budget

Local contractors gets N15b vote in Budget 2021

Nduka Chiejina, Abuja

 

SOME N15 billion has been allocated to settle local contractors’ debts in next year’s Appropriation Bill, the budget details under the Service Wide Votes (SWV), has shown.

In August, contractors under the aegis of Local Contractors of Nigeria picketed the Federal Ministry of Finance over unpaid executed contracts spanning between three to 12 years and running into billions of naira in the various government Ministries, Departments and Agencies (MDAs).

Accommodation has also been made in the budget for N5.750 billion to pay Nigeria Airways ex-workers. The government also plans to inject N15 billion into development finance, it is unclear however whether the allocation would be for a single Development Finance Institution (DFI), or not.

There are ongoing plans to recapitalise the Development Bank of Nigeria (DBN) with 2021 set as the target year to actualise the proposal.

Read Also: Fed Govt lauded for involving local scientists

The injection of additional capital into the DBN is expected to boost its capacity to fund more Micro Small and Medium Enterprises (MSMEs).

Also in the coming year, the government said it would release a grant of N10 billion to the Bank of Industry (BoI) “to support low interest lending to SMEs.”

Aside from the DBN, other DFIs in Nigeria include: Bank of Agriculture (BOA); BoI, Federal Mortgage Bank of Nigeria (FMBN); Nigeria Export Import Bank (NEXIM) and The Infrastructure Bank.

Also provisioned in the Appropriation Bill under Service Wide Vote, N25 billion has been earmarked for special intervention, while N5 billion has been set aside to settle MDAs electricity bills. In the budget also, N17.899 billion will be refunded to a  Special Account and another N16.703 billion to the Asset Management Company of Nigeria (AMCON).  A N20 billion provision has been made to address Special Intervention Programmes (SIPs) and projects

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Bathroom budget can choose faucet style

By Ed Del Grande, Tribune News Service
Published 7:36 p.m. ET Oct. 8, 2020

  Dear Ed: I’m running the numbers for my new bathroom and noticed I can choose between a two-handle “widespread” faucet or a “centerset” faucet. Is there big differences between these types of faucets to help me with my choice?

Ted, New York state

Dear Ted: Centerset faucets are deck mounted with 4 inches between handles. Widespread faucets are made up with separate components and space between handles can be about 8 to 16 inches apart. But, the big difference can be the extra costs between installing a widespread bathroom faucet over a centerset faucet. These costs may determine what style you choose.

Some extra costs to be aware of are: Widespread faucets can be more expensive just to purchase the faucet itself. Also, because widespread faucets are sold in separate pieces, labor costs may be higher to install. Finally, special order bathroom sinks or counter tops may be needed. Bottom line: A widespread bathroom faucet can give you design impact, while a centerset faucet can give you savings!

Dear Ed: I am scheduled for a medical procedure in a few months and a taller toilet could help while I recover. Since I need a new toilet anyway, would the higher toilet fit my plumbing, and would this be an issue for other family members?

— Steve, Florida

Dear Steve: Residential comfort height toilets have become popular.

First, I want to point out that the height of most comfort height toilets is about the same as a standard dining room chair. So it’s not a drastic change from a standard toilet, just a couple inches or so higher to make it a little easier

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Defense Contractors Reap the Benefits of a Growing Military Budget

FinancialBuzz.com News Commentary

NEW YORK, Oct. 8, 2020 /PRNewswire/ — According to data compiled by Strategic Defence Intelligence, the U.S. spent over USD 639 Billion in 2018 for its defense budget. By 2023, the U.S. defense expenditure is expected to reach approximately USD 742 Billion while growing at a CAGR of 1.98% during the forecast period. The current presidential administration is friendly to the military and defense contractors and promotes the stance on increasing military defense spending. Additionally, the Department of Defense spending is set to grow by 9% in 2018 from the year prior, Blackrock said in a blog post. “The 2019 National Defense Authorization Act was passed at its swiftest pace in 20 years, up to USD 717 Billion (a 12% increase from 2017). Even after the 13% quarter-to-date decline in the Dow Jones U.S. Aerospace & Defense Index (as of October 29th), the industry group is still up 46% since 2016 Election Day and remains the purest way to play any change in defense spending outlook,” Blackrock said. Defense Metals Corp. (OTC:  DFMTF) (TSX-V: DEFN), Lockheed Martin Corp. (NYSE: LMT), Raytheon Technologies Corporation (NYSE: RTN), The Boeing Company (NYSE: BA), General Dynamics Corp. (NYSE: GD).

