Connect with us

Headline

There’s Nothing Hopeful Around Tinubu’s Proposed 2024 Budget – Ogundare

Published

on

A business advisory consultant, Wole Ogundare, says the 2024 budget proposed by President Bola Tinubu does not inspire hope when the projected GDP growth rate is compared to the population growth rate.

Speaking on Channels Television’s Sunrise programme on Saturday, Ogundare, who tagged the appropriation ‘budget of coasting along,’ said any budget of hope will be one where the GDP growth rate is around 7 to 10 percent.

“When you look at the assumptions, the first thing I typically look at is the growth rate. So the macroeconomic framework tend to force you to look at the growth rate. The President projected a 3.76 growth rate; if you look at that growth rate, how does it really make sense?

“You compare it to the population growth rate in Nigeria. Our population growth rate today is about 2.5, so if you look at 2.5 population growth rate relative to a 3.76 GDP growth, it tells you immediately that this is not a budget of hope, it is a budget of coasting along. Let us just coast along for now.

“Any budget of hope will be something where the growth rate is about 7 to 10 per cent. So, I guess the guys in charge are being very careful not to overestimate their position, which is why they say, ’look, let us just coast along’. So anything around hope, forget it; Nigerians should just forget it for now because there is nothing hopeful around it,” Ogundare who is also an accountant, said.

According to him, this is far from the budget that will end most of the economic problems facing Nigeria at the moment.

“This is not the budget for me that will reduce the japa syndrome; it is not the budget that will also create some huge industrialisation or human capital, massive development, or a budget that can encourage employment—none of those things. This is just let’s coast along for now and all the indicators seem to speak to this,” he added.

Also speaking on the programme, the Managing Director of Cowry Asset Management Ltd., Johnson Chukwu, said the proposed budget is not too different from others before it, lamenting the continued increase of recurrent expenditure.

“We have not seen any strategic initiative that will bring down recurrent expenditure. We have seen a consistent increase in the recurrent expenditure of the government because the structure on which you incur recurrent expenditure is being expanded,” Chukwu said.

President Tinubu presented the budget proposal to the National Assembly on Wednesday.


He said the proposed N27.5 trillion 2024 budget will ensure micro-economic stability, poverty reduction, and greater access to social security, amongst others.

He highlighted priority areas such as security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security.

Loading

Continue Reading

Headline

Diesel Explosion: No Cause for Alarm, Says Ogun Govt

Published

on

The Ogun State government, on Tuesday, assured athletes participating in the ongoing National Sports Festival being held in Abeokuta and other parts of the state, as well as the residents of their safety following a diesel tanker explosion near Alake Sports Complex.

The Complex is one of the venues for the Sports Festival.

The Special Adviser to the Ogun State Governor on Media and Strategy, Kayode Akinmade, in a statement, said that while there was an incident involving a diesel tanker that resulted in a fire outbreak, the fire was immediately put out to prevent any damage.

Akinmade commended the promptness and proactiveness of the fire service in the state and the vigilance of officials at the complex, assuring participants at the sports festival of total safety.

“The incident this afternoon involving a diesel tanker close to one of our facilities for the National Sports Festival was very unfortunate. We thank God that the fire was immediately put out to avert any casualties.

“To this end, we want to assure all our athletes and the people of the state of safety and that there is no cause for alarm as the situation is under absolute control,” the statement read.

Loading

Continue Reading

Headline

EFCC Hands Over 753 Houses Allegedly Owned By Emefiele To FG

Published

on

The Federal Ministry of Housing and Urban Development on Tuesday announced that it has taken delivery of the 753 housing units in the Abuja housing estate of the former Central Bank Governor, Godwin Emefiele.

Recall that the 753 housing units linked to the embattled former CBN were seized by the Economic and Financial Crimes Commission (EFCC).

The Executive Chairman of EFCC, Mr Olanipekun Olukoyede, officially handed over the housing estate to the Minister of Housing and Urban Development in Abuja.

Speaking, the EFCC’s Chairman stated that the handing over of the forfeited properties was a demonstration of the impact of the fight against financial crimes and corruption in Nigeria, as captured in the Renewed Hope Agenda of President Bola Ahmed Tinubu.

He recalled an investigation into the property, which started last year, leading to a civil forfeiture of the asset due to the belief that no one could have owned it legitimately.

The EFCC boss also emphasised the need for accountability and transparency in managing forfeited assets, informing of the directive from President Bola Tinubu to hand over the asset to the Ministry of Housing and Urban Development for completion.

“It is important for us to demonstrate to Nigerians that whatever proceeds of crime that we have recovered in the course of our work, the application of that will be made transparent to Nigerians so that we will not allow looted assets to be looted again,” he said.

The EFCC Chairman said that the estate contained hundreds of apartments on a parcel of land measuring 150,462.86 square meters and located at plot 109, Cadastral Zone, co9, Lokogoma district, Abuja.

He stated that the anti-graft agency would monitor the project completion by the ministry for periodic reports and feedback to the president.

Also speaking, Dangiwa commended the leadership of EFCC under Olukoyede for the sustained efforts in the fight against corruption and the recovery of public assets.

