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Buhari’s speech at signing into law of revised 2020 budget

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Buhari’s speech at signing into law of revised 2020 budget


Speech by His Excellency, Muhammadu Buhari,

President of the Federal Republic of Nigeria

at the signing into law of

the Appropriation (Repeal and Amendment) Act, 2020

Presidential Villa, Abuja.

 Friday, 10TH July, 2019

PROTOCOLS

1.           It is my pleasure and honour to sign the Appropriation (Repeal and Amendment) Act, 2020 into law today. I thank the Distinguished Senate President, the Right Honourable Speaker of the House of Representatives, and all the Distinguished and Honourable Leaders, and Members, of the National Assembly for the prompt review and passage of the amendments to the 2020 Appropriation Act.

2.           You will recall that I signed the 2020 Appropriation Act into law on Tuesday, 17th December 2019. However, it became necessary to revise the Appropriation Act 2020 in response to recent developments, in particular, the COVID-19 Pandemic. Crude oil prices in the world market declined sharply from a high of $72.20 per barrel in January 2020 to below $20 per barrel in April 2020, and have since remained around $40 per barrel.

3.           Nigeria’s crude oil production quota has been reduced as part of the efforts of the Organization of Petroleum Exporting Countries (OPEC) to strengthen the oil market. Global trade has generally been disrupted as almost all economies were locked down for protracted periods in the wake of the COVID-19 Pandemic.

4.           All these developments are plunging the global economy into recession, and Nigeria has not escaped the impact of this. In effect, the assumptions underlying the 2020 Appropriation Act are no longer sustainable.

5.           It is therefore imperative to adjust our expected revenues, considering the widespread disruptions in domestic and international economic activities due to the COVID-19 Pandemic, and the containment measures taken in response thereto.

6.           Understandably too, we needed to reallocate resources in the Appropriation (Repeal and Amendment) Act, 2020 to ensure effective implementation of required health and emergency measures, as well as to mitigate the negative socio-economic effects of the COVID-19 Pandemic.

7.           The 2020 Amended Budget, which I have just signed into law today, underscores our Administration’s firm commitment to effectively contain the spread of COVID-19 and protect the lives and livelihood of our people. With these budget amendments, as well as our recently launched N2.3 trillion Stimulus Programme, we are well-positioned to safeguard the economy.

8.           Considering recent budget implementation challenges, I have directed that efforts be made to ensure effective implementation of the Appropriation (Repeal and Amendment) Act, 2020 in order to realise its laudable objectives.

9.           All Ministers are to ensure that their Ministries, Departments and Agencies intensify capital project delivery efforts and fully cooperate with the Ministry of Finance, Budget and National Planning to achieve the laudable objectives of the Budget.

10.        We have, nevertheless, made some progress in the implementation of the Appropriation Act 2020. As at 31st May 2020, the sum of N253.33 billion have been released for the implementation of capital projects.

11.        The Federal Ministry of Finance, Budget and National Planning is in the process of effecting budgetary releases that will ensure that all Ministries, Departments and Agencies receive at least 50 per cent of their amended capital budgets by the end of this month.

12.        The Appropriation (Repeal and Amendment) Act, 2020, that I have just signed into law, provides for aggregate expenditures of N10.81 trillion, which is an increase of N216 billion over the level of expenditure initially proposed in the 2020 Appropriation Act. The Honourable Minister of Finance, Budget and National Planning will provide further details of the 2020 Amended Budget.

13.        I wish to acknowledge the efforts of the Ministry of Finance, Budget and National Planning, particularly the Budget Office of the Federation, and everyone who collaborated and worked conscientiously to produce the Appropriation (Repeal and Amendment) Act, 2020 that I have signed today.

14.        I thank all Nigerians for their understanding and unflinching support, especially during these difficult times.

15.        Thank you and may God bless the Federal Republic of Nigeria.

Ismaila Chafe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Politics

APC UK optimistic of Diezani’s prosecution by British Government

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The All Progressives Congress (APC), UK chapter, says it has received favourable response from the British Government to prosecute former petroleum minister, Diezani Alison-Madueke and other Nigerians suspected of fraud, bribery and corruption offences, living in the United Kingdom.


