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Group Expresses Worry Over FG’s Failure To Release Funds For 2024 Capital Budget

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The National Coalition on Accountability and Probity in Governance (NCAPG) has expressed deep concern over the Federal Government’s failure to release funds for the 2024 capital budget.

This delay has resulted in significant economic challenges, including stalled projects, increased unemployment, and reduced consumer spending.

According to the NCAPG, the government’s inability to release capital to contractors has created a ripple effect across various sectors, leading to a decline in economic activity.

Speaking at a press conference, its national coordinator, Igwe Ude Umanta said many businesses, particularly those owed by the government for contracts executed, face severe financial difficulties, including defaulting on loans and laying off workers.

“While we recognise and commend the Federal Government’s efforts to implement policies and reforms aimed at revitalizing our economy, it is evident that much more needs to be done to achieve stability and sustainable growth,” Umanta said.

“Apparently, Nigeria’s economy is presently experiencing significant challenges, exacerbated by limited liquidity, and a lack of substantial capital releases to contractors on projects execution.

“It is very unfortunate that this worrisome reality has created a ripple effect across various sectors, leading to reduction in economic activity, largely contributing to stalled projects, and creating a surge in unemployment ratio.

“Realistically right now, Businesses, particularly those owed by the government for contracts executed, are facing dire straits. Many companies which are unable to recover payments are defaulting on loans, thereby leading to mounting debts, layoffs, and, in some cases, closures.

“Evidently, the Federal Government’s failure to make capital releases to contractors is at the heart of this economic stagnation. Capital projects are crucial drivers of economic activity, and the absence of funding for ongoing and new projects has led to significant setbacks, putting Capital release as missing catalyst which is very important to saddle the economy forward.

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“Firstly, it is a pitiable realisation that contractors have been unable to complete critical infrastructure projects, from roads to healthcare facilities, which are vital to national development. Secondly, it is observed that the lack of liquidity in the economy has limited the purchasing power of citizens, further compounding the challenges of inflation and unemployment.

“It Is indeed acknowledged that the federal government is currently grappling with significant fiscal constraints. However, it is imperative for the FG to recognize that capital releases are not merely expenditures—they are investments that stimulate economic growth, create jobs, and improve infrastructure.”

The NCAPG urged the Federal Government to prioritise economic stability and transparency in governance.
The group emphasises that the government must take immediate action to address the nation’s challenges, including prioritizing capital releases to stimulate economic activity and create jobs.

Umanta added that the government should also introduce targeted interventions to support Small and Medium Enterprises (SMEs), which are the backbone of the economy.

Furthermore, the NCAPG recommends that the government develop a clear and transparent repayment plan for contractors and businesses owed by the government.

This will not only boost liquidity but also rebuild trust between the government and private sector players. Regular communication with citizens is also crucial, providing updates on the status of economic policies, reforms, and projects.

The NCAPG commended President Tinubu-led administration for its efforts to implement policies and reforms but emphasized the need for tangible results.

The group believes that the government can do better and that the challenges facing the nation require a renewed sense of urgency and purpose.

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The NCAPG is also calling on the economic team to report periodic progress before the implementation of the 2025 budget.

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Tinubu approves N20bn take-off fund for NASRDA’s project

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The National Space Research and Development Agency (NASRDA) is set to commence the implementation of its space regulation and licensing mandate with N20 billion take-off fund approved by President Bola Tinubu.

The Director-General of NASRDA, Dr Matthew Adepoju, said this on Thursday in an interview with the News Agency of Nigeria (NAN) in Abuja.

Adepoju said the regulatory function of the agency as encapsulated in NASDRA Act (2010) had remained unfulfilled since its establishment in 1999.

He spoke against the background of NASRDA stakeholders’ workshop on space regulation scheduled for April 8.

He said on assumption of office he raised a memo to President Bola Tinubu on the need to enforce the regulatory functions of NASDRA.

According to him, this is in line with the provisions of Section 6 and 9 of the laws establishing it, adding that Tinubu eventually approved the take-off fund.

“When I raised that memo stating that our space can no longer be unregulated, Mr President graciously approved the take-off fund of N20 billion few months ago.

“This is to enable us to commence the space regulation and spectrum management in Nigeria.

“Although times and lots of activities happen that have security implications but if we don’t take charge of our space sector, it will continue to be misused,’’ Adepoju said.

Adepoju said the agency was yet to access the N20 billion, adding that release of funds was always subject to its availability.

“Within the framework of what is possible for us to do now, we’ve set up the platform and we are commencing our regulatory and licensing functions,” he told NAN.

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He explained that the space sector had three segments, the upstream, midstream and downstream.

“We have the upstream, which is deep space, the midstream, which is in between the space objects, such as satellites and the planet Earth.

“We have the downstream, which has to do with ground stations, activities and people who are utilising space products and services.
“In between these three sectors, there are activities that must be regulated otherwise Nigerians will be short-changed.

“People have to be licensed and issued guidelines, the spectrum within Nigeria has to be monitored and the agency has been granted this power since 2010 and this has lots of benefits,’’ he said.

Adepoju said the platform for the licensing was ready and open to both public and private sector operators in the space arena.

The licensing, he said, was available for people using and providing space products and services.

He emphasised the need for strict oversight of satellite image providers, geographic information system operators, satellite-based telecommunication and broadcasting services, among others.

He also said that if unregulated, geographical data intelligence could be exploited by non-state actors for illicit activities.

The Director-General further told NAN that the initiative would enhance national security, economic diversification and local content development.

He said it would also generate revenue from sub-sectors such as oil and gas, shipping and telecommunications relied on space products for their operations. (NAN)

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Myanmar earthquake: Rescue efforts ongoing amidst increasing fatalities

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The death toll from a 7.9-magnitude earthquake in Myanmar has risen to 3,085, with 4,715 people injured and 341 reported missing.

This is according to the Information Team of the State Administration Council on Thursday.

Chinese rescuers are continuing search and rescue operations in hard-hit Mandalay, central Myanmar, following the deadly earthquake last week, and have so far rescued nine survivors from the rubble.

On Thursday afternoon, the second batch of emergency humanitarian aid supplies dispatched by the Chinese government arrived in Myanmar.

The second batch of aid supplies include 800 tents, 2,000 blankets, 3,000 boxes of biscuits, 2,000 boxes of mineral water and other urgently needed supplies.

The first batch of emergency humanitarian aid supplies dispatched by the Chinese government for earthquake disaster relief arrived in Myanmar on March 31. (Xinhua/NAN)

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China threatens retaliation in response to new US tariffs

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Beijing on Thursday threatened countermeasures after U.S. President Donald Trump announced new tariffs on Chinese goods, further escalating trade tensions between the world’s two largest economies.

The U.S. has already imposed 20 per cent tariffs on Chinese imports, prompting retaliation from Beijing.

The latest round, which Trump had announced on Wednesday, adds a 34 per cent tariff hike, raising total duties on many Chinese products to over 50 per cent.

China’s Ministry of Commerce said that the tariffs violated international trade rules and were based on subjective and unilateral assessments by the U.S., calling them a typical act of bullying.

The ministry urged Washington to remove the measures and resolve disputes through dialogue, or it would take countermeasures to protect its rights and interests.

Trump on Wednesday announced new blanket tariffs of 10 per cent on most U.S. imports, with higher penalties based on trade deficits. (dpa/NAN)

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