News

Reps Seek Timely Submiission of MTEF, 2025 Appropriation Bill

Published

4 hours ago

October 16, 2024

By Gloria Ikibah

The House Representatives has called on the Executive to submit the Medium Term Expenditure Framework (MTEF) to the National Assembly to enable the transmission of the 2025 Appropriation bill by the President for speedy passage of the budget.

This was sequel to the the adoption of a motion of urgent public importance moved by Rep. Clement Jumbo on the “Need to Urge the Executive to Comply With Section 11(1)(b) of Fiscal Responsibility Act 2007”, on Wednesday at plenary.

Naijablitznews.com recalled that the Senate and House received the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from President Bola Tinubu, on Tuesday, October 31, 2023.

Recall further that President Tinubu in a Joint Session of the Senate and House of Representatives on Wednesday, 29 November 2023, also presented the sum of N27.5 trillion as the proposed 2024 Budget.

The lawmakers express worried that the time frame to go through the budget and it’s passage was rushed and did not give them enough time, giving the January to December budget cycle promised by the current administration.

Debating the motion Rep. Jumbo noted that the Fiscal Responsibility Act 2007 provides for the prudent management of the nation’s resources, ensures long term macroeconomic stability of the national economy, secures greater accountability and transparency in fiscal operations within a medium- term fiscal policy framework and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives and for related matters.

The motion reads: “Further notes that section 11(1)(b) stipulates that the federal government must, not later than four months before the commencement of the next financial year, cause to be prepared and laid before the National Assembly an MTEF for the next three financial years.

“Worried that section 88 and 89 of the 1999 Constitution as well as section 30(1) of FRA 2007, specifically, section 88(1) stipulates that subject to other provisions of the 1999 Constitution, each house of the National Assembly shall have the power, by passing resolutions, to direct, or cause to be directed, an investigation into any matter or thing with respect to which it has power to make laws, and into the conduct of affairs of any person, authority, ministry of government department charged or intended to be charged with the duty of or responsibility for executing of administrating laws enacted by the national assembly and for disbursing or administrating monies appropriated or to be appropriated by the National Assembly.

“Further worried that the time the National Assembly requires to exercise its functions as enshrined in section 88(2)(b) is technically being taken away by the non-compliance of section 11(1)(b) of FRA 2007 by Executive”.

Contributing to the motion lawmaker spoke in support of the motion saidnthe time stipulated in the Act should be complied with to enable the legislature carry out its oversight functions among others.

In his contribution, Billy Osawaru (APC, Edo State) said: “The timely late arrival of annual budget proposals, is one of the ways Ministries, Departments and Agencies of Government shortchange Nigerians.

“If it takes four months to go through budget estimates, it should be four months.”

Also throwing his weight behind this motion was the Minority Leader, Rep. Kingsley Chinda, who said it was a wake up call for the government.

He said: “I believe as well this morning is to wake the present government from their slumber. The last budget like we rightly noted, we were almost rushed. In fact, we were rushed into concluding that budget.

“And that is what we want to avoid happening again this year. We can also say that the government perhaps no longer want to tolerate that situation where the budget, which is very important, in fact, the most important law that will be passed by this Assembly as it has to do with the Nations, will be brought and each of us will be restricted to conclude and pass that same budget.

“We want to comply with what we have agreed that there must be a certain period for the budget to run, that is January to December. I would therefore call on this House to please support this motion, regardless of party line, regardless of religion, this motion is in the interest of this country and is in our collective interest that this will be done and done right. We are going into the end of the quarter of this year. We expect that by now the MTEF would have been with us so that we can take it slowly.

“This motion is a clarion call. It is a good call. It is one that has our support”.

The House unanimously adopted the motion and mandated its on Committees on National Planning and Economic Development, Appropriation and Finance to ensure compliance within 2 weeks.

News

BREAKING! FG delegation in meeting with NLC, TUC

Published

39 mins ago

October 16, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Federal government delegation is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.

The meeting is centred on the state of the nation, especially the petrol pricing system.

The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.

At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.

News

Reps Ask FG To Reverse Petrol Pump Price Hike, Cooking Gas Price

Published

41 mins ago

October 16, 2024

Gloria Ikibah

…urge NNPCL, others to expedite repairs of refineries

By Gloria Ikibah

The House of Representatives has urged the Federal Government to reverse the recent Pump Price hike and take immediate steps to stabilise petrol and cooking gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.

The House also called on the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce thedependence on imported refined petroleum products.

The lawmakers furtwhr urged the Central Bank of Nigeria (CBN) to implement monetary policies that will mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.

These resolutions was sequel to the adoption of a motion of urgent public importance on the “Urgent need to suspend the increased cost of petrol and cooking gas in the country and provide a stop-gap”, moved by the House Minority Leader, Rep. Kingsley Chinda and 111 other lawmakers.

Debating the motion, the Deputy Minority Leader, Rep. Aliyu Madaki, said that Nigeria, as an oil-producing nation, has historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.

He expressed concern that in recent months, the prices of petrol and cooking gas have skyrocketed and continue to so do, creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living:

According to Madaki, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the Naira, has contributed significantly to the rising cost of petrol at the pump and cooking gas for households.

The motion reads: “Worried that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods and healthcare, further increasing inflation and pushing many families into deeper financial hardship.

“Further concerned that businesses, particularly small and medium-sized enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.

“Acknowledging that the Federal Government has previously announced plans to repair domestic refineries and boost local refining capacity to address some of these issues but has yet to deliver significant results in this regard;

“Mindful that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects; Also worried that unless urgent and pragmatic steps are taken to control the rising cost of petrol and cooking gas, the Nation will go into economic crisis leading to negative outcomes like increased crime rate and mortality rate.

The House unanimously adopted the motion urging the Federal Government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, promoting renewable energy solutions that are more sustainable and affordable in the long term.

The lawmakers also encourage State Governments to adopt policies that alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs.

The House further mandated its special adhoc committee investigating fuels price increase to investigate and report back within two week for further legislative action.

News

PMS Prices Determined By Market Forces, No Price Deal With IPMAN – NNPC

Published

1 hour ago

October 16, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Nigerian National Petroleum Company (NNPC) Limited has debunked claims that it reached an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN), on the price of Premium Motor Spirit (PMS), commonly known as petrol, saying fuel prices are now determined by market forces.

Reports credited to IPMAN President, Abubakar Maigandi had stated that NNPC agreed to reduce the ex-depot price of petrol for its members from N958 per litre to N955 per litre.

Refuting the claim in a statement on Wednesday, the Chief Corporate Communications Officer of the national oil company, Olufemi Soneye, emphasised that under the current deregulated regime, fuel prices are determined by free market forces, as provided for in the Petroleum Industry Act (PIA), 2021 rather than by agreements.

Refuting any form of price deal with Marketers, Soneye said NNPC had only provided a one-time N3 discount to marketers with funds deposited at NNPC to facilitate fuel lifting and prevent shortage, saying the initiative “was a temporary measure”.

Maintaining that prices are still determined by market forces, not by NNPC Ltd, Soneye said, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.

“There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime.”