As a percentage of GDP, the U.S.’s defense expenditure is expected to be approximately 3.1% during the same period. While the United States holds the largest budget for defense technology, it is also the largest exporter of defense equipment in the world. The U.S. are also expected to continue to remain the largest importers, due to increased defense budgets in allied countries such as Saudi Arabia, UAE, Turkey, India, South Korea, Singapore, the U.K. and Japan. “What changes are likely in military technology over the next 20 years? This question is fascinating on its

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HomeBuilder scheme providing $25,000 home renovation subsidies axed in the Budget

Revealed: The home renovation scheme quietly axed in the Budget just months after it was launched – so how long do YOU have?

  • HomeBuilder scheme providing $25,000 renovation grants was discontinued
  • The $688million program available to build new house worth up to $750,000
  • Grant was also available to renovate an existing home worth  up to $1.5million
  • Home First Loan Deposit Scheme instead extended to cover newly-built homes 

A controversial home construction scheme providing $25,000 renovation grants has been quietly axed in the Budget just four months after it was launched.

Treasurer Josh Frydenberg in June unveiled the $688million HomeBuilder program offering 27,000 subsidies in the hope this would support 140,000 jobs in the struggling construction sector.

Australians were able to claim $25,000 from taxpayers to build a new house worth up to $750,000 or renovate an existing one valued between $750,000 and $1.5million.

A controversial home construction scheme providing $25,000 renovation grants has been quietly axed in the Budget just four months after it was launched. Treasurer Josh Frydenberg in June unveiled the $688million HomeBuilder program offering 27,000 subsidies in the hope this would support 140,000 jobs in the struggling construction sector. Pictured is a Melbourne house under construction

A controversial home construction scheme providing $25,000 renovation grants has been quietly axed in the Budget just four months after it was launched. Treasurer Josh Frydenberg in June unveiled the $688million HomeBuilder program offering 27,000 subsidies in the hope this would support 140,000 jobs in the struggling construction sector. Pictured is a Melbourne house under construction

Despite that, building approvals in New South Wales, Australia’s most populated state, plunged by 14.2 per cent in August.

This however followed a 32 per cent increase in July as the aftermath of coronavirus lockdown delays caused a short-lived spike in approvals.

National building approvals fell by 1.6 per cent in August, with the Australian Bureau of Statistics results released less than a week before Budget day.

The Budget papers released on Tuesday showed no further funding for HomeBuilder,

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How Ben Hillman from a Place in the Sun renovated his house on a budget

Presenter Ben built a play area for his daughters (Picture: Simon Eldon)

As a presenter of the long-running Channel 4 show A Place In The Sun, Ben Hillman is used to helping homeowners visualise a property’s potential.

But with lockdown grounding flights, Ben finally got the opportunity and time to finish off his own dream home renovation project in Shoreham-by-Sea – and save a lot of money in the process.

Since buying it in 2016, Ben and wife Gaby have been slowly renovating their 1934 semi-detached, four-bed. Ben had spotted the house online while in Costa Rica and checked out its potential for extension and renovation by looking at Google Earth.

The couple were quick to add a wraparound extension downstairs. With that complete and the new, enlarged kitchen created and finished by Ben, there were a multitude of smaller jobs to complete, including a mammoth upstairs bathroom project budgeted to cost £15,000.

Retro: Furniture reflects a classic, mid-century vibe (Picture: Simon Eldon)

When the pandemic struck, Ben realised he needed a whole new approach.

‘We had been saving money for the bathroom but spent that money on shopping,’ he says. ‘I had spent so much money on the house [in the past] but lockdown made me reassess what money I’m chucking at it. We went from spending £15,000 on a bathroom to £500. But even though it’s super-budget, it’s great, and just as pleasing. Lockdown has taught me to be more inventive.’

Out went plans to knock the bathroom, shower room and hall into one larger space with a freestanding bath. In came a self-fitted plywood birch floor and a birch plywood shelf with birch wood bath panel.

Ben also managed to update the UPVC window using a new paint from Zinsser, which allows people to turn the frames

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