid the speculative market,” he added.

He solicited collaboration with the business community as well as the Federal Government to meet the demands, adding that his government was running against time, and he could not afford to fail.

He said, “We are where we are today and if we don’t get it right here, it will have dire consequences for our country. We can have a handshake with the Federal Government.

“Mr President, in recent times, has embarked on trips abroad to canvass for investors to open up Nigeria’s economy as part of the Renewed Hope Agenda. “We can’t give excuses; we need to work together.

“We are running against time. I have a political timeline I am working with. We can’t afford to fail.

“We will need to work together and identify the way forward. We should be able to solve some of our challenges through your ideas and submissions. We must let the MSMEs breathe for a sustainable economy, through friendly policies.”

Earlier, the Commissioner for Commerce, Cooperative, Trade and Investment, Mrs Folashade Ambrose-Medebem, stated that the corporate assembly had been a very important public-private sectors engagement platform, through which the state government and the business community interact and discussed issues that were crucial to the state’s industrial and commercial growth.

President Tinubu: Nigeria Has Sufficient Manpower For Economic, National Development.

President Tinubu: Nigeria Has Sufficient Manpower For Economic, National Development.

President Bola Tinubu says Nigeria has the requisite and sufficient manpower to spur development across all sectors of the economy.

Receiving a report titled, 'Industrialisation, Energy Security, and Climate Change: Issues, Challenges and Prospects,' submitted by the Senior Executive Course 45 of the National Institute for Policy and Strategic Studies (NIPSS), in Abuja, on Friday, the President said his administration will review the document and integrate salient recommendations into ongoing policies and programmes within the Renewed Hope Agenda.

Commending the report’s wealth of research and recommendations, President Tinubu said: ''I give you credit for a good job done. This report will be treated with all seriousness. You have fished out the issues. You have noted the challenges, and you have recommended very constructive solutions and showed the roadmap to achieve sustainable development goals for our country. Definitely, our hope is renewed.

''Who says that we do not have it as a country? Commitment to research and development; that high level of inquisitiveness, the manpower needed is here."

Earlier, the Director-General of the Institute, Prof. Ayo Omotayo, said during the ten-month period of the course, participants engaged in a series of lectures and seminars, brainstorming sessions, as well as study tours to 13 countries and seven states in Nigeria.

He said the Senior Executive Course 45 comprised of 97 participants drawn from federal and sub-national governments, security and intelligence agencies, civil society, private sector, and labour unions.

''As an apex institution for policy research and strategic studies in Nigeria, the National Institute is entrusted with a solemn duty of charting the course of our national development.

''Our mandate encompasses the rigorous analysis of complex policy issues, the formulation of forward-thinking strategies, and the cultivation of visionary leaders capable of steering Nigeria towards a prosperous and sustainable future," Prof. Omotayo said.

Ogun places N50m bounty on killers of finance director.

Ogun places N50m bounty on killers of finance director.

Ogun State Government on Friday announced N50m reward for anybody who could provide information leading to the arrest of the killers of Mr Taiwo Oyekanmi, the former Director of Finance and Administration attached to Governor Dapo Abiodun’s office, Oke-Mosan Abeokuta.

Oyekanmi aged 51 was last Wednesday, November 29 killed down by gunmen at the Kuto Flyover Bridge, Abeokuta.

The deceased, alongside two others, were accosted by the gun-wielding hoodlums while returning to the Governor’s Office with money said to have been withdrawn from two major commercial banks within Abeokuta metropolis.

The gunmen killed the Ifonyintedo-born chartered accountant and made away with the huge cash.

Governor Dapo Abiodun, who said that the killing of the senior civil servant left his cabinet devastated and traumatised, promised not to leave any stone unturned until the killers are brought to justice.

The state government, in a statement on Friday, has however said that a cash reward of N50m awaits whoever provides information that can help the security agents to unravel killers.

The statement partly reads “Ogun State Government has announced a reward of N50m for anyone with information that could lead to the arrest of the killers of the state’s Director of Finance and Administration, Mr. Taiwo Oyekanmi, on 30th November, 2023 in Abeokuta.

“Information provided would be treated with utmost confidentiality.”

Putin to run again for president in 2024.

Putin to run again for president in 2024.

Russian leader Vladimir Putin has decided to run in presidential elections next March, news agencies reported Friday, allowing the Kremlin leader to extend his decades-long grip on power.

Putin told Lieutenant Colonel Artyom Zhoga, a Russian military officer, about his decision to participate in the upcoming vote following an awards ceremony for army personnel at the Kremlin, state-run news agencies reported.”The president has said that he will run for president of the Russian Federation,” Zhoga was cited as saying by state-run news agency RIA Novosti.”We all—I say this with confidence—in the reunited territories, all of Russia, support him. We are very happy that he heard our request” to participate, Zhoga added, referring to the Ukrainian territories Moscow claims as its own.

Putin, however, has yet to make a formal announcement that he will compete in the vote scheduled to take place between March 15 and 17 next year.

“Our president has never avoided and does not avoid responsible decisions,” said Valentina Matvienko, the head of Russia’s upper house of parliament.

“And today he has once again confirmed this. He confirmed that at the moment of a historic choice and a historic challenge,” she added.

Putin will not face any major challengers and will likely seek as big a mandate as possible to conceal domestic discord over the Ukraine conflict, analysts say.

