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Restored budget cycle has boosted investors’ confidence in Nigeria, says Lawan

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As Senate President bags Awards for Good Governance and Budget Cycle Restoration
President of the Senate, Ahmad Lawan, has said that the restoration of Nigeria’s budget cycle to the January to December timeline has resulted in increased predictability of the country’s fiscal plans as well as boosted the confidence of local and foreign investors.
The Senate President explained that an unpredictable Budget sequence was unacceptable for a nation in dire need of development, a situation which made it imperative for the ninth Assembly to correct the anomaly in accordance with the constitution.
He said for the first time since the fourth republic, Nigeria’s budget recorded 100 percent implementation level in the year 2020 by the federal government under the President Muhammadu Buhari administration.
Lawan made this known while delivering a speech on Monday at a Meritorious Award Ceremony organised by the Senate Press Corps in Abuja.
The Senate President was a recipient of two awards – the Parliamentary Leadership for Good Governance and Budget Cycle Restoration Awards.
The awards were presented to Lawan at the ceremony by the Governor of Bayelsa State, Senator Douye Diri who also bagged Ambassador of the Senate Award.
Speaking at the event, Lawan said, “These honours are no doubt encouraging, considering the demanding nature of statecraft, despite a primary commitment to service.
“As journalists at the heart of reporting the legislature, you are surely in an excellent position to appreciate the enormity of our tasks, and how well we are doing, to deliver on our mandate.
“We therefore expect your judgements to be very qualified, which is why I am gladdened by the recognition, in addition to those extended to my colleagues.
“While good governance is a work in progress, it requires a painstaking feedback process, to appreciate loopholes and for efforts towards blocking them.
“These loopholes can be evident through the need to carry our outstanding responsibilities, in fulfilling our mandate of legislation, appropriation and oversight, and in ensuring they lead to improved welfare of the people.”
The Senate President added that the ninth National Assembly keyed into the vision of President Muhammadu Buhari’s administration  in its bid to ensure accountability and transparency to minimise or eliminate waste in government spending.
“The National Assembly has since keyed into this plan, in line with our legislative agenda, and compliant with our individual and collective desires to leave valuable and lasting legacies.
“We have resolved in the Senate to continue on this noble path, not only for the present and the future generations, but to shore up our status in the comity of nations.
“We were early in showing our zeal and desire through our attitude to work, resulting in the normalization of the Budget cycle, to fit into the January to December calendar year.”
Reeling accrued benefits which are outcomes of the restoration of the country’s budget cycle by the National Assembly, Lawan disclosed that same has impacted positively on Nigeria’s fiscal plans in a way that continues to boost investor confidence.
He explained, “The ninth Senate realised from the beginning that an unpredictable Budget sequence was unacceptable for a nation in dire need of development, and we had to correct the anomaly in accordance with our desire and commitment to make the budget work for Nigerians.”
He added that, “The restoration of the budget cycle has resulted in increased predictability of our fiscal plans and should continue to boost local and foreign investor confidence.
And let me add here, that for the first time, probably since the first republic, the budget of the federal government was implemented for the first time 100 percent in 2020.”
The Senate President, at the occasion, announced that the Senate will institute Awards for Parliamentary Reporting in the Senate Press Corps effective from 2022.
Lawan also announced that the National Institute for Legislative and Democratic Studies(NILDS) will introduce a training programme in Parliamentary Reporting for the National Assembly reporters.
“The idea is simple. We want to enhance your capacity, your competence, your capability so that when you report, you continue to educate Nigerians on what the National Assembly does or what is expected of the National Assembly.
“The task is for us, legislators, to inform Nigerians of what we do but you can do that even better because you are journalists and your media houses are there for people to listen to and we believe this is going to be a win-win for both the Senate and House of Representatives Press Corps and members of the National Assembly as well,” Lawan said.
Several other Senators, both serving and non-serving, and some state governors were also honoured at the occasion.

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Lakurawa Terrorists, Not Bandits Responsible For Zamfara Explosion — Police

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The state’s police commissioner says members of the dreaded group were seen around the scene of the incident shortly before the explosion.

The police have fingered newly formed terror group Lakurawa as the mastermind of an explosion that occurred along the Dansadau-Gusau Road in the Maru Local Government Area of Zamfara State on Wednesday.

“This Lakurawa (group) when they were dislodged by the Army in Sokoto and Kebbi, the rest of them that survived the military onslaught were trying to find new enclaves,” the state’s police commissioner Muhammed Dalijan said on Channels Television’s Sunrise Daily breakfast programme on Thursday.

“As they were passing that village to Birnin-Gwari forest, they planted a bomb under a bridge. Then a motorist was passing and step on it. It exploded and killed the driver and three other people were seriously injured.”

