The Federal Government is seriously planning to drastically cut down on its borrowing spree in the 2019 fiscal year, as the nation is trying to manage the struggling economy. Nigeria’s penchant for borrowing in the past few years has seen the nation’s debt stock soared in the past few years.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, revealed this at a public consultation on the 2019-2021 Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.

He explained that borrowing was critical when the country was short of funds to bring out the economy from the recession it entered in the second quarter of 2016, but that the Federal Government will greatly slow down on borrowing next fiscal year.

According to the Minister:

“Borrowing was directed at capital projects and it worked. That is why you see activities on Lagos-Ibadan rail lines and others.

However, for that level for that level of borrowing, we are taking it down because as revenue picks up, we will rely less on borrowing.”

It will be recalled that the Federal Government through Udo Udoma only a few days ago, at the IMF and World Bank Group meeting in Bali, Indonesia claimed that the nation might seek for more loans, if the need arises, describing Nigeria as one the countries with the lowest debt profiles in Africa.

Could it be that FG heeded IMF’s Warning

The International Monetary Fund (IMF) only last week at the same meeting in Bali, Indonesia warned Nigeria and other Sub-Saharan countries to check their rising levels of debts, diversify their revenue bases or face economic crisis.

The Bretton Wood institution also advised the most populous black nation to guard against the temptation to let higher oil prices delay reforms, warning that despite the recent recovery, oil prices are projected to remain below the 2013 peak.

Nigeria’s Debt Stock Keeps Growing

According to the National Bureau of Statistics (NBS) in its Nigerian Domestic and Foreign Debt report for the second quarter of 2018, Nigeria’s total debt stock as at the end of June 2018 (36 States and Federal Government debt) stood at $73.21 billion (₦22.38 trillion), compared to $74.28 billion (₦22.71 trillion) in the first quarter of the year.

External Debts

According to the NBS report, Nigeria’s total external debt stock stood at $22.08 billion (₦6.75 trillion) as at the end of the period ending June 2018. This shows a quarter on quarter debt growth of 0.05% from $22.07 billion in the period ending March 2018.

However, out of Nigeria’s total foreign debt of $22.08 billion as at the end of the second quarter of 2018, Federal Government accounts for $17.83 billion, which is 80.76% of the total foreign debt stock. The 36 states and the FCT account for the remaining 19.24% of the nation’s total foreign debt portfolio, with a joint debt of $4.25 billion.

Domestic Debts

Meanwhile, the report equally indicates that Nigeria’s total domestic debts as at June 2018 were ₦15.63 trillion ($51.12 billion). This shows a quarter on quarter growth of 24.24% from ₦12.58 trillion in Q1 2018.

The 36 states and FCT accounted for ₦3.47 trillion ($11.37 billion), while the Federal Government was responsible for ₦12.12 trillion ($39.75 billion).

The realities of the struggling state of the Nigerian economy has finally dawn on the Federal Government, as the nation is targeting a tighter fiscal plan for the economy by projecting a budget of N8.6 trillion in the next fiscal year -2019.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, revealed this at a public consultation on the 2019-2021 Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.

Breakdown of Proposed Budget

According to the Minister, the 2019 budget will be anchored on a projected total revenue of N7.9 trillion, out of which N3.6 trillion is projected to be realised from crude oil, as against the N2.9 trillion in the 2018 budget.

Meanwhile, the proposed 2019 budget is also projected on oil production volume of 2.3 million barrels per day with a crude oil price of $60 per barrel. Exchange rate in 2019 is projected to be N305 to a dollar while inflation rate is projected to be 9.98%. A Real Gross Domestic Product (GDP) of 3.0% is also being targeted in the next fiscal year.

Revenue

A non-oil revenue of N1.385 trillion is projected to be realised in the 2019 fiscal year as against N1.348 trillion in the 2018 budget. In his bid to realise the targeted non-oil revenue in 2019, the Federal Government is projecting an Income Tax of N799.5 billion as against the N794.6 billion in the current fiscal year.

However, government also to hope to raise a Value Added Tax (VAT) of N229.3 billion in the fiscal year, compared to the N207.5 billion in the 2018 budget. The sum of N54.1 billion is projected as the Federation Account Levy as against the 2018 budget figure of N57.8 billion.

