Governor Willie Obiano of Anambra State, Thursday, presented before the members of the state House of Assembly a draft budget of N166.9 billion for tge 2018 fiscal year.

Obiano said the 2018 budget entitled “Budget for Value-for-Money, Economic Diversification and Job Creation” would create jobs and also boost the state’s economy.

The governor told the lawmakers that the budget size represented a 43 per cent increase over the current year’s budget which stood atN115.5 billion and tagged “Budget of Economic Recovery and Inclusive Growth.”

He said the estimate illustrates his administration’s resolve to continue to deliver the dividends of good governance to the people of Anambra.

The governor, while analyzing the budget, said the Value-for-Money entails that the state would “carefully assess all activities and make difficult trade-offs to ensure we focus solely on implementing projects and programs that provide commensurate value to Ndi Anambra.

On ‘Economic Diversification’ Obiano added that his administration would ensure that Anambra attains fiscal independence over the next four years through her internally generated revenues, which he believed should cover “our recurrent expenditure with the balance to support capital interventions. We hope to aggressively embark on public finance reforms to optimize and strengthen our tax administration processes”.

“Strategic Collaborations: Fourthly, we hope to develop stronger ties with the Federal Government MDAs and key Development Partners (such as the World Bank, European Union, United Nations System, etc.) to jointly intervene in Social Investments, Works & Infrastructure, Education, Healthcare and Environment sectors of our economy. To achieve this, we have aligned this budget to the National Economic Recovery & Growth Plan and the United Nations’ Sustainable Development Agenda 2030.

“Public-Private-Partnerships: And finally,our fifth target outcome will be to strengthen and refocus our Public-Private-Partnership Strategy. Significant resources will be channelled towards targeted promotional processes to attract large scale export-driven investments across our key economic pillars in the State”.

Similarly, the state expects to receive Reimbursements and Refunds from Federal Government for works done on Federal roads and Paris Club payments estimated at N28bn of the 43.8bn owed to the State; while personnel costs such as workers remuneration, replacement of retired teachers, promotions and appointments were estimated at N21.6bn vs. 2017E of N20.4bn.

It also showed that the state expects to spend N63.9bn on Recurrent Expenditure and N103.1bn on Capital Expenditure.

It shows N27.93bn would be spent on Roads & Infrastructure comprising completion of 150km of roads across the state, road constructions, rehabilitation, bridges construction, installation of Traffic Lights on strategic roads and others.

Other sectors of the state economy also got significant budget proposal from the estimate.

The state also budgeted N7.5bn for Community Social Development Program, and others.

The governor scored himself high on the implementation of the budget of the passing year, saying that he was able to meet the budget proposal and promised to do better in the coming year.

Earlier commending the governor, the Speaker, Anambra State House of Assembly, Rt. Hon. Rita Maguagwu, said that a good number of items budgeted for in 2017 running estimate was accomplished, and promised to give accelerating hearing on it to fast track its passage.

SOURCE : DAILY POST

CALABAR —GOVERNOR of Cross River State, Ben Ayade, yesterday, made history as the first governor to propose a trillion naira budget in the country when he laid a budget estimate of N1.306 trillion before the state house of assembly for the 2018 fiscal year. Before now, Lagos State held the record with its 2017 N812 billion budget and is expected to hit the one trillion mark this year. However, Lagos State is yet to present its 2018 budget. Governor Ben Ayade The Ayade move is reminiscent of a similar move made by elder statesman, Alhaji Lateef Jakande, when as governor of Lagos State in the Second Republic, he presented a budget of N1 billion for Lagos State, the first time a state government was hitting N1 billion budget. Christened “Budget of Kinetic Crystallisation,”

