News

Budget 2024: Obi uncovers more insensitive, undeserving allocations

Published

8 months ago

April 16, 2024

…says N15bn for NASS hospital is five times more than National
Hospital, others,

…N15.3bn for the NASS library Project is 15 times more than N1bn for the National Library under construction for over 20 years

By Kayode Sanni-Arewa

The Presidential Candidate of the Labour Party in the 2023 general elections, Peter Obi has continued to uncover some undeserving budget allocations in the 2024 federal budget which says is concerning.

Obi who had in his previous remarks on the budget called for a total review of the budget, has remained consistent that there were various misplacement of priorities and that they all tilted against the poor in our midst.

Naijablitznews reports, Obi could not understand how the National Assembly Hospital was getting N15bn for one year, five times more than that of the National Hospital and six other premier Teaching Hospitals in the country.

Writing on his X handle on Tuesday, the former Anambra State Governor said, ‘I will remain persistent in my expressions of deep concern about the 2024 budget because of its critical importance to the lives of the citizens especially the poor in our midst. I will continue to do so until the end of the year as a matter of patriotic engagement.

” This is because the many negatives of the budget have far-reaching implications for the development of our dear nation and the well-being of our citizens.

“It is evident that there are items in the budget that do not align with our current circumstances, and it is imperative to call for a review and appropriate virement. Allocating our scarce resources to high-priority areas of need is essential for the well-being of the nation.

“For instance, allocating N15 billion solely for the National Assembly hospital is unacceptable, especially when it exceeds five times the budgetary allocation to
the National Hospital or the combined capital vote of our six major teaching hospitals across the nation, namely; University College Hospital, Ibadan; University of Nigeria Teaching Hospital, Enugu; Ahmadu Bello University Teaching Hospital, Zaria; Obafemi Awolowo University Teaching Hospital, Ile-Ife; Jos University Teaching Hospital and University of Ilorin Teaching Hospital. This disparity reflects a low level of care for the rest of society.

“Similarly, justifying a budgetary allocation of N15.3 billion for the National Assembly library project and procurement of books, including the e-Library, in a country without a National Library is very disappointing. The National Library has been under construction for the past 20 years, and its budgetary allocation for 2024 is less than 1B Naira, which makes the National Assembly Library budget 15 times more.

“Again the National Assembly Library budget is more than the combined budget of the top national universities’ libraries that desperately need the Libraries for research, teaching and learning purposes.

“Furthermore, allocating N10 billion for the Senate’s and House of Representatives car parks and the National Assembly Recreation Centre, while allocating less to the Ministry of Science, Technology, and Innovation, is concerning. In an era where science, technology and innovation are crucial for the nation’s future, such allocations demonstrate a lack of foresight and basic awareness of global trends and urgent national priorities.

“This level of insensitivity to the present situation and challenges faced by the people should not be tolerated by any development-minded nation.

“Every scarce resource must be directed towards productive sectors of the economy. It is time for our nation to reassess its priorities, revisit the budget, eliminate frivolous expenditures and channel our resources properly for the benefit of the people.

“No great nation is built on a foundation of waste and frivolity.

Signed.
Dr Yunusa Tanko
POMR Spokesman.

News

Arewa Christians Association Salutes Nigerians At Christmas

Published

39 minutes ago

December 26, 2024

Gloria Ikibah

…urge President Tinubu, governors to be more humane in their policies

By Gloria Ikibah

The Arewa Christians and Indigenous Pastors Association (ACIPA) has congratulated Nigerians as they mark the birth of Jesus Christ, Saviour of the world.

In a statement by ACIPA Chairman, Rev. (Dr) Luke Shehu, on Wednesday, he urged President Bola Tinubu and state governors to be more compassionate and humane in their policies, decisions and utterances.

The statement reads: “Ours is a faith beyond hope or religion. A faith for fulfilled individual and corporate destiny fulfillment. Therefore, with the audacity of our faith we wish ALL a Merry Christmas and prosperous New year.

“As we celebrate Christmas and mark the New year with an audacious faith working to make Nigeria greater, we call on Mr. President, Bola Ahmed Tinubu and our governors to be more compassionate and humane in their policies, decisions and utterance.

“ACIPA is aware that the removal of subsidy was a necessity that was long overdue in view of the corruption surrounding the oil industry in Nigeria.

