Connect with us

Business & Economy

SANWO-OLU SIGNS 2022 APPROPRIATION BILL OF N1.758 TRILLIONS 

Published

on

Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Anti-Open grazing bill into law With him is the Attorney General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN)
Lagos State Governor, Mr. Babajide Sanwo-Olu and his Deputy
Share

Lagos State Governor, Mr. Babajide Sanwo-Olu on Friday signed the 2022 Appropriation Bill of N1.758 trillion christened ‘Budget of Consolidation’ into law.

Governor Sanwo-Olu, while signing the Bill at the Lagos House, Ikeja, said that the capital expenditure stands at N1.166 trillion, representing 66 percent of the budget estimates, while recurrent expenditure is N591 billion, representing 34 percent, to maintain the 66:34 percent budget tradition of Lagos State.

Speaking after signing the 2022 Appropriation bill, Governor Sanwo-Olu said the budget is to consolidate infrastructural development across the state in line with his administration’s T.H.E.M.E.S. developmental agenda to address issues on education, infrastructure, health, technology, social intervention, rail projects and other critical areas.

While explaining the rationale behind the increase in the 2020 Appropriation Bill from the initial N1.388 trillion budget estimates presented to the Lagos State House of Assembly on November 24, Sanwo-Olu said there is a need to capture all financing options for the Blue and Red line rail projects and other ongoing projects in the Budget of Consolidation.

He said: “Let me state at this juncture that the difference between the budget amount presented by the Executive and the final amount passed by the Legislature is largely accounted for by the decision to further accelerate already existing infrastructure projects and bring them to substantial levels of completion.

“We have also decided to capture in the Budget, the financing being deployed towards the Blue Line and the Red Line rail projects by private sector consortia, up to a level that will not put pressure on our cash flow and debt sustainability.

“In addition, this 2022 Appropriation Bill recognises several other already-funded project transactions that are now being accounted for as corporate transactions. What this means is that we are now choosing to capture in the Budget the significant value already accruing to the State from these projects.

“As I said during the presentation to the House of Assembly, this will be the last full-year budget in the tenure of this administration. As a result, a major focus of this budget will be ensuring the completion of all ongoing projects that are critical to achieving our desire to build a Greater Lagos in line with the goals and objectives of the T.H.E.M.E.S development agenda.”

He said the Commissioner for Economic Planning and Budget, Mr. Sam Egube would present to the public the full details and breakdown of the budget in due course.

Governor Sanwo-Olu also commended the Speaker and members of the Lagos State House of Assembly for their cooperation and support, especially in ensuring the quick consideration and passage of the 2022 Appropriation Bill, which he presented on Wednesday, November 24.

The Governor also appreciated Lagosians for their support in ensuring the impressive performance in the implementation of the 2021 budget, against all odds, especially the continuous challenge posed by COVID 19.

“I believe very strongly that we, working together, and with everyone doing their part diligently, will achieve much more in 2022,” the Governor said.

Speaking earlier, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudasiru Obasa, stated that the budget was given expeditious approval with proper scrutiny within five weeks to ensure that all projects are executed.
Obasa, who was represented by the Chairman of the Lagos State House of Assembly Committee on Appropriation, Hon. Gbolahan Yishawu, said the Babajide Sanwo-Olu administration is heading in the right direction in ensuring that infrastructural projects are put in place across the state in line with the T.H.E.M.E.S. development agenda.

He also commended Governor Sanwo-Olu for completing all the projects he inherited and providing funds for all the ongoing projects in different parts of the State.

Also speaking, Commissioner for Economic Planning and Budget, Sam Egube, commended the Lagos State House of Assembly for the speedy passage of the 2022 Appropriation Bill.

He said he was excited and grateful to all stakeholders for leading the process to the signing of the biggest State’s budget.

It would be recalled that the
Lagos State House of Assembly on Wednesday passed the 2022 budget estimates with a slight increase of the grand total from the initial N1.38 trillion to N1.758 trillion.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Economy

APC PCC commends CBN, Buhari for extension of naira swap deadline

Published

on

New-Naira-Note-
New-Naira-Note-
Share

The All Progressives Congress (APC) Presidential Campaign Council has commended President Muhammadu Buhari, the Central Bank of Nigeria (CBN) and its Governor, Mr. Godwin Emefiele for extending the naira notes swap deadline.

