Tag: 2022 Budget

2022 Budget: FG to spend N71.6bn on Abuja-Kaduna rail line surveillance

Aminu Imam

The Federal Government has earmarked N71, 671,088,783 for the installation of an acoustic sens­ing security surveillance system for the Abuja-Kaduna rail project. This is contained in the 2022 Appropriation Bill presented to the National As­sembly recently by President Muhammadu Buhari. According to the Budget,the Federal Government plans to pay back the sum of N69.3 billion multilateral/ bi-lateral project-tied loans, which were spent on the modernisation project of the Lagos-Ibadan section of the railways. Also, the Ministry of Transportation said that it planned to purchase law books, management of liti­gation and…

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Budget 2022: FG plans to spend N863bn on poverty reduction, social intervention programmes

Aminu Imam

The Federal Government has appropriated the sum of N863 billion for its various intervention programmes for the fiscal year ended December 2022, representing 5.3% of the N16.39 trillion budgeted for the year. The Special Intervention programmes cover National Poverty Reduction plans, including the upscaling of National Social Investments Programmes, (NSIP), amongst other special interventions. A breakdown shows that under the capital supplementation, the FG intends to spend N410 billion on its national poverty reduction including upscaling of NSIP, which was set up in 2016, to tackle poverty and hunger across…

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President Buhari vows to release 100 percent 2021 capital allocations to MDAs

Aminu Imam

President Muhammadu Buhari has promised Ministries, Department and Agencies, (MDAs) of the Federal Government that they will receive 100% of their capital allocations this year. President Buhari made the pledge in Abuja yesterday, at the presentation of the 2022 Budget to the National Assembly. The President revealed that as of October 4,  only N1.732 trillion had been released for Capital Expenditure. This was less than 50% of the N3.85 trillion projected for the year. However, he vowed to change the narrative. “I am pleased to inform you that we expect to fund…

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Senate passes President Buhari’s revised 2022 fiscal framework, approves proposed N16.39 trillion Budget spending

Aminu Imam

The Senate yesterday approved President Muhammadu Buhari’s revised submission of the 2022-2024 Medium-Term Expenditure Framework, (MTEF), which he submitted to the National Assembly. The upper chamber also approved the President’s N16.39 trillion planned spending for next year. The revised submission was received and referred to the Committee on Finance on Tuesday for consideration ahead of tomorrow’s budget presentation to the National Assembly by President Buhari. The approval of the revised framework followed the consideration of a report by the Committee on Finance. According to a statement issued by the Special…

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2022 Budget: ‘We’ll borrow more to finance N6.258tr deficit’ – Finance Minister 

Aminu Imam

The Federal Government has disclosed that the N6.258 trillion budget deficit in the proposed 2022 Appropriation Bill will be financed through local and external loans. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made this known yesterday, at the end of the weekly virtual Federal Executive Council (FEC) meeting, presided over by President Muhammadu Buhari at the State House, Abuja, also disclosed that FEC approved the proposed 2022 Budget of N16.39 trillion. The Minister, was in the company of the Minister of Justice and Attorney-General of…

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2022 Budget: Reps panel gives NPA 14 days to reconcile N255 bn liability to FG

Aminu Imam

The House of Representatives Committee on Finance has asked the Nigerian Port Authority, (NPA), to reconcile its account with the Fiscal Responsibility Commission, (FRC), which has a liability of N255 billion. The NPA, according to the FRC, failed to submit its audited accounts for 2019 and 2020 and that the available account has a gross liability of N255 billion. At the interactive session on the 2022-2024 Medium-Term Expenditure Framework, (MTEF), yesterday, in Abuja, the Committee ruled that the NPA should reconcile its accounts with FRC within two weeks. The NPA,…

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FG plans N13.98tr budget for 2022 – Finance Minister

Aminu Imam

…To spend N900bn on subsidy in 2022 The Federal Government has projected to spend N13.98 trillion in the 2022 fiscal year. The Minister of Finance Budget and National Planning, Zainab Ahmed, made this disclosure yesterday, during the presentation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024, in Abuja. She also disclosed that the Federal Government will slash capital expenditure to N3.61 trillion in 2022, from the N4.37 trillion approved for 2021; the figure is N758 billion lower than the N4.37 trillion spent on capital expenditure this year. The…

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