According to a statement signed by Mr Jacob Ogunseye, the APC UK Publicity Secretary, issued on Tuesday in Abuja, the assurance was given by British Minister of State for Security, James Brokenshire.

In the statement made available to the News Agency of Nigeria , the British government also promised to help Nigeria fight corruption to a standstill.

It said Brokenshire’s promise followed a petition initiated by the APC UK legal department to the British government on the need to prosecute the former petroleum minister and other Nigerians suspected of fraud, bribery and corruption.

The statement said the petition was sequel to a plea by Ibrahim Magu, former Chairman of the Economic and Financial Crimes Commission (EFCC) at a virtual meeting before his suspension.

It said that Magu had appealed to Nigerians in Diaspora to assist the commission in putting pressure on the British government to repatriate the former minister to Nigeria to answer charges against her.

It said the APC UK legal department took up Magu’s challenge by initiating a legal process reminding the British government of Alison-Madueke’s arrest on October 2, 2015 by its National Crime Agency (NCA) in London.

It recalled that Alison-Madueke was arrested along side four other persons on suspicion of bribery and corruption offences, but was released on bail.

It added that the APC UK legal team went further to request for reasons for the loss of traction by the United Kingdom NCA in prosecuting the former minister since her bail in 2015.

The statement said the department also demanded for a speedy trial of the former petroleum minister in the UK or in the alternative, facilitate her immediate repatriation to Nigeria to face graft charges.

The statement quoted Mr Ade Omole, leader of the chapter, as saying that a fair trial as enshrined in Article 6 of the Human Rights Act would be followed if Madueke was repatriated to Nigeria to face trial.

APC UK supported the legal process with petitions through Members of Parliament and Peers in the House of Lords, the British Government was left with no choice but respond promptly to the issues raised.

“The British government responding through its Minister of State for Security, Rt. Hon. James Brokenshire, promised to work with the Federal Republic of Nigeria in ensuring that corruption is fought to a standstill and persons involved in criminal acts are duly prosecuted,” Omole said.

He added that the response from the British government was a strong indication of good things to come regarding suspects hibernating in the UK.

He stressed that the APC in UK had a good strategy and dedicated legal team that would ensure that looters did not commit crime in Nigeria and run to the United Kingdom to hide.

He said Nigerians should expect some traction on the near comatose criminal case involving the former petroleum minister going forward.

“Though COVID-19 lockdown down is not helping matters, we hope the pandemic will soon be over so we can double our efforts from this end,” Omole said.

The statement quoted Brokenshire, as saying that: “The UK is continuing to lead international efforts to combat corruption, as evidenced by the commitments in the UK’s Anti-Corruption Strategy and the Economic Crime plan.”

He said the UK was determined to ensure that its society and economy remained hostile to illicit financial flows.

“As you will know, in 2018 the Financial Action Task Force assessed the UK as having the strongest controls of any country assessed to date.

“I am acutely aware of the negative impacts of grand corruption, including on developing countries.

“The International Anti-Corruption Coordination Centre, hosted by the NCA, is working to recover stolen assets, share intelligence across jurisdictions, and build capacity to support grand corruption cases in developing countries,” he said.

He added that the centre had supported a number of high profile arrests involving politicians and public officials across the world.

“We are working closely with the government of Nigeria to prevent corruption, including  providing support in-country.

“The NCA runs a number of multi-agency projects in Nigeria which target corruption as one of the threats to the UK,” Brokenshire said.

According to him, these projects provided specialist training, equipment, buildings and infrastructure.

He said it also provided UK-based mentors and intelligence to fight corruption at all levels, adding that the Department for International Development funds programmes to tackle corruption in the Nigerian public sector and oil industry.

Brokenshire assured the APC UK of UK’s commitment to combating corruption in Nigeria and other African countries.

Edited By: Chioma Ugboma/Maharazu Ahmed (NAN)

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Economy

Revival of ailing industries will strengthen currency -Expert

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Mr Promise Amahah, an economic expert says revamping ailing industries and economic diversification in the country will help to strengthen the value of the Naira among world currencies.


