Connect with us

Local News

We Had A Budget Surplus Of ₦89 Billion In 2019 , Lagos State Corrects BudgIT

Published

on

images 2020 09 29T114321.605 We Had A Budget Surplus Of ₦89 Billion In 2019 , Lagos State Corrects BudgIT

LAGOS FINANCIALLY, ECONOMICALLY STABLE
Lagos State is economically and financially solid, the government has said. This is contrary to the publication by @BudgITng, a public finance analyst, titled ‘Ability of States to Meet Monthly Recurrent Expenditure and loan Repayment Obligations, 2019’, which the Governor Babajide Sanwo-Olu administration described as “misinformation”.
BudgITng has apologized for its error
Here are the facts: Lagos State continues to meet all its recurrent and loan service obligations and the information that was published in incorrect, inaccurate and a gross distortion of the actual facts
The accurate information that ought to have been stated in the table published by BudgITng is provided as extracted from Lagos State’s published 2019 Audited Financial Statements: As indicated in Lagos State’s published Financial Statements the information in the table published by BudgITng should have correctly indicated a surplus of N89 billion (Eighty-Nine Billion Naira).
Lagos State Government continues to efficiently explore options in both the Financial and Capital Markets, to extract optimal funding solutions, which will enhance the administration’s ability to deliver on the construction, renewal and improvement of the deficit in social and physical infrastructure for the benefit of Lagosians; who represent 10% of Nigeria’s population.
In the year under review (2019), Lagos State restructured all existing internal loan facilities to 14% per annum, from between 18% and 20% per annum. These rates have even more recently been re-negotiated to circa 12% per annum. Lagos is the only State that is not reliant on the allocation from the Federal Account Allocation Committee, with Internally Generated Revenues representing circa 72% of the State’s aggregate revenues to enable it address challenges faced by megacities world over.As at August 2020, Lagos State’s Internal Revenue Service is doing 103% above budget, and well above 2019 figures , despite the COVID-19 pandemic which demonstrates the fiscal resilience of the Babajide Sanwo-Olu administration for a Greater Lagos.
Lagos State is economically and financially viable and the Government of Lagos State continues to expand funding sources whilst also ensuring that prudence and sustainability are at the fore of all funding and expenditure decisions.

Continue Reading
Comments

Local News

Ekweremadu Gets Another International Parliamentary Appointment

Published

on

images 2020 10 28T224424.521 Ekweremadu Gets Another International Parliamentary Appointment

The International Parliamentary Congress, IPC, has appointed former Deputy President of the Senate, Senator Ike Ekweremadu as its Chief Coordinator for Africa.
The appointment was conveyed to Ekweremadu in a letter by the Secretary-General of the IPC and member of the Pakistani national parliament, Senator Muhammad Ali Saif. The letter was dated October 26, 2020.
“We are proud to inform you that the Honourable President of the IPC has nominated your good self as Chief Coordinator Africa with immediate effect.
“IPC endeavours to promote parliamentary dialogue and oversight of Climate Change and Food Security; Human Rights; Peace, Security, Conflict Resolution and Interfaith Harmony; Trade, Investment and Development Corporation; Health Research; Standardisation, Quality Control, Human Development; and Observation of Elections across the world.
“To support IPC in achieving the noble cause, your influence, experience and goodwill shall help cover the whole of African region, enabling the IPC to directly partake in projects for general welfare of African nations and to uphold democracy”, the letter read.
Meanwhile, Ekweremadu, who is also Nigeria’s sole member of the Malta-based International Parliament for Tolerance and Peace, the legislative arm of the Global Council for Tolerance and Peace, has accepted the appointment.
The former Speaker of the Parliament of the Economic Community of West African States, ECOWAS Parliament, while pledging to work for the realization of the laudable ideals and objectives of the IPC, was optimistic that the world would benefit immensely from the rising influence of parliaments in global affairs.
“I, therefore, accept the appointment with utmost sense of humility and appreciation, mindful of the fact that injustice, repression, poverty, hunger, environmental degradation, and weakening of democracy and its values in any part of the world equally holds severe consequences for the rest of the globe, hence we must all come together to work for the good of all”, he added.

Continue Reading

Local News

President Buhari’s Speech At The Armed Forces Remembrance Day Emblem

Published

on

images 2020 10 28T181408.503 President Buhari's Speech At The Armed Forces Remembrance Day Emblem


