Economy
Buhari Directs MDAs to Commence Early Preparation of 2023 Budget
By Adedapo Adesanya
In keeping with the tradition of restoring a predictable January to December fiscal year as entrenched in the constitution, President Muhammadu Buhari on Friday signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.
Without much ado, he has now directed Ministries, Departments, and Agencies (MDAs) to commence early preparation of the transition budget for 2023.
The President signed the documents at the Presidential Villa in the presence of Senate President, Mr Ahmed Lawan; Speaker of the House of Representatives, Mr Femi Gbajabiamila, and other members of the Federal Executive Council and expressed his displeasure at the changes made by the National Assembly to the 2022 budget proposal.
Speaking at the event, the President said the 2022 budget 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 parliament.
Mr Buhari then announced that the 2023 budget would be a transition budget and that 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 MDA 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.
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.
Mr President then 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 the 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,” he added.
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 quick consideration and approval of the Plan when submitted.
“All borrowings will be judiciously utilised and invested in our future growth and prosperity,” he stated.
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.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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