Kano declares for Moghalu as crowd receives YPP presidential candidate
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NEWS
Budget cycle inconsistency hindering economic , development - experts
Over the years , the nation ’ s budget cycle has been inconsistent without a definite pattern , giving room for speculations and poor implementation .
According to data obtained from the Fiscal Responsibility Commission ( FRC ) 2016 Annual Report and Audited Accounts , from 2011 to 2017 , the time of approvals of the budgets is well into the New Year .
The earliest was that of 2013 , which was submitted to the National Assembly on October 10 , 2012 and assented to by President Goodluck Jonathan on February 26 , 2013 , indicating a five-month time lag .
All others were presented to the National Assembly in December and assented to in April , May or June .
In separate interviews with the News Agency of Nigeria , experts say the inconsistency does not bode well for the economy .
Atiku Samuel , head of research , BudgIT , says the economy depends on fiscal , monetary and trade policies to power it .
“ Monetary authorities look closely at the budget for direction and that is why the Monetary Policy Committee ( MPC ) of the Central Bank of Nigeria ( CBN ), was reluctant at its first meeting in 2018 to take action .
Kano declares for Moghalu as crowd receives YPP presidential candidate
Residents of Kano last week trooped out in large number to welcome Kingsley Moghalu , presidential flag bearer of the Young Progressive Party ( YPP ), as he continued his nationwide ‘ To Build A Nation Tour .’
Representing the drive among Nigerian voters to change the status quo , Moghalu , a former deputy governor of Central Bank of Nigeria , was received with lots of fanfare and excitement by members of the Kingsley Moghalu Support Organisation ( KIMSO ) and To Build A Nation ( TBAN ) in the state , as he was welcomed by the Emir of Kano , Muhammadu Sanusi II , in his palace .
Speaking at the visit , Moghalu promised massive investment in entrepreneurship and innovation through the 1 trillion Venture Capital Fund , an economic policy he emphasised would not
Innovation Hub : Youths hail Osinbajo , Obaseki for facilities , thrilled by training , skills acquisition prospects
Youths in Edo State have hailed Governor Godwin Obaseki and Vice President Yemi Osinbajo for the initiative in setting up the South-South Innovation Hub and Edo Innovates , the two facilities launched recently at the Institute of Continuing Education ( ICE ), in Benin City , as a platform for youths to get trained and proffer digital solutions to everyday problem .
Recall that the Vice President during his two-day visit to the state launched the South- South Innovation Hub and performed groundbreaking of the 1800-Emotan Gardens project .
A number of the youths at be determined or controlled by ethnicity , religion or status .
“ It is time for a new generation of leaders that are interested in creating a better future for Nigerians . Every young Nigerian can contribute to the development of our great country , but there needs to be opportunity and access to education , skills , and better security to improve their lives ,” he said .
The presidential candidate also promised to bring back industries through strategic support for the manufacturing sector in order to create jobs , diversify the economy and promote investment .
In his response , the Emir of Kano recalled the presidential aspirant ’ s contributions to the successes achieved by the CBN during his tenure as governor .
“ Kingsley and the other three deputy governors made important contributions to the bank ’ s
the launch expressed appreciation to the governor and the Vice President for setting up the hub , noting that it was gratifying to know that youths in the state would now have equal opportunity as their colleagues elsewhere to get trained and be engaged in a vibrant digital ecosystem that is supported by the state and Federal Government .
Sunday Olufemi , from Akoko Edo Local Government Area of the state , said he was most excited about the one-stop shop for Micro , Small and Medium Enterprises ( MSME ) clinic , where young people can now have access to relevant federal government agencies to ease
“ Trade policy formulators sometimes bury decisions inside the budget . As such , the budget is an important planning tool within any functional economy ,” he says .
He adds that inconsistency in the budget cycle meant that both monetary and trade policy formulators could not act or take informed actions at the appropriate time .
“ That typically cascades across the economy , making decisions irrational and sometimes irrelevant . The organised private sector also suffers . For instance , government spending accounts for about 50 percent of construction related spending .
“ If the budget is not presented and passed at the right time , an inconsistent pattern follows as we have in Nigeria and players in that sector will also have to restructure .
“ They cannot recruit in anticipation of an increase in spending and that inevitably kills jobs . Some even sack workers because revenue is inconsistent , as we have seen in the construction sector ,” he says .
Samuel says that inconsistency in the budget cycle also renders fiscal stimulus ineffective and makes the pattern of spending difficult to trace and follow through , saying no investor likes volatility because it creates huge unmanageable risks .
Eze Onyekpere , lead director , Centre for Social Justice ( CSJ ), a civil society organisation ( CSO ), says the fact that the nation no longer had a fixed budget calendar had introduced inconsistency and uncertainty into the economy .
