The Federal Government will propose to the National Assembly about N9.79 trillion as total expenditure in the 2020 budget, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
Mrs Ahmed announced this on Tuesday in Abuja at a public consultation forum with civil society groups and agencies on the draft 2020-2022 Medium Term Expenditure Framework.
The amount represents an increase of 9.75 per cent over N8.916 trillion spending for 2019.
The projection includes a proposed revenue of about N7.64 trillion and a total proposed fiscal deficit component of about N2.142 trillion.
She said the key assumptions of the budget were based on an oil production capacity of 2.18 million barrels per day, crude oil price of $55 per barrel, against $60 per barrel last year, and exchanged rate of N305 to the dollar.
Also, she said inflation rate for the year is projected at an average of 10.81 per cent, with nominal consumption figure of about N122.75 trillion and nominal gross domestic product of N142.96 trillion. The GDP growth rate is put at about 2.93 per cent.
On the expenditure, the minister said debt service is projected to increase from N2.14 trillion in 2019 to about N2.45trillion; Statutory Transfer of N526.46 billion, from N502.1 billion in 2019; and sinking fund of N296 billion, from N110billion.
Also, recurrent non-debt appropriation was put at about N4.57trillion against N4.39 trillion in the 2020 debt proposal
A breakdown of the non-debt proposal, the minister said, includes Ministries, Departments and Agencies (MDAs) personnel cost of N2.675 trillion; Government-owned enterprises (GOEs) personnel costs (N218.8 billion; overheads for MDAs (N280.3 billion; overheads of GOEs (N146.14 billion).
Also, proposals for pensions, gratuity and retirement benefits will be about N536.72billion; transfers Nigerian Bulk Electricity Trading (NBET) for power sector reform programme (N59.44 billion; Service-wide votes (N418.7 billion), and Presidential Amnesty Programme (N65 billion).
Under Special Interventions (recurrent), the minister said about N350billion has been proposed for the year, while aggregate Capital expenditure has been reduced from N3.18 trillion in 2019 to about N2.05 trillion in 2020.
Details of the capital expenditure include capital supplementation (N234.2 billion); Statutory transfers for capital expenditure (N289.1 billion); capital allocation for special Intervention Programme (N150billion); MDAs Capital expenditure (N827.3 billion).
The minister said capital expenditure for 10 top GOEs have been put at about N188.23 billion; grants and donor-funded projects (N36.4 billion), and multilateral/bilateral project-tied (N328.13 billion).
On deficit financing, Mrs Ahmed said the government plans to mobilise additional financing from the sale of government property, proceeds from privatization, sale of non-oil assets, multi-lateral and bilateral project-tied loans and new foreign and domestic borrowings.
In her overview of the proposals, the minister said the draft MTEF showed the country was facing significant medium-term fiscal challenges, especially with respect to revenue generation and rapid growth in personnel costs.
To reverse the challenges, she said key reforms under the strategic revenue growth initiative will be implemented to boost revenue collection and expenditure management.
Besides, to further the objective of greater comprehensiveness and transparency in the budget process, she said the government has proposed to reflect the revenue and expenditure of government-owned enterprises and multi-lateral/bilateral project-ted loans and related expenditures in the 2020 budget.
Although the projected oil production volume is lower than the 2.3 million barrels per day in 2019, the government believes the 2.18 million barrels output projection is more realistic.
She said a lower benchmark crude oil price of $55 per barrel was adopted against $60 per barrel in 2019, because of the assumption of the expected oil glut from oversupply in 2020 as well as the need to establish a cushion against unexpected price shock.
On real GDP growth, the minister said the 2.93 per cent growth rate falls short of the National Economic Recovery and Growth Plan projection of 3.1 per cent.
She blamed the rise in personnel cost (inclusive pensions costs) from N2.45 trillion in 2019 to N3 trillion on the recent decision of the government to create five new ministries.
To contain the rising personnel costs, Mrs Ahmed said the Federal Government has taken steps to block leakages in the system, including through an October 2019 deadline by President Muhammadu Buhari for all MDAs to implement the Integrated Personnel Payroll System (IPPIS).
The minister warned that workers in MDAs that fail to move to the IPPIS platform risk losing payment of their salaries from October.
On Nigeria signing the agreement establishing the African Continental Free Trade Area (AfCFTA), the minister said although she foresees tremendous opportunities for the country in the medium term, the agreement could become a huge nightmare if the right policies and actions are not implemented to boost Nigeria’s competitiveness
GAIM 4 Draws: 12 Winners Emerge In Fidelity Bank’s Promo
Twelve lucky customers have emerged millionaires in the fourth monthly and second bi-monthly draw of the Get Alert in Millions (GAIM) promo season 4.
