2016 Budget Goes Missing At National Assembly

The hard and soft copies of the 2016 budget documents President Muhammadu Buhari handed over to the National Assembly on December 22, 2015 have been declared missing, PREMIUM TIMES can authoritatively report today. The Nigerian Senate was scheduled to commence deliberation on the proposed budget Tuesday (today). But Senate Leader, Ali Ndume, shocked lawmakers at a closed-door session, when he told them the budget documents had been stolen, people familiar with the matter told PREMIUM TIMES. Mr. Ndume, our sources said, explained that deliberation on the budget could therefore not begin until fresh copies of the documents were obtained from the presidency, the Ministry of Finance or that of national planning. The Chairman, Senate Committee of Appropriation, Danjuma Goje, was subsequently mandated to lead a search for the documents and liaise with the presidency, the Senior Special Assistant to the President on National Assembly Matters, Ita Enang, and the national planning ministry on the matter. The Senators also resolved that the matter be kept under wraps, saying making it public could embarrass the presidency, the National Assembly and the country. Our sources said senators of the Peoples Democratic Party accused the presidency of being behind the theft of the documents, an accusation rejected by their All Progressives Congress’ counterparts, saying it was too early to speculate. Some lawmakers told PREMIUM TIMES they are suspicious that the presidency might have colluded with the management of the National Assembly to quietly withdraw the documents after detecting some discrepancies in them. “Can you imagine this kind of national embarrassment?” one senator asked. “Documents that were presented to us with fanfare have been stolen.” The spokesperson for the senate, Aliyu Abdullahi,could not been reached for comments. So also is Mr. Goje, the chairman of the appropriation committee. President Muhammad Buhari had on December 22,2015 presented a N6.08 trillion budget for the fiscal year 2016 to a joint session of the National Assembly. It was the first time in three years a Nigerian President would personally present a budget before the National Assembly. But weeks after the budget was presented to lawmakers, there were speculations that Mr. Buhari had withdrawn the documents to enable him to correct some discrepancies, a claim the presidency and the national planning ministry denied. In the budget, capital expenditure takes N1.8 trillion, marking a significant over 300 per cent increment from the 2015 vote of N557 billion. According to the estimate, N396billion is voted for education, being the largest sectoral allocation. The health sector gets N296 billion while defence has N294 billion.

CBN’S N220 Billion MSME Development Fund- How To Access It

I hope this will be helpful for people looking to access loan for agricultural business


Finally the Central Bank of Nigeria has published the procedure for accessing the fund. Find text below.

1.0 Is your business in any of the following areas?
. Agriculture
. Manufacturing
. Cottage Industries
. Artisanship
. Services
. Trade and general Commerce
. Renewable energy/energy efficient products and technologies
. Other income generating projects as may be prescribed by the CBN

2.0 If “Yes”….
2.1 Prepare your business plan or statement on how much you want for your business
2.2. You can get loan of up to:
(a) N500,000.00 for your micro-business; and
(b). N50 million for Small & Medium Enterprise (SME)

2.3. Go to your bank or any of the following institutions to access the Fund:
. Microfinance Banks
. Commercial Banks
. Cooperatives
. Finance Companies
. NGO-Microfinance Institutions
. Development Finance Institutions, i.e. Bank of Industry and Bank of Agriculture

3.0. Tell your bank how much you need

4.0. Your bank will discuss your request and provide you the money
4.1 The maximum interest rate of 9.0% p.a (charges inclusive) is applicable to all loans

5.0. Period for the repayment of the loan:
a) For micro business, it is a maximum of one year
b). For small and medium enterprises, it is a maximum of three years

NOTE: 60% of the Fund is reserved for enterprises owned by women; 2% for persons living with disability and 10% for start-up businesses.

There have been reports of bank branches claiming ignorance of the fund. In that eventuality or for more information, please send e-mail:
msmedf@cbn.gov.ng

Ojukwu’s Niece, 4 Others Arrested For Drug Trafficking (Photo)

Officials of the National Drug Law Enforcement Agency NDLEA have arrested five people including one Ijeoma Ojukwu, a niece to late Chief Chukwuemeka Odumegwu Ojukwu, and three others namely Victor Umeh, Uche Igwelo and Egbuche Fidelis Osiita over the trafficking of 2.24kg of substance believed to be cocaine from Brazil. Also being investigated is a staff of NDLEA. NDLEA officials believe that 48 year old Ijeoma who runs a restaurant in Brazil is believed to be a member of an international drug syndicate.


Speaking on the arrest, the agency’s commander at the airport, Ahmadu Garba ‎said a luggage tagged for Agina Fidelis Ejike, was abandoned at the arrival hall during inward screening of passengers on an Emirates flight on December 28.

“On January 1, 2016, one Egbuche Fidelis Osita came with authority letter mandating him to collect the bag. In the process, some white powdery substance weighing 2.24kg that tested positive for cocaine was discovered. The drug was neatly packed in four parcels concealed in false bottom of four female handbags.”
“My brother came from Brazil and could not find his bag. It was in the process of trying to get the bag out that we were arrested.”
Uche Igwelo, 36, a public administration graduate, said she was invited by Ijeoma to assist in collecting the bag.
“I sell kitchen utensil and I am married with a child. Ijeoma met me that I should help him to collect a bag at the airport. We were trying to get the bag when NDLEA officers arrested us,” Uche, an Anambra native told investigators, according to an official statement from NDLEA.
Egbuche Fidelis Osita, a 37-year-old student said that he was asked to collect the bag. “I am a 400 level student studying English Education at the Ekiti State University. My friend Victor Umeh was the person that asked me to help in claiming a luggage at the airport. We all drove to the airport where I was given a letter of authority and other documents of the passenger that came with the luggage. In the process of trying to collect the bag I was arrested. This is all I know about this incident,” Osita said.