• Measures will crash shortfall  from 6.11% to 3.88% of GDP
• Senate, House begin debate on N27.6 trillion estimates
• Budget brilliant, says Sen. Jimoh Ibrahim

Anumber of measures have been adopted by the Federal Government to reduce the budget deficit by nearly half.

This action, which will involve a combination of fiscal, economic and accounting strategies, is expected to lead to the blocking of leakages and the redirecting of financing to long-term economic growth.

Nigeria’s budget deficit stands at 6.11 per cent of the Gross Domestic Product (GDP). 

A new comprehensive revenue generation and management strategy is expected to cut the budget deficit to 3.88 per cent.

The new strategy is a major anchor of the N27.5 trillion budget proposal, which debates started yesterday at the two chambers of the National Assembly. 

President Bola Tinubu had on Wednesday presented the first full budget of his administration.

The target is to close the deficit gap to within the threshold of three per cent set by the Fiscal Responsibility Act 2007.

With declining revenues and stubbornly high expenditures, especially recurrent expenditures, Nigeria’s budget deficit had widened over the years, significantly above the guide set by extant laws.

The budget deficit in 2024 is projected at N9.18 trillion or 3.88 per cent of GDP. In 2023, the budget deficit was N13.78 trillion, some 6.11 per cent of GDP.

Minister of Finance and Coordinating Minister for the Economy Mr Wale Edun outlined the comprehensive strategy that will underpin the implementation of the 2024 budget, with the overall objectives of reducing deficit, enhancing revenue and locking in significant values into expenditures.

To achieve these objectives, the government will be implementing a variety of strategies, including a thorough review of recurrent expenditure, prioritising essential spending and eliminating wasteful or unproductive expenditures. 

These may include streamlining administrative processes, reducing travel costs, and consolidating certain functions.

Also, there will be an efficient allocation of capital expenditure which is crucial for driving economic growth. 

The government will prioritise capital projects that have a high impact on productivity, job creation, and infrastructure development. These include investing in energy, transportation, and other critical sectors.

In the area of revenue generation, the government will expand the tax base by identifying and incorporating new sources of revenue, such as the informal sector and digital transactions. 

These may involve simplifying tax laws, improving tax administration, and implementing targeted compliance measures.

The government will also improve tax collection efficiency to maximise revenue generation while investing in technology, strengthening tax administration systems, and enhancing taxpayer education to improve compliance and reduce tax evasion.

Also, the government will explore alternative revenue sources beyond traditional taxation, such as asset monetisation and privatisation, public-private partnerships, and targeted fees for specific services.

The government will incentivise investment and economic growth by implementing tax breaks or other incentives for priority sectors. 

These strategies are expected to attract domestic and foreign investments, thus fostering job creation and economic expansion.

The government plans to collaborate with state and local governments to enhance tax administration coordination, reduce tax leakages and eliminate multiple taxation. This collaboration will streamline tax collection, improve compliance, and optimise revenue generation.

Edun, highlighting the breakdown and major underlining principles of the 2024 budget, said the new budget proposal marked a pivotal shift from a trend of excessive borrowing to a focus on prudent financial management.

He said with careful strategic implementation, the government will achieve the key budget proposals, noting that they are all realistic and practicable.

According to him, there is a need to realign revenue and expenditure management to deliver optimal value for money.

He noted that by prioritising effective financial management, the government aims to instil confidence among investors and citizens in its fiscal policies.

“The 2024 budget focus will be on value for money and raising the economy. The budget deficit is being brought down from about 6.11 per cent of GDP to 3.88 per cent of GDP. 

“That is a huge change in direction from unlimited and limitless borrowing to re-focussing on revenue and expenditure management to give value for money,” Edun said.

The target, he said, is to increase Tax-to-GDP from roughly under 10 per cent to 18 per cent in a couple of years.

“That target is a hugely ambitious one which we need to meet to reduce reliance on borrowing,” Edun said.

According to him, the government’s commitment to fiscal prudence and responsibility is underscored by the multifaceted plan aimed at steering the nation towards a more balanced and robust economic future.

He noted that the new budget implementation and philosophy would position the economy for foreign investors to come into the country through private partnerships.

“There is privatisation in the budget. That is the direction of travel to create a stable macroeconomic environment in which investors can come in.

“The government is yielding grounds to them and allowing them to come in and invest and provide goods and services to Nigerians,” Edun said.

National Assembly begins debate

The National Assembly yesterday began a debate on the general principles of the 2024 Appropriations Bill.