AFP

2024 budget: Reps appropriation committee summons CBN governor, Customs CG.

2024 budget: Reps appropriation committee summons CBN governor, Customs CG.

The House of Representatives Committee on Appropriation on Friday, December 8, turned back the representatives of the governor of the Central Bank of Nigeria and the Comptroller General of Customs from appearing before it for the 2024 budget defence.

The committee insisted that Cardoso and Adeniyi appear in person on Monday to answer questions on the 2024 budget.

The chairman of the committee, Hon. Abubakar Kabir Bichi said because the meeting was called to discuss the budget, the Governor of the Central Bank needed to appear before the Committee in person.

He said: “We can only interact with the Governor of the Central Bank because of the sensitivity of the issues in the budget. So, he needs to come and shed light on issues like inflation, exchange rate and all that.

“So, it is important that he appear before the Committee on Monday at 10 am. The Comptroller General of Customs is also to appear in person because we are talking about the budget and how to increase our revenue. He is also to appear in person by 10.00 am on Monday.”

Other agencies appearing before the committee on Monday are the Federal Inland Revenue Service, NPA, NNPC Limited, Minister of Finance, and Minister. Or State for Petroleum Resources, NUPRC, and the NCC

Bichi said while the N27 trillion budget may appear big, the revenue target for government-owned companies to fund the budget was not enough, hence the invitation of the agencies by the committee.

Addressing the meeting, Bichi described the rising inflation in the country as a major problem hence the need for GOEs to appear before the committee for further interaction.

He said reducing the burden of Nigeria’s debt profile, sectoral budgetary allocations, and the dynamics of budget releases, economic diversification strategies, and revenue generation forecasts is needed to facilitate the enactment of the bill and effective implementation of the Appropriations Act, 2024.

According to him, revenue-generating agencies must come with money because, without money, there is no magic the President can perform to ensure the realization of the Renewed Hope Budget.

He said while President Bola Tinubu’s 2024 budget is fantastic, a lot of money is needed to fund the budget.

Bitchi said: “The objective of this engagement is, among others, to provide highlights on some key issues about the preparation, enactment, and implementation of the 2024 budget.”

He said there were concerns about addressing the infrastructural gap in the country, eliminating poverty, and generally achieving the 8-Point Renewed Hope Agenda.

He added that there was a need to ensure that all loose ends to revenue were tied, adding that this could have a gross impact on the government’s ability to implement the 2024 Appropriation Bill when passed.

He stated: “While the revised MTEF and FSP showed that revenue-generating efforts by the present administration are already yielding fruit, more needs to be done to ensure that government-owned enterprises optimize their revenue-generating potential.”

He said the objective of this engagement is, among others, to provide highlights on some key issues concerning the preparation, enactment, and implementation of the 2024 budget.

He said: “The highlights may include strategies for addressing rising inflation, reducing the burden of Nigeria’s debt profile, sectoral budgetary allocations, and the dynamics of budget releases.

“Others are economic diversification strategies, revenue generation forecasts, and any useful information that will facilitate the enactment of the bill and effective implementation of the Appropriations Act, 2024.”

Fintiri presents N225.8bn 2024 budget.

Fintiri presents N225.8bn 2024 budget.

Gov. Ahmadu Fintiri of Adamawa on Friday presented N225.8 billion Appropriation Bill to the state House of Assembly for 2024 fiscal year.

The budget is higher than N175 billion approved for 2023.

Presenting the budget tagged: “Budget of Re-engineering”, Fintiri said it would focus on the development of critical infrastructure in the state.

He said the estimate included N114.5 billion capital expenditure representing 51 per cent and N111.3 recurrent expenditure representing 49.5 per cent.

The governor said the budget would be finance from N68.3 billion statutory allocation; N22.2 billion Internally Generated Revenue (IGR), N16 billion exchange rate difference, N1 billion ecological fund, N47.7 billion Value Added Tax (VAT), among others.

Finitiri said the budget would provide necessary funds to fast track infrastructure development in critical sectors such as education, security, health and social services.

The Speaker, Mr Wesley Bahtaya said the legislators would ensure speedy passage of the bill.

While commending the governor over the full implementation of the 2023 budget, Bahtaya attributed the cordial working relationship between the executive and the legislature to strict adherence to the principles of separation of powers.

(NAN)

Ekiti Govt Renovates 203 Public Secondary Schools Under World Bank Assisted Agile Programme.

Ekiti Govt Renovates 203 Public Secondary Schools Under World Bank Assisted Agile Programme.

Ekiti State Commissioner for Information, Rt. Hon. Taiwo Olatunbosun, has announced the ongoing renovation and rehabilitation of 203 public secondary schools in the state. This initiative is being carried out under the World Bank-assisted Adolescent Girls Initiative for Learning and Empowerment (AGILE) programme.

During a recent tour of project sites spanning the three Senatorial Districts in the state, Rt. Hon. Olatunbosun highlighted that the program is a vital component of Governor Biodun Oyebanji's commitment to advancing the education sector and fostering conducive teaching and learning environments.

The AGILE projects, currently in progress, aim to enhance secondary education opportunities for adolescent girls aged between 10 and 20. This aligns with the Human Capital Development agenda of the administration and the overarching vision of shared prosperity.

Commissioner Olatunbosun emphasized that these projects have a specific focus on comprehensive ap.