Nigerians hold their breath as President Buhari signed the most ambitious budget in Nigeria’s history.

ABUJA—President Muhammadu Buhari yesterday signed the 2016 Appropriation Bill into law. The President signed the delayed 2016 budget at the Presidential Villa with Vice President Yemi Osinbajo, President of the Senate, Senator Bukola Saraki, Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara and Finance Minister, Kemi Adeosun among others as witnesses. The record 6.06 trillion budget is expected to stimulate the nation’s slowing economy which took a hit as the price of crude oil, Nigeria’s main export, collapsed in the global market.
President Buhari signs 2016 Budget
President Buhari signs 2016 Budget
IMMEDIATE BOOST FOR INFRASTRUCTURE Budget 2016: President Buhari , Vice President Yemi Osinbajo, with others during the signing of the 2016 budget into Law on 6th May ,2016. Budget 2016: President Buhari , Vice President Yemi Osinbajo, with others during the signing of the 2016 budget into Law on 6th May ,2016. Speaking after signing the budget into law the President said that N350billion will immediately be injected into the economy by way of capital projects. The President also said that N200billion was earmarked for roads infrastructure. Other witnesses to the budget signing ceremony were the Minister of Budget and National Planning, Udoma Udo Udoma; Minister of Finance, Kemi Adeosun; Minister of State for Budget and National Planning, Zainab Ahmed; Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang; Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawo; National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun; Chairman Senate Committee on Appropriation, Danjuma Goje and Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril. In his remark after the signing ceremony the President said “It gives me great pleasure today to sign the first full-year budget of this administration into law. I thank the leadership of the National Assembly, in particular, the Senate President and the Speaker of the House of Representatives, and indeed all members of the National Assembly for their cooperation in making this a reality.
A RENEWAL OF FAITH WITH NIGERIANS “The budget is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people. This Administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year. “Through the 2016 budget, aptly titled “Budget of Change”, the government seeks to fulfill its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06 trillion. Further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honourable Minister of Budget and National Planning.
MORE DETAILS FOR MAY 29 “I shall be speaking in more details about the Budget, its implementation and the over-all national economic and social policies of the Government in my address on May 29th, God willing. In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports. This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.
“The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of N350bn into the economy by way of capital projects. To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200bn to road construction as against a paltry N18bn allocated for same purpose in the 2015 budget. Continuing the President said “Despite the current difficulties we will work extra-hard to achieve our revenue projections. Our revenue generating agencies are coming under better management and are being re-oriented. The implementation of the Treasury Single Account (TSA) is expected to contribute significantly to improving transparency over government revenues.
I SHARE YOUR PAINS “Our determined fight against corruption is resulting in improvements in the quality of public expenditure. The work of the Efficiency Unit, as well as other public financial management initiatives, are also contributing in this regard. The continuing efforts to reduce recurrent expenditures should hopefully free up more funds for capital expenditure in 2017 and beyond. As I said in my New Year message, living in State House does not in any way alienate me from your daily struggles. I read the newspapers and listen to the TV and radio news. I hear your cries. I share your pains. “We are experiencing probably the toughest economic times in the history of our Nation. I want to commend the sacrifice, resilience and toughness of all Nigerians young and old who have despite the hardships continued to have hope and confidence of a great future for Nigerians. But permit me to say that this government is also like none other.
We are absolutely committed to changing the structure of the Nigerian economy once and for all. We are working night and day to diversify the economy so that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of the things we use. We intend to create the environment for our young people to be able to innovate and create jobs through technology. “I cannot promise you that this will be an easy journey, but in the interest of so much and so many we must tread this difficult path. I can assure you that this government you have freely elected will work with honesty and dedication, day and night to ensure that our country prospers and that the prosperity benefits all Nigerians. God bless Federal Republic of Nigeria”.
NIGERIAN STOCK EXCHANGE: Meanwhile the news that the President has signed the 2016 into law buoyed activities on the Nigerian Stock Exchange (NSE) with the market indices growing by 0.54 per cent after declining for two consecutive days. Investors gained N47 billion as the market capitalisation closed at N8.84 trillion compared with N8.79 trillion recorded on Thursday. Mallam Garba Kurfi, Managing Director, APT Securities and Funds Ltd., attributed the growth to investors reaction to the signing of the budget. Kurfi said that signing of the budget had ended the impasse between the presidency and the lawmakers for over four weeks, adding that the uncertainty surrounding the budget had ended with the signing.
A breakdown of the price movement chart indicated that Forte Oil led the gainers’ chart, growing by N20.44 to close at N219.92 per share. Mobil Nigeria followed with a gain of N7.29 to close at N155.09, while Flour Mills Nigeria gained N1.83 to close at N22.34 per share. Guinness appreciated by N1 to close at N95, while Cadbury increased by 78k to close at N16.46 per share. On the other hand, PZ topped the losers’ chart, dropping 68k to close at N20.62 per share. Nigerian Breweries trailed with a loss of 24k to close at N115.08, while Ecobank Transnational Incorporated lost 20k to close at N14.50 per share. Dangote Sugar Refinery shed 11k to close at N5.79 and Portland Paint also declined by 11k to close at N2.17 per share.

