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Tag: 2022 Budget

  • Senate passes 2022 supplementary budget of N819.5bn

    Senate passes 2022 supplementary budget of N819.5bn

    The Senate has passed the 2022 Supplementary Appropriation Bill of N819.5 billion.

    The consideration and approval of the budget followed the presentation of the report of the the Senate Joint Committee on the 2022 Supplementary Appropriation Bill during plenary on Wednesday in Abuja.

    The Bill is titled: “A Bill for an Act to authorise the issue from the Consolidated Revenue Fund (CRF) the total sum of N819, 536,937,813 for the year ending March 31, 2023.

    Presenting the report, the Chairman of the joint committee, Sen. Jibrin Barau, recalled that the 2022 Supplementary Appropriation Bill of N819, 536,937,813, all of which were Capital Expenditure, was read the first time on Dec. 21.

    “The Senate subsequently read the bill the second time and referred it to the Appropriation Committee in conjunction with Committees on Agriculture and Rural Development; Works and Housing; and Water Resources for further legislative action,” said Barau.

    He said that the bill sought to, among other things, make available additional funds to cushion the effects of the 2022 flood on road infrastructure, agriculture, water infrastructure and completion of some ongoing critical projects that had achieved about 85 per cent completion.

    Barau said that the supplementary bill would be financed through additional domestic borrowings, which would raise the 2022 budget to N8.17 trillion only, and Deficit/GDP to 4.43 per cent.

    He said that the committee observed that the effects of the 2022 flood across the country and its attendant consequences on roads, bridges, farmlands and the water sector necessitated the supplementary bill request.

    Barau said: “Ministries, Departments and Agencies (MDAs) involved in the Supplementary Appropriation Bill requests are: Federal Ministry of Agriculture and Rural Development.

    “Federal Ministry of Works and Housing, and Federal Ministry of water Resources”.

    The chairman said that the committee recommended that the ministry of agriculture and rural development should get N69, 247,175, 770.

    According to him, ministry of works and housing is to get N704,789,762, 043, while Federal Capital Territory (FCT) will get N30,000,000,000.

    “Federal Ministry of Water Resources is to get N15, 500, 000, 000”.

    Contributing, Sen. Smart Adeyemi (APC-Kogi) said that the budget would be of benefit to all the nook and cranny of the country.

    “The projects will help in guaranteeing security and ensuring the socio-economic development of rural areas.”

    However, Sen. Mohammed Ndume (APC-Borno) said: “My worry is that this is the reality of what we are doing today.

    “It is today that this Senate has considered to extend the budget by 90 days.

    “This budget, even if approved, how realistic is it going to be. By the time we process this and the due process that is required in budget implementation for contract execution cannot be circumvented.

    “If that is the case, assuming we pass it today, we have 90 days to implement.

    “If it is agreed that some of these monies have to be spent within 90 days. It is not possible. Let us not deceive ourselves.

    “We should amend the 2023 budget to take care of this projects so that they will have 12 months of implementation.”

    The budget was thereafter approved and passed after going through the Committee of Supply.

  • President Buhari to exceed number of foreign trips made in 2021

    Nigeria’s President Muhammadu Buhari currently in Lisbon, Portugal for a state visit, has clocked his 12th international trip in 2022, in half the time it took him to make the same number of foreign trips last year.

    As at this time last year, the President had made only two international trips, but his travel circuit took a drastic turn in the last quarter of 2021 where he recorded eight overseas jaunts.

    According to Nigeria’s 2022 budget, Buhari will spend N1. 5 billion on his foreign travels this year, N200 million less than the N1.7 billion budgeted for his international journeys in 2021.

    However, the President has already reached the number of total foreign trips made in the whole of 2021 and is likely to make more international travels before the year ends.

    It would also be recalled that Buhari had announced several cost-cutting measures as a way of reducing the cost of governance and shoring up the country’s dwindling revenue.

    Yet, the President has embarked on 20 international trips between the last quarter of 2021 and the first half of 2022 cumulatively.

    The countries include: Addis Ababa, Belgium, Gambia, Ghana, Cote D’Ivoire, Equatorial Guinea, France, Kenya, Portugal, Rwanda, Saudi Arabia, South Africa, Spain, Turkey, The United Arab Emirates (UAE) and The United Kingdom (UK).