Ayade said the budget is to crystalise all the efforts and vision that have been put into developing the state since he assumed office in 2015 and to move it from a civil service economy to an entrepreneurial economy. The governor said 70 per cent of the budget will be for Capital Expenditure while 30 per cent will be for Recurrent Expenditure. He said though the money is not readily available, it is expected that with the approval and commencement of signature projects, foreign investors are expected to bring in funds that will be used to fund the budget. He said the dredging of the sea for the construction of the state’s Deep Sea Port would gulp N82 billion while the super highway, which will serve as an evacuation corridor for the Deep Sea Port will be split into 50 kilometres stretches to make it convenient for investors to construct selected units on a Build, Operate and Transfer, BOT, basis. He announced that a N6 billion Social welfare scheme has been introduced to meet the needs of the people, particularly the aged who cannot work or earn any income. He said security will cost the state N15 billion in 2018, power supply N250 billion, cottage industry N12 billion, uniforms for primary school children N3 billion and N2.8 billion to support the Federal Government’s school feeding programme in the state. Ayade said: “The hallmark of this administration is the decoupling of the state from over dependence on federal allocation and so this budget is designed and tailored to fit our dreams of an enterprising economy without depending on oil as a source of revenue.” The governor, who said his administration had not borrowed a kobo since he assumed office told the assembly members that the envelop style budgeting where the state based its annual expenditure on revenue and incomes for the year is old fashioned stating that he has introduced a budgeting style which he calls strategic budgeting which focuses on the things the state sets to achieve even without the monetary backing but has the strong will to actualise its dreams. Ayade who announced the payment of December salary while presenting the budget stated that the Paris Club Refund the state has received could only pay the salaries for seven months but he has adopted a unique funding style to consistently pay salaries every month. He called on the Federal Government to allow the state explore and exploits its vast oil deposit found in different parts of the state to compensate it for the loss of 76 oil wells for which the state finances have been negatively impacted.

source: Vanguard

The Minister of Finance, Mrs. Kemi Adeosun, yesterday, announced the suspension of embattled Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir H. Gwarzo, from office, to allow for an unhindered investigation into several allegations of financial impropriety and impunity leveled against him.
Also suspended with him are two management staff of the Commission – Mr. Abdulsalam Naif Habu, Head of Media Division and Mrs. Anastasia Omozele Braimoh, Head of Legal Department, alleged to have engaged in financial impropriety in the Commission.
The Minister in a statement released in  Abuja said the suspension was in line with the Public Service Rules (PSRs) 03405 and 03406.
Adeosun, said the Ministry  has already set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General, even as she directed the suspended SEC Director-General to immediately handover to the most senior officer at the Commission, pending the conclusion of investigation by the API.
Gwarzo has had a litany of weighty allegations hanging on his neck, including running the capital market like a mafia lord, who travels outside the country without handing over to the most senior official.
He was also accused of several underhand dealings including awarding contracts to his firms and relations without recourse to due process.
The situation drew the anger of several stakeholders who asked him to step down for full investigation into the allegations.
Gwarzo’s journey to crisis began when former President Goodluck Jonathan, appointed him as SEC, DG on May 22, 2015, from his Executive Commissioner position.
Having assumed office as DG/CEO, one of the first assignments he allegedly undertook was to hurriedly pay himself a severance package of N104 million as SEC Executive Commissioner, a position he occupied for two and half years before his ascension to the headship of the Commission.
However, the development did not go down well with the internal publics of SEC, as a flurry of petitions flooded the House of Representatives after stiff opposition mounted by the acting head of SEC’s Legal Department, Frana Chuwuogo, failed to stop him.
Beside the above hefty allegation, a petitioner alleged the SEC DG had been awarding contracts to his family members and friends, in violation of the rules guiding the Commission.
It said Gwarzo, his family members and certain directors of the Commission were shareholders and directors in companies “used to carry out the alleged illegal transactions”.
Details of the “illegality” were stated, with at least four different accounts said to be traced to him.
In their reactions, capital market stakeholders expressed divergent views on the SEC boss’s suspension.
According to Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria, the Minister took a hasty decision as this will drag us back to where we are coming from because I believe Gwarzo has done a lot to sanitise the market and a lot of people won’t be happy. This is an unnecessary interference as SEC did this in the Nigerian stock Exchange years ago using Arunma Oteh to interfere when the council approved the erstwhile CEO’s retirement and today we have not gotten out of that problem. This brought lack of confidence in the market and I hope her hasty decision will not plunge the market into darkness again.
For his part, Timothy Adesiyan, President, Nigeria Shareholders Solidarity Association, said it is a right step in the right direction as the action of the Ministry of Finance was to ensure that there are no unnecessary interference during their investigation.

