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2017 budget at risk as FG incurs N404b deficit in Feb

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By Babajide Komolafe President Muhammadu Buhari presenting the 2017 Budget before a joint session of the National Assembly on Wednesday, December 14, 2016.  LAGOS — In spite of increase in federally-collected revenue, buoyed by increase in crude oil price, the Federal Government recorded a deficit of N404 billion for the month of February, 2017.  The Central Bank of Nigeria, CBN, disclosed this in its economic report for February posted on its website, yesterday, indicating another threat to the budget.  The report among other things showed that banks borrowed N4.2 trillion from the apex bank during the month, while they paid N3.2 billion as interest to the apex bank.  The report stated: “The estimated Federal Government retained revenue for the month of February 2017, at N194.38 billion, was below the 2017 provisional monthly budget estimate of N337.48bn and the receipts in January 2017 by 42.4 per cent and 5.9 per cent, respectively. Of the total receipt, ...
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RMAFC wants laws establishing Finance Ministry, FRSC, NIMASA, 29 others repealed

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By Favour Nnabugwu THE Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) wants the laws establishing the Federal Ministry of Finance, Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Road Safety Commission (FRSC) and 29 revenue generating agencies repealed. Finance Minister, Kemi Adeosun The Commission in a letter to the National Assembly signed by the acting chairman, Mr. Shettima Umar Abba Gana stated that the laws establishing the 32 agencies were creation of the military and must be made to conform with democratic norms and practices. According to the letter, “The laws establishing the agencies contravene the provisions of Sections 1(3) and 162(1&10) of 1999 Constitution of the Federal Republic of Nigeria (as amended).” The 29 other generating agencies are Federal Airports Authority of Nigeria (FAAN), National Agency for Food Drugs Administration and Control (NAFDAC), Corporate Affairs Commission (CAC), Securities and Exchange Commissio...
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Why Nigerian graduates are unemployable

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 By:  Ibrahim Apekhade Yusuf A number of factors could be responsible for the inability of Nigerian graduates to secure gainful employment or even maintain steady jobs, Fara Fasuyi, a management consultant has said. According to Miss Fasuyi who heads the School of Enterprise at the prestigious Ibadan Business School, Ibadan, Oyo State, chief among the factors to blame for the growing youths unemployment is the lack of appropriate skills set on the part of the applicants as well as poor work ethics. Besides, she said the poor curriculum in most varsities is such that is completely out of tune with the requirements of modern times, thus majority of Nigerian graduates can’t compete with their peers anywhere in the world. “It is quite disconcerting to note that majority of our universities are out of tune with what’s happening in the rest of the world. You can imagine that some of the courses which were taught some five decades ago are still being taught with little o...
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