Also, nine government agencies (aside NNPC) are expected to generate the sum of N955.3 billion while revenue from independent sources is projected to be N624.5 billion in the 2019 fiscal year, as against N847.9 billion in 2018.

Expenditure

On the expenditure side, the projected 2019 budget will be premiered on a project statutory transfer of N506.8 billion compared to N530.4 billion in 2018 while a sum of N2.144 trillion will be set aside to service Nigeria’s total debt as against N2.013 trillion this year. A sum of N220 billion is also projected for Sinking Fund in contrast to N190 billion in the current fiscal year.

What FG hope to achieve via the 2019 budget

According to the Minister, despite the small size of the proposed 2019 budget, the Federal Government hope to achieve the following:

Getting more revenue, oil and non-oil, by squeezing the maximum from oil, and build up non-oil revenue by an average of 30% up from the previous figure.

Relying less on borrowing and debt, but do more on revenue build up, so that debt service to revenue is brought down.

Increasing the tax to GDP rate which is still very low

Committing more funds to paying pension, gratuities and retirement benefits of retired employees by proposing N527 billion in contrast to N241.9 billion in the 2018 budget.

Giving more priority to human capital development, health and education.

Can the January to December Budget Cycle be met in 2019?

The last time the Nigerian economy really witnessed the January to December budget cycle was during the military era, as the budget has hardly gone through the normal fiscal year cycle, since the fourth republic began in 1999.

Gone are the days when the Nigerian fiscal year budgets were broadcast to the nation by the Head of State on the January 1st, as the budgets in the current dispensation do not get the constitutional National Assembly passage, until several months into the fiscal year which the budget is proposed to be implemented.

The delay in budget implementation reached a crescendo in the current 2018 fiscal year, when the budget was not passed by both Chambers of the National Assembly until six months, after it was presented by the president. As if that was not enough, it took President Buhari another 35 days before finally accenting the 2018 budget. All these delays practically left the economy at a standstill.

Nevertheless, according to Udoma Udo Udoma, the METF document would be passed to the National Assembly by the end of October while the full budget would be sent in November. However, with 2019 being an election year, it is very unlikely that the 2019 budget proposal will be passed on time.

Zenith Bank has released its results for the 9 months ended September 30, 2018.Here are key highlights of the results.

Gross Earnings

Gross Earnings fell from N531 billion in 2017 to N474 billion in 2018. This amounts to a 10.7% decline year on year.

Profit Before Tax

Profit before tax however increased from N152 billion in 2017 to N167 billion in 2018. This amounts to a 9.8% increase year on year.

Profit After Tax

Profit after tax also increased from N129 billion in 2017 to N144 billion in 2018. That amounts to a 11.6% increase year on year.

Earnings Per Share

Earnings per share increased from N4.11 in 2017 to N4.58 in 2018. This amounts to a 11.4% increase year on year.

Current Share Price

Zenith Bank is currently trading at N22.40 in today’s trading session on the Nigerian Stock Exchange.

The Economic and Financial Crimes Commission EFCC, has obtained a court order from a Federal High court in Abuja to keep the immediate past governor of Ekiti state, Ayo Fayose, for two weeks.

Fayose whose tenure ended on October 16th, arrived the commission's office in Abuja on same day to answer questions on some allegations of fraud. Fayose is being investigated for his alleged role in the $2.1 billion arms procurement fraud. He is alleged to have received N1.3 billion from the Former Minister of State for Defence, Musiliu Obanikoro, which was used to allegedly rig the 2014 state governorship election in his favor.

A source in the commission, says the court order for his continous detention was obtained yesterday October 17th.

Meanwhile, the agency has released photos of some properties the former governor allegedly acquired while he was still in office. See photos of the properties below.

Former Senate Minority leader, Senator Godswill Akpabio, has called on Senate President, Bukola Saraki, to resign his position honorably or be forced out of office. Akpabio called for Saraki's resignation after the spat they had on Wednesday in the house over Akpabio's seating position.

