Connect with us

News

BOSG urges accounting officers on strict compliance to 2024 budget, increases Target of Internally Generated Revenue in the state

Published

on

BOSG urges accounting officers on strict compliance to 2024 budget, increases Target of Internally Generated Revenue in the state

By Babagana Wakil

The Borno State government has urged all accounting officers and Director finance in the state to operate within the funds approved in the 2924 budget as assented to by Governor Babagana Zulum.

The state commissioner for Budget and Planning, Professor Mustapha Malumbe who made the call Monday at a press briefing with journalists on 2024 approved budget held at the international conference hall of Usman Musa state secretariat Maiduguri said,”this budget is not just about numbers; it embodies a vision for a more prosperous, secure, and equitable future for all. Consolidation underscores Government’s commitment to building upon the successes of the past year,” .

The Commissioner said “the success or otherwise of this policy will largely depend on each and every one of us. I therefore, crave your indulgence to operate strictly within the bounds of the budget so as to achieve the set objectives”

He said the Borno State government has targeted N27.7 billion Internally Generated Revenues (IGR) with a budget performance of between 80 and 90 percent in 2024 fiscal year, stressing that thee improved budget implementation, was attributed to statutory allocation revenue from the Federal Government and payments of ground rents that raised IGR by 25 per cent.

“This budget is not just about numbers; it embodies a vision for a more prosperous, secure, and equitable future for all. Consolidation underscores Government’s commitment to building upon the successes of the past year,” Malumbe said 

He also advised the accounting and finance officers to note that the budget document is a set of policy guide which will enable MDAs operate during the 2024 fiscal year, pointing out  that,  no request for funds not funded in the budget will be entertained.”

Malumbe said the 2024 Budget is saddled with Government’s commitment in Building on the foundation laid in the previous years; this year’s budget tagged “Budget of Consolidation and Progress marks a significant step forward in the shared journey towards achieving long-term goals.”

The commissioner further explained that the State Government will continue to strengthen fiscal discipline, invest in key infrastructure projects, and implement reforms that create a more enabling environment for businesses and individuals to thrive..

” This budget also embodies progress. Government will be making strategic investments in areas critical for sustained growth and development, such as Education, Healthcare, Works and Reconstruction to also champion initiatives that empower vulnerable communities, return of IDPs and bridge the gap between opportunity and disadvantage,” he added.

“”The expenditure proposals for the fiscal year 2024, aims to strengthen the accomplishments achieved so far and further ensure the delivery of democratic dividends, especially in the realms of socio-economic and political development of the State,” the commissioner said.lb

He further explained also that the 2024 Approved Budget was also in line with the ‘State Government’s Medium Term Expenditure Framework’ wq (MTEF 2024 – 2026) approved by the Borno State House of Assembly, the ‘Strategic Transformation Initiative’ (STI) for 2024 and 25-year State Development Plan in an effort of building Borno Back and Better. 

He also emphasized on  the key objectives and priorities outlined in the MTEF for the current budgeót yea which include amongst others the  complete return and resettlement of all IDPs to their ancestral homes, completion of all on-going projects in the State and 

He noted that the aim was  to ensure food security and also mitigate some of the negative impacts of climate change, thus providing livelihoods for our rural population and to reduce over-dependence on Federal transfers through improved independent revenue generation achievable via a technological-driven and independent Board of Internal Revenue;

Professor Mustapha Babagana revealed that  thhis would involve implementation of programmes that generate employment and create wealth and ensure adequate security while comparing the  2023 budget size  which was N235,331,950,000.00 and  made up of capital expenditures, based on the fiscal forecast and guidelines provided in the Medium-Term Expenditure Framework (MTEF 2023 – 2025) and aligned to the Budget Estimates. 

He said the overall 2023 Budget Performance stood at 74.4% and during the 2024 fiscal year government is going to establishment specialized hospitals and schools of Nursing in the three senatorial district of the state. Construction of ICT centers, Government Lodges, teachers and health workers quarters. Procurement of equipment to the State University Teaching Hospital and completion, provision of scholarships to indigenous people to study nursing and midwifery courses and sponsor students in various fields of study, especially Science, Technology, Engineering, and Mathematics (STEM) courses, languages, and training of pilots

He said the 2023 budget is not without challenges, however because of the doggedness of His Excellency and the resilience of the people there was a huge success in implementation of the budget such as  challenges security situation of ongoing Boko Haram .insurgency,, economic recovery and Internally displaced persons (IDPs): The large number of IDPs in the state informed additional  resources  require to alddress the challenges among others.

