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Tag: 2019 Budget

  • Pondei lists NDDC contracts paid under ‘duress’ before NASS members harmonized commission’s 2019 budget

    Pondei lists NDDC contracts paid under ‘duress’ before NASS members harmonized commission’s 2019 budget

    The Acting Managing Director of the Niger Delta Development Commission (NDDC), Prof. Kemebradikumo Daniel Pondei has listed some of the contracts the Commission was allegedly coerced to pay by the National Assembly before its 2019 annual budget could be harmonized.

    TheNewsGuru.com, TNG reports that the commission had promised on Friday to release fresh lists of defaulting high profile contractors saying Nigerians will be shocked after the list is released.

    He alleged further that some lawmakers, especially members of adhoc Committees held the Commission hostage over the years with the annual budget approval.

    According to him, most of the contracts they were arm-twisted to pay, “were never done or sometimes, never completed.”

    Pondei in a statement signed by his Special Adviser on Media, Edgar Ebigoni, listed the contracts and benefitting firms to include; Kith Global Ventures Ltd; Remedial Works at New Ogorode Roads Lot 3, at the cost of N493,684,169.00 and paid on the 17/03/2020, 301 Constr. Ltd; Remedial Works at Nja Road to Akoku Uno Lot 1, at the cost of N350,027,919.80 and paid on the 17/03/2020. Cracked Stone Constr. Ltd; Remedial Works at Ajaolubeti Road Environs Lot 2 at the cost of N394,010,952.10 and paid on the 17/03/2020. Collincrystal Energy Ltd; Emergency at Benin Township Road Lot 7, at the cost of N 431,053.035.20 and paid on the 17/03/2020. Collincrystal Energy Ltd; Emergency at Benin Township Road Lot 3, at the cost of N361,357,276.20 and paid on the 17/03/2020 and Grapik Ltd; Emergency at Umudee Internal Road, at the cost of N207,673,107.70 and paid the 17/03/2020.

    Others were, Southland Constr. Ltd; Remedial Works at Umuduru Chukwu Umuorlu Road, at the cost of N518,409,089.30 and paid on paid on the17/03/2020. Southland Constr. Ltd; Remedial Works at Umuduru, at the cost of N519,949,949.10 and paid on the 17/03/2020.

    Grandfox Global Services Ltd; Emergency at Ope Road Okigwe LGA, at the cost of N580,438,578.00 and paid on the 17/03/2020. Collincrystal Energy Ltd; Emergency at Benin Town Road Lot 6, at the cost of N348,853,184.60 and paid on the 7/03/2020 and Crism Constr. Building Ltd; Emergency at Eziama Osuama International Roads Isiala Mbano LGA, at the cost of N561,592,377.80 and paid on the17/03/2020.

    Also paid were, Argento Ltd; Emergency at Benin Township Road Lot 4, at the cost of N382,805,411.60 and paid on the 18/03/2020. Two Rocks Cont. Ltd; Remedial Works at New Ogorode Road Lot 4, N500,875,848.00 and paid on the 18/03/2020. Elkan Zibson Ltd; Emergency Repairs of failed and unmotorable sections of Ezumoha Internal Roads Isiala Mbano LGA, at the cost of N531,150,414.29 and paid on the 19/03/2020. Cracked Stone Constr. Ltd; Remedial works on Failed and Unmotorable sections of Benin Township Road Lot 8, at the cost of N417,806,787.01 and paid on the 19/03/2020. PDH Global Logistics Ltd; Emergency Repairs of Failed and Unmotorable sections of Umuezuo Umuagbavu Road Remedy Failed and unmotorable sections of Chikwe Orlu Street Environment, at the cost of N543,247,587.35 and paid on the 20/03/2020. Aritel Oil and Gas; Remedy Failed and Motorable sections of Chikwe Orlu Street Environment, at the cost of N550,100,132.34 and paid on the 24/03/202.

