Daybreak, Politics, Entertainment, Sport

Tag: 2022 Budget

  • Kogi Assembly Passes 2022 Budget of N145billion Into Law

    Kogi Assembly Passes 2022 Budget of N145billion Into Law

    From Noah Ocheni, Lokoja

    Kogi State House of Assembly on Thursday passed over N145b Budget for the 2022 fiscal year into law.

    This followed the adoption of a Report of the Committee on Finance, Economic Planning and Budget Monitoring presented by its Chairman, Aderonke Aro at the Committee of the whole House.

    Aro maintained that Recurrent Expenditure gulped over N82b while the Capital Expenditure has more than N63b.

    According to him, Personnel Cost has over N43b with overhead cost having N38b representing 29% and 26% respectively.

    The Speaker, Prince Matthew Kolawole after presenting progress report, passed the appropriation bill into law.

    Meanwhile, the State Assembly has approved over nine hundred million naira loan for the payment of counterpart fund for the 2021 Universal Basic Education Projects.

    This followed a letter by Governor Yahaya Bello seeking for approval for Government to pay the counterpart fund to develop the State basic Education subsector.

  • Senate passes 2022 budget, increases it by N1trn

    Senate passes 2022 budget, increases it by N1trn

    The Nigerian Senate, on Wednesday, passed the 2022 appropriation bill.

    President Muhammad Buhari had on the 7th October 2021, presented the budget estimates to the joint session of the National Assembly.

    The version of the budget passed by the Senate contained estimates of N17,126,873,917,692, as against the N16,391,023,917,692 proposed by President Buhari in October.

    This is coming barely one week after the Senate failed to pass the budget as promised.

    Presenting the report for consideration on Wednesday, Chairman, Senate Committee on Appropriation, Senator Barau Jibrin, said, “the Committee, while processing the bill observed the followings:

    “Special intervention as a result of an increase in Oil Price Benchmark from US$57 to US$62; Provision of more funds to critical sectors to enable them to execute most of their core mandates” and that “there will be more stimulation of the economy with more capital expenditure that will provide more infrastructural development in the country”.

    The lawmaker said the Committee also observed: “An increase in revenue that shall accrue to Government Owned Enterprises (GOES) as a result of the independent report received from the investigation carried out on them by the Senate and House of Representatives Committees on Finance”.

    He explained that “the deficit was increased by N98 Billion to include some other requests made by the executive arm of government to take care of some projects of national importance which were not provided for in the submitted budget estimate and could not be covered by the increase in revenue”.

    Senator Jibrin added that “most of the Sub-Committees complained of inadequate provision of funds, the decline in budgetary allocation to the MDAS under their jurisdictions”, justifying the reason for the increase.

    A pure comparison of the budget passed and the estimates submitted by President Buhari shows a difference of about N800 billion.

    Meanwhile, the indices factorized by the Senate to arrive at the passed budget shows that the executive proposed a daily Oil Production to be 1.88mbpd, and the National Assembly approved the same 1.88mbpd.

    The executive had benchmarked the price of oil to be US$57, whereas, the National Assembly approved US$62.

    The exchange rate, according to the executive was N410.15 to US$1, and the National Assembly approved the same N410.15 to US$1.

    In the same vein, the Senate approved the GDP Growth Rate of 4.2% as proposed by the executive; while an inflation rate of 13% was also sustained in the passed budget.

    The budget passed by the Senate has a Statutory Transfer of N869,667,187,542; a Recurrent Expenditure of N6,909,849,788,737; Capital Expenditure: of N5,467,403,959,863 and N3,879,952,981,550 for Debt Service.

  • House of Reps Pass 2022 Budget Of N17.126trn

    House of Reps Pass 2022 Budget Of N17.126trn

    The House of Representatives on Tuesday passed a 2022 budget of N17.126 trillion against the N16.391 trillion sum presented by the president.

    The Senate is also expected to pass the appropriation bill on Tuesday.

    While the major capital, recurrent, debt service, statutory transfers remain untouched, the Houe made provision for an increase by N400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.

    In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.

    The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.

    The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.

  • 2022 Budget for passage on Tuesday — Senate

    2022 Budget for passage on Tuesday — Senate

    The Senate Committee on Appropriations has said its report on the 2022 Appropriation Bill will be laid, considered and adopted on Tuesday.