Leading debate, Senate Leader Opeyemi Bamidele, said the bill was deemed to have been read the first time by virtue of its being laid before the Joint Session of the National Assembly on Wednesday.

He said the bill seeks to authorise issue out of the Consolidated Revenue Fund of the Federation total sum of N27.5 trillion for the year ending December 31, 2024.

Opeyemi listed major highlights of the budget, including an oil price benchmark of $77.96 per barrel, a daily oil production estimate of 1.78 million barrels per day, condensates of 300,000 to 400,000 barrels per day and an exchange rate of N750 to a dollar.

He said that based on the fiscal assumptions and parameters, total federally-collectible revenue was estimated at N16.87 trillion in 2024, while total federally-distributable revenue was estimated at N11.09 trillion in 2024.

Opeyemi said the total revenue available to fund the 2024 federal budget was estimated at N9.73 trillion.

This, he said, includes the revenues of 63 government-owned enterprises (GOEs), while oil revenue was projected at N1.92 trillion, and non-oil taxes estimated at N2.43 trillion.

He said the Federal Government’s independent revenue was projected to be N2.21 trillion while other revenues were N762 billion, while the retained revenues of the GOEs amount to N2.42 trillion.

He said from the total N27.5 trillion proposed for 2024, statutory transfers were N744.11 billion while non-debt recurrent costs were N10.26 trillion and personnel costs N4.99 trillion.

According to him, pensions, gratuities and retirees’ benefits were projected was N854.8 billion while overheads were projected at N1.11 trillion.

He said capital expenditure of N8.7 trillion, including the capital component of statutory transfers, debt service of N8.25 trillion and sinking fund of N243.73 billion, was proposed to retire certain maturing bonds.

Bamidele, however, lamented that recurrent expenditure was still too high constituting over 43 per cent of the total budget outlay.

He added that it was expected that the total fiscal operations of the Federal Government would result in a deficit of N9.8 trillion, representing 3.88 per cent of estimated GDP.

He said to finance the deficit was to engage in new borrowings totalling N7.83 trillion and N294.49 billion from privatisation proceeds.

He said the deficit would also be financed from N1.06 trillion drawn from bilateral, multilateral loans secured for specific development projects programmes.

He, however, said there was a growing concern over continued borrowing, but the administration resorted to it to finance fiscal gaps.

“But let me state here that the debt level of the Federal Government is still within sustainable limits. 

“Very importantly, these loans are used to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people,” Opeyemi said.

He urged the lawmakers to approve the second reading of the Appropriation Bill, 2024 for consideration by the appropriation committee and its sub-committees.

Budget brilliant, says Jimoh Ibrahim

Senator representing Ondo South, Jimoh Ibrahim, described the 2024 budget as brilliant.

He said it was clear from the projections and estimates that a lot of thinking went into its preparation.

He was particularly impressed with the N8.7 trillion allocated for capital expenditure as against N9.92 trillion for recurrent expenditure.

According to him, for the first time in 20 years both estimates are close, an indication that President Tinubu wants to focus more on projects and infrastructural development, which would have a multiplier effect on job creation.

He also lauded the projection of a GDP-to-tax ratio of 1: 18 as against 1: 10, explaining that the eight per cent increase will go a long way to fund the anticipated borrowing. 

He said he was thrilled by the 45 per cent expected revenue projected for debt servicing as against much higher estimates in previous budgets.

According to him, Nigeria, with a population of 200 million and a debt of less than $100 billion has not over-borrowed. Dubai, with a population of 12 million, has a debt of $168 billion.

Contributing, Senator Osita Ngwu (PDP-Enugu) said Tinubu has fulfilled his campaign promises with actions by inputting issues of food security, and poverty alleviation in the budget estimates.

He said there was a need to ensure a review of the Petroleum Industry Act (PIA) to ensure the continuous ramp-up of oil production to fund the deficit in the budget.

Other senators commended the President for the budget, saying it was indeed a budget of Renewed Hope.

They called for full implementation by the executive when approved.

The House of Representatives said only ministries, departments and agencies (MDAs) that made judicious use of their allocations in 2023 will receive funds from the 2024 budget.

Deputy Spokesperson of the House, Rep. Philip Agbase, said the development was in line with the legislative agenda of the 10th House of Representatives.

According to him, the 2024 Appropriation Bill will be looked into and the leadership of the House will thoroughly monitor the budget.

[TheNation]

FOLLOWING the dust raised by the Oba of Benin, Omo N’Oba N’Edo, Oba Ewuare II, over the founders and settlers of Lagos, the Olofin of Isheri and Adimula of Awori Kingdom, Oba Sulaimon Bamgbade, yesterday, insisted that the Awori people were the first settlers in Lagos.

