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Senate Says FG Idle, Bemoans Abandoned Projects
The Senate has returned a damning indictment on the Presidency which it accused of underperformance and policy somersaults as well as failure to use national budgets to impact positively on Nigerians.
The upper legislative house also took a swipe on the Presidency over the over planning and implementation of national budgets which has resulted in many abandoned projects.
David Mark, Senate President criticised the Federal Government for abandoning projects and maintaining inconsistent economic policies, which he said are not in the best interest of the nation
He spoke during the debate of a motion sponsored by Senator Olubunmi Adetunmbi (ACN, Ekiti North and 46 others calling for a review of the national planning and budgeting process.
Mark said: “Over the years, our budgets have not brought growth, have not improved the employment rate and have not brought dividends of democracy to Nigerians, as fast as expected. There is basically a problem with the envelope system, and that must change.
“Our committees would take full responsibility if they’re unable to effect changes in the next budget because if things are alright on paper and practically on ground things are not alright, we need to review the way we go about things.
“Some people have failed in their responsibilities; while others who have become powerful have hijacked other people’s work. If you go through the National Planning Commission Act, the objectives and functions of the commission, the system has not worked because those operating it are simply resistant to changes. They don’t want to change the system because changing it means they’ll lose the authority they’ve arrogated to themselves.”
Senate Leader Victor Ndoma-Egba slammed the executive for allegedly side-lining the legislature in budget planning and process. He said this has made it possible for the government to grossly under-develop the country.
“Those who see the budget proposal presented to the National Assembly as a scripture, to which no amendment can be allowed, should now know that they’re in error. If the ultimate responsibility for budget planning and the appropriation power resides with the National Assembly, it is only logical that the legislature should be part of the process that leads to that annual budgetary process,” the Senate leader said.
“But now, there is a disconnect between the body that has the ultimate responsibility for appropriation and the body that does the planning. That is why we’re in a situation where national plans that should deliver development, employment are rather delivering uncompleted projects, unemployment and poverty,” he added.
Ndoma-Egba, who condemned the envelope system of budgeting, said: “I’ve tried to rationalise the logic behind the envelope system and I must confess that the more I think about it, the more confused I get. It’s like building a house and putting the rafters around April and you’re hurrying to roof before the rain sets in.
“The Ministry of Finance brings an envelope that tells you that out of the four rooms in the house, the envelope can only deliver the roofing of one room so that if you roof one roof, the rain comes to destroy the other three rooms. The next year, you’re back to square one where you’ve a house without the roof. The envelope system has no meaning and we must take a second look at it.”
“This is an opportunity for us to look at the ratio between recurrent and capital expenditures. It’s the capital expenditure that delivers development. In a situation where over 70 percent of our national budget is dedicated to the recurrent expenditure, we can only deliver poverty, not development. The time has come for us to take a surgical view of our planning and budgeting process”.
Deputy Senate Leader Abdul Ningi (PDP, Bauchi Central) described the powers given to the finance minister over budget as too excessive, saying “we’ve never had the opportunity to listen to ministers of National Planning on budget matters. We’ve always been overwhelmed by the powers of finance ministers over the years. The finance minister cannot continue to plan and execute budget. The planning should be done by the National Planning Minister. We need to have a budget office of the National Assembly to analyse national budgets.”
Senator Bernabas Gemade (PDP, Benue) chairman of the Senate Committee on National Planning, bemoaned what he called lack of national infrastructural plan, Senator Adamu Gumba (PDP, Bauchi) suggested that the budget office of the federation be moved to the National Planning Commission to ensure budget discipline. He said arbitrary budget process must stop.
Federal government will toll all major roads in the country upon completion of construction and renovation because Nigerians are ready to pay for good roads once their safety and convenience are guaranteed, according to Dave Umahi, minister of Works.
Dave Umahi, minister of Works
“We have the Lagos-Ibadan (Expressway), we are completing it and we are tolling it,” Umahi said on Thursday in Abuja at an Inter-Ministerial Press Briefing, part of activities to mark Nigeria’s 64th independence anniversary.
He listed some of the roads as Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile, among others.
The former Ebonyi State governor said the tolling of federal roads “is going to bring a lot of money to the Federal Government”.
Umahi said private sector members have been engaged “to bring in funds, construct these roads, work with the Infrastructure Concession Regulatory Commission and the Ministry of Works to toll these roads”.
