Saturday, May 15

Tag: Minister of Finance

FG Didn’t Print ₦60 Billion – National Economic Council (NEC)
Politics

FG Didn’t Print ₦60 Billion – National Economic Council (NEC)

The National Economic Council (NEC) has dismissed allegations by the Federal Government printed N60 billion to shore up March allocation to States. Edo Governor Godwin Obaseki had accused the Federal Government of financial recklessness in printing extra cash to meet up with allocations faulting the current administration’s borrowing pattern. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had denied the allegation. However, during its virtual meeting on Thursday, NEC presided over by Vice President Yemi Osinbajo, having received presentations from Minister of Finance, the Central Bank (CBN) Governor Godwin Emefiele and Nigerian Governors’ Forum (NGF), said it was satisfied with that no money was printed for March allocation. The meeting was attended b...
FG Admits Revenues Crashing, Says Nigeria Faces Hard Times
Politics

FG Admits Revenues Crashing, Says Nigeria Faces Hard Times

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficult time, saying states must improve their internally generated revenues. Ahmed, who stated this in an interview on a daily breakfast show on the Nigerian Television Authority, Good Morning Nigeria, stated that the money shared at the March Federation Account Allocation Committee was short of N50bn. The minister was speaking on a controversy generated by a claim by the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn in March to augment the money shared at March FAAC. But the minister and the CBN Governor last week dismissed Obaseki’s claim. In the interview on the NTA on Monday, the finance minister stated the cou...
Money Printing Scandal: PDP asks Buhari to sack finance minister, Zainab Ahmed
News

Money Printing Scandal: PDP asks Buhari to sack finance minister, Zainab Ahmed

The People's Democratic Party has asked President Muhammadu Buhari to sack Minister of Finance, Zainab Ahmed for “attempting to mislead Nigerians” over allegations of the federal government printing N50-60 billion to support states’ allocations in March. Recall that while Zainab Ahmed denied claims of the federal government printing money for states to share,  Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele said "there's no need for all the controversy around money printing as the concept of printing of money is about lending money." However in a statement released on Friday April 16 by PDP's spokesperson Kola Ologbondiyan, the opposition party said "the admission by CBN Governor, Godwin Emefiele, that the apex bank has been printing money at the bidding of governme...
States Face Cash Crunch, Salaries Swallow Revenues, Federal Govt Seeks More Fund
Politics

States Face Cash Crunch, Salaries Swallow Revenues, Federal Govt Seeks More Fund

Two top officials of the Muhammadu Buhari regime on Wednesday indicated that the country urgently needed more funds to run government and provide basic amenities for Nigerians. Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, in an interview with the State House correspondents faulted a claim by the Edo State Governor, Godwin Obaseki, that the Federal Government printed between N50bn and N60bn in March, she said there was a need to improve revenue to run government. On his part, the Accountant-General of the Federation, Ahmed Idris, at the 2021 retreat for members of the technical sub-committee on cash management, stated that there was increasing pressure on government funds. The minister and the accountant-general of the federation said these as inv...
We’re not Aware – CBN reacts to Gov Obaseki’s claim of Printing N60 billion for States
News

We’re not Aware – CBN reacts to Gov Obaseki’s claim of Printing N60 billion for States

The Central Bank of Nigeria and the Federal Ministry of Finance, Budget, and National Planning have said they are not aware of the N50-N60 billion Edo state governor, Godwin Obaseki, alleged was printed and disbursed to states to cushion the economic meltdown in the states. Governor Obaseki at a meeting in Edo last week alleged that the Federal government printed  between 50-N60bn to augment what the three tiers of government shared in March. “When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share,” Obaseki had said. This April, we will go to Abuja and share. By the end of this year, our total borrowings is going to be within N15-N16 trillion. Imagine a family that is just borrowing without any means to pay back and nobody...
Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC
Politics

Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC

The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared on Thursday. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow. In January, The PUNCH reported that Nigeria spent almost N2tn on debt servicing payments from January to September 2020, based on data obtained from the Debt Management Office. At the 5th Annual Budget Seminar of the Securities and Exchange Commission with the theme, “Financing Nigeria’s budget and infrastructure deficits through the capital market,” the SEC also stated that shocks to commodities were affecting revenue generation. It disclosed...
The Level of Nigeria’s Borrowing is Not Unreasonable And is not High – Finance Minister, Zainab Ahmed
News

