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Budget: Senate Gets N49bn, House N78.6bn Allocations

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The House of Representatives on Saturday approved a total of N28.78 trillion in expenditure for the 2024 fiscal year which is N1.2 trillion more than the N27.5 trillion budgetary proposal presented to the joint session of the Senate and House of Representatives by President Bola Tinubu.

A breakdown of the approved sum showed that a total of N1.74 trillion is for statutory transfers, N8.27 trillion for debt service, N8.78 trillion for recurrent (non-debt) expenditure, and N10 trillion is for capital expenditure for the year ending December 31, 2024.

In the approved appropriation bill, the Senate, made up of 109 members (three each from the 36 states of the federation and one from the Federal Capital Territory) was allocated the sum of N49.14bn while the lower chamber made up of 360 members got a total allocation of N78.62bn. N’Assembly Raises Budget to N28.77tn, Passed Bill

The National Assembly Service Commission, a body charged with the bureaucracy of the federal parliament, got a total allocation of N12.33 billion.

Also in the approved budget, remuneration and other logistics for legislative aides will cost the nation N20.39 billion.

In what appears to be a demonstration of official eagerness to enhance the capacity of the National Institute for Legislative and Democracy Studies, the institute was allocated the sum of N9.01 billion.

The Public Accounts Committees of the Senate and House of Representatives got the sum of N130 billon and N150 billion, respectively.

N’Assembly Raises Budget to N28.77tn, Passed Bill

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The National Assembly, on Saturday, passed the harmonised 2024 Appropriation Bill totalling N28.77tn, and increased the budget size by N1.2tn, from the N27.5tn proposed by the Executive.

The budget was passed by both the Senate and House of Representatives at their respective plenary presided over by the President of the Senate, Godswill Akpabio, and Speaker of the House, Tajaudeen Abbas.

President Bola Tinubu had on Wednesday, November 29, 2023, presented a total of N27.5tn to a joint session of the National Assembly.

Tinubu Signs N2.17Tn Supplementary Budget

The two chambers at the Committee of Supply considered the Appropriation Bill presented by the Chairman, Appropriation Committee of the Senate, Adeola Solomon, and his colleague in the House, Abubakar Bichi.

The Senate pegged the aggregate expenditure at N28,777,404.073.861;  statutory transfers, N1,742,786,788,150; recurrent expenditure, N8,768.5330,852; capital expenditure, N9,995,143,298,028; and fixed the Gross Domestic Product growth rate at 3.88 per cent.

A breakdown of the approved budget shows that the sum of N1.743tn is for statutory transfers; N8.271tn for debt service; N8.769tn for recurrent (non-debt) expenditure, while N9.995tn is for capital expenditure.

The N9.179tn fiscal deficit for the year is to be financed through asset sales/privatisation with N298,486,421,740 from this; multilateral/bilateral project-tied loans, N1,051,914,486,314; and debt financing, N7,828,529,477,860.

Under the N8.271tn approved for debt service in the year 2024, the sum of N5.3tn is to be incurred through domestic debts, including Ways and Means; N2.748tn through foreign debts, while the Sinking Fund for the retirement of maturing promissory notes stands at N223.662bn.

For the statutory transfers, the National Judicial Council got the highest allocation of N341.626bn; followed by Niger Delta Development Commission with N338.925bn; Universal Basic Education Commission, N263.044bn; North East Development Commission, N131.836bn; Basic Healthcare Provision Fund, N131.522bn; National Agency for Science and Engineering Infrastructure, N131.522bn; Public Complaint Commission, N14.46bn; and N5bn for the National Human Rights Commission.

For the National Assembly, the sum of N78.624bn was approved for House of Representatives; N49.145bn for the Senate; N36.727bn for the National Assembly Office; N30.807bn for general services; N20.388bn for legislative aides; N15.189bn for Service Wide Vote; N15bn for the National Assembly Hospital project; N12.326 for the National Assembly Service Commission; N12.123bn for the National Assembly Library Complex (take-off grant); N10bn for the ongoing construction of NASC headquarters; and N9.008bn for the National Institute for Legislative and Democratic Studies.