    The Chairman of the committee, Senator Barau Jibrin, made this known while briefing journalists after a meeting with the Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, in Abuja on Monday.

    Yakubu and his team were at the Senate on the invitation of the committee to get INEC’s needs for the 2023 general elections to be captured in the 2022 budget.

    Jibrin said, “The presentation and consideration (of the report on the 2022 budget) will be tomorrow. We have been waiting for them (INEC) and they have given the detailed information of what they need.

    “We are proceeding to put together our report for onward submission to the plenary tomorrow (Tuesday). We are presenting it tomorrow and it is going to be considered tomorrow as well by the Grace of God.”

    Earlier, Yakubu told the lawmakers that INEC would need N305bn for the conduct of the general elections as well as off-circle elections scheduled for 2022.

    The INEC boss noted that the 2022 Appropriation Bill had made provision for the sum of N140bn, out of which N40bn is for the regular budget of the commission while the remaining N100bn is for preparation for the elections.

    Yakubu, however, said the N100bn earmarked in the Appropriation Bill was grossly inadequate, hence the need for additional N205bn.

    Justifying the increase, the INEC boss noted that the commission has eight bye-elections pending, including Ekiti and Osun governorship elections.

    He said, “The commission made a submission through the executive, being part of the executive body. We made a submission for N305bn for the 2023 general elections in a very comprehensive 22-page document with 260 budget lines.

    “In submitting the executive proposal to the National Assembly, the sum of N140bn was made available to INEC as a one-line item in the budget and, as usual, we broke it down and submitted same to the committee that oversights INEC in both the House and the senate.

    “The N140bn was broken into two. We take it that N40bn is our regular budget as an agency of government and N100bn was the first tranche of the 2022 budget, and we have gone ahead to make provisions accordingly.”

    Yakubu also disclosed that there are some activities that must be concluded before the elections, such as buying of machines, voter registration, printing of ballot papers and other sensitive materials, provision for logistics, payment of ad hoc staff and cost of litigations.

    The INEC boss also told the committee that the commission did not make provision for the controversial direct primaries, adding that the commission only made provision for all that is in the Electoral Act as approved.

    Yakubu also announced that INEC has suspended the Ekiti-East Senatorial District bye-election after four unsuccessful attempts.

    He lamented that in the last attempt, voters were killed as well as security operatives and electoral officers at polling units.

    “INEC will never reward bad behaviour. The election can only be repeated in June next year during the gubernatorial election,” he stated.

  • Senate Postpones Passage Of 2022 Budget

    Senate Postpones Passage Of 2022 Budget

    The Senate has shifted the date for the passage of the 2022 budget until next Tuesday, December 21.

    Senate President, Ahmad Lawan announced this during the plenary on Wednesday.

    The upper chamber had said it would pass the 2022 budget on Wednesday, but it appears the delay in capturing the financial requirements of the Independent National Electoral Commission (INEC) and the National Population Commission (NPC) in the 2022 budget may be responsible for the failure of the senate to pass the budget yesterday.

    Speaking in an interview with journalists, the Chairman Senate Committee on Appropriation, Senator Jibrin Barau, said the commission has met with officials from INEC and NPC to discuss the problem of insufficient funds in the budget of the government agencies.

    “We had a very robust and frank interaction with INEC and the National Population Commission in respect to the complaints we have had in different quarters about the inefficiency of funds that have been provided for them in the 2022 appropriation bill,” Senator Barau said.

    “Because of the stance of the Senate of the Federal Republic of Nigeria that these two institutions need to be properly catered for in terms of their funding, we all know the importance of election in this country and indeed the entire world, it is the foundation of every democracy.

    “I can’t tell you whether it will be passed this week or not because we are still working on it, you can make your calculations.”

    Based on Barau’s comments, the Senate adjourned the plenary till December 21, 2021, thereby foreclosing its earlier projection to pass the budget this week.

    This comes as the NPC proposed N400 billion for the proposed conduct of next year’s national census.

    NPC Chairman, Alhaji Nasir Isa Kwarra, gave the figure while speaking with the committee.

    The committee said submission received from the NPC would be added to the one expected from INEC next Monday to be part of the report to be laid before the Senate for consideration and passage next week.

    President Muhammadu Buhari had on October 7 presented the 2022 Appropriation Bill for an aggregate of N16.39 trillion to the joint session of the National Assembly.