The Level of Nigeria’s Borrowing is Not Unreasonable And is not High – Finance Minister, Zainab Ahmed

The Minister of Finance, Zainab Ahmed, has said that Nigeria cannot make progress if it doesn't borrow to fund the building of its infrastructure. Ahmed at a media briefing at the statehouse Abuja on Thursday February 25, said this while reacting to criticism regarding high levels of borrowing by this administration. In her words ''The level of borrowing is not unreasonable. It is not high. If we say we will not borrow and therefore we will not build rails and major infrastructure until our revenue rises enough, we will regress as a country. We will be left behind. We wouldn't be able to improve our business environment and our economy will not grow. We just need to make sure that when we borrow, we apply the borrowing to specific major infrastructure that would enhance the b...
After Recession, Economy On Stable Growth – Zainab Ahmed
Politics

After Recession, Economy On Stable Growth – Zainab Ahmed

The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, has said Nigeria’s exit from recession is a key indicator that the country is poised for stable and consistent growth. The minister said this on Wednesday while briefing State House reporters after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari. She said the exit from recession was an indication that the diversification efforts were yielding results and that there has been a vigorous implementation of the Economic Sustainability Plan (ESP) approved by FEC last June with Vice President Yemi Osinbajo leading the drive. Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as growth in agriculture and telecommunications offset a sharp drop i...
Land Borders To Be Reopened Soon – Ahmed Zainab
Politics

Land Borders To Be Reopened Soon – Ahmed Zainab

The nation’s land borders that have been closed since August 2019 may be reopened soon. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, gave this indication in an interview with State House correspondents on Wednesday. Ahmed said the presidential committee set up on the matter had completed its job and had recommended reopening of the borders. She said the committee would soon submit its report to the President, Major General Muhammadu Buhari (retd.), following which a formal pronouncement would be made on the matter. The minister did not, however, disclose when the report will be submitted and how soon the land borders will be reopened. Nigeria had in August 2019 closed its land borders to curtail illegal importation of drugs, small arms, and agr...
FG May Increase VAT Rate By 2.5% In 2021
Politics

FG May Increase VAT Rate By 2.5% In 2021

Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation. Minister of Finance, Budget and National Planning, Dr Zainab Ahmed disclosed this while presenting the overview of the 2020 fiscal outcomes and budget implementation/2021 budget defence to the House Committee on Finance, chaired by Hon. James Faleke. According to documents presented to the Committee, as at the end of Q3 2020, Federal Government’s revenue available for budget funding (excluding GOEs) was N2.83 trillion, 70% of target. Federal Government share of oil revenues was N1.203 trillion (...
COVID-19: FG To Get $750m Loan From World Bank For States — Zainab Ahmed
Politics

COVID-19: FG To Get $750m Loan From World Bank For States — Zainab Ahmed

The federal government is currently processing a $750 million loan from the World Bank for state governments to address the impacts of the COVID-19 pandemic among the populace. The Minister of Finance, Mrs. Zainab Ahmed, disclosed this at the inauguration of the committee on Nigeria Covid-19 Action Recovery for Economic Stimulus (N-CARES), in Abuja, yesterday. She said that the administration was determined to assuage the impacts of the COVID-19 on low-income earners who form the bulk of the Nigerian population. Her words, “The diverse and severe impacts of the COVID-19 pandemic continue to be felt across the world with significant consequences on informal businesses, and households that survive on daily income and the peasant farmers who depend on their farm produce to surviv...
No plan to increase VAT again – Minister of Finance, Zainab Ahmed
Politics

No plan to increase VAT again – Minister of Finance, Zainab Ahmed

Minister of Finance, Zainab Ahmed has debunked claims of having plans to increase the Value Added Tax (VAT) and other taxes in 2021. Ahmed who defended her Ministry’s budget before the Senate Committee on Finance in Abuja, dismissed claims of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly soon. The minister said;    “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.”
News

We have failed our children – Minister of Finance, Zainab Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed, has raised of alarm of parents failing their children. Speaking during a stakeholders’ engagement with 77 district heads, religious and community leaders from the 23 Local Government Areas of Kaduna State on Saturday October 31, the Minister stated that parents have failed their children by not instilling same values they had in them. Ahmed said; “We are calling the attention of parents that we have failed our children in the sense that the kind of values we use to have is no more. “We need to remind ourselves that our children need to be upright and that this criminality going on, on daily basis, is not for their benefits and the benefit of the state and country.”   Commenting on the state of security ...
SERAP Seeks Details Of ₦800 Billion Recovered Loot
Politics

