Tag: Zainab Ahmed

  • Finance Minister Seeks More Space for Women in Elective Offices

    Finance Minister Seeks More Space for Women in Elective Offices

    The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has called for the election of more women into political offices, not just to make up the numbers, but to ensure that the female perspective is incorporated into the policy-making process at all levels.

    Citing data from UN Women, she said only 3.6 per cent of seats in the Nigerian parliament were held by women, while the proportion of elected seats held by women in deliberative bodies of local government across the country was 9.8 per cent as of 2021.

    She spoke at the International Professional Women Conference in Abuja, Thursday, with the theme, ‘The Roles of Professional Women in Nation-building.’

    Ahmed, who congratulated the Society of Women in Taxation, a body representing the female members of the Chartered Institute of Taxation in Nigeria (CITN), for organising the conference, emphasised that regardless of their positions in the workplace or in the larger society, all women were critical to nation-building.

    She submitted that women should be principal contributors to national development as they represent about half of the global population, regretting that statistics show that women are not proportionately represented in leadership roles in government and the corporate world.

    Ahmed said: “According to data from UN Women, only 3.6 per cent of seats in the Nigerian parliament were held by women while the proportion of elected seats held by women in deliberative bodies of local government across the country was 9.8 per cent as of 2021.

    “There is widespread acknowledgement that ‘representation matters’. For this reason, it is important that more women are elected to political office, not just to tick a gender box, but to ensure that the female perspective is incorporated into the policy-making process at all levels.

    “By having more women taking on leadership roles in politics, young girls are also encouraged to envision a future where they can aspire to such roles and even outperform their female forerunners.”

    The minister stated that under the leadership of President Muhammadu Buhari, the federal government had developed and is supporting targeted interventions in the access to financing and capacity-building for women-owned businesses, particularly Micro, Small and Medium Enterprises (MSMEs) through the Government Enterprise and Empowerment Programme (GEEP), the MSME Survival Fund and the Women Empowerment Fund.

    She added that the government was also boosting financial inclusion and financial literacy among women and girls, particularly since women’s financial inclusion is a key driver of inclusive and sustainable development.

    The government, Ahmed stressed, is also improving human capital development outcomes for women and girls through targeted government spending in line with government priorities in key sectors including health and education, ensuring that fiscal policies and public financial management processes are more gender-sensitive particularly in the areas of budgeting, implementation, as well as monitoring and evaluation (M&E).

  • FG to Reduce Workforce – Finance Minister

    FG to Reduce Workforce – Finance Minister

    The Federal Government is planning to downsize the civil service.

    Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, explained that the downsizing is aimed at cutting the cost of the government’s recurrent expenditure yearly.

    Ahmed disclosed that the Federal Government is working on an exit package for workers that would be affected.

    In a statement, the minister said the government has set up a committee to review the collapse of agencies, using the Stephen Oronsaye report.

    According to Ahmed, the committee would be led by the Secretary to the Government of the Federation, SGF, Boss Mustapha.

    “There is a special committee led by the Secretary to the Government of the Federation (SGF) that is working on the review of agencies with the view to collapsing them partly using the Oransanye report,” she said.

    “At the end of it what we want to do is to reduce the size of government and also to reduce the size of personnel cost and part of it will be designing the exit packages that are realistic”.

    She further explained that the planned collapse of agencies is because “we are revenue-challenged”.

  • Subsidy Draining Nigeria’s Economy – Finance Minister

    Subsidy Draining Nigeria’s Economy – Finance Minister

    Minister of finance, budget and national planning, Mrs Zainab Ahmed, has said petroleum under-recovery popularly known as fuel subsidy is a major drain on the nation’s economy, which ought to have been scrapped to free up money for critical sectors like health and education.

    She said, “It is a major waste, a major drain on the economy. We are worried that we are spending money we should be spending on education and other areas.”

    The minister stated this yesterday when she appeared on the Politics Today programme on Channels Television.

