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Senate Okays N16.39trn Budget for 2022

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President of the Senate Ahmed Lawan
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By Jude Opara, Abuja

As President Muhammadu Buhari presents the 2022 Appropriation Act to the joint session of the National Assembly today, the Senate has also approved the President’s revised submission of the 2022-2024 Medium Term Expenditure Framework (MTEF).

The revised submission was received and referred to the Committee on Finance on Tuesday for expeditious consideration ahead of Thursday’s budget presentation to the National Assembly by President Buhari.

Also, the Senate in its recommendation approved the aggregate expenditure of N16.

39 trillion from the previous N13.98 trillion for the year 2022.

The upper legislative arm equally approved the retention revenue of N10.

3 trillion; and N635.4 billion fiscal deficits.

Consequently, the approval of the revised framework on Wednesday followed the consideration of a report by the Committee on Finance.

In giving its nod, the Senate further commended the Budget Office of the Federation and the Federal Ministry of Finance, Budget and National Planning for insisting that Ministries, Departments and Agencies (MDAs) submit their revenue profile as a precondition for being captured in the 2022 budget proposal.

In his presentation, Olamilekan Adeola, the Senate Committee, said the Gross Revenue Projection was decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion.

He added that deductions for Federally-funded upstream projects costs and 13 % derivation was slashed by N335.3 billion and N810.25 million, respectively.

According to him, while the Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion, Non-oil taxes however remained unchanged.

Adeola equally explained that the Federal Government’s retained revenue is projected to increase by N1.773 trillion, from N8.36 trillion to N10.13 trillion, even as he further disclosed that the new increase to the FGN Expenditure is N5.241 trillion.

In a related development, President Buhari in his letter to the Senate dated October 4, 2021, explained that the revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act, 2021, as well as other critical expenditures in the 2022 budget.

Buhari further claimed that the underlying drivers of the 2022 fiscal projections, such as oil price benchmark, oil production volume, exchange rate, GDP growth, and inflation rate reflect emergent realities and the macroeconomic outlook, and remain unchanged as in the previously approved 2022-2024 MTEF/FSP.

“The PIA established a progressive fiscal framework aimed at encouraging investment in the Nigerian Petroleum Industry.

“This significantly alters the Oil and Gas fiscal terms and has necessitated changes in the 2022-2024 Medium Term Fiscal Framework.

 “The fiscal effects of PIA implementation are assumed to kick in by mid-year 2022. The revised 2022-2024 Fiscal Framework is premised on hybrid of January-June (based on current fiscal regime) and July-December (based on PIA fiscal regime), while 2023 and 2024 are now fully based on the PIA”, he said. 

Buhari also listed the changes to the 2022 Fiscal Framework projections, and approved by the Senate to include Gross Revenue projection decreased by N341.57 billion, from N8.870 trillion to N8.528 trillion; decreased deductions for federally funded upstream projects costs and 13 percent derivation by N335.3 billion and N810.25 million respectively; and Net Oil and Gas revenue projection declined by N5.42 billion from N6.540 trillion to N6.535 trillion.

While giving a breakdown of the projected increase in Federal Government’s revenue, Buhari said N837.76 billion was from increase in revenue of Government Owned Enterprises; N697.6 billion from MDAs Internally Generated Revenue; the introduction of Education Tax of N306 billion and Dividend of N8.3 billion from the bank of industry as revenue lines; and FGN share of oil price royalty of N96.9 billion which is expected to be transferred to the Nigerian Sovereignty Investment Authority based on the provisions of the PIA.

He added that the FGN Aggregate Expenditure (including GOEs and Projected-tied Loans) was increased by N2.47 trillion, from N13.98 trillion to N16.45 trillion.

The President also noted that the increase in expenditure was due to the N100 billion additional provision to the Independent National Electoral Commission (INEC), to take care of the 2023 General Elections; and the provision of N54 billion to NASENI, which represents one percent FGN share of Federation Account., amongst others.

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AfDB Signs $75m Loan Agreement to Boost Indorama’s Fertilizer Production, Export Capacity

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The African Development Bank (AfDB), has signed a 75 million dollar loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited.

The bank announced this in a statement issued on its website late Thursday.

According to the statement, the loan will enable Indorama to increase its fertilizer production and develop a port terminal for exports.

The statement also said that the loan would help in supporting food production and food security across regional and international markets while fostering job creation in Nigeria.

It said that the expansion would include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.

“The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertilizer worldwide.

“Indorama’s two operational urea fertilizer lines serve Nigeria’s domestic market.

“It supports the country’s agricultural sector, which accounts for a quarter of its Gross Domestic Product (GDP) and employs about a third of its labour force.

“The new production line and terminal, which will help meet growing global demand for fertilizer, is expected to create up to 8,000 direct and indirect jobs in Nigeria”, the statement said.

The statement also quoted the Acting Director of Industrial and Trade Development Department, AfDB, Ousmane Fall, as commending the partnership.

Fall said the bank was proud of its continued partnership with Indorama, the IFC, and other lenders on this critical project.

He said the partnership aligned with the bank’s strategic priorities to Feed  and industrialise Africa, while generating significant development outcomes in Nigeria.

Meanwhile, Manish Mundra, Group Director for Africa, Indorama Corporation said the establishment of the fertilizer plant underscored Indorama’s unwavering commitment to Nigeria’s industrial growth, economic diversification, and leveraging its strategic geographic location.