The minister said the government would start with the Keffi-Makurdi Road that has been completed, stating that his ministry has been engaging with the Ministry of Finance for a paperless mode of payment.
He said, “For example, we are completing the Lagos-Ibadan, we are working on Makurdi to 9th Mile in Enugu State, we are working from Abuja to Lagos. These roads are going to be tolled. But we are not just tolling them, we are bringing confidence in the use of these roads.
“If people can travel at night because we are bringing security, where the response time will be 10 minutes on the entire corridor, where you have solar light permanently there and then reduce travel time, and through the tolling, the roads are maintained, then, there will be confidence because Nigerians will pay if the roads are good.”
He said before now, road developments have not been handled as investments but the administration of President Bola Tinubu has been handling road developments more professionally.
He said the present administration inherited a total of 300 damaged roads and bridges, adding that more road constructions would commence from October 1, 2024, across the six geopolitical zones of the country.
Afrinvest (West Africa) Limited (“Afrinvest”), a leading investment management holding company acting through its wholly owned subsidiary, Afrinvest Asset Management Limited, a fund manager licensed by the Securities and Exchange Commission (SEC), has announced a strategic integration with Western Union, a global leader in money transfer services.
The integration, according to a statement, enables Nigerians in the diaspora to remit funds directly for financial investments through the Optimus by Afrinvest investment platform.
This integration, a first for Western Union with a partner company in Africa, enables Nigerians to remit funds from nearly every country worldwide for financial market investments in Nigeria without relying on family, friends or other intermediaries.
“We are thrilled to integrate with Western Union to bring this groundbreaking service to Nigerians in the diaspora. This integration aligns perfectly with our mission of simplifying investment, improving access to investment opportunities, and guiding people on how to create wealth.
“By providing a direct channel to remit funds for investment, we are making it easier for Nigerians in the U.S., U.K., Cameroon, Ghana, Canada or wherever Western Union operates worldwide to create wealth while participating in the growth of the Nigerian economy,” said Chief Executive of Afrinvest Group, Dr. Ike Chioke.
Ayodeji Ebo, Chief Business Officer of Optimus by Afrinvest, said, “We are excited to offer a robust, convenient, and secure platform for Nigerians to access a wide range of investment options that suit various risk appetites and nancial goals. Optilock, our high- yield investment plan returns as high as 20% and 7% per annum for the Naira and Dollar options, respectively.”
He said, “the Nigeria International Debt Fund offers investors with low to medium risk appetite access to longer term fixed-income securities like FGN Bonds, Corporate Bonds and selected money market instruments. Investors who opt for the Afrinvest Dollar Fund get access to Eurobonds and other dollar-denominated securities.”
PayU GPO has announced the appointment of Eze Ugochukwu as Country Manager in Nigeria. As part of PayU’s strategic investment and expansion in Nigeria, Ugochukwu’s appointment underscores our commitment to growth and innovation in the market.
Ugochukwu – who has extensive fintech experience spanning 17 years – has served as PayU’s Director/Product Manager in Nigeria for nearly a decade, leading in the conceptualization and development of customer centric solutions critical to the market.
PayU Africa CEO Karen Nadasen stated, “Nigeria is a pivotal and rapidly growing economy for the African region, offering immense opportunities for digital payments and e-commerce expansion.”
“Ugochukwu’s appointment is testament to our investment in this market, as his experience and leadership will mark an exciting era of digital technology driving wider financial inclusion.”
As Africa’s biggest e-commerce market, Nigeria is primed for greater growth, as consumer spending and revenue is set to continue in its rise, and along with it will be the growth of the payments industry in enabling convenient and seamless payments processing.
Beyond appointing a new Country Manager, PayU plans to hire 10 developers in Nigeria to boost local tech capabilities within the country and drive growth and innovation.
Further, the online payment service provider plans to enhance local infrastructure to reduce data costs, and boost technology and talent as part of its long-term investment in the country.
“At PayU, we are dedicated to broadening our local services and capabilities and strengthening our foothold in Africa. We remain steadfast in our mission to offer the best in efficient alternative payment methods that cater to the needs of consumers in each market,” Nadasen added.
PayU prides itself in having local expertise with a global reach, offering seamless online payments services in over 50 emerging markets.
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