    Ahmed said the lack of actual deregulation in the oil sector is denying Nigeria of the needed revenues, saying the subsidy is currently being given to people that can afford it. Stating that there is no provision for subsidy in the 2022 budget from July next year, Ahmed restated the government’s readiness to abolish the incentive from that date.

    She said ahead of the plan to remove the fuel subsidy by next July, the government is currently negotiating with the labour union while also providing social welfare packages for more Nigerians to cushion the expected effect of the removal of subsidy on their livelihoods and businesses.

    The minister said the government is also working with development partners, including the World Bank to provide alternative means of transportation for Nigerians as palliatives.

    On road infrastructure, Ahmed said there is a toll policy that has been approved on roads for the government to recoup the monies spent on provision of road projects. She however said the government is not looking at recovering the funds immediately. She said the government is aware that those plying the roads will pay tax from the economic gains from the good roads.

  • FG in Talks with IMF on Repayment Terms of $3.4bn SDR – Finance Minister

    FG in Talks with IMF on Repayment Terms of $3.4bn SDR – Finance Minister

    The federal government is negotiating with the International Monetary Fund (IMF) on repayment terms for the $3.4 billion extended to Nigeria under the Fund’s global $650 billion Special Drawing Right (SDR).

    As part of further measures to enable member countries cope with the devastating effects of the Covid-19 pandemic, the IMF in had August approved $650 billion in SDR, out of which Nigeria received $3.4 billion based on its quota contribution and economic standing.

    But the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed recently that although the money has already been released to Nigeria through the Central Bank of Nigeria (CBN), discussions on the terms of repayment were still ongoing with the IMF.

    Responding to a question at the public presentation and breakdown of the 2022 budget proposals, the minister stressed that negotiations on the terms of repayment were ongoing with the multilateral institution.

    Ahmed explained that the SDR fund has a very concessional window, disclosing that the $3.4 billion would be part of the 2022 External Borrowing Plan.

    The finance minister also revealed that the federal government was to evaluate the process and policy effectiveness of fiscal incentives, including a review of sectors eligible for Pioneer Tax Holiday Incentives under the Industrial Development Income Tax Relief Act (IDITRA).

    The principle of pioneer status as a tax incentive relieves sectors designated as pioneers from paying company income tax in their formative years to enable them to make a considerable profit for re-investment into the business.

    The pioneer status is administered by the Nigerian Investment Promotion Commission (NIPC).

    The federal government had in 2017 approved additional 27 industries and products to enjoy the pioneer status, including mining and processing of coal; processing and preservation of meat/poultry and production of meat/poultry products; manufacturers of starches and starch products; processing of cocoa; manufacture of animal feeds; tanning and dressing of leather, manufacturers of leather footwear, luggage and handbags; manufacturers of household and personal hygiene paper products and manufacturers of paints, vanishes and printing ink.

    Others were manufacturers of plastic products (builders of plastic wares) and moulds; manufacturers of batteries and accumulators; manufacture of steam generators; manufacturers of railway locomotives, wagons and rolling stock; manufacturers of metal-forming machinery and machine tools, manufacturers of machinery for metallurgy, manufacturers of machinery for food and beverage processing.

    They also included manufacturers of machinery for textile, apparel and leather production; and manufacturers of machinery for paper paperboard production.

    Manufacturers of plastics and rubber machinery; players in waste treatment, disposal and material recovery; e-commerce services; software development and publishing; motion pictures, video and television programme production, distribution, exhibition and photography; music production, publishing and distribution were included

    Also on the list were real estate investment vehicles under the Investments and Securities Act; mortgage-backed securities under the Investments and Securities Act; and business process outsourcing.

    On the review of the 2022-2024 Medium Term Expenditure Framework (MTEF) which led to the recent upward adjustment of the 2022 appropriation bill from N13.98 trillion to N16.4 trillion, the minister said the revision became imperative to reflect the new fiscal terms in the Petroleum Industry Act (PIA) 2021, as well as other critical expenditure in the 2022 proposed budget.