Others are N4.5bn for the completion of ongoing NILDS building; N4bn for the National Assembly Recreation Centre; N4bn for the design, construction, furnishing and equipping of the National Assembly’s Budget and Research Office; N3bn for procurement of books for the National Assembly Library; N3bn Senate car park; N3bn for the House of Representatives car park; N3bn for the upgrade of key infrastructure in the National Assembly; and N3bn for the design, construction, furnishing and equipping of the assembly’s ultramodern printing press; N2.7bn for furnishing of committee meeting rooms and others offices within Senate building.

The National Assembly’s approved allocations included N3bn for furnishing of committee meeting rooms for the House of Representatives; N2.5bn for the National Assembly Pension Board (take-off grant); N1.230bn for the office of retired clerks & permanent secretaries; N1bn for constitution review; N130m for Public Accounts Committee (Senate); N150m for Public Accounts Committee (House); N200m for Senate Appropriations Committee; and N200m for the House of Representatives Appropriation Committee.

From the total sum of N50.451tn approved for recurrent (non-debt) expenditure, the Ministry of Defence got the highest allocation of N1.3tn; followed by the Ministry of Police Affairs with N869.121bn; Ministry of Education, N857.134bn; Ministry of Health and Social Welfare, N667.577bn; Ministry of Interior, N362.552bn; Ministry of Youths, N201.467bn; Office of the National Security Adviser, N199.763bn; Ministry of Foreign Affairs, N140.456bn; Ministry of Agriculture and Food Security, N110.248bn; Office of the Secretary to the Government of the Federation, N100.248bn; and the Presidency, N97.913bn.

At a briefing after the passage, Adeola, said the budget was increased based on current economic realities.

He said, “The government has just removed fuel subsidy; the government is also intensifying efforts to unify the exchange rates that we usually have and that comes with a lot of price and Nigerians are paying dearly for it in terms of price of fuel and the dollar rate.

“When we got the budget document, the President implored us to interrogate and investigate it and make sure that we come up with a document that is all-encompassing and can suit the needs and yearning of Nigerians.

“To start with, the increase in budget has to do with the issue of the exchange rate differences.

“The current rate of the dollar at the black market is between N1,200 and N1,300 and in the Central Bank of Nigeria, it is between N950 and N1,000, and we have a budget, which was pegged at N750; if you look at the gap, you’d realise that it has covered a lot of gaps already.”

He added, “Again, we did some external consultations, most especially in the area of oil benchmark and petroleum resources; if we had gone in that line, we’d have pegged it at N850/N900 to a dollar and we agreed that we wanted to be conservative in our approach, so that nobody will think that we want to increase the budget for any ulterior motive, that was why we left it at N490bn out of which N44bn is for statutory transfers; so effectively, the increment is about N446bn that is going into the Federal Government’s pocket as consolidated revenue.

“So, you can see that what necessitated our action is the economic reality and what is obtainable in both the black and open markets.”

CAC Extends Companies’ Annual Returns Filing

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The Corporate Affairs Commission has announced an extension of time for companies to submit their annual returns, allowing for a revised timeline from January 1, 2024, to April 1, 2024.

This was disclosed in a statement seen by news correspondent on the official X (formerly Twitter) handle of the commission on Thursday, 28th December 2023.

Earlier in November, the commission said it would delist 91,843 companies from its register for failing to file their annual returns with it.

In a list published on its website, the commission presented the names of 91,843 companies for delisting.

CAC To Delist Over 91000 Companies For Infractions

This was 2,738 less than the 94,581 names of companies it initially published in August.

But in the new statement, CAC said the extension was granted as a result of glitches on the company’s registration portal as well as deference to the Micro, Small, and Medium Scale Enterprises sector.

However, the commission highlighted that the penalties are currently on hold for companies that fall within the bracket of the earlier deadline of January 1, 2023, given that the deadline for submission has been extended to April 1, 2024.

In addition, the CAC urged companies to take advantage of the window provided by the extension to file their annual returns with the commission.

The statement partly read, “Further to its earlier notice on Thursday, November 2, 2023, informing the general public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Acts 2020 and the Companies Registrations 2021 against companies and each of their directors or officers for failures to file annual returns, the commission hereby extends the commencement date from 1st of January 2024 to 1st of April 2024.