The senate was thrown into a rowdy session yesterday after Saraki asked Akpabio to move to the seat allocated to him in the senate before he could make any contribution. This did not go down well with Akpabio who stated that Saraki embarassed him by his comment. According to reports, Akpabio was still seating on the seat he was allocated when he was minority leader. APC and PDP senators for over 30 minutes engaged in war of words.

Speaking with journalists after the row had ended and the plenary was adjourned, Akpabio said APC is the majority party in the upper legislative chamber and there is a need to form a new leadership and asked Saraki to resign just like he did in August when he defected from PDP to APC.

“It’s a tradition all over the world that when you defect to another party even as a senate president like Saraki did, to resign from the office of the senate president. APC is still the majority party and they need to form a new leadership. The senate president should honourably resign just like I did.  I moved to APC in national interest. I don’t believe in bringing government into being and will not support that government to succeed. In the last 16 years, I did not see one kilometre of road done by PDP government in Akwa Ibom state, but today, APC government is constructing the road from Akwa Ibom to Calabar. The road has been a death trap and I must thank this government for that. From the national and local perspectives, people look at me as a leader and I must tell you that in 2019, it would be difficult for any other party to penetrate the south-south.” he said

Diddy has reportedly split from his longtime girlfriend Cassie Ventura and he's now with a 26-year-old model known as Jocelyn Chew.

The couple, who have dated for over 10 years and were often photographed together, suddenly began staying out of the spotlight. Cassie, especially, became uncharacteristically quiet about her relationship and unfollowed all accounts on Instagram, except one.

It has now been revealed that the pair went their separate ways months ago.

A source told People:

The decision was amicable and they remain friends.

Cassie is going to focus on her music and acting career.

Diddy has now been linked to 26-year-old model Jocelyn Chew. The pair have reportedly been spotted together in Miami and were also spotted attending Drake’s recent show in Los Angeles.

The Senate has passed a resolution calling on the Central Bank of Nigeria to suspend the ATM card maintenance charges being deducted from customers' accounts per month. They also called on commercial banks to configure their machines to dispense up to N40,000 per withdrawal.

The Senate made this known via a tweet @SPNigeria. This resolution came as part of a motion on the illicit and excessive bank charges on customers accounts, sponsored by Senator Olugbenga Ashafa, representing Lagos East.

Senate asks banks to allow up to N40,000 per withdrawal from their ATMs and asks CBN to suspend card maintenance fee

Speaking on the Motion, the Senate President, Dr. Bukola Saraki said:

This is a motion that affects the lives of every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have. This is why we are here: to always defend and protect the interests of the Nigerian people.

Senate asks banks to allow up to N40,000 per withdrawal from their ATMs and asks CBN to suspend card maintenance fee

The Senate President said the Senate must work to ensure that the Senate’s resolutions on the excessive bank charges go beyond the debate stage and actually takes effect.

He said:

This Senate has done this many times before; when there was a hike in the mobile telecommunication data charges, we intervened and put an end to that. When there were discrepancies and increases in electricity prices, we also took action. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions.

The Senate further directed its Committees on Banking, Insurance & other Financial Institutions and Finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

Following her defection from the ruling party APC to the United Democratic Party UDP, immediate past Minister of Women Affairs, Aisha Alhassan, today stormed the apc party secretariat in Jalingo, Taraba state and retrieved all the items she donated to the party while she was a member.

 Items she retrieved include rugs, computers, chairs, air conditioners and many others. According to her, she bought the items with her money and that she removed them because the party doesn't deserve anything good from her.

The APC publicity secretary in the state, Aaron Aryimas, in a statement released, said  the party finds her action very shameful. According to him, it was surprising to see the former gubernatorial candidate of the party become so petty in her action.

“We find this development shameful, unfortunately, it is true. The former minister has emptied the office she furnished when she was a member of the APC.  It is a very shameful action, but we shall leave her to conscience'' he said

Billionaire Paul Allen, who founded US software giant Microsoft with Bill Gates has died after his battle with cancer.

Allen, a tech billionaire, who was a philanthropist and the owner of the Seattle Seahawks and the Portland Trail Blazers was first diagnosed with cancer in 2009. He died on Monday, just two weeks after publicly revealing that non-Hodgkin's lymphoma he fought into remission nine years ago had returned.

