News
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.
Former President Goodluck Ebele Jonathan and former First Lady Patience Ibifaka Jonathan recently celebrated a significant family milestone as they attended the graduation ceremony of their son, Ariara Goodluck Jonathan, at Manchester Metropolitan University in the United Kingdom.
The proud parents joined family members and well-wishers to witness Ariara receive his degree, marking the successful completion of his academic programme. The occasion was filled with joy as the Jonathan family commemorated the achievement, highlighting the importance they place on education and personal development.
The graduation ceremony attracted warm congratulatory messages from friends, associates, and admirers, who wished the graduate continued success in his future endeavours.
The Following names joined the political family of Sen. Dr. George Akume today after leaving the sinking Alia ship .
Under the leadership of Barr. Emmanuel Jime .
The are ;
Chief Nelson Alapa
Douglas pepe SAN senatorial Aspirant zone A,
Engr Peter Ashiekaa
QS Clement Beetseh
Former commissioners
Joy Luga
Ann itodo
Barr martins Shaagee
Miss Dorcas
Prof Usar Joseh
Prof Cephas Tushima
Chief Patrick Idoko
Hon Patience Akor
Hon Fred Idoko
Hon Lawrence Ekpo Onoja Jnr
Hon Andrew Abah
Hon Agbo Innocent Ikwumonu
Hon Simon Omachoko
Hon David Egboja
Dr John Garba
Among together,
Engr. Bello Babayo Bello, FNSE, Executive Director (Networks) of the Niger Delta Power Holding Company (NDPHC), has extended his heartfelt congratulations to Vice President Senator Kashim Shettima, GCON, on his renomination as the Vice Presidential candidate for the 2027 general elections, alongside President Bola Ahmed Tinubu, GCFR.
In his message, Engr. Bello described the renomination as a beautiful affirmation of the Vice President’s enduring commitment to Nigeria’s unity, stability, and prosperity. He noted that Senator Shettima, himself a former Senator of the Federal Republic, has consistently embodied resilience, foresight, and a deep sense of responsibility, qualities that continue to inspire confidence across the nation.
“This renomination is a shining testament to your unwavering dedication to the Nigerian people,” Engr. Bello stated. “It reflects the trust of the party and the citizens in your ability to guide our country toward greater progress, peace, and prosperity. Your leadership has been a beacon of hope, and this endorsement is richly deserved.”
Engr. Bello further emphasized that Senator Shettima’s political journey has been marked by courage and service. From his tenure as Governor of Borno State to his current role as Vice President, he has consistently championed initiatives that address national challenges, foster economic growth, and promote inclusive development.
As a leader in the power sector, Engr. Bello highlighted the importance of visionary leadership in driving infrastructure and energy reforms. He expressed confidence that Senator Shettima’s continued role in government will further strengthen Nigeria’s capacity to deliver reliable power, expand opportunities, and improve the quality of life for millions of citizens.
He prayed that Almighty Allah grants the Vice President wisdom, strength, and good health to continue serving the nation with distinction. “May Allah bless your efforts, guide your decisions, and grant you success as you carry forward the responsibility of leadership,” he added.
The message concluded with a reaffirmation of goodwill and support: “Congratulations once again, Your Excellency. We look forward to your continued contributions to the peace, progress, and prosperity of Nigeria.”
Signed:Engr. Bello Babayo Bello, FNSEExecutive Director (Networks)Niger Delta Power Holding Company (NDPHC)
Goodluck Jonathan’s Family Celebrates Son’s Graduation in UK
2027 BENUE GUBER: MORE TROUBLE FOR GOV ALIA
ENGR. BELLO BABAYO BELLO FELICITATES VICE PRESIDENT KASHIM SHETTIMA ON RENOMINATION
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