News
National Assembly Approves N4trn For Petrol Subsidy
Provision for federally-funded upstream projects being implemented was cut by N200bn from N352.80bn, while the projection for Federal Government independent revenue was raised by N400bn.
The Senate and the House of Representatives have passed amendments to the 2022 Appropriation Act raising the subsidy on Premium Motor Spirit (petrol) by N442.72bn, from N3.557tn to N4tn.
The two chambers of the National Assembly respectively, considered and adopted reports on the amendment bills at the plenary on Thursday following a request by President Muhammadu Buhari.
They also approved a new oil price benchmark of $73 per barrel, a new oil production volume of 1.600 million per day, and a PMS subsidy of N4tn.
Provision for federally-funded upstream projects being implemented was cut by N200bn from N352.80bn, while the projection for Federal Government independent revenue was raised by N400bn.
Also passed was an additional provision of N182.45bn to cater for the needs of the Nigeria Police Force as well as provision of N76.13bn for domestic debt service, with net reductions in statutory transfers by N66.07bn.
The statutory transfers’ adjustments were as follows: NDDC by N13.46bn, from N102.78bn to N89.32bn; NEDC by N6.30bn, from N48.08bn to N41.78bn; UBEC by N23.16bn, from N112.29bn to N89.13bn; Basic Health Care Fund by N11.58bn, from N56.14bn to N44.56bn; and NASENI by N11.58bn, from N56.14bn to N44.56bn.
The President had written to the National Assembly to call for amendments to the budget and the fiscal framework for 2022 in order to accommodate the subsidy regime.
Buhari said the adjustments to the 2022 Fiscal Framework include an increase in the projected oil price benchmark by $11 per barrel, from $62 per barrel to $73 per barrel; a reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day; an increase in the estimated provision for PMS subsidy for 2022 by N442.72bn, from N3.557tn to N4tn.
Other adjustments include a cut in the provision for federally funded upstream projects being implemented by N200bn from N352.80bn to N152.80bn; an increase in the projection for Federal Government independent revenue by N400bn; and an additional provision of N182.45bn to cater for the needs of the Nigeria Police Force.
The letter partly read, “Based on the above adjustments, the Federation Account (Main Pool) revenue for the three tiers of government is projected to decline by N2.418trillion, while FGN‘s share from the Account (net of transfer to the Federal Capital Territory and other statutory deductions) is projected to reduce by N1.173 trillion.
“However, the amount available to fund the FGN Budget is projected to decline by N772.91 billion due to the increase in the projection for independent revenue (Operating Surplus Remittance) by N400 billion.
“Aggregate expenditure is projected to increase by N192.52 billion, due to increase in personnel cost by N161.40 billion and other service wide votes by N21.05 billion (both for the Nigeria Police Force), additional domestic debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion.”
Buhari listed statutory transfers’ adjustments as follows: NDDC by N13.46bn, from N102.78bn to N89.32bn; NEDC by N6.30bn, from N48.08bn to N41.78bn; UBEC by N23.16bn, from N112.29bn to N89.13bn; Basic Health Care Fund by N11.58bn, from N56.14bn to N44.56bn; and NASENI by N11.58bn, from N56.14bn to N44.56bn.
“Total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of GDP. The incremental deficit will be financed by new borrowings from the domestic market.”
Politics
BREAKING: PDP BoT holds emergency meeting amid Anyanwu, Ude-Okoye crisis
The Peoples Democratic Party, PDP, Board of Trustees, BoT, is currently holding an emergency meeting.
The meeting was called to find lasting solutions to the current leadership crisis bedeviling the party.
Those who have arrived include the BoT Chairman, Senator Adolphus Wabara; Secretary of the BoT, Senator Ahmed Makarfi; and former Governors Achike Udenwa, Sam Egwu, Babangida Aliyu, Senator Ben Obi, and Chief Olagunsoye Oyinlola, among others.
The meeting is holding amid the crisis surrounding the struggle for who occupies the position of the PDP National Secretary.
Last week, at the PDP national secretariat, a fight broke out between Samuel Anyanwu and Sunday Ude-Okoye during its BoT meeting.
The crisis between the duo started when Anyanwu left to contest for Imo State governorship election and Ude-Okoye was was selected by the Southeast arm of the party to replace him.
This led to a lawsuit, after which the Court of Appeal sitting in Enugu declared Ude-Okoye as the substantive National Secretary.
But Anyanwu said Ude-Okoye has no authority to assume the position, despite the ruling.
Anyanwu cited his appeal of the ruling at the Supreme Court as grounds for maintaining the status quo
News
BREAKING: Senate approves termination of appointment of 3 Resident Electoral Commissioners
The Nigerian Senate has approved the termination of three Resident Electoral Commissioners who have been suspended since 2023 for flouting the provisions of the Independent National Electoral Commission, Act
The approval followed the request from President Bola Ahmed Tinubu, urging the Senate to terminate the appointments of the embattled State Resident Electoral Commissioner for Adamawa, Sokoto and Abia.
Sponsor of the motion and Leader of the Senate, Michael Bamidele Opeyemi sought the invocation of Section 157 of the Constitution of the Federal Republic of Nigeria, 1999 as amended, saying that the law empowers the Chamber to approve the request.
Those whose appointments will be terminated include, Dr Nura Ali, Sokoto State Resident Electoral Commissioner, Barr. Hudu Yunusa Ari, Adamawa State Resident Electoral Commissioner and Professor Ikemefuna Chijioke Uzochukwu, Abia State Resident Electoral Commissioner respectively.
He said, “Aware that the aforementioned Resident Commissioners were earlier suspended in 2023, bordering on allegations of infractions of the Electoral Act; compromise of elections and abandonment of duty without cogent reasons.”
A copy of the motion sighted by Newsmen on Wednesday revealed that the Office of the National Security Adviser, NSA, and the Department of State Services, DSS, indicted Dr. Nura Ali in their reports, having confessed to corruption, incompetence and receiving bribe to the tune of $150,000 from politicians.
According, the plenary which was presided by the Senate President, Godswill Obot Akpabio activated the relevant provisions of the Constitution and approve the termination of appointment of the affected Commissioners.
News
Tinubu Departs for France Ahead of AU Summit
President Bola Tinubu will depart Abuja on Wednesday for a private visit to Paris, France, before proceeding to Addis Ababa for the 46th Ordinary Session of the Executive Council and the 38th Ordinary Session of the Assembly of the AU Heads of State.
“The president will arrive in Addis Ababa early next week for the AU summit,” Mr Bayo Onanuga, presidential spokesman, said in a statement.
The AU Summit is scheduled to hold from Feb. 12th to 16th.
“In Addis Ababa, President Tinubu will join African leaders at the 46th Ordinary Session of the Executive Council and the 38th Ordinary Session of the Assembly of the AU Heads of State, scheduled for Feb. 12th to 16th.
Hea said while in France, President Tinubu would meet with his French counterpart, President Emmanuel Macron.
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