FBN Holdings remained the most active, accounting for 30.73 million shares worth N107.99 million. Transcorp followed with an exchange of 20.07 million shares valued at N20.66 million, while Zenith Bank sold 14.22 million shares worth N185.69 million. Guaranty Trust Bank traded 11.19 million shares valued at N194.04 million and Access Bank traded 9.69 million shares worth N40.61 million. In all, investors traded a total of 181.11 million shares valued at N1.17 billion as against 178.87 million shares worth N1.48 billion exchanged on Thursday.

Published by admin

A young man of African origin born to a Nigerian family. He grew up to be a project manger turned IT technician. Well experienced IT management professional and business analyst with strong business and project management background across diverse industry. Over twenty years providing IT support to clients in Nigeria and United Kingdom. Professional Background Business process analysis and consultancy. Provision of strategic advice to clients on various business issues ranging from procurement, IT, organization and simplification of work processes to ultimately applying systems approach to provide satisfactory solution to business needs. Proficiency in use of Microsoft Windows Applications, Graphics Applications, etc., General Software Trouble Shooting and Installation, PC trouble shooting, repairs and upgrading. CORE COMPETENCIES ▪ Troubleshooting ▪ Procuring IT Equipment ▪ Desktop Computing Support ▪ Risk Assessment ▪ Disaster Recovery and Contingency Planning ▪ Cost Benefits Analysis ▪ First Line Technical Assistance ▪ Helpdesk Support ▪ Customer Relationship Management ▪ LAN/WAN Network Administration ▪ Hardware and Software Repairs ▪ System Security ▪ Automated Hardware ▪ Data Integrity and Recovery ▪ Content Management Systems ▪ Web Development ▪ Web Administration ▪ Data Configurations ▪ KEY SKILLS AND ACHIEVEMENTS  Understanding Client Needs, Process Streamlining and Reference SOP Creation – Hands-on experience in reviewing personnel mobilisation process along with their IT needs from arrival to demobilisation. Consequently produced a document to easily capture client’s IT requirement as a guide to managing overall departmental/project IT budget. Successfully provided technical assistance by proactively identifying and resolving hardware and software issues. Notified clients/customers in cases of any possible delay in service; also proposed well-defined timeline for resolution of problems. Created spreadsheets as a reference for all standard operating procedures as well as preparing checklist to effectively manage project deliverables and budget.  Proactive Continuous Process Improvement and Cross-Functional Team Integration – Track record of success in resolving remote assistance delivery/network issues that existed for over ten years. Instrumental in developing and implementing new technology to connect and rectify computer issues at remote locations, further enabling support engineers to resolve maximum service request resulting in saving travelling time/cost and improved turnaround time to attain maximum up time.  Incident Management, Quality SLA Delivery and Timeliness – Played an integral role in ensuring successful transfer/relocation of OFON2 project; easily shared folder from Paris (Headquarters) to the Nigerian affiliate including user access control list within SLA. Consistently delivered incident resolution within SLA in 2 months of joining service.  Service Excellence and Project Awarded – Proven record of working as a best serving youth corps member of the Shell Petroleum Development Company of Nigeria Ltd.; obtained a service contract to setup a sub-warehouse/inventory — along with a retired company staff. Significant work experience in effectively delivering first post service contract which was rewarded with a recommendation for registration as an independent procurement agent/supplier. At Total Exploration and Production Nigeria, recommended by the project control manager for direct hire in the first year of engagement for outstanding performance. WORK EXPERIENCE IT Support & Integrated Services | Emex Consult, Leventis Building, 6 Azikiwe Road, Port Harcourt, Nigeria Oct 2015  Oversee the procurement, building, sales and repairs of PC (Desktop and Laptop).  Provision of website development and e-marketing services.  Ensure that customers’ websites are administered in accordance with industrial best practice, with timely deployment of content management systems and updates of relevant extensions.  Provide optimal customer services and administer all service calls and perform necessary software and hardware troubleshooting on all relevant devices.  Ensure hitch-free delivery of IT Support and customer services across the customers.  Supervise and resolve all hardware and software issues and assist to configure all new systems and perform compliance test on all deployment projects.  