POLITICS
Reps Approve N13.98trn, N4.89trn New Borrowing for 2022
By Ubong Ukpong Abuja
The House of Representatives yesterday, approved N13.98 trillion expenditures, N8.36 trillion retained revenue and N5.62 trillion fiscal deficit for 2022 fiscal year.
The resolution was passed sequel to the adoption of the recommendations of the House Committee on Finance on the 2022–2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), chaired by Hon.
The lawmakers also approved new borrowings of N4.89 trillion (including foreign and domestic borrowing), subject that the provision of the details of the borrowing plan be brought for approval by the National Assembly.
In the same vein, the House approved the proposed benchmark oil price of $57 per barrel for 2022 and $55 for 2023 and 2024 based on oil forecast by the World Bank and after consultation with Nigerian National Petroleum Corporation (NNPC).
The House also approved exchange rate of N410.15/US$ as proposed by the Executive for 2022-2024; projected GDP growth rate of 4.20% be approved and projected inflation rate of 13.00%.
The House also approved the proposed N613.4 billion Statutory transfers; N3.12 trillion debt service estimate; N292 billion Sinking Fund; N567 billion for Pension, Gratuities and Retirees benefits; aggregate FGN Expenditure of N13.98 trillion made up of total recurrent (Non-debt) of N6.21 trillion, Personnel Costs (Ministries Departments and Agencies) of N3.47 trillion; of Capital expenditure (exclusive of Transfers) N3.26 trillion; Special Intervention (Recurrent) amounting to N350 billion and Special intervention (Capital) of N10 billion.
The House also tasked President Muhammadu Buhari on the need for urgent implementation of the Petroleum Industry Act (PIA) recently assented to, in order to curtail the problems of smuggling and round-tripping of petroleum products imported into the country to save the under-recovery cost.
The lawmakers also approved the $3.5 billion International Monetary Fund (IMF) loan at the rate of 0.01% to 0.02% to shore up its internal borrowing and to reduce external borrowing because of the exchange rate risks.
The House during the consideration of the report also approved key parameters, namely: 1.88mbpd daily crude oil production, 2.23mbpd and 2.22mbpd for 2022, 2023 and 2024 respectively in view of average 1.93mbpd over the past 3 years and the fact that a very conservative oil output benchmark has been adopted for the medium term in order to ensure greater budget realism.
The lawmakers tasked Federal Government on the need to sustain the N5.62 trillion (including GOEs) fiscal deficit due to the Federal Government’s conservative approach to target setting and its determination to improve collection efficiency of major revenue-generating agencies while it continues to enforce the implementation of the Performance Management Framework for GOEs by ensuring that they operate in more fiscally responsible manner whilst reviewing their operational efficiencies, and costs-to-income ratios, as declared.
Similarly, the House underscored the need for continuous review of the Fiscal Responsibility Act to ensure that all revenues are remitted to the Consolidated Revenue Fund (CRF) as at when due, in order to curtail frivolous deductions and diversion of funds by the MDAs.
The lawmakers also called for the review of all laws relating to mining businesses as a matter of urgency to ensure upward review of rates applied to royalties, ground rent and licenses renewal of all mining companies operating in Nigeria to ensure transparency in the collection of revenue by the relevant agencies of the government and also look into the issues of illegal mining activities by recommending stringent sanctions in the proposed new laws.
The House also underscored the need for Nigeria Customs Service to accelerate the process of installing scanners at all Ports across the country to curb the issue of underpayment of Custom Duties on imported goods which has resulted in huge loss of revenue to the government and to further improve it activities at all borders across the country in order to curb the issues of smuggling across border areas.
According to the lawmakers, the proposed revenue budget of the Government Owned Enterprises (GOEs) should be reviewed upward to show the reflection of their capabilities to generate more revenue as a result of the findings of the Committee.
The House also stressed the need to strengthen the offices of the Accountant General (oAGF), Auditor General of the Federation (oAuGF) and Fiscal Responsibility Commission (FRC) in the area of staffing and proper funding of its activities to ensure optimal performance of their duties in order to adequately monitor the remittances of all government revenues.
The lawmakers underscored the need for the review and amendment of the Act establishing some Ministries, Departments and Agencies (MDAs), as a matter of urgency, to evidence a more nationalistic interest, with a view to generate more revenues to the coffers of the government.
The House also called for the review of Federal Government’s budget with a view to purge of some agencies that demonstrated capacity to stand on their own without any recourse to Federal Government of Nigeria budget.
The affected agencies are: National Agency for Food and Drug Administration and Control (NAFDAC) and Nigerian College of Aviation Technology, Zaria (NCAT).
