Connect with us

Trending News

President Buhari Presents N16.39 Trillion 2022 Budget To National Assembly

Published

on

Buhari

President Muhammadu Buhari has presented the 2022 Appropriation Bill for an aggregate expenditure of N16.39 trillion to the National Assembly.

Addressing the joint session of the NASS on Wednesday in Abuja, the President described the 2022 Appropriation as the “Budget of Economic Growth and Sustainability”.

According to him, the 2022 budget is also the first in the nation history, where Ministries, Developments, and Agencies (MDAs) were clearly advised on gender-responsive budgeting.

“These are part of critical steps in our efforts to distribute resources fairly and reach vulnerable groups in our society,’’ he said.

He maintained that defence and internal security would continue to be on top priority of his administration.

“We remain firmly committed to the security of life, property and investment nationwide.

“We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated,’’ he added.

On the parameters and fiscal assumptions of the 2022 Appropriation bill, the President told the legislators that the 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget is Conservative oil price benchmark of 57 US Dollars per barrel;

Other parameters are Daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); an Exchange rate of four 410.15 per US Dollar; and a Projected GDP growth rate of 4.2 percent and 13 per cent inflation rate.

President Buhari Presents N16.39 Trillion 2022 Budget To National Assembly

“Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 17.70 trillion Naira in 2022.

“Total federally distributable revenue is estimated at 12.72 trillion Naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion Naira.’’

He said this included Grants and Aid of N63.38 billion, as well as the revenues of 63 Government-Owned Enterprises.

President Buhari said the oil revenue was projected at N3.16 trillion, non-oil taxes are estimated at N2.13 trillion and Federal Government’s Independent revenues are projected to be N1.82 trillion.

According to him, Nigeria is currently emerging from a very difficult economic challenge, saying that the 2022 is a crucial year for the completion of his administration’s legacy projects.

He said: “We must continue to cooperate and ensure that our actions are aimed at accelerating the pace of economic recovery so that we can achieve economic prosperity and deliver on our promises to the Nigerian people.

“The fiscal year 2022 is very crucial in our efforts to ensure that critical projects are completed, put to use and improve the general living conditions of our people.”

The president also highlighted the performance of the 2021 budget, saying:

“By July 2021, Nigeria’s daily oil production averaged one 1.70million barrels (inclusive of condensates) and the market price of Bonny Light crude averaged 68.53 US Dollars per barrel.

“Accordingly, actual revenues were 34 percent below target as of July 2021, mainly due to the underperformance of oil and gas revenue sources.

“Federal Government’s retained revenues (excluding Government Owned Enterprises) amounted to 2.61 trillion Naira against the proportionate target of 3.95 trillion Naira for the period.

“The Federal Government’s share of Oil revenue totalled 570.23 billion Naira as of July 2021, which was 51 percent below target, while non-oil tax revenues totalled 964.13 billion Naira.’’

He noted that the poor performance of oil revenue relative to the budget was largely due to the shortfall in production as well as significant cost recovery by NNPC to cover the shortfall between its cost of importing petrol and the pump price.

President Buhari, who commended the legislators for the expeditious consideration and passage of the Supplementary Appropriation Bill 2021, assured the strong commitment of the Executive to strengthen the relationship with the National Assembly.

“let me start by commending you for the expeditious consideration and passage of the Supplementary Appropriation Bill 2021.

“This further underscores your commitment to our collective efforts to contain the COVID-19 Pandemic and address the various security challenges facing our country.

“I will also take this opportunity to thank you for the quick consideration and approval of the 2022-2024 Medium-term Expenditure Framework and Fiscal Strategy Paper,’’ he added.

The president expressed the hope that the National Assembly would continue to partner with the Executive by ensuring that; “deliberations on the 2022 Budget are completed before the end of this year so that the Appropriation Act can come into effect by the 1st of January 2022.’’

72 / 100

Politics

Ogun State Governor, Dapo Abiodun, Wins Primary for Second term

Published

on

By

 

 

The Ogun State Governor, Prince Dapo Abiodun, has  emerged winner of the state governorship primary of the All Progressives Congress.

In the primary election conducted at the MKO International Stadium, Abeokuta, five other aspirants contested against the governor.

The aspirants include Olubiyi Otegbeye, Mrs Modele Sarafa- Yussuf, Mr Owodunni Opayemi, Remilekun Bakare and Abdukadir Akinlade.

Of the six aspirants, only Abiodun, attended the primary, while agents of all other aspirants, announced their presence and did what was expected of them.

Giving the details of the  election, that was conducted in a peaceful atmosphere,  the Chairman of the Ogun State  APC Primary Election  Committee, Chief Wale Ohu, disclosed that 1,180 delegates, from the 20 local governments, were accredited for the exercise.

Announcing the results, Ohu, said Abiodun scored 1,168 votes, while other aapirants, did not secure any vote, saying that two votes were voided.

Prior to the commencement of the process, Ohu, announced to the delegates and all the leaders of the party that attended the event, that all required agents, were present.

Ohu took time to read out names of the officials of the Independent National Electoral Commission (INEC) and other officials of the APC officials that were sent from the National Secretariat.

5 / 100
Continue Reading

Trending News

Lagos Security: Ifalade Host Corp Superintendents, Harps on Preparedness

Published

on

By

Ifalade Ajasa with His Men

The General Manager of the Lagos State Neighbourhood Safety Agency LNSA; Prince Dr. Ifalade Ajasa Oyekan has advised Corp Officers to remain focused as politics goes full swing in preparation for the 2023 general elections across the country.