    Dis Concept and Solutions Ltd; Urgently Remedy Failed and Un motorable sections of Jessy and Jenny Road off peter Odily Road PHC, at the cost of N476,794,367.22 and paid on the 26/03/2020. Ogugo Concept and Solutions Ltd; Emergency Repairs of Failed and Unmotorable sections of Environs Yenagoa LGA, at the cost of N300,029,695.14 and paid on the 26/03/2020. Webster Global ventures Ltd; Instruction of emergency Repairs of failed and unmotorable sections Benin Township Road Lot 2 Oredo LGA, at the cost of N357,242,054.35 and paid on the 26/03/2020. Webster Global ventures Ltd; Remedial Works of Failed and unmotorable sections of Akuku Illah Road Oshimili North LGA, at the cost of N 463,489,890.13 and paid on the 26/03/2020 and Webster Global ventures Ltd; Remedial Works of failed and Unmotorable sections of New Ogorode Road Lot2 Sapele LGA, at the cost of N 466,416,380.71 and paid on the 26/03/2020.

    He alleged “this blackmail scheme explains why the 2019 Budget of the NDDC was passed by the NASS Committee in March, 2020”, adding that, “we are talking about a budget that was billed to expire in May, 2020. This implication is that the management of the NDDC had only five weeks, to implement the budget of one fiscal year, and present a performance report on the same budget.

    “This scheme has continued to play out, because as at this Month of August 2020, the budget of the NDDC for the 2020 fiscal year has not been passed by the Joint National Assembly Committee on NDDC. Sadly, nobody seems to care to ask questions because people are falling for the well-scripted smokescreen playing out in the two Chambers of the National Assembly.”

    According to the statement, “this document, is among the many others tendered before the NASS Committee, which never saw the light of the day, and which the NDDC Committee were never allowed to speak on, when they eventually appeared before the Committee, during the public hearing. It was based on this evidential claim that the IMC of NDDC staged a walk-out, on the first day they were to testify before the Committee.

    “The details of this list can be verified from the Central Bank of Nigeria, through a Freedom Of Information (FOI) request.

    “Indeed, the same allegation informed the reason all well-meaning Nigerians urged the Committee Chairman, Hon. Tunji-Ojo to recuse himself from the Chairmanship of that hearing. This is in keeping with the Nemo judex in causa sua, which is a Latin phrase that upholds the principle of natural justice that no one can judge a case in which they have an interest”.

    It continued that, “it is very unfortunate that against all objective appeals and moral persuasions, Hon. Olubunmi Tunji-Ojo, alongside some other accused members of the House Committee on NDDC, proceeded to hold a public hearing, which was initially slated for two days, being the 15th and 16th of July 2020, but which effectively ran till 20th of the month, only for him to decide, at his own pace and time, to recuse himself from the hearing, on the last day, an action which cast a dark shade on the entire public.

    “This is because, the same reason for which he recused himself on the last day was enough for him to steer clear from the matter, ab initio. The foregoing points to a clear fact that the Committee set out to do a bidding, that was never in the interest of the public. They obviously needed a public hearing to tell the public what they wanted the public to hear, rather than the facts of the matter.

    “The Spokesperson the House of Representatives, Hon. Benjamin Kalu, on a National Television Programme, recently, admitted publicly, that Contractors often approached Chairmen of the House Committees and the members, to use their office to compel MDAs to pay them. This definitely should be the new height of the abuse of the oath of office they swore, not to allow their personal interest interfere with the discharge of their official duties.

    “Recall that since these allegations were first made by the Acting Executive Director, Projects, Dr. Cairo Ojougboh on National Television, Hon. Olubumni Tunji-Ojo has not deemed it fit to discountenance the allegations by way of a law suit”.

    The statement also gave a detailed breakdown of the contracts which the National Assembly allegedly compelled the NDDC Interim Management Committee to pay before the 2019 budget is harmonized.

  • Reps approve N346.3 billion NDDC 2019 budget

    The House of Representatives has passed the 2019 Appropriation bill of N346.388 billion for the Niger Delta Development Commission (NDDC), for its 2019 operations.

    This was sequel to a unanimous adoption of a report on the bill by the NDDC Chairman, Rep. Olubumi Tunji-Ojo (APC-Ondo), at the Committee on Supply, on Wednesday in Abuja.

    The House approved an overhead expenditure of N13.4 billion, N4.08 billion for internal capital expenditure and N306.6 billion for development projects.

    Addressing journalists after the passage of the bill, Tunji-Ojo said that the implementation of the budget was expected to end by May 31, as the house commenced the process to approve the 2020 budget for the commission.

    He explained that in the past, the NDDC had been running its budget in arrears, but the 9th House of Representatives insisted things must be done properly.

    Tunji -Ojo said that the house insisted that the 2019 and 2020 budgets be submitted to the house, which was done late last year.