“This extension has become necessary given the glitches presently experienced on the Company Registration Portal  and in deference to the appeals from the Micro, Small and Medium Enterprises sector.

“All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the commission.” .

Meanwhile, CAC noted that the deadline does not affect those whose penalty proceedings commenced before the date when the first notice was released.

Arsenal Extend Unbeaten Run Against Liverpool After Battling Draw At Anfield

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Arsenal battled Liverpool to a 1-1 draw at Anfield in Saturday’s Premier League heavyweight clash.

The Gunners have now gone three consecutive games without defeat against Liverpool.

Also, it is back-to-back draws for the Gunners at Anfield in the Premier League.

The draw saw Arsenal remain top in the league table on 40 points while Liverpool are second with 39 points.

Arsenal took the lead on four minutes after a positive start as Gabriel Magalhaes headed in Martin Odegaard’s free kick.

Liverpool were back on level terms in the 29th minute thanks to Mohamed Salah, who received a long pass from Trent Alexander-Arnold, beat Oleksandr Zinchenko before rifling into the roof of the net.

The Reds should have sealed the win in the second half following a counter attack but Alexander-Arnold was his effort hit the cross bar.

Also, Jurgen Klopp’s men lost Kostas Tsimikas and Luis Diaz to injury.

Osimhen To Earn N206.6m Weekly In New Three-Year Deal

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Napoli Insert N129.5B Release Clause In Contract

African Footballer of the Year, Victor Osimhen, has signed a new deal to stay at Napoli until 2026. The new deal is worth N9.9 billion (10m euros) yearly, which means the U-17 World Cup winner will earn N830.5 million monthly and N206.6 million every week.

In the new deal, any club that wants to prise Osimhen out of Napoli’s firm grips must be ready to cough out N129.5 billion (130m euros) to get the Nigerian gem.

According to football-italia.net Napoli President, Aurelio De Laurentiis, announced that latest development himself, posting the images of Osimhen signing the paperwork with only one word: ‘Done!’

The patron had already hinted at the deal on Friday night when telling TG1 it could be ‘the surprise gift under the Christmas Tree’ for his fans.
According to reports, including Sky Sport Italia, Fabrizio Romano and more, Osimhen’s new pay is the total sum after tax.

The release clause is valid only for clubs outside of Italy during the summer. Arsenal, Chelsea, Real Madrid and Paris Saint-Germain are unlikely to be put off by that kind of asking price.

Napoli paid N74.7 billion (€75m) plus bonuses to sign Osimhen from Lille in September 2020 and he helped them win the Scudetto, becoming the first ever African Capocannoniere of Serie A and African Player of the Year.

The 24-year-old scored 26 Serie A goals in 32 appearances in 2022-23 as he helped Napoli win their first league title in 33 years. Osimhen, who managed 31 goals in all competitions last season, was crowned the Italian footballers’ association player of the year earlier this month.
He also named as the African Footballer of the Year for 2023.

Osimhen said in November that he made a decision that was “good for his career” after being linked with a move to Saudi Arabia in the summer. His previous contract was scheduled to expire in 2025.

Napoli confirmed the extension to the forward’s contract on social media with a post that read “together until 2026” and a picture of Osimhen and club president, Aurelio De Laurentiis.

Anthony Joshua’s Brilliant Display Beats Otto Wallin In 5 Rounds

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Britain's Anthony Joshua (R) competes with Sweden's Otto Wallin during their heavyweight boxing match at the Kingdom Arena in Riyadh on December 23, 2023. (Photo by Fayez NURELDINE / AFP)

Anthony Joshua (R) competes with Sweden’s Otto Wallin during their heavyweight boxing match at the Kingdom Arena in Riyadh on December 23, 2023. 

Anthony Joshua delivered one of his best displays in recent memory with an impressive stoppage of Otto Wallin in Saudi Arabia on Saturday.

The 34-year-old made it three wins from three in 2023 after the fight was called off following a thunderous fifth round which left Wallin unable to continue.

Joshua, having already beaten Jermaine Franklin Jr by unanimous decision in April before sealing a seventh-round stoppage against Robert Helenius in August, cruised to a 27th professional career victory.

But the identity of his next opponent is unclear following Joseph Parker’s shock defeat of Deontay Wilder on the same card.

