Economy
2017 Budget: CBN to Spend N10b on Lunch, Others
By Taiwo Adisa
The Central Bank of Nigeria (CBN) is to spend the sum of N3 billion to buy lunch and another N7.029 billion on other allowances for its officials at the end of the 2016 Fiscal year, the bank’s 2017 budget already approved by the Committees on Banking in the National Assembly has revealed.
The budget, submitted to the National Assembly in July, had experienced some delays in passage, but a joint committee of the Senate and House of Representatives on banking and other financial institutions had recommended the approval of a N408.8 billion budget for 2017 in 2016.
Though the Fiscal Responsibility Act 2007 mandated the CBN and other revenue making agencies to submit their budgets for appropriation by the National Assembly, the apex bank had resisted the process until President Muhammadu Buhari forwarded the budgets of the agencies to the National Assembly in July.
Under the leadership of Mr Sanusi Lamido Sanusi as CBN governor, the bank resisted the attempt to submit its budget to the National Assembly, claiming that the CBN Act indicated that its budget should be approved by the CBN Board.
But the National Assembly had insisted that while Section 6(3) of the CBN Act vested the approval of the budget on the CBN Board, Section 21(3) of the Fiscal Responsibility Act 2007 provided that the budget must be transmitted to the National Assembly for appropriation.
Details contained in the budget document also showed that the CBN expected an operating surplus of N12 billion in 2016. While it expects to spend the sum of N408.8 billion, it expects to make a total income of N420.7 billion.
The CBN, according to the approved budget, projected to make N34 billion from interests on foreign investment; the sum of N298.2 billion from interests on domestic investment; another N37 billion on interest on domestic loans and advances and the sum of N50 billion income from operational activities.
A breakdown of the expenses indicated that the apex bank would spend the sum of N80 billion on staff cost and N44 billion on administrative expenses, while operational expenses in general would cost N283.5 billion.
Besides the sum of N3 billion earmarked for lunch, the bank has also earmarked the sum of N9.4 billion for payment of 13th month bonus; another N6 billion for furniture allowance and another N7.9 billion as transportation allowances.
The document also indicated that the apex bank would spend the sum of N2.3 billion on medical allowances and the sum of N641 million as security guards expenses.
Further breakdown of the expenditure profile showed that the CBN would spend N27 billion on currency management and monetary operations ; another N150 billion on liquidity management; N50 billion as contribution to banking sector resolution; N3 billion on development expenses; N8.7 billion on strategic initiative; N40.4 billion on intervention projects and N4 billion as contingencies.
The budget document provided a list of over 60 intervention projects being undertaken by the CBN at the various universities and colleges at the cost of over N40 billion.
Intervention projects include the construction of Centre of Excellence at the University of Nigeria, Enugu Campus at the cost of N231 million; Centre of Excellence at Ahmadu Bello University, Zaria(N530.3 million);Centre of Excellence at University of Ibadan(198.5 million); Hostel Block at NIPSS, Kuru (N676 million); Auditorium building at NIPSS, Kuru (N10.7 million); Construction of Science Laboratory at Enugu State University of Science and Technology (166 million); Centre of Excellence at the University of Lagos(N950 million); Centre of Excellence at Nigerian Defence Academy, Kaduna (N872 million; Construction of Students’ Hostel at Nnamdi Azikiwe University, Nnewi Campus(N189 million);Development of Centre of Excellence at the University of Port Harcourt(N1.250 billion); provision of new facilities at Offa Grammar School, Kwara State(N2 billion); Construction of Office/lecture hall at Faculty of Arts, Environmental Sciences and Supply of equipment at the Kaduna State University, Kaduna (N404 million); projects at Administrative Staff College Badagry, Lagos(N1bn) and another project at Federal Medical Centre, Azare, Bauchi State at N800 million, among others.
The CBN also budgeted the sum of N760 million for rebuilding of Nyanya Motor Park, as well as the sum of N3.025 billion as intervention in public infrastructure in military barracks across the six geopolitical zones.
Other big-spending projects of the CBN included intervention projects in the six geopolitical zones put at N8.750 billion; intervention at the University of Abuja at N750 million; a N710 million project at Federal Treasury Academy, Orozo, FCT and another N5.7 billion project called International Convention Centre, Abuja.
http://tribuneonlineng.com/2017-budget-cbn-spend-n10bn-lunch-others/
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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