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2024 Budget Of N2.24Trn Should Improve Lives Of Lagosians, Obasa Tells Sanwo-Olu
– says palliatives to residents should be more impactful
– Urges more focus on youth engagement through sports, employment
– House to closely monitor implementation of budget
The 2024 budget proposal of N2.246 trillion presented by Governor Babajide Sanwo-Olu on Wednesday faces the realities of daunting economic challenges and must be tailored towards improving the lives of residents, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has said.
Speaking at the Assembly chamber immediately after the presentation of the budget by the Governor, Dr. Obasa said the government must begin to look at better ways to alleviate poverty beyond giving out packaged foodstuff.
A breakdown of the budget shows a capital expenditure of N1.224 trillion and a recurrent expenditure of N1.02 trillion.
While calling for the employment of more people for the effective implementation of government policies, Obasa further urged effective youth engagement through sports and related activities.
“It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.
“Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.
“For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals.
“Also, provision of subsidised school materials should be encouraged. In like manner, raw food merchants who bring food items from the hinterlands should be put into consideration. The Government can help subsidise their transportation system too. This will in turn lead to a crash in the cost of food prices and make them affordable,” he said.
Read his full remarks below:
Distinguished Ladies and Gentlemen, esteemed colleagues, I give praise to the Almighty Allah who in His infinite mercy kept us all till this day to witness another budget presentation to this House.
2. I would like to extend appreciation to Governor Babajide Sanwo-Olu for his diligent efforts in presenting the year 2024 budget themed Budget of Renewal with total estimates of over 2 trillion Naira for the prosperous state of Lagos. This budget indicates his commitment to the growth and development of our dear state.
3. It is worth noting that this budget is the first one for Mr. Governor since the renewal of his mandate earlier this year. This translates to new expectations, new requests and new aspirations from the people of Lagos.
4. Mr. Governor, it may interest you that this House has an obligation to the people and with the pursuit of its constitutional roles and duties, it has assiduously worked on your previous requests and has its findings especially on provision of palliatives, zero tolerance of potholes, completion of various projects, which include the Lekki- Epe Road, Phase VI and others stated in the requests.
5. Today, you have presented the Y2024 budget estimates of over 2 Trillion Naira to Lagosians. The euphoria that accompanied past budget presentations is gone as this budget would face the realities of daunting economic challenges.
6. According to the Federal Bureau of Statistics, the national inflation rate is now 27.3 percent. The country is also faced with multifaceted issues of rising prices of goods and services, high forex and other societal problems, which require urgent attention and drastic solutions.
7. In this regard, it is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal. The Lagos State House of Assembly is committed to this and would use all constitutional instruments to achieve it.
8. Mr. Governor, while we talk of giving palliatives to the people to ameliorate the present economic situation, I believe it is time for a paradigm shift. We must now move from intangible things to concrete things. Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.
9. For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals.
10. Also, provision of subsidised school materials should be encouraged. In like manner, raw food merchants who bring food items from the hinterlands should be put into consideration. The Government can help subsidise their transportation system too. This will in turn lead to a crash in the cost of food prices and make them affordable.
11. While we appreciate the increment in salary, it is expedient to note that it has always led to inflation. In that case, it has never been helpful. Right from time immemorial, we have had cases of salary being increased. But it has usually been counterproductive as it has never really solved the economic challenges of the masses. In providing more viable alternatives, the State Government should engage labour as well as knowledgeable consultants in poverty alleviation and economics so that a well-defined programme can be initiated to improve the standard of living.
12. Concerning this need to improve living standards, I make bold to say here that sports stands out as an avenue to create jobs. It is an industry that is huge enough to accommodate thousands of people. Aside the fact that it is a major strategy for youth engagement, it has its economic chain that cuts across different vendors such as water, food and all sorts of sellers around where any sports activity takes place. Even adverts of various sorts speak to the number of people that get engaged directly or indirectly in the name of sports be it football, boxing, table tennis, athletics, and the likes. Government should pay good attention to this.
