News
President Buhari presents record N20.5trn 2023 budget to National Assembly
President Muhammadu Buhari has presented a record N20.51 trillion 2023 appropriation bill to the national assembly.
The president made the presentation on Friday to the joint session of the national assembly at the temporary chamber of the house of representatives.
The national assembly had approved the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — parameters on which the 2023 budget will be framed.
While presenting the details, Buhari said the 2023 transition budget was designed to address critical issues and lay a solid foundation for the incoming administration.
He said that based on the parameters and fiscal assumptions, the revenue generation should hit about N16.87 trillion.
The budget is christened ‘Budget of Fiscal Consolidation and Transition’.
A breakdown of the budget shows that N744.11 billion was earmarked for statutory transfers, N8.27 trillion for non-debt recurrent costs, N1.1 trillion for overhead costs, and N5.35 trillion for capital expenditure.
“We expect the total fiscal operations of the federal government to result in a deficit of N10.78 trillion,” Buhari said.
“This represents 4.78 percent of estimated GDP, slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
“As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country.”
News
Governor Okpebholo approves free rides for residents
The Edo State Governor, Monday Okpebholo, has approved free bus services for the people of the state through the Edo City Transport Service.
In a press statement on Tuesday issued by the Chief Press Secretary to the governor, Fred Itua, the initiative is part of the Okpebholo administration’s drive to entrench his policy direction.
The free bus service, according to the statement, will cover Benin metropolis and the three Senatorial Districts of the state (Intra and Intercity routes) and is part of the governor’s commitment to enhance the welfare of all Edo people.
The statement added, “The bus services will ease the transportation stress. Our people who plan to move around within the Benin metropolis and out will be able to do that without any extra financial burdens.
“Edo Central, like Ekpoma, Iruekpen, Irrua, Uromi, and other places, are also part of the routes the free transportation services will cover.
“Edo North is fully captured. Agbede, Auchi, Okpella, Fugar, and other parts of Edo North are covered in the free transportation scheme of Governor Monday Okpebholo.”
News
Court remands Yahaya Bello in EFCC custody
The federal capital territory (FCT) high court has remanded Yahaya Bello, former governor of Kogi, in the custody of the Economic and Financial Crimes Commission (EFCC).
Bello was arraigned on a 16-count charge bordering on alleged money laundering on Wednesday.
He pleaded not guilty to all the charges.
News
Yahaya Bello pleads not guilty to N110bn fraud charges
The immediate past Governor of Kogi State, Alhaji Yahaya Bello, on Wednesday, pleaded not guilty to a 16-count charge the Economic and Financial Crimes Commission, EFCC, preferred against him.
Bello was docked before trial Justice Maryann Anenih of a High Court of the Federal Capital Territory sitting at Maitama, alongside two other defendants, Umar Oricha and Abdulsalami Hudu.
The defendants were accused of complicity in a N110billion fraud.
It will be recalled that the erstwhile governor’s whereabouts remained unknown till yesterday when he surrendered himself after a protracted hide-and-seek game between him and the anti-graft agency.
Dressed in white caftan and blue cap, Bello, mounted the dock around 9:45am.
The charge against the defendants, marked: CR/7781, borders on conspiracy, criminal breach of trust and possession of unlawfully obtained property.
Specifically, the EFCC alleged that the former governor misused state funds to acquire properties, including No. 35 Danube Street, Maitama District, Abuja (N950 million), No. 1160 Cadastral Zone C03, Gwarimpa II District, Abuja (N100 million), and No. 2 Justice Chukwudifu Oputa Street, Asokoro, Abuja (N920 million).
Other properties the defendants allegedly acquired with funds stolen from the Kogi state treasury, included Block D Manzini Street, Wuse Zone 4, Abuja (N170 million), Hotel Apartment Community: Burj Khalifa, Dubai (Five Million, Six Hundred and Ninety-Eight Thousand, Eight Hundred and Eighty-Eight Dirhams), Block 18, Gwelo Street, Wuse Zone 4, Abuja (N60 million), and No. 9 Benghazi Street, Wuse Zone 4, Abuja (N310.4 million).
More so, the defendants were accused of transferring $570,330 and $556,265 to TD Bank, USA, and possessing unlawfully obtained property, including N677.8 million from Bespoque Business Solution Limited.
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