    But she was quick to point out that the fiscal effects of the PIA’s implementation expected to take effect from January would kick in mid-2022.

    She said: “The revised 2022-24 Fiscal Framework is premised on hybrid of January-June (based on current fiscal regime) and July-December (based on PIA fiscal regime), while 2023 and 2024 are now fully based on the PIA.”

    The minister, who also spoke about government’s revenue drive initiatives added: “Our target over the medium term is to grow our revenue-to-GDP ratio from about 8–9 per cent currently to 15 per cent by 2025.

    “At that level of revenues, the debt-service-to-revenue ratio will cease to be a critical concern. It is now critical to fix our revenue challenge, because cutting expenditure is not currently a viable option, as our public expenditure /GDP ratio is also the lowest among some Africa’s leading economies.

    “We must however continue to rationalise our expenditures as we cannot afford waste. In reality, our largest expenditure items are currently personnel cost debt service and capital expenditure, which between them account for 85 per cent of the 2022 budget.”

    According to her, the most viable solution to the nation’s fiscal challenges was to grow revenues and plug all leakages

  • Population Census Confirmed for Next Year

    Population Census Confirmed for Next Year

    A national population and housing census, which was last held in Nigeria 15 years ago, will hold in the country next year, thanks to the N178.09 billion approved for the exercise in the 2022 Appropriation Bill.

    The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made the disclosure during the public presentation and breakdown of Budget 2022 in Abuja, yesterday, stated that President Muhammadu Buhari would make a proclamation on the planned 2022 headcount soon.

    Ahmed explained that the recent review of the 2022-2024 Medium Term Expenditure Framework (MTEF) was motivated by a number of factors, including the need to provide the funds for the headcount.
    The last population census held in 2006, puts the nation’s population at 140 million people, but was plagued by political interference, from design through to implementation.

    Since then, Nigeria has not conducted a population census, relying on estimates from Worldometre, an arm of the United Nations Department of Economic and Social Affairs.

    In December 2020, the National Population Commission (NPC) announced that an estimated 206 million people were living in Nigeria, an increase of eight million people in two years, against the 198 million it announced in 2018.
    The finance minister also revealed an additional N100 billion in the 2022 Budget estimates to enable the Independent National Electoral Commission (INEC) prepare for the conduct of the 2023 general elections.

    Giving further insight into why the MTEF was reviewed, the minister said the increase in the expenditure side was also motivated by the need to provide for additional critical expenditures, as well as the need to present a more comprehensive FGN Budget.

    Other critical expenditures in the 2022 budget estimates include N400 billion for National Poverty Reduction and Growth Strategy; N50 billion Police Operations Fund; and N37 billion additional provision for debts accruing from the electricity bills of ministries, departments and agencies (MDAs).

    The minister further disclosed that N517.5 billion was proposed as additional Multi-lateral/Bi-lateral Project-tied Loans; N54 billion for the National Agency for Engineering Infrastructure (NASENI), which represents 1% FGN Share of Federation Account; and N305.99 billion for TETFUND (funded by the Education Tax).

    Ahmed said the fiscal numbers were preliminary and would be updated “as the reconciliation process is concluded.
    She disclosed further that N2.88 trillion went into debt servicing between January and August this year, out of a total expenditure of N8.14 trillion recorded in the first seven months out of 2021.

    The sum of N2.75 trillion was for overhead cost, while N1.75 trillion was expended on capital projects.
    According to her report, government generated N3.9 trillion so far this year, comprising Company Income Tax (CIT) of N547.5 billion; Value Added Tax collections of N235.7 billion, Customs collections of N338.6 billion and other revenues which amounted to N1.7 trillion.

    She disclosed that with a debt servicing cost of N2.88 trillion and total revenue of N3.9 trillion, the federal government spent about 73 per cent of its revenue on debt servicing within the past eight months.