    The Rep. said that the house must pass the 2019 Budget before that of 2020 in line with legislative best practices.

    “We are starting work immediately on the 2020 Budget and in no time, may be by next month, we should have gone far enough to pass it on or before May 2020.

    “It is our desire that by June, the NDDC should have started running a normal budget circle again,” he said.

    Tunji-Ojo assured that the house will ensure proper implementation of the budget even though the commission has a good track record for budget implementation.

    He noted that the 2018 NDDC budget had an implementation rate of 98 per cent.

    The chairman said that in spite of NDDC’s track record on efficient budget implementation however, the committee would take its oversight function seriously.

    According to the lawmaker, the committee would ensure the quality of work done meets international standards; adding the Niger Delta region is very important to the country.

    “This is the house of the people, that is why we are here; we stand for nothing but the interest of the people and it is our desire that every kobo (penny) of the Niger Delta is used for the people of the region.

    “You can be sure that under my chairmanship, we will not shy away from that responsibility, and we hope that by this time next year, we will not be talking about this,” Tunji-Ojo said.

  • Lagos Assembly approves Sanwo-Olu’s re-ordering of N93.7bn from 2019 budget

    Lagos Assembly approves Sanwo-Olu’s re-ordering of N93.7bn from 2019 budget

    The Lagos State House of Assembly has approved the re-ordering of N93,742,530,000 from the 2019 budget size by the state government.

    Governor Babajide Sanwo-Olu had requested the reordering of 2019 budget size due to shortfall in revenue.

    In a letter read on the floor of the House, Sanwo-Olu lamented lack of new revenue sources for the remaining months of the year, and requested for re-ordering of 2019 budget which stands at N873.532 billion.

    The governor said budgetary provisions of both recurrent and capital budget of ministries, departments and agencies were not likely to be utilized before the end of the year and that the sum of N34.050 billion could be re-ordered.

    The breakdown, he said showed that the recurrent is N24 billion while the capital is N10.050 billion.

    Sanwo-Olu, in the letter stated that the 2019 budget had been partially implemented by the last administration before the tenure came to an end on 29th May, 2019.

    The governor stressed that the present administration was confronted with the need to keep its electoral promises to the citizens and resolved to take advantage of clement weather condition in the later part of the year to complete various projects.

    “The State shall be raising a total of N250 billion broken down into a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion.

    The speaker, Rt. Hon. Mudashiru Obasa had committed the governor’s request to the joint committees on Finance and Budget and Economic planning.

    Presenting the report of the joint Committee on Tuesday, Hon. Gbolahan Yishawu stated that the 2019 budget size stood at 71 percent as August.

    According to him, the recurrent performance was 80 percent while the capital was 46 percent.

    In the motion which was moved by Hon Tunde Braimoh, the House approved the capital of N74, 824,648,162 and recurrent 18,918,059,368 to be reordered respectively.

    The Speaker, Obasa said since “it is an unanimous decision. Let’s pass the re-order so that the Governor and his team will continue to do the good work for Lagos residents.”

    Braimoh said, “We need to expeditiously consider the request of the Governor. The Committee had done justice, so let’s approve it so that the people of Lagos can feel our impact.”

    Hon Jude Idimogu also said, “I appreciate the Committee. I urge my colleagues to look at the report and make sure that it is passed.”

  • Nigeria rules out Eurobonds sale, mulls local borrowing to fund 2019 budget

    The Debt Management Office (DMO) has disclosed that the Nigerian government will not consider going to the international debt market this year to borrow fresh funds.

    Director-General of the DMO, Ms Patience Oniha, who made this disclosure, stated that federal government will only consider the local debt market to seek for fresh funds.

    In a correspondence with Bloomberg, Ms Oniha said, “We will only raise the new domestic borrowing of N802.82 billion as provided in the 2019 appropriation act. We won’t be in the international capital market in 2019.

    Recall that in 2016, Nigeria approved a three-year plan to borrow more money from the international market and in 2018, the country issued a record $10.7 billion of international bonds.

    Some investors had expected the Africa’s largest economy, which went into recession in 2016 and exited a year later, to sell more papers in 2019 to cover the N2.5 trillion budget deficit.

    But Ms Oniha has dashed their hopes with her response to Bloomberg’s inquiry. She said federal government would stick to its new domestic borrowing plan to raise N802.8 billion this year.

