Newspaper review: Buhari doubles down on infrastructure, proposes N8.6 trillion spending bill

macfranc007 November 08, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Aanu Adegun

The newspaper review for Wednesday, November 8, leads with President Buhari's 8.6 trillion budget proposal presentation before a joint sessions of Nigerian lawmakers among other stories.

Thisday reports that In a bid to meet his administration’s target to restore the budget calendar to the January-December fiscal cycle, President Muhammadu Buhari Tuesday presented the N8.612 trillion 2018 Appropriation Bill to a joint session of the National Assembly, representing a 16 per cent increase over the N7.441 trillion budget for 2017.

Of the N8.6 trillion budget, the Ministry of Power, Works and Housing headed by Mr. Babatunde Fashola, got the lion share of N555.8 billion, signifying the administration’s commitment to infrastructure projects, to expand the economy and create more employment opportunities.

Clad in a light blue traditional babariga and cap with his trademark glasses, Buhari walked into the Green Chambers of the House of Representatives at 2.02 p.m.

He was ushered in by the Deputy Speaker of the House, Hon. Yussuff Sulaimon Lasun, his Senior Special Assistant, National Assembly Matters (Senate), Senator Ita Enang, Senate and House Leaders, Ahmed Lawan and Femi Gbajabiamila, and the House Whip, Hon. Alhassan Ado Doguwa.

The event was witnessed by Vice-President Yemi Osinbajo, Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha; Head of Service, Mrs. Winifred Oyo-Ita; Chief of Staff to the President, Mr. Abba Kyari; Chairman of the Nigerian Governors’ Forum (NGF) and Zamfara State Governor, Abdulaziz Yari of Zamfara; national executives of the All Progressives Congress (APC) led by the party’s chairman, Chief John Oyegun; the Minister of Budget and National Planning, Senator Udoma Udo Udoma; and his finance counterpart, Mrs. Kemi Adeosun, among other ministers and senior government officials.

Newspaper review

Vanguard also reports that President Muhammadu Buhari, yesterday, presented the 2018 budget to the National Assembly, indicating a 15 per cent scale back on total deficit at N2.005 trillion, down from N2.36 trillion stated in 2017 budget.

At a total expenditure estimate of N8.612 trillion, the deficit amounted to 1.77 per cent of the nation’s Gross Domestic Product, GDP, a 17.3 percentage point drop from 2.14 per cent deficit to GDP stated in 2017 budget.

Of the N8.612 trillion proposed for 2018, 30.8 per cent (or 2.652 trillion Naira) of aggregate expenditure (inclusive of capital in Statutory Transfers) has been allocated to the capital budget.

This indicates that the government was optimistic of stronger revenue inflow against borrowings to fund the budget, much in line with the government’s plans under the Economic Recovery and Growth Plan, ERGP, aimed at progressively reducing deficit and borrowings.

Buhari, who tagged the 2018 Budget as that of ‘Consolidation’, said it is expected to consolidate on the gains of the 2017 budgets, noting that it will help “to actualise the economic growth recovery plan of this administration.” He added: “2018 is expected to be a year of positive and better outcomes.”

Buhari revealed that the government plans to finance the deficit partly by new borrowings estimated at N1.699 trillion while 50 per cent of the borrowing would be sourced externally, adding that the balance would be sourced from domestic financial market.

Newspaper review

Meanwhile, the Nation reports that Senate President Bukola Saraki and House of Representatives Speaker Yakubu Dogara yesterday urged the executive to foster a good working relationship with the legislature to prevent delay in the passage f the 2018 Budget.

The President requested for the passage of the budget in time to ensure the return to the January to December budget cycle.

Also yesterday, it took about an hour of closed session for the leadership of the national Assembly to persuade some lawmakers from carrying placards in protest over the non- release of funds for the N100 billion Zonal intervention funds by the Executive.

Before the President read his budget speech, Saraki said: “I will like to advise and caution that there is no better time in this Administration than now for a rigorous drive for good working relationship between the Executive and the Legislature.

“The early passage of the 2018 budget will depend on this good working relationship. The passage of important Executive bills that improve “ease of doing business” is also dependent on this. So, Mr. President, the 469 Members in this chamber are your true partners that will ensure the success of your administration in achieving its goals and objectives. So, lobby them (not the PDP way), close ranks and let them work for you.”

Saraki said while the Federal Government focuses of “big ticket projects” like Power, Rail and A-Trunk roads,” it should also, not forget smaller projects which impact people’s lives..

” We must do both. Those in charge should ensure proper execution or face sanction,” adding that ” it is important that I emphasize that the presentation of the budget should in no way dampen enthusiasm for the implementation of the 2017 Budget.

“Whatever needs to be done to ensure that we achieve close to full implementation of the budget, is what must be done,” the Senate President said.

Newspaper review

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Punch reports that President Muhammadu Buhari on Tuesday banned fresh recruitment by all Federal Government Ministries, Departments and Agencies, except by presidential approval.

He said this was to manage a rising personnel expenditure that was expected to increase to 12 per cent in 2018.

He disclosed that overhead cost would also rise by N26bn in 2018 or 12 per cent increase.

Buhari spoke when he presented the estimates of the 2018 budget to a joint session of the Senate and the House of Representatives in Abuja.

The President laid a budget size of N8.612tn before the legislature for 2018, an increase of N1.7tn from the N7.44tn appropriated in 2017.

Buhari, who wore sky-blue Hausa native attire and a matching cap, addressed lawmakers for 1hour and13minutes amid applause and intermittent murmurs by senators and members of the House.

The President said he had released up to N450bn out of the N2.2tn budgeted for 2017 capital projects as of the end of October.

He promised to raise the implementation of 2017 budget to “about 50 per cent” by the end of December, blaming the delayed in the release of funds partly on the “late passage of the 2017 budget.”

He said to check a bloating personnel cost, he had directed all MDAs to halt fresh recruitment, else they would face sanctions.