“This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people. The housing estate recovered from the former governor of the central bank is a case in point,” he stated.

Dangiwa said that following the formal handover of the estate by the EFCC, the Federal Ministry of Housing and Urban Development will conduct a joint familiarisation tour of the facility alongside the EFCC team to properly assess its state.

“We intend to carry out thorough integrity and structural assessments on all buildings and associated infrastructure to confirm their safety and suitability for habitation,” the minister stated.

Loading

Continue Reading

Headline

Regardless Of Political Affiliations, All 5 S’East Govs Supporting Tinubu –Umahi

Published

on

…Says Lagos-Calabar superhighway to be tolled from December

The Minister of Works, Senator Dave Umahi, has said all the five governors in the South-east geo-political zone are supporting President Bola Tinubu.

To this end, Umahi has called on the region’s undecided opposition figures, such as former Governor Peter Obi, to join the train and back the president.

He also said a section of the Lagos-Calabar Coastal Highway is nearing completion and that users will have to pay a toll effective December 2025.

According to a release issued on Tuesday by presidential spokesperson, Bayo Onanuga, the minister, who stated these in a feature interview for an upcoming State House documentary marking President Tinubu’s second anniversary, disclosed that all South-east governors support President Tinubu’s administration, regardless of their political affiliations.

He said: “All the governors in the South-east, regardless of party affiliation, are working with the president.”

Of the five governors, Imo and Ebonyi are All Progressives Congress (APC) governors, Enugu belongs to the Peoples Democratic Party (PDP), Anambra All Progressives Grand Alliance (APGA), while Abia is Labour Party.

According to Umahi, the South-east is witnessing a new wave of federal attention and infrastructure development under President Tinubu.

“The Igbo man is enterprising and blessed with God-given wisdom. What Ndi Igbo seek is fairness, Nigeria that treats every zone equally. That is what President Tinubu is doing.

“Before, when I was governor and deputy governor, one of our major concerns in Ebonyi State was the lack of federal presence. But today, nobody remembers that issue anymore. Under President Tinubu, at least four federal projects are ongoing in Ebonyi State,” Umahi said.

He noted that while cries of marginalisation used to dominate conversations in the South-east, the current administration has made significant progress in addressing long-standing concerns about infrastructure and appointments.

His words: “Today, the South-east has a Minister of Works for the first time, and we’re seeing real projects—Port Harcourt to Enugu, Enugu to Abakaliki, Enugu to Onitsha, Onitsha to Owerri, and the Second Niger Bridge. The president has already paid 30 per cent of the cost of that bridge. The former Ebonyi State governor also hinted of plans by South-east leaders to endorse President Tinubu for re-election come 2027.

“We’re even planning a summit to bring together all South-east leaders to endorse the president for the 2027 elections formally. We want our projects to be completed, the country’s unity to be strengthened and proper integration of Ndi Igbo.”

Umahi urged key regional opposition figures to align with the president for the greater good of the South-east.

“Leadership is not about self—it’s about the people. If someone else is already doing what you would have done for your people, support him. I call on my brother, His Excellency Peter Obi, to join us and work with Mr. President.

“He must be part of this summit where we will collectively endorse President Tinubu for the 2027 election. I say it boldly: the South-east is happy with the president,” he said.

Providing updates on four major national projects—the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Superhighway, the Trans-Saharan Trade Route, and the soon-to-be-procured Ogun-Ondo-Niger Corridor—Umahi described them as transformative investments designed to unlock Nigeria’s economic potential and deepen regional integration.

On the Lagos-Calabar Coastal Highway, the minister revealed that over 80 per cent of Section 1—spanning 47.47 kilometres from Ahmadu Bello Way to the Lekki Deep Sea Port and terminating at Eleko Junction—had been completed.

Work is also progressing on Section 2, which covers 55 kilometres from Eleko Junction to the Lagos-Ogun border.

“By December, we will toll Section 1 of the Lagos-Calabar Coastal Highway. We project a 10-year return on investment. The road has solar-powered lighting and CCTV infrastructure and offers carbon credit advantages.

“It is more than a road—it is an economic corridor and a catalyst for regional growth. We have completed 30 kilometres of Section 1 and are on track to complete an additional 10 in Section 2. These are six-lane, concrete-paved highways.

“Just days ago, we flagged off Sections 3 and 3B—65 kilometres in total—covering 38 kilometres in Cross River State and 27 kilometres in Akwa Ibom. The host communities’ excitement speaks to these projects’ transformative impact,” he said.

Commenting on the Sokoto-Badagry Superhighway, the minister explained its historic significance, noting that the route was conceived during the Shehu Shagari administration over four decades ago.

According to him, “The Trans-Saharan Trade Route dates back to colonial-era planning. President Tinubu is now bringing these long-abandoned visions to life.”

Commending the president’s leadership and foresight, Umahi said: “God gave him the vision for the Lagos-Calabar Coastal Highway seven years ago. Today, he is actualising that vision. These projects testify to his unwavering commitment to national development and a better future for all Nigerians.”

He reaffirmed that the legacy projects are economically viable, environmentally sustainable and forward-looking.

Loading

Continue Reading

Recent Posts




JOIN US ON FACEBOOK

Trending