Joshua has recorded three career losses so far – beaten by Andy Ruiz in 2019 before Oleksandr Usyk defeated him twice – while the Swedish southpaw Wallin had only one career loss to date against Tyson Fury.

But Joshua came flying out of the blocks in Riyadh and inflicted damage on Wallin as early as the second round.

Joshua landed a left hook to Wallin’s head, followed by a thunderous right cross and a second quick right which left Wallin frazzled and with blood leaking from his right nostril.

On to the third and Wallin’s patched-up nose was pouring again as Joshua landed another right. A strong left knocked Wallin off balance, and the former European champion was backed up on to the ropes and now with a cut to his right eye.

A steely-looking Joshua showed no sign of easing up in the fourth round as he landed a number of head and body shots on his opponent. A right hand skimmed the face of Wallin with Joshua looking comfortable and in control.

In the fifth, Joshua was throwing menacing, calculated punches with Wallin offering little to nothing in attack. Then with just over one minute of the round remaining, Joshua unleashed a superb left hook to leave Wallin stumbling towards the ropes.

Wallin managed to stay on his feet and see out the round, but the Swede’s corner said their fighter was unable to continue as Joshua celebrated a destructive win.

Asked if this felt like this was a throwback fight, Joshua said: “Not a throwback fight, just another fight.

“I respect Otto and I was telling everyone in the build-up I need to focus on the man in front of me because of what he brings to the table. It was just another day in the office.”

“(My approach) was victory by any means. This is a treacherous business. It is like snakes and ladders, one win takes you up the ladder and a defeat takes you all the way down so I just want to be victorious for as long as I can. I am a gifted fighter who has a special gift and I am just searching for greatness.”

Reflecting on Wilder’s defeat, Joshua added: “I wasn’t watching. I focus on myself. I know how important this fight is for me. I heard Deontay lost but so what, he will come back. It shows this business is fine margins.”

“Deontay, everything he has said about me, I could rip him apart right now, but I am going to take the higher ground and I hope he comes back.”

When it was suggested to him that his much-anticipated fight against Wilder could now be off the table, Joshua replied: “No. If he wants, he can come back and fight another day. It is up to him and I am sure everybody still wants to see that fight.”

Wilder, who has claimed 42 of his 43 victories by knockout, was the overwhelming favourite to beat Parker, but the New Zealander ripped up the script with a crushing victory.

Parker dominated Wilder, heavily regarded as one of the biggest punches the heavyweight division has ever seen, with a perfectly executed gameplan that left his American opponent bamboozled.

Parker was comfortably ahead on the scorecard heading into the eighth round where he delivered an overhand right and then a flurry of destructive punches as Wilder clung on.

Wilder was hurt and Parker went for the finish, but the Bronze Bomber, who last fought in October 2022 – a first-round knockout win over Robert Helenius – survived the round.

Parker landed another big left hand in the ninth, with Wilder looking increasingly vulnerable.

Parker remained composed in the 10th and 11th before a desperate Wilder came out swinging in the final round looking for the knockout blow required.

But Parker never looked in danger of losing against the former WBC champion as he sealed a huge upset, with the judges scoring the most one-sided of bouts, 118-111, 118-110, 120-108 in the 31-year-old’s favour.

No Nigerian Referee Called Up For 2023 Africa Cup Of Nations

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The Confederation Africaine de Football (CAF) has named 68 match officials for the Africa Cup of Nations holding next month  in Cote d’Ivoire.

Overall, there are 26 match referees, 30 assistant referees and 12 Video Assistant Referees (VAR). Expectedly, Nigerian referees were not found good enough for the continent’s premier football competition.

While there is no Nigerian official, Morocco feature prominently in the three tiers of officiating having three of the 26 referees, two of the 30 Assistant Referees and two of the 12 VAR officials totaling seven.

Egypt also have two referees, two assistant referees and also, two VAR officials. Ostensibly, the VAR officials are drawn from the African countries where VAR is operative.

VAR is currently not in operation in Nigeria’s domestic games. According to a release by CAF, all selected referees are expected to arrive in Cote d’Ivoire on 5 January 2024 for a refresher course which will be inclusive of physical and theoretical testing of all officials.

