Tag: 2023 Budget

FG’s 2022 Budget: ‘No-Show contractors’ receive N8.6bn on unexecuted projects – Report

Aminu Imam

A public expenditure tracking platform, Tracka, has uncovered how N8.6 billion was paid to ‘no-show contractors’ in the 2022 Federal Government budget. A press statement issued by BudgIT, signed by the Head, Tracka, Ayomide Ladipo, revealed that the contractors were allegedly paid for projects that were either not executed or were poorly executed. “We uncovered N8.6bn payments to 26 ‘No-Show Contractors’ for 19 projects across nine States in the FG 2022 Budget. Nothing has been done on the site to date,” Tracka said, on Wednesday. According to the report, in the…

Read More

Tinubu signs N2.17tr 2023 supplementary budget into law

Aminu Imam

President Bola Ahmed Tinubu yesterday, signed into law, the 2023 N2.17trillion supplementary budget, following its passage last Thursday by the National Assembly. Recall that following the adoption of a report by the Appropriations Committee, presented by the chairman, Senator Adeola Olamilekan during plenary, the Senate last Thursday approved the supplementary Appropriation Bill transmitted to the parliament by President the previous Tuesday. A detail of the 2023 Supplementary budget indicated that, N1.010.802, 015,985 was for Recurrent expenditure while N1.165, 989,270,049 was for Capital expenditure”. Providing a breakdown of the supplementary budget,…

Read More

Supplementary Budget: “Tinubu didn’t ask for presidential yacht”, Says aide

Aminu Imam

…Lawmakers remove item President Bola Ahmed Tinubu has said that he did not request for the N5 billion presidential yacht proposed by the Nigerian Navy. Tinubu stated this while speaking through his spokesperson, Tope Ajayi, yesterday. Recall that there has been outrage since details of the N2.1 trillion supplementary budget Tinubu submitted to the National Assembly were published. According to a report, Ajayi said he doubted if his principal needed one to perform the functions of his office. “It is important to state clearly that President Bola Tinubu didn’t ask…

Read More

Supplementary Budget: Tinubu sends N2.1tr 2023 approval request to H/Reps.

Aminu Imam

President Bola Tinubu has written the House of Representatives seeking the approval of the sum of N2, 176,791,286,033 as 2023 Supplementary Budget to address labour wage adjustments, security and more. The President also sent the 2024-2026 Medium-Term Expenditure Framework & Fiscal Strategy Paper to the House of Representatives. Recall that on Monday, the Federal Executive Council (FEC) approved the 2023 supplementary Budget of N2.1 trillion. While speaking after the FEC meeting in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, said the Budget is to fund urgent issues.…

Read More

2023 Budget: Buhari appeals to NASS to reconsider restructuring N22.7tr CBN loan

Aminu Imam

…Says FG will otherwise pay N1.8tr in interest President Muhammadu Buhari has again urged the National Assembly to reconsider his proposal to securitise the Federal Government’s outstanding ‘Ways and Means’ balance at the Central Bank of Nigeria, (CBN). Buhari, who made appeal while signing the 2023 Budget yesterday, warned that failure to grant the securitisation approval would cost the Government about N1.8trillion in additional interest in 2023 and a 40-year repayment period on the securitised debt. The President’s appeal comes barely one week after the Senate rejected his request to…

Read More

President Buhari to sign 2023 Appropriation Bill on Tuesday – Senate President, Lawan

Aminu Imam

The Senate President, Ahmed Lawan, said President Muhammadu Buhari will sign the 2023 Appropriation Bill on Tuesday. Lawan stated this yesterday, after a closed-door meeting with the President at the State House, Abuja. According to reports, the Senate President, who arrived at the State House a few minutes before 3:00 pm, met Buhari behind closed doors in the President’s office in the Villa. Lawan said he discussed Buhari’s recent additional loan request and the 2023 Appropriate Bill. He regretted that the signing was coming in a bit later than that…

Read More

FEC approves proposed N19.76 trillion 2023 Budget

Aminu Imam

The Federal Executive Council (FEC) has approved the proposed N19.76 trillion budget for the 2023 fiscal year. The Special Assistant to the president on Media and Publicity, Femi Adesina, disclosed this while addressing State House correspondents on the outcome of the FEC meeting. He said the Council gave the approval at its weekly meeting presided over by President Muhammadu Buhari yesterday, in Abuja. Adesina said President Buhari would present the Budget proposal before a joint sitting of the National Assembly on Friday, October 7. The presidential spokesperson, however, declined to…

Read More

President Buhari presents N19.76 tr 2023 Budget to NASS Friday

Aminu Imam

President Muhammadu Buhari will on Friday present the 2023 Appropriation Bill to a joint session of the National Assembly the N19.76 trillion budget proposals for the 2023 financial year. This was disclosed in a letter from President Buhari, read both by the president of the Senate Ahmad Lawan, and the Speaker of the House, Femi Gbajabiamila, at resumed plenary, yesterday. The presentation, according to the letter, will take place at 10 am at the temporary chamber of the House of Representatives due to on-going renovation works in both chambers. The…

Read More

2023 Budget: Senate to address N11.03 trillion deficit through Finance Amendment Act

Aminu Imam

The Nigerian Senate has declared that it would amend the relevant sections of the Finance Act in order to address the N11.03 trillion 2023 Budget deficit. This information was provided by Senator Sani Musa of the Senate Committee on General Services, who emphasized that they would focus on ways to get the various revenue-generating organizations to triple the goals that their respective legislatures would assign to them. Sani spoke after the Senate President, Ahmad Ibrahim Lawan, inspected the Senate’s ‘makeshift’ chambers ahead of the resumption of lawmakers in the upper…

Read More

President Buhari to present 2023 Budget in October – Gbajabiamila

Aminu Imam

Speaker of the House of Representatives, Femi Gbajabiamila, has disclosed that President Muhammadu Buhari is expected to present the 2023 Budget to the National Assembly in October, this year. Gbajabiamila said this when he addressed newsmen shortly after inspecting hearing rooms 028 and 234 of the House, which were expected to serve as the temporary chamber due to the ongoing renovation of the House complex in Abuja, yesterday. He said, “I am hoping that the budget will be presented latest by first week of October”, he said. The House Speaker…

Read More