In his remarks, Hon. Gbajabiamila who noted that the issue of control of Excess Crude Account (ECA) which was opened by Federal Government has been contentious, adding that dealing with excess revenue generated vis-à-vis debt should be addressed holistically.
In his contribution, Deputy Minority Leader, Hon. Toby Okechukwu underscored the need to provide enabling environment for the private sector to thrive and drive the economy especially in the area of employment generation.
He frowned at the situation where over N6 trillion appropriated for recurrent expenditure for about one million federal civil servants at the expense of over 100 million workers, is unacceptable.
The lawmaker also harped on the need for the Committee to advise the House on what to do on loot recovery, adding that a lot of money gets into the economy without anybody accounting for it.
Hon. Okechukwu also urged the House to review the proposed N410/$ exchange rate against the N580/$ at the parallel market, showing a difference of N170 to a dollar.
On his part, Hon. Ossai Nicholas Ossai stressed the need for the Executive to present the details as well as terms and conditions of the loans before passage, in order to avoid the
In his response, Hon. Faleke argued that the more Nigerians chase the dollar, noted that anyone doing genuine business should apply to the Central Bank of Nigeria (CBN).
“Unfortunately the only weapon that we have that will lead us into production is power sector,” adding that, the agreements signed with DISCOs if reviewed will throw the country into another chaos.
While lamenting a situation where Nigeria conceded to domicile agreements and arbitration in another country, he noted that the agreement signed with the investor on Jebba power project, was appalling, saying “you will weep for Nigeria.”
After the debate, the House adopted 16 clauses out of the 17 clauses recommended by the House Committee on Finance.
Alhaji Mohammed Baba-Okanla, Chairman of the Kwara State Independent Electoral Commission (KWASIEC), says more than 21,000 persons applied for ad hoc jobs in Saturday’s local government elections in the state.
Baba-Okanla made this disclosure on Wednesday
in Ilorin while speaking during the 42nd edition of the Media Parliament Conversation by the Kwara Council of Nigeria Union of Journalists (NUJ).
He also disclosed that only five political parties were registered and would field candidates in the elections.
The Commission Chairman listed the parties as the All Progressives Congress (APC), Peoples Democratic Party (PDP), All Peoples Movement (APM), Social Democratic Party (SDP) and Accord Party (AP).
“The number of job applicants reflected the socio-political situation in the country, even though only about 7,000 of the applicants were eventually considered.”
He however expressed the commission’s readiness to conduct hitch-free local government elections across the 2,887 poling units in the state.
“I am pleased to announce that the commission has carefully crafted a comprehensive time-table for Saturday’s local government elections to ensure that all stakeholders are adequately prepared for the electoral process.
“Polling units will open by 8 s.m. and voting will be concluded by 3 p.m., after which sorting, counting and collation of results will begin immediately,” Baba-Okanla said.
He added that results would be collated at the designated collation centres and announced after counting was concluded.
The KWASIEC Chairman said his Commission was fully prepared for the council polls, adding that they would work diligently to ensure that every aspect of the electoral process was well organised.
“From the training of electoral staff to the distribution of election materials, every measure is being put in place to ensure that the elections are conducted smoothly, transparently and in accordance with the laws.”
He disclosed that his Commission had been collaborating with the Independent National Electoral Commission (INEC) to ensure the success of the council polls.
“The issue of the voter register is one that we have taken very seriously.
“A credible voter register is the foundation of any free and fair election, as it ensures that only eligible citizens participate in the electoral process,” Baba- Okanla said.
He disclosed that the Commission had organised training programmes for its staff and the ad hoc staff who would supervise the elections across the state’s 193 wards.
The KWASIEC Chairman added that the commission has also held consultations with the security agencies in the state to ensure maximum security of lives and property during the polls.
Earlier, the Chairman of Kwara Council of NUJ, AbdulLateef Ahmed, had expressed delight that the state thought it wise to put in place democratically-elected governments at the local government level.
Represented by the Council Vice-Chairman, Hajia Binta Mora, the Council chairman urged the electoral body to conduct free, fair and credible elections.(NAN)
From Ene Asuquo, Calabar
As the tussle for the leadership position in Cross River State chapter of the labour party intensifies, the patriarch Ogar osim led executives insisted that there is no vacant position in the party’s leadership.
This assurance was given in a press statement by the State Chairman of the party, Ogar Osim and publicity secretary, Dr Ofem lekam Ujong.