Osimhen Extends Contract With Napoli Till 2026

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Nigerian international forward Victor Osimhen has signed a contract extension with Napoli until 2026, the Serie A champions announced on Saturday.

Victor and Napoli together until 2026,” said Napoli on social media, alongside a picture of the Nigerian international striker signing the new deal alongside club owner Aurelio De Laurentiis.

Napoli have not revealed any details of the new contract but Italian media report that a release clause worth between 120 million and 130 million euros ($132 million and $143 million) has been inserted to ensure the club do not lose their star player to Premier League suitors without cashing in.

Osimhen’s previous deal would have expired in June 2025 and his renewal has been a major subject of discussion in Italy since Napoli won their first league title in over three decades last season.

He scored 26 league goals as under departed coach Luciano Spalletti, Napoli captivated Europe with thrilling football and were crowned champions for the first time since Diego Maradona was with the club.

In total Osimhen has scored 67 times in 118 appearances since signing from Lille in 2020.

Napoli are however 14 points behind Serie A leaders Inter ahead of their clash at rivals Roma on Sunday night and were dumped out of the Italian Cup by Frosinone midweek.

Nigerian Railway Corporation Begins Free Train Services

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The Nigerian Railway Corporation, NRC, says in line with President Bola Tinubu’s directive, the Corporation will commence free train services on its entire Passengers from Thursday December 21, 2023 to Thursday January 4, 2024, both days inclusive.

In a Statement, the NRC said passengers are advised to obtain their free tickets via the online e-ticketing platforms only.

The Corporation noted that tickets will not be issued at any of the Corporation’s Train Stations.

“Please note that no commuter will be allowed to board the train without a ticket.”

Tinubu Approves 50% Reduction in Transport Fare

The Corporation enjoined commuters to be orderly, “Obey security personnel and the laid down boarding instructions of the NRC and those of its officials while at the station and on-board the trains.

“We wish all our esteemed customers a very Merry Christmas and a Happy New Year in advance.”

It would be recalled that the Nigerian President had on Wednesday announced a 50 percent reduction in the cost of public transportation specifically on luxurious buses and inter-state travel along 22 routes across Nigeria.

He also granted 100percent free rail train trips across Kaduna -Abuja, Lagos-Ibadan, Warri-Itakpe routes

Transport Slash: Presidency Name Participating Companies

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The Presidency has revealed the companies that will be participating in the 50 per cent slash of inter-state transport fares approved by President Bola Tinubu.

Tinubu, on Wednesday, approved the reduction as well as free train rides for Nigerians starting Thursday, December 21, 2023, to January 4, 2024.

The Minister of Solid Minerals Development, Dele Alake, while announcing this gesture to State House Correspondents at the Aso Rock Villa on Wednesday said Nigerians willing to travel can board public transport via mini buses, luxury buses at 50 per cent discount of current cost.

Tinubu Approves 50% Reduction in Transport Fare

Meanwhile, the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has

revealed the five participating transport companies in the scheme.

In a post on X on Thurday, Onanuga named, GIG (God is Good), Chisco Transport, Young Shall Grow, God Bless Ezenwata, and Area Motor.

He wrote, “Participating companies in the FG’s plan to reduce the transport burden of travelling five million Nigerians:

1. GIG ( God is Good)

2. Chisco Transport

3. Young Shall Grow

4. God Bless Ezenwata

5. Area Motor.”

The Presidency also posted a document showing 28 routes the buses will run.  They include Lagos- Kano, Lagos-Abuja, Lagos-Kaduna-Zaria, Lagos-Jos, Lagos-Enugu, Lagos-Onitsha, Lagos-Owerri, Lagos-Aba, Lagos-Abakaliki, Lagos-Nsukka, Lagos-Uyo, Lagos-Port-Harcourt, Onitsha- Kano, Onitsha-Lagos.

Others are, Onitsha-Jos, Onitsha-Abuja, Onitsha-Sokoto, Onitsha-Gombe, Onitsha-Zakibam, PH-Owerri-Aba-Kano, Aba-Owerri-Abuja, Aba-Lagos, Abuja-Sokoto, Abuja – Lagos, Abuja-Onitsha-Owerri-Port-Harcourt, Abuja-Enugu-Abakaliki, Abuja-Gombe and Abuja-Kano.