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2020 budget: We are developing a hybrid development agenda – Makinde

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The government of Oyo State, on Thursday, launched the inclusive budget initiative where views are being collated from residents and indigenes of the three senatorial districts ahead of the 2020 budget.

The initiative, which Governor Seyi Makinde said would enhance the open governance agenda of his government, will encompass a hybrid of bottom-up and top-bottom approaches to development, the Governor stated.

A statement by the Chief Press Secretary to the Governor, Mr. Taiwo Adisa, indicated that the initiative was launched through the Town Hall Meetings being put together by the Oyo State Ministry of Budget and Economic Planning, headed by Barrister Adeniyi Farinto.

Governor Makinde stated that the programme would help produce an all-inclusive budget following the extensive consultations.

According to him, the stakeholders’ meeting was organised by the Government “in its bid to prepare a budget that would be most suited to the people’s needs and the overall development of the State.”

He said: “Over the years, there has been a debate over which is the best approach to governance: A top-bottom approach, which relies on leadership setting the goals and then breaking it down for implementation or the bottom-top approach where the citizens play a role in determining what the goals should be. We have opted for a hybrid of both.

“Before we came into office on May 29, on our campaign trail, we listened to you and so were able to come up with what I have often referred to as a four-point agenda that will reposition Oyo State for greater stability in economic growth powered by Agriculture, Security, Education and Healthcare.

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“We remain focused on those areas as we are convinced that these will serve as a fulcrum of prosperity for the people of Oyo State. However, we still need your inputs.”

The Governor further disclosed that his government was also preparing a 20-year State Strategic Development Plan in addition to hearing the ideas of how the 2020 budget should be handled, saying the contributions of the stakeholders at the event would go a long way in making the plans more people-centered.

“When we reviewed the 2019 budget downwards, it was not out of the need to spite to anyone. It was because we discovered that we have not been living within our means.

“Borrowing money is not necessarily a bad thing. If it is for capital projects that will yield returns, it is acceptable. Borrowing money to pay salaries is not advisable.

“So, as we discuss ways to spend what we have, we should also remember that we have to use what we have to generate more funds and increase our Internally-Generated Revenue (IGR).

“It is my hope that this engagement will improve the performance of the budget and sustain the developmental objectives of this administration.

“I want to further assure you that your feedback and views will be given due consideration,” the Governor stated.

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Earlier, the Commissioner for Budget and Economic Planning, Mr. Adeniyi Farinto, said the programme was a further attestation to the all-inclusive nature of governance under the present administration in Oyo State and its resolve to move the people from poverty to prosperity.

Farinto posited that a stakeholders’ meeting of such nature was a genuine platform where all opinions would not only be explored but would be critically examined for the growth and development of any State.

He stressed that having a people-oriented budget had always been the priority of the Makinde administration, noting that government that was run with the understanding and inputs of the people was a practical expression of transparency and good governance.

The commissioner charged community leaders and other representatives present at the event to come up with strategic programmes and articulate initiatives as well as suggestions that would take the State to her pacesetting mode.

He asserted that the stakeholders’ contributions were critical in the initiation, formulation, and execution of people-oriented budgets, assuring that the people’s inputs would count in the development of programmes and projects in the State.

Economic Adviser to Governor Makinde, Dr. Adetunji Babatunde, who also delivered an address, justified the decision to opt for open governance, adding the government would easily get the priorities right.

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According to him, a government that adopts the inclusive budgeting the approach would not be building roads where the people’s priority was a hospital or a police station.

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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