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FG to use 559 bn recovered loot to fund 2017 budget-Minister

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The Federal Government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget.

The Minister of Budget and National Planning, Udoma Udoma, who gave this hint at the 2017 budget breakdown in Abuja, said the total revenue projected was N5.08 trillion, with 11 per cent (about N559 billion) coming from the recoveries made by the government.

“On recoveries, we are being extremely conservative. What is in the budget is what we know about already. So, if more comes, we will use it. Know that recoveries of looted funds are not the most dependable way to finance the budget because of the legal processes that have to be concluded before they can be spent. So, the money quoted in the budget is the one we have already recovered and in our pocket to spend as we wish.’’

He said the total revenue projected exceeded the 2016 projection by 30.26 per cent, adding that oil revenue projection was put at 41.7 per cent compared to 19 per cent in 2016.

Udoma added that the high revenue expectation from oil was driven by Joint Venture Calls (JVC) cost reduction, higher production and price, exchange rate as well as additional oil-related revenues.

According to him, Company Income Tax (CIT) will contribute 15.9 per cent; Value Added Tax (VAT), 4.8 per cent; independent revenue, 15.9 per cent and others, 5.2 per cent.

He also said the projected budget deficit, which stood at N2.36 trillion remained relatively low at 2.18 per cent of the Gross Domestic Product (GDP).

“This is within the 3 per cent threshold stipulated in the Fiscal Responsibility Act (FRA). The budget is to be financed mainly by borrowings, which have been projected at N2.32 trillion. Of this amount, N1.07 trillion is intended to be sourced externally while N1.25 trillion will be sourced domestically.’’

Udoma stated that N35 billion is expected as revenue from the outright sale of government property and privatisation of state-owned enterprises, adding that to generate the projected revenue, the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) had been challenged to improve their efficiency and broaden their reach to achieve the set targets in the 2017 budget.

He said the Federal Government would strive to maximise the revenues it could generate from the oil and gas sector because the foreign exchange generated from the sector was critical for plans to diversify to the non-oil sectors.

“It is important that we use what we have to get what we need and want and what we have is oil. It is important that we make sure there is peace in the Niger Delta so that we can achieve the maximum from that resource,” he said.
The N7.44 trillion budget was signed into law by the Acting President, Yemi Osinbajo, on June 12, a month after it was passed by the National Assembly.

Referred to as the Budget of Recovery, the budget was first presented on December 14, 2016, to the two chambers of the National Assembly by President Muhammadu Buhari at an estimate of N7.30 trillion. The lawmakers, however, increased it by N143 billion.

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JOB

Man kills mother after impregnating his cousin.

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A 25-year-old man who has been identified as Agaezichi Ogbonna from Akpaa Mbato village in Obingwa Local Government Area of Abia State has reportedly killed his 52-year-old mother after allegedly impregnating his cousin.
According to Southern City News , it was learnt on Tuesday that following the development, angry youths in Akpaa Mbato village descended on Ogbonna, but for the timely intervention of the soldiers attached to a nearby checkpoint, the suspect would have been lynched.
An anonymous source disclosed that Ogbonna, who is said to be the last son of his mother, was allegedly accused of having sexual affairs with sisters of the same parents at his maternal home.
He was said to have impregnated one of them in the process, an act which the villagers, said was a taboo in their community and Igbo land in general.
It was learnt that defiant Ogbonna was said to have ignored the warning of the community to continue sleeping with one of the sisters whose name was simply identified as Ugochi, which did not go down well with his sick mother.
The source said,

“Ogbonna’s mother who was managing her high blood pressure condition angered by the son’s action and the negative effect his abominable act would bring to the family, decided to raise the alarm after she noticed that her son was sleeping with Ugochi.
“In the heat of an argument with the mother, Ogbonna kicked her on her ribs which aggravated her health condition. She was said to have collapsed and died shortly afterwards when some members of the family who came to her rescue tried to stabilise her.”

A member of the community, who also pleaded anonymity, said that on seeing that the mother had died, Ogbonna tried to run away, but was prevented.
The source said when the news filtered into the community; the youths stormed their compound and took Ogbonna to unknown destination.
The family source said the youths after beating Ogbonna to a pulp was on the verge of setting him ablaze when soldiers, who were alerted, rescued him from the villagers who had already hung tyre on his neck and about to pour fuel on him.
A soldier at the Akpaa Mbato Army checkpoint said they mobilised to the scene to save the suspect from jungle justice when they were alerted to the action the youths of the community were about to take.

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Video game addiction now a mental disorder, says WHO

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The World Health Organisation (WHO) has classified compulsive gaming as a mental health condition.
The condition tagged ‘gaming disorder’ will be added to the 11th edition of WHO’s International Classification of Diseases.
It will describe the disorder as “impaired control over gaming, increasing priority given to gaming over other activities to the extent that gaming takes precedence over other interests and daily activities, and continuation or escalation of gaming despite the occurrence of negative consequences”.
A WHO representative estimated two to three percent of video game players meet the criteria for gaming disorder.
“For gaming disorder to be diagnosed, the behaviour pattern must be of sufficient severity to result in significant impairment in personal, family, social, educational, occupational or other important areas of functioning,” WHO said.
Several mental health professionals have been fighting this classification, worried that it’s more grounded in moral concerns than science.
“There was a fairly widespread concern that this is a diagnosis that doesn’t really have a very solid research foundation,” said Christopher Ferguson, a psychologist and media researcher at Stetson University in DeLand.
The American Psychiatric Association also said that there was not “sufficient evidence” to consider gaming addiction as a “unique mental disorder”.
WHO had said in December 2017 that it will recognise the effects of obsessive video gaming as a mental health disorder.

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BREAKING!! Egypt vs Uruguay: Mo Salah Missing As Teams Release First Eleven In FIFA World Cup Match

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See first eleven for Egypt and Uruguay

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