Economy
2020 Budget: Senate blames self over failing economy

The Nigerian Senate on Wednesday explained what looks like a ‘necessary mistake, but an error with caution to do what is right to save the nation’s economy.
by allowing the capital aspect of the 2020 budget run till March while the 2021 budget runs its January to December cycle.

The Senate pointed out that the country would suffer financial hemorrhage, if it doesn’t allowed the implementation of the 2020 capital budget to run till March 31st 2021.

Explaining Senate’s position after Wednesday’s debate, Spokesman of the Senate, Senator Ajibola Basiru noted that about 70% capital of capital funds have been released, and it was proper that projects captured under that component should be allowed execution, rather than opting for a refund to avoid fraud.
Speaking at a press conference, he said:
“If that extension is not done, the country would lose the chance to complete the capital projects in the 2020 budget, funds of which have been released that would have been returned to the treasury without the amendment at the full cycle of the 2020 budget on December 31st, 2020.
Ajibola explained that wednesday’s decision hinged on section 4 of the of 1999 constitution to make law for the good of the people of the country and to ensure the benefit of implementation of the capital aspect of the 2020 appropriation act is not lost on Nigeria.
“Of course we would be able to derive the benefit of the stimulation of the economy.
As it were the bill has passed both the first, second and the third reading and is also being concurrently considered by the House of Representatives.
He said the 9th senate has been committed to working in the area of supporting the economy.
“The effect of COVID-19 would have been more bitting economically if not that the national Assembly decided to reverse the budget circle to January to December before the lockdown occurred in 2020.
“It actually helped us to be ready for the pandemic and the expeditious consideration of the ammendment immediately after the lockdown had been eased also facilitated the easing of the economy.
“The 2020 appropriation act was passed ahead of January 1st commencement of implementation and section 12 of that law provided that the period for expiration of the appropriation act 2020 was January to December 31st 2020 but you also know that because of the COVID-19 pandemic with the attendant lockdown of the economy and the society for months.
“Of course the drawback of the pandemic also affected the price of crude in the international market. This necessitated the amendment of the appropriation act, ammendment of the Medium Term Framework and the Fiscal Strategy Paper and slight ammendment of the finance act 2020.
“As it were as at today the release for the implementation of the capital expenditure of the budget is between 75%and 100%.
“In that regard the remaining period of this year would not allow for full utilisation of funds already released.

Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights

The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.

Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.

Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.

Economy
Newly appointed Accountant-General, Ogunjimi assumes office, pledges fairness to staff

The Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi who was appointed by President Bola Ahmed Tinubu last week has assumed office on Monday.

In a brief ceremony marking his assumption at the Treasury Office in Abuja, he promised to be fair to staff of the office which he said, they would not be intimidated or victimized during his tenure of office.

In his maiden address to the entire staff of the Office of the Office of the Accountant General of the Federation, he called for unity, professionalism and commitment in order to achieve the objectives of the office.
He recalled how he suffered victimisaton in hands of previous Chief Executives where he worked, he promised that it would not be the case as he was elevated as the Accountant General of the Federation.
He said: “It is good to be back, this is our home, nobody will drive us out. I want everybody to have the spirit of togetherness.
“I am not in any group, I am not going to polarize the house.
“If I fail, everyone here has failed. I am ready to commit myself to the service of the public.”
The Accountant General called on staff to let the past go and forge a new spirit in order to move the office forward for the good of the nation and the current administration.
“During my interview for this job, when I was asked what I would do differently to change the image of the Treasury House, I wanted to put the question back to you.
“What will you do differently to correct the image of the OAGF? The question is to all staff members.
“Everyone of us must work to change the perception of the country’s treasury.
“I have been a victim of the chief executive officer firing directors he or she doesn’t like.
He assured the staff of the Treasury House of cooperation they haven’t seen in their lifetime professional career, saying, ‘I don’t like him. Please remove him’, I am not going to be that leader,” he said.
CAPITAL POST recalled that President Bola Tinubu last week approved the appointment of had last week approved the appointment of Mr Babatunde Ogunjimi as the country’s new Accountant General thereby putting to rest the guesswork of who should be the next occupier of the Treasury House.

Economy
NASENI embarks on nationwide campaign to promote Made-in-Nigeria products

The National Agency for Science and Engineering Infrastructure (NASENI) has announced plans to launch a nationwide sensitization campaign to promote the adoption of Made-in-Nigeria products, highlighting the transformative impact of locally engineered innovations on the nation’s economy.

As part of the initiative, the agency is organizing strategic focus group meetings across the six geopolitical zones of the country to galvanize support for indigenous products.

Speaking at the North Central zonal meeting in Abuja on Wednesday, the Coordinator, Implementation and Management Office (IMO) of NASENI, Yusuf Kasheem, emphasized the importance of supporting local products to drive economic growth.
“When Nigerians embrace the initiative, we do more than purchase goods—we invest in our future. We create jobs, stimulate economic growth, and reduce our reliance on imported alternatives,” Kasheem said.
He further highlighted that the widespread adoption of locally made products is a step toward a stronger, more self-sufficient Nigeria.
Kasheem reiterated NASENI’s dedication to leveraging technology and innovation to boost national prosperity.
“In just over a year, through strategic partnerships both locally and internationally, NASENI has introduced 35 commercially viable Made-in-Nigeria products. These innovations span critical sectors and reflect our commitment to excellence and self-reliance, he said”
Among the highlighted products are Solar Irrigation Systems, Home Solar Systems, Lithium Batteries, Electric Vehicles, Laptops, Smartphones, Animal Feed Mill Machines, and Energy-Efficient Street Lamps—each designed to improve various aspects of the economy and daily life.
In her remarks, the Executive Director of Business Development at NEXIM Bank, Hon. Stella Okotete, described the promotion of Made-in-Nigeria products as a national imperative.
“By increasing the quality, branding, and competitiveness of our products, we enhance our foreign exchange earnings, create jobs, and strengthen the value chain across key sectors such as manufacturing, agriculture, solid minerals, and services,” Okotete stated.
To support the initiative, Okotete disclosed that NEXIM Bank had introduced targeted interventions such as single-digit interest loans for export manufacturing and value addition, along with export credit facilities to improve financing access for Small and Medium Enterprises (SMEs).
The campaign aims to foster a culture of pride and reliance on locally made products, positioning Nigeria as a hub for technological innovation and economic self-sufficiency.

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