Just Four days to inauguration President Muhammadu Buhari on Wednesday sought approval of Senate to pay judgment debt in the sum of $566,754,584.31, £98,526,012.00 and N226,281,801,881.64 being judgement debt owed by the Federal Government through the issuance of promissory notes.
This is contained in a letter read on the floor of the Senate by the Senate President, Ahmad Lawan
The letter reads in part: “The Distinguished Senate President may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023 approved the liquidations of top priority judgement debts and general judgement debts owed by Ministries, Departments and Agencies (MDAs) through the issuance of promissory notes.
“The judgement debts are to be settled through the issuance of promissory notes which will then be redeemed over time through provisions in the budgets of the Federal Government of Nigeria. Thus debt securities have been issued for the settlement of the judgement debts and approval of the National Assembly is required for this purpose.
“In view of the foregoing, I wish to request the Senate to kindly consider and approve through its resolution the settlement of the top priority judgement debts and general judgement debts incurred by Federal MDAs in the sum of USD566,754,584.31, £98,526,012.00 and N226,281,801,881.64 through the issuance of promissory notes.
“The Honourable Attorney-General of the Federation and Minister of Justice and the Honourable Minister of Finance, Budget and National Planning shall provide any information that may be required by the Senate for the consideration of this request.”
Meanwhile, The House of Representatives, on Wednesday, approved the extension of the implementation period of the capital component of the 2022 Appropriation Act by six months, from June to December 2023.
The House, as a Committee of Supply, considered and approved the request made by the President, Major General Muhammadu Buhari (retd.), on behalf of the Federal Government.
The legislation was titled ‘A Bill for an Act to Amend the Appropriation Act, 2022 to Extend the Implementation of the Capital Aspect of the Appropriation Act, 2022 from 30 June 2023 to 31 December 2023.’
Based on the request of the Executive arm of the government, the National Assembly had extended the lifespan of last year’s budget from December 31, 2022, to June 30, 2023, before the presidential request for further extension.
The latest extension is coming as Buhari leaves power and Bola Tinubu is sworn in as President on Monday.
The Tinubu administration will be left with concurrent implementation of the 2022 and 2023 Appropriation Acts.
Meanwhile, the House also passed the 2021, 2022 and 2023 budgets of the Niger Delta Development Commission, with the budgetary estimates for the three years totalling N2.29tn.
Passage of the budgets followed the consideration and adoption of the reports by the House Committee on NDDC on the proposed estimates earlier on Tuesday, as laid by the Chairman, Olubunmi Tunji-Ojo.
The House passed a budget with estimates totalling N485,794,575,131, of which the sum of N28,247,952,510 is for personnel expenditure, the sum of N14,535,485,480 is for overhead expenditure, the sum of N2,916,562,010 is for internal capital expenditure and the sum of N440,094,575,131 is for development projects for the service of the NDDC for the financial year ending on 31 March 2022.
The House also passed a budget with estimates totalling N928,297,049,364, of which the sum of N34,247,952,510 is for personnel expenditure, while the sum of N16,521,485,480 is for overhead expenditure, while the sum of N3,719,062,675 is for internal capital expenditure and the sum of N543,808,548,699 is for development projects for the service of the NDDC for the financial year ending on 31 March 2023.
The House equally passed a budget with estimates totalling N876,000,000,000, of which the sum of N34,247,952,510 is for personnel expenditure, while the sum of N17,477,830,723 is for overhead expenditure, while the sum of N3,719,062,675 is for internal capital expenditure and the sum of N490,555,154,092 is for development projects for the service of the NDDC for the financial year ending on 31 March 2024.
In the same vein, the House passed the budget of the Federal Capital Territory Administration with estimates totalling N579,693,907,532 for the 2023 financial year.
Out of the N579,693,907,532, the sum of N78,135,703,531 is for personnel costs; the sum of N122,513,919,180 is for overhead costs, while the balance of N379,044,284,822 is for Capital Projects, for the service of the FCT, Abuja.
.Don’t approve fresh loan for Buhari, Afe Babalola tells N’Assembly
However, The Chancellor of Afe Babalola University, Ado Ekiti, Aare Afe Babalola SAN, on Wednesday, cautioned the National Assembly against approving any fresh loan facility or request regarding financial matters for the outgoing government of the President, Major Gen. Muhammadu Buhari (retd).
Babalola, who expressed disbelief that Buhari could be seeking a fresh loan despite the country’s mounting debt profile, said the National Assembly should not accede to such a request a few days before the end of the tenure of the Buhari administration.
He spoke in Ado Ekiti at the 12th Aare Afe Babalola Annual Public Lecture organized by the Nigerian Bar Association, Ado Ekiti Branch titled, “Addressing the Nigerian economic challenges through the instrumentality of the law and future economic challenges,” which was delivered by the Deputy Vice Chancellor of the University of Jos, Prof. Joash Amupitan SAN.
