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Yahaya Bello presents N145.8bn 2022 Budget proposal to Kogi Assembly

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Yahaya Bello presents N145.8bn 2022 Budget proposal to Kogi Assembly
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……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)

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Business & Economy

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

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Yemi Cardoso,CBN Governor
Yemi Cardoso,CBN Governor
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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.

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Port Harcourt Refinery Begins Full Operations Next Month

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Port Harcourt Refinery
Port Harcourt Refinery
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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

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CBN Halts 0.5% Cybersecurity Levy

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CBN Headquarters Abuja
CBN Headquarters Abuja
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The Central Bank of Nigeria (CBN) has withdrawn the circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions in the country.

The CBN announced this in a revised circular dated May 17, 2024.

The circular was addressed to commercial banks, Payment Service Providers (PSPs), non-interest, and merchant banks, among others.

It was signed by the CBN Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa.

The circular read: “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”The withdrawal of the circular on the cybersecurity levy followed its suspension by President Bola Tinubu.

it would be recalls that Tinubu suspended the controversial cybersecurity levy on electronic transfers on May 14.

Minister of Information and National Orientation Mohammed Idris, who made this known while speaking to journalists after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja, disclosed that Tinubu directed the CBN to suspend the implementation and review the modalities for the implementation of the levy.

Idris added that the levy was thoroughly discussed at the FEC meeting, saying the president was not oblivious to the feelings of Nigerians.

It would be recalled that CBN, in a circular dated May 6, directed banks to start charging a 0.5 per cent cybersecurity levy on all electronic transfers.

The apex bank stated that the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

This was greeted with wide condemnations by Nigerians, with many groups and individuals calling for the immediate reversal of the levy.

The House of Representatives also asked the CBN to withdraw the directive.

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