Connect with us

News

Reps Pass Bill To Amend 2024 Appropriation Act, Finance Act 2023

Published

on

…as House considered, approved N1.9trn budget for NDDC
 
By Gloria Ikibah
 
The House of Representatives has passed a Bill to amend the 2024 Appropriation in line with President Bola Tinubu’s request.
 
Titled, “A Bill for an Act to Amend the Appropriation Act, 2024 to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦3,200,000,000,000.00 (three trillion two hundred billion, Naira) only. is for Capital Expenditure and the sum of ₦3,000,000,000,000.00 (three trillion, Naira) only is for recurrent expenditure for the year ending on the 31st day of December, 2024 (HB. 1610)”.
 
Also, the Bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Tax on Banks and Provide for the Administration, scaled second reading.
 
The House also considered and approved N1.9 trillion budget for the Niger Delta Development Commission (NDDC).
 
The sum of N38,545,349,193 is earmarked for personal expenditure; N29,246,506,753 is for overhead expenditure; N8,785,574,130 for internal capital expenditure; N835,222,569,924 for development projects; while N1,000,000,000,000 is for Legacy Projects Funded by Borrowing for the year ending 30 April, 2025.
 
The report of the Committee on NDDC presented by Hon. Erhiatake Ibori–Suenu which was considered and approved.
 
The report reads: “That the House do consider the Report of the Committee on Niger Delta Development Commission (NDDC) on the issue from the Statutory Revenue Fund of the Niger Delta Development Commission the total sum of N1,911,800,000,000 (one trillion, nine hundred and eleven billion, eight hundred million naira), only out of which the sum of N38,545,349,193 (thirty–eight billion, five hundred and forty–five million, three hundred and forty–nine thousand, one hundred and ninety–three Naira) only is for Personnel Expenditure, while the sum of N29,246,506,753 (twenty–nine billion, two hundred and forty–six million, five hundred and six thousand, seven hundred and fifty–three Naira) only is for Overhead Expenditure, N8,785,574,130 (eight billion, seven hundred and eighty–five million, five hundred and seventy–four thousand, one hundred and thirty Naira) only is for Internal Capital Expenditure, while the sum N835,222,569,924 (eight hundred and thirty–five billion, two hundred and twenty–two million, five hundred and sixty–nine thousand, nine hundred and twenty–four, Naira) only is for Development Projects,
while the sum of N1,000,000,000,000 (one trillion, Naira) only is for Legacy Projects Funded by Borrowing for the year ending 30 April , 2025 and approve recommendation therein”.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants

Published

on

By Kayode Sanni-Arewa

In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.

The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.

Full text of the statement reads in part:

Advertisement

Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.

The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.

As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.

Advertisement
Continue Reading

News

Before final liquidation, NDIC set to auction Heritage bank properties

Published

on

In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

Advertisement

The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

Advertisement

“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

Continue Reading

News

Naira slumps in parallel market

Published

on

The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News