    The President made more than one trip to countries like Addis Ababa, UAE and the UK within this period and some Nigerians have dubbed him ‘minister of foreign affairs’ as a result of his frequent international travels.

    Earlier this month, the Human Rights Writers Association of Nigeria, HURIWA, accused Buhari of squandering taxpayers’ resources on meaningless, insatiable international trips.

    “The meaningless foreign trips of President Muhammadu Buhari which have no economic benefits are disturbing. These trips must stop as they are not exigent and are aimed at squandering taxpayers’ resources and for the President to find a phantom alibi for his monumental incompetence and rudderless political leadership style.

    “Buhari and his deputy have spent over N10 billion on foreign trips in the last seven years while the Academic Staff Union of Universities has perpetually been on strike, demanding their rightful entitlement.

    “It is more reprehensible that the President can be junketing many countries of the world while Nigeria faces educational, economic, energy, and severe security crises of all times,” HURIWA’s National Coordinator Emmanuel Onwubiko said.

  • Senate passes N17.3trn revised 2022 budget

    Senate passes N17.3trn revised 2022 budget

    The Senate has passed the revised 2022 N17.3 trillion budget.
    This followed the adoption of the report of Senate Committee on Appropriation at Thursday’s plenary.

    Presenting the report, Sen. Barau Jibrin, the Chairman of the committee said that the budget was made up of N7 trillion recurrent expenditure and N5 trillion capital expenditure, while N817 billion was for statutory transfers.

    Jibrin said that N3 trillion of the budget was for debt service.

    “Also, the Senate approved the total sum of 3.55 trillion for PMS subsidy in 2022, forwarded in two separate requests by the President to the National Assembly for approval,” he said.

  • Buhari seeks Senate’s approval for adjustments to 2022 fiscal framework

    Buhari seeks Senate’s approval for adjustments to 2022 fiscal framework

    …wants benchmark increased to $73 per barrel, subsidy raised to N4trn

    …demands additional N182.45bn for Police

    The Senate, on Tuesday, received a request from President Muhammadu Buhari to approve adjustments to the 2022 fiscal framework.

    The request was contained in a letter dated 5th April, 2022, which was read during the plenary by the Senate President, Ahmad Lawan.

    President Buhari, in the letter, explained that an adjustment to the 2022 became imperative in view of new developments in both the global and domestic economies.

    According to him, the developments were occasioned by spikes in the market price of crude oil, which were a fallout of the Russian-Ukraine war.

    “As you are aware, there have been new developments both in the global economy as well as in the domestic economy which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 Budget was based.

    “These developments include spikes in the market price of crude oil, aggravated by the Russian-Ukraine war, significantly lower oil production volume due principally to production shut-ins as a result of massive theft of crude oil between the production platforms and the terminals.

    “The decision to suspend the removal of Petroleum Motor Spirit (PMS) subsidy at a time when high crude oil prices have elevated the subsidy cost has significantly eroded government revenues”, he said.

    He, therefore, requested the upper chamber to approve an increase in the oil benchmark by US$11 per barrel, from US$62 per barrel to US$73 per barrel.

    The President also sought a reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day.

    He also the chamber to approve an increase in the estimated provision for PMS subsidy for 2022 by N3.557 trillion, from N442.72 billion to N4.00 trillion.

    President Buhari underscored the need to cut the provision for Federally-funded upstream projects being implemented by N200 billion, from N352.80 billion to N152.80 billion.

    He proposed an increase in the projection for Federal Government Independent Revenue by N400 billion; and an additional provision of N182.45 billion to cater for the needs of the Nigerian Police Force.

    He added that “based on the above adjustments, the Federation Account (Main Pool) revenue for the three tiers of government is projected to decline by N2.418 trillion, while FGN’s share from the Account (net of transfer to the Federal Capital Territory and other statutory deductions) is projected to reduce by N1.173 trillion.”

    He disclosed that the amount available to fund the FGN Budget is projected to decline by N772.91 billion due to the increase in the projection for Independent Revenue (Operating Surplus Remittance) by N400 billion.