The police commissioner said members of the dreaded insurgent group were seen around the scene of the incident shortly before the explosion.

Dalijan said planting of explosive devices was a new development in the North-West state. He said though Zamfara has had a long battle with deadly bandits, they don’t have the capacity to plant explosive devices.

“They were seen passing through a village and as we were getting reports, trying to get ourselves prepared to pursue them, this (explosion) happened. So, we are sure that they were the ones that planted the bomb.

“The bandits here (in Zamfara) don’t use bombs because they don’t know how to make it; they don’t know how to improvise explosive devices. So, we are 100% sure that they (Lakurawa) are the ones because planting bombs in Zamfara State is a new development and bandits don’t have that capacity,” he said.

Zamfara, located in North-West Nigeria, has become the “hub of banditry” in Nigeria, as described by Governor Dauda Lawal.

The governor said the marauding bandits whose kidnapping-for-ransom trade is booming in the state can be strangulated in two weeks with the right political will.

Meanwhile, military authorities have vowed to eliminate Lakurawa insurgents and other terror groups like Boko Haram and the Islamic State West Africa Province (ISWAP).

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Senate Sets Up Committee To Review Tax Reform Bills With AGF

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The Senate on Wednesday set up a committee to to review the controversial Tax Reform Bills that are before the National Assembly.

The Committee which is headed by Minority Leader, Senator Abba Moro (PDP, Benue South) will meet with the Attorney General of the Federation, Lateef Fagbemi, to address grey areas in the bills and revert to Senate before public hearing.

The Deputy Senate President Barau Jibrin disclosed this during plenary on Wednesday.

Barau, who presided over the session, said that the executive arm of the government agreed with the Senate that there is need to resolve all the issues causing disagreements in the bills.

Barau said, “We decided to put politics, ethnicity, regionalism aside to sit among ourselves in order to find a way forward in respect to issues affecting the tax reform bills. It is on this note that we extended our view to the executive arm of government, and it was agreed that there should be a forum to sit down to look at the areas that are creating disagreements in order to resolve them so that the entire country will remain united in our efforts to solve our problems.

“Before the introduction of these bills, we know we have been faced with several problems; insecurity that we and the president have been trying to solve, issues about our economy which is in line with global economic problems. And we also agreed that we shouldn’t allow any other to come in to aggravate the problems of our country.

“It is on this note that it has been agreed by the executive and by us that there should be a forum that should sit with the Attorney General of the Federation so that we can sit and look at all the areas of disagreement and resolve them for the interest of this nation.

“It is therefore proposed that tomorrow there will be a meeting with the committee that will be set here to sit down with the Attorney General to look at those issues and resolve them. It is on this note that the Committee on Finance that the bills have been referred to halt action with public hearing and other issues until we resolve those issues.”

President Bola Ahmed Tinubu had on October 3, 2024, forwarded four tax reform bills to the National Assembly.

The proposed Tax Reform Bills have generated a lot of controversies since its introduction at the National Assembly, meeting serious resistant especially from the Northern part of the country.

Following the controversies the bills have generated, the National Economic Council had advised President Bola Tinubu to withdrawal the bills to allow for further consultations, but he had refused and said that the bills should go through the necessary legislative processes.

Last week, the bills were passed at the Senate for second reading through voice votes.

The proposed legislation seeks to harmonize, coordinate, and resolve disputes arising from revenue administration in Nigeria.

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Gov Sanwo-Olu Signs Lagos Electricity Bill Into Law

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The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill into law.

The ceremony which was carried out at Lagos House Alausa Ikeja, had in attendance the state deputy governor Kadri Hamzat, members of the State assembly, as well as the state executive council members.

Governor Sanwo-Olu commended the state House of Assembly for ensuring the speedy passage of the bill, stressing that the bill will change the socio-economic value of citizens in Lagos State.

He stated that the electricity bill has been in the works for some years, and now that is finally achieved as Lagosians can be sure of a steady power supply.

On his part, the state Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the electricity law signed will provide an additional grid for Lagos State, and also put an end to black out in the state.

“There will now be regular power supply. Host community development Trust fund, which will provide opportunities for communities to develop power plant,” he said.

Ogunleye noted that the step taken by the government stands as a beacon of progress, that will ensure uninterrupted power supply in Lagos State.

The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.

Among other things, the law seeks to establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated, ensure access to affordable, reliable, and sustainable electricity for all citizens.

It also helps to promote diverse energy sources, including renewable energy, and encourage energy efficiency, foster investment, competition, and innovation in the electricity sector and electrify underserved areas, contributing to the sustainable development of Lagos State.

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