President Buhari Government announces first year-long spending; proposes N6trn budget

The Muhammadu Buhari-led Federal Government on Monday proposed a budget of N6 trillion for 2016 at an oil bench mark of 38 dollar per barrel.

The planned spending is the first for the administration of Buhari, who took office in May 2015.

The Minister of Budget and National Planning, Udoma Udoma, stated this while addressing State House Press Corps after an emergency Federal Executive Council meeting presided over by President Muhammadu Buhari.

The minister said the proposal was contained in the Medium Term Expenditure Framework, MTEF, approved by the council.

“At today’s council, the council approved the Medium Term Expenditure Framework. This sets out the policies of government over the next three years. It sets out the fundamental economic underpinning of the budget.”

African leaders in South Africa for China Party

At the Summit: Togo’s Faure Gnassingbe, Benin’s Boni Yayi and Gabon’s Ali Ben Bongo

This past weekend the second summit of the Forum on China-Africa Cooperation (FOCAC) drew some 48 African leaders, resembling a fully-fledged African Union summit. 

With the near-full house, it is much easier for foreign affairs functionaries, especially Chinese to spot some of those who did not attend. The majority were from North Africa where living standards are higher than the rest of the continent. But there were also some interesting, if unexpected, absentees: 

Court Orders EFCC to Produce Dokpesi

A Federal High Court sitting in Abuja has ordered the Economic and Financial Crimes Commission (EFCC) to produce the Chairman of DAAR Communications Plc., Raymond Dokpesi

The court ordered the EFFC on Friday to produce Mr. Dokpesi in court on December 14, 2015 and show cause why he should not be granted conditional or unconditional bail by the court.

Mr. Dokpesi is currently being detained by the EFCC over allegations of money laundering involving 2.1 billion Naira.

Benue State University’s Principal Officers Labeled Fraudulent by Visitation Panel

Chairman of the visitation panel to the Benue State University, Professor Zachary Gundu, today disclosed that principal officers of the institution were involved in fraudulent practices

He made the disclosure while submitting the report of the panel to Benue State Governor, Samuel Ortom, at the Benue Peoples House.

He pointed out: “Each Principal Officer in BSU collects a Housing Allowance of N6,418,280 per annum as against N649, 939 per annum in extant salary scales. This means that for every month, BSU Principal Officers collect N534, 856.67k per month as housing allowance instead of N54, 161.00 per month. There are other instances of payroll manipulation in respect of allowances of Principal Officers especially the Vice Chancellor.”

“Council had also approved the renovation and furnishing of the VC’s Lodge for the former Vice Chancellor at the cost of N22, 398,318.00. This money was given to her directly. Yet when she moved into the Lodge, she was given a furniture grant of N20 million. She vandalized the Lodge when she was moving out.”

Ortom Urges Nigerians to Return to Agriculture

Benue State Governor, Samuel Ortom, has called on Nigerians to grip agriculture as a reliable alternative in the face of falling oil prices.

He made the call while flagging off this year's rice harvesting season at one of his farms in his village near Gbajimba, Guma Local Government Area.

He urged the people to embark on dry season farming using irrigation, positing that the state government has entered into partnership with the International Fund for Agriculture Development (IFAD) to support farmers with massive land clearing farm equipment and other inputs for mechanized farming.

He said: "With the dwindling oil prices, Nigerians must consider agriculture as a veritable alternative. We in Benue have already taken the initiative. I have told all members of the state executive council to individually encourage farming activities in their communities. Throughout the year, we can do farming here. We have two rivers - Benue and Katsina-Ala Rivers; so sourcing water to irrigate crops is not a problem”.

EFCC Arrests Former Sokoto State Governor, Attahiru Bafarawa

Attahiru Bafarawa

Erstwhile Sokoto State Governor, Attahiru Bafarawa, has been picked up by the operatives of the Economic and Financial Crimes Commission (EFCC).

He is being questioned for his alleged role in transferring money from the Office of the National Security Adviser (NSA), between December 2014 and May 2015.

This is coming just as the former Minister of State for Finance, Ambassador Bashir Yuguda, is spending his second day with the EFCC.

Ambassador Yuguda is being quizzed for allegedly receiving suspicious payments from the office of the former NSA.

In a related development, the former NSA is being investigated over two billion dollar arms deal.

Some of the monies allegedly traced to Ambassador Yuguda include 1.2 billion naira paid to him for unclear reasons.

He is alleged to have also received 775 million naira from the office of the Accountant General and another 1.275 billion naira from Stallion Group.

Nigeria in for some real pain as investors flee

Nigeria is paying the price for poor economic growth prospects, as her stocks fell to their lowest level in almost three years as investors exited, and South Africa faces a similar fate this week.

Investors in Nigeria, Africa’s largest economy, are voting with their feet due to fading hopes that President Muhammadu Buhari’s government can revive an economy growing at its slowest pace this century.

While Buhari, a 72-year-old former general who came to power in May, has prioritised stamping out corruption in Africa’s biggest economy and oil producer, investors were unnerved by a delay of more than five months in forming a cabinet, which he swore in November 11.