……Says budget to achieve macroeconomic goals, good governance
Gov. Yahaya Bello has presented an Appropriation Bill, Budget Outlay of N145.8 billion for the 2022 fiscal year to Kogi House of Assembly for “Frank review and approval.”
Presenting the Appropriation Bill tagged, “Budget of Accelerated Results” to the Assembly on Thursday in Lokoja, Bello said the total Budget was divided into Recurrent Expenditure of N90,151 billion representing 61.79 per cent.
The Capital Expenditure, according to him, is N55.744 billion representing 38.21 per cent adding that the total budget package for year 2022 was N145,896,072,913 as against the N160.560 billion revised budget for year 2021.
“This represents a decrease of N14.664 billion or 9.13 per cent when compared with the 2021 Revised Budget”, he said.
According to the governor, out of the total estimated Recurrent Revenue of N96.792 billion, Estimated Personnel Cost for the period is N45.119 billion whereas N45.031 billion is Overhead Costs, thereby giving N90.151 billion as a total Recurrent Expenditure for the year 2020.
He gave the total budget expenditure outlay as follows: Administration – N50,23 billion representing 34.43 per cent and Economic – N41.926 billion representing 28 per cent.
Others are Law and Justice – N4.720 billion representing 3.24 per cent and Social – N49.015 billion representing 33.6 per cent.
The governor noted that accountability and open governance starts with timely and transparent showcase of government income, proposed expenditure plan and levels of performance and pledged to an honest, realistic and sustained implementation of the year 2020 budget as usual.
“In order to keep this undertaking and avoid derailment by any means, we have factored into this Budget policies, outcomes and targets consistent with those Sustainable Development Goals (SDGs) identified in our blueprint documents as most urgently needed by the larger spectrum of our populace”, he said.
Bello also undertook to on behalf of his administration to complete every single project they started in the 21 Local Government Areas and to pay the contractors and at the same time, cutting down the cost of governance for the benefit of the people.
Speaking earlier, Speaker of the House, Prince Matthew Kolawole described budget as an important policy tool that provides an avenue for both the Executive and the Legislature to collaborate in the management of the state economy for equitable and efficient allocation of resources.
He said that the power of the Assembly to approve budgets include the power to analyse, debate, amend and enact into law the estimates presented by the governor.
He said that the processes were designed to achieve a realistic distribution of resources and optimal opportunity for the people but regretted that though budgets had always been well conceived, implementation had remained a major challenge.
Kolawole therefore, urged all ministries departments and parastatals to be more alive to their responsibilities and avoid all tendencies that might impede the process of successful implementation of the budget.
He commanded the governor for some of the landmark projects being executed across the three Senatorial Districts of the state and particularly implored the governor to rehabilitate the Hassan Usman Katsina Road leading to the Assembly and the state High court among others.
He assured that the house would accord the 2022 Appropriation Bill a speedy passage to enable the government to commence in earnest, its implementation.
The News Agency of Nigeria (NAN) reports that Bello presented N130.5 billion for the 2021budget.
He said the budget is divided into the recurrent expenditure of N70.04 billion representing N56.72 percent and capital expenditure of N56.49 billion representing N43.28 percent.
He said that the total estimated recurrent revenue of the budget was N82.4 billion consisting of N20.9 billion which will be realized from internal sources, while N45.4 billion comes from the federation account.(NAN)
President Buhari transmits Business Facilitation bill to N’Assembly
The Senate has received the Business Facilitation (Miscellaneous Provisions) Bill 2022, forwarded to the National Assembly by President Muhammadu Buhari, for consideration and passage.
The bill was accompanied by a letter dated 17th June, 2022.
The letter, addressed to the Senate President, Ahmad Lawan, was read during plenary on Tuesday.
President Buhari, in the letter, explained that the expeditious consideration and passage of the bill would promote the ease of doing business in Nigeria.
It reads, “Pursuant to Sections 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the Business Facilitation (Miscellaneous Provision) Bill 2022 for the kind consideration of the Senate.
“Business Facilitation (Miscellaneous Provision) Bill 2022 seeks to promote the war of doing business in Nigeria by amending relevant legislation.
“While hoping that this submission will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”
N5 trillion urgently needed to cushion effects double digits increase on ordinary Nigerians – World Bank
The World Bank has warned that Nigeria could lose about N5trillion in 2022 from gasoline subsidies.
The bank also said that N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities.
The World Bank said in it Nigeria Development Update (NDU) released on Tuesday in Abuja.
The report said: “When we launched our previous Nigeria Development Update in November 2021, we estimated that Nigeria could stand to lose more than N3 trillion in revenues in 2022 because the proceeds from crude oil sales, instead of going to the federation account, would be used to cover the rising cost of gasoline subsidies that mostly benefit the rich”.
World Bank Country Director for Nigeria Shubham Chaudhuri, however noted: “Sadly, that projection turned out to be optimistic. With oil prices going up significantly, and with it, the price of imported gasoline, we now estimate that the foregone revenues as a result of gasoline subsidies will be closer to 5 trillion Naira in 2022.
“N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”
The report noted: “Nigeria is in a paradoxical situation: growth prospects have improved compared to six months ago but inflationary and fiscal pressures have increased considerably, leaving the economy much more vulnerable”.
Nigeria’s banking sector now immune to economic shock – NDIC
Nigeria Deposit Insurance Corporation (NDIC) has said that the banking sector is now immunized to withstand shocks that may impact the economy and the financial system.
Mr Bello Hassan, Managing Director of NDIC said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, in Lagos.
Any change in fundamental macroeconomic variables or relationships that has a significant impact on macroeconomic outcomes and measures of economic performance, such as unemployment, consumption, and inflation, is referred to as an economic shock.
Mustapha Ibrahim, Executive Director (Operations), who represented the NDIC boss, said Nigerian banking industry was currently resilient to most of these difficulties, particularly external shocks over which the Corporation had no control.
He said: “We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system”.
Hassan, further said that effective risk-based management remained critical to a safe and sound financial system.
“The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk-based supervisory format the risk-based approach is actually proactive. For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.
“So, it is so dynamic that we also are constantly on a real-time basis, monitoring the industry continuously and fine-tuning our supervisory tools, both onsite and offsite, to mitigate some of the challenges the banks may be facing,” he said.
On his part, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, said the retreat demonstrated progress in creating lasting and workable relationships in the national interest.
Sani, who was represented by Senator Olubunmi Adetunbi, was optimistic that the outcome will aid in the strengthening of the financial and banking sectors, particularly the corporation’s supervisory and regulatory role.
“The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy. While we provide the legal and institutional frameworks, NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector.
“Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required. It helps in injecting fresh ideas into our operations which will materialise into an improved, effective and efficient service delivery to Nigerians,” he said.
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