Economy

President Buhari Assents 2023 Budget

By Web News 507

President Muhammadu Buhari has signed the 2023 Appropriation Bill into law.

Buhari signed the 2023 transition budget Tuesday morning at the Council Chambers of the Presidential Villa, Abuja, in the presence of Vice President Yemi Osinbajo, 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 his regime would speed up critical infrastructure projects nationwide as it raced toward the finish line on May 29, 2023.

He noted that the budget is N21.83 trillion aggregate expenditure, an increase of N1.32 trillion over the initial executive proposal of N20.51 trillion.

The Senate President, Ahmad Lawan, had revealed to journalists at the weekend after a closed-door meeting with Buhari at the Presidential Villa, Abuja, that the President would sign the 2023 budget Tuesday.

Lawan said, “We are looking forward to Mr President signing the Appropriation Bill 2023, by the grace of God, on Tuesday.

“This is because we signed the documents yesterday, having lost some time because of some anomalous figures we had in the bill presented to the National Assembly.

“But thank God, the National Assembly, in both chambers, has passed the Appropriation Bill 2023 on Wednesday, and I’m sure that Mr. President and his team, on the executive side will work on what we have done. And the first thing on Tuesday, the first official working day of the year, I believe that Mr. President will be signing the Appropriation Bill 2023.”

Details later…

Punch/Simeon Ugbodovon

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Economy

Makinde Signs 2023 Budget into Law

By Web News 517

Governor Seyi Makinde of Oyo State has signed the state’s 2023 Appropriation Bill, tagged “Budget of Sustainable Development” into law in Saki ,Oke Ogun area of the state.

The governor who assented to the bill at the headquarters of the Oyo State Agribusiness Development, Agency,(OYSADA),  in Saki, lauded the lawmakers for timely passage of the bill.

He said the budget would aid the completion of some projects as well as the state’s development initiatives.

Governor Makinde  added that his administration has been able to increase the state’s Internally Generated Revenue(IGR) to over N3.8 billion.

He said: “I have just signed the budget into law right here in Saki. “So, history has been made. Let me use this opportunity to thank the Speaker and other members of the Assembly for the speedy passage of the budget. 

“I learnt that the lawmakers stayed very late to sign the budget yesterday( Thursday) and also that they were able to manage the House of Assembly workers, PASAN.

“This is a budget of sustainable development. We know that some of the projects and the work we started must be completed in 2023. So, this is a budget that has N155,677,143,034.34 for recurrent expenditure and N154,755,366,965.64 for capital. You will notice that recurrent is slightly higher than the capital expenditure and this is because we are going into a transition period.

“In 2023, a new Assembly will come in even though I hope that majority of the current members  will still be returned. “Right now, we have 27 PDP members in the State Assembly. For 2023, it will be 32/32.” 

The Governor stated that the state’s budget has always performed above 50 percent, since he came into office adding that the decision to sign the budget in Saki  was historic.He also said that the decision was a testimony to the fact the state’s  economy is integrated  across all zones.

He added: “We are here in Saki in Oke-Ogun zone 2. Saki is the biggest economy around this place. Now, we can drive from Iseyin to Ogbomoso, though the road is not completely open, but we will complete it under the 2023 budget. Out of the 78km, I believe about 50km of it has already been tarred. The artwork to link everywhere remains only 10km. So, I know we have broken the back of that project, and in this 2023 budget, we have made provisions to finish that road. 

“There are other additions under Omituntun 2.0 that we have anticipated what will happen, and we have made adequate provision in this budget I have just signed. “There will be solid minerals development and Tourism. 

“Two days ago at he security council meeting, we were told by DSS  officials that they arrested a trailer with 25 tonnes of lithium. “Yes, they are mining lithium, which is the new gold, and Oyo State is a major lithium belt. So, we have to add solid mineral development to the mix and also tourism. I said tourism because every weekend, you can hardly get a hotel room in Ibadan. If you go to the hinterland, you will see that we are truly blessed and our environment is quite scenic.

“To ensure that we operate in a safe and secure environment, the 500 newly recruited Amotekun personnel have been trained, and their deployment would begin tomorrow, 24th of December, 2022.”

In his remarks, the Commissioner for Budget and Planning, Professor Musbau  Babatunde, said that the budget  is an inclusive one and  that the whole  Oyo State has made  input into it.

He said : “The budget we are signing today is an inclusive one that the whole of Oyo State has made their input into it. When we came for consultative meeting here and other zones, the people told us what they wanted the government to put in the budget.”We collated everything, and we met in Ibadan and came up with a conclusion. “We did not just allocate figures for the budget, it was a rigorous project that science, data and logic guided.

“The figure of the budget we are signing today is what will improve the welfare of the good people of Oyo State. Our budget was not performing very well when we came into government. It was 27 per cent. But now, we have been going above 50 per cent.