Amahah stated while reacting to the fall of the Naira amid COVID-19 pandemic during an interview with the News Agency of Nigeria in Abuja on Tuesday.

The Naira exchanged for about N387 to a dollar in the foreign exchange market as at Aug. 3.

He advised the Federal Government to also sustain the tempo in its diversification drive in different sectors of the economic to further boost the economy.

He said that the revamping of all ailing industries in agriculture, textiles, IT, education among others would create more jobs, open investment as well as raise the value of the Naira.

“The fall of the Naira did not just happen overnight. When Naira was stronger was when we had Peugeot Automobile Nigeria, Volkswagen Nigeria, Dunlop Nigeria Ltd, Michelin Nigeria, Bata and Lennards.

“Our Naira had value when we had Nigerian Airways, Steel Rolling Mills; Osogbo Steel Rolling Mill, Ajaokuta steel, Arewa Textile Mill, BEREC Batteries, General Motors and Kingsway among others,” he said.

Amahah, who is the Chief Executive Officer of Strategy Worth and Technology (SWAT), lauded Federal Government for its move to revive Ajaokuta Steel Company.

The expert said the commitment by the Central Bank of Nigeria to revive Nigerian Cotton Textile and Garment industries was the right step in the right direction.

Edited By: Ismail Abdulaziz (NAN)

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Coronavirus

Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup

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Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns.


This is just as major producers ramp up output.

United States West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.7 per cent to $40.71 a barrel at 0414 GMT, while Brent crude futures fell 37 cents or 0.8 per cent to $43.78 a barrel.

The slide comes after WTI rose 1.8 per cent and Brent climbed 1.5 per cent on Monday on better-than-expected data on manufacturing activity in Asia, Europe and the United States.

The activity is showing factories were emerging from the worst of the early coronavirus pandemic impact.

“On the demand side, we had quite encouraging global manufacturing (data) … but there’s still quite a bit of evidence of the oil demand recovery stalling in quite a few markets with a resurgence of COVID-19,’’ said Lachlan Shaw, Head of commodity research at National Australia Bank (NAB).

Denting fuel demand, cities from Manila to Melbourne are tightening lockdowns to battle new infections, while Norway has stopped cruise ship traffic in the latest European travel alarm.

In a further sign of a patchy rebound in demand, analysts estimate United States refined product stockpiles rose last week, according to a preliminary Reuters’ poll ahead of data due from the American Petroleum Institute industry group later on Tuesday and the United States government on Wednesday.

Five analysts estimated, on average, that United States inventories of gasoline rose by 600,000 barrels.

Distillate stockpiles, which include diesel and heating oil, likely grew by 800,000 barrels, while crude stocks fell by 3.3 million barrels in the week to July 31.

At the same time producers in the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are stepping up output this month, adding around 1.5 million barrels a day of supply.

United States producers also plan to restart shut-in production and inventories remain near historical highs.

“I think it is fair to say that most oil market participants expected more downward pressure on oil to start the week with COVID-19 ravaging the landscape and OPEC+ adding more barrels into play,’’ said Stephen Innes, Chief Global Markets Strategist at AxiCorp, in a daily note.

AIB

Edited By: Abdulfatah Babatunde (NAN)

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Foreign

Algeria to reopen mosques for public – President

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Algerian President Abdelmadjid Tebboune late on Monday announced that his country “is reviewing the possibility to reopen mosques for the public,’’ the official APS news agency reported.


The president made the remarks during a meeting of the High Security Council attended by top military and security officials as well as cabinet members to assess the COVID-19 epidemic inside the country.

Tebboune instructed Prime Minister Abdelaziz Djerad to programme a gradual reopening of mosques.

He added that the first phase of the programme will be limited to 1,000 large mosques in the country, which “will be able to allow the essential physical distancing with the imperative wearing of masks by all’’.

The prime minister was authorised to estimate the reopening of beaches and other places for recreation and relaxation.

Mosques, beaches and parks in the country have been closed since mid-March, as part of measures taken by the authorities to stem the spread of the COVID-19 epidemic.

AIB

Edited By: Abdulfatah Babatunde (NAN)

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Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

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