Connect with us

Business & Economy

Senate passes N982.729bn supplementary budget for 2021  

Published

on

Senate President Ahmad Lawan
Share

The Senate on Wednesday approved the sum of N982.729 billion as supplementary budget for the 2021 fiscal year.

The approved sum represents an upward review of N86.9 billion from the initial amount of N895.842 billion transmitted to the National Assembly by President Muhammadu Buhari about two weeks ago.

 The passage of the supplementary Appropriation Bill 2021, followed the consideration of a report by the Committee on Appropriation during plenary.

Accordingly, out of the total sum of N982,729,695,343 billion passed, N123,332,174,164 billion is for Recurrent (Non-Debt) Expenditure; and N859,397,521,179 billion as contribution to the Development Fund for Capital Expenditure.

Chairman of the Appropriation Committee, Senator Barau Jibrin, in his presentation explained that the sum of N45.63 billion required for COVID-19 vaccine Programme would be sourced through existing World Bank Loan as well as other Grants.

He added that the balance of N37.93 billion would be sourced from Special Reserve/Levy Accounts comprising: TSA (Foreign currency component) – N25 billion; MOFI CHQ optional – N5 billion; and Foreign Revenue E-Collection – N30 billion; 65 percent Wheat Floor Levy – N15 billion; 5.15 percent Wheat Grain Levy – N15 billion; and Rolled-Over Capital (unspent) – N5 billion.

The lawmaker disclosed that the balance of N722.40 billion which is for capital expenditure on procurement of additional equipment for the security and capital supplementation would be sourced from new borrowing.

Barau explained that the Committee in line with the harmonised position with its House of Representatives counterpart recommended an upward review of the funding of some Security Agencies that were grossly underfunded or not funded in the supplementary Appropriation Bill.

The lawmaker listed the Agencies to include the Nigerian Navy, Ministry of Police Affairs, Defence Intelligence Agency, Department of State Security Services (DSS) and Economic and Financial Crimes Commission (EFCC).

A breakdown of Capital Expenditure for Ministries, Departments and Agencies of Government in the supplementary budget shows that N8,500,000,000 was approved for the Ministry of Police Affairs; N22,586,121,511 for Police Formations and Command; N33,673,461,231 for the Defence Headquarter; N207,543,863,993 for the Nigerian Army; N157,780,421,836 – Nigerian Navy; N239,477,882,473 – Nigerian Air Force; N43,326,943,687 – Defence Space Administration; and N16,887,229,426 – Defence Intelligence Agency.

Others include: Nigeria Security and Civil Defence Corps – N14,822,575,648; Office of the National Security Adviser – N17,000,000,000; Department of State Services – N17,500,000,000; National Intelligence Agency – N4,870,350,000; Economic and Financial Crimes Commission (EFCC) – N3,500,000,000; and National Agency For the Control of AIDS (NACA) – N1,685,000,000.

Under the Federal Ministry of Health, the sum of N2,800,000,00 was approved for the procurement of Molecular Laboratory Equipments to Hospitals (N300m), National Orthopedic Hospital, Igbobi (N300m), National Eye Centre, Kaduna (N300m), National Fistula Centre, Abakaliki (N300m), National Fistula Hospital, Sokoto (N300m), Federal Neuro-Psychiatric Hospital, Calabar (N300m), University of Nigeria Teaching Hospital (N300m), Federal Medical Centre Asaba Annex Aniocha (N300m) and FMC Nguru (N400m).

In addition, the sum of N6,715,338,874 was approved for the Procurement and Installation of New Oxygen Plants Nationwide and Repairs of Oxygen Plants in FCT Hospitals; and N60,728,332,500 for Vaccines Procurement Cost (Federal Government of Nigeria Funding – $298,500,000 for 29.85 million Johnson & Johnson Vaccines.

Continue Reading
Click to comment

Leave a Reply

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

Business & Economy

Tinubu To Present 2024 Supplementary Budget To NASS

Published

on

President Bola Tinubu Presenting 2024 Budget Proposal to the Joint Session of National Assembly
President Bola Tinubu Presenting 2024 Budget Proposal to the Joint Session of National Assembly
Share

President Bola Tinubu will soon present the 2024 Supplementary Budget to the National Assembly (NASS).

“I submitted the last budget to you,” the President said when he addressed a joint sitting of the National Assembly on Wednesday.

