President Muhammadu Buhari will present the 2023 budget proposal of N19.76 to the National Assembly in October.
Investors King learnt that barring any change, the president will present the 2023 budget proposal to a joint session of the National Assembly within the first two weeks of October.
The Speaker of the House of Representatives, Rt Hon Femi Gbajabiamila disclosed the time for the 2023 budget presentation during the inspection of the ongoing renovation work on the House’s main chamber.
Federal Government aims to spend N19.76 trillion in 2023 which is a 15.37 percent increase from 2022. The projected deficit for the 2023 budget stood at N12.43 trillion. This represents a 54 percent increase from the 2022 budget deficit.
Meanwhile the Senate, through its Committee on Finance, has disagreed with the Minister of Finance, Budget and National Planning, Zainab Ahmed, as well as heads of revenue generating agencies in the country on the 2023 budget deficit of N12.43 trillion.
The Senate Committee frowned that about N6 trillion was projected as tax and import duty waiver when the budget is having a deficit of N12.43 trillion.
The Senate Committee Chairman, therefore urge the minister to look into the list of beneficiaries of the waivers for the required downward review to N3 trillion with an attendant reduction of a N12.43 trillion deficit figure.
In his word, “ The proposed N12.43trillion deficit for the 2023 budget and N6 trillion waivers are very disturbing and must be critically reviewed.
“Many of the beneficiaries of the waivers are not injecting accrued gains made into expected projects as far as infrastructural developments are concerned”
“The same goes for the tax credit window offered by FIRS to some companies. Billions and trillions of naira can be generated by the government as revenue if such windows are closed against beneficiaries abusing them and invariably provide required money for budget funding with fewer deficits cum borrowings” He concluded.
Inflation and Forex Mismanagement Drive Petrol Truck Prices from N7M to N25M
Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications4 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions
Forex4 weeks ago
Naira’s Steep Plunge: Eight Major Firms Declare N918.1bn Revaluation Loss