Connect with us

Hi, what are you looking for?

Finance

Budget: FG stops funding professional bodies, councils—Akabueze

Ben Akabueze, director general of the Budget Office of the Federation (BOF), says the federal government has discontinued the funding of professional bodies and councils with effect from 2026.

Ben-Akabueze, DG, Budget Office of the Federation
Ben-Akabueze, DG, Budget Office of the Federation

Ben Akabueze, director general of the Budget Office of the Federation (BOF), says the federal government has discontinued the funding of professional bodies and councils with effect from 2026.

Akabueze disclosed this in a circular, DG/BDT/GEN.CORR/2016/XII/3067 dated 26th June 2023 to the Nigerian Council of Food Science & Technology Federal Ministry of Science, Technology & Innovation.

The budget DG said the decision was in line with the decision of the Presidential Committee on Salaries (PCS).

He noted that the implementation would be effected from 31st December 2026.

“I wish to inform you that the Presidential Committee on Salaries (PCS) at its 13th meeting approved the discontinuation of budgetary allocation to Professional Bodies/Councils effective 2026.

“The purpose of this letter, therefore, is to inform you that, in Compliance with PCS’s directive, this Office will no longer make budgetary provisions to your Institution with effect from the above-stated date, and you will be regarded as a self-funded organization.

“For the avoidance of doubt, you will be required, effective 31st December 2026, to be fully responsible for your personnel, overhead and capital expenditures”.

The development comes amid the need for the government to cut the cost of governance and the growing debt profile of the country.

Tinubu-led administration on assumption of office has to service and repay a debt stock of around N77 trillion, according to data from the Debt Management Office (DMO).

DMO had expressed worries that the federal government’s debt service to revenue ratio of 73.5 per cent for 2023 exceeded the recommended threshold of 50 per cent.

Click to comment

Leave a Reply

Your email address will not be published.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

Like Our Facebook Page

You May Also Like

Economy

Dr. Zacch Adedeji, the chairperson of the Federal Inland Revenue Service (FIRS), says the revenue agency achieved a milestone of collecting a total of...

Finance

On Monday, the Central Bank of Nigeria (CBN) in a circular directed banks and other financial institutions to commence the implementation of a 0.5...

Economy

The Bola Tinubu-led administration recently approved the commencement of the first phase of the Consumer Credit Scheme.

Environment

The Nigerian Meteorological Agency (NiMET) has released the Heat Index Forecast for April advising people to stay indoors between the hours of 12.00 noon...

Business

Binance Holdings Ltd, one of the leading cryptocurrency exchange companies in the world has announced the plans to disable all its naira services from...

Economy

David Umahi, minister of works, says Nigerians should not blame President Bola Tinubu's administration for the economic hardship being witnessed across the country.