    She said, “For the 2021 performance, between January and August, revenue generated was N3.93 trillion which was 73 per cent of the prorated target. Out of this amount, CIT and VAT collections were N547.5 billion and N235.7 billion respectively, representing 121 per cent in the case of CIT and 148 per cent in the case of VAT of the prorated target.

    “On the expenditure side, N8.14 trillion representing 84 per cent of the N9.71 trillion prorated expenditure from January to August had been spent.

    “This performance includes expenditure estimates of Government Owned Enterprises (GOEs), but doesn’t include project tied loans
    “Of the expenditure, N2.89 trillion was utilised for debt servicing, while N2.57 trillion was utilised for personnel cost, including pension and gratuities. As at the end of August 2021, N1.75 trillion had been expended on capital projects, of this amount, N1.723 trillion represents 81 per cent of the aggregate provision for Ministries Department Agencies’ capital prorated, while N36.01 billion is expenditure from GOEs.

    “So the story here is that the revenue performance aggregate is 73 per cent but the fact is that the non-oil revenue is performing very well above the target, while the oil and gas revenue are lagging.”

    The finance minister also revealed that the federal government borrowed a total of N3.65 trillion between January and August to finance its N4.3 trillion fiscal deficit, stressing that the balance was covered by privatisation proceeds and drawdown of bilateral and multilateral-tied loans.

    On the proposed N16.39 trillion 2022 aggregate budget proposal, with N10.132 trillion revenue projection and N6.26 trillion fiscal deficit, the minister said N3.60 trillion was for debt service, N6.829 trillion for non-debt recurrent expenditure, and N4.892 trillion for capital expenditure.

    Ahmed said: “To promote fiscal transparency, accountability and comprehensiveness, allocations to TETFUND and the budgets of 63 GOEs are integrated in the FGN’s 2022 Budget proposal.

    “In aggregate, 34.9% of projected revenue is to come from oil-related sources while 65.1% is to be earned from non-oil sources.”
    According to her, N3.331 is projected for oil-related revenue, N1.816 trillion, independent revenue, N924.31 billion from other revenue sources, and N1.728 trillion retained GOE revenue.

    The minister also disclosed that N23 billion “is proposed for Sinking Funds, N768 billion for Statutory Transfer.”
    On the sectors with the highest allocation in 2022, the sum of N2.41 trillion was proposed for Defence, comprising the military, police, intelligence and paramilitary agencies.

    Infrastructure (including Works and Housing, Power, among others) comes next with N1.45 trillion, followed by Youth, Women and Social Development with N921 billion.
    A sum of N873.93 billion is proposed for the education sector with another N108 billion for the Universal Basic Education Commission (UBEC).

  • Nigeria’s Eurobonds debts rise by $9.37bn in five years

    Nigeria’s Eurobonds debts rise by $9.37bn in five years

    Commercial loans obtained by Nigeria through Eurobonds rose from $1.50bn as of December 31, 2015 to $10.87bn as of December 31, 2020, indicating a $9.37bn or 625 per cent increase in five years.

    The debt stock remained at $1.5bn from 2015 to 2016, but rose to $6bn by 2017, indicating a $4.5bn or 300 per cent rise within a year.

    It further rose to $10.87bn in 2018, signifying an increase by $4.87bn or 81 per cent.

    It remained at this figure till the end of 2020.

    However, the Federal Government still intends to seek more funding through Eurobonds, which would increase Nigeria’s Eurobonds debt stock.

    Reports had it that the Federal Government had appointed transaction advisers to facilitate the issuance of Eurobonds in the international capital market, according to a statement issued by the Debt Management Office.

    The institutions approved by the Federal Executive Council as transaction advisers include JP Morgan, Citigroup Global Markets Limited, Standard Chartered Bank, Goldman Sachs, Chapel Hill Denham Advisory Services Ltd, FSDH Merchant Bank Ltd, White & Case LLP, and Banwo Ighodalo.

