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UK set to undershoot towering COVID-19 borrowing forecast
Britain’s record-breaking borrowing to pay for the coronavirus crisis is likely to be a little lower than forecast.
This is after data published on Friday showed the budget deficit grew by less than expected in the first two months of 2021.
The government borrowed £19.1 billion ($26.6 billion) last month, a record for February but less than the £21.0 billion forecasts in a Reuters poll.
The deficit for January was revised down by £5.6 billion, largely reflecting lower government procurement spending, the Office for National Statistics (ONS) said.
The budget deficit in the first 11 months of the financial year has soared to almost £279 billion, the highest relative to the size of the economy since World War Two.
But unless there is a major borrowing surge in March, the deficit looks likely to come in below an estimate set by the Office for Budget Responsibility (OBR).
The OBR said this month that the deficit was likely to surpass £350 billion in the financial year which ends on March 31.
The year-to-date figures published on Friday by the ONS do not include the £27.2 billion of COVID loan write-offs that the OBR estimates will need to be made.
Finance Minister, Rishi Sunak, on March 3 announced a budget plan which included £65 billion in further stimulus to help the economy through what he hopes will be a gradual lifting of COVID restrictions by the end of June.
Responding to Friday’s data, Sunak said his £352 billion of total extra spending and tax cuts so far had been the responsible thing to do.
“But I have always said that we should look to return the public finances to a more sustainable path once the economy has recovered and at the budget, I set out how we will begin to do just that,’’ Sunak said in a statement.
Sunak’s budget represents what the Bank of England has called a “material fiscal loosening in the near term” but there will be tax rises and a reduction in spending further out.
The Institute for Fiscal Studies, a think tank, said most of the spending cuts implied by the budget were “simply unrealistic, and borrowing or taxes will be higher than planned.”
Borrowing in the 2021/22 financial year, which starts in April, is estimated to fall to £234 billion, according to the OBR, still more than four times the deficit in 2019/20 which included only one month of the coronavirus crisis.
Public debt in February stood at £2.131 trillion or 97.5 per cent of annual economic output, holding at levels not seen since the early 1960s, the ONS said.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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