“While appreciating the President, that for the first time in years, Nigerians have not experienced the hardships associated to petroleum scarcity associated to Christmas and the Muslim Sallah celebrations. We therefore commend the President and call on him to sustain the tempo while maintaining the momentum at the war against corruption and total annihilation of terrorist so that our soldiers can go back to their barracks.

“As we journey in the path to fulfillment of our destiny, we wish to draw attention of Mr President and all governors as captains of the ship to be aware of many Jonahs that may lead to the capsizing of the nation or states ship. If the Jonahs’ in our ship(s) can not recuse themselves or asked to be thrown out, then certainly the captains, crew and passengers need to take a lot and throw the Jonahs out.

“In the years ahead as we journey along our path to destiny as a great nation on earth, we can not afford backlog of liabilities who are often political croonies in governance as a result of personal allegiances or family ties. This is unacceptable especially where such croonies are counter productive or a cog in the the wheel of our nation and states. Leadership requires courage and audacious pragmatism.

“Once more, ACIPA wishes ALL Nigerians a secured, blessed Merry Christmas and a prosperous New year”, he added.

News

Access Bank Becomes First to Meet CBN’s Minimum Capital Requirement with N351bn Rights Issue

Published

1 hour ago

December 26, 2024

Gloria Ikibah

By Gloria Ikibah

Access Holdings Plc has announced the successful completion of its Rights Issue, raising N351,009,103,017.25 through the issuance of 17,772,612,811 ordinary shares at N19.75 per share.

This achievement follows full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

With this milestone, Access Bank Plc, the flagship subsidiary of Access Holdings, is the first bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorisation, well ahead of the March 2026 deadline. The bank’s share capital now stands at N600 billion, exceeding the regulatory threshold by N100 billion.

This marks a significant achievement as Access Holdings is the first CBN-licensed financial holding company to execute a fully digital Rights Issue. The process utilised the Nigerian Exchange Group’s E-offer platform to provide shareholders with a seamless and efficient subscription experience, enhancing accessibility and participation.

Speaker on the development, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, highlighted the innovation and leadership demonstrated by the institution. Further details from the statement emphasize the bank’s commitment to leveraging technology to drive growth and improve shareholder value.

He said: “The Access brand has always resonated strongly with local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitaliation directives. We are pleased that this time, we are the first to cross the finish line.

“The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our company.

“We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.

“We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering. As we enter the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

Access Holdings Plc operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and over 60 million customers.

The company serves its markets through four subsidiaries in banking, payment, pension administration, and insurance sectors: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.

Access Bank Plc serves its markets through three business segments—Corporate and Investment, Commercial, and Retail—and has enjoyed Africa’s most successful banking growth trajectory in the last 22 years.

Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.

News

I’m optimistic about Nigeria’s future, says Shettima

Published

2 hours ago

December 26, 2024

Kayode Sanni-Arewa

Vice President Kashim Shettima has expressed optimism about Nigeria’s future, reaffirming the commitment of the Federal Government to national security, economic transformation, and the well-being of all citizens.

In a Christmas message on Wednesday, Shettima assured Nigerians that the administration of President Bola Tinubu is resolute in its efforts to tackle critical issues such as security and economic challenges, as the country prepares for the coming year.

“As we approach a new year, I want to reassure you that President Tinubu’s administration remains fully dedicated to improving the lives of all Nigerians. We are committed to tackling economic transformation and enhancing the welfare of every citizen,” Shettima said.

Highlighting Nigeria’s diversity as a strength, the Vice President called on Nigerians to use the festive period to strengthen unity across all regions and faiths, fostering a spirit of togetherness.

“Our nation’s greatest strength lies in its diversity. This holiday season offers us the perfect opportunity to strengthen the bonds of brotherhood that unite us,” he stated.

Shettima also assured Nigerians of the continued vigilance of the nation’s security forces, emphasising that security personnel would remain on high alert during the holiday period to ensure safety.

“Our brave security personnel will continue to work tirelessly to protect us. Enhanced security measures are in place to safeguard citizens during the festive season,” he said, urging travelers to stay vigilant.

Looking to the future, Shettima expressed hope and confidence in the country’s trajectory.

“I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation,” he said.

Addressing the nation’s youth, Shettima emphasised their crucial role in Nigeria’s development and outlined the government’s initiatives aimed at creating opportunities for them.

“To our young people, you are the backbone of our nation. The Renewed Hope administration is rolling out various initiatives to empower you, enabling you to thrive and contribute to Nigeria’s growth,” Shettima said.