The Lagos State 2022 budget will run on a N521.275 billion deficit as the government targets N1.237 trillion revenue for the N1.76 trillion Appropriation Bill signed into law.
The Commissioner for Economic Planning and Budget, Sam Egube made this known during a news briefing on the analysis of the 2022 dudget, tagged ”Budget of Consolidation”.
Mr Egube said that the budget deficit would be funded by a combination of internal, external loans and bond issuance.
The commissioner noted that the deficit funding requirement of ₦521.275 billion was at 21 per cent of debt service to total revenue of the state.
The state governor, Babajide Sanwo-Olu, had presented a proposed 2022 Appropriation Bill of N1.388 trillion to the Lagos State House of Assembly for consideration and assent on November 24, 2021.
Also, an amended bill of N1.758 trillion was subsequently passed on December 29, 2021, by the State House of Assembly and was signed into law by Mr Sanwo-Olu on December 31, the same year.
Mr Egube, however, 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.
The commissioner 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.
“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 favour 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,” Mr Egube said.
He added that the overriding budget objective is to achieve a budget of consolidation to substantially complete existing and ongoing infrastructure projects essential to statewide economic and social development.
CBN reduces charges on electronic transactions
The Central Bank of Nigeria (CBN) has announced a downward review of charges for electronic banking transactions in its revised guidelines to charges by banks, other financial institutions and non-bank financial institutions.
A circular by Chibuzor Efobi, for the Director, Financial Policy and Regulation Department, stated that the review was in response to “further evolution in the financial industry in the last few years.”
The apex bank stated that the new guide included review of other bank charges to align with market developments.
It stated that it also comprised inclusion of new sections on accountability/responsibility and a sanction regime to directly address instances of excess unapproved, (arbitrary) charges.
It added that the revised guidelines took effect from January 1.
The CBN has the mandate to issue the guide to bank charges. The guide provides a basis for the application of charges on various products and services offered by banks and other regulated institutions under the purview of the apex bank.
The guide was first released in 2004 and revised in 2013 and 2017 due to market developments such as new innovations in products and channels, as well as new industry participants.
Kwara assembly passes N189.4 billion 2022 budget
The Kwara House of Assembly on Thursday passed the state’s 2022 Appropriation bill of N189.4 billion.
The appropriation bill was passed after the House considered and adopted the report of House Committee on Finance and Appropriation during Tuesday’s plenary.
The report, which was presented by the Chairman of the Committee, lbrahim Ambali (APC, Owode-Onire), enjoyed the support of all members at the plenary
Some lawmakers in their contributions described the budget as ambitious and urged the executive to ensure swift implementation.
The appropriation bill was later read for the third time by the Clerk of House, Haleemah Kperogi, prior to its passage.
In his remark, the Speaker, Yakubu Danlaadi, reaffirmed the determination of the House towards effective lawmaking in the state.
“With today’s passage of the 2022 Kwara budget, the capital expenditure is 56 per cent of the total budget size, while the remaining 44 per cent is for Recurrent Expenditure,” the Speaker said.
Mr Danlaadi promised that the House would intensify on its oversight function’s to ensure proper implementation of the budget.
The speaker applauded Governor Abdulrahman Abdulrazaq for making provision for consequential adjustments of N39,000 minimum wage from grade level seven to seventeen in this year’s budge.
Mr Danlaadi later directed the Clerk of the House, Ms Kperogi, to prepare a clean copy of the Bill for Governor’s assent.
Man to sweep Bauchi stadium for three months for embezzlement
The Chief Magistrate Court 4 sitting in Bauchi on Thursday sentenced 40-year-old Abraham Owen to punishment of sweeping the Abubakar Tafawa Balewa Stadium for three months.
Mr Owen was found guilty of misappropriating N145,000 belonging to the Alfijir Wisdom Academy, Bauchi, where he served from 2017 to 2019 as the school headmaster.
The plaintiff, Fatima Shuaibu of the Kafin Tafawa Bayara filed the suit on June 2, 2020 against Mr Owen on a three-count charge of cheating, breach of trust and misappropriation.
The presiding judge, Sadiya Salihu, said after discreet investigations the accused person was found guilty of the offense and ordered him to pay N130,000 and N20,000 as compensation to the plaintiff.
The trial judge said the judgment was based on sections 305 and 78 of the penal code law of Bauchi state.
The court averred that the non-custodial sentence was to enable the defendant to raise the said amount since he had been disengaged from the school’s employment and had lost his means of livelihood.
The court ordered that the daily labour be carried out under the supervision of a non custodial officer, who should report back to the court on March 22, 2022.
News1 day ago
US resumes drop box application in Nigeria
National17 hours ago
Vaccine certificate fraudsters syndicate busted
News19 hours ago
Nude Photos, Videos of Popular Female Referee Leaked In Revenge Porn
Latest Update2 days ago
Crisis looms at PRODA as agency DG, board, ministry clash
Relationship1 day ago
What You Should Know About Dating A Bisexual Guy
Nation23 hours ago
Hushpuppi to be sentenced on Valentine’s Day
Music1 day ago
MP3: Peezy – Common Wealth
Nation2 days ago
Kaduna treats 17,063 malnourished children