13. May I use this avenue too to reiterate my stand on the need to improve the enforcement and implementation of State polices, which is highly necessary. It is on record that most people flout the laws of the land with impunity. We hear of people’s total disregard to traffic laws every now and then. There is the need for us as a State to employ more hands. If Kaduna, for instance, can employ up to 7000 security personnel, there is nothing stopping us in Lagos from engaging up to 10,000 for enforcement and implementation considering the population of our State. Though it is necessary for our officials to put human faces in their activities, imagine hearing of LASTMA officials being lynched by touts or miscreants on the road. It has reached a stage where officials have to leave the road sometimes for their safety. This requires immediate intervention.
14. Distinguished guests, it is evident enough that the people of Lagos have high expectations and dreams for a better future, and it is our duty as their Representatives to effectively address their needs and aspirations. We understand the pressing challenges our residents face in the critical sectors such as infrastructural development, healthcare, education, job and wealth creation and others. Therefore, we hold the responsibility of meticulously scrutinising this budget to ensure that it adequately meets the demands and desires of our constituents. We shall equip ourselves with the principles of Transparency, Accountability, Probity, and Fairness.
15. To my colleagues, I urge you to be steadfast, courageous and determined as you perform your constitutional duties. Remember you represent the interest of your various constituencies. We must ensure that developments cut across all the 40 constituencies. The legislature Is empowered and protected by the constitution. So, as legislators, and to all the standing Committee Chairmen and their members, be bold enough to ask questions, and seek clarifications.
16. May I reiterate that we shall monitor the performance, execution, and compliance of the provision of this budget. We shall hold State officials that would drive the lofty initiatives of Mr. Governor, as stated in this budget, accountable in line with their ministerial responsibilities. We are partners in progress, but we will not compromise on our duties of Oversight. Hence, Commissioners, Permanent Secretaries, Directors and Heads of Parastatals are advised to up their game, and this process starts with the budget defence. We will do a painstaking and thorough scrutiny.
17. We, as lawmakers, and by the virtue of constitutional power reposed in the legislature, are poised to make the Lagos of our dream a reality. We are determined to put smiles on the faces of our people. No doubt, times are harder than before. The only opportunity we have is to take our people more seriously while they also consciously perform their civic obligations by paying their taxes regularly.
18. Notwithstanding, we pledge our support to Mr. Governor and will join hands with him to achieve that greatness for our dear State. We will work tirelessly to bring about positive changes and progress in every nook and cranny of the State, together with Mr. Governor and his team.
19. At this juncture, I wish to congratulate, yet again, Mr. President, His Excellency, Bola Ahmed Tinubu, GCFR and the Vice President, Alhaji Kashim Shettima, our Party: the All Progressives Congress (APC), the party leaders both nationally and in the States and all our party flag bearers in the last general elections for the party’s success and victories. The nationwide victory of our party at the last general elections is an attestation that the people believe in us; and we can’t afford to let them down.
20. However, it is worthy of mentioning that six months after inauguration, our people in power should start looking at the sides of party members who worked tirelessly for the party’s successes for further encouragement. Good arrangements should be made in this regard to appreciate their efforts.
21. I will like to appeal to Nigerians to be patient with this administration. Our President, Asiwaju Bola Ahmed Tinubu, GCFR is aware of the economic challenges that bedevil us as a nation. His team is working on turning around the economic situation of the country. Let us all support them in our prayers. I believe that there is light at end of the tunnel for us as a nation.
22. As I bring my speech to a close, I wish to thank my colleagues for their unwavering support in this 10th Assembly.
23. Once again, I commend Governor Babajide Sanwo-Olu for his vision and dedication to the growth and development of our State. I call upon all Lagosians to support us in this collective quest for a better Lagos. Together, let us build a future that we can all be proud of. Thank you and God bless.
Rt Hon Dr Mudashiru Obasa
Speaker, Lagos State House of Assembly
News
I Delivered $15m Agency Cash To Ex-NIMASA DG Akpobolokemi, EFCC Witness Tells Court
A prosecution witness, Captain Ezekiel Bala-Agaba, testified in a Lagos Federal High Court on Thursday, that he personally delivered $15 million in cash to former NIMASA DG, Patrick Akpobolokemi.
The witness, Bala-Agaba, a former Executive Director of Maritime Safety, Shipping Development and Marine Operations at NIMASA, made the disclosure while testifying before Justice Ayokunle Faji of the Federal High Court in Lagos.