BOSG urges accounting officers on strict compliance to 2024 budget, increases Target of Internally Generated Revenue in the state

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Gunmen abduct 15 passengers, kill one in Benue

Published

on

Gunmen abduct 15 passengers, kill one in Benue

By: Zagazola Makama

Armed men dressed in military uniforms have abducted 15 passengers and killed one person during an attack on a commercial bus in Okpokwu Local Government Area of Benue State.

Sources confirmed on Tuesday that the incident occurred on Sunday at about 7:30 p.m. at Ado-Okpoga, along the Oju–Ado-Ekiti route.

The sources said the bus, a Hummer vehicle driven by one Gbenga Peter, 35, was travelling from Oju LGA in Benue to Ado-Ekiti in Ekiti State with 23 passengers on board when it was intercepted by nine armed men.

“On reaching Ado-Okpoga, the bus was attacked by nine unknown armed bandits wearing army uniforms. Fifteen passengers were abducted into the bush,” the sources said.

During the нападение, one passenger, identified as Idiku Meshak Ogbete, 22, was shot dead. The driver and eight other passengers managed to escape and later reported the incident at Okpokwu Police Station.

The Divisional Police Officer (DPO) in Okpokwu was said to have immediately mobilised patrol teams alongside other tactical units, including Operation Whirl Stroke, the Benue State Civil Protection Guards and other security agencies.

“The corpse of the deceased has been removed and deposited at the mortuary in Okpoga. A coordinated search of the surrounding bushes is ongoing to track the suspects, effect arrests and rescue the abducted victims,” the sources added.

Gunmen abduct 15 passengers, kill one in Benue

Continue Reading

News

Lagos Moves to Build West Africa’s Leading International Financial Centre

Published

on

Lagos Moves to Build West Africa’s Leading International Financial Centre

By: Michael Mike

Lagos State has taken a major step toward repositioning Nigeria as a global investment destination with the unveiling of a comprehensive roadmap to establish a Lagos International Financial Centre (LIFC), envisioned as the leading financial hub in West Africa.

The roadmap is contained in a new report titled “Establishing an International Financial Centre in Lagos (LIFC), Nigeria”, produced by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR. The report was formally launched at the State House, Marina, Lagos.

The high-level event attracted senior government officials, diplomats, and private sector leaders, including Lagos State Governor Babajide Sanwo-Olu, British Deputy High Commissioner to Nigeria Jonny Baxter, EnterpriseNGR Chairman Aigboje Aig-Imoukhuede, and EnterpriseNGR Chief Executive Officer Obi Ibekwe.

The initiative is aligned with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, positioning the LIFC as a long-term catalyst for economic transformation. According to the report, the proposed financial centre will deepen capital markets, mobilise international investment, drive innovation, and support sustainable economic growth across Lagos, Nigeria, and the wider West African region.

The report underscores the importance of strong public-private collaboration, noting that Lagos’ demographic advantage, expanding financial ecosystem, and strategic location make it well-suited to host an international financial centre that meets global standards.

One of the report’s core recommendations is the creation of an independent IFC framework for Lagos. This model would provide regulatory certainty, simplified tax and policy regimes, and a transparent governance structure aimed at improving investor confidence and enhancing Nigeria’s competitiveness in global finance.

To differentiate Lagos from other emerging financial centres, the report identifies three priority sectors for initial focus: green and sustainable finance, fintech and financial innovation, and commodities trading and capital markets. These sectors are considered critical to Nigeria’s future economic diversification and resilience.

The report also highlights the need for robust legal and regulatory reforms, calling for close coordination between Lagos State, the Federal Government, regulators, and the private sector to ensure smooth implementation of the LIFC vision.