Buhari on Sunday approved a 10-day extension for Nigerians to swap their old N1,000, N500 and N200 notes for the new ones.

Emefiele announced this after a meeting with the President in his Daura country home.

The extension followed complaints by Nigerians who experienced difficulties getting the new notes via ATMs and over the counter from banks.

The APC PCC, in a statement by its Director, Media & Publicity, Mr. Bayo Onanuga, praised the move.

It said: “We want to commend the Central Bank of Nigeria and Governor, Mr. Godwin Emefiele for listening to the voice of well-meaning Nigerians on the exigency of extending the deadline for change of old N200, N500 and N1000 naira notes to the new ones.

‘Following difficulties experienced by Nigerians from across the country from getting the new notes via ATMs and over the counter from Banks, many Nigerians especially requested an extension of the 31 January 2023 deadline.

“We welcome the 10-day extension of the deadline and the additional seven days of grace.

“This window will enable Nigerians especially those in rural and remote areas to have more time to change their old notes and avert the panic that would have followed.”

It said the President deserved “special commendation” for approving the extension “and for his leadership and statesmanship.”

The APC PCC added: “In the same vein, we praise our presidential candidate, Asiwaju Bola Ahmed Tinubu for his forthrightness in addressing the concerns of Nigerians at his campaign rally in Abeokuta last week.

“Asiwaju Tinubu didn’t take the easy road by shying away from what would have caused serious inconvenience for our teeming masses.

“Asiwaju showed leadership and compassion for the welfare of Nigerians, at the most appropriate time.”

 

 

Continue Reading

Business & Economy

ASSBIFI commends extension of validity of old Naira notes

Published

on

Emefiele_New-Note
Emefiele_New-Note
Share

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Sunday in Lagos endorsed the extension of the validity of old naira notes from Jan. 31 to Feb. 10.

Its president, Mr Olusoji Oluwole, told the News Agency of Nigeria (NAN) that the CBN decision to extend the deadline was a step in the right direction.

CBN Governor, Mr Godwin Emefiele, in a statement on Sunday said the CBN added a 10-day extension of the deadline of Jan. 31 to Feb. 10, to allow for the collection of more old notes.

He also noted that Nigerians would still have grace period to deposit their old notes directly with the CBN until Feb. 17.

“It is a step in the right direction, especially in providing more time for the return of old notes after the actual date of invalidation.

“CBN, however, needs to proactively monitor and address sufficient availability and distribution of the new notes.

“It should also increase sensitisation of, and probably incentivising the general public on the cashless policy to reduce the pressure on cash,’’ Oluwole said.

Banks have been contending with increased number of customers rushing to beat the Jan. 31 deadline given by CBN for the return of old naira notes which would cease to be legal tender.

New N200, N500 and N1,000 notes became legal tender on Dec. 15, 2022 after they were unveiled by President Muhammadu Buhari in Abuja on Nov. 23, 2022.

Many bank customers, however, complained that the new notes were not readily available and have yet to circulate adequately four days to the expiration of the old notes.

 

(NAN)

Continue Reading

Business & Economy

New Naira Notes: CBN Extends Deadline Till February 10

Published

on

Emefiele_New-Note
CBN Governor Godwin Emefiele and New Naira Notes
Share

 

The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes till February 10.

CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.

He explained that the apex bank has sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days.

“Based on the foregoing, we have sought and obtained Mr President’s approval for the following:  A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,” the statement read.

“A 7-day grace period, beginning from February 10 to February 17, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender Status.”

The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.

Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.

The scramble by many Nigerians to meet the initial January 31 deadline has been chaotic as many of them flood banking halls with huge cash in old notes to exchange them with new ones.

Others are seen in long queues at the few ATM points having the new naira notes in different parts of the country to have access.

The naira redesign was greeted by criticism by some Nigerians, including the presidential candidate of the ruling All Progressives Congress (APC), saying the policy was intended to scuttle his presidential ambition.

Continue Reading