Captain Agaba, who appeared as the 15th prosecution witness, told the court that funds meant for pipeline surveillance were withdrawn from NIMASA’s accounts, converted into dollars, and handed over to Dr Akpobolokemi.
According to him, the money was taken to a Bureau de Change, which converted it into $15 million before the cash was delivered to the NIMASA office on Burma Road, Apapa, Lagos.
He said he subsequently took the money to the office of the then Director-General.
“The money was sent to a Bureau de Change, which later brought the dollar equivalent to our office at Burma Road, Apapa, Lagos. I asked my Personal Assistant, Ekene Nwakuche, to carry the bag and follow me to the Director-General’s office,” he told the court.
The witness explained that he collected the bag from his aide before entering the office.
“When we got to the door of the Director-General’s office, I collected the bag from him and asked him to wait outside. I then personally delivered the sum of $15 million to the Director-General.”
The witness was initially a defendant in the case but later opted to testify for the prosecution.
While being led in evidence by prosecuting counsel, Suleiman Suleiman, he explained the chain of command within NIMASA and how financial approvals were processed in the agency.
According to him, the Director-General is the overall head of the agency and issues instructions to directors, who then implement policies in line with the NIMASA Act.
He told the court that he chaired the agency’s Intelligence Committee, which was responsible for certain security-related operations.
“As chairman of the committee, I oversaw its activities and reported directly to the Director-General, Dr. Patrick Akpobolokemi,” he said.
During the proceedings, the witness was also shown a document containing a letter from Access Bank to the Economic and Financial Crimes Commission (EFCC) detailing transactions in NIMASA’s accounts between 2013 and 2015.
When asked how much money he took to the former Director-General, Agaba replied: “$15 million.”
After listening to the testimony, Justice Faji adjourned the matter until April 22 and 23 for cross-examination of the witness.
The EFCC had in December 2015 arraigned Dr. Akpobolokemi and seven others before the court on a 30-count charge bordering on conspiracy, fraudulent conversion of funds and money laundering.
Those charged alongside the former NIMASA boss include, Warredi Enisuoh, Governor Juan, Ugo Frederick, Timi Alari, as well as Alkenzo Limited and Penniel Engineering Services Limited.
They pleaded not guilty to the offences.
The anti-graft agency alleged that the defendants conspired to divert funds running into over N1.15 billion under the guise of providing security intelligence in Nigeria’s maritime domain.
According to the EFCC, the NIMASA Intelligence Committee allegedly received N1,153,000,000 between December 2013 and July 2015.
Investigations further revealed that several companies contracted to execute the intelligence operations were either unregistered or lacked the capacity to perform the services, while some were allegedly linked to the defendants.
The prosecution also alleged that the defendants nominated or owned many of the companies used to execute the contracts.
One of the charges stated that the defendants conspired to commit offences punishable under the Money Laundering (Prohibition) Act, 2012.
News
CBN Bars Chronic Loan Defaulters from Accessing New Banking Services
The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions to immediately restrict certain banking services for large-ticket borrowers with non-performing loans (NPLs).
This move is aimed at strengthening credit discipline and protecting the stability of the Nigerian financial system following a rise in the industry’s NPL ratio to approximately 7%, exceeding the regulatory 5% threshold.
This order is specifically targeted at large-ticket obligors.
The CBN issued the directive in a circular to banks on Monday.
The latest instruction comes almost a week after the CBN asked financial institutions to stress test.
It is uncertain if the two directives are connected or what may have triggered the loan-related instruction, but the apex bank said it furthers its mandate to protect Nigeria’s financial system.
“In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial system, from accessing specified banking services,” the circular reads in part.
“Any large-ticket obligor with a non-performing facility recorded in the CRMS and/or any licensed private credit bureau shall not be granted additional credit facilities. For the purpose of this restriction, credit facilities include loans and other forms of direct credit.
“In addition, such obligors shall not be granted banking facilities or contingent liabilities such as bankers’ confirmations, letters of credit, performance bonds, or advance payment guarantees.”
News
Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju
Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.
Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.
He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.
“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.
“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?
“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.
“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.
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