Connect with us

BUSINESS

2022 budget: BudgIT Uncovers over  N2.4bn Projects Linked to National Assembly Leaders 

Published

on

Share

By Joseph Amah, Abuja

BudgIT, a civic-tech non-profit organisation, has said that projects worth over N2.4 billion in the 2022 budget were directly linked to the leaders of the national assembly. Iyanu Fatoba, communications associate at BudgIT, disclosed this in a statement.

On December 31, 2021, President Muhammadu Buhari signed the N17.
13 trillion 2022 appropriation bill into law.

The presidency had submitted a proposed fiscal budget of N16.391 trillion to the national assembly, but the lawmakers later raised it to N17.127 trillion — an increase of N735.

8 billion. In the recently released statement, BudgIT said it uncovered infractions and corruption loopholes in the 2022 approved budget by the national assembly leaders.

“In its analysis, BudgIT noticed that some projects linked to MDAs that do not have the mandate to execute them are directly connected to the leadership of the legislative arm of government,” the statement reads. “A case in point is the cumulative allocation of N1.45 billion to the Nigerian Stored Products Research Institution and Nigerian Centre for Agricultural Mechanisation in Ilorin, Kwara State, to construct the “Femi Gbajabiamila Public Junior Secondary School, Itire Ikate”.

“BudgIT notes that both agencies in Kwara state have no expertise in supervising the construction or staffing of a school in Lagos state when the country has a federal ministry of education. “Another case in point is the allocation of N1 billion to the Nigerian Institute of Marine and Oceanography to install street lights in Delta Central Senatorial District, represented by Hon. Ovie Omo-Agege, the deputy Senate President.”

According to BudgIT, the timeframe within which the 6,576 capital projects were generated and inserted into the FG budget by legislators raised the need for concerns.“BudgIT has valid concerns on whether the Project Design Documents (PDD) were created as required by the 2022 Budget Public Investment Guidelines. A poorly designed and costed public sector project is almost destined to fail ab initio and lead to poor value for money for taxpayers,” it added.

“Also, the insertions of these 6,576 projects bloated the budgets of different federal ministries, contributing further to a breach of the budget ceiling safeguards announced by the Budget Office of the Federation on August 19, 2021.”While speaking on capital budget padding, Gabriel Okeowo, BudgIT’s country director, said, “Several projects do not meet the definition for capital expenditures according to the Fiscal Responsibility Act

.“For example, N5.6billion allocated to over 150 Meetings, Conferences, and Board Meetings was listed as capital expenditures across different MDAs. Another case is the N28million allocated to the Federal Ministry of Information & Culture-HQTRS for Quarterly Interaction With Foreign Media/Pr Lobby in its capital budget. “Last week, BudgIT also embarked on consultative engagements with critical institutions and stakeholders in the budget process to galvanise stakeholders into action concerning these infractions.

“Likewise, BudgIT is aware that the budget is currently with the National Assembly for review; thus, we call on the citizens, CSOs, private sector, and the international community to urgently prevail on the National Assembly and Presidency to immediately redress and eliminate these violations in the FG’s 2022 Approved Budget to ensure public funds work for all Nigerians and not for a privileged few politicians.”

BudgIT also urged Nigerians, CSOs, the private sector, the international community, and reformers to join the call for urgent redress of the issues to ensure public funds work for all Nigerians and not for a privileged few politicians.

Continue Reading
Click to comment

Leave a Reply

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

BUSINESS

Local Content: NCDMB Holds Knowledge-Sharing Session with Mozambique

Published

on

Share

From Mike Tayese, Yenagoa

In keeping with Nigeria’s leadership role in the development of Local Content in Africa, the Nigerian Content Development and Monitoring Board (NCDMB) has concluded a two-day Local Content development experience-sharing session with a delegation from Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH).

The engagement was held on the sidelines of the 8th Sub-Saharan Africa International Petroleum Exhibition & Conference, in Lagos.

NCDMB’s delegation was led by the Executive Secretary, Engr.

Felix Omatsola Ogbe, while Mozambique’s team was led by the Chairman of Empresa Nacional de Hidrocarbonetos, Mr.
Estevao Rafeal Pale.