    The DMO said it would speed up Eurobonds issuance activities based on the transaction advisers ‘approval, with the issuance of Eurobonds raising funds for the New External Borrowing of N2.34tn (about $6.2bn) provided in the 2021 Appropriation Act to partly finance the deficit.

    It added that the funds raised would be used to finance different projects in the budget, while boosting foreign exchange inflow, increasing Nigeria’s external reserves, and supporting the naira exchange rate.

    Reports also had it that the Minister of Finance, Budget and National Planning, Zainab Ahmed, during press briefing in Abuja on Monday said that the government planned to raise about €3bn through Eurobonds to fund budget deficit.

    She had said, “We have an approval in the 2021 budget to fund the budget deficit 50 per cent locally and 50 per cent externally.

    “So, the 50 per cent external borrowing is 6.1bn euros. We are planning to do about half of that in Eurobonds and the other half through other windows such as multilateral and bilateral sources.”

    She further stated that the government was borrowing responsibly by borrowing to invest in infrastructure that would later yield revenue.

  • FG Urges States to Domesticate Relevant Economic Policies

    FG Urges States to Domesticate Relevant Economic Policies

    The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has advised sub-national governments to continue to support, replicate and domesticate germane economic policies of the federal government in their respective states to ensure developmental consolidation, impactful deliverables and huge successes.

    She called for a collective spirit and aspiration in building a nation of everyone’s dreams, especially for the upcoming generation in particular and the world at large, by ensuring trans-economic development of all sectors of the economy that will support job/wealth creation and unimpaired operational security across board.

    Ahmed spoke at a meeting of the 20th National Council on Development Planning (NCDP) in Maiduguri, Borno State organised by her ministry in collaboration with Borno State Government.

    The NCDP is a meeting of states’ commissioners for budget and economic planning organised annually to serve as a veritable platform for senior officials of the federal and state ministries, representatives of the organised private sector, development partners and civil society organisations.

    It is designed for such stakeholders to engage in technical discussions on contemporary economic policy issues in order to come up with effective and functional approaches towards enhancing economic management processes at both federal and sub-national levels.

    The minister stated that the theme of the 20th NCDP meeting is “Managing the Nigerian Economy for Sustainable Development in a Challenging Environment: The Way Forward” which was carefully crafted to address the numerous challenges being faced by the Nigerian environment in recent times.

    She said: “It is noteworthy that the objective of this 20th NCDP meeting is for the delegates to discuss deeply on the best adoptable approaches towards effective management of the nation’s economy to foster equitable economic development across the states of the federation even in the face of challenges in the country.

    “In the light of this, I want to urge the honourable commissioners of budget and economic planning, states’ permanent secretaries, key stakeholders, distinguished guests, ladies and gentlemen, I enjoin you to continue to support and replicate/domesticate the germane economic policies of the federal government in your respective states for developmental consolidation, impactful deliverables and enormous successes.

    “Let us all rise together in one spirit and aspiration and build the Nigeria of our dreams especially for the upcoming generation in particular, and the world at large, by ensuring trans-economic development of all sectors of the economy that will aid in job creation, wealth creation and unimpaired/operational security across board.”

    He implored the stakeholders to ensure maximum utilisation of the period of discussions and contribute immensely to the deliberations in order to chart the best ways forward towards actualising the economic aspirations of Nigeria as the giant of Africa in this event.

  • Off printing N60 billion and our obtrusive Economy

    Off printing N60 billion and our obtrusive Economy

    By Adefolarin A. Olamilekan

    The history and development of the Nigerian State and its economy has been greatly affected by fundamental factors. And it obvious that we need to understand it in order to proffer soluble packages of intervention, that is relevant, practical and sustainable.  For instance, the situation across the developing world, particularly in sub Saharan Africa economies have been marked by significant vulnerabilities in the last two decades, courtesy of price shock and uncertainties in commodity prices, as well as consequent fiscal deficits.