    Eurobonds worth $10.87 billion as of June 2019 accounted for the largest percentage of the nation’s external debt, rising from $8.5 billion at the end of June 2018, according to data sourced from the debt office.

    The office had earlier this year refuted claims that the Federal Government had no plans to issue Eurobonds as part of its external borrowing this year.

    It noted that the 2019 Appropriation Act provided for new external borrowing of N824.82 billon (equivalent of $2.7 billion at USD/N305), adding that the plan for raising the new external borrowing was to first access cheaper funds from multilateral and bilateral lenders as might be available.

    “Thereafter, any balance will be raised from commercial sources, which may include securities issuance such as Eurobonds in the international capital market,” it disclosed.

    Ms Oniha said that with the country’s 2019 Budget left with only six months for implementation as a result of the late passage of the bill, the government aimed to start its budget implementation for 2020 in January.

  • Reps pass N8.906tn 2019 Budget

    Reps pass N8.906tn 2019 Budget

    From Jonas Ike, Abuja

    The House of Representatives on Tuesday passed the N8.906 trillion Budget of the Federal Government of Nigeria submitted to the National Assembly by President Muhammadu Buhari on 19th December 2019.
    This followed the consideration and approval of the Report of the House Committee on Appropriations on the budget bill which had earlier passed through second reading and was referred to the Committee for further inputs.
    The budget is entitled: “A Bill for an Act to authorize the issue from the consolidated Revenue Fund of the Federation the total sum of N8,906,974,099,373 out of which N502,058,093,965,113,092 is for Statutory Transfers, N2,254,014,1130092 is for Debt Service, N4,055,940,383,684 is for Recurrent Expenditure while N2,094950,632 billion is for Contribution to the Revenue Fund for Capital Expenditure for the year ending on 31st December 2109”.
    With the passage, the Accountant-General of the Federation shall when authorized to do so by warrant signed by the Minister charged with the responsibility of paying out of the Consolidated Revenue Fund of the Federation during the year ending on the 31st December 2019 the sum specified by the warrants, not exceeding the aggregate N8,906,964,099,373 for the fiscal year.
    The budget heads under the item statutory Transfers are as follows: (a) National Judicial Council N110,000,000,000, (Nigeria Delta Development Commission (NDDC) N100,188,921,129, (Universal Basic Education N112,471,421,836), National Assembly, N4,398,550,000), Public Complaints Commission N45,500,000,000), INEC N45,500,000,000, National Human Rights Commission N1,5000,000,000.
    Chairman of the House Committee on Appropriations Hon. Mustapha Bala Dawaki who led the debate on the budget said the budget passed by the House is as presented by the Presidency.
    Some key components of the budget christened Federal Executive Bodies are as follows: Office of the Secretary to the Government of the Federation N37,636, 406,824, Federal Ministry of Agriculture and Rural Development N107,318,344,102, Federal Ministry of Finance N1,729,708,700, Federal Ministry of Industry,Trade a d Investment N63,112,112,113,708, Federal Ministry of Labour and Employment N10,180,953,829 and Federal Ministry of Transportation N1179,384,331,427.
    Others include Federal Ministry of Power, Works and Housing N39490,906,215,852, Ministry of Petroleum Resources N5,257,866,299, Ministry of Mines and Steel Development N9,891,135,562, Ministry of budget and National Planning N2,990103,008, National Salaries, Income and Wages Commission N201,037,348, Fiscal Responsibilities Commission N111,306,657, Federal Ministry of Water Resources N92,1178,020,778 and Federal Ministry of Justice N2116,262,589.
    There is a component of of N3 billion for Legislative Aides personnel emoluments N100 billion for the construction of houses under social intervention, payment of local contractors,, Debt/Other Liabilities N15,000,000,000, North-East Intervention Fund N45,000,000,000 and other components which sum is a total of N8.864 trillion that was passed by the House as the budget.
    Other Federal Executive Bodies that got a chunk of the budget include the Federal Capital Territory Administration, Independent Corrupt Practices and Other Related Offences Commission, ICPC, Ministry of Niger Delta Affairs, Ministry of Youths and Sports Development, Federal Ministry of Women Affairs, Federal Ministry of Education, Federal Ministry of Health and National Population Commission among others.

  • Senate passes 2019 budget, injects extra N10bn

    The Senate has passed the 2019 appropriation bill. The passage follows the presentation of a report by the chairman senate committee on Appropriation, Danjuma Goje.

    The budget was increased from N8.83 trillion presented by President Muhammadu Buhari to N8.916 trillion.

    Mr Goje said the need to provide for the severance benefits of outgoing lawmakers, their aides, provision for the National Assembly orientation programme, election, and others accounted for the about N86 billion increase.

    “There is also the need to provide more fund for the security and intelligence agencies to deal with additional, emerging, unforeseen challenges in the country,” he said.

    Recurrent expenditure – N4.65 trillion

    Capital expenditure – N2.94 trillion

    In an additional recommendation, the Senate approved a N10 billion fund to be drawn from service-wide votes to assist victims of Zamfara crisis.

    The Senate had, in one of its plenaries, approved the special fund.

    The lawmakers adopted the Medium Term Expenditure Framework (MTEF) earlier presented.

    A daily production rate of 2.3 million barrels, at $60 per barrel was also adopted, as suggested by the executive.

    The Senate immediately communicated changes made to the budget to the House of Representatives, to ensure there is no conference committee which could further stall the passage.

    The Senate President, Bukola Saraki, thanked his colleagues and charged the executive on implementation of the budget.

    “We hope that with this budget passed, the executive will ensure full implementation for the benefit of all Nigerians,” he said.

    The Senate, thereafter, adjourned for an hour to allow the secretariat to make available votes and proceedings of the day to allow speedy transmission of the bill to the president.

    The N8.83 trillion budget was presented to a joint session of the National Assembly by Mr Buhari on December 19, 2018

  • BREAKING: Lagos Assembly passes 2019 budget

    …Increases budget size by N21.215b

    The Lagos State House of Assembly on Monday afternoon passed the 2019 budget of the state at plenary.

    While the total buget size is N873, 532, 460, 725; capital expenditure stands at N479, 691, 073, 705 and recurrent expenditure is N393, 841, 387, 020.There is a difference of N21.215b from the budget presented by Governor Akinwunmi Ambode in February which was N852.317b.

    Details shortly…

     

  • Lagos Assembly receives report on 2019 budget, steps down debate

    The Lagos State House of Assembly has stepped down debate and passage of the state’s 2019 Appropriation Bill after receiving report of its Committee on Economic Planning and Budget.

    The News Agency of Nigeria (NAN) reports that the House Committee on Economic Planning and Budget, on Friday, presented its report after about 80 days that Gov. Akinwunmi Ambode laid the 2019 budget proposal of N852.316 billion before the assembly.

    There were rumours that the House would pass the budget on Friday, but the lawmakers stepped down the approval during plenary that commenced at about 4.30 p.m.

    The budget, submitted by Ambode, had a Capital Expenditure of N462.757 billion and a Recurrent Expenditure of 389.560 billion, while the capital to recurrent ratio of the budget stood at 54:46.

    Meanwhile, the House, after receiving the report and recommendations of its committee, headed by Mr Gbolahan Yishawu (APC-Eti-Osa II), premised the stepping down on the voluminous reports.

    Yishawu, while presenting the report, said the committee observed, during extensive deliberation with various ministries, departments and agencies, the need to move some funds from one sector to another.

    According to him, the total revenue proposed for 2019 is believed to be realistic but the Internally Generated Revenue (IGR) Order needs to be reduced as the empirical reports do not support level of collection.

    He said that this should be reduced from N91 billion to at best N60 billion

    Yishawu, who highlighted areas where revenues, subventions and expenditures needed to be reduced, increased or included from one sector to another, recommended that all MDAs must operate within the enabling appropriation law.

    Presenting the summaries, Yishawu said: “The sum of N395,993,387,020 be approved as the total recurrent expenditure for the year ending Dec. 31, 2019.

    “The sum of N478,866,073,705 be approved as the total capital expenditure for the year ending Dec. 31, 2019.

    “The sum of N874,859,460,725 be approved as the total budget size for the year ending Dec. 31, 2019,” he said.

    On policy issues, Yishawu recommended for the house to direct that the abandoned Lagos State Metropolitan Development and Governance Project were completed before the end of the year.

    He added that the ministry of economic planning and budget should ensure that accountants and planning officers across MDAs were retrained on the budgeting exercise.

    The chairman said that the audited account of the state for 2018 should be submitted to the house.

    “Henceforth, the commissioners for the ministries of economic planning and budget and Finance as well as the Accountant General should forward quarterly reports on the financial status to the house of assembly.

