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Reps Approve N13.98trn, N4.89trn New Borrowing for 2022

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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.

James Faleke which was considered at the Committee of Supply and chaired by the Speaker, Hon.
Femi Gbajabiamila.

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.

POLITICS

Stop Denigrating Atiku, Support Group Tells Kwankwaso

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The Nigerian Youths for Atiku (NYFA) has urged Dr Rabiu Kwankwaso, the 2023 President Candidate of the New Nigerian People’s Party (NNPP) to stop attacking the reputation of  former Vice President Atiku Abubakar.

The Director of Communications of NYFA (Nigeria & Diaspora), Mr Dare Dada, made the call  in a statement on Friday in Lagos.

Dada spoke against the background of a recent  media interview granted by Kwankwaso, in which he  accused Abubakar, the 2023 Presidential Candidate of the Peoples Democratic Party (PDP), of peddling lies at 80 years of age.

Kwankwaso,in the interview,had  claimed that  Abubakar’s camp had falsely told some Northern elders that the ex-VP  had reached  an agreement with him  and  the 2023 presidential candidate of the Labour Party (LP), Mr Peter Obi, to take turns at the presidency from 2027.

Dada , who described the   claim  as untrue, said that the former vice president was not a problem to Kwankwaso’s presidential ambition.

“It is so sad that someone of Kwankwanso calibre will make frantic efforts to denigrate the person of Alhaji Atiku Abubakar, a former Vice President of Nigeria, just to score some cheap political points.

“The former Vice- President needs no validation from him to be relevant politically as far as the Nigerian political space is concerned.

“Engaging in such level of falsehood just to make a point is not only ridiculous but demeaning,” Dada said.

He said that such attacks on opposition figures were not good at this time when opposition leaders were supposed to be strategising on an alliance to give Nigerians a better deal in 2027.

Dada said that opposition leaders must shun divisive tendencies and rhetorics, capable of undermining the unity and progress needed in the nation.

The youth leader urged Kwankwaso to rather dissipate energy on issues confronting the Northern Nigeria and speak up.

He added: “The youth of this nation are determined to stand for integrity and ensure that politics of deceit and manipulation are relegated to the past.

“It is our collective belief that politics of honesty and integrity will always triumph over self-serving lies.

“The NYFA remains committed to supporting visionary leaders like Alhaji Atiku Abubakar, who prioritise national development and the well-being of all Nigerians over personal ambition.” (NAN)

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POLITICS

Kalu hails Nwifuru for Endorsing ‘political Son’ as Ebonyi APC Chairman

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A former Governor of Abia, Sen. Orji Kalu, has expressed appreciation to Gov. Francis Nwifuru of Ebonyi for endorsing the second term in office of Chief Stanley Okoro-Emegha as Chairman of (APC) in the state.

Kalu stated this on Thursday at Ekoli, Edda Local Government Area of Ebonyi during his New Year visit to Okoro-Emegha whom he described as his political son.

“The endorsement is a good development, as Okoro-Emegha is a hardworking person.

“I did not make the endorsement but the governor, who is working with Okoro-Emegha, did,” Kalu, who is representing Abia North Senatorial District in the National Assembly, said.

He said that his visit to the APC chairman was an annual event, which showed the level of affinity between them.

“I promised him that as long as God gives me the life, I will be visiting him every new year,” Kalu said.

Okoro-Emegha, in his response, thanked the former governor for the visit, stating that the bond between them would continue to wax stronger.

“I cannot assess myself, while the governor could not have endorsed me if the press, party faithful and the entire citizens didn’t assess me rightly.

“APC has never had it so good because there is no problem within it,” he said.

The party chairman said that he would not relent in his efforts at ensuring that all the political gladiators in the opposition joined APC.

“I will be visiting the members representing Ohaoazara/Onicha/Ivo and Afikpo North/Edda Federal Constituencies in the House of Representatives.

“I will urge them to join APC and let them know the benefits for all us being under one roof.

“They have roles to play in complementing the governor’s efforts to uplift the state,” he said.

Okoro-Emegha urged the people of the state to continue supporting the governor and hope for a better 2025.

“2024 was tough but we will reap all we have sown in 2025. We should know that one person cannot run a government; he needs our collective efforts,” he said.

Daily Asset recalls that Okoro-Emegha was Kalu’s aide when he was governor of Abia from 1999 to 2007.  (NAN)

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NEWS

2025 Budget, Tax Reform Bills, others Top Agenda for Legislative Action – Bamidele

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The Senate Leader, Sen. Opeyemi Bamidele, has listed the consideration of the N49.7 trillion 2025 budget and the Tax Reform Bills as two of the items topping National Assembly’s agenda in the new year.

Bamidele said this in his new year message to Nigerians made available to newsmen in Abuja on Wednesday.

Report says that Opeyemi’s message was entitled: “Another Year of Limitless Opportunities”.

He said that the next few weeks would be devoted to the scrutiny of the 2025 Appropriation Bill, Tax Reform Bills, 2024 and investigation of economic sabotage in the petroleum industry, among others.

Bamidele said that key economic reform initiatives which had been in the pipeline to open up Nigeria for real businesses that would throw up limitless opportunities would also be deliberated upon.

He further stated that the constructive collaboration which the national assembly had being having with the executive since June 2023 was already yielding results.

“It is also repositioning the nation’s economy for the benefit of Nigeria and Nigerians,” he said.

The majority leader cited the multi-tiered interventions by the presidency and national assembly, particularly the commencement of operation by Dangote Refinery and Petrochemicals within the 2024 fiscal year as an instance.

Another one, he said, was the Port Harcourt Refining Company and Warri Refining and Petrochemicals Company which was now back in operation after almost two decades of inaction.

Bamidele assured that the national assembly would sustain the President Bola Tinubu-led government’s drive to deepen global best practices in the country’s petroleum industry.

“This is the rationale behind the Senate Ad-hoc Committee to investigate alleged economic sabotage in the Nigerian petroleum industry.

“Considering the significance of the Committee, the National Assembly has initiated the process to constitute a joint committee of the Senate and House of Representatives.

“This is to look more decisively and incisively into diverse issues spurring infraction and sabotage in the petroleum industry,” he said. (NAN)

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