Connect with us

National

Buhari regime should make short-term plans to balance budgets: Tope Fasua

Published

on

Screenshot 20211231 174136 Facebook

An economist, Tope Fasua, has urged President Muhammadu Buhari’s regime to make short- and medium-term plans to balance the country’s annual budgets and even achieve a budget surplus.

Mr Fasua gave the suggestion on Sunday in Abuja.

He commended the regime for proposing the N17.1 trillion budget, adding it was a step in the right direction.

“It is commendable that government is responding to suggestions that our annual budgets should be larger. Considering per capita, and in view of devaluation of the Naira, N17 trillion is still not enough, but it is a step toward the right direction,” Mr Fasua explained. “The government should be thinking of balancing the budget at some point and have surplus budget at some point.”

The economic expert further urged Mr Buhari’s regime to take concrete steps to boost its revenue generation to reduce budget deficits.

“More of such initiatives will gradually reduce deficit budgeting and also reduce borrowings to fund the budget. We can also look at taxation. Nigerians pay the lowest taxes, like VAT relative to most other countries. We seem to be resisting every attempt of government to generate revenue,” added Mr Fasua. “The recently introduced tax on carbonated drinks is commendable, but government should have been a bit more aggressive with it.”

Meanwhile, a financial expert, Okechukwu Unegbu, says the N17.1 trillion 2022 budget was realistic considering the country’s population.

However, Mr Unegbu, a past Chartered Institute of Bankers of Nigeria (CIBN)’s president, decried the huge deficit in the budget and the dependence on loans to fund it.

“Our debt servicing ratio is high. We are putting almost 70 per cent of our earnings on debt. This is worrisome,” he said.

He urged the regime to look inwards by encouraging production and value addition to the country’s various natural resources, reducing importation and encouraging consumption of locally made products.

(NAN)

GET IT NOW

National

EFCC detains Fashola money man Supo Shasore

Published

on

Screenshot 20220119 092240 Chrome

A former attorney general and commissioner for justice in Lagos Olasupo Shasore is being grilled by the Economic and Financial Crimes Commission (EFCC) operatives.

A source close to the commission disclosed this in Abuja on Tuesday.

The source added that the ex-commissioner arrived at the headquarters of the EFCC on Tuesday afternoon.

According to the source, Mr Shasore is being quizzed over his role in the Process and Industrial Development scam.

Wilson Uwujaren, the spokesperson for EFCC, declined to comment on the development when contacted.

(NAN)

GET IT NOW

Continue Reading

National

Lagos govt seals nightclubs over lack of fire extinguishers, poor hygiene

Published

on

Sanwo Olu.

The Lagos State Safety Commission says it sealed lounges and nightclubs in Ikeja over the lack of compliance with its 2022 Zero Accident Campaign (ZAC).

The commission’s director-general, Lanre Mojola, stated in a statement on Tuesday that ZAC was determined to ensure that all workplaces and public facilities are safe for all visitors and workers alike.

The commission stated that the lack of fire extinguishers, poor hygiene and housekeeping, lack of safety signages, inadequate parking spaces, and other safety infractions led to the shutting down of the outfits.

Mr Mojola further that the action on some bars, lounges and nightclubs became necessary due to their contravention of the Lagos government regulations despite several efforts to ensure compliance.

The Lagos official slammed the failure of the outfits to obtain safety compliance certificates and register with the commission through its www.lasgsafetyreg.com portal.

Mr Mojola further reiterated that similar enforcement exercises would take place across.

He also mentioned that the commission would not relent in its efforts, especially when implementing the commission’s laws towards a safer Lagos for all.

The director-general implored all business entities to regularise their safety management documentation towards achieving safer public places across Lagos.

(NAN)

GET IT NOW

Continue Reading

National

AFCON 2021: After Malawi draw, Senegal reach knockout phase

Published

on

Sadio Mane

On Tuesday, Senegal advanced to the Round of 16 of the 33rd Africa Cup of Nations (AFCON) after settling for a goalless draw with Malawi in their last Group B match.

In the match played at the Stade Omnisports de Bafoussam, the Teranga Lions earned their second draw from three matches to finish top with five points.

Senegal had yet to impress in the tournament and were now looking to stamp their authority, while Malawi were looking to cause an upset.

A win would guarantee a spot in the knockout stage of the competition for the Flames.

But it was Senegal who took the initiative to Malawi from the kick-off, with Habib Diallo seeking an opening through a header to Bouna Sarr’s cross wide off the mark.

Moments later, Sadio Mane missed a good chance to put his team in the lead as he could not keep his shot down from Sarr’s lovely cutback.

On the other hand, Gabadinho Mhango was looking dangerous as he began causing all sorts of problems for the Senegalese defence.

His best effort came from a set-piece he was unfortunate not to convert as it deflected wide of Mendy’s goal.

Malawi stood resolute in defence and starved the star-studded Senegal attack of the ball in the closing stages of the first half.

The Senegalese team stepped up their game at the start of the second half, looking to take control of proceedings.

Diallo came close to scoring, but Malawian goalkeeper Charles Thom was quick to react and tip the ball over the bar.

Thom made another great save, this time from Idrissa Gueye’s well-taken free-kick.

Malawi had a penalty kick claim waved away by VAR check following an alleged infringement in the penalty area.

Neither side could eventually find the breakthrough as Senegal sailed through, while Guinea joined them despite their loss as runners-up.

(NAN)

GET IT NOW

Continue Reading

Trending

NgGossips.com