The Senate has approved President Muhammadu Buhari’s request for the virement of N276,757,232,395 billion to fund expenditures in the 2021 budget.
The approval followed the consideration of a motion sponsored by the Senate Leader, Yahaya Abdullahi (Kebbi North).
The motion was entitled: “2021 Appropriation Virement Proposal.”
Abdullahi in his motion recalled that on Tuesday 21 December, 2021, the Senate President read a communication from the President of the Federal Republic of Nigeria requesting for virement of the 2021 Appropriation Act to fund critical expenditure in the 2021 Budget.
“Notes also that pursuant to Section 3 of the Appropriation Act 2021, amounts Appropriated under the Act can be vired only with the approval the National Assembly;
“Aware that the details of the expenditures proposed for the virement are contained in Schedule 1 hereto attached, while Schedule 2 shows the source of the funds to be vired for the items in Schedule 1; and
“Further aware that the 2021 Budget Implementation is faced with challenges that will require additional funding for some critical and urgent Line Items in the Budget”, the lawmaker said.
President Buhari in his virement request contained in a letter dated December 16, 2021, said the sum of N276,757,232,395 would be sourced from the N365 billion Service Wide Vote for Upscaling of National Social Investment Programme (NSIP).
A breakdown of the virement request detailed by the Federal Ministry of Finance, Budget and National Planning showed that N199,129,053,400 was for payment of local contractors debts, public service wage adjustment for MDAs, OSSAP SDGs Projects 3 and Group Life Assurance for all MDAs.
In addition, N4,500,821,569 is for the Federal Ministry of Education, N2,335,167,265 for the Nigeria Airforce, N4,617,811,857 for the Ministry of Defence, N25 billion naira for the National Assembly in settling minimum wage areas of National Assembly Staff and Intervention to settle outstanding liabilities owed local contractors.
Others are N20,038,920,773 for the Federal Roads Maintenance Agency (FERMA), N762,678,972 for the Nigeria Correctional Services, N592 million naira for the Federal Roads Safety Commission (FRSC) as financial assistance for the execution of 2021 End of Year Special Patrol Operation.
Also, the sum of N19,780,778,558 was funding for the Federal Medical Centre, Katsina, University of Maiduguri Teaching Hospital, Ahmadu Bello Teaching Hospital, Zaria, Usman Danfodio University Teaching Hospital, Sokoto, Lagos University Teaching Hospital, University of Nigeria Teaching Hospital, Enugu, University of Benin Teaching Hospital, and Jos University Teaching Hospital.
NDIC commences payment of N16.18bn to liquidated banks’ depositors
Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has declared N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation.
A statement by the Director, Communication & Public Affairs, NDIC, Bashir Nuhu, disclosed that the Corporation has commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from 28th September 2023.
The ongoing payment is sequel to an earlier payment of various sums which cumulatively amounted to N45.45bn as liquidation dividends in respect of the 20 banks by July 2023, Nuhu said.
Relevant stakeholders have been requested to visit any of the NDIC offices closer to them or go to the claims page on the corporation’s website, www.ndic.gov.ng to download, complete and submit the verification form with prescribed supporting documents to a dedicated email.
The closed banks covered by the exercise are Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank.
Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank and Amicable Bank in-liquidation.
Liquidation dividends represent amounts in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from realisation of assets of failed financial institutions. They also cover the amount paid to creditors and shareholders of closed banks after full payment to depositors of such defunct banks.
Senate Confirms Appointment Of Cardoso, Others As CBN Governor And Deputies
The Nigerian Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) Governor and four others as Deputy Governors of the apex bank.
They were confirmed on Tuesday following a screening by the upper legislative body.
The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio said.
Before their confirmation, the nominees had answered questions on matters related to economic and other policies.
During the screening, Cardoso promised to embrace compliance, assuring that under his leadership, the apex bank would remain apolitical.
“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he said.
“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.
“That is a cultural shift, a change in mindset, but we will make sure it happens,” the former Citibank Nigeria chairman assured.
Cardoso’s confirmation comes weeks after President Bola Tinubu nominated him as the acting CBN governor and four others as deputies.
He assumed office last week, replacing the then-acting governor of the CBN Folashodun Shonubi.
The recent appointments followed the suspension and resignation of Godwin Emefiele as the apex bank boss. The Delta-born began his reign in 2014 but got backlash owing to the naira redesign policy.
Emefiele, who was later arrested by the Department of State Services (DSS) but released on bail, is being tried on an alleged N6.9b fraud.
Senate Screens CBN Governor, Deputies Today – Bamidele
The Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Dr. Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).
The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with Cardoso to steer affairs of the apex bank in the next five years.
In a statement by the Media Office of the Senate Leader, Senator Michael Opeyemi Bamidele, the senate will screen all the nominees following its resumption from its annual recess.
The statement said: “The Senate of the Federal Republic of Nigeria will resume plenary on Tuesday, September 26. We will consider the screening of Dr. Cardoso at the Committee of the whole.
“Dr. Cardoso will be screened alongside four deputy governors namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”
On September 15, President Tinubu approved the nomination of Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).
He also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate of the Federal Republic of Nigeria.
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