But the Erelu Kuti of Lagos, Abiola Dosunmu, said that the controversy over ownership of Lagos will soon be put to rest.

Oba Ewuare II recently caused a stir during a visit to Governor Babajide Sanwo-Olu of Lagos State when he said the Binis founded Lagos.

The Benin monarch had said: “It is in the history books that the Binis founded Lagos. When some people will hear it now, they will go haywire; what is the Oba saying there again? But it is true. Go and check the records. Maybe not all over Lagos as we know it now but certain areas in Lagos, maybe the nucleus of Lagos, were founded by my ancestors. The Oba of Lagos will say so.”

Lagos was founded by Olofin Ogunfuminire

But countering Oba Ewuare’s claim, the Isheri Olofin monarch, in a statement, said Lagos was founded by Olofin Ogunfuminire, the progenitor of the Awori people.

In an attempt to set the records straight, Oba Bamgbade said: “Olofin Ogunfuminire left Ile-Ife to settle at Isheri before migrating with his wife, Ajaiye, to present-day Iddo in the heart of Lagos. It was at Iddo that Ajaiye was blessed with the fruits of the womb. Her offspring are the Idejo who are the actual traditional landowners of Lagos.

“The spatial region of the land owned by the Idejo spans from Lagos Mainland (Iddo) to Lagos Island and up to Eti-Osa which he allocated absolutely to his children and other descendants.

“In this regard, he assigned Iru to the Oniru, Ikate to the Elegushi, Lagos Island to Aromire, Iganmu to Ojora, Otto, and mainland to the Oloto (up to Odo–Iya Alaro). Isheri was the dispersal point where other Olofin Ogunfunminire descendants left to found other Awori towns. For instance, Akeredun left Isheri to establish Igbesa, Odoyi left Isheri to find Agboyi, and Osolo and Eleidi Atalabi left Isheri to find Ota.

“These facts are firmly established and supported by extant literature written by foreign authors and researchers such as Kristin Mann who in his book titled ‘Slavery and Birth of an African City: Lagos 1760- 1900,” wrote and I quote: ‘Migrant fishing people first settled in Lagos and from the beginning water and canoes had a prominent role in the lives of its inhabitants. Before the 16th century, Aworis, the southernmost of the Yoruba-speaking people, dispersed from Isheri, a village 12 miles up the Ogun River. 

“A group of them settled at what is now Ebute Metta, on the mainland until the need for greater security drove the community to a smaller island in the lagoon opposite Lagos Island. There, they established two settlements, Otto and Iddo, and soon attracted fresh immigrants. In time, people from Iddo moved to the northwestern corner of the larger Island opposite, which eventually became known as Lagos, looking for land to farm.

“The settlers recognised the paramount ruler called the Olofin, based in the more populous community of Iddo but tracing mythical descent from Isheri and via the founder of that village to Ile-ife, the cradle of Yoruba civilisation.”

Benin came to Lagos as mere traders

“The Benin, who later came to Lagos as mere traders, met Olofin and his descendants on the island of Iddo and its neighbourhood where they (Benin) settled down and were well received and hosted by the community. As time went by, a feud broke out between the Benin and their hosts. Facing imminent defeat, they called for reinforcements and assistance from the Oba of Benin.

“Olofin Ogunfunminire and his mentees vehemently and successfully repelled these attacks. As a compromise, and as part of the tolerant disposition which is the character of the typical Awori, the Benins were eventually relocated to live with Aromire on his pepper farm on Lagos Island at Iga Idungaran (Idungaran in Awori means pepper farm) where they after a while and probably due to the indifference of the original land owner, introduced a more structured organisation.

“The first settlers in present Lagos are Aworis and the dispersal point of Aworis is Isheri. As the Olofin of Isheri and Adimula of Awori Kingdoms, I implore The Oba of Benin to retrace the origin of the Benin Kingdom to Ile Ife, as the Aworis have always done”, Olofin stated.

Controversy‘ll soon be put to rest— Erelu Dosumu

Also speaking, the Erelu Kuti of Lagos, Abiola Dosunmu, yesterday, said that the controversy over ownership of Lagos will soon be put to rest.

Dosumu, who is also the Erelu Yeye Oodua, stated this while briefing the press on the forthcoming inauguration of the Erelu Yeye Oodua Cultural Renaissance Centre which will be held on December 3, 2023, in Lagos.