“You expeditiously passed it. We are walking the talk. I will soon bring the Year 2024 (Supplementary) Appropriation Bill. That is just for your information,” the President said in his terse speech at the joint sitting to mark the Silver Jubilee Of Nigeria’s 4th Republic.

In his response, Senate President Godswill Akpabio, said, “Thank you, Mr President, we will be expecting the Supplementary Appropriation Bill of 2024 as soon as possible.”

Also, at the joint sitting which coincided with the first anniversary of the Tinubu administration, the President confirmed ‘Nigeria, we hail thee’ as the “latest national anthem”.

Tinubu said, “You sang out the latest national anthem, ‘Nigeria, we hail thee’. This is our diversity, representing all characters and how we blend to be brothers and sisters.”

The President pleaded with both the Senate and the House of Representatives to continue to collaborate and work together with the administration to build the country on the path of sustained progress and development.

“We have no other choice; it is our nation. No other institution or personality will help us unless we do it ourselves. No amount of aid from foreign countries or any other nation (will fix us), they take care of themselves first. Let us work together as we are doing to build our nation, not only for us but for generations unborn,” he said.

 

Continue Reading

Business & Economy

We Have No Magic Wand, Tackling Inflation Will Take Time — Cardoso

Published

on

Yemi Cardoso,CBN Governor
Yemi Cardoso,CBN Governor
Share

The Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso has urged the citizens to be patient over the fight against current inflation and hike in food items in the country.

Cardoso disclosed this while briefing journalists at the end of the Monetary Policy Committee, MPC, meeting in Abuja.

The CBN governor mentioned that there was no magic needed to solve inflation in Nigeria but rather patience.

Also, Cardoso noted that despite pressure from food inflation, the general inflation rate was “moderating”, pointing out that “the tools the Central Bank is using are working”.

He stated, “I have several times and I will say again, there is no magic wand. These are things that need to take their time.

“I am pleased and confident that we are beginning to get some relief and in another couple of months we will see the more positive outcomes from the Central Bank have been doing.”

He added, “The committee thus reiterated several challenges confronting the effective moderation of food inflation to include rising costs of transportation of farm produce, infrastructure- related constraints along the line of distribution network, security challenges in some food producing areas, and exchange rate pass-through to domestic prices for imported food items.

“The MPC urged that more be done to address the security of farming communities to guarantee improved food production in these areas.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system.”

The Central Bank of Nigeria has also blamed the recent volatility of the country’s foreign exchange market on seasonal demand for dollars.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system,” a communique issued by the committee on Tuesday stated.

Continue Reading

Business & Economy

Port Harcourt Refinery Begins Full Operations Next Month

Published

on

Port Harcourt Refinery
Port Harcourt Refinery
Share

The 210,000-barrel-per-day Port Harcourt refinery is expected to commence operations by the end of July, following multiple delays.

National Public Relations Officer of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, revealed this new timeline on Monday. He noted that the refinery’s operation would boost economic activities, reduce petroleum product prices, and ensure an adequate supply.

In December last year, Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off of the Port Harcourt refinery, the largest in the region.

The refinery consists of two units: an older plant with a 60,000-barrel-per-day capacity and a newer plant with a 150,000-barrel-per-day capacity. The refinery was shut down in March 2019 for the first phase of repairs after the government enlisted Italy’s Maire Tecnimont as a technical adviser and appointed oil major Eni as a technical adviser.

On March 15, 2024, NNPC Limited’s Group Chief Executive Officer, Mele Kyari, announced that the Port Harcourt refinery would begin operations in about two weeks. He made this statement during a press briefing following his appearance before the Senate Ad hoc committee investigating the various turnaround maintenance projects of the country’s refineries.

“We achieved mechanical completion in December,” Kyari stated. “We now have crude oil stocked in the refinery and are conducting regulatory compliance tests. The Port Harcourt refinery will start within two weeks.”

However, two months later, the refinery had yet to commence operations.

In an interview, IPMAN’s Ukadike emphasized that the work done on the refinery represented a complete overhaul rather than mere rehabilitation. He assured that every effort was being made to meet the July deadline.

Ukadike said, “When we visited, the MD informed us that the refinery was nearly ready and would start production by the end of July. The overhaul is extensive, with all the armoured cables replaced and everything almost brand new. The maintenance turnaround is massive, with work being done day and night. All hands are on deck to meet the target. By the end of July, the refinery should be operational.”

When asked about the government’s previous unfulfilled promises to restart the refinery, Ukadike acknowledged the delays but noted that no reasons were given for missing the last deadline in April

Continue Reading