Nigeria: Press focuses on mixed reactions to 2024 budget, others

APA – Lagos (Nigeria)
The report of praises and condemnation that trailed the 2024 budget proposal presented to the National Assembly by President Bola Tinubu yesterday is one of the trending stories in Nigerian newspapers on Thursday.
The Guardian reports that the 2024 budget proposal presented to the National Assembly drew praise and condemnation from a section of Nigerians, yesterday.
President Bola Tinubu said Nigeria’s national defence and internal security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security are some of the top priorities of the ‘Budget of Renewed Hope’.
Addressing a joint session of the National Assembly in Abuja, Tinubu said the nation’s internal security architecture would be overhauled to enhance law enforcement capabilities, with a view to safeguarding life, property, and investments across the country.
He said the proposed budget prioritises human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.
“To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector.
“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024,” the President said.
But the opposition Peoples Democratic Party (PDP) described the budget as a huge disservice. It, therefore, called on the National Assembly, pursuant to its duty under Section 80, 81 and 82 of the 1999 Constitution, to reject the document as presented and use its legislative powers to disassemble it.
The PDP warned that if the budget is allowed to pass, it will further asphyxiate citizens and plunge the nation into more economic depression and hopelessness.
The party also described claim by Tinubu that the presentation is a ‘Budget of Renewed Hope’ as “conjured, unfounded and deceptive”. It said: “The budget is completely devoid of concrete mechanisms to revive the economy, create jobs, address the comatose manufacturing and productive sectors, human capital development deficiencies and depleting life expectancy of Nigeria citizens.”
Also, in an interview with The Guardian, Executive Director of Human Rights Writers Association of Nigeria (HURIWA), Emmanuel Onwubiko, drew attention to recent revelation by the Debt Management Office (DMO) that Nigeria’s total public debt hit N87.38 trillion at the end of the second quarter of 2023.
He said: “To add to this embarrassing situation by approving such a massive borrowing plan is insane and absolutely unacceptable. We need to recall that the figure from the DMO represents increase of 75.29 per cent or N37.53 trillion, compared to N49.85 trillion recorded at the end of March 2023. The DMO, in that most recent report, said the debt includes the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria to the Federal Government.”
The newspaper says that the Minister of Marine and Blue Economy, Adegboyega Oyetola, has held bilateral discussions with ministers and representatives from the Kingdom of Saudi Arabia, Bangladesh, Brazil and Jamaica, expressing Nigeria’s interest in learning from them to set up coast guards to secure the country’s maritime space and waterways.
Oyetola also held bilateral meetings with representatives of Greece, Qatar, and Mexico on the sidelines of the ongoing 33rd General Assembly session of the International Maritime Organisation (IMO), in London, United Kingdom, a statement said.
During the meeting with the Brazilian Chief of the Navy’s General Staff, Adm José Augusto V. da Cunha de Menezes, Oyetola said Nigeria would want to learn from the operations of the Brazilian coast guards, as the ministry was desirous of setting up one to further secure the maritime space and waterways.
“As we continue to expand and develop the activities of the sector, there will be a need to deepen security architecture within the maritime space. In this regard, we are considering setting up coast guards and we believe that they will complement the existing security architecture to further secure our maritime space,” he said.
Oyetola further noted that Nigeria also focuses on sectors such as marine renewable energy, marine mining, subsea cabling and piping, marine genetics, and biotechnology to grow the marine and blue economy.
The minister while expressing Nigeria’s desire to tap into technology to revolutionise the maritime sector, further said technology and innovation are vital for boosting the country’s trade and investment prospects within the Marine and Blue Economy.
The Punch reports that production of natural gas fell last year despite an N250bn intervention fund provided to fifteen companies, The PUNCH findings have revealed.
According to an industry report from the Energy Institute in partnership with KPMG, Nigeria’s natural gas production dropped by 4 billion cubic feet meters between 2021 and 2022.
The country’s gas production recorded at 39 billion cubic feet meters as of 2012 was on a steady growth and had grown to 49 billion cubic feet meters as of 2020, suddenly crashed 45 billion cubic meters in 2021, and then 40 billion cubic meters last year.
According to the report, “The development happened despite a N250bn intervention fund by FG through the Central Bank of Nigeria, out of which N130bn was doled out to 15 companies for the construction of Compressed Natural Gas conversion centres.
The fifteen companies- Dangote Oil Refinery, Nipco Gas Ltd, Nipco Plc, Hyde Energy Ltd, Lee Engineering and Construction Company, Pinnacle Oil and Gas FZE, Transit Gas Ltd, Almalgamated Oil Company Nig Ltd, First Modular Gas Systems Ltd, NOVAGAS Ltd, Greenville Liquefied Natural Gas Company, AP LPG Limited, and MOB Integrated Services Limited, Delta State Government, and Gas Nexus Ltd that received a combined N130bn, would on Thursday face the Senate Committee on gas chaired by Jarigbe Agom Jarigbe.
“The NGEP was introduced by the Federal Government to make the CNG the fuel of choice for transportation and the Liquefied Petroleum Gas, the fuel of choice for domestic cooking, captive power and small industrial complexes.”
The newspaper says that the Central Bank of Nigeria, on Wednesday, directed all banks to continue to issue and accept both the old and the redesigned N200, N500, and N1,000 notes until further notice.
It noted that the old N200, N500, and N1,000 would no longer be withdrawn from circulation from December 31.
The apex bank announced this in a statement by its acting Director, Corporate Communications, Ali Sidi Hakama.
The directive was in response to Wednesday’s ruling by the Supreme Court, which lifted the December 31 deadline for the old N200, N500, and N1,000 notes.
The PUNCH reports that the Federal Government, through the office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), approached the Supreme Court on Wednesday morning, praying for a review of the apex court verdict of March 3 that the old N200, N500, and N1,000 should be legal tender till December 31.
GIK/APA