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What Nigeria States Are Proposing For 2023
With almost 40 days into the new year, state governors are already setting the estimation for their financial expenditure. Being an electioneering year, some state governments might either hand over to a new government or transition into another tenure. However this turns out, the budget provides the expenses that the state would be allocating for…
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Nigeria Budget Analysis
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Kenya Unveils Budget For The 2022/23 Fiscal Year
Kenya has unveiled a $28 billion (3.3 trillion shillings) budget for the 2022/23 fiscal year aimed at reviving the country’s economy. Treasury Secretary, Ukur Yatani, said the budget would focus on building infrastructures that would reduce the rates of unemployment and grow the economy by 6% by the end of the year. If the parliament…
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Budget And Financing In Nigeria
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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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Budget Presented, Signed From 2016 Till Date
President Muhammadu Buhari has presented a total of N54.41 trillion as proposed budget between 2016 and 2021. However, between 2016 and 2021, a total of N55.71 trillion has been approved. This implies that the National Assembly has raised the budget, within the period under review, by N1.3 trillion. Recall that due to the COVID-19 pandemic…
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Nigeria Records N1.76tn Revenue Shortfall In 6 Months
The Federal Government reported a revenue shortfall of N1.76 trillion in the first half of this year. According to a revenue performance report, obtained from the Budget office of the federation, the Federal Government’s projected revenue for the 2021 fiscal year was N7.9 trillion, of which N3.9 trillion was earmarked as pro rata target for…
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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…