Human capital development is another key pillar of the strategy. Recommendations include strengthening local talent pipelines, easing visa requirements for international professionals, and creating an enabling environment that supports skills transfer and high-value job creation for Nigeria’s growing youth population.

In addition, the report proposes competitive and targeted tax incentives, streamlined business processes, and investment-friendly policies designed to attract long-term capital aligned with national development priorities.

Speaking at the launch, Governor Babajide Sanwo-Olu reaffirmed Lagos State’s commitment to the project, describing the International Financial Centre as essential to boosting market competitiveness and facilitating seamless trading.

“Lagos is Nigeria’s largest economic and financial centre, and we must create an ecosystem that attracts investment, improves liquidity, and strengthens market infrastructure,” the governor said, adding that the LIFC would unlock new opportunities for public-private partnerships in technology and capital market development.

British Deputy High Commissioner Jonny Baxter said the report reflects the deepening UK-Nigeria partnership, combining Lagos’ strengths with UK expertise to support financial sector development.

He noted that, if effectively implemented, the LIFC could unlock significant domestic and international investment, expand capital markets, create jobs, and promote sustainable growth beyond Lagos State.

Also speaking, TheCityUK’s Managing Director for International, Nicola Watkinson, described Nigeria as a high-growth market with strong long-term potential. She said the LIFC could play a vital role in attracting global capital, supporting fintech and green finance innovation, and creating high-value employment opportunities for young Nigerians.

With the launch of the report, stakeholders say the focus now shifts to implementation, as Lagos seeks to translate vision into action and establish itself as a globally competitive financial centre for West Africa.

Lagos Moves to Build West Africa’s Leading International Financial Centre

Continue Reading

News

Transcorp Hilton Abuja Curates All-Inclusive Valentine Weekend Experience

Published

on

Transcorp Hilton Abuja Curates All-Inclusive Valentine Weekend Experience

By: Michael Mike

As Valentine’s Day approaches, Transcorp Hilton Abuja is set to transform into one of the capital’s premier destinations for romance and social experiences, unveiling an all-inclusive lineup of activities designed for both couples and singles.

This was disclosed in a statement issued at the weekend by the hotel’s Communications and Marketing Manager, Ms Ijeoma Osuji, who said the iconic hospitality brand will host a three-day “Valentine Weekend Package” from February 13 to 15.

According to the statement, the experience is designed to cater to a wide range of guests, from long-term couples seeking a romantic getaway to individuals looking to connect and celebrate the season of love in a vibrant social setting.

For visitors seeking a complete escape, the hotel is offering a bespoke room package that combines luxury accommodation with carefully curated romantic add-ons, promising a serene retreat from the city’s bustle alongside world-class hospitality.

The weekend programme features a diverse mix of entertainment and lifestyle experiences. Among the highlights is the “Signature Couples Event,” a grand and intimate gathering featuring a specially curated Valentine menu, games, music, and comedy performances.

Guests can also look forward to “A Night of Humour,” a comedy showcase featuring top-tier entertainers, aand“Theatre Magic on Stage,” a specially curated romantic stage play designed to engage audiences through powerful storytelling and emotional connection.

For culinary enthusiasts, the hotel will host Dual Restaurant Experiences, with its signature outlets; Zuma Grill and Bukka Restaurant, offering exclusive Valentine-themed dining packages tailored to diverse tastes.

Breaking away from the traditional focus on couples, the hotel is also introducing a Poolside Party for Singles, providing a chic, lively atmosphere for Abuja’s social crowd to mingle under the stars, accompanied by music and refreshing cocktails.

To help guests capture lasting memories, professional couples’ photography sessions will also be available, allowing visitors to document their special moments against the hotel’s scenic backdrops.

“We wanted to create a weekend that wasn’t just a meal, but a memory,” the hotel’s management said in the statement. “Whether it’s through laughter at our comedy special or a beautiful moment captured during a photo session, our goal is to celebrate love in all its forms.”

Reservations for the Valentine Weekend Package are now open, with organisers confident that guests will experience a memorable, immersive celebration at what remains one of Abuja’s most vibrant social hubs.

Transcorp Hilton Abuja Curates All-Inclusive Valentine Weekend Experience

Continue Reading

Trending

Verified by MonsterInsights