"My brother was a remarkable individual on every level. While most knew Paul Allen as a technologist and philanthropist, for us he was a much loved brother and uncle, and an exceptional friend," Allen's sister Jody said in a statement.

"Paul's family and friends were blessed to experience his wit, warmth, his generosity and deep concern... At this time of loss and grief for us -- and so many others -- we are profoundly grateful for the care and concern he demonstrated every day."

Paul who co-founded US software giant Microsoft with Bill Gates in the 1970s is worth $20.3 billion, according to Forbes.

Undefeated boxing champion, Floyd Mayweather, has accepted the challenge posed to him by UFC lightweight champion Khabib Nurmagomedov.

The Russian who defeated Irish Conor McGregor in their blockbuster UFC bout two weeks ago to claim his 27th victory out 27 fights,  called out Mayweather last week as his opponent he would love to face.

The unbeaten wrestler said: 'Let's go Floyd, we have to fight now, 51-0 vs 27-0, two guys who have never lost.

'Because in the jungle there is only one king. Of course, I am the king because he cannot drop McGregor but I dropped him easily.'

The retired boxer who hung up his gloves after beating McGregor last August and clinched  51st victory out of 51 fights responded in typical fashion, saying: 'Let's make Las Vegas great again,' and called on the major television networks to get their checkbooks out.

He wrote: CBS, Showtime and MGM Grand get the checkbook out! Go to @leonardellerbe ‘s page to view Khabib Nurmagomedov challenging me. LET’S MAKE LAS VEGAS GREAT AGAIN!

The Zamfara State High Court has issued an order stopping the Independent National Electoral Commission (INEC) and the All Progressives Congress (APC) from disqualifying candidates of the party from contesting in the 2019 election.

According to Channels TV, the order was issued by Justice Mukhtar Yushau on Tuesday, October 16, 208, following a suit filed by three members of the APC in Zamfara state on October 8, 2018, through their counsel, Muhammad Sani Katu.

Those who filed the suit are:  the APC Chairmen of Gusau Local Government Area, Tsafe Local Government Area, Babangida Abdullahi, Kabiru Chafe respectively, and Sanusi Dan-Alhahi.

INEC’s ban

INEC, on October 10, 2018 announced that it has barred the Zamfara State chapter of the ruling APC from fielding any candidate during the 2019 general elections after failing to conduct primary elections.

October 7, 2018, was the deadline set by INEC for all political parties to conclude their primaries.

However, the electoral body was not able to supervise any of the APC primary elections due to an internal crisis that rocked the party.

Court ruling

In his ruling, Justice Yushau called on INEC, the APC, its North-West zonal chairman to maintain the status-quo as at October 8, 2018, the date which the suit was filed.

The Judge then adjourned the hearing to October 23, 2018 for other parties to file a response.

APC, in a statement issued by its spokesman, Lanre Onilu countered INEC’s ban, saying that it will field candidates for all elective positions in Zamfara in the 2019 general elections.                         

Inform Super Eagles striker Odion Ighalo netted a brace to save Nigeria’s blushes in their 3-2 win over Libya in a 2019 Africa Cup of Nations (AFCON) on Tuesday, October 16.

Ighalo scored his first of the night in the 14th minute before turning provider as Ahmed Musa doubled Nigeria’s lead.

The Libyans were not ready to go down easy and pulled one goal back just before the halftime though Mohamed Zubya.

They looked spurred to go on and win it after Ahmed Benali equalised in the 74th minute but Ighalo completed his brace in the 81st minute to get all the three points for the Super Eagles.

Ighalo’s goal ensured that the Super Eagles are now top of Group E of the AFCON 2019 qualifiers.

Super Eagles boss Gernot Rohr made just one change, forced by an injury to Shehu Abdullahi in the first half of their 4-0 win over Libya just three days ago in Uyo.

Ola Aina came on for Abdullahi with Rohr retaining the rest of his starting XI from that game in Uyo for the clash at the Stade Taïeb Mhiri in Sfax in Tunisia.