“We really appreciate all the support you have given to us and we promise that the budget will be adequately implemented.”

Earlier in his remarks, the Speaker of Oyo State House of Assembly, Hon. Adebo Ogundoyin, reiterated that the budget is a product of the synergy and collaboration by all the three arms of government in the state.

Iyabo Adebisi


Politics

Gov. Abiodun Presents 472.25B 2023 Budget Proposal to OGHA

By Web News 472

Ogun State Governor, Prince Dapo Abiodun has presented a budget proposal of 472.25 billion Naira for the 2023 fiscal year to the Ogun State House of Assembly, OGHA.

The proposed 2023 budget is 21.264 billion naira higher than the 2022 budget which was 450.986 billion naira.

Presenting the document tagged, “Budget of continued development and prosperity”, Governor Abiodun said the capital expenditure in the 2023 budget proposal is 270.41 billion Naira, while the total recurrent expenditure is 201.84 billion naira.

He explained that the 2023 budget was aimed at enlarging the state’s economic base and adopting strategies to harness more economic opportunities, stating that increased investment in capital expenditure would promote sustainable economic growth and development.

Governor Abiodun listed some of the capital projects in the 2023 budget including the implementation of power generation schemes to improve guarantee electricity supply across the state, as well as the development of a dry port at Kajola Area of the state. 

In a remark, the speaker, Ogun State House of Assembly, Prince Olakunle Oluomo, gave the assurance that the lawmakers would take necessary legislative action towards ensuring a quick passage of the 2023 appropriation bill.

Bolanle Adesida

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Economy

Gov Makinde Presents N310bn Budget for 2023

By Web News 665


Oyo state Governor, Engineer Seyi Makinde has presented a budget proposal of Three Hundred and Ten Billion Naira (310,000,000,000) as the appropriation bill for the 2023 fiscal year before the state house of assembly

Our correspondent reports that Infrastructure took the largest percentage of the budget, followed by education and health.

The appropriation bill tagged: Budget of Sustainable Development has over one hundred and fifty-four billion naira as the capital expenditure representing 49.79% of the total budget proposal while the proposed recurrent expenditure stood at over one hundred and fifty-five billion naira.

According to Governor Makinde, 27.65% of the budget proposal has been allocated to Infrastructure while the Education has the second largest allocation of 18.78% of the total budget proposal.

He said there was a marginal drop on estimate for infrastructure over last year’s 52.97% noting that the focus of the 2022 budget was on completion of projects.

Governor Makinde said the 2023 proposed budget when implemented would meet the needs of the people of Oyo State,

He restated commitment to continue to deliver good governance to our people. We believe that this Budget of Sustainable Development is just what we need as we navigate the final days of our first tenure in office. 

Reacting, Speaker, Oyo State house of assembly, Mr Adebo Ogundoyin said the lawmakers would not only ensure the speedy passage of the budget but follow its implementation to achieve the desired results.

Mr Ogundoyin commended Governor Makinde for running an all inclusive administration which has led to the spread of dividends of democracy across all the geopolitical zones across the State.

Earlier, some of the lawmakers used the opportunity of the budget presentation to solicit more support from the executive on infrastructural development at the grassroots and completion of ongoing projects.

Mosope Kehinde

Politics

Osun Gov-Elect Defends Assembly on 2023 Budget Proposal

By Web News 538

Osun State Governor-elect, Senator Ademola Adeleke has defended the State House of Assembly on the ongoing processing of Budget 2023 proposals from Governor Gboyega Oyetola, declaring that the House of Assembly has a constitutional duty to perform.

Responding to enquiries in a statement by his spokesperson, Mallam Olawale Rasheed, the Governor-elect posited that the legislature was elected to treat and process bills including appropriation bills from the Executive Arm of the government.

“As a former lawmaker myself, I support the legislature as an arm of government that is independent and must be allowed to do its job of legislation and appropriation. So there is nothing unusual if the House of Assembly is processing the budget 2023 proposal.

“The legislative process provides for supplementary budgetary action including executive bill proposing amendments to any Appropriation Act. So we are not worried at all. If anything, we want to encourage the Assembly to continue the processing of subsisting bills”, the statement noted.

Funmi Adekoya

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Economy

Lawan Guarantees Quick Passage of 2023 Budget

By Web News 442

Senate President Ahmed Lawan has assured residents of timely consideration of the 2023 Appropriation bill.

Senator Lawan explained that the budget will be considered and passed before the end of the year as has been the tradition in previous years.

The Senate President emphasized that the activities of oil thieves had led to huge financial losses to the government, describing them as enemies of the country and calling for proactive action to deal with them.

He also said drew the attention of the President to the menace of the flood that has recently ravaged parts of the country.

Punch/ Adebukola Aluko

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