source :sun

Chief Tobby Anumaka, Patron Okpoko Igbo and chieftain of the All Progressives Congress (APC) has described the victory of the All Progressives Grand Alliance (APGA) candidate and Governor of Anambra State, Willie Obiano in the just concluded Anambra State governorship election as victory for the late Dim Chukwuemeka Odimegwu Ojukwu (Ikemba Nnewi).
Has President Muhammadu Buhari’s visit to the South-East change the perception of an average Igbo about his person?
President Muhammadu Buhari’s visit to the South-East is a strong indication that he does not hate Igbo contrary to earlier insinuation that the President is anti-Igbo. I stand to be corrected; the cook, driver and most domestic staff of President Buhari are Igbo. Most roads, buildings and facilities in some secondary and tertiary institutions in the South-East were constructed by the Petroleum Trust Fund (PTF) under Buhari. One of the roads he did in the region is the Onitsha Head Bridge/ Upper Iweka road, when Dr. Nnamdi Azikiwe died in 1996 to enable those coming for the burial of Zik have easy access to his house . The sin of Buhari against Ndigbo was because he defeated former President Goodluck Jonathan who Igbo lined behind during the 2015 presidential election. Most of us saw it a defeat of Ndigbo. I always admonished our people that election is a contest and one person must win and after election both winners and the losers have to come together and move the nation or state forward. This Igbo must realise and come to terms with. Buhari is not President of the north but President of Nigeria. That you hate him cannot change anything, therefore we must embrace him as part us and then get our share of the national cake. The South-East should be grateful to God for the historical visit of President Buhari to the region. It is historical because that was the first visit by Buhari to the Southern part of Nigeria since he assumed office as the President of Nigeria in 2015. I think by the visit and promises made Buhari have expressed his love for Ndigbo.
What would you say are the benefits of President Muhammadu Buhari’s visit to the South-East?
The president was emphatic about his resolve to shift attention of his government to infrastructural development in South-East. He made it clear that the just approved loan by the National Assembly will be channeled towards infrastructural development of the region. As I speak to you arrangement has been concluded for the commencement of work on the Second Niger Bridge. I’m sure Buhari will do what past governments were unable to do for Ndigbo in terms of road construction. I pray my brothers and sisters in South-East will do the needful to maintain this cordial relationship between the region and Mr. President. This can be possible if Igbo embrace APC and vote massively for the party in 2019.
How do you feel after the President’s visit to Anambra State and the people still did not vote for APC candidate, Dr. Tony Nwoye? Isn’t that a sign that Igbo have not accepted APC in the South-East?
That shows the kind of man Buhari is. Many wished that he influences the election result in Anambra but he never did just as he did not manipulate the results in Rivers, Edo and Ondo States. Buhari obeyed the wish of Anambra people. The visit of Governor Willie Obiano to President Buhari weeks before the election was a welcome development. Buhari does not play politics of do-or-die hence he is not desperate about  winning at all cost as was the case with some past leaders. With the outcome of the Anambra governorship election, it is obvious that the electoral process under Buhari has improved. The President sees the entire country as his constituency. So, let’s wait till 2019 when Buhari will seek re-election whether Igbo will vote for him or not. It is too early to conclude that Ndigbo won’t vote for Buhari in subsequence elections.
You mean you are not bothered over the defeat your party suffered in Anambra?
Chukwuemeka Junior’s decision to join APC is for the best interest of Igbo. That does not mean that Ojukwu junior is not popular, but to keep Ikemba’s spirit and what he stood and died for alive, Anambrians decided to vote for APGA. Therefore, Anambra people did not vote for Obiano but Ojukwu. APGA is Ikemba’s legacy which I think Igbo vowed to sustain. I assure you that Igbo will see the importance of Emeka’s decision in 2019 because it will be the time Igbo will decide if they want to produce president of Igbo extraction or not.
What it means is that if Buhari is re-elected in 2019, the coast will be clear for Igbo to lay claim to the presidency because other geo political zones must have taken their turn. However, the South-East has no choice but to align with other geo political zones to re-elect President Buhari so that our chances will be brighter in 2023.
The result of Anambra governorship election showed that Igbo have accepted APC and have endorsed President Buhari for a second term by the result margin. APC polled closed to 25 per cent of the votes cast. If you juxtapose this with the perception of APC and Buhari by Igbo before the election, APC has been accepted by Igbo.

SOURCE: SUN