The electronic raffle draw, which held at the head office in Lagos, was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Federal Competition and Consumer Protection Commission (FCCPC).
The bank, in a clear demonstration of its steadfast commitment to support initiatives that enrich the lives of its loyal customers even in times of economic uncertainties, rewarded lucky customers with cash prizes in the categories of N3 million, N2 million and N1 million.
The winners include, Mojeed Tijani, Uju Ejindu, Adepeju Adepoju, Salisu Mohammed, Imo Amamnkem, Ogboada Adonyeofori, Abonyi Chukwudi, Ngozi Olekanma, Nwankwo Chinonso, Sani Usman, Abraham Said and Akinpelu Emmanuel.
Speaking at the event, the bank’s CEO, Nnamdi Okonkwo noted that the bank had organised nine (9) savings promo in the last 12 years. Okonkwo was represented by the Divisional Head, Operations, Fidelity Bank Plc, Martins Izuogbe.
Whilst stating that a total of N18 million and 18 consolation prizes will be given out in the fourth monthly draw, Okonkwo pointed out that our bank has created viable opportunities for Nigerians to get better return on savings in view of the changing economic landscape.
He said, “Currently, savings gives better yield than other instruments and what we are doing is in line with the CBN’s directive on financial inclusion and create better value for our customers. To this end, we set aside a total of N120 million as gifts to our customers as they participate in this promo.
It is worthy to note that by the end of today’s draw, we would have given out a total of N68 million in cash and 72 consolation prizes of fridges, TV sets and power generating sets to over 123 winners. We expect more winners to emerge in subsequent draws as we still have a total of N52 million and several consolation prizes yet to be won”.
Shedding light on how people can qualify for the draw, the bank’s Divisional Head, Retail Banking, Richard Madiebo, stated that both existing and new customers can win by simply topping their account with N10,000 for existing customers or someone opening a new account and building it up to N20,000.
He further disclosed that to qualify for the star prize of N3 million one needs to build his account to N50,000 while aspiring for the grand prize of N10 million, one only has to grow his account to N200,000.
Ufot, Akinwunmi, Maduegbuna to bag industry lifetime award at Industry Evening parley
Three industry giants in Nigeria’s marketing communications industry will be specially recognised for their evergreen outstanding achievements in the last decade at a special industry evening parley convened by Goddie Ofose, one of Nigeria’s top brand analyst.
The Event holds on March 6, 2020 at Sheraton Hotel and Towers, Ikeja, Lagos and themed: “Advertising and the Power of the Nigerian Story”.
The three industry achievers are Udeme Ufot, CEO/GMD SO&U/former APCON chair, Lolu Akinwunmi, GMD, Prima Garner/former APCON chairman and Nn’Emeka Maduegbuna, CEO, C and F/foremost PR practitioner;
According to Tolulope Ogunjobi, Chairman Industry Recognition Awards Committee, the pedigrees of Udeme, Lolu and Nn’Emeka in the advertising and PR industry respectively stood them out though they were few others who merited the laurel but the committee could only limit itself to 3 most outstanding. .
“We want to congratulate all the winners of the awards and the industry for doing great things in 2019 and the last decade. We believe that this 2020 and the new decade will be greater” he said.
Apart from the three lifetime awards, and the best ad of the decade award that goes to Airtel data is life commercial, 16 other categories will be rewarded for great performances.
Ogunjobi explained that all other recipients were arrived based on key performances during the year under review.
These recipients indeed added something extra to their organisations and their personal career ladder, that is why they were selected among the pool of nominees,
Ogunjobi said, “For instance, we had difficulties arriving at the ad of the decade but the ad of the decade couldn’t have gone to any other but ‘Airtel Nigeria’s Data is Life’ , so this explains how Airtel’s ‘Life without Data’ featuring Gabriel Afolayan TVC by Noah’s Ark’ emerged as our ad of the decade:”
Preceding the awards segment is a special interactive summit at the same venue that would be hosted by Gboyega Akosile, chief press secretary to Lagos State Governor, Mr. Babajide Sanwo-Olu, who is the special guest of Honour at this special event.