    He explained further that Aggregate Expenditure is projected to increase by N192.52 billion, due to an increase in personnel cost by N161.40 billion and other service wide votes by N21.05 billion (both for the Nigeria Police Force), additional domestic debt service provision of N76.13 billion, and net reductions in Statutory Transfers by N66.07 billion.

    Giving a breakdown, he said the net deductions would see a cut by N13.46 billion from N102.78 billion to N89.32 billion for NDDC; NEDC, by N6.30 billion from N48.08 billion to N41.78 billion; UBEC, by N23.16 billion from N112.29 billion to N89.13 billion; Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.

    The President noted that the total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of GDP.

    According to him, the incremental deficit will be financed by new borrowings from the domestic market.

  • Buhari to finance 2022 budget deficit with new borrowing

    Buhari to finance 2022 budget deficit with new borrowing

    President Muhammadu Buhari has written to the House of Representatives seeking an increase in the 2022 budget deficit to be financed through borrowing from the domestic market.

    Buhari said this in a letter read by Speaker Femi Gbajabiamila during plenary on Thursday.

    The President also requested the review of the 2022 Medium-Term Expenditure Framework (MTEF) upon which the budget was hinged.

    “As you are aware Mr Speaker, the new development both in the global economy as well as the domestic economy has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.

    “The total budget deficit is projected to increase from N965.42 billion to N7.35 trillion representing 3.99 percent of the GDP.

    “The increment of the deficit will be financed by new borrowings from the domestic market.

    “Given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, I seek the corporation of the National Assembly for expeditious action on this request,” he said.

    The Speaker thereafter, referred the letter to the House Committee on Finance for further legislative action.

  • 2022 budget: Lagos State targets N1.2trn revenue to finance N521.2bn deficit

    2022 budget: Lagos State targets N1.2trn revenue to finance N521.2bn deficit

    Lagos State Government has said that the deficit of N521.275 billion of the 2022 budget will be funded through N1.237 trillion targeted revenue.

    The Commissioner for Economic Planning and Budget, Mr Sam Egube, made this known on Friday in Ikeja, during a news briefing on the analysis of the Year 2022 Budget, tagged: ”Budget of Consolidation”.

    Egube said that the budget deficit would be funded by a combination of internal, external loans and bond issuance.

    He said that the deficit funding requirement of ₦521.275 billion was at 21 per cent of debt service to total revenue of the state.

    Recall that a proposed Year 2022 Appropriation Bill of N1.388 trillion was presented by the State Governor, Mr Babajide Sanwo-Olu to the Lagos State House of Assembly for consideration and assent on Nov. 24, 2021.

    Also, an amended Bill of N1.758 trillion was subsequently passed on Dec. 29, 2021 by the State House of Assembly and was signed into law by the Gov. Sanwo-Olu on Friday Dec. 31 2021.

    This was after a very rigorous bilateral engagement with the respective Ministries, Departments and Agencies (MDAs).

    Egube said that the total budget size of N1.758 trillion would be funded from a total revenue estimate of N1.237 trillion.

    This comprises the Total Internally Generated Revenue (TIGR) of N980.654 billion, Capital Receipts of N142.743 billion and Federal Transfer of N256.268 billion.

    Egube said that 73.5 per cent (N599,04 billion) of the projected TIGR is expected to be contributed by Lagos State Internal Revenue Service (LIRS), while about 19.2 per cent (N156.65 billion) is expected to be generated by other MDAs of government.

    “We shall achieve this by expanding the tax net with the deployment of technology, economic intelligence, through data gathering and analysis amongst other initiatives.

    “We believe that there are huge revenue generating opportunities in the informal sector, including real estates, transportation and trade.

    “The deficit of N521.275 billion is projected to be funded by a combination of internal, external loans and bond issuance.

    “The approved 2022 Budget of N1.758 trillion made up of N1.167 trillion Capital Expenditure and N591.281 billion Recurrent Expenditure, resulting in a Capital to Recurrent ratio of 66:34, is strongly in favor of Capital Expenditure.

    “Total Revenue is estimated at N1.237 trillion while deficit funding requirement is N521.275 billion, which at 21 per cent of debt service to total revenue is within the fiscal sustainability benchmarks of 40 per cent,” Egube said.

    He said that the overriding budget objective is to achieve a budget of consolidation to substantially complete existing and ongoing infrastructure project essential to statewide economic and social development.