    The President described the 2022 Appropriation as the Budget of Economic Growth and Sustainability.

  • National Assembly To Pass Proposed 2022 Budget This Week – Lawan

    National Assembly To Pass Proposed 2022 Budget This Week – Lawan

    The President of the Senate, Senator Ahmad Lawan, says the National Assembly will pass the proposed 2022 budget before the end of the legislative week.

    He disclosed this on Monday in Abuja while giving a lecture at the maiden Distinguished Parliamentarians Lecture Series organised by the National Institute for Legislative and Democratic Studies (NILDS).

    Lawan said the current National Assembly has made it a practice for the budget to be presented and passed before the end of December yearly, to ensure that its implementation commences in January.

    Delivering a lecture titled ‘The Legislature, Legislative Mandate and the Public – The Reality and The Public Perception’, he used the opportunity to clear the air around what he described as misconceptions about the allowances of members of the National Assembly.

    According to the lawmaker, the percentage of the National Assembly budget in the federal budget ranged between 1.44 per cent in 2019 to 0.82 per cent in 2021.

    For him, the National Assembly has been grossly underfunded in the last four years. He revealed that the total salary of a member of the Senate was about N1.5 million and that of the House of Representatives was about N1.3 million.

    The lawmaker added that the average office running cost for a senator was about N13 million while that of a member of the House of Representatives was N8 million.

    Other areas where he gave clarifications included perception of corruption, constituency projects, purchase of operational vehicles for lawmakers, and the insinuations that the legislature was a rubber stamp.

    This comes two months after President Muhammadu Buhari presented a total 2022 budget of N16.39 trillion tagged ‘Budget of Economic Growth and Sustainability” to the lawmakers.

    In his presentation to a joint session of lawmakers on October 7, the President said the budget would focus on diversifying the economy, with robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing poverty; and minimising regional, economic and social disparities.

    He had given an assurance that defence and internal security would continue to be the top priority of his administration.

  • Taraba Assembly jacks up 2022 budget to N149bn

    Taraba Assembly jacks up 2022 budget to N149bn

    By Danzumi Ishaku,​ Jalingo.

    Taraba state House of Assembly on Wednesday jacked up the 2022 appropriation bill presented before it by Governor Darius Ishaku from N146,781,653,671.82 to N149, 781, 653. 82.

    The speaker of the house,​ Rt. Hon Joseph Albasu Kunini who disclosed this at the harlow chamber of house during the passage of the 2022 budget into law said the jacking up of the​ budget was due to sectoral allocation.

    He maintained that some sectors of the state economy needed to be​ given more priorities.

    According to him, budget is mere estimate predicated on the expected revenue generated.

    He added that the house would ensure that the allocation are duely released and implemented by the executive.

    Daybreak said governor Ishaku early this month laid down the 2022 budget at the hallowed chamber of the house.

    Ishaku while presenting the Budget emphasised that it was another opportunity to work together to achieve what was best for Taraba state.

    He noted that in implementing the 2022 Budget, government has resolved to fast track the completion of all on-going capital projects that are close to the heart of his administration.

  • 2022 budget: Osun Assembly adopts committee’s N129b report

    2022 budget: Osun Assembly adopts committee’s N129b report

    The Osun State House of Assembly has adopted the report of the Finance and Appropriation Committee on the proposed 2022 Osun State budget.

    The motion for the adoption of the report was moved by the Chairman, House Committee on Finance and Appropriation, Taiwo Adebayo Olodo and seconded by Wale Adedoyin representing Ilesa West State Constituency.

    Speaking during the presentation of the report and consideration of the proposed 2022 budget, the Speaker of the Assembly, Timothy Owoeye observed that the N129, 256, 450, 790 catered for the welfare of the entire state’s citizens.

    Owoeye, who advised all revenue generating agencies of government to increase their revenue base for the State, also called on the state government to provide facilities that will enable internal generated revenue ministries, departments and agencies to increase their drive.

    Earlier, the Chairman House of Assembly Committee on Finance and Appropriation, Taiwo Adebayo Olodo while presenting the report, agreed with Speaker Owoeye that the budget catered for the state’s development.

    Olodo revealed that a total of 78 units of government establishments, comprising ministries, department’s and agencies of government appeared before the House Committee for the defense exercise which lasted for 14 days.

