NEWS
Senate approves N17.3tr 2022 Revised budget, raises recurrent expenditure by N198.77bn
**Okays N4trn subsidy, increases oil benchmark to $73
The National Assembly on Thursday passed an aggregate expenditure of N17.3 trillion as the revised budget for the 2022 fiscal year which mainly raised recurrent expenditure by Nl98.77bn while capital expenditure remained the same.
The amount represented an increase of N192.5 billion from the N17.1 trillion approved and assented to last December.
The passage came after the consideration of a report by the Appropriations Committee on the 2022 Appropriations Bill in both chambers.
Out of the N17.3 trillion passed, N817.6 billion is for Statutory Transfer; N7.1 trillion is for Recurrent Expenditure; Capital Expenditure remained at N5.4 trillion, while N3.97 is for Debt Service.
The parliament also approved a revised 2022 fiscal framework, raising the oil benchmark to US$73 as proposed by President Muhammadu Buhari.
The national assembly oil production volume of 1.600 million per day; Petroleum Motor Spirit (PMS) subsidy of N4.00 trillion (NGN); and a cut in the provision for Federally-funded upstream projects being implemented by N200 billion from N352.80.
The two chambers also approved the fiscal deficit of N7.35 trillion, an increase of N965.42 billion, representing 3.99% of Gross Domestic Product (GDP).
The incremental deficit, it said, would be financed by new borrowings from the domestic market.
The lawmakers also raised the budget of the National Assembly and its agencies to N153 billion from the earlier N139 billion.
The breakdown of the National Assembly votes in the 2022 revised budget are:
While approving an increase in the Federal Government Independent Revenue of N400 billion, the chambers gave its approval for an additional provision of N182.4 billion to cater to the needs of the Nigeria Police Force.
It approved net reductions in Statutory Transfers by N66.07 billion.
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A breakdown of the net reductions is as follows: NDDC, by N13.46 billion from N102.78 billion to N89.32 billion; NEDC, by N6.30 billion from N48.08 billion to N41.78 billion; and UBEC, by N23.16 billion from N112.29 billion to N89.13 billion.
Others are Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.
President Buhari, in a letter dated 5th April 2022, requested the National Assembly to adjust the 2022 fiscal framework.
He said doing so became necessary in view of new developments in both the global and domestic economies.
Lawmakers, who took turns to make contributions during consideration of the report on the review of the 2022 fiscal framework, blamed the country’s economic downturn on crude oil theft.
Senator Olubunmi Adetunmbi (Ekiti North), said the federal government and security agencies owe it as a duty to stop the stealing of our commonwealth.
He lamented that at a time when most countries of the world are reaping bountiful harvest due to the increase in crude oil prices occasioned by the Russia-Ukrainian crisis, Nigeria is left out owing to its inability to meet its OPEC quota.
The Senate Leader, Yahaya Abdullahi, who spoke along the same lines as Adetunmbi, said the country should be in a state of mourning over what is currently happening to it.
He attributed the failure of security agencies to protect oil assets as a major reason for the decline of the economy.
He expressed worry over the increasing cases of oil theft in spite of huge resources allocated to the military, police, and other security agencies.
Senate President Ahmad Lawan, in his remarks, called on the Federal Government to take “radical” steps toward stopping the theft of crude oil by economic saboteurs.
He also called for a stop to the importation of refined petroleum products into the country, so as to cut down on expenditures incurred in the process, as well as to maximize profits from crude oil sales.
“This (crude theft) is not something to play politics with, and I don’t think the answers are going to be easy to come by.
“Radical decisions would have be taken, but before we find answers we have to live with this, but we have to be fast as possible in looking for answers.
“I had a session with the Chief of Defence Staff about a month ago, and my discussion with him was on the oil theft and the efforts of our security agencies to combat this menace.
“And like we know, our security agencies are doing their best but we have people – our people – who are sabotaging the oil industry because the oil theft is not perpetrated by somebody else but by people who are citizens.
“I also believe that, whether there is oil theft or not, until we stop the importation of refined products to Nigeria, we will never get the best out of the oil and gas industry,” Lawan said.
Recall that the National Assembly in December 2021, had approved the sum of N442.7 billion for subsidy in the 2022 budget for the period of January to June this year.
Buhari, however, anchored his fresh request on the fact that PMS subsidy was not duly appropriated for in the national budget beyond June.
According to him, the development was as a result of the provisions of the Petroleum Industry Act which stops all such payments past the given June deadline.
In another letter dated 12th April 2022, President Buhari requested the National Assembly to approve an additional N1 trillion to his earlier N2.557 subsidy request to bring the total amount on payments to N4 trillion for the year 2022.
He explained that the additional request was against the backdrop of adjustments to the 2022 fiscal framework which became imperative due to market developments occasioned by the spike in crude prices, following the Russian-Ukrainian war.