Buhari had recently written to the Senate to seek its approval for an $800 million loan, saying, “Please note that the Federal Executive Council approved an additional loan facility to the tune of USD800 million to be secured from the World Bank for the National Social Safety Net Programme and the need to request for your consideration and approval to ensure early implementation.
“The Senate may wish to note that the programme is intended to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with the costs of meeting basic needs,” the president’s letter stated.
But Babalola said, “I do not expect the parliament to accede to that request. How can you be an undeclared bankrupt country and yet be borrowing more money? I do not think that any right-thinking person will give us a loan with trillions of Naira debt. I believe and sincerely hope that the National Assembly will not approve it.
“The type of elections being held in the country cannot produce the right people. If we had the right people in the National Assembly they would have instantly turned down the request of President Buhari to borrow $800 million. That is why I am an advocate of a new constitution and I want you to join me in that crusade,” he said.
The guest lecturer, Prof. Amupitan, who said that Chapter II of the 1999 Constitution must be made justiciable, said that implementing the chapter would promote the well-being, welfare and security of the average citizen, promote economic growth and development and ensure an egalitarian society.
He also urged the country’s apex court to move from just error correction to policy courts, saying, “We need the likes of Lord Denning, Justice Marshall of the United States, Justice Kayode Eso, Justice Obaseki, Justice Oputa, Justice Niki Tobi, and the like to reactivate the era of judicial activism in Nigeria.”
.Thanks Ministers, State House Staff For Eight Years Of Support, Loyalty
President Muhammadu Buhari Wednesday in Abuja participated in a valedictory session of the Federal Executive Council (FEC), and met with staff of the State House, as part of a countdown on his eight years of administration, with appreciation for all the support and loyalty.
In his remark at the valedictory session held at the State House Council Chamber, the President thanked all the ministers for their steadfastness in pursuing the goals of the administration, urging support for the incoming President, Asiwaju Bola Ahmed Tinubu, even from outside government.
President Buhari appreciated the ministers for working closely together, despite many odds and challenges, and sustaining the synergy that translated into many achievements.
“I am proud to say we gave our best,’’ he added.
The President directed the ministers to tidy up their work and avoid last-minute rush that could compromise the good deeds they had done over the years.
“In the cause of our years together, ranging from our newest addition to the oldest members of the team for the past seven and half years, we have differed on many issues. I urge that we understand that those positions were for the collective good, and no one should keep grievances, or carry these differences forward.
“For those of us that will not directly be in government, I know that I am one of such, I ask that we continue to provide our support, in whatever way we can, if called upon by our great party, All Progressives Congress (APC) that gave us the platform to stand and we must continue to support it in every way we can,’’ he said.
The President attributed all the good work and goodwill received by the administration to God’s intervention, adding, “I also thank God for the strength and for keeping us together.’’
“I look forward to a great many of you, disproving that Daura has not become too distant because I am no longer Mr President.
“I will also be happy to do the many things that I have not been able to since May 29th, 2015, one of such is my favorite pastime of taking care of my cattle.
“I wish all of us the best and hope to hear good news whenever any of our names are mentioned. Thank you and God bless the Federal Republic of Nigeria,’’ he stated.
President Buhari also met with members of Staff of the State House, lauding both the senior and junior workers for supporting his administration for eight years.
He noted that the administration had stretched to accommodate the views of workers and to meet some of their needs, within the available resources.
In another development, The Federal Executive Council, FEC, has not been dissolved, the Minister of Information and Culture, Lai Mohammed has disclosed.
The Minister, while briefing State House
Correspondents at the end of the valedictory council meeting, he described the report of the dissolution while President Muhammadu Buhari was presiding as fake news.
He said President Buhari had directed all ministers to return to their desks and continue working on their transition assignments.
He said: “I just want to make this clarification. While we were at the chambers there was a false breaking news that the federal executive council has been dissolved that is not correct.
“As a matter of fact we have been directed by the president that we should all go back and return to our offices. So it is not true that the federal executive council has been dissolved, it’s is still very much alive.
“We have all been directed to go back to are offices and ensure that we continue to work right to the end of 29 of May. So please ignore the fake news.”
President Buhari had earlier sworn in seven federal commissioners of the Revenue, Mobilization, Allocation and Fiscal Commission (RMAFC).
The federal commissioners include Senator Ayogu Eze (Enugu state), Peter Opara (Imo state), Hawa Aliyu (Jigawa state), and Rekiya Haruna (Kebbi state).
Others are Ismaila Agaka (Kwara state), Kolawole Abimbola (Oyo state) and Ayuba Ngako (Federal Capital Territory).
