Tag Archives: federal government

FG will reduce borrowing cost – DMO

The Federal Government will implement prudent fiscal and debt management in the coming years to reduce the nation’s debt cost, the Debt Management Office (DMO) has said.

Ms Patience Oniha, the DMO Director-General, made this assertion on Thursday in Lagos.

Oniha spoke at the listing of the FGN 30 year 1.5 billion dollars Euro Bond and FGN 10 year 1.5 billion dollars Euro Bond on the Nigerian Stock Exchange (NSE).

Other bond listed was FGN 5 Year 300 million dollars Diaspora Bond.

Oniha said that government would rebalance its debt and international debt portfolio to 60:40 split in the coming years.

She said that government was listing some of the securities issued in the international capital market in 2017 on the NSE because of the role of Nigerian capital market in economic development.

“We have already listed N1.5 billion early in the year, and we are coming toward the end of the year to list 3.3 billion dollars Euro Bond.

Oniha said that government had assessed the international capital markets four times in 2017 and achieved overwhelming success amidst uncertainty about the perception of Nigeria.

She said that funding of the budget deficit and refinancing the government’s inherited debt portfolio had been the key drivers behind the capital raising plans.

According to her, the borrowing will lead to significant benefits, particularly a reduction in cost of funds.

She said that the Diaspora bond provided an opportunity for Nigerians in Diaspora to contribute to the country’s development.

She also said that the Diaspora bond had boosted the country’s profile with Nigeria’s first SEC-Registered debt instrument.

Oniha said that funds raised would be applied toward development and to support government drive toward economic diversification from oil revenue and to sustain momentum in tapping the international markets following prior issuances.

The director-general said that DMO would continue with innovative and diverse fund raising plans to ensure the optimal funding structure.

Earlier, Mr Oscar Onyema, the NSE Chief Executive Officer, said that the Federal Government was the largest issuer of bonds on the exchange,

Onyema said that the exchange had collaborated with DMO and the federal government to introduce other types of bonds in the market.

He assured the investing publics that the exchange would introduce other types of products that would give them good asset class to boost product diversification.

NAN

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FG recruits 2190 tax officers, says Adeosun

The Federal Government has recruited and trained 2,190 Community Tax Liaison Officers (CTLOs) under the Voluntary Assets and Income Declaration Scheme (VAIDS), says the Minister of Finance, Mrs Kemi Adeosun.

Adeosun, in a statement by her Special Adviser, Media and Communications, Mr Oluyinka Akintunde, said that 1,710 CTLOs had already been deployed to 33 states, out of the number recruited and trained.

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READ MORE AT: https://www.dailytrust.com.ng/vaids-fg-recruits-2190-tax-officers-says-adeosun.html

 

Partner to rebuild health system in Northeast, WHO tells FG

The World Health Organisation (WHO) Regional Director for Africa, Dr Matshidiso Moeti has advised the Federal Government to engage development partners in rebuilding health systems in the Northeast of the country.

She gave the advice at the weekend during a two-day working visit to the country.

While commending the government for its emergency response in the zone, she said it was time to involve development focused partners, and transit from emergency to the phase of rebuilding.

“We are in a way going to be transitioning from an emergency phase to rebuilding and transitioning to a development phase in the Northeast. There have been huge investments in the response to the emergency as well as response to outbreaks in that context.

READ MORE  AT: https://dailytrust.com.ng/partner-to-rebuild-health-system-in-northeast-who-tells-fg.html

Agro-entrepreneur urges FG to ban importation of starch

An agro-entrepreneur, Mr Goke Adeyemi, on Monday urged the Federal Government ( FG )to ban the importation of starch as way encouraging starch production from cassava in the country. Adeyemi, who is the Chairman of the Harvest Feed and Agro Processing Limited ( HFAP ), made the call in an interview in Abuja.

READ MORE AT: http://thenationonlineng.net/category/news-update/

Adeosun: 2017 budget to be rolled over into 2018

The Minister of Finance, Mrs. Kemi Adeosun, has revealed Federal Government’s plan to roll over at least 60 per cent of 2017 capital projects to 2018 budget proposal.

Adeosun made this known when she appeared before the Senate Joint Committees on Finance and Appropriations.

She was accompanied by the Minister for Budget and National Planning, Udoma Udoma, to give explanation on releases so far made for the implementation of the 2017 budget.

The minister noted that there was no stoppage in terms of capital releases and projects.

She explained that the decision to roll over 2017 budget to 2018 was based on the advice of the Senate Committee on Appropriations and Finance to the executive on how to make the budget more implementable.

Adeosun said, “we had a rollover from the 2016 to the 2017 budget. There was no stoppage in terms of capital spent as projects simply continued.

“The way in which we allocated the fund, the priotisation was according to the objectives of the economy and growth plan.

“We were focused on project completion. So we priotised projects that were nearer to completion that were critical in the first releases of capital.

“We need more of your support. We have a number of resolutions that we need to complete international borrowings.”

On his part, Minister of Budget and National Planning, Sen. Udoma Udoma, said the Federal Government has been working and trying to get the 2018 budget to the Senate before the end of October.

“We intend to have discussions with you so that we can finalise that and take it to the Federal Executive Council so that we restore ourselves to the January to December fiscal year.

“This is to make it much easier to report on the performance of budgets,” he said.