    This has compelled most of these sub Saharan African countries in recent times to resort to fiscal stimulus to sustain macroeconomic stability, development and economic growth. Conversely, the condition of the uncertainties and the accumulation of deficits and national debt have impaired the usefulness of fiscal stimuli and palliatives measures. Indeed, this has formed a greater part of the ongoing narrative around the woeful economy indices in Nigeria and the cost push inflations of about 18 per cent, 33.4 % unemployment and accumulated public debt of $32.9 billion today.

    However, as the title of this piece quote on the argument and counter argument from Governor Obaseki, Minister of Finance Zainab Ahmed and the Central Bank of Nigeria on the printed N60billion to support FAAC Allocation to state and Federal Government in March, 2021. The response of the Finance Minister to Governor Obaseki assertion that “N60billion was printed to augment the short fall in revenues sharing for the month of March” underpinned the dissection of this piece perspective, most especially from the angle of the obtrusiveness of our economy. She responded thus. “What we distribute at FAAC is revenue that is generated and in fact distribution revenue is public information. We publish revenue generated by FIRS, the customs and the NNPC and we distribute at FAAC. So, it is not true to say we printed money to distribute at FAAC, it is not true,” she said. The import of her a statement is tied to prolonged debate over the state of our revenue generation, even with the recent upward rise of oil price that is the biggest source of our economy stay. 

    It is interesting at this juncture to say that the hydrocarbon of oil and gas economy which has come to dominate foreign exchange earnings and accounts for much of what is called the federation account money provides the funding for emoluments and overhead costs of the public sector and finances the capital projects that are implemented mainly by contractors. This is the money that is appropriated and expended by the President, Ministers, Federal Agencies and Departments, the National Assembly, Governors, Commissioners, State Assemblies, Local Government Chairmen, and Councilors as well as sundry government contractors (who inflate contracts) consultants  and others.

    However, in Nigeria there is strong violation of the rules of optimal allocation of resources. Over time the federal, state and local government of Nigeria has been engaged in wasteful spending on projects that has no bearing in the economic development of the country. This mis-appropriation and mis-allocation of the limited resources is responsible for the slow pace of the economy development.

    One imperative metric to ponder on is the obtrusive economy situation in the country that relates to cost push inflations prices of household items. Nigerians and traders alike across the country are lamenting the sustained foods price and decline in patronage. The persistent increase in the price of food items continues to hit harder on consumers. For instance, local and foreign rice, tomatoes, pepper, flour, meat, spaghetti, amongst others, recorded significant surges in their prices.

    The rising cost of living and deplorable standard of living amongst Nigerians point to the fact of inept government and governance policy failures. And the concern is that things could go ‘deep south’. Although, the government put out various policy of palliative to cushion it effect and other economy challenge. These notwithstanding, contraction in economic activities, resulted in plunging production, reduced capital inflows, and reduced government revenue.

    One sad tale to this is the government penchant to borrowing. Off which the Buhari administration in 6 years borrowed via multilateral, development, bilateral and commercial loans (Eurobonds and Diaspora bonds). In a recent statement by the DMO on scorecard on the country’s rising debts situation, state that “from October to December, the public debt profile from N32.2 trillion to N32.9 trillion, showing a moderate rise of N0.7 trillion in the figure.” Consequently, the top-up may have worsened the fiscal imbalance, but the cost of the liability is deeper.

    This is scary, disruptive and heart breaking from a nation with abundance of both human and material resources. Meanwhile in countering critics, the government claims, it had no choice, seeing its “oil revenues and others fail to meet up with target and unable to fund Nigeria’s huge infrastructural deficit required to propel economic growth”. In fact many critics and heterodox political economist are not happy about the debt service commitment of about $1.5 billion at the current debt levels.

