4 — Vanguard, WEDNESDAY, OCTOBER 9, 2019
vanguardnews @vanguardnews Vanguard, WEDNESDAY, OCTOBER 9, 2019 — 5 NEWS HOTLINES POCKET CARTOON 018773962, @vanguardnews 08052867058 *President Mohammadu <strong>Buhari</strong> presenting the <strong>2020</strong> Budget of N10.33 trillion at the National Assembly in Abuja yesterday. Pho<strong>to</strong> by Gbemiga Olamikan. <strong>2020</strong>: <strong>Buhari</strong> <strong>presents</strong> <strong>N10.33trn</strong> <strong>job</strong> <strong>creation</strong> <strong>budget</strong> <strong>to</strong> <strong>NASS</strong> By Henry Umoru, Levinus Nwabughiogu, Joseph Erunke, Omeiza Ajayi, Dirisu Yakubu & Tordue Salem ABUJA-WORKS and Housing Ministry got the lion’s share of President Muhammadu <strong>Buhari</strong>’s proposed N10.33 trillion <strong>2020</strong> ‘’<strong>budget</strong> of Sustaining Growth and <strong>job</strong> <strong>creation</strong>.” Sec<strong>to</strong>rs heavily favoured in the <strong>budget</strong> presented <strong>to</strong> the joint session of the National Assembly include Power, N127 billion; Transportation, N123 billion; Universal Basic Education Commission, UBEC, N112 billion; Defence, N100 billion; and zonal intervention projects, N100 billion The <strong>2020</strong> Budget is N1.4 trillion higher than the N8.9 trillion <strong>budget</strong> of 2019. President <strong>Buhari</strong> said the <strong>2020</strong> Budget had been designed <strong>to</strong> be a <strong>budget</strong> of fiscal consolidation, <strong>to</strong> strengthen macroeconomic environment; invest in critical infrastructure, human capital development and enable institutions, especially in key <strong>job</strong> creating sec<strong>to</strong>rs. According <strong>to</strong> him, it is also aimed at incentivising private sec<strong>to</strong>r investment essential <strong>to</strong> complement the government’s development plans, policies and programmes; and enhance social investment programmes <strong>to</strong> further deepen their impact on marginalised and most vulnerable Nigerians. President <strong>Buhari</strong> said the expenditure estimate would include statu<strong>to</strong>ry transfers of N556.7 billion; non-debt recurrent expenditure of N4.88 trillion; and N2.14 trillion of capital expenditure (excluding the capital component of statu<strong>to</strong>ry transfers). He said debt servicing was estimated at N2.45 trillion, while provision for Sinking Fund <strong>to</strong> retire maturing bonds issued <strong>to</strong> local contrac<strong>to</strong>rs is N296 billion. President <strong>Buhari</strong> put estimated <strong>2020</strong> Federal Government revenue at N8.155 trillion, made up of oil revenue N2.64 trillion; non-oil tax revenues, N1.81 trillion; and other revenues N3.7 trillion. He said this was seven percent higher than the 2019 comparative estimate of N7.594 trillion, inclusive of government-owned enterprises. The President, who noted that investing in critical infrastructure was a key component of fiscal strategy under the <strong>2020</strong> Budget Proposals, said that an aggregate sum of N2.46 trillion (inclusive of N318.06 billion in statu<strong>to</strong>ry transfers) had been proposed for capital projects in <strong>2020</strong>. He said: “Although the <strong>2020</strong> capital <strong>budget</strong> is N721.33 billion (or 23 percent) lower than the 2019 <strong>budget</strong> provision of N3.18 trillion, it is still higher than the actual and projected capital expenditure outturns for both the 2018 and 2019 fiscal years, respectively. ‘’However, at 24 percent of aggregate projected expenditure, the <strong>2020</strong> provision falls significantly short of the 30 percent target in the Economic Recovery and Growth Plan, ERGP, 2017- <strong>2020</strong>.” The President noted that Budget deficit was projected <strong>to</strong> be N2.18 trillion in <strong>2020</strong>, and that this would include draw-downs on project-tied loans and related capital expenditure. He stressed that this re<strong>presents</strong> 1.52 percent of estimated GDP, well below the 3 percent threshold set by the Fiscal Responsibility Act of 2007, and in line with the ERGP target of 1.96 percent. According <strong>to</strong> him, the deficit will be financed by new foreign and domestic borrowings, privatization proceeds, signature bonuses and draw-downs on loans secured for specific development projects. President <strong>Buhari</strong>, who <strong>to</strong>ld the lawmakers that Nigeria was committed <strong>to</strong> meeting its debt service obligations, said further: “Accordingly, we provided the sum of N2.45 trillion for debt service. Of this amount, 71 percent is <strong>to</strong> service domestic debt which accounts for about 68 percent of the <strong>to</strong>tal debt. The sum of N296 billion is provided for the Sinking Fund <strong>to</strong> retire maturing bonds issued <strong>to</strong> local contrac<strong>to</strong>rs.” President <strong>Buhari</strong> disclosed that there was a draft