He says this trend had influenced poor economic performance in terms of Gross Domestic Product ( GDP ), growth and ability to meet sectoral objectives .
“ This has also led to haphazard budgetary and economic policy implementation . Capital budget implementation has suffered under this budgeting scenario .’’
He , however , notes that the executive and legislative arms of government had specific roles to play in rectifying and addressing the budget calendar and implementation challenge .
“ First , the executive have to start the budget preparation process early through the Medium Term Expenditure Framework ( MTEF ).
“ The MTEF should be ready for the endorsement of the Federal Executive Council ( FEC ), on or before the end of the second quarter ( June ).
“ It should be submitted to the legislature which should vet and approve of same before
success during my term as governor . In my view , any of those four deputy governors are qualified to hold any leadership position in Nigeria today .
“ There is no question that whatever happens , Kingsley ’ s participation in Nigerian politics as an aspirant to the highest office of the land has already steered the narrative in the right direction ,” the Emir said .
Speaking with participants during the closing ceremony of 1,000 Women Skills Training conducted under the Kingsley Moghalu Women Initiative in partnership with the Isaac Moghalu Foundation , the candidate emphasised that upon becoming president of Nigeria , his administration would combat poverty by providing access to finance and education for women and girls in the country .
business registration , product certification , and access to finance and mentoring .
According to Olufemi , “ I can confidently say that this is the best thing to have happened to youths in Edo State . Now , we no longer have to go to Lagos before we get training to become fullfledged start-ups . The expertise and support structures are now available for us in Edo State .”
Fred Omoregie , an undergraduate at the University of Benin ( UNIBEN ), said the hub was a dream come true to many tech-savvy young residents in the state , noting that they now had a viable , well-structured facility to express themselves . proceeding on their legislative break in July .
“ Thereafter , the executive budget should be ready by the first week of September and submitted to the National Assembly which will then have four months to approve same before the end of the year .’’
According to Onyekpere , there should be a commitment on the part of the legislature to approve the budget before proceeding on Christmas and New Year vacation .
This , he said , would enable implementation begin on Jan . 1 of the New Year .
Victor Muruako , acting chairman FRC , also states that the trend reduces predictability and affects planning even within the Ministries , Departments , and Agencies ( MDAs ), and with those doing business .
“ It is also not very encouraging to investors because government being the highest spender , it is good that there should be a level of predictability ,” he says .
Muruako , however , says though the inconsistency was not a good precedent , the commission was working closely with other MDAs , particularly the Ministry of Budget and National Planning , Budget Office of the Federation and Ministry of Finance to improve on it .
IFEOMA OKEKE
Airfares from Lagos to Northern routes in Nigeria such as Kano , Kaduna , Maiduguri and Abuja have remained stable despite the sallah celebrations .
Investigations reveal there is increasing load factor on major routes on account of the long public holidays and celebrations associated with Muslim festivities .
A visit by BusinessDay to the Murtala Muhammed local airport in Lagos yesterday reveals that airfares for a one-way trip that cost between N28,000 to N32,000 last two weeks still goes for the same range on the Lagos-Abuja , Kaduna , Kano and Maiduguri routes , depending on the airline .
Bernard Bankole , president , National Association of Nigeria Travel Agencies ( NANTA ), told BusinessDay that there was an increase in the number of passengers travelling for sallah but prices had remained the same .
“ The Nigeria Civil Aviation Authority ( NCAA ) regulates the prices for tickets . Airlines cannot just increase air fares unless there is a cogent reason for that ,” Bankole said .
A travel agent who craved anonymity told BusinessDay , “ As I speak to you , the load factors to these locations are almost full for tomorrow and
Monday 18 June 2018
Airfares stable despite sallah celebrations
next tomorrow . Nigerians are resilient and love to travel just to celebrate with their love ones .
“ Airlines usually leverage on festive periods like sallah to make up for their lost revenues during non-festive periods but this time , prices of tickets are surprisingly stable .”
In the same vein , the Federal Airports Authority of Nigeria ( FAAN ) has assured all airport users that its network of airports across the country are fully ready to receive arriving and departing passengers during the Eid-El-Mubarak celebration .
In a statement sent to the media by Yakubu Henrietta , general manager , corporate affairs , FAAN , said , “ In line with our core mandate of ensuring seamless facilitation of air travellers , FAAN has put in place all necessary facilities and infrastructure to ensure safe passage and a delightful experience at all airports in Nigeria .
“ We advise all our esteemed passengers and airport users to always get to the airports early enough as we envisage a surge in traffic .
“ This will enable them to complete their check-in formalities in good time and prevent the embarrassment of missing flights , we will also like to remind all airport users that our airports are now cashless as all payments to the Authority should now be done electronically .”