    Arguably, Nigeria could have done better but it seems to have missed it. And this was caused by past and present crop of political leaders that cumulatively and conjointly corrupted the nation and robbed it of sustainable development and well being for citizens. Some of the present crops of political leaders in Nigeria are probably not helping matters.

    In moving forward, there are three approaches at solution: One, Nigeria must push towards a citizens centred economic and political system; Two citizens themselves regardless of clan, ethnicity, religion, section, zone or region must rise up to enthrone a leadership that is people centred in economic policies substantially and punishes corruption and crime severely. Three, it clarion call on the government at all level to see reason to be critical on making sure Nigerians get value for money, especially from the FAAC allocation. Poignantly, borrowing should be for sustainable project not for odious necessity.

    Adefolarin A. Olamilekan
    Political Economist & Development Researcher
    Email:adefolarin77@gmail.com
    Tel: 08073814436, 0810740787

  • Obaseki blows hot on finance minister, insists FG printed N60bn

    Obaseki blows hot on finance minister, insists FG printed N60bn

    Edo Governor Godwin Obaseki has faulted the Minister of Finance, Budget, and National Planning, Zainab Ahmed, for denying that the Federal Government printed N60 billion in March to support allocation to states.

    The governor, who accused the Federal Government of “monetary rascality’, also tackled the finance minister for “playing the Ostrich”.

    Obaseki said this in a series of tweets to react to the denial by Zainab that his claim on FG’s printing of N60bn was “untrue”.

    Obaseki said, “While we do not want to join issues with the Federal Ministry of Finance, we believe it is our duty to offer useful advice for the benefit of our country.

    “The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, should rally Nigerians to stem the obvious fiscal slide facing our country.

    “Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

    “We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because ultimately, time shall be the judge of us all.”

    Obaseki was last week quoted as raising the alarm over Nigeria’s financial position which he said made the CBN print about N60billion to augment allocation shared by states in March.

    “When we got FAAC for March, the Federal Government printed additional N50-N60 billion to top-up for us to share.

    “This April, we will go to Abuja and share. By the end of this year, our total borrowings are going to be within N15-N16 trillion,” Obaseki had lamented over the weekend.

    But while answering questions from State House correspondents on Wednesday, the minister said Obaseki’s claim was not factual.

    Ahmed said, “The issue that was raised by the Edo State Governor, for me, is very sad because it is not a fact.

    “What we distribute at FAAC is revenue that is generated and in fact, distribution revenue is a piece of public information.

    “We publish revenue generated by FIRS, the Customs, and the NNPC and we distribute at FAAC.

    “So, it is not true to say we printed money to distribute at FAAC. It is not true.”

  • FG To Spend N396bn On COVID-19 Vaccination – Finance Minister

    FG To Spend N396bn On COVID-19 Vaccination – Finance Minister

    The Federal Government is proposing to spend the sum of N396 billion for the COVID-19 vaccination in 2021 and 2022.

    The Minister of Budget and National Planning, Zainab Ahmed disclosed this on Wednesday after the weekly Federal Executive Council meeting, which was presided over by Vice President Yemi Osinbajo.

    Ahmed explained that the figure may significantly reduce as the Federal Government receives more donations of the vaccines from the private sector.

    She adds that the Ministry of Health is working on details of the gap that the Federal Government will be required to fill in the vaccination exercise.

    She also explains that the size of the proposed supplementary budget agreed by the executive and legislative arm is yet to be resolved, because the Ministry of Defence and Health, are yet to provide details of the military hardware requirement.

    Ahmed had earlier in February said a supplementary budget will be needed to cover the cost of COVID-19 vaccinations, for which no provision was made in the 2021 finance bill adopted in December.

    The Federal Government has said it plans to inoculate 40% of Nigeria’s population this year and another 30% in 2022.

    “There will be a supplementary budget, the first one will be in March relating to the Covid-19 pandemic,” Ahmed told reporters.