The experience-sharing session was facilitated by Aberdeen Global Strategies & Solutions, under the leadership of Dr. Mark Osa Igiehon, who consults for ENH Mozambique.

In his introductory comments, the Executive Secretary conveyed NCDMB’s commitment to supporting African oil-producing nations in developing and implementing local content policies as a strategy for improving indigenous participation and value optimization from hydrocarbons and mineral resources.

He lauded the giant strides recorded by Mozambique in its gas sector and advised against repeating the mistakes made by Nigeria in the early years of its oil and gas industry.

Represented by the Director of Monitoring and Evaluation, NCDMB, Mr. Abdulmalik Halilu, the Executive Secretary explained that every oil and gas-producing nation must choose to either focus on optimizing revenue generation or maximizing in-country value from the activities of the industry.

He stated that the revenue generation option encourages oil and gas operators to seek the cheapest and fastest route to first oil, while the Government collects maximum revenue in the form of taxes and royalties for development and pays little attention to value addition from industry operations.

He explained that the alternative option focuses on maximizing in-country value and promoting the development and use of local capacities. This model obligates operators in the industry to consider long-term value, while the Government takes lower revenue in exchange for higher in-country value and pays greater attention to life-cycle support for operators.

Speaking further, the NCDMB boss listed key parameters that are critical to in-country value addition and growth of the oil and gas sector on a sustainable basis. These factors are Regulatory Framework, Gap Analysis, Capacity Building, Funding and Incentives, Research and Development, and Access to Market.

He hinted that a Local Content policy backed with appropriate legislation is very fundamental in local content practice, adding that baseline and periodic gap analyses are essential to determine gaps that need to be closed in the areas of skills, facilities and infrastructure.

He also stressed the need to develop in-country capacities and capabilities and utilise them through oil and gas projects.

The knowledge-sharing programme also featured a presentation on Funds and Funding of NCDMB, delivered by the Director of Finance and Personnel Management, NCDMB, Dr. Obinna Ofili.

The Director was represented by the Head, Credit Analysis and Risk Management, Mrs. Chika Enwerem–Okidi, and underlined the need for dedicated funding that would be applied to developing local content in the oil sector.

The Director mentioned that the Nigerian Content Development Fund (NCDF) is provided for in section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and is contributed by 1% of every contract awarded in the upstream section of the oil and gas industry.

He added that the NCDF has been deployed in several successful projects, including the building of human and material capacities, the $350 million Nigerian Content Intervention Fund, the ongoing development of the Nigerian Oil and Gas Parks Scheme (NOGAPS), the construction of the NCDMB 17-story corporate headquarters, and 3rd party investments, many of which created jobs for Nigerians and yield interest for the Board.

The second day of the knowledge-sharing programme featured presentations on the operating framework for planning, research and statistics, capacity building, projects certification and authorization and monitoring and evaluation.

The Director of Projects Certification and Authorization, Engr. Abayomi Bamidele highlighted NCDMB’s role in the award of contracts for oil and gas projects and how opportunities are captured for the local economy, using the Nigerian Content Plan and the Contracting Strategy submitted by operating companies for the Board’s review and approval.

He underlined that local content should be promoted as a national agenda for every country and the right data must be collected to establish current realities and gaps to the target.

He emphasised the need for in-country capacity building based on areas of strengths and weaknesses as well as continuous projects to keep the developed capacities engaged.

The knowledge-sharing programme was very interactive and the Mozambican officials sought clarifications on the Board’s model of enforcing Local Content Compliance, monitoring projects, supervising third-party investments, and many other areas.

The programme was convened in line with the Sectorial and Regional Market Linkage Pillar of the Nigerian Content 10-year strategic roadmap. The roadmap requires NCDMB to support other African oil-producing countries and to develop new markets and partnership opportunities for the benefit of competent Nigerian operating and oil service companies.

NCDMB has provided similar guidance to numerous African nations, including Senegal, Tanzania, and Uganda.