Speaking on the controversy trailing the history of Lagos’ original settlers, she said one of the reasons her foundation instituted the new centre was to address such controversy relating to history, culture, art, lifestyle and other issues about Africans.

People refuse to use common sense

Erelu Dosumu said: “First, I have spoken about this issue several times. And you see, if people refuse to use common sense and do research and use relics for their argument, why do you waste your time?

“All these things that have been said have the evidence, relics and proofs for a whole lot of these for you to be able to bring the story to the right perspective.

“Everybody is talking from different corners of their mouths especially those who don’t even know anything about it.

“How old are they, how many of them who are kings today grew up within an environment where they could be impacted by the authentic history of their people?

“I became Erelu in my early 20s, and I was sitting with 80 and 90-year-old men, and those men had at least another 90 years of experience and narrated verbatim before I started getting it from them. 

“So, already 200 years of verbatim story I got it from the source. I am almost 80 and I have acquired another century of information by myself.

“If I say anything, I am saying it from at least 300 years of verbatim fact.

“So, some people talk from here, another one from there, who are they? What was the point of their entry? Some of them may be, they started imbibing the culture and traditions five years ago and they make themselves authority.

“Hopefully that’s one of the things we will be unveiling here at the centre.”

Speaking further, she said it is important for government and critical stakeholders to collaborate towards rekindling the interest and increasing consciousness of people to promote the potential of their culture to the world.

[Vanguard]

Nigerian music sensation Simi reflects on the unpredictable nature of the music industry, emphasizing its fickle nature.

Simi expressed her gratitude for the unwavering support of her fans while acknowledging the challenges she has faced along her musical journey.

Despite a year that diverged from her plans, she remains grateful and hopeful, With 28.6 million streams and 3.6 million unique listeners, her Spotify figures are impressive.

Simi stated that she had challenges this year, She only released one ballad, falling short of her goal of releasing multiple songs and an album.

In her recent post, Simi openly emphasized the unpredictable nature of both life and the music business. She emphasized the complexities that exist behind the scenes of the industry and characterized it as unpredictable.

She expressed her sincere gratitude for her fans persistent support and emphasized that they have inspired her throughout her artistic career.
Simi also talked about the significance of streaming numbers, acknowledging them as symbols of the devotion and love of her fans.

She emphasized that her relationship with her fanbase is real and goes beyond platforms like Spotify.

The mother of one revealed her plan to postpone the release of her new song until next year, looking forward to a new beginning.

She shared her excitement for the future and advised her admirers to be ready for it.

Simi wrote:

“My year didn’t go how I planned. I’m not mad about it; I’m just stating for the record. I’d be crazy to give life any ultimatums, because by design, life is unpredictable.

I only put out one song this year. A ballad. In the middle of the year. I had plans for multiple singles and an album. I did. But the music business is so fickle, it’s amusing. The wheels that turn behind the scenes are emotionless.

This epistle is dedicated to my fans. Despite the many long waits you have endured for my sake, you support me. Still.

Again and again. I don’t take you for granted and I hope that’s a truth you don’t forget. I wasn’t going to post this stuff, because I didn’t see the point. But you’re the point.

This is one app. So the numbers are only a symbol and I want to say that I see you. Thank you for seeing me too.

1 pushed my stuff to next year, because I like the idea of starting afresh. So, I hope you’re ready.”

 

 

 

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Afrobeats Superstar, Kizz Daniel, real name is Oluwatobiloba Daniel Anidugbe, is celebrating ten years in the music industry.

The hotshot artist dropped a cool N700 million on a sleek Rolls Royce Cullinan to spice up the celebration of his achievements in the entertainment biz.

In honour of this milestone, Kizz shared a photo on social media today, showcasing himself in a sharp black outfit that symbolizes his impressive ten-year musical journey.

After that, he shared an Instagram story expressing gratitude to God and proudly displayed the extravagant gift he had bestowed upon himself – the opulent Rolls Royce Cullinan.

He wrote: “Officially a decade on stage today …. Alhamdulillah. Decided to gift myself. Cheers to many more decades. Love to Vado Nation.

 

Recall that Kizz Daniel rose to stardom in 2013 with the hit song “Woju” while signed to G-Worldwide Entertainment. Following that came a remix with Tiwa Savage and Davido.

After his exit from his former label G-WorldWide, he went to float his own personal imprint FLYBOY I.N.C. which recently signed two new acts Demmie Vee and Philkeyz.

For the 2022 FIFA World Cup in Qatar, Kizz Daniel performed his hit single “Buga” at the 2022 FIFA World Cup in Qatar, after he expressed his desire to perform at the football tournament.