Ifalade said this while speaking to Corp Superintendent from the 57 LGAs and LCDAs at a special briefing held at the Corp headquarters, Oshodi.

At the meeting, He advised Corp Superintendents to raise their level of preparedness through regular drills and security advocacy with officers of the agency.

Dr Rasak Balogun, the Executive Secretary of the Lagos State Security Trust Fund paid a surprise visit to the Agency and also enjoined officers to imbibe the culture of Multitasking in the face of the expected challenges officers will confront in view of the forthcoming Elections amid other security issues.

Prince Oyekan on behalf of the Agency, thanked Dr. Rasak Balogun for his usual support while assuring the general public of the Agency’s readiness to meet the challenges expected from the high octane politics, and sundry safety and security issues.

4 / 100
Continue Reading

Business

Zenith Bank: Justice Olubunmi Abike-Fadipe Releases Certified True Copy (CTC) of her Judgment, Call Out Fake and Junk Journalist

Published

on

By

Contrary to the widely reported fake news by some faceless online news platform that Justice Olubunmi Abike-Fadipe of the Ikeja Special Offences Court in his recent judgement allegedly accused foremost financial management in Nigeria, Zenith Bank of fraud and bribery, the astute judge who is bitter with such report have released the original certified True Copy. 

 

In the original certified True Copy, it was confirmed that the respectable Justice never said something of such while delivering her judgement.

 

According to Justice Olubunmi Abike-Fadipe, all what the online media platforms said she delivered, were all fake and wondered how and where they got their own reports.

 

The certified True Copy (CTC) of the judgment is now in the open for anyone to see.

 

These online platforms had reported that the Justice accused Zenith Bank Plc of bribing both the judges and lawyers for 11 years to pervert justice, with several online media outlets alleging that Justice Olubunmi Abike-Fadipe made the claim on Tuesday, March 8, 2022 while delivering judgment in a suit marked LD/ADR/186/2014 between Real Integrated and Hospitality Limited as claimant and Zenith Bank Plc and State Universal Basic Education (SUBEB) as first and second defendants respectively.

 

One such publication quotes the judge as saying “My recommendation is that Zenith Bank is a fraud and people must be very careful in their dealings with the bank.”

 

Some of the other quotes read: “Zenith Bank bribed the lawyers in the matter.

 

“This they have done for 11 years. So many lawyers and judges have been bribed in this matter just perverting justice. What is more embarrassing, the current governor of Central Bank of Nigeria, Godwin Emefiele was the one who came to navigate and begged for the deposit. He has not been able to do anything to Zenith Bank because he was the managing director of the bank at the time of this transaction.”

 

However, nowhere in the Certified True Copy (CTC) of the judgment that was made available to credible news platforms showed that the Judge did not make such statements.

 

While the Judge did make a scathing criticism of the bank, Justice Fadipe did not accuse Zenith bank of bribing judges and lawyers for 11 years to fraudulently alter the course of justice, as claimed by the online mediums.

 

There was also no mention of the Central Bank of Nigeria, Godwin Emefiele in the CTC of the judgment.

 

The judge’s comments, as contained in the judgement, include: “The 1st defendant has been the beneficiary of the malevolent game of chess it plunged both claimant and the 2nd defendant into, holding the sum of N872,780,552.84 in its custody without paying interest thereon from 17th February 2011 until 2nd February 2016 when the Court ordered that the money be paid into an interest yielding account in the names of the claimant and the 2nd defendant pending determination of the suit, which order was curiously varied by the consent of all the parties on 20th September 2016 so that the money remained in the 1st defendant’s custody without interest.

 

“The act of the 1st defendant was unconscionable and detrimental to the goodwill of the claimant and its trade credit with its customers. It was a deliberate and malicious act against the interest of the claimant and the 1st defendant continues to enjoy the largesse in bad faith. Exhibits C4 and C5 clearly state that the funds to be transferred were to offset part of the claimant’s indebtedness for the importation of dictionaries, but the 1st defendant was impervious to this need. I therefore find and hold that the claimant is entitled to substantial damages against the 1st defendant for the injury caused to it.”

 

The judge made the comments while granting the claimants four reliefs.

 

The reliefs are that the 1st defendant (Zenith) was in breach of contract when on 7th October, 2011 it refused the claimant to draw from its account No. 1012465427 “despite the fact that the said account was in enough credit to cover the withdrawals sought to be made on the said date.”

 

The judge further restrained the bank “from disturbing or refusing the claimant from operating its account No. 1012465427 in the 1st defendant’s bank or from honouring the claimant’s transfer or payment obligations to third parties from the said account as long as same is in credit.”

 

It granted an “interest of 15% per annum on the sum of N872,780,552.84 from 7th October 2011 when the 1st defendant denied the claimant access to the funds in its account which was in credit at that date till judgment.

 

“Interest on the judgment sum at the rate of 10% per annum from judgment date till final liquidation thereof.

 

“Costs of this action in the sum of N2.5million.”

 

Of a truth, Zenith Bank has had a record of open and transparent operations, this earned the organization four SERAS CSR Africa Awards that include “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.

 

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

 

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

 

9 / 100
Continue Reading

Trending News