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VOL. 7, NO. 1975 THURSDAY, DECEMBER 15, 2011
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Fuel subsidy still intact, says Okonjo-Iweala Policy likely to take off in April The President is consulting widely. He F ‘makes the final decision. He is talking to INANCE Minister Ngozi Okonjo-Iweala stepped in yesterday to calm frayed nerves, following reports that the government may have removed fuel subsidy. The co-ordinating Minister of the Economy said the subsidy, which the government said hit N1.3 trillion this year, was intact. “The President is consulting widely. He makes the final decision. He is talking to stakeholders all over the country and at the appropriate time he will make the decision,” Dr OkonjoIweala said in Abuja. The removal of oil subsidy, she said, “touches everyone and you must allow the process”. “The President is consulting extensively, meeting with youth
stakeholders all over the country and at the appropriate time he will make the decision. From Nduka Chiejina, Assistant Editor
groups, labour, students, religious leaders all over the country. We are involved in those meetings. He has touched base with different segments of the country, but we will give him the respect to make the decision he wants to make,” the minister said, declining further comments on the issue. She was explaining the 2011 budget to reporters. According to Mrs Okonjo-
Iweala, the government borrowed N852 billion this year. It plans to reduce this to about N794 billion next year. “We will keep bringing it down,” she said. The minister spoke also on budget implementation, saying “given that short time, is at a reasonable pace”. Of the N1.14 trillion budgeted for capital expenditure this year, N830 billion has been released and “we have about 60 per cent execution of the N830 billion”, she said.
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“Given the time frame, we believe implementation of the 2011 budget has not been unreasonable as, of this total released, we should have about 70 per cent execution by the end of this month.” On the financing of the 2012 budget deficit, Mrs. OkonjoIweala said the government has “a series of sources; the first is, we will make sure domestic debt is sustainable”. “We do not want to rack up Continued on page 4
•Dr Okonjo-Iweala ... yesterday
PHOTO: ABAYOMI FAYESE
Workers reject budget •Students: let subsidy be From Dupe Olaoye-Osinkolu (Lagos), John Ofikhenua and Vincent Ikuomola, (Abuja)
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ABOUR yesterday vowed to protest the 2012 budget proposal presented on Tuesday to the National Assembly by President Goodluck Jonathan. The Nigeria Labour Congress (NLC) said its leadership will meet on Tuesday to plan its protest over the 2012 Appropriation. Secretary General of Trade Union Congress (TUC) Chief John Kolawole said the senior workers would tackle the Federal Government on its silence about fuel subsidy in the budget proposal. Kolawole said: “If government is determined to go ahead with the fuel subsidy withdrawal, labour is also determined to oppose government on the issue. The opposition can be in •Allocations to any form. What we Presidency, want is for governministries, ment to create ca-
others – Page 60
Continued on page 4
•LET’S GO SHOPPING: Lagos State Governor Mr. Babatunde Fashola (SAN) cutting the ribbon to open the shopping mall at the Central Business District, Alausa, Ikeja ... yesterday. With him are his Deputy Mrs. Adejoke Orelope-Adefulire (second left), Chief Executive Officer/Head, Actis Group, West Africa, Mrs. Ngozi Edozien (third left) Chief Executive Officer, Stanbic IBTC Bank, Mrs. Sola David-Borha (left), Director, Gruppo and Actis, Mr. Michael Chu’di Ejekam (right), the Deputy Managing Director, Paragon Holdings, Mr. Benson Tayo (third right) and another official of the company, Mr. Onasanya Olumuyiwa (second right). PHOTO: MOSES OMOSEHIN
•POLITICS P23 •SPORT P24 •EDUCATION P25 •N/HEALTH P44 •E-BUSINESS P47