    “The House should caution accounting officers of MDAs that appropriate sanctions will be meted out for the contravention of the provisions of this law.

    “The commissioner for finance and the state accountant general and the permanent decretaries should ensure release of funds to MDAs as at when due and also forward the quarterly report to the house on the financial status of the state with respect to revenues, expenditure and debts and the release of funds to MDAs in accordance with the appropriation law,” he said.

    According to him, the House should direct all MDAs to submit project status reports on or before May 15.

    The Speaker of the House, Mr Mudashiru Obasa, commended Yishawu and members of the committee for thorough scrutiny of the budget, saying “we can see that you did a lot of jobs with the report”.

    The Majority Leader, Mr Sanai Agunbiade, who said that the reports was technical and required proper debate, moved that the deliberation on the report be moved to another day.

    “I wish to move that further debate on this report be stepped down for another day,” Agunbiade said, and he was supported by Mr Olusegun Olulade (APC-Epe II)

    Earlier, the Chairman, House Committee on Finance, Mr Yinka Ogundimu, presented a report of the House of Assembly Bill Number 59 entitled “Public Procurement Agency (Amendment) Bill, 2018.

    The House, after deliberations on the bill, read for the third time, passed into law “A Bill for a Law to Amend Lagos State Public Procurement Agency Law CH.L.56 VOL.6 Laws of Lagos State and for Connected Purposes.

    The house also read for the third time and passed into law: “A Bill for a Law to Provide for the Registration of Domestic Staff Service Providers in Lagos State and for Connected Purposes”.

    It also read for the third time and passed into law: “A Bill for a Law to Amend the Lagos State Public-Private Partnership Law CH.P.18 VOL. 9 Laws of Lagos State 2015 and for Connected Purposes”.

    A Bill for a Law to Amend the Lagos State House of Assembly Service Commission, Law CH. L34 Vol. 5 Laws of Lagos State 2015 and for Connected Purposes was equally passed into law.

    A Bill for a Law to Amend the Lagos State Neighbourhood Safety Corps Law, 2016, for the Regulation and Control of Neighbourhood Safety Corps Activities and for Connected Purposes was also passed into law.

    The Speaker directed the Clerk of the House, Mr Azeez Sanni, to forward clean copies of the bills to the governor for assent.

    NAN reports that yesterday marked the first time the House would hold plenary session on a Friday since the inauguration of the eighth Assembly on June 8, 2015.

    The House adjourned till Monday.

  • Senate postpones passage of 2019 budget till Tuesday

    Senate postpones passage of 2019 budget till Tuesday

    The Senate on Wednesday postponed passage of the 2019 Appropriation Bill till Tuesday.

    Even though, the report by the Senate Committee on Appropriations on the national budget was billed for consideration at the plenary on Wednesday, the lawmakers resolved to postpone the third reading of the bills as the details of the estimates had not been made available.

    More details…

  • 2019 Budget: Reps Pass 2019-2021 MTEF, FSP

    From Jonas Ike, Abuja

    The House of Representatives on Wednesday passed the 2019-2021 Medium Term Expenditure Framework MTEF and Fiscal Strategy Paper for the fiscal year ending 31st December 2019.
    This followed the adoption of the report of its joint Committees on Finance, Appropriations, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development on the MTEF and FSP documents.
    Chairman of the House Committee on Finance Hon. Babangida Ibrahim while debating on it said that the House should adopt the recommendations of the joint Committees on the the MTEF so that the 2019 Budget of the Federal Government can be expeditiously considered and passed into law by the National Assembly.
    Among others, the Committee recommended as follows: (1) that the Federal Government adopts 2.3 million barrels of crude oil production as daily production target.
    (2) That the gorvernment adopts USD 60 as benchmark for crude oil in the 2109 fiscal year.
    (3) That it also adopts N305 to USD1 as official exchange rate for the fiscal year 2019.
    (4) That the gorvernment adopts 1.6 trillion as new borrowing to fund Budget deficit.
    (5) That the government increases the tempo of collectable revenues in all its ministries, departments and agencies MDAs with a view to reducing Budget deficit.
    It would be recalled that the House on Tuesday April 10, 2019 adopted the MTEF and FSP documents earlier submitted to it by President Muhammadu Buhari.
    The House presided by the Speaker Hon. Yakubu Dogara thereafter mandated the relevant House Committees to fine tune the document and report to the House for more inputs.