Nigeria Facing Worst Fiscal Crisis Since Independence – Lawan
With Nigeria not generating enough to meet what is needed to run the country, it is facing its worst fiscal crisis since independence, according to Senate President Ahmad Lawan.
Lawan disclosed this at the 40th Anniversary Lecture of the Chartered Institute of Taxation of Nigeria (CITN), in Abuja on Tuesday.
During his presentation through his Special Adviser on Economic Matters, Prof. Nazif Darma, Lawan revealed that the federal government recorded a budget deficit of N8. 74 trillion at end of December last year.
He said: “Our economy is a growing one. We have over 200 million citizens.
“We have a birth rate of approximately 3 percent. That means approximately 6 million children are added to the population annually. On a daily basis, 16, 000 new babies are born.
“These demographic indicators are real challenges to providing quality social services and welfare for our citizens. Our country today is in crisis. There are no two ways about it.
READ ALSO: Leaking National Assembly Justified N37b Budget For Repairs – Lawan
“ Let me give you some key figures that will, perhaps predicate some of the things that I am going to say. I am not here to deliver a paper but I think it is important for us to remind ourselves of those fundamentals.
“In 2019, our total debt service was N2.5 trillion. By the end of 2021, it had risen to N4.2 trillion.
“Our total budget deficit in 2019 was N4. 62 trillion. By December last year, it had risen to N8.74 trillion.
“And the contribution of the major revenue generating agencies into the Consolidated Revenue Fund of the federal government, in 2020 it was over N8 trillion, last year, it rose to N11.9 trillion.
“Today, our country’s integrated National Master Plan developed by the National Planning Commission in 2014, indicated that we have a deficit of about N30 trillion in terms of infrastructure delivery.”
The senator also cautioned against the temptation of raising taxes in order not to stifle business activities.
He said :“Even if we increase the rate of taxation, which I will want to urge us to take a look at, it is good to raise taxes but there must be a threshold of taxation that will not stifle the economic activities thereby limiting contributions of the income to be generated from these businesses.”
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BREAKING: Abacha’s Ex-chief Of Staff Oladipo Diya Dies
Retired Lt.General Donaldson Oladipo Oyeyinka Diya, the former Chief of Staff in General Sani Abacha’s military government, is dead.
His death was confirmed by Prince Oyesinmilola Diya. He said the former military administrator of Ogun State passed on to glory in the early hours of 26th March 2023.
Born on the 3rd of April, 1944, Diya was military Governor of Ogun State after the Buhari-Idiagbon coup of December 31st, 1983.
Diya joined the Nigerian Defence Academy, Kaduna and fought during the Nigerian Civil War.
He later attended the US Army School of Infantry, the Command and Staff College, Jaji (1980–1981) and the National Institute for Policy and Strategic Studies, Kuru.
While serving in the military, Diya studied law at Ahmadu Bello University, Zaria, where he obtained an LLB degree, and then at the Nigerian Law School, where he was called to bar as Solicitor and Advocate of the Supreme Court of Nigeria.
He held other top military posts like GOC, 82 Division and finally the Chief of General Staff (military Vice President) to Gen Sani Abacha
The statement read: “On behalf of the entire Diya family home and abroad; we announce the passing on to Glory of our dear Husband,Father, Grandfather,brother, Lt- General Donaldson Oladipo Oyeyinka Diya (Rtd) GCON, LLB, BL, PSC, FSS, mni.
“Our dear Daddy passed onto glory in the early hours of 26th March 2023. Please keep us in your prayers as we mourn his demise in this period. Further announcements will be made public in due course.
“Barrister Prince Oyesinmilola Diya, on behalf of the family.”
Breaking: Appeal Court Retains Adeleke As Osun Governor
The Court of Appeal sitting in Abuja has vacated the tribunal judgement that nullified the election of Governor Ademola Adeleke of Osun State.
The appellate court, in a unanimous decision by a three-member panel of Justices, on Friday held that the appeal Adeleke lodged to challenge his sack by the Osun State Governorship Election Petition Tribunal, was meritorious.
Aside from setting aside the judgement of the tribunal, the court, in its lead judgement that was delivered by Justice Mohammed Lawal, awarded N500, 000 cost against the All Progressive Congress, APC, and its candidate, Gboyega Oyetola
BREAKING: PDP Suspends Anyim, Fayose
Former governor of Ekiti State, Ayodele Fayose; former president of the Senate, Pius Anyim; Prof Dennis Ityavyar and Aslam Aliyu were on Thursday suspended from the Peoples’ Democratic Party (PDP).
The PDP made the suspension on Thursday after an extensive review of the affairs of the party, pursuant to the provisions of the PDP Constitution (as amended in 2017).
The PDP also referred the Governor of Benue State, Samuel Ortom, to the National Disciplinary Committee over his reported involvement in anti-party activities.
This was disclosed in a statement signed by the National Publicity Secretary, Debo Ologunagba.
“The PDP urges all leaders, critical stakeholders and teeming members of our party across the country to remain united and focused at this critical time,” the statement added.
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