  • 2022 budget: Nigeria Immigration Service to spend N209.5m on uniforms

    2022 budget: Nigeria Immigration Service to spend N209.5m on uniforms

    The Nigeria Immigration Service (NIS) will spend over N209.5 million on uniforms and other clothing in the 2022 budget.

    This is according to a breakdown of the expenditure figures of the NIS as contained in the 2022 budget recently signed into law by President Muhammadu Buhari.

    The NIS will also spend over N76.5 million on the supply of foodstuffs and catering materials.

    The service will as well spend another N10.7 million on “Refreshments and Meals” while its security charges will gulp N71.65 million.

    President Buhari had on December 31, 2021 signed into law the 2022 budget totalling N17 trillion.

    He had, however, queried the National Assembly for inserting 6,576 new projects worth about N37 billion into the budget.

  • Why Buhari signed Nigeria’s 2022 budget – Presidency

    Why Buhari signed Nigeria’s 2022 budget – Presidency

    The Presidency has explained that President Muhammadu Buhari signed the 2022 budget despite his reservation over the insertion of 6,576 contracts into it by the National Assembly.

    It also denounced the interpretations of Buhari misgivings about the inclusion of the contracts as a sign of a battle between the Executive and the Legislature.

    Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said in a statement yesterday, that the President signed the bill in order not to “throw away the baby with the bath water.”

    Shehu however hinted that amendment to the 2022 Amendment Budget was in the offing.

    He said: “Given Mr. President’s commitment to improving the lot of the common man, it was felt that it would not be wise to throw away the baby with the bathwater.

    “Mr. President was clear and candid in expressing his reservations with the numerous changes to the 2022 Budget made by the National Assembly, which would hamper its implementation.

    “However, to respond to critics that question why assent to the budget if it was so severely tampered with, we wish to respond as follows:

    *need to Save Value-Additive Projects, Programmes and Policies;

    *although over 10,733 projects were reduced and 6,576 new projects were introduced into the budget by the National Assembly, there are tens of thousands more provisions in the 2022 Budget, all of which, when efficiently and effectively implemented, will have significant developmental impact on the lives and livelihoods of ordinary Nigerians.

    *Ongoing capital projects, critical recurrent votes, priority new projects – all feature in the 2022 Budget and Mr. President’s forbearance in assenting to the Budget will save these provisions from implementation delays and other challenges; and

    *Dealing with modern democratic norms: President Buhari is a democrat who deeply believes in the supremacy of the Constitution, with its checks and balances across the three arms of Government.”

    The Presidential spokesman maintained that while it is true that Buhari also expressed disagreement with other alterations, including the ‘reduction in the provisions for many strategic capital projects to introduce ‘Empowerment Projects,’ “innumerable lies are being spread about his (President) being ‘angry’ at the parliament.

    “This cannot be farther from the truth,” he added.

    Shehu pointed out that as Senate Ahmed Lawan said shortly after the budget signing, disagreements as the ones listed by Buhari are normal in the everyday Executive-Parliamentary relationships

    He added: “While we note that there are people who are trying to create a fiasco between the two arms of government on account of the budget, we assure that they will, in the end, be disappointed.

    ”The Executive and the 9th National Assembly have since moved away from the wild, destructive political games of the past, conducting themselves in a way that puts national interest supreme in their decisions.”

  • Sanwo-Olu signs Lagos 2022 budget of N1.758 trillion into law

    Sanwo-Olu signs Lagos 2022 budget of N1.758 trillion into law

    Lagos State Governor, Mr. Babajide Sanwo-Olu on Friday signed the 2022 Appropriation Bill of N1.758 trillion christened ‘Budget of Consolidation’ into law.

    Governor Sanwo-Olu, while signing the Bill at the Lagos House, Ikeja, said that the capital expenditure stands at N1.166 trillion, representing 66 percent of the budget estimates, while recurrent expenditure is N591 billion, representing 34 percent, to maintain the 66:34 percent budget tradition of Lagos State.

    Speaking after signing the 2022 Appropriation bill, Governor Sanwo-Olu said the budget is to consolidate infrastructural development across the state in line with his administration’s T.H.E.M.E.S. developmental agenda to address issues on education, infrastructure, health, technology, social intervention, rail projects and other critical areas.