    He insisted that the 2022 budget estimate must be revenue driving to effectively perform.

    In his words, “There shall be value for money in this year’s budget.”

  • Gov Abiodun presents N350.74b 2022 budget to Ogun Assembly

    Gov Abiodun presents N350.74b 2022 budget to Ogun Assembly

    Governor Dapo Abiodun has presented the 2022 appropriation bill of N350.74 billion to the Ogun State House of Assembly.

    Abiodun, on Tuesday, presented the bill, tagged ‘Budget of Restoration’ to the lawmakers at the Assembly Complex, Oke-Mosan, Abeokuta.

    Addressing the assembly members at a ceremony presided over by the Speaker, Olakunle Oluomo, Abiodun reiterated his determination to give priority attention to the completion of existing projects, projects with revenue potential and projects that can enhance employment generation.

    According to the governor, the total state funding is estimated at N350.74 billion in 2022.

    This, Abiodun said, “includes Ogun State Internal Revenue Service (OGIRS) estimates of N56.30 billion and other Ministries, Departments and Agencies (MDAs) estimated at N96.87 billion totaling N153.17 billion. Statutory allocation (i.e. FAAC and VAT) is expected to be N73.01 billion while the capital receipt is estimated at N124.56 billion (i.e. Internal and External loans including Grants and Aids etc).”

    On planned expenditure, Abiodun explained that “the aggregate expenditure of N350.74 billion is proposed for the State Government in 2022.”

    Under recurrent expenditure, a total of N75B is to be expended in paying salaries and allowances in MDAs; N28b on debt service obligations and N51b on total overhead costs of MDAs and government-owned enterprises.

    For capital expenditure, Abiodun said N170 billion is budgeted, being an increase of N10 billion over the 2021 approval of N160 billion.

    He added that a total sum of N7.7billion is provided for transfers to the Stabilization Fund to insulate and position the State towards unprecedented activities or economic shocks.

    Of the entire budget, Education gulps N56,071.21b, representing 16 percent; while Health takes N35,073.51b, being 10 percent.

    Reports gathered that Infrastructure takes the largest share of N77,775.77, which is 22 percent of the budget.

    The Assembly is expected to legislate on the appropriation bill and return a clean copy to the governor for his assent.

    The Speaker assured Abiodun of a speedy and thorough legislative process on the proposed budget with a view to sustaining the tradition of its passage on record time to comply with the January to December cycle in line with the international financial standards.

  • No Provision For N5,000 Monthly Transportation Allowance In 2022 Budget – Senator Adeola

    No Provision For N5,000 Monthly Transportation Allowance In 2022 Budget – Senator Adeola

    The Chairman Senate Committee on Finance, Senator Solomon Adeola, has disclosed that there is no provision in the 2022 budget for the monthly N5,000 transportation allowance for 40 million Nigerians intended to cushion the effect of the planned petroleum subsidy removal.

    Speaking to journalists after submitting his Committee’s 2022 budget on Wednesday, Senator Adeola said before the executive can embark on such intervention, the proposal must come to the National Assembly for approval.

    He explained that there is no way the executive would take a unilateral decision on a programme that is expected to gulp N2.4 trillion without getting the approval of the National Assembly.

    “I don’t want to go into details; if there is something like that, a document needs to come to the National Assembly and how do they want to identify the identity of the beneficiaries. This is not provided for in the 2022 budget proposal which is N2.4 trillion,” the lawmaker declared.

    He further stated that “for us, we still believe it is news because this budget we are considering contains subsidy and if we are passing a budget with a subsidy in the fiscal document, we can’t speak because that is the document that is currently before us.”

    The Federal government promised on Tuesday that it had plans to cushion the economic effect of the planned subsidy removal.

    Plans to replace fuel subsidy with a N5,000 monthly transportation palliative for the poor were announced by Minister of Finance, Zainab Ahmed.

    However, this has stirred various reactions including a response from the Nigeria Labour Congress (NLC) who rejected the planned petrol price hike in the country and the proposed transport palliative proposed.

    According to the NLC President, Ayuba Wabba, the plan is a “penny wise-pound foolish” gamble.

    He accused the government of adopting monologue in arriving at its conclusion on subsidy removal, stressing that it will continually reject deregulation that is anchored on the importation of petroleum products.