2022 budget: Buhari worries over cut in railway funds, power, others – Newstrends
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2022 budget: Buhari worries over cut in railway funds, power, others

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3 years ago

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… to ask for amendment

President Muhammadu Buhari is worried over reductions made by the National Assembly to the 2022 executive budget, especially funds allocated to critical projects such railway and power.

The President who made the reservation after signing the N17.13 trillion 2022 appropriation bill into law on Friday, said this could cause major setback for the projects.

The presidency had submitted a proposal worth N16.391 trillion to the national assembly. The lawmakers later increased the budget size to N17.127 trillion.

In his remarks after signing the budget, Buhari said the lawmakers reduced the amount allocated to some projects — but added 6,576 projects of their own to the 2022 budget.

‘‘It is in this regard that I must express my reservations about many of the changes that the National Assembly has made to the 2022 Executive Budget proposal,” he said.

Buhari also noted the cut of “N12.6 billion in the ministry of transport’s budget for the ongoing rail modernisation projects; N25.8 billion from power sector reform programme under the ministry of finance, budget and national planning; N14.5 billion from several projects of the ministry of agriculture, and introducing over 1,500 new projects into the budgets of this ministry and its agencies”.

‘‘Inclusion of new provisions totalling N36.59 billion for National Assembly’s projects in the Service Wide Vote which negates the principles of separation of powers and financial autonomy of the legislative arm of government.

‘‘The changes to the original Executive proposal are in the form of new insertions, outright removals, reductions and/or increases in the amounts allocated to projects.

‘‘Provisions made for as many as 10,733 projects were reduced while 6,576 new projects were introduced into the budget by the National Assembly.

‘‘Reduction in the provisions for many strategic capital projects to introduce ‘Empowerment’ projects.

‘‘The cuts in the provisions for several of these projects by the National Assembly may render the projects unimplementable or set back their completion, especially some of this administration’s strategic capital projects.”

He said other “worrisome changes are as follows:

‘‘Increase in projected FGN Independent Revenue by N400 billion, the justification for which is yet to be provided to the Executive;

‘‘Reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion without any explanation;

‘‘Reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively.

‘‘This is particularly worrisome because personnel cost provisions are based on agencies’ nominal roll and approved salaries/allowances;

‘‘Furthermore, an increase of N21.72 billion in the Overhead budgets of some MDAs, while the sum of N1.96 billion was cut from the provision for some MDAs without apparent justification; increase in the provision for Capital spending (excluding Capital share in Statutory Transfer) by a net amount of N575.63 billion, from N4.89 trillion to N5.47 trillion.’’

He also said, “Most of the projects inserted relate to matters that are basically the responsibilities of state and local governments and do not appear to have been properly conceptualised, designed and costed.

‘‘Many more projects have been added to the budgets of some MDAs with no consideration for the institutional capacity to execute the additional projects and/or for the incremental recurrent expenditure that may be required.’’

He declared that it was surprising that despite the National Assembly increasing projected revenue by N609.27 billion, the additional executive request of N186.53 billion for critical expenditure items could not be accommodated without increasing the deficit, while the sum of N550.59 billion from the projected incremental revenues was allocated at the discretion of national assembly.

The President said that he would ask the National Assembly for an amendment.

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Lagos-Calabar coastal road: Train track work begins 2025, says minister

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13 hours ago

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December 22, 2024

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Lagos-Calabar coastal road: Train track work begins 2025, says minister

The Federal Government plans to begin constructing train tracks on Section I of the Lagos-Calabar Coastal Highway in 2025.

The Minister of Works, David Umahi, made this announcement during an inspection of Sections I and II of the project, which are located within Lagos and being handled by Hitech Construction Company Ltd, on Friday, December 20, 2024.

The details of the announcement were published in a statement on the ministry’s official website on Saturday.

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“The President has given very serious attention to road infrastructure. Don’t forget that this Coastal Highway and, of course, the four Legacy Projects all have the train track incorporated. The construction of the train track for this section I is going to take off in 2025,” Umahi stated.

The Works Minister outlined plans to enhance the Lagos-Calabar Highway in Sections I and II of Phase 1, including solar-powered CCTV cameras, lay-bys every 5-15 kilometers, and security posts for improved safety and monitoring.

He announced that 20 kilometers of Section 1 are scheduled for commissioning by May 2025. The Federal Controller of Works, Engr. Olukorede Kashia, noted challenges such as large refuse dumps and unsuitable soil conditions requiring extensive remediation during the project.

Lagos-Calabar coastal road: Train track work begins 2025, says minister

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Copyright: Court orders Adele’s song removed from platforms

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14 hours ago

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December 22, 2024

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Adele Laurie Blue Adkins

Copyright: Court orders Adele’s song removed from platforms

A Brazilian court has ordered the removal of Adele’s 2015 song Million Years Ago from radio and streaming platforms worldwide following a copyright lawsuit filed by local composer Toninho Geraes.

The ruling, delivered by Judge Victor Torres, comes after Geraes accused the British singer of copying his 1996 classic Mulheres, originally performed by Brazilian artist Martinho da Vila.

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Geraes claims the track from Adele’s album 25 closely mirrors his 1995 composition, demanding recognition and compensation for the alleged infringement.

In the lawsuit, Geraes is seeking $160,000 in moral damages, lost royalties, and a songwriting credit on Adele’s track.

The court has also imposed a fine of $8,000 per act of non-compliance on the Brazilian subsidiaries of Sony Music and Universal Music Group.

 

Copyright: Court orders Adele’s song removed from platforms

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Marketers react after NNPCL slashes petrol price to N899 per litre

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December 21, 2024

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Marketers react after NNPCL slashes petrol price to N899 per litre

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has praised Dangote Refinery’s management for bringing the price of its gasoline down to N899.50K per litre.

PETROAN spokesperson Joseph Obele said in a statement on Thursday that the action is a huge relief for drivers and Nigerians in general.

“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.

According to PETROAN president, Billy Gillis-Harry, Dangote Refinery’s price cut would lessen Nigerians’ suffering and lower living expenses over the holiday season.

“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.

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Anthony Chiejina, a company representative, stated that the price cut is intended to reduce transportation expenses during the holiday season. Additionally, the refinery stated that customers could purchase an extra litre of fuel on credit for every litre of fuel purchased with cash.

In November, the privately held refinery reduced the price of its gasoline to N970 per litre. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.

“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.

News Direct earlier reported that oil marketers have continued to rely on imports to deliver gasoline across the country, even though two significant refineries in Nigeria started producing the fuel within the last three months.

According to data gathered last week, marketers imported 2.3 billion litres of gasoline between September 11 and December 5, 2024. This ongoing importation runs counter to previous declarations made by certain marketers who stated their intention to cease importing and instead concentrate on locally produced goods.

 

Marketers react after NNPCL slashes petrol price to N899 per litre

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