FOUR–YEAR REPORT CARD OF TEAM BUHARI: (2015 – 2019) PART 3 via thisdaylive
Since her emergence as Finance Minister about eight months ago following the sudden resignation of her predecessor, Kemi Adeosun, over certificate forgery, not much has happened under Zainab Shamsuna Ahmed, reports Ndubuisi Francis
Among the team’s observations include large infrastructure gap, low revenue mobilisation, governance and institutional weaknesses, and banking sector vulnerabilities, which according to the IMF, are dampening long-term foreign and domestic investment and keeping the economy reliant on volatile oil prices and production.
Acccording to the IMF, interest payments by the federal government on its outstanding debt will remain elevated at unsustainable levels of 63 per cent of FGN revenues for 2019, and falling slightly to 50 per cent of FGN revenues by 2020.Total FGN debt, it added, will also rise to 26.8 per cent of GDP in 2019, and 27.7 per cent of GDP by 2020.
However, the minister made a major drive to boost government income with the launch earlier in the year, of the Strategic Revenue Growth Initiative to generate more revenues to finance national development. In the desire to govern, 2019 was not an exception. In deed, his contest generated several issues as the All Progressives Congress in Cross River State became factionalised, with one of the factions accusing the minister of working against the party and causing its massive defeat during the general elections.
“This is a crafted blackmail intended to decimate my reputation. Thank God as journalists, you have the capacity to verify what you get or the information you receive.”Since his emergence in 2015 as the minister overseeing the Niger Delta Affairs, the ministry has not recorded a quantum leap. The flagship project—East-West road is yet to be completed in spite of several assurances to evolve innovative funding initiatives to ensure completion.
Usani however oversaw a technical audit report of projects from the ministry’s inception and how funds were frittered away.Obinna Chima writes on the performance of the Ministry of Budget and National Planning in almost four years The ERGP has three broad strategic objectives that would help achieve the vision of inclusive growth and they include restoring growth; investing in people and building a globally competitive economy.
For instance, the non-oil sector contributed 92.94 per cent to real GDP in the fourth quarter of 2018, slightly higher than the 92.65 per cent recorded in Q4 2017. The sector grew by 2.70 per cent in real terms within the review period. This was 1.25 per cent higher than the growth rate recorded in Q4 2017, and 0.38 per cent higher than the growth rate recorded in Q3 2018.
Another downside to the performance of the ministry under the leadership of Udoma is the fact that he has been able to work with the National Assembly to tackle the issue of budget delay, which appears to have become a norm in the country. This has necessitated the call for the country to return to a January- December budget cycle to allow for effective planning by businesses as well as to promote investment.
Though the ministry is not saddled with the implementation of substantial projects, it is at the forefront of the diversification drive towards science, technology and innovation. These products were later commercialised by investors which later led to a second edition to further drive the need to develop the country’s technology.
The award is an initiative of the Federal Ministry of Science and Technology held annually. It is aimed at effectively encouraging and developing the interest of Nigerian youth in science, technology, and innovation . The National Variety Release Committee approved the release at its 26th meeting held at its secretariat, National Centre for Genetic Resources and Biotechnology , Ibadan.
A year after the federal government signed an agreement with the Russian state-owned nuclear energy corporation to build and operate a nuclear power plant, the first of its kind on the continent, as well as a research centre that would house a nuclear research reactor, nothing has been done so far.FCT under Muhammed Bello has witnessed a turnaround in projects execution reports, Wale Ajimotokan
The realisation of over N21 billion by the newly reconstituted FCT Internal Revenue Service in the first quarter is one of the untiring efforts of FCT Administration to shore up its revenue profile and wean itself from statutory revenue of federal government. The board anticipates a revenue of over N130 billion in 2019. This has been described by experts as landmark.
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