“The Labour Party State Working Committee led by the duly elected State Chairman, Patriarch Ogar Osim is aware that some groups of persons led by John Ushie are parading themselves as the leadership of the Labour Party in Cross River State”.
They described the John Ushie led faction of the party as impersonators who are out to deceive unsuspecting members of the public.
“Ordinarily, we would as usual ignore what we consider to be an anecdote meant to entertain the general public, but for the sake of our passionate and committed members who might become victims to these impostors”.
“We strongly call on members of the Press to properly investigate the activities and motive of these desperados whose main aim is to deceive gullible members of the party”
The statement recalled that during the general elections last year, the same group impersonated the leadership of LP in the state and conducted primaries that was not recognized by INEC
“They deceived the general public and even went ahead to produce Candidates through an illegal primary they conducted at their office. In the end, none of those produced through their primaries were recognized by INEC, they have risen again to deceive more innocent citizens”. The statement added.
“It is necessary to state clearly that there is no vacuum in Labour Party Cross River State as the current Chairman, Patriarch Ogar Osim and his team of Executives were duly elected at a Congress monitored and documented by INEC in March 2022 for a four-year tenure as enshrined in the party’s constitution”.
The statement added, in article 16 sub section 1 which says “All National and State Officers of the Party shall hold office for a period of 4 years per tenure and a maximum of 2 tenures per member for the respective offices.”
The statement further stated that INEC has disassociated itself from the false claim and has also rejected the outcome of the illegal Stakeholders meeting and the National Caretaker Committee appointed in Umuahia. It’s also maintained that the tenure of National and States Officers have not expired as claimed by oshie led faction
It also maintained that the authentic National Executive of LP led by Julius Abure has also publicly disassociated itself from the illegal Stakeholders because it contradicts article 15 sub section 4 of the party’s constitution which states that the National Secretary shall have cause to issue notices of meetings of the National Convention, National Executive Council, the National working Committee in consultation with and approval of the National Chairman.
By Johnson Eyiangho, Abuja
Former Vice-president Atiku Abubakar, has urged the people of Edo State to vote the Peoples Democratic Party (PDP) Candidate, Dr. Asue Ighodalo in the Saturday’s Governorship Election in the state.
Atiku, who made the appeal on his X handle yesterday, said that Ighodalo “shines as a beacon of integrity and vision”, adding that the PDP “candidacy offers a path to redemption for Edo State”
He said, “Where the APC has faltered, Ighodalo stands firm, ready to serve with competence and a genuine commitment to the people’s welfare.
“People of Edo State, the time has come to use the power vested in you.
As you go to the polls, ask yourself: Has the APC made your life better, or have they only deepened your struggles? The answer is clear. Your vote for Ighodalo will not only bring change to Edo State but will also send a resounding message across Nigeria that we reject the deceit and self-serving ways of the APC.”The PDP presidential candidate in the 2023 general election said that for nearly a decade, the APC had betrayed the people, saying that they (APC) criticized past leaders for raising fuel prices, yet they preside over an era where fuel costs above N900 per litre.
He said that the cruelty and disregard for the plight of the masses are unmatched as a vote for the APC is a vote for the continuation of misery, hunger, and despair.
Atiku advised the people of Edo State not to be swayed by the empty promises of the APC, pointing out that electing Ighodalo of the PDP “is not just a vote; it is an act of reclaiming our future. It is a choice to consolidate the good work of Governor Godwin Obaseki and to build a future of prosperity, dignity, and hope”.
He said, “Let us march to the polls this Saturday, united in our resolve to bring about the change we so desperately need. Let us cast our votes for Asue Ighodalo and usher in a new dawn for Edo State. The power is yours. Use it wisely.”
According to Atiku, the APC has donned the mask of a friend to the masses, but behind this veil lies a sinister reality. They have lured gullible voters with sweet promises, only to reveal their true nature – a party driven by a hunger for power rather than the well-being of the people. They have forsaken the ideals of governance, ignoring the cries of the common man while pursuing their own selfish ambitions.
“Under their watch, Nigeria has been plunged into an abyss of suffering. They have sown seeds of poverty, despair, and insecurity. The once vibrant spirit of our nation has been dimmed by a relentless struggle for survival, where even the simplest of needs, like food, have become out of reach for millions. In this grim reality, our people are not dying of disease but of hunger. We stand at the lowest point in our nation’s governance.
“The APC has not served the people; they have served themselves. And when the people, rightfully aggrieved, have raised their voices in protest, they have been silenced, dragged to courts under charges of treason. Meanwhile, the APC’s leaders bask in luxury, indifferent to the hardship that grips the nation.”
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