SERAP Seeks Details Of ₦800 Billion Recovered Loot

Socio-Economic Rights and Accountability Project, (SERAP) has sent a Freedom of Information Act (FoI) request to President Muhammadu Buhari asking him “to direct Mr Abubakar Malami, SAN, Attorney General of the Federation and Minister of Justice and Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning to publish a comprehensive list of names of people from whom N800 billion in looted funds have been recovered, the details of spending of the money and the dates of the recovery.” SERAP also urged the president to: “direct appropriate anti-corruption agencies to promptly, thoroughly and transparently investigate allegations that payments totalling N51 billion were made into individual accounts in 2019.” In the letter dated 13 June, 2020 and signed by SERAP deputy dire...
Nigerian Government To Tax Netflix, Facebook, Twitter, Others
Politics

Nigerian Government To Tax Netflix, Facebook, Twitter, Others

The Federal Government plans to tax foreign digital service providers offering services to Nigerians and earning revenue in naira. Some of these service providers which are video streaming sites, social media platforms, and companies that offer downloads of digital contents are expected to pay digital tax to the Federal Inland Revenue Service. The Minister of Finance, Zainab Ahmed, had issued the Companies Income Tax (Significant Economic Presence) Order, 2020 as an amendment of the Finance Act 2019. The order aimed to impose tax on a foreign entity with respect to certain services or digital transactions if it had a Significant Economic Presence in Nigeria. It further stated that the finance minister may by order, determine what constituted SEP in Nigeria. Netflix, Face...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed
Politics

₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed

While briefing the leadership of the National Assembly on Thursday, the Minister of Finance, Zainab Ahmed, reveal that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion. The minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. She said the budget is down from N8.419 trillion, a revised revenue estimate which is 34 percent (N2.87 trillion) lower than what was initially approved, adding that the crude oil benchmark price is reduced from US$57 per barrel to US$25 per barrel. The Minister said; The federal government also adjusted the budget exchange rate to N360/US$1; and reduced the upfront fiscal deductions by the Nigerian National Petroleum C...
Federal Executive Council Approves Revised 2020 Budget
News

Federal Executive Council Approves Revised 2020 Budget

The revised Medium Term Expenditure Framework and the 2020 budget has been approved by the Federal Executive Council. The revised budget is based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day. Recall that the Minister of Finance, Zainab Ahmed said that the revision will be based on declining international oil prices and the impact of the Coronavirus pandemic. She had also hinted that the federal government will drop the oil benchmark from the initial $57 per barrel to $30.
Nigeria To Repay IMF $3.4bn In 5 Years
News

Nigeria To Repay IMF $3.4bn In 5 Years

A day after the International Monetary Fund (IMF) granted Nigeria’s request for a $3.4 billion emergency fund, the federal government has said that it is a flexible loan, which will be repaid in five years at one per cent interest. Prior to the new twist, Nigerians were inundated with reports that the money was a drawdown on Nigeria’s savings with the IMF without any conditions attached. But yesterday, the government admitted that the Rapid Financing Instrument (RFI) was approved for the country on Tuesday, with strings attached. Speaking on a Nigerian Television Authority (NTA) programme, which LEADERSHIP monitored in Abuja yesterday, the minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, explained that the $3.4 billion facility was granted at one per cent inte...
Discos, FG Agree On 2 Months Free Electricity For Nigerians
News

Discos, FG Agree On 2 Months Free Electricity For Nigerians

The Electricity Distribution Companies (DisCos) on Wednesday said they have aligned with the federal government to provide a two-month rebate of free electricity to their customers nationwide. In a statement by the Executive Director, Research and Advocacy at the Association of Nigeiarian Electricity Distributors (ANED), Barrister Sunday Oduntan, said the decision was in recognition of the challenging effects of the coronavirus (COVID-19) on the economic and daily lives of the customers. Oduntan, who is also the spokesman for the DisCos, said: “We are also completely aligned with the plans to ensure palliative measures, including free electricity supply to all Nigerians for two months, to make life easier, during the lockdown period. Details of implementation to come soon.” Od...
FG Slashes 2020 Budget
Politics