Carry out preventative maintenance on basic personal computer hardware, peripherals, CMSs and operating systems.  Ensure that all queries on foreign procurement (OEM) receive prompt attention and deliveries executed within SLAs. Client Services Support | TOTAL Exploration and Production Nigeria Ltd. - OFON2 Project PHC, Port Harcourt, Nigeria Feb 2014 – Oct 2015  Accountable for providing apposite support services to IT users while working on the OFON2 project, also providing backup support to the offshore support team.  Coordinating IST requirements for various sites of the OFON2 project while managing various aspects of vision workstation deployment and support.  Supporting and repairing various applications as well as deploying laptops, desktop, printers, scanners and other peripherals.  Providing backend support, coordinating and moving various IST equipment in different locations, resolving various network related issues and handling users complain through remote assistance.  Providing Multifunctional Printer (MFP) support and deployment along with monitoring support magic and resolving calls within SLA. Senior Consultant | Danexcel Services Nigeria Ltd., Port Harcourt, Nigeria Aug. 2013 – Feb. 2014  Conducted audit of various operations of the company business to ensure compliance with relevant industrial standards such as technical, administrative and health and safety. Freelance/Independent IT Support Consultant | EMEX Consult, Herts, UK May 2011 – Jul 2013  Managed various aspects of PC (desktop and laptop) procurement, building, sales and repairs.  Provided support services to clients on procurement of IT equipment and peripherals.  Formulated and implemented corporate IT policies while managing computer support services. IT/Business Consultant | BUSY BEE, Welwyn Garden City, England, UK Nov. 2008 – April 2011  Installed, built, upgraded, repaired, configured, troubleshot, optimised, diagnosed and performed preventative maintenance of basic personal computer hardware and operating systems.  Played an instrumental role in working as an active member of the company’s IT help desk. EARLY CAREER ICT Instructor | Home Tuition Services, Middlessex, London, UK April 2007 – Oct. 2008 IT/Business Support Consultant | G-R Wright Food Processing Co., Enfield, UK Aug. 2006 – Feb. 2007 Principal Consultant | EMEX Systems (Nig) Ltd., Port Harcourt, Nigeria Sep. 2005 – March 2006 State Coordinator (Anambra) | The Presidency, National Youth Peace and Empowerment Project (NAYOPET), Abuja, Nigeria Feb. 2004 – Aug. 2005 Business Support Manager | EMEX Systems (Nig) Ltd., Port Harcourt, Nigeria March 1998 – Feb. 2004 Computing/Business Support Coordinator | Shell Petroleum Development Company of Nigeria Ltd. (SPDC) - Security Department, Port Harcourt, Nigeria May 1992 – Feb. 1998 Analyst Programmer | SPDC - Environmental Services Department, Port Harcourt, Nigeria March 1991 – May 1992 Computer Technical Assistant | SPDC - Drilling Operations Department, Port Harcourt, Nigeria March 1990 – Feb. 1991 Contract Stock Analyst | SPDC - Materials Department, Port Harcourt, Nigeria Oct. 1988 – April 1989 Materials Dispatcher | National Youth Services Corps (NYSC)/SPDC, Materials Department, Port Harcourt, Nigeria July 1987 – Aug. 1988 Savings Accounts/Entries Clerk | Union Bank of Nigeria Plc, Nnewi, Anambra State, Nigeria Nov. 1984 – April 1985 EDUCATIONAL QUALIFICATIONS Master of Business Administration – Marketing | University of Nigeria, Enugu Campus July 2001 – May 2003 HND - Business Administration and Management, (Upper Credit) | IMT Enugu Nov. 1982 – July 1987 Diploma - Practical Bookkeeping and Accounts | British Careers Training College, Jersey, UK Nov. 1981 – Sep. 1982 PROFESSIONAL CREDENTIALS Certification/Membership  Computing Technology Industry Association (CompTIA A+ Ce) - Licence # COMP001020568778  Nigeria Institute of Management (MNIM) Membership #: 56573 Research Works  Influence of Foreign Affiliation on Marketing Decisions in some Nigeria Firms – 2003  Marketing of Hotel Services In Port Harcourt – 2001  Feasibility Report on Small Scale Garri Processing Business – 1988  Job Satisfaction, Motivation and Productivity – 1987. PC (Desktop and Laptop) PERSONAL DETAILS Nationality: Nigerian Marital Status: Married Driver’s License: Nigerian

2 Comments

  • Eloisa Wolfgang

    July 10, 2018 at 5:40 am Reply

    Hi, just wanted to let you know that the last few chances to get the award-winning free trial of the Rank Tracker software is coming to an end.

    https://www.track-r.net lets you see exactly where your site is placed in the Google search engine listings against your competitors.

    Thanks

  • Louie Weiderhold

    July 10, 2018 at 7:32 am Reply

    Sweet blog! I found it while browsing on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thank you

Post a Comment

Enjoyed this blog? Please spread the word!

Skip to toolbar