Connect with us

NEWS

Government Pin 2017 Budget At N6.866trillion

Published

on

The federal government has proposed a budget of N6,866,335,052,740 for 2017. The presidency also disclosed to the National Assembly that it would set up a $25 billion Infrastructural Development Fund as a means of attracting non-budgetary resources to fund its development projects.

This information was contained in the 2017 to 2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to the National Assembly for approval yesterday.

According to the document, the country’s debt stock was N16.3 trillion ($61.45 billion) as at June 30, 2016.

The document also showed that in adherence to the three per cent threshold set out in the Fiscal Responsibility Act 2007, the 2017 fiscal deficit was projected at N2.7 trillion in nominal terms.

The government projected $42.5 per barrel and 2.2 million barrel per day for crude oil production, despite the volatility in global oil prices, as well as $45bpb and $50bpb for 2018 and 2019 with oil production benchmark of 2.3 million and 2.4 million barrels per day for the same period.

The country’s “Oil and gas sector is expected to rebound with an average growth rate of 9.69 per cent during the period. The year-on-year inflation rate is projected at 12.92percent for 2017 and 12.57 per cent for 2019.

“The nominal GDP is expected to increase from N108, 735 billion for 2017 to N129,773 billion for 2019. Similarly, private consumption expenditure is projected to grow from N80,048 billion for 2017 to N91,955 billion for 2019.

“These are important revenue projections, in addition to enhancing the capacity of the government to increase spending on core social and economic programmes during the MTEF period,” the documents read in part.

The aggregate revenue to fund the 2017 budget, according to the budget framework, is expected to increase over the 2016 estimate of N3.855 trillion by about eight per cent or about N313billion. Thirty-three percent of the amount is expected from oil sources while the balance is derivable from non-oil sources in consonance with the government’s renewed focus on diversification of its revenue base.

The recurrent (non-debt expenditure) and capital payments are being projected to increase in nominal terms by N217.42 billion and N177.6 billion in 2017 over the 2016 estimate.

On the risks to the Medium-Term Outlook, the document states: “The Nigerian economy has remained susceptible to a number of recurring risks and persistent shocks. These risks have posed setbacks to government finances, constrained economic growth and consequently, slowed the pace of achieving development objectives. These shortcomings have been carefully considered in designing the Medium Term Strategy.”

The Federal Government proposed a total sum of N1.3 trillion as oil revenue to fund the 2017 budget. This includes N14 billion from NLNG dividend, N1billion from share of minerals and mining, while non-oil revenue is projected at N1.5 trillion.

Other sources of revenue, according to the MTEF, are: Independent revenue, N1.2 trillion; Federal Government’s share of actual balance in special accounts, N6.5 billion; government’s balances in special levies accounts, N9 billion; and government’s unspent balance of previous fiscal years, N50 billion.

The document also revealed that vote for the amnesty programme was increased from N20 billion in 2016 to N65 billion in 2017, debt servicing increased from N1.326 trillion in 2016 to N1.639 trillion in 2017, while the special intervention programme (recurrent) was raised from N300 billion to N350 billion.

The government noted that the forex policy was revised in its bid to accommodate the pressures on the reserves which is about $26.36 billion and allow effectiveness of fiscal adjustment.

Source: guardian.ng

Continue Reading

AFRICAN

Ghana Leads The Front At The WAEC Excellence Awards

Published

on

By

Ghana Leads The Front At The WAEC Excellence Awards | fab.ng

Ghana dominated the West African Examinations Council’s (WAEC) recent International Excellence Awards for the West African Senior School Certificate Examination (WASSCE). All three top awards went to Ghanaian students in a ceremony held last Tuesday at the Council Meeting in Freetown, Sierra Leone.

The outstanding young men hail from St. James Seminary Senior High School. Two of the awardees are proud alumni of St. James Seminary, further solidifying the school’s academic excellence. A total of 2,327,342 students from the five WAEC member countries participated in the 2023 WASSCE, making this Ghanaian achievement even more impressive.

The ceremony itself was a moment of national pride. Ghana’s Director-General of the Ghana Education Service (GES), Dr. Eric Nkansah, congratulated the winners for their exceptional performances. He highlighted their consistent success, mentioning that Ghana claimed two out of the top three spots last year and achieved a clean sweep this year.

Meet the Ghanaian heroes:

  • Amo-Kodieh Leonard Kofi Marton (St. James Seminary)
  • Dzandu Selorm (Labone Senior High School)
  • Daniel Asenso-Gyambibi (St. James Seminary)

Ghana's performance in WAEC Excellence Award testament to Akufo-Addo's legacy, says Adutwum - Asaase Radio

Mr. Amo-Kodieh beamed with pride as he addressed the crowd, expressing his immense honor at being named the overall best student of the 2023 WASSCE. He attributed his success to his dedication to academic excellence. Throughout his journey, he actively pushed his intellectual boundaries, embraced challenges, and thrived in dynamic learning environments.