FG Slashes 2020 Budget

The Federal Government has sent a revised budget to the National Assembly, cutting down some costs in view of the coronavirus pandemic in Nigeria. A top source in the National Assembly shared a copy of the revised 2020 budget on Wednesday, noting that a meeting was ongoing between the leadership of the National Assembly and the Minister of Finance, Zainab Ahmed, and the Group Managing Director of the Nigerian National Petroleum Corporation. Parts of the documents showed that there is a 20 per cent cut on capital projects across ministries, departments and agencies to the tune of N312,820,542,675.
FG seeks $3.5bn from IMF, AfDB to support implementation of 2020 budget
News

FG seeks $3.5bn from IMF, AfDB to support implementation of 2020 budget

The Federal Government says it has applied for $3.5 billion request from International Monetary Fund (IMF) and African Development Bank (AfDB) to access concessional funding to support the implementation of the 2020 Budget. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this during a news conference on fiscal stimulus measures in response to COVID-19 pandemic and oil prices fiscal shock in Abuja on Monday. Ahmed explained that the government applied for $2.5 billion from IMF on behalf of the states and Federal Government. She added that the Federal Government had sought $1.5 billion, while one billion dollars would go to the states from the IMF request. According to her, the sum of one billion dollars is also being expected from AfDB. Ahmed...
COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund
Politics

COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund

The President, Major-General Muhamadu Buhari (retd.), has given approval for the withdrawal of $150m from the Sovereign Wealth Fund for distribution to the three tiers of government. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday, in Abuja during a media briefing on the fiscal policy measures to tackle the impact of the Coronavirus pandemic on the economy. She said the amount would be withdrawn from the stabilisation fund component of the Sovereign Wealth Fund. The fund is currently being managed by the Nigerian Sovereign Investment Authority, The PUNCH reports. Zainab said the need to withdraw the amount was to cushion the negative impact of the drop in revenue on the federation account. She said, for instance, that sin...
President Buhari Instructs Finance Ministry To Pay Salaries
Politics

President Buhari Instructs Finance Ministry To Pay Salaries

President Muhammadu Buhari has directed the Ministry of Finance, Budget and National Planning to pay March salaries following his movement restriction in Lagos, Ogun and Abuja. The President gave the directive while meeting the COVID-19 Impact Assessment Committee on Thursday to review the effect of the outbreak on the economy. He urged the ministry to ensure that critical infrastructures are protected and as much as possible. The Minister of Finance, Budget and National Planning, Zainab Ahmed, briefing journalists on the outcome of the meeting in Abuja said the President further directed that measures be put in place to protect the poor during this lockdown. The President had in March set up a special committee to immediately look into the effects of COVID 19 on the price ...
Nigeria suspends $22.7bn loan plan
News

Nigeria suspends $22.7bn loan plan

The Minister of Finance, Budget and National Planning, Zainab Ahmed has announced that the federal government has suspended its $22.7bn external borrowing plan which drew controversy weeks ago.   Zainab who made the announcement at the 2020 International Conference on the Nigerian Commodities Market organized by the Securities and Exchange Commission (SEC) in Abuja on Monday March 16, said the current realities in the global economic landscape influenced the decision.   The Minister disclosed that the federal government will continue to focus its efforts on its plan to diversify the country’s economy and also watch the market till the time is right for the loan.   She said;   “The current market indices do not support any external borrowings at...
FG Suspends Plans To Borrow $22.7bn
Politics

FG Suspends Plans To Borrow $22.7bn

The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape. Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission, SEC, Ahmed stated that the government would not go ahead with the borrowing programme even if it secures the approval of the National Assembly. The finance minister explained that the decision of the government to suspend the borrowing was due to the fact that market indices do not support external borrowings at the moment. She said, “The parliament is still doing its work on the borrowing plan. One arm of the parliament has complet...
Ngozi Okonjo-Iweala Appointed Member of South Africa’s Presidential Economic Council
Politics

Ngozi Okonjo-Iweala Appointed Member of South Africa’s Presidential Economic Council

Former Minister of Finance, Ngozi Okonjo-Iweala, has been appointed as a member South Africa’s presidential economic advisory council. The council which is chaired by Cyril Ramaphosa, the South African president, has other members in the council.  As part of their functions, members of the council are expected to “ensure greater coherence and consistency in the implementation of economic policy and ensure that government and society in general is better equipped to respond to changing economic circumstances”. Okonjo-Iweala shared photos from the meeting on Twitter, captioned it “With President Ramaphosa, members of cabinet, and members of the Presidential Economic Advisory Council in Pretoria discussing sources of growth for the South African economy and win-win economic i...
FG Releases Fresh N620m for Fight Against Coronavirus
News

FG Releases Fresh N620m for Fight Against Coronavirus

The Federal government has released N620 million for the fight against coronavirus. Minister of Finance, Zainab Ahmed, in a statement released on Friday March 6th, said the approval and release of the funds by President Buhari was based on emergency. She said the first tranche of N364 million was earlier released, making a total of N984 million released to tackle the spread of the virus in the country. “The approval by President Muhammadu Buhari for the release of funds to tackle COVID-19 was an emergency and the process of releasing the fund was also an emergency as it was an unexpected expenditure,” the statement read. “However, the Ministry of Finance, Budget and National Planning had released the first tranche of N364 million sometime ago and the process of releasing the second t...
CBN Governor, Emefiele Risks Prison Over $53m Garnishee Order
Politics

CBN Governor, Emefiele Risks Prison Over $53m Garnishee Order

The Governor of Central Bank of Nigeria, Mr. Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr. Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E. Ekwo of the Federal High Court, Abuja, had on November 20, 2019 under form 15, issued the judgment summon to Emefiele in a case with suit no: FHC/ABJ/CS/1193/2017 instituted against Central Bank Of Nigeria as Garnishee/Respondent, Linas International Limited and the Hon. Minister Of Finance as Judgment Debtors Garnishees by Mr. Joe Agi Judgment as Creditor/Applicant on behalf of a team of benefitting lawyers. This order is coming barely 48 hours afte...
We’ll position universities to produce quality graduates – Buhari
Education

We’ll position universities to produce quality graduates – Buhari

President Muhammadu Buhari said on Thursday his administration would give more attention to improving personnel and infrastructure of universities to produce quality graduates. He assured that education would, henceforth, be a top priority in the developmental goals of the country. President Buhari stated this when he received the leadership of Academic Staff Union of Universities (ASUU) led by Prof. Biodun Ogunyemi at the State House, Abuja. He expressed the hope that effective and efficient operations of universities would go a long way in improving the economy, especially with a focus on science and technology. The President urged members of ASUU to assist the Federal Government in realising the target of improved education and credible certificates by complying with ongoing...
‘FG To Lift 100 Million Nigerians Out Of Poverty In 2020’ – Zainab Ahmed
Politics

‘FG To Lift 100 Million Nigerians Out Of Poverty In 2020’ – Zainab Ahmed

The Federal Government has promised to lift 100 million Nigerians out of poverty by providing enabling environment for small businesses. The Minister of Finance, Zainab Ahmed Shamsuna, stated this in an interview with NTA, which was quoted and published on the ministry’s twitter handle Monday morning. The tweet said: “President Muhammadu Buhari has directed that we must pull 100m Nigerians out of poverty and that is our major focus”. Based on the president’s directives, the minister said that the country had to move fast to make the kind of change the president wanted in the country. She said: “In 2020, we want to move very fast because we realized that going at the steady rate we are doing is not going to make the kind of change that the president has directed must happen. The p...
SERAP, Others Ask Court To Stop Spending Of ‘N37bn On NASS Renovation’
Politics

SERAP, Others Ask Court To Stop Spending Of ‘N37bn On NASS Renovation’

Socio-Economic Rights and Accountability Project (SERAP), BudgIT, Enough is Enough (EiE) and 583 concerned Nigerians have filed a lawsuit asking the Federal High Court, Abuja to “restrain and stop President Muhammadu Buhari and Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning from releasing N37 billion allocated for the renovation of the National Assembly complex to the Federal Capital Development Agency and the National Assembly until an impact assessment of the spending is carried out.” The groups are also seeking a court order to “restrain, prevent and stop the Senate President, Dr Ahmad Lawan; Speaker of the House of Representatives, Mr Femi Gbajabiamila and the Federal Capital Development Agency from demanding or collecting the N37 billion earmarked for the r...
Why We Can’t Avoid Borrowing- Fashola, Zainab, Saraki
Politics

Why We Can’t Avoid Borrowing- Fashola, Zainab, Saraki

The ministers of Finance, Mrs. Zainab Ahmed; Works and Housing, Babatunde Fashola; Minister of State for Transport, Gbemisola Saraki as well as the Director-General, Debt Management Office (DMO), Patience Oniha, have justified borrowing by the federal government. They argued that the government must borrow to meet the infrastructural needs of the people, stressing that such borrowing was inevitable. They made the submission on Tuesday when they appearred before the House of Representatives Committee on Aids, Loans and Debt Management to defend the loan request of $22.718 billion presented to the Senate by President Muhammadu Buhari. In her presentation, the Finance Minister, Zainab Ahmed, said there was an urgent need to fund the 2020 budget to improve infrastructural developm...
World Bank Denies Approving $3 Billion Electricity Loan To Nigeria
Politics

World Bank Denies Approving $3 Billion Electricity Loan To Nigeria

The World Bank on Wednesday denied approving $3 billion electricity loan to Nigeria, saying that negotiations were still ongoing and would be completed in March next year. “The Word Bank and the Nigerian Government are in discussion for technical and financial assistance to support Nigeria’s power sector reform. The focus is to improve access to electricity for the people of Nigeria. Discussions regarding our support are ongoing and more details will be available when the negotiations are completed by March 2020,” a World Bank spokesperson said in a statement to TODAY NEWS AFRICA USA. Discussions regarding our support are ongoing and more details will be available when the negotiations are completed by March 2020 – The World Bank The Nigerian Minister of finance Zainab Ahmed a...
FEC Directs Minimum Wage Payment On Or Before December 31
Politics

FEC Directs Minimum Wage Payment On Or Before December 31

The Federal Executive Council (FEC) has directed the Minister of Finance, Zainab Ahmed, to effect payment of the new minimum wage on or before 31st December, 2019. This was disclosed by the Minister of Labour, Chris Ngige, at the end of FEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa Abuja. He also said FEC approved the minimum wage to take effect from 18 April 2019.
Zainab Ahmed Reveals Why IMF Supports Nigeria’s Border Closure
Politics

Zainab Ahmed Reveals Why IMF Supports Nigeria’s Border Closure

The Minister of Finance, Mrs . Zainab Ahmed, says the International Monetary Fund supports Nigeria’s closure of its land borders because it understands that the action is not punitive . Addressing newsmen in Washington on Sunday, Ahmed explained that the measure was intended to restore Nigeria’ s relationship with its neighbours , based on commitments made. She said that President Muhammadu Buhari did not want to approve the closure because he was mindful of the adverse effect it would have on the economies of neighbours . According to her, there were several engagements between Nigeria and the neighbouring countries toward securing compliance to the rules , “ but things got worse ” . “ Of course, there will be economic impact on the side of our neighbours due to the border clo...
FG Mulls New Tax On Coke, Bigi, Other Soft Drinks
Politics

FG Mulls New Tax On Coke, Bigi, Other Soft Drinks

Zainab Ahmed, the minister of finance, says the federal government is considering introducing excise duty on carbonated drinks. The minister made this known while addressing journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group. Excise duty is a levy placed on the manufacture and sale of locally produced goods. Information provided on the Nigeria Customs Service website shows that excise is currently placed on non-alcoholic beverages, fruit juices, beer, stout and alcoholic beverages. According to Ahmed, the government is working on maximising existing revenue streams while trying to identify new revenue streams. “Our objective is to be able to harness the existing revenue streams that we have by ensuring that...
Propose Money Bill Before Implementing Increase In VAT – Falana To FG
Politics

Propose Money Bill Before Implementing Increase In VAT – Falana To FG

Human Rights Lawyer, Femi Falana, has called on the Federal Government to propose a Money Bill to the National Assembly before the implementation of the increase in Value Added Tax (VAT). Falana told the News Agency of Nigeria(NAN) in Abuja, said that the National Assembly (NASS) erred by inviting the Minister of Finance and the Executive Chairman of Federal Inland Revenue Service (FIRS) to clarify issues of VAT increment. According to him, provisions of the constitution states that the President ought to have presented a money bill to be passed by the NASS before the increment. “It’s illegal, under a democratic dispensation you cannot impose tax or increase tax without a law made by the National Assembly or the State Assembly as the case may be. “In this case, it has to be...
We’ll Give Life Of Dignity To All Nigerians – FG
Politics