Playing away from home due to the unrest in their country, the Mediterranean Knights started the game brightly but it was the Super Eagles who got the first chance of the game but Samuel Kalu could not put enough effort on his cross which was well dealt with.

In the 14th minute, however, Ighalo gave the Super Eagles the lead with a tap-in after a one-two between Musa and Alex Iwobi has split the Libyan defence.

Three minutes later, Ighalo turned provider, running at the Libyan defence after picking up a pass on a counter and squaring for Musa who beat three men before finding the net.

The Super Eagles took control of the game with a couple of passes but Libya recovered to ask some questions of the Super Eagles defence.

In the 35th minute  Zubya pulled one back for Libya with a far-post header which beat Nigerian goalkeeper Francis Uzoho.

The Libyans still came at the Super Eagles who were more than happy to hear the halftime hustle.

The Libyans were rampant at the restart, coming at the Super Eagles at every foray forward. In the 74th minute, they got their equaliser through Benali who was on the end of a good move inside the Super Eagles box.

A former National Security Adviser, Colonel Sambo Dasuki (rtd), 13 former governors and       seven ex- ministers are among the 50 prominent Nigerians that have been banned from traveling following the order from President Buhari for the full implementation of the Executive Order 6 (EO6).

The Nation reports that others on the watchlist are: ex-governors Saminu Turaki (Jigawa), Murtala Nyako (Adamawa), Adebayo Alao-Akala (Oyo), Gabriel Suswam (Benue), Rasheed Ladoja (Oyo), Orji Uzor Kalu (Abia), Danjuma Goje (Gombe), Attahiru Bafarawa (Sokoto), Muazu Babangida Aliyu (Niger); Chimaroke Nnamani (Enugu); Sule Lamido (Jigawa); Gbenga Daniel (Ogun); and Ibrahim Shehu Shema (Katsina).

The ex-ministers are Nenadi Usman, Bashir Yuguda, Jumoke Akinjide; Bala Mohammed; Abba Moro; Femi Fani-Kayode; and Ahmadu Fintiri.

Others include a former Chief of Defence Staff, Air Marshal Alex Badeh; ex- Chief of Naval Staff, Vice Admiral A. D. Jibrin; a former Chief of Air Staff, Air Marshal Mohammed Dikko Umar; a former Inspector-General of Police, Sunday Ehindero; and a former Chief of Air Staff, Air Marshal Adesola Amosu; Chairman Emeritus of AIT/ Raypower, High Chief Raymond Dokpesi; Waripamowei  Dudafa (a former  Special Assistant (Domestic) to ex-President Goodluck Jonathan); a former Chief Judge of Enugu State, Justice Innocent Umezulike; a former judge of the Federal High Court, Justice Rita Ofili-Ajumogobia;

Also on the list are a former National Publicity Secretary of Peoples Democratic Party (PDP), Olisa Metuh; Chief Jide Omokore; Ricky Tarfa; and Dele Belgore (SAN).

Most of the affected persons are currently facing trial for alleged corrupt practices in different courts.

The list was generated from cases and proceedings filed by the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police, and 17 other agencies.

The document indicated that many of those affected had earlier been placed on similar legal restrictions by the courts and security agencies including restriction of movement, seizure of passport, temporary forfeiture of assets, freezing of accounts and others.

Explaining the ban on the prominent Nigerians, a top government official, who spoke in confidence, said there is no cause for alarm.

“The ban is not different from the conditions given by the court in granting these accused persons bail. The E06 is like a codification of steps to prevent those on trial for alleged corrupt practices from tampering with assets. Some of these accused persons used to go to court for permission before they can travel out of the country. The E06 is not a new thing but instead of all agencies working at cross-purposes, a list was generated and backed with the Executive Order. Some of those on trial, especially the Politically Exposed Persons (PEPs) had been selling their assets. What will they return after being convicted?”

Nigerian singer, Oluwatosin Oluwole Ajibade popularly known as Mr. Eazi has publicly declared that his billionaire daughter girlfriend, Temi Otedola is his one and only.

The 27-year-old singer made the declaration while reacting to the status of his relationship with Temi in an interview with Sunday Scoop.

He said: “I don’t think there is anything hidden about it. Temi is my one and only girlfriend.”