President Muhammadu Buhari will today sign into law the revised 2020 budget of N10.8 trillion.
The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, disclosed this yesterday while briefing the leadership of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later this month.
Ahmed, who briefed principal officers of the Senate and House of Representatives, led by the Senate President, Ahmad Lawan and speaker, Femi Gbajabiamila, said the President had given directives for the Ministry to expedite action on next year’s budget estimates to enable him present the 2021 budget proposal to the National Assembly by the end of September this year.
“This for us is a journey towards ensuring that the progress we have made as a collective to return the fiscal year to January – December is maintained for the 2021 budget as well.
“The President has directed that we must deliver the budget to the National Assembly by the end of September,” the Finance Minister said. Ahmed, while giving an update on the 2020 budget implementation between January and May 2020, stated that the Federal Government’s retained revenue was N1.48 trillion, an amount representing 56 percent of government’s target.
She added that out of the sum generated as revenue, oil revenues accounted for N701.6 billion; non-oil tax revenues N439.32 billion; Companies Income Tax (CIT) and Value Added Tax (VAT) collections – N213.24 billion and N68.09 billion; and Customs collection N158 billion, respectively.
She added: “Other revenues amounted to N339.51 billion, of which Independent revenues was N80.22 billion. Recoveries and Stamp duty collected during the period are yet to be booked in the fiscal accounts.’’
On Expenditure performance for the same period (January – May 2020), the minister disclosed that N1.25 trillion was expended for debt service; and N1.32 trillion for Personnel cost, including Pensions. According to her, as at the end of May 2020, only N253.33 billion had been released for capital expenditure.
Ahmed, while giving underlying assumptions driving the macro-economic parameters and targets of the 2021 – 2023 Medium Term Expenditure Framework, said same was “revised in line with the emergent realities.”
She said oil price benchmark for the 2021 fiscal year was pegged at $35; and $40 for 2022 and 2023, respectively.
“Although Nigeria’s total production capacity is 2.5 million barrels per day, current crude production is about 1.4 million barrels per day – in compliance with the Organisation of the Petroleum Exporting Countries’ production quota – and an additional 300,000 barrels per day of condensates, totaling about 1.7mbpd,’’ the minister said.
She added that while the World Bank forecasts that crude oil prices would rise gradually from an average of $42 per barrel in 2021 to $44.5 per barrel in 2022; and $47pb in 2023, it was also expected that Brent crude oil prices might average $41 per barrel during the second half of 2020 and $50pb during 2021, climbing as high as $53pb by the end of next year.
“The nominal Gross Domestic Product (GDP) is expected to increase from N130,836.1 billion in 2020 to N132,125.4 billion in 2021 and then up to N138,415.8 billion in 2023,” Ahmed said.
Earlier in his welcome address, the Senate President, Ahmad Lawan, said: “This meeting is holding at the instance of the Minister of Finance, Budget and National Planning, and the main purpose of the meeting is for the Minister to brief the leadership of the National Assembly on the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
“Therefore, it will not be wrong to say that the journey to the presentation of the 2021 budget estimates by the Executive arm of Government has started in earnest.
“It is our expectation in the National Assembly, that this journey will lead to the presentation or laying of the budget estimates by the President before the end of September by the grace of God.”
Man Dangles Himself from 16th Floor of Trump Tower, Threatens to cut the Rope Unless He speaks to Mr. President.
A man in his 20s who identified himself as a #BlackLivesMatter protester, had been hanging off a 16th-floor balcony of Trump tower in Chicago since around 5:30pm Sunday.
According to the Dailymail’s reports, he was threatening to cut his rope unless he could speak to the president.
A video surfacing online shows the man, who had an Eastern European accent, saying “he didn’t want to die but would cut the rope with a knife if he couldn’t speak with the president.”
However, he has been taken into custody after 13 hours. The Chicago Police Department confirmed this shortly before 7am local time that the situation had been ‘resolved peacefully’ by on-site negotiators and no injuries were sustained.
“He had been requesting to speak directly with the president and to get his message to the media” CPD spokesman Tom Ahern said.
“CPD, SWAT, and CFD personnel responded to the call of an unknown male threatening suicide and dangling from a rope on the 16th-floor balcony of a residential building/hotel,” He added.
The man had threatened to kill himself during the stand-off with police, the department said. SWAT team negotiators spent hours on the deck trying to get the man down overnight.
From the statement of the police, Gistflash gathered that charges are yet to be filed.
However, the real identity of the man is yet to be revealed. Though he was escorted from the scene in an ambulance, he is currently undergoing a psychological evaluation.
“Respect for President Buhari is all that is left of APC” — Rochas Okorocha
Former governor of Imo State, Rochas Okorocha while addressing some journalists on Monday in Abuja has said that there is no more APC.
According to him, what is left of APC is ” Respect for President Muhammadu Buhari” and the crisis rocking the party was part of consequences for relegating the founding members.
The party that is smarting from internal crisis after the 2019 general elections, died the day the leadership abandoned the progressive and democratic ideals on which it was founded.
Okorocha, who is also the Senator representing Imo West Senatorial District, said that apart from President Buhari, the other leaders of the political blocks that merged to form the party in 2015, were practically schemed out by forces that later joined the party.
“Permit me to give you the inside of APC, this word APC was formed by four major political parties that had governors, one was the CPC led by President Muhammadu Buhari, ACN led by Ahmed Tinubu, ANPP led by Ogbonnaya Onu who all brought their structure, APGA led by me brought in our structure. Every other person fell into this structure.
The PDP group came in and joined us. I gave the name APC. I designed that logo and that was the beginning of the party and we had understanding. “
“That is the party you call APC and unless we go back to where it all started, APC can never see the light of the day and that was how we started and that was what brought President Muhammadu Buhari to office.
You cannot rule out the role of these four key people, then CPC has only one governor in Nasarawa, APGA had only one governor, ACN came with the chunk of the governors and ANPP had a few. And we shared the first positions equally among these four parties.
Now the founding fathers of the part are relegated to the backgrounds and people are coming with different interests making us play the same kind of politics that PDP played,” Okorocha said.
He added, “There is no more APC, what we have is the respect for President Muhammadu Buhari, that is what is keeping us together.
What we have is our respect for the person of President Buhari and we still believe that something can be done.
“That trust and respect is what we still call APC, outside that, respect for President Buhari and the trust and belief that he could wake up one day and correct all these injustices and make it fine.
That is the only thing that is keeping the APC, if not that, I don’t think there is anything like APC because people are beginning to get fed up. Again, PDP is not even better, the party has its own challenges.
Syracuse University Mistakenly Sends Out Dozens of Acceptance Letters
Syracuse University Mistakenly Sends Out Dozens of Acceptance Letters
A major blunder by Syracuse University due to a technical error. The school mistakenly sent dozens of emails on Thursday evening congratulating applicants on their acceptance to the university, along with visa transfer instructions intended for international students.
According to Maurice A. Harris, dean of admissions at the university, acceptance letter which was intended to be distributed to a very small number of people was mistakenly sent to dozens of recipients.
However, a follow up email was sent to address this error. “due to an error with our technology, this message was sent to you, as well as several others, none of whom were intended to receive this notification…” said Harris.
This mistake isn’t the first of its kind in higher education. In 2015, Carnegie Mellon’s admission office mistakenly sent acceptance letters to 800 applicants to the school’s prestigious master’s program in computer science — only to reject them hours later.
Harris went on to apologize for the mistake and assured people that the school has taken measures to ensure this doesn’t happen again.
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