Worried by the increasing activities of rice smugglers which are impacting negatively on the nation’s revenue and efforts of local millers, the Rice Millers, Importers and Distributors Association of Nigeria (RIMIDAN) yesterday donated 150 patrol...
The Managing Director/CEO of Nigerian Export Import Bank (NEXIM), Mr. Roberts Orya, has met with the top management team of The Crown Agents led by its Chief Executive, Mr. Terence Jagger, at the headquarters of NEXIM Bank in Abuja to explore how the t...
The Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, said that the gross federally collectible revenue in 2013 budget was projected at N11.34 trillion.
Okonjo-Iweala made this known at a press briefing on the breakdown of the 2013 Budget, on Thursday in Abuja.
She said, ``The gross federally collectible revenue is projected at N11.34 trillion, of which the total revenue available for the Federal Government’s Budget is forecast at N4.1 trillion.''
This she said represented an increase of 15 per cent over the estimate for 2012.
According to the minister, the projection is based on oil production of 2.53 million barrels per day compared to 2.48 million barrels per day in 2012.
``Benchmark oil price of 79 dollars per barrel, up from 72 dollars per barrel in 2012, Projected real GDP growth rate of 6.5 per cent and average exchange rate of N160 per dollar,’’ she said.
The minister said that the non-oil sector was expected to sustain the 2013 budget.
She commended the Federal Inland Revenue Services for attaining 20 per cent growth in non-oil tax revenue between 2007 and 2012.
On the expenditure provision, she said that budget made provision for an aggregate expenditure of N4.987 trillion.
This she said represented a modest increase of 6.2 per cent over the N4.697 trillion appropriated in 2012.
``This is made up of N387.97 billion for statutory transfers; N591.76 billion for debt service; N2.38 trillion for recurrent (non-debt) expenditure.
``Of which N1.717 trillion is the provision for personnel cost, while overhead cost is projected at N208.9 billion.
``And a total of N1.62 trillion has been provisioned for capital expenditure,’’ she said.
The minister added that an additional N273.5 billion had been provisioned for the subsidy reinvestment (SURE-P) programme.
Okonjo-Iweala said that with the development, the fiscal deficit was projected to improve to about 1.85 per cent of GDP in the 2013 Budget when compared with the 2.85 per cent in 2012.
She said that N497 billion was marked out for critical infrastructure such as power, works, transport, and aviation.
The minister said that another N705 billion was set aside for human capital development under education, water, agriculture and health sector
``We also allocated over N950 billion for national security purposes, comprised of N320 billion for the police, and N364 billion for the Armed Forces, N115 billion for the Office of the NSA, and N154 billion for the Ministry of the Interior.
``For 2013, the SURE-P programme has a projected allocation of N180 billion, augmented by the 2012 unspent balances of N93.5 billion.
``This amount will be used to make further progress in the provision of social safety net schemes, maternal and child healthcare, youth development and vocational training for Nigerians,’’ she said.
Okonjo-Iweala said that budget had key priorities, which included the reduction in cost of governance, and debt management.
Others are infrastructure investments, job creation and the development of the manufacturing sector.
She said that the recurrent spending in total expenditure had reduced from 74.4 per cent in 2011 to 67.5 per cent in 2013 while capital spending increased from 25.6 per cent in 2011 to 32.5 per cent in 2013.
The minister said that N100 billion was saved for 2013 budget from the implementation of IPPIS.
On debt management, she said that N75 billion of maturing debt obligation payment was made last week and N25 billion had been set aside in a sinking fund to be used for retirement of maturing debt obligations in the future.
The minister said that government had reduced annual domestic borrowing to finance the budget deficit from N852 billion in 2011, to N744 in 2012, and now to N577 billion in 2013.
She said, ``We are also making concerted efforts to defray the debts of our foreign missions.
``We have made a provision of N13 billion in the 2013 budget to help clear accumulated debts as at the cut-off date of June 2012.'' (NAN)
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The Board of Directors of the African Development Bank Group approves in Abidjan, Côte d’Ivoire, a loan of US $300 million to finance the Transport Sector and Economic Governance Reform Program and the Nigeria Country Strategy Paper (CSP) for the period 2013-2017.
The Nigerian Ports Authority (NPA) on Monday said 79 ships would arrive at the various terminals in Lagos Ports between March 4 and March 27.
First Bank customers using the Automated Teller Machines for cash withdrawals are to pay N100 monthly, with effect from this month, according to a notice.
The News Agency of Nigeria (NAN) reports in Abuja on Monday that the notice for the new charge captioned, ``Card Maintenance Fee,” was displayed on some ATM machines in the city.
The notice reads: ``Dear valued customer, in order to serve you better, from March 2013, a monthly N100 card maintenance fee will be charged for all cash withdrawals within the month.’’
Some customers who spoke with NAN, however, condemned the introduction and called for sanctions from the regulatory body.
Mr Joshua Abraham, a trader, said it was unfortunate that First Bank should introduce such a charge.
``I did not even notice, but if that is the case, they want to discourage us.
Mrs Uju Nwanze, a legal practitioner, said the CBN should stop the charge.
`` This is another way to get back the N100 charges they just stopped recently on use of ATM cards.
``These banks are good at exploiting people, they did not even give prior notice like sending text messages.''
Also, Ejiro Fidel, a civil servant, said First Bank should not copy the new generation banks to rip off customers.
``They did not even care to inform their customers about this development, this is unlike them. Civil servants use First Bank a lot because we believe they are better than most of these new banks.
``What maintenance are they doing on the card, this is very wrong and I hope that those in charge would stop them from doing so.
``I think that they should focus on how to encourage customers to use the card than discouraging them. This new charge is really anti-customer friendly,’’ he said.
NAN recalls that the Bankers' Committee meeting of November 2012, scrapped the N100 interbank charge on use of ATM cards.
NAN also reports that First Bank had on February 11, increased its charges on interbank money transfer, against moves by the Central Bank of Nigeria for a downward review of bank charges on customers. (NAN)
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In line with its commitment to supporting countries in their development efforts, the Board of Directors of the African Development Bank Group Wednesday approved in Abidjan, Côte d’Ivoire, a loan of US $300 million to finance the Nigeria’s transport sector and Economic Governance Reform Programme and the Nigeria Country Strategy Paper (CSP) for the period 2013-2017.
The bank in a statement made available to LEADERSHIP explained that the loan aims to support the Nigerian government to accelerate reform implementation in the areas of transport sector governance, and public expenditure management. Reform measures include the establishment of a Federal Road Authority, National Road Maintenance Fund, Road-Tolling Policy, and Axel Load Control Policy.
“In the areas of public financial management reform, the programme involves the adoption of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernisation Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS), and Transparency and Compliance in Procurement and Audit Practices,” AfDB stated.
The bank further said, “The programme will also create fiscal space for increased investment in road infrastructure development. It is an integral part of a broader set of interventions of the bank designed to support Nigeria’s Transformation Agenda with emphasis on economic governance and infrastructure development” and added “the Country Strategy Paper outlines the Bank’s engagement and assistance to the Federal Republic of Nigeria. It will focus on two strategic pillars, namely; supporting the development of a sound policy environment, and investing in critical infrastructure to promote the development of the real sector of the economy.”
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