The chamber, accordingly, approved the President’s request for an additional N3.557 trillion for PMS subsidy with the passage of the 2022 Appropriations Act (Amendment) Bill, Thursday.
It also approved the N192.52 billion aggregate increase sought by the executive, and an additional provision of N182.45 billion to cater to the needs of the Nigerian Police Force to enhance their morale.
The Senate, after passing the 2022 Appropriations Act (Amendment) Bill, adjourned till the 26th of April, 2021.
Numerous individuals sustained injuries following a confrontation between rival groups in the Ile-Epo vicinity of Lagos State.
According to reports, the altercation erupted within the local market on Wednesday night and persisted into Thursday morning.
During the clash, several shops were set ablaze, and merchandise was vandalized. Despite efforts by law enforcement, the intervention was hindered by the aggressors.
This morning, a fire service truck attempting to enter the market was compelled to retreat after being bombarded with stones by unidentified assailants.
See video below:
The Nigerian Exchange Group Plc (NGX Group) has unveiled stellar Q1 2024 results, signaling a promising trajectory for the company.
Biztellers reports that this is coming shortly after the company’s 63rd Annual General Meeting (AGM).
From the results made available on Thursday, the Group reported an impressive N2 billion in Profit before Tax (PBT), bolstered by robust growth in operating margins and operational efficiencies.
From the results, Profit After Tax (PAT) rose to N1.3 billion, marking a remarkable 332% increase from the N310 million recorded in Q1 2023.
The NGX claims that “This exceptional performance underscores the group’s unwavering commitment to excellence and strategic growth initiatives”.
Recall that at the AGM, the NGX Group announced plans to capitalize on digital distribution for the upcoming recapitalization exercises mandated by the Central Bank of Nigeria (CBN).
Additionally, the group disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board.
These decisive moves align with the group’s overarching strategy to expand its business operations and solidify its position in the regional market.
In a bid to secure long-term sustainability and drive growth, the NGX Group implemented a strategic optimization initiative. This comprehensive plan encompasses a strategic reduction in workforce size, accompanied by significant salary increases for retained staff.
The initiative aims to streamline operations, enhance efficiency, and optimize resources, fostering a more competitive and agile organization.
The exercise follows a thorough review of the group’s operations, which revealed opportunities for optimization and improved competitiveness. The NGX Group remains steadfast in its commitment to innovation, customer satisfaction, and building a resilient organization poised for sustainable growth.
The recent approval by shareholders of a N10 billion capital raise underscores investor confidence in the NGX Group’s strategic direction and its unwavering commitment to driving sustainable growth and value creation.
The NGX Group remains dedicated to serving its customers, partners, and stakeholders, confident that these strategic measures will pave the way for future success. The company’s focus remains on innovation, customer satisfaction, and building a resilient organization poised for growth.
The Lagos State government has uncovered an 86-room under bridge apartment in the Ikoyi Area of the state, where tenants pay as much as N250,000 annually as rent, per room.
Commissioner for Environment and Water Resources, Lagos State, Tokunbo Wahab, made the disclosure in text and video clips on his verified X handle on Wednesday.
He revealed that the apartment is under the Dolphin Estate Bridge, Ikoyi, and has 86 partitioned rooms, sized “10×10 and 12×10”.
According to Wahab the enforcement team of Lagos State’s Ministry of Environment and Water Resources had successfully removed all structures, including a container utilised for various illegal activities, from beneath the Dolphin Estate Bridge.
He wrote, “A total number of 86 rooms, partitioned into 10×10 and 12×10, and a container used for different illegal activities were discovered under the Dolphin Estate Bridge.
“They have all been removed by the enforcement team of the Lagos State Ministry of the Environment and Water Resources.”
A Special Adviser to Governor Babajide Sanwo-Olu, Kunle Rotimi-Akodu, shed more light on the matter.
He gave kudos to the Lagos State Environmental Sanitation Corps, also known as KAI for the feat, who cleared up the mess on Tuesday, arresting some of people in the process.
Rotimi-Akodu, who also shared text and video clips of the development, wrote, “Squatters dwelling under the bridge leading from inward Dolphin Estate, Ikoyi were evicted today Tuesday, 30th of April, 2024 by officials of the Lagos State Environmental Sanitation Corps LAGESC (aka KAI).
“These people created their illegal settlement under the bridge, thereby exposing the critical infrastructure to impending destruction. 23 persons have so far been arrested and MoE/KAI will continue to monitor the place. The law will take its course.”
He also confirmed that the bridge has hitherto housed 86 rooms, partitioned into 10×10 and 12×10 with squatters paying an average rent of N250,000 per annum.
“Continuation of the removal of abode under Dolphin bridge. 11 more persons were arrested. It is important to note that wood materials were used to construct the shelters, some occupants used gas cylinders, and some had stored fuel for their generators, these are recipes for disaster,” he added.
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