BUSINESS
2023 Budget Ready for NASS Presentation, Sept
By Tony Obiechina, Abuja
The 2023 Executive Budget Proposal will be submitted to the National Assembly for considerations and approval in September, 2022, the Director General, Budget Office of the Federation(BOF), Mr Ben Akabueze has disclosed.
Akabueze who disclosed this at the commencement of training of MDAS On 2023 Budget preparation using GIFMIS-BPS in Abuja on Monday, said the move is in pursuant to the President Buhari’s directive, and in a bid to get the Appropriation Bill passed and signed into law by December 31, 2022.
Represented by the Director of Expenditure, BOF, Mr Fabian Ogbu, the DG noted that the federal government was determined to ensure consistent and timely preparation, submission and approval of annual budgets as part of its Public Financial Management (PFM) reforms, “just as we have done for the 2020, 2021 and 2022 Budgets”.
To achieve this, he said, “we have already commenced a series of activities related to the process of preparing the 2023 Budget. These include a series of engagements and stakeholder consultations with key revenue generating agencies, civil society organisations (CSOs), the Nigerian Governors Forum, the National Executive Council (NEC), the National Assembly as well as the Federal Executive Council (FEC)”.
“The desired outcome of this training is to enable participants to refresh their knowledge, fine-tune skills and have access to the tools required to prepare and submit the 2023 budget on the GIFMIS-BPS with minimal errors”.
He told the participants that the government was counting on their commitment, cooperation and support to achieve this goal, adding that like in previous years, the Budget Office Helpdesk will be functional throughout the budget preparation period to provide any further assistance MDAs may require.
“I hereby urge you to take full advantage of these two days to ask all the questions you may have and learn as much as you can so that by the time you are through with the training, you are well able to prepare and submit your 2023 budget on the GIFMIS/PBS with minimal errors”, Akabueze stated.
According to him, the main goal of the training is to provide continuous learning to equip budget personnel with the requisite knowledge, skills and the tools they require to prepare and submit the 2023 Budget in a timely and efficient manner, pointing out that the budget is also intended to be in tandem with extant FGN policies and guidelines as articulated in the 2023 FGN Budget Call Circular and other relevant laws/regulations.
He however observed that the MDAs do not study the Budget Call Circular in detail and as such make mistakes that should ordinarily be avoided if they had complied with the relevant sections of the Budget Circular.
“We have accordingly issued the 2023 FGN Budget Call Circular ahead of this training programme to ensure that all issues and questions that participants may have are adequately addressed during the course of the training sessions. For the avoidance of doubt, we have the BOF Helpdesk running at full capacity currently to take care of all queries and questions that Budget Officers may have in the course of the preparation of their respective budgets”, he added.
Akabueze recalled that the Budget Office activated the GIFMIS-BPS in 2017, and has since then used the platform for service-wide preparation of the budgets, adding that every MDA has since then prepared and submitted its budget online and in “near realtime” using the GIFMIS-BPS application.
“This has helped to address some of the challenges that were experienced during budget preparation in prior years. For the 2023 budget preparation, we intend to maintain the use of the GIFMIS-BPS. Furthermore, we plan to leverage on some of your feedback and lessons learned from previous budget preparation exercises to improve your experience this year”, he stated.
Over 4,000 government personnel involved in budget preparation from about 900 MDAs are participating in the training programme which is expected to take place over two intense days, across, Abuja, Lagos, Kano, Gombe, Ibadan and Uyo, MDAS in Enugu zone will commence their own trainings from Wednesday to Saturday.
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)