We’ll Give Life Of Dignity To All Nigerians – FG

Minister of Finance, Zainab Ahmed, on Friday, delivered a keynote address at the launch of the ‘Social Safety Nets Africa Report’ by the World Bank. In her address, the Minister gave some contextual background on the importance of undertaking a continent-wide approach for social safety-nets, saying that “extreme poverty remains a pervasive phenomenon, particularly in Sub-Saharan Africa”. Ahmed mentioned that in wake to the complexity of these issues, governments in these regions have initiated several programs to “halt the spread of poverty”. The Minister said that the Nigerian government has established several social intervention programmes such as the ERGP, the NSIP to “give life of dignity to all Nigerians especially the poor”. According to Minister Ahmed, from the prev...
Check Out Shehu Sani’s Tweet On Newly Introduced 7.2% VAT
Politics

Check Out Shehu Sani’s Tweet On Newly Introduced 7.2% VAT

Senator Shehu Sani has reacted to the recent increment in Value Added Tax (VAT) by the President Muhammadu Buhari led federal government. We had reported that President Buhari, in the last FEC meeting held on Wednesday, approved a two per cent increase in VAT to move it from the current five to seven per cent. The Minister of Finance, Zainab Ahmed, who made the disclosure, however, said the implementation will not take effect until the approval by the National Assembly. Reacting to the development in a tweet sighted on Saturday, the former Senator representing Kaduna Central, wrote; “Peter is for VAT, Paul is for new Minimum wage.” https://twitter.com/ShehuSani/status/1172822984517664768?s=19 We could deduce that the Kaduna born politician meant the President Buhari led a...
FG Raises VAT To 7.2%, To Seek National Assembly Approval
Politics

FG Raises VAT To 7.2%, To Seek National Assembly Approval

The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5% to 7.2%. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday. However, this is subject to an amendment of the VAT act of 1994 by the national assembly. VAT replaced the sales tax in 1994 and was pegged at 5% by the military government of Sani Abacha. In 2007, former president Olusegun Obasanjo increased VAT to 10% on the eve of his departure from office but it was reversed by his successor, Umaru Musa Yar’Adua, following opposition from labour. Wednesday’s FEC meeting, which started at 11am and ended at 6:12pm, was presided over by President Muhammadu Buhari. Ahmed said...
CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt
Politics

CBN Monetary Policy Committee, Minister Of Finance Clash Over Debt

Two days after Nigeria’s Minister of Finance, Zainab Ahmed, faulted financial experts, stating that Nigeria’s N24.9 trillion debt was not a problem, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have countered her claim. The members of the MPC raised a concern about the debt level of the states and the Federal Government which they said was worrisome when compared to other countries that the Minister of Finance used to defend the current debt problem. Nairametrics reported that Ahmed decried the insensitivity of experts concerning the debt situation of the country at a meeting with the management staff of the Ministry of Finance and Budget & National Planning on Monday. She said that despite the misgivings amongst experts over the rising debt...
Why fake certificate holders get ministerial appointments – Ex-DSS Director
Politics

Why fake certificate holders get ministerial appointments – Ex-DSS Director

A former assistant director of the Department of State Services, Dennis Amachree, says the DSS has always informed the President about ministerial nominees with fake certificates. He, however, said some still scale through based on political considerations. Amachree said this during an interview on Channels Television’s Sunrise Daily on Tuesday. He was asked why some persons with fake certificates had gone on to become ministers despite DSS screening and Senate grilling. In his response, Amachree said the DSS had always investigated the credentials of nominees and sent reports to the President but it was left to the President and the Senate to finalise the appointment. He said, “Some of these things (fake certificates) are discovered. The SSS will not tell you this perso...
FG Increases NYSC Allowance To N30,000
News

FG Increases NYSC Allowance To N30,000

The Nigerian government on Thursday gave an update on the implementation of the new National Minimum Wage. Mrs Zainab Usman, the Minister of Finance, said that the financial implications had been worked out by the Presidential Committee set up and that the report had been submitted to the president. She said this on Thursday in Abuja, while addressing a news conference on the state of the Nigerian economy. “We have looked at the report and what we are working on now is how we can finance it”, NAN quoted her as saying. “Apart from the increase of the minimum wage from N18, 000 to N30, 000, there is also consequential adjustment that we have to negotiate with the labour unions. “The total implication of that would be worked out only after the negotiations and that would in...
Buhari Opens Up On ‘Two Nigerians Found Honourable’ During His Military Rule
Politics

Buhari Opens Up On ‘Two Nigerians Found Honourable’ During His Military Rule

President Muhammadu Buhari on Tuesday said that only two Nigerians were found honourable during the trial of public office holders during his military rule. Speaking during a town-hall meeting with Nigerians in Dubai, United Arab Emirates(UAE), the President who recalled how he sent President Shehu Shagari and other top government officials to prison over corruption, said Bilyaminu Usman, a junior minister, from Jigawa State, and Adamu Chiroma, a minister of finance and governor of central bank were the two Nigerians found honourable by the panels that investigated politicians. Buhari was responding to a question by a Nigerian based in Dubai had asked the president: ” What are you doing to bring treasury looters to justice ? Your boss, your subordinates and others. Many are sayin...
Senators Query High Budgetary Releases To Finance Ministry
Politics

Senators Query High Budgetary Releases To Finance Ministry

The Senate Committee on Finance on Monday queried the Federal Ministry of Finance for high budgetary releases to itself and some of its parastatal agencies. Members of the committee raised the question when officials of the ministry appeared before them to defend their 2019 budget proposals. The committee noted that amid complaints of paucity of funds by other government institutions, the ministry of Finance was making high budget for itself. According to its budget performance report for 2018, the ministry has so far recorded 76 per cent overall performance in terms of fund released in the outgoing fiscal year. A breakdown of the figures, presented by the Minister of Finance, Mrs Zainab Ahmed, indicates that personnel cost has got cash backing of 89 per cent. She said t...
Nigeria To Introduce New Taxes To Increase Revenue – Minister Of Finance
Politics

Nigeria To Introduce New Taxes To Increase Revenue – Minister Of Finance

The Minister of finance, Zainab Ahmed, told Lawmakers in Abuja that the federal government has concluded plans to increase revenue by introducing new taxes. Mrs Ahmed spoke at the public hearing on the 2019 budget organised by the Senate and House of Representatives committees on appropriation. The minister also said the federal government has devised a new revenue initiative to increase revenue to fund the 2019 budget. She said the initiative is segregated into three thematic areas and appealed for the support of the National Assembly. “The first area is sustainability in revenue generation. The focus of this is for us to build a sustainable revenue generation ecosystem by ensuring resilience and applying automising revenue streams, applying the right incentives, the right safeg...
FAAC: FG Shares N610.36bn Allocation To Three Tiers Of Govt. In Feb
Politics

FAAC: FG Shares N610.36bn Allocation To Three Tiers Of Govt. In Feb

The Accountant-General of the Federation, Mr Ahmed Idris said the Federal Government on Wednesday shared N610.36 billion, generated in January to the three tiers of government. He said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja. He, however, said approval was being awaited from the Minister of Finance, Mrs Zainab Ahmed for additional N50 billion from the Foreign Exchange Equalisation Account, which would be distributed accordingly. According to him, Nigeria’s Excess Crude Account (ECA) currently stands at 249 billion dollars. A communique issued at the end of the meeting noted that in January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by...
FG Can’t Fund Budget 2018 Unless Assets Are Sold, Says Ministers
Uncategorized

FG Can’t Fund Budget 2018 Unless Assets Are Sold, Says Ministers

Huge cost of servicing new loans amid poor revenue informed the Federal Government’s decision to dispose of 10 state-owned assets to select investors and the public between now and year end, in order to fund the 2018 fiscal plan.This clarification was given by the Minister of Finance, Mrs. Zainab Ahmed, and her counterpart in the Budget and National Planning Ministry, Senator Udoma Udo Udoma, who also argued that borrowings and the assets sale not only constituted strategic actions to funding the 2018 budget, but were in the overall interest of the country. In the sale of the 10 ailing key national assets, two of which must be sold this month (Nicon Insurance Limited and Skyway Aviation Handling Co), the government is expected to earn the sum of $797m, that is N289b. A Director at t...

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