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

FEC approves ₦47.9tn 2025 budget

Published

on

By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

Advertisement

“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

Advertisement

“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

Advertisement
Continue Reading

News

Nigeria to get 6,000 power generation by December-Power Minister vows

Published

on

By Kayode Sanni-Arewa

The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.

The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.

Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.

Advertisement

Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.

However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.

In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.

Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.

Advertisement

“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.

“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”

The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.

Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.

Advertisement

“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.

“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.

“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”

Advertisement
Continue Reading

News

Just in: Wike sends FCDA Executive Director on indefinite suspension

Published

on

By Kayode Sanni-Arewa

Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.

According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.

The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.

Advertisement

Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.

The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.

Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.

Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.

Advertisement

He added that judges currently live in rented homes, which could make them vulnerable.

He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.

Wike insisted the project is lawful and should be welcomed as a step in the right direction.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News