Get the latest and greatest updates right away! Join our exclusive WhatsApp channel and never miss out on exciting news again.

Mr. Amo-Kodieh acknowledged the government and all stakeholders who played a crucial role in his achievement. “Their immense support,” he declared, “was instrumental in turning this path to success into a reality.”

Extending his appreciation further, Mr. Amo-Kodieh spoke on behalf of all awardees at the (WAEC) Excellence Awards. “We are incredibly grateful,” he emphasized, “to the government, the GES, the Ministry of Education, the WAEC, and especially our families. Each of you played an indispensable part in shaping our education.”

Continue Reading

MOVIES

Onyeka Onwenu Set To Chronicle Her Music Journey In Upcoming Film

Published

on

Onyeka Onwenu To Chronicle Her Music Journey In Film | Fab.ng

Nigerian veteran musician Onyeka Onwenu is making a movie about her long music career! She recently told the News Agency of Nigeria that the film will cover her decades of experience in the music industry. Onwenu is known as the “elegant stallion.” She started her career in the 1970s and is excited to share her perspective on how Nigerian music has changed over the years.

Onwenu said,

“I am currently working on a film that will chronicle my experiences in the music industry from the 70s to the present day. Having been a part of this narrative for decades, I have a wealth of stories to share.”

Onyeka Onwenu also has another exciting project in the works! She plans to release a compilation of her classic songs with a fresh twist—collaborations with up-and-coming artists. This means fans can look forward to both a movie and a new music collection from her later this year.

“I am rebranding my old songs and collaborating with new talents. My aim is to offer listeners a fresh perspective on timeless classics,” she explained.

Onyeka Onwenu is a woman of many talents! Besides working on the movie and music project, she recently released a new single called “Abu Otito” (Songs of Praise). This song has a special meaning: Onwenu is donating the money earned from streams of the song to the Rose of Sharon Foundation, which helps widows.

“I am passionate about using music to address social issues. From supporting widows to promoting education among rural children, I strive to make a positive impact through my art.”

Onyeka Onwenu’s generosity extends beyond music. She’s passionate about helping others, especially children. Onwenu has already set up programmes to provide educational opportunities for underprivileged kids in Abia State. And she’s not stopping there; she plans to expand these initiatives to Imo State as well.

“We not only pay school fees directly to schools but also offer civic education to instill a sense of cultural identity. These efforts represent my dedication to empowering future generations,” the musician noted.

Onyeka Onwenu also has some advice for other musicians. She says they need to be persistent and take charge of their careers, especially during tough economic times.

“Hang in there and create opportunities for yourselves,” she urged, highlighting the need for proactive approaches in navigating the ever-evolving music industry landscape.

Onyeka Onwenu’s work in music, film, philanthropy, and education makes her a true role model for future generations.

“I have been part of the story right from time, and I am still moving forward, so I have a lot of stories to tell,” she remarked.

Onyeka Onwenu is giving her fans a double treat this year! Besides working on a new movie, she’s also releasing a collection of her classic hits with a modern twist—collaborations with up-and-coming artists.

Onwenu’s music has always been about more than entertainment. She’s used her powerful voice to promote Nigerian culture and social issues. Remember the evergreen duet “Wait for Me” with King Sunny Ade? It tackled population control, a relevant message even today.

Another one of her classics, “African Woman,” celebrates the strength and beauty of African women facing challenges. Songs like “Sodom and Gomorrah” explore biblical themes, while others like “Iyogogo,” “One Love,” “Dancing in the Sun,” and “Choices” cover a range of topics that continue to resonate with fans.

Check out more news updates here.

Continue Reading

MOVIES

Zack Orji Is Alive – AGN President Shuts Death Rumours

Published

on

Zack Orji: AGN President Confirms He Is Alive | Fab.ng

Rumours are going around that Nollywood actor Zack Orji has passed away. But that’s not true. The president of the Actors Guild of Nigeria, Emeka Rollas, said on his Instagram page on Tuesday, March 26th, 2024, that these rumours are false. He asked people to stop spreading this misinformation.

His post read,

“Mr Zack Orji is alive 💯💯💯💯💯💯Please ignore mischief makers who enjoy circulating fake news. This is to show how wicked some people can be. It is totally unacceptable. He will not die but live to declare the good works of God in Jesus’ name.”

 

View this post on Instagram

 

A post shared by Emeka Rollas Ejezie (@emekarollas)

A concerned commenter said,

“Thanks a lot for the update sir. I don’t know why some people prefer to disseminate unconfirmed information. May he not die. Wish him a quick recovery.” 

In December 2023, the public learned about the actor’s health struggles, leading to concern among his fans. On December 31st, he collapsed in his home’s toilet and was quickly taken to the hospital.