“This landmark financing represents a pivotal moment in Nigeria’s journey towards becoming a major player in the global fertilizer market.

“With this third line, Nigeria is prepared to significantly ramp up its export capacity, thereby, enhancing its position as a key exporter of fertilizer to Africa and the world.

“Furthermore, the establishment of this fertilizer plant will not only address critical issues such as broader food security but will also stimulate agricultural growth and create employment opportunities in Nigeria,” he said.

Reports says that the AfDB’s loan follows a strategy to support investment in private sector development to promote the growth of the real sector.

The 75 million dolllars loan is part of a 1.25 billion dollars facility arranged by IFC.

The financing package includes a 215.5 million dollars loan from IFC’s own account, a 94.5 million dollars loan through the Managed Co-Lending Portfolio Programme (MCPP), and 940 million dollars in parallel loans mobilised from other development finance institutions and commercial banks.

Some of the banks include the AfDB, Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, Emerging Africa Infrastructure Fund (EAIF) and Rand Merchant Bank.

Others are Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export-Import Bank of India (India Exim Bank) and Export-Import Bank of Korea (KEXIM).

The Standard Bank Group, Standard Chartered Bank, and the United States International Development Finance Corporation (DFC) are also part of the banks.(NAN)

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NSCDC Arrests 3 Suspects with 1,625 Litres of Adulterated Diesel

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The Anambra Command of the Nigeria Security and Civil Defence Corps (NSCDC) has arrested three suspects with 1,625 litres of adulterated diesel.

The NSCDC Commandant in Anambra, Olatunde Maku, told newsmen on Friday in Awka, that the suspects were arrested on March 23 along Atani Road, in Odekpe, Ogbaru Local Government Area of the state.

He said that his team arrested Oluchukwu Okeke, 28, from Ogbaru in Anambra; Emeka Chukwuma, 34, also from Ogbaru in Anambra; and Ifunanya Ike, 29, from Mbano in Imo state.

According to Maku, they were conveying 65 kegs of 25 litres each of suspected adulterated diesel, estimated to be 1,625 litres in four different vehicles.

He said that the vehicles were two shuttle buses, a white-colored bus with registration number AWK429XY and another ash-coloured bus with registration number GDD277XB.

“This arrest was made possible in collaboration with the Nigerian Navy, and preliminary investigation revealed that the illegally refined products were loaded at Ogbakuma and headed to Okoti community, both in Ogbaru area.

“I want to commend the Nigerian Navy for their support in the fight against criminality in the state.

“This type of synergy is what is needed to wage a full-scale war against perpetrators of this heinous crime.

“NSCDC, as the lead agency in the protection of critical national, state, and local government assets and infrastructure, is known for its zero tolerance in crude oil theft and illegal bunkering activities.

“We remain focused on freeing Anambra state of illegal petroleum products racketeering and other related criminalities,” he said.

Maku added that the suspects would be arraigned in court as soon as investigations were completed.

He called on members of the public to assist the command in its renewed vigour to stamp out illegal oil refining activities in the state through the provision of intelligence on illegal oil bunkering activities within their domains. (NAN)

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Good Friday: Catholic Bishop urges Leaders, Nigerians to Emulate Christ’s Sacrifice

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As Christians celebrate the crucifixion of Jesus Christ (Good Friday), the Bishop, Catholic Diocese of Oyo, Most Rev. Emmanuel Badejo, has urged leaders and Nigerians to emulate Christ’s sacrifice.

Badejo made the remark in his Good Friday message made available to Newsmen on Friday in Ibadan.

Badejo enjoined all leaders, people in authority and Nigerians to emulate Jesus in order to improve society and institutions.

The catholic bishop emphasised that Good Friday teaches us the best qualities of leadership in service, humility and love.

He noted that Good Friday represents all the challenges and problems in life, at work, in family and country at large.

According to him, those problems will be solved not just by praying, but by serious, honest and selfless efforts by everyone to do good and oppose sin and evil.

“Nigeria is not beyond repair, but it is righteousness that exalts a nation.

“Good Friday is the day on which Jesus made the ultimate sacrifice, giving His life on the cross for the salvation of the world.

“That is exactly what is good about it, even though his suffering and death are painful and unjust.

“Jesus Christ, the son of God, gave his life in love and humility, leaving His glory aside. By His death on Good Friday, Jesus taught us that there are benefits in making sacrifice for the good of others.

“Such suffering or sacrifice, like that which a mother makes for her children, or a friend for another, is pleasing to God.

“Good Friday invites us to repent, do away with sin, but do something for the good of others and thus, enjoy God’s favour,” he said.

Badejo remarked that Easter Sunday is the celebration of the victory of Jesus Christ, which reminds all that the victory of good over evil is inevitable.

He said that, just as all conspiracies against Christ’s resurrection could not stand, similarly, all the evil happening in the world cannot stop the celebration of Easter as planned by God.

“That is why Christians rejoice at Easter. Alleluia! Easter Sunday answers all the questions of Good Friday. Why should good people suffer sometimes?

“Well, because God always has a superior reason and for allowing such to happen.

“If Jesus had not died, salvation would never have come. To all who suffer, I say: “Be comforted: with Jesus, Good Friday is not the last word, Easter Sunday victory is.

“I urge all Nigerians to emulate Jesus’ way of love and sacrifice for others,” Badejo said. (NAN)

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