Continue Reading

BUSINESS

NAICOM, Ministry Collaborate on Youth Career Development, Entrepreneurship

Published

on

Share

Tony Obiechina, Abuja

The Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande paid a courtesy visit to the Commissioner for Insurance Mr. Olorundare Sunday at NAICOM’s headquarters in Abuja.

The purpose of the visit was to discuss potential collaboration opportunities between the Ministry and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.

The Commissioner for Insurance in his remarks welcomed the Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The Minister for State in his remarks thanked the NAICOM Management for the warm reception. He expressed his desire for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.

He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.

The CFI promised to convey the Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.

NAICOM Boss Olorundare Sunday (r) with the Minister of State for Youth Development, Mr. Ayodele Olawande during a courtesy visit

Continue Reading

Economy

We Currently have $30bn Investment Commitments – FG

Published

on

Share

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, says Nigeria currently has about 30 billion dollars investment committment from various investors.

Uzoka-Anite said this at the ongoing Ministerial Media briefing in Abuja on Friday.

According to her, the commitments will be redeemed over the course of five to eight years.

She said investments, commitments, and pledges were also received from our oil and gas free zone, adding that last week, some of them committed an additional 10 billion dollars in investments.

“I hosted the managing director of SHELL who explained to me about the investment plans of shell.

“ I know a lot of us are aware that shell is leaving; he came to explain to me what they mean by that.

And I can tell you that they are not leaving.

“Rather, they are expanding and increasing their investments in Nigeria; they are selling their onshore assets and increasing their investment in gas and offshore assets.” she said.

Uzoka-Anite, who envisaged more investments into the country, said  it would not have been possible without the commitment of President Bola Tinubu led administration.

She said that with increased investments comes job opportunities and economic growth, which wss part of the priority of the government. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS7 hours ago

BIPC activates judicial processes to eject allottees from estates

ShareFrom Attah Ede Makurdi The Benue Investment and Property Company Limited (BIPC), on Wednesday, obtained judicial administrative order to individuals...

Former President Yakubu Gowon Former President Yakubu Gowon
NEWS14 hours ago

Give Tinubu More Time to Solve Challenges – Gowon

Share Retired Gen. Yakubu Gowon has urged Nigerians to give more time to the  President Bola Tinubu-led administration, toward resolving...

NEWS14 hours ago

Tinubu Appoints New Immigration CG

SharePresident Bola Tinubu has approved the appointment of DCG Kemi Nandap,  as the new Comptroller-General of the Nigeria Immigration Service...

POLITICS14 hours ago

Edo Primaries: Court Orders PDP to Show Cause why 381 Delegates Should be Excluded

ShareA Federal High Court, Abuja, on Wednesday, ordered the Peoples Democratic Party (PDP) to show cause why 381 delegates elected...

NEWS15 hours ago

Tinubu Appoints New NEXIM ED

SharePresident Bola Tinubu has approved the appointment of Mr Ibrahim Gaga as Executive Director, Corporate Services, at the Nigerian Export-Import...

JUDICIARY15 hours ago

Court Further Adjourns Fayose’s Money Laundering Trial

ShareMoney laundering trial of a former Governor of Ekiti state, Ayodele Fayose, could not proceed on Wednesday before a federal...

Nigeria Army Nigeria Army
NEWS15 hours ago

Nigerian Army Engineers Deliver  Zungeru Double Circuit Transmission Line

Share The Nigerian Army Engineers, have successfully delivered 5 No Tower 132 KV double circuit transmission lines, as part of...

NEWS15 hours ago

Senate to Complete 1999 Constitution Amendment in 2 years

Share The Senate Committee on the review of the 1999 Constitution, has promised to complete the process in 24 months....

NEWS15 hours ago

FG Pledges to Improve Infrastructure at Nation’s Airports 

Share The Federal Government says it will partner the private sector to improve passenger`s experiences at the  nation`s airports. Mr...

NEWS15 hours ago

Abia: Incomplete Court Processes Stalls Nollywood Actress’ Trial

ShareThe incomplete transmission of court processes by the State Prosecution Counsel to the judge’s case file stalled Wednesday’s scheduled hearing...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc