President Buhari signs N17.127tr2022 budget legislation and directs MDA to begin early preparations for the 2023 transition budget

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Expressed concern about the nasty changes in the 2022 budget by NASS. Submit an amended bill in early 2022.

Following the tradition of recovering a predictable January-December fiscal year, as stipulated in the Constitution of the Federal Republic of Nigeria, President Muhammad Buhari of Abuja has announced the 2022 Expenditure Bill and the 2021 Fiscal Bill. Signed.

The President signed the document at the President’s residence in the presence of Senator Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamira, and other members of the Federal Executive Council.

At the event, the president said at the event that the 2022 budget, which had just signed the bill, had a total expenditure of 17.127 trillion Newtons, an increase of 73.85 billion Newtons over the original enforcement proposal, and a total expenditure of 16.391 trillion Newtons.

The president, however, explained that the increase of 186.53 billion Newtons came from additional significant spending that allowed the Minister of Finance, Budget and State Planning to transfer to parliament.

“The minister will provide the public with the details of the budget passed by parliament and I have signed the law,” he said.

As the 2023 budget becomes a transitional budget, the president will begin full-scale work to submit the 2023-2025 medium-term spending framework and fiscal strategy documents, and the 2023 budget proposal to the Diet at an early stage. Announced. ..

Therefore, he instructed the Secretary of State to work with the Ministry of Finance, the Ministry of Budget, the Ministry of National Planning, and more specifically the Federal Budget Office, to achieve this very important purpose.

President Buhari also expressed a strong reservation for the “worrisome changes” made by the Diet to the 2022 executive budget.

He announced that he would return to parliament with a request for amendments as soon as Congress resumed to ensure that the administration’s major important ongoing projects would not suffer setbacks due to reduced funding.

During the submission of the 2022 Expenditure Bill, Fiscal Year 2022 is very important in his administration’s efforts to complete and use important agenda projects and improve the general living conditions of the people. He said that he said. ..

“In this regard, I must express my reservation on the many changes that the Diet has made to the 2022 Executive Budget.

” Some of the changes I’m interested in are:

” The projected FGN independent revenue has increased by 400 billion Newtons, but its legitimacy has not yet been provided to executives.

“Reduce the reserve for a sinking fund to redeem maturity bonds by 22 billion Newtons without explanation.

Reduced reserves for non-regular allowances for Nigerian police and the Nigerian Navy by 15 billion N and 5 billion N, respectively.

“This is especially worrisome because the labor cost provisions are based on the nominal role of the agency and the approved salaries / allowances.

“In addition, some MDA expenses increased by 21.72 billion Newtons, while the total of 1.96 billion Newtons was reduced from some MDA reserves without explicit justification.

“Increase the allowance for capital expenditures (excluding the capital share in statutory transfers) from 4.89 trillion N to 5.47 trillion N by a net amount of 57.563 billion N.”

President Buhari also expressed concern over reducing reserves for several key projects, including the Ministry of Transport’s budget of 12.6 billion Newtons for ongoing railway modernization projects. 25.8 billion N from the Electricity Sector Reform Program of the Ministry of Finance, Budget and National Planning. Introduced 14.5 billion Newtons from several projects of the Ministry of Agriculture, and more than 1500 new projects in the budget of the Ministry and its institutions.

In addition, the President also expressed his reservation on the following:

A service-wide vote denying the principles of separation of powers and the legislature’s financial autonomy will include a new provision totaling 36.59 billion N for parliamentary projects.

“Changes to the original executive proposal are made in the form of new insertions, complete deletions, reductions, and / or increases in the amount allocated to the project.

“Reserves for 10,733 projects have been reduced and 6,576 new projects have been introduced into the budget by Parliament.

Reduction of provisions for many strategic capital projects to implement “empowerment” projects.

“Reduction of some provisions of these projects by Parliament can make the project infeasible or delay the completion of the project, especially some of the strategic capital projects of this administration. ..

“Most of the inserted projects are basically the responsibility of state and local governments and are associated with issues that do not appear to be properly conceptualized, designed and costly.

“More projects have been added to some MDA budgets, without considering the institutional capacity to carry out additional projects and / or the incremental recurring spending that may be required.”

President Buhari is surprised that despite the parliament’s increase in expected revenues by 609.27 billion Newtons, the additional enforcement demand for key spending items, 186.53 billion Newtons, could not be met without increasing the deficit. Declared that. One billion from the expected incremental revenue was allocated at the discretion of the Diet.

“I have signed the 2022 Expenditure Bill, which will be available for enforcement on January 1, 2022.

“But I am amending and / or virement as soon as Congress resumes to ensure that important ongoing projects, which are the cornerstone of this administration, and projects nearing completion do not suffer setbacks. Return to Parliament on request to reduce funding “

Regarding COVID-19 and budget implementation, the President said he was pleased with the success recorded in the 2021 budget implementation, despite the protracted adverse effects of the pandemic.

“The total N3.94 trillion provided by MDA for the implementation of capital projects during the fiscal year has been completely released.

“The MDA was released for the 2021 capital budget until March 31, 2022 to allow the MDA to complete the implementation of the 2021 capital project and optimize the impact of the capital budget on the economy. He was allowed to continue spending his money, “he said.

The President praised Parliament’s understanding and swift action on this issue.

“The 2022 budget will be the last full-year budget to be implemented by our government, so its effective implementation will provide our legacy projects, promote social inclusion and enhance economic resilience. Is very important for.

“The Ministry of Finance, Budget and National Planning will take all necessary steps to ensure the announcement of a timely and targeted capital vote.

“All MDAs need to start implementing projects early and at the same time ensure productive use of the funds provided to achieve the goals set for that sector.

“Given the incidence of new COVID-19 variants worldwide, we ensure timely implementation of the measures set out in the 2022 budget to contain the spread of the virus and protect people.

“We continue to look forward to the cooperation of the state government in our efforts to protect the lives and livelihoods of our people.”

President Buhari has pledged that the federal government will further step up its revenue mobilization efforts to achieve the praiseworthy objectives of the 2022 budget.

He was optimistic about the government’s ability to budget, given the positive outlook for the global oil market and the continued improvement in non-oil revenues.

“In order to reach our income goals, income-generating institutions, and in fact all MDA, must ensure a quick and complete remittance of the collected income.

“Relevant agencies also need to ensure that their oil production and export targets are met.

“I also urge our fellow citizens and the entire business community to promptly fulfill their tax obligations.

“But due to the deficit budget, certain borrowing plans will soon be transferred to the Diet.

“I look forward to the cooperation of the Diet for prompt review and approval of the plan when submitted.

“All borrowing is used with caution and invested in our future growth and prosperity.”

The President also gives the MDA an opportunity to work with the Department of Public Enterprises and / or the Infrastructure Concessions and Regulatory Commission for public-private partnerships, concessions, and climate funding arrangements to accelerate the pace of infrastructure development. I instructed you to seek.

He thanked the Minister of Finance, the Minister of Budget, the Minister of National Planning, the Federal Budget Office, and all those who made tireless efforts and sacrifices towards enacting the Expenditure Act of 2022.

“Let me conclude by praising our people’s understanding, sacrifice, and resilience in these difficult times.

“As a government, we continue to work on improving the general living conditions of our people.

“We will continue to take steps aimed at mitigating the unintended adverse effects of policy on citizens,” he said.

It will be distributed by the APO Group on behalf of the President of Nigeria.

President Buhari signs N17.127tr2022 budget legislation and directs MDA to begin early preparations for the 2023 transition budget

Source link President Buhari signs N17.127tr2022 budget legislation and directs MDA to begin early preparations for the 2023 transition budget

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