Finance Bill that proposes an increase of the VAT rate from 5% <strong>to</strong> 7.5%, just as he said that the <strong>2020</strong> Appropriation Bill was based on this new VAT rate, adding that the additional revenues would be used <strong>to</strong> fund health, education and infrastructure programmes. He said that against the backdrop that states and local governments were allocated 85% of all VAT revenues, greater quality and efficiency was expected from them in their spending. “The VAT Act already exempts pharmaceuticals, educational items, and basic commodities, which exemptions we are expanding under the Finance Bill, 2019. ‘’Specifically, Section 46 of the Finance Bill, 2019 ex- Continues on Page 41 NEW MINIMUM WAGE: Threat by FG <strong>to</strong> downsize (3) By Abosade Adelaja & Olayinka La<strong>to</strong>na The threat by the FG should not create unnecessary panic knowing full well that it has no other means of implementing the new minimum wage than retrenching some of its workers. This is done in other countries of the world most especially in the private sec<strong>to</strong>r; we shouldn’t expect anything less from the government. -Omopariola Eromidayo Graduate Many of these workers are family men and rely on their income for survival while few of them are bachelors striving <strong>to</strong> put body and soul <strong>to</strong>gether. I want <strong>to</strong> remind us that Nigeria is not getting any better as rape, kidnapping, killings, rumours of war and insecurity persist. If these people are sacked before minimum wage can be implemented, what will be their hope of survival and what will they resort <strong>to</strong>? -Ohagba Sandra Student Sincerely speaking, Nigeria is heading <strong>to</strong>wards serious revolution. Imagine what National Assembly m e m b e r s , ministers, governors and the rest, take home every month. Just <strong>to</strong> pay N30,000 not $30,000, they are talking about sack. It’s <strong>to</strong>tally an au<strong>to</strong>cratic system. How many countries in the world do such? I don’t even want <strong>to</strong> talk about it. I am so vexed. -Aniakor Chineye Student The Federal Government’s resolution <strong>to</strong> retrench workers in order <strong>to</strong> implement the new minimum wage is uncalled for. There’s high level of unemployment already. Only a few can boast of their <strong>job</strong>s, majority of employees are underemployed. The FG should look inward on what <strong>to</strong> do <strong>to</strong> implement the new minimum wage. -Adeloye Oluwaseun Emmanuel Teacher I ’m not aware of such a threat, it’s a media stuff. For clarity sake, FG has commenced the implementation of the minimum wage for officers on grade 1-7 since two months ago. The problem now is for officers on grade level 7 and above, of which govt is talking about consequential adjustments. That’s is the issue at stake, and the Labour has given Oc<strong>to</strong>ber 16, deadline for the implementation or <strong>to</strong> embark on indefinite strike. -Logo Nike Student It’s <strong>to</strong>tally unacceptable and very ridiculous for the FG <strong>to</strong> sack workers before implementing the minimum wage. It's sadistic trying <strong>to</strong> throw more people in<strong>to</strong> the already saturated <strong>job</strong> market which can lead <strong>to</strong> more insecurity. What is the worth of N30,000 <strong>to</strong>day in Nigeria? It’s valueless especially in a country where education is not free and family planning has failed woefully. They should rather find ways <strong>to</strong> engage qualified youths roaming the streets aimlessly without any future. -Muda Dayo Ogunsola Businesswoman
- Page 1 and 2: 40 Poverty and the Nigerian attitud
- Page 3: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 7 and 8: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 9 and 10: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 11 and 12: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 13 and 14: VANGUARD, WEDNESDAY, OCTOBER 9, 201
- Page 15 and 16: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 17 and 18: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 19 and 20: Why disbursement of N5bn mining fun
- Page 21 and 22: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 23 and 24: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 25 and 26: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 27 and 28: Vanguard, Wednesday, OCTOBER 9, 201
- Page 29 and 30: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 31 and 32: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 33 and 34: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 35 and 36: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 37 and 38: NESG REPORTS Vanguard WEDNESDAY, OC
- Page 39 and 40: Italy shrinks parliament to save co
- Page 41 and 42: vanguardnews @vanguardnews @vanguar
- Page 43 and 44: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 45 and 46: Vanguard, WEDNESDAY, OCTOBER 9, 201
- Page 47 and 48: Vanguard, WEDNESDAY, OCTOBER 9, 201