He was admitted to the Intensive Care Unit (ICU) for further treatment due to the severity of his condition. Reports indicated that he couldn’t speak or walk at that time. Fans became even more worried when a video surfaced showing the actor in a hospital bed.

During his recovery, he received visits from prominent figures including the First Lady Oluremi Tinubu, the Vice President’s wife Hajia Nana Shettima, the Minister of Women Affairs and Social Development, Uju Kennedy-Ohanenye, the wife of the Minister for Works, Rachael Umahi, and the wife of the Minister of State for Defence, Bello Matawalle, among others.

In January 2024, there was relief among Nigerians as reports confirmed the actor’s recovery at a private hospital in Abuja following brain surgery.

Continue Reading

Latest

Big Brother Nigeria: Ebuka Auditioned On A Dare | Fab.ng Big Brother Nigeria: Ebuka Auditioned On A Dare | Fab.ng
ENTERTAINMENT1 day ago

Ebuka Obi-Uchendu Auditioned For Big Brother Nigeria On A Dare

Talk show host Ebuka Obi-Uchendu recently appeared on the “Menisms Podcast” and shared a surprising story about his beginnings. Ebuka...

Love Nwantiti Still Highest RIAA-Certified Nigerian Song | Fab.ng Love Nwantiti Still Highest RIAA-Certified Nigerian Song | Fab.ng
MUSIC1 day ago

“Love Nwantiti” Extends Its Record As Highest RIAA Certified Nigerian Song

CKay’s song “Love Nwantiti” is a global Afrobeats phenomenon that took off on TikTok in 2021. Believe it or not,...

Beverly Naya: Why I Almost Quit Acting | Fab.ng Beverly Naya: Why I Almost Quit Acting | Fab.ng
ENTERTAINMENT1 day ago

See Why Beverly Naya Almost Quit Acting

Nollywood actress Beverly Naya recently talked to media personality Chude Jideonwo about a tough time in her career. She said...

Tyla Teases Potential Collaboration With Blackpink’s Lisa | Fab.ng Tyla Teases Potential Collaboration With Blackpink’s Lisa | Fab.ng
ENTERTAINMENT1 day ago

Tyla Teases Potential Collaboration With Blackpink’s Lisa

Music fans! South African singing sensation Tyla is brewing up a potential collaboration with K-pop megastar Lisa from BLACKPINK! The...

How Osita Iheme Feels About Pawpaw Memes On Socials | Fab.ng How Osita Iheme Feels About Pawpaw Memes On Socials | Fab.ng
ENTERTAINMENT1 day ago

This Is How Osita Iheme Feels About All The Pawpaw Memes On Social Media

Veteran Nollywood actor Osita Iheme, also known by his famous nickname Pawpaw, likes how people use funny pictures (memes) from...

Nancy Isime Wins Big At The Ikon Awards In Uganda | Fab.ng Nancy Isime Wins Big At The Ikon Awards In Uganda | Fab.ng
ENTERTAINMENT1 day ago

Nancy Isime Wins Big At The Ikon Awards In Uganda

Nigerian talent Nancy Isime is making waves across Africa. Her hard work and dedication to her craft were recently recognized...

Chidi Okezie: Egbunike Inspired Me To Win Gold Medal | Fab.ng Chidi Okezie: Egbunike Inspired Me To Win Gold Medal | Fab.ng
SPORTS1 day ago

Chidi Okezie’s Gold Medal Inspiration: Egbunike Inspired Me To Win Gold

In 1987, Nigerian athlete Innocent Egbunike stormed onto the international scene. At the All-African Games, he clocked a phenomenal 44.23...

Ghana Leads The Front At The WAEC Excellence Awards | fab.ng Ghana Leads The Front At The WAEC Excellence Awards | fab.ng
AFRICAN2 days ago

Ghana Leads The Front At The WAEC Excellence Awards

Ghana dominated the West African Examinations Council’s (WAEC) recent International Excellence Awards for the West African Senior School Certificate Examination...

Kanayo O. Kanayo In "Out Of Breath" | Fab.ng Kanayo O. Kanayo In "Out Of Breath" | Fab.ng
MOVIES2 days ago

Kanayo O Kanayo To Play First Major Igbo-speaking Role Since 1992

Veteran Nollywood actor Kanayo O. Kanayo will star in “Out of Breath.” This is his first major Igbo-speaking role in...

Stonebwoy Delivers Performance With Odumodublvck | Fab.ng Stonebwoy Delivers Performance With Odumodublvck | Fab.ng
ENTERTAINMENT2 days ago

Stonebwoy Delivers Stunning Performance With Odumodublvck At African Games Closing Ceremony

Ghanaian music star Stonebwoy, a celebrated BET award winner, rocked the 2023 African Games closing ceremony! Held in Accra, Ghana,...

Trending