Udoma also debunked the rumour that they had not released much funds in terms of capital budget since January.

“That is not the case. Between January and June we still have 2016 Budget in operation and we allowed it to flow unhindered.

He said in implementing the 2017 budget, it would be helpful if there was clarity in terms of the virement because that would help in terms of implementing the 2017 budget.

Earlier, Chairman of the joint committee, Sen. Danjuma Goje, said the two ministers were at the National Assembly to brief the committees as well as Nigerians on the implementation of the 2017 budget.

“It is very important bearing in mind that the budget was passed by the National Assembly in May and signed into law by the then Acting President Yemi Osinbajo on 6th June 2017.

“We are now four months into the implementaion of the budget. Nigerians need to know how far we have gone and what we are going to achieve, the successes.

“We have heard from the Minister of Budget and National Planing that they intend to submit the 2018 budget this month.

“By implication, if they bring it this month, they will expect the budget to be approved before the end of the year,” he said.

NAN

Strike: FG directs hospitals to engage ad-hoc doctors

The Federal Government has directed Chief Medical Directors of Federal Hospitals to immediately engage the services of locum doctors, as resident doctors continue with their strike.

The Minister of Health, Prof. Isaac Adewole, gave the directive in order to augment the services of consultants, pending the resolution of the on-going strike by resident doctors.

The Minister had earlier approved the use of health facilities of Armed forces, Police and Federal Road Safety in ensuring continuous provision of health care services in the Federal Hospitals.

A statement by Mrs Boade Akinola, Director, Media and Public Relations in the ministry said the directive was contained in a circular dated Sept. 5, addressed to all CMDs/MDs of Federal Tertiary Health Institutions across the country.

According to the minister, the directive is an attempt by the government to reduce the increased work load of consultants, NYSC doctors and House Officers, thereby preventing reduction in quality of service delivery to patients.

“This new directive was to further provide additional support for the Federal Government hospitals, to strengthen service delivery.

“The government is committed to fulfilling the mandate of providing health for its citizens no matter the circumstances we find ourselves,” Adewole said.

The Federal Government had expressed shock and disappointment over the sudden strike of resident doctors and described it as rascality.

“This is an industrial rascality and the trade unions must fashion out ways of ensuring that their members keep to collective agreements,‘’ labour and employment minister Chris Ngige advised on Tuesday.

He is irked that the strike kicked-off after the National Association of Resident Doctors (NARD) reached an agreement on issues in dispute.

Ngige, said that government was shocked by the sudden U-turn of the association after it reached a an agreement with the Federal Ministry of Health on its six-point demand.

Ngige said that the doctors reneged on an a agreement with detailed timelines for implementation.

“NARD signed Collective Bargaining Agreement and less than 48 hours after, they embarked on strike. This is a breach of the law.

“Workers should not breach the law of the land because the law protects them more than the employers.’’

He said that it was an issue the labour centres should address because where a “person’s rights stop, is where another man’s right start. Your right cannot be absolute.’’

The minister further said that with the powers conferred on him by the Trade Dispute Act 2004, has apprehended the ongoing strike by NARD.

He added that consequently, the meeting between NARD and the government earlier scheduled for November 2, 2017, will now be convened on Sept. 6, 2017 by 12.30p.m at the Conference Room of the Hon. Minister of Labour and Employment.

“All stakeholders are implored to attend this crucial conciliation meeting.

“The health and well-being of Nigerians are cardinal to President Buhari’s administration. Hence, every measure necessary shall be taken to restore normalcy,” he said.

NAN

Doctors strike is act of rascality – Minister

The Federal Government has expressed shock and disappointment over the sudden strike of resident doctors and described it as rascality.chris-ngige-1000x600

“This is an industrial rascality and the trade unions must fashion out ways of ensuring that their members keep to collective agreements,‘’ labour and employment minister Chris Ngige said on Tuesday.

He is irked that the strike kicked-off after the National Association of Resident Doctors (NARD) reached an agreement on issues in dispute.

Ngige, said that government was shocked by the sudden U-turn of the association after it reached a an agreement with the Federal Ministry of Health on its six-point demand.

A statement by Mr Samuel Olowookere, Deputy Director Press in the Ministry on Tuesday in Abuja, quoted Ngige saying that the doctors reneged on an a agreement with detailed timelines for implementation.

“NARD signed Collective Bargaining Agreement and less than 48 hours after, they embarked on strike. This is a breach of the law.

“Workers should not breach the law of the land because the law protects them more than the employers.’’

He said that it was an issue the labour centres should address because where a “person’s rights stop, is where another man’s right start. Your right cannot be absolute.’’

“This is an industrial rascality and the trade unions must fashion out ways of ensuring that their members keep to collective agreements,‘’ he said.

The minister further said that with the powers conferred on him by the Trade Dispute Act 2004, has apprehended the ongoing strike by NARD.

He added that consequently, the meeting between NARD and the government earlier scheduled for November 2, 2017, will now be convened on Sept. 6, 2017 by 12.30p.m at the Conference Room of the Hon. Minister of Labour and Employment.

“All stakeholders are implored to attend this crucial conciliation meeting.

“The health and well-being of Nigerians are cardinal to President Buhari’s administration. Hence, every measure necessary shall be taken to restore normalcy,” he said.

NAN