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Over N2.4bn Projects Linked To National Assembly Leaders
A civic-tech non-profit organisation, BudgIT has said that projects worth over N2.4 billion in the 2022 budget were directly linked to the leaders of the national assembly. The findings, which were disclosed by the communications associate, Iyanu Fatoba, said BudgIT uncovered infractions and corruption loopholes in the 2022 approved budget by the national assembly leaders.…
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INFOGRAPHICS ON 2022 SUPPLEMENTARY BUDGET
Nigeria’s President, Muhammadu Buhari, transmitted the 2022 Appropriation Act (Amendment) Bill to the National Assembly. The president, in the letter entitled, “SUBMISSION OF THE 2022 APPROPRIATION AMENDMENT PROPOSAL” requested consideration and approval to accommodate the additional fuel subsidy funding. The six-page executive bill is expected to contain a provision for the payment of subsidy on…
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INFOGRAPHICS ON 2022 BUDGET
In October 2021, President Muhammadu Buhari, presented the 2022 Appropriation bill tagged a “Budget of Economic Growth and Sustainability.” It was estimated at ₦16.39trillion. The president said that the bill was designed “to build on the achievements of previous budgets and to deliver on our goals and aspirations as will be reflected in our soon-to-be-launched…
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Nigeria To Charge 6% Tax on Digital Services, Non-Resident Companies
The minister of finance in Nigeria has announced the government would now charge offshore companies providing digital services to local customers in Nigeria a six percent tax on turnover as provided in the 2021 Finance Act. The digital services would be charged to foreign companies that provide digital services such as apps, high-frequency trading, electronic…
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National Assembly Increased Budget By N1.92tn In Six Years
Between 2017 and 2022, the Nigerian National Assembly had increased the budget expenditure by a total of N1.915 trillion. While several controversies– including budget padding, repetition of projects, unnecessary allocation of funds– trail these increases yearly, the legislators have increased the budget by an approximate average of 0.31 billion yearly. Despite this increase, NASS, in…
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Budget: Agencies Expected To Pay N22.6bn in 2022
According to data contained in the 2022 budget proposal, Deposit Money Banks and insurance companies are expected to rake in the sum of N22.6 billion in bank charges and insurance premiums from Ministries, Departments and Agencies of the Federal Government in 2022. A breakdown of the figure showed that the N22.6bn comprised N17.3bn projected for…
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Nigeria’s Personnel Cost Rises by 79.48% In Four Years
According to data obtained from the budget implementation report of the Federal Government, the amount budgeted for personnel costs has increased from N2.29 trillion spent in 2019 to N4.11 trillion in the proposed 2022 budget. This shows an increase of N1.82 trillion or 79.48 percent in three years-a rise in the cost of recurrent expenditure.…
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FG To Borrow N4.89tn For 2022 Budget
To finance the deficit in the proposed N13.98 trillion 2022 budget, the Federal Government plans to borrow about N4.89 trillion from internal and external sources. The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known in Abuja on Monday at an interactive session organised by the House of Representatives’ Committee on Finance…