The lead paper for the evening will be presented by Mr. Lanre Adisa, chief creative officer, Noah’s Ark Limited. Meanwhile members of the panel who will discuss the Adisa’s paper include: Mr. Onyekachi Onubogu, CEO, Frutta Juice and Services; Mr. Amaechi Okobi, Group Head, Communications and External Affairs, Access Bank Plc, Mr. Emeka Oparah, Vice President, CSR and Communications, Airtel Nigeria, Mr. Martin Mabutho, Chief Commercial Officer, Multichoice Nigeria, and Mr. Jaiye Israel Opayemi, chief executive officer, Chain Reactions/ president, Public Relations Consultants Association of Nigeria,
Others include Dr. Felix King Eiremiokhae, chief executive officer, Oracle Experience/convener The Startups Africa, Mrs. Ijedi Iyoha, acting Registrar/CEO, Advertising Practitioners Council of Nigeria (APCON), Mr. Odion Aleobua, CEO, Modion Communications and Mr Lekan Lawal as the moderator for the segment.
The whole package, according to Goddie Ofose, the convener was designed “to bring together industry leaders that I have interacted with over the years in the quest to rev up conversations that will move the Nigerian Marketing and Communications industry forward”.
Ofose also believes with theme of the night -Advertising and the Power of the Nigerian Story- the speaker, panelists and all other stakeholders present will explore the overriding engagement benefits derivable in deepening the Nigerian social-cultural content in Advertising.
The programme which is scheduled to be an annual event will attract stakeholders in Nigeria’s marketing communications industry, corporate organisations, young practitioners and students from selected universities and other higher institutions in the country.
The Awards Committee Members that picked the winners include Mr. Tolulope Ogunjobi, Business Editor- TVC News who served as chairman, Anietie Udoh, Executive Director, MarketingEdge Magazine, Daniel Obi, Media Editor, BusinessDay Newspaper and Lukman Ishau, Publisher, Marketing Space Magazine
FIRSTBANK TAKES ITS SMES BUSINESS CLINIC TO PORT-HARCOURT AND ABUJA
Lagos, 21 February 2020; In recognition of the significant role SMEs play in achieving sustainable growth and development in the economy of the country, Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited would host SMEs in its 2020 second edition of the SME Business Clinic. The event themed “Building a sustainable Business” would be held on 25th and 27th February 2020 in Port-Harcourt and Abuja respectively.
SMEs are encouraged to take the FirstBank SME diagnostic tool by visiting https://smeconnect.firstbanknigeria.com/ in order to stand a chance to be amongst the participants that will be in the SME Business Clinic in Port-Harcourt and Abuja. The FirstBank SME diagnostic tool is designed for SMEs to check the health of their business, better understand it and drive profitability. The SME Clinic will feature one-on-one business advisory services, mentoring, networking opportunities and participants will also be acquainted with the requisite knowledge and business tools needed to drive efficiency in the day-to-day operations of their business.
Speaking on the event, Gbenga Shobo, the Deputy Managing Director, FirstBank, said “at FirstBank, we are proud of the giant strides we have taken over the years towards enhancing the SMEs for their businesses to thrive, have a fair play in the market and contribute to the Gross Domestic Product of the country. We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabling Nigerians and the economy at large”.
The coaches at the event are Seye Olurotimi, Lead Consult at Cedar Tribe Limited, an SME branding expert and business growth consultant with vast experience helping SMEs grow effective brands and Robert Yakubu, founder of the Instabiz Academy and the Business Mastery Program, a digital entrepreneur and business strategist empowering entrepreneurs, marketers and business professionals in Port-Harcourt and Abuja respectively.
The SME Clinic session is organized in partnership with SME Traction, a leading business coaching platform aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy.
Expressing her delight on the impact the inaugural SME Clinic has had on her business, the CEO, Nibbles Plus More Ventures, Owoeye, Oluyomi, stated that “the first step I took after the SME business clinic was do a strategic road map for my business. Riding on the information I got from the business trend session on consumer landscape, I had a clearer understanding of who my target audience are and have included that in my business plan. The feedback we believe will help us identify untapped markets and problems in our industry, how to reach them and what value we can offer them”.
Like we were told at the clinic, progressing into the counter intuitive zone of the business model reinventing box is what brings about Innovation. Something must trigger innovation and not just our intuition. Hence, we have chosen research, she concluded.
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for over 125 years.
With over 750 business locations and 44,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank’s cashless transaction drive extends to having more than 8.5million people on its USSD banking service through the nationally renowned *894# banking service and over 3 million people on Firstmobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
Group Head, Marketing & Corporate Communications