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Posts published in “Finance”

ADB, Taraba State To Spend N4Billion On Jalingo Water Project

Nigeria Business News (Finance) — The African Development Bank (ADB) and the Taraba state Government have launched a N3.6 billion water project for Jalingo, in a bid to end the perennial water scarcity in the city.
The state’s Commissioner for Water Resources and Rural Development, Mr Rebo Usman, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja, Nigeria.
According to Usman, acute water shortage in the city will soon be solved with the implementation of the project.
He said the state was collaborating with the ADB to implement the project. “We launched the project a month ago for Jalingo water project and our counterpart funding is about N500 million but the total is N3.6 billion.
“We have just completed the assessment of consultants and also done the launching of the project, in the next six months, we should be ready to award the contract.

Gwagwalada L.G.A, Abuja Presents N4.8 Billion 2013 Budget Proposal

Nigerian Business News (Finance) — Alhaji Zakari Angulu, the Chairman, Gwagwalada Area Council, FCT, Abuja Nigeria on Monday presented N4.8 billion budget proposal for 2013. Presenting the budget estimate to the legislative arm of the council at Gwagwalada for endorsement, Angulu urged for speedy passage. He said that recurrent expenditure would account for 45 per cent of the budget, while 43 per cent was earmarked as capital allocation. According to him, overhead cost would account for 12 per cent of the total budget. Angulu explained that the increase in percentage estimate for recurrent expenditure followed the inclusion of Local Education Authority (LEA) in the fiscal framework of the budget.

Ondo State Governor Presents N151 billion, 2013 Budget To House of Assembly

Business News (Finance) – The Governor of Ondo State, Olusegun Mimiko on Monday in Akure presented the 2013 budget of N151 billion to the State House of Assembly.
The Governor said the budget is made up of N77.650 billion proposed for capital expenditure with N73.350 billion as recurrent expenditure estimates which was a 3 per cent decrease over the projections of 2012.
Mr. Mimiko told the lawmakers that the major objective of the budget is further consolidation of the gains of the last four years by completing on-going projects, adding that “government will source N38 billion from the financial market in order to accelerate the pace of development and job creation in the state.
Sectoral allocations proposed for completion of on-going projects showed education getting the lion share of N10.523 billion followed by road construction and maintenance being allocated the sum of N10.250 billion.

Aturu Demands Disclosure of Sanusi’s Salary, Allowances

Business News (Finance) — A demand for the disclosure of the salary, allowances and other entitlements enjoyed by Mallam Sanusi Lamido Sanusi, the governor of the Central Bank of Nigeria, CBN, was, yesterday, submitted to the bank under the Freedom of Information Act.
Leading civil right activist, Mr. Bamidele Aturu made the request in a letter to the CBN governor made available to Vanguard, yesterday.
Aturu’s demand is on behalf of a lawyer, Anthony Itedjere and according to Mr. Aturu was made to determine if the incumbent governor, Sanusi is one of the public officials guzzling public funds.
Letter to CBN
Mr. Aturu in the letter dated December 31, 2012 is also demanding how much and at what cost it takes for the CBN governor to travel within and outside Nigeria and whether he also uses chartered aircraft for his travels.
Mr. Aturu whilst also demanding the number of drivers attached to the CBN governor said he would go to court to compel the bank to provide the information should the bank fail to supply the information within the required seven days as provided in the Freedom of Information Act.