    While explaining the rationale behind the increase in the 2022 Appropriation Bill from the initial N1.388 trillion budget estimates presented to the Lagos State House of Assembly on November 24, Sanwo-Olu said there is a need to capture all financing options for the Blue and Red line rail projects and other ongoing projects in the Budget of Consolidation.

    He said: “Let me state at this juncture that the difference between the budget amount presented by the Executive and the final amount passed by the Legislature is largely accounted for by the decision to further accelerate already existing infrastructure projects and bring them to substantial levels of completion.

    “We have also decided to capture in the Budget, the financing being deployed towards the Blue Line and the Red Line rail projects by private sector consortia, up to a level that will not put pressure on our cash flow and debt sustainability.

    “In addition, this 2022 Appropriation Bill recognises several other already-funded project transactions that are now being accounted for as corporate transactions. What this means is that we are now choosing to capture in the Budget the significant value already accruing to the State from these projects.

    “As I said during the presentation to the House of Assembly, this will be the last full-year budget in the tenure of this administration. As a result, a major focus of this budget will be ensuring the completion of all ongoing projects that are critical to achieving our desire to build a Greater Lagos in line with the goals and objectives of the T.H.E.M.E.S development agenda.”

    He said the Commissioner for Economic Planning and Budget, Mr. Sam Egube would present to the public the full details and breakdown of the budget in due course.

    Governor Sanwo-Olu also commended the Speaker and members of the Lagos State House of Assembly for their cooperation and support, especially in ensuring the quick consideration and passage of the 2022 Appropriation Bill, which he presented on Wednesday, November 24.

    The Governor also appreciated Lagosians for their support in ensuring the impressive performance in the implementation of the 2021 budget, against all odds, especially the continuous challenge posed by COVID 19.

    “I believe very strongly that we, working together, and with everyone doing their part diligently, will achieve much more in 2022,” the Governor said.

    Speaking earlier, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudasiru Obasa, stated that the budget was given expeditious approval with proper scrutiny within five weeks to ensure that all projects are executed.

    Obasa, who was represented by the Chairman of the Lagos State House of Assembly Committee on Appropriation, Hon. Gbolahan Yishawu, said the Babajide Sanwo-Olu administration is heading in the right direction in ensuring that infrastructural projects are put in place across the state in line with the T.H.E.M.E.S. development agenda.

    He also commended Governor Sanwo-Olu for completing all the projects he inherited and providing funds for all the ongoing projects in different parts of the State.

    Also speaking, Commissioner for Economic Planning and Budget, Sam Egube, commended the Lagos State House of Assembly for the speedy passage of the 2022 Appropriation Bill.

    He said he was excited and grateful to all stakeholders for leading the process to the signing of the biggest State’s budget.

    It would be recalled that the Lagos State House of Assembly on Wednesday passed the 2022 budget estimates with a slight increase of the grand total from the initial N1.38 trillion to N1.758 trillion.

  • Buhari: I am worried about changes made to 2022 budget by NASS

    Buhari: I am worried about changes made to 2022 budget by NASS

    President Muhammadu Buhari has expressed worries over changes made on the 2022 appropriation bill by the National Assembly (NASS).

    TheNewsGuru.com (TNG) reports President Buhari expressed the worries as he signed the bill into law on Friday.

    According to the president, it was in keeping with the tradition of restoring a predictable January to December fiscal year, as provided for in the Constitution of the Federal Republic of Nigeria that he signed the bill into law.

    President Buhari also signed the 2021 Finance Bill into law at the signing ceremony, which took place in the Presidential Villa in the presence of Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council.

    Speaking at the event, the President said the 2022 Budget, signed into law, provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion.

    The President explained that N186.53 billion of the increase however came from additional critical expenditures that he had authorised the Minister of Finance, Budget and National Planning to forward to the National Assembly.

    ‘‘The Minister will provide the public with the details of the budget as passed by the National Assembly, and signed into law by me,’’ he said.

    The President announced that as the 2023 Budget is going to be a transition budget, work will start in earnest to ensure early submission of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper as well as the 2023 Appropriation Bill to the National Assembly.

    He, therefore, directed Heads of Ministries, Departments and Agencies (MDAs) to cooperate with the Ministry of Finance, Budget and National Planning, more specifically with the Budget Office of the Federation, to realise this very important objective.

