Economy
Makinde Signs N310.4bn 2023 Budget in Saki
Gov. Seyi Makinde of Oyo State on Friday signed into law the state budget of N310.4 billion barely 24 hours after the state lawmakers passed it.
The News Agency of Nigeria (NAN) reports that the budget titled: “Budget of Sustainable Development” was signed on Friday at the headquarters of the Oyo State Agribusiness Development Agency,
(OYSADA) in Saki Town, in Oke-Ogun zone.
NAN reports that the state House of Assembly had on Thursday passed the state’s 2023 Appropriation Bill of N310.
4 billion after a clause-by-clause consideration of items in the financial proposal.The passed budget is about N432.5 million higher than the proposed N310 billion earlier sent to the lawmakers by Makinde on Nov.
3.While signing the bill, the governor lauded the support and cooperation of the state legislature for its timely passage.
He said the budget would aid the completion of some of the ongoing projects in the state.
“Some of the projects we started would be completed in 2023.
“So, this is a budget that has N155.7 billion for recurrent expenditure and N154.8 billion for capital expenditure.
“You will notice that recurrent is slightly higher than the capital expenditure and this is because we are going into a transitional period,” he said.
Makinde said that his
administration “has increased the internally generated revenue to over N3.8 billion.
“When we talk about budget performance, since we came in, we have always performed well above 50 per cent.
“The signing of this budget in Saki is a testimony to the fact that in Oyo State, our economy across all our zones, is indeed an integrated economy,” he said.
In his remarks, the state Commissioner for Budget and Planning, Prof. Misbau Babatunde, described the 2023 budget as “an inclusive one”, adding that the whole state made their inputs into it.
“We collated every input together and came up with a conclusion.
“We did not just allocate figures for the budget, it was a rigorous project that science, data and logic guided.
“The figure of the budget we are signing today is what will improve the welfare of the good people of Oyo State,” the commissioner said.
NAN recalls that the approved budget comprises a capital expenditure of N154.8 billion and a recurrent expenditure of N155.7 billion.
Prior to the approval, the House Committee on Public Accounts, Finance and Appropriation, had presented its report on the state’s 2023 Appropriation Bill to the lawmakers, which was also adopted.
The third reading, which was read at the plenary by the Chairman, House Committee on Appropriation, Hon. Mustapha Akeem, representing Kajola constituency, took a careful clause-by-clause consideration of the bill by the lawmakers.
The lawmakers, while deliberating on the proposed budget, suggested certain amendments and concluded that the sum of N154.5 billion be changed and amended to N154.8 billion as final amendment for capital expenditure.
NAN reports that highpoints of the budget, as allocated were: Office of the Governor (N400 million); Oyo State Investment, Public and Private Partnership (N800 million) and Oyo State House of Assembly (N8 million).
Others included: Bureau of Public Procurement (N100 million) and Rural Electrification Board (N64 million).
(NAN)
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)
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)
The Oyo State Stakeholder Forum says Chairman of Federal Inland Revenue, Mr Zeech Adedeji, will revamp Oyo State Internally Generated Revenue (IGR) if contests and wins the 2027 governorship election.
Mr Jelili Akande, the convener of the Forum, said this at a news conference in Abuja on Tuesday.
According to him, as Governor, Adedeji will modernise Oyo State’s tax administration system, making it more inclusive, transparent, and technology-driven.
“His strategy will involve the deployment of innovative tools to identify untapped revenue streams, expand the tax base, and ensure that every taxable entity contributes fairly to the state’s development’’, he told newsmen.
He said central to the transformation would be a shift from the traditional reliance on federal allocations to a robust IGR framework.
According to him, by leveraging data analytics and automation, Adedeji would aim to reduce leakages, improve compliance, and make the tax process seamless for individuals and businesses alike.
Akande urged the state government to embrace the template of FIRS chairman to improve the IGR.
He said Adedeji’s tenure at FIRS was marked by strategic reforms that had improved efficiency and transparency.
“Key among these achievements is the introduction of a digital tax filing system, which has streamlined tax processes and minimised leakages.
“This technological transformation has made compliance easier for businesses and individuals alike, leading to a significant increase in tax revenues,’’ he said.
According to him, Adedeji championed public-private-partnerships to create awareness about tax compliance, ensuring that more businesses became part of the formal economy.
He said the FIRS boss’s efforts had not only widened the tax net but had also restored public confidence in how tax revenues are utilised. (NAN)
Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen
Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...
Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School
Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...
INEC Staff Welfare Association Warns Members Against Manipulating Election Results
Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...
Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading
ShareA bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in...
Pay Attention to Industrialisation, Agriculture to Create Jobs —- Trade Fair Official
Share Chairman of the 11th Kwara Trade Fair Organising Committee, Mr Abu Salami, on Wednesday in Ilorin called for more...
Police Detain 2 Suspects, Recover 25 Stolen Phones in Borno
Share The Nigerian Police Command in Borno has apprehended two suspects and recovered 25 stolen mobile phones during a stop-and-search...
Education, key to Changing Nigeria, says NTI D-G
Share Prof. Sadiya Sani-Daura, Director-General, National Teachers’ Institute (NTI), Kaduna, says education is key to changing and transforming Nigeria in...
Wike’s Aide Refutes Land Grabbing Allegations Against FCTA
Share Mr Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of the Federal Capital...
COAS to Criminal Elements: Pack out of Nigeria
Share The Chief of Army Staff (COAS), Lt.-Gen. Olufemi Oluyede, has warned criminal elements to pack out of the country,...
NEMA Donates Relief Materials to Victims of Bandits’ Attacks in Zamfara
ShareThe National Emergency Management Agency (NEMA) on Wednesday donated relief materials to victims of bandits’ attacks, flood disaster and Internally...