I am indeed happy to welcome everyone here to the formal launch of the 2021 Armed Forces Remembrance Day Emblem and Appeal Fund.
Today, we are gathered here to first remember and commend the sacrifices of our fallen heroes and veterans of the First and Second World Wars, the Nigerian Civil War and Peace Support Operations around the world.
We also seize this opportunity to pay tributes to those men and women currently engaged in Internal Security Operations, particularly the ongoing fight against insurgency, terrorism and armed banditry in some parts of the country.
Despite the global Coronavirus Pandemic, these gallant officers and soldiers have remained steadfast in the difficult task of restoring peace and security in our nation.
We honour the memory of our gallant officers and men who have paid the supreme sacrifice in order to keep the country united as one entity. The nation remains grateful for the efforts and sacrifice of the Armed Forces especially in the fight against insurgency and other internal security challenges confronting Nigeria.
The Armed Forces Remembrance Day or Veterans Day as it is known in some parts of the world is an important event observed in commemoration of the end of the Second World War.
In Commonwealth member countries, the Remembrance Day is observed on 11th November yearly. However, for us the date was changed to 15th January annually to accommodate the commemoration of the end of the Nigerian Civil War.
Therefore, the occasion reminds us of the need to guard jealously the unity of the nation which was won at great cost.
It also serves as a reminder for our citizens to desist from divisive actions and comments that could jeopardize the unity and progress of the nation.
Nigeria’s strength lies in her diversity.
Ladies and Gentlemen, our dear nation has witnessed numerous security challenges since independence. These security threats have undermined Nigeria in the areas of trade, investment and economy, education, health as well as agriculture and frequently denied Nigerians the freedom of movement.
I am however pleased to state that a lot has been achieved in the Internal Security operations in the North West and North Central zones where in addition to Operations LAFIYA DOLE, HADARIN DAJI, HARBIN KUNAMA, WHIRL STROKE, other operations such as ACCORD, SAHEL SANITY and KATSINA were successfully launched.
This has led to the return of normalcy in some of the affected areas.
However, all hands must be on deck to check attacks on soft targets. On our part, we will continue to forge useful alliances with neighbours and friends in the international community for the total defeat of the security threats affecting the sub-region.
Our Administration will also ensure the timely provision of adequate resources and necessary logistics support for the Armed Forces to operate with the best and modern warfare equipment, while at the same time addressing the issues of their welfare.
We are quite aware that it is our responsibility to provide a conducive environment that is devoid of security threats. I want to re-assure Nigerians that security being one of the pillars of this administration will continue to be at the forefront until peace and security are restored in the country.
We will create an environment in which Nigerians and foreigners are guaranteed freedom and returns on investments.
On this note I urge business enterprises to render discounts and rebates to our men and women in uniform as a symbol of appreciation for their sacrifices. This kind gesture will make life easier for them and deepen their patriotism.
The unfortunate cost of the fight against insurgency and other internal security challenges, is the unavoidable loss of lives of some of our officers and men of the Armed Forces.
The reality is that the spouses and defendants of these bread-winners in most cases experience trauma and deprivation. However, we can be of support to them to lighten their burdens especially in light of the COVID-19 Pandemic.
I therefore call on all to spare a thought for them and take positive steps to come to their aid.
Let me use this medium to commend charity organizations involved in this cause of bringing succor to the families of our fallen heroes and veterans.
I will like to also call on more organizations that are yet to participate in this cause to please come forward and do your duty.
To ensure that our veterans continue to share the comradeship that existed while in Service and that their welfare is adequately catered for, the Federal Government established the Nigerian Legion AS WELL AS FULLY PAID ALL PENSION ARREARS OF VETERANS.
I am delighted to note that the Legion has continued to be a rallying point of veterans and has done a lot in catering for the welfare of their ailing members.
It is in this spirit, that I urge Nigerians to support and participate in the Legion’s initiatives in the areas of transportation, agriculture and housing development.
On my part as the Grand Patron, I wish to pledge my continued support and that of the Federal Government to the Nigerian Legion. I want to also urge state Governors who are patrons in their respective States to continue to support the Legion.
Similarly, government agencies at the Federal and State Levels are encouraged to continue patronizing the services of the Nigerian Legion Corps of Commissionaires in the provision of security services. The potentials of our ex-servicemen are enormous and we can indeed leverage on them for national development.
As I launch the emblem shortly, I wish to call on all Nigerians and others residents in Nigeria to procure and wear the emblems with pride in order to identify with those who laid down their lives for the peace and security of our fatherland.
I encourage all to donate generously in support of our veterans and dependents of our fallen heroes.
Esteemed veterans, ladies and gentlemen, it is now my honour and privilege to launch the 2021 Armed Forces Remembrance Day Emblem and Appeal Fund.
Thank you and God bless the Federal Republic of Nigeria.

Continue Reading

Local News

Okonjo – Iweala Emerges World Trade Organisation ‘ s Director General

Published

on

images 2020 10 28T153155.293 Okonjo - Iweala Emerges World Trade Organisation ' s Director General

Nigeria’s former Finance Minister, Dr Ngozi Okonji-Iweala has emerged the new Director General of the World Trade Organisation.
According to sources from the European Union, she emerged victorious in the contest over her South Korean rival Ms Yoo Myung-hee, by a wide margin.
Okonjo-Iweala’s victory is expected to be announced formally by the WTO later today.
Details later

Continue Reading

Trending