    President Buhari also expressed strong reservations on the ‘‘worrisome changes’’ made by the National Assembly to the 2022 Executive Budget proposal.

    He announced that he would revert to the National Assembly with a request for amendment as soon as the Assembly resumes to ensure that critical ongoing projects cardinal to this administration do not suffer a setback due to reduced funding.

    The President recounted that during the presentation of the 2022 Appropriation Bill, he had stated that the fiscal year 2022 would be very crucial in his administration’s efforts to complete and put to use critical agenda projects, as well as improve the general living conditions of our people.

    ‘‘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.

    ‘‘Some of the 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.’’

    President Buhari also expressed concern in the reductions in provisions for some critical projects, including 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.

    Further, the President also expressed his reservations on the following:

    ‘‘Inclusion of new provisions totaling 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.

    ‘‘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.’’

    President Buhari 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.

    ‘‘I signed the 2022 Appropriation Bill into law to enable its implementation to commence on 1st January 2022.

    ‘‘However, I will revert to the National Assembly with a request for amendment and/or virement as soon as the Assembly resumes to ensure that critical ongoing projects that are cardinal to this administration, and those nearing completion, do not suffer a setback due to reduced funding.’’

    On COVID-19 and budget implementation, the President said despite the lingering adverse effects of the pandemic, he was happy with the success recorded in the implementation of the 2021 Budget.

    ‘‘The sum of N3.94 trillion that was provided for the implementation of capital projects by MDAs during the fiscal year has been released fully.

    ‘‘To enable MDAs to complete the implementation of their 2021 capital projects and optimise the impact of the capital budget on the economy, they have been allowed to continue to expend the funds released for their 2021 capital budgets till 31st March, 2022,’’ he said.

    The President commended the understanding and speedy action of the National Assembly on this matter.

    ‘‘As the 2022 Budget will be the last full year budget to be implemented by our Administration, its effective implementation is very critical for delivering our legacy projects, promoting social inclusion and strengthening the resilience of the economy.

    ‘‘The Ministry of Finance, Budget and National Planning will implement all measures required to ensure timely and targeted release of capital votes.

    ‘‘All MDAs are to effect early commencement of project implementation, while ensuring productive use of funds provided for achievement of the objectives set for their sectors.

    ‘‘Considering the incidence of new COVID-19 variants globally, we will ensure timely implementation of measures provided for in the 2022 Budget to contain the spread of the virus and protect our people.

    ‘‘We continue to count on the collaboration of the State governments in our effort to protect the lives and livelihood of our people.’’

    To achieve the laudable objectives of the 2022 Budget, President Buhari pledged that the Federal Government would further intensify revenue mobilisation efforts.

    He expressed optimism in the ability of the Government to finance the budget considering the positive global oil market outlook and the continuing improvement in non-oil revenues.

    ‘‘To achieve our revenue targets, revenue generating agencies, and indeed all MDAs must ensure prompt and full remittance of collected revenues.

    ‘‘Relevant Agencies must also ensure the realisation of our crude oil production and export targets.

    ‘‘I also appeal to our fellow citizens and the business community at large to fulfil their tax obligations promptly.

    ‘‘However, being a deficit budget, the specific Borrowing Plan will be forwarded to the National Assembly shortly.

    ‘‘I count on the cooperation of the National Assembly for a quick consideration and approval of the Plan when submitted.

    ‘‘All borrowings will be judiciously utilised and invested in our future growth and prosperity.’’

    The President also directed MDAs to liaise with the Bureau of Public Enterprises and/or the Infrastructure Concession and Regulatory Commission to explore available opportunities for public-private partnerships, concessions as well as climate finance arrangements to fast-track the pace of infrastructural development.

    He thanked the Ministers of Finance, Budget and National Planning, the Budget Office of the Federation, and all who worked tirelessly and sacrificed so much towards producing the 2022 Appropriation Act.

    ‘‘Let me conclude by commending the understanding, sacrifice and resilience of our people during these challenging times.

    ‘‘As a Government, we remain committed to improving the general living conditions of our people.

    ‘‘We will continue to implement measures aimed at moderating the unintended negative effects of policies on the citizenry,’’ he said.