Foreign investments

FG seeks foreign investment to stimulate the mining sector

By Modupe Gbadeyanka

The 2022 finance bill submitted to the National Assembly by President Muhammadu Buhari was adopted by the Senate on Wednesday.

The passage follows consideration of a report of the Appropriations Committee by its chairman, Mr Barau Jibrin, who said the income projections for the 2022 budget were based on the medium-term expenditure framework / document. budget strategy approved by parliament.

It has been stated that the upper house of the legislative branch of government has adopted an aggregate expenditure of N17,126,873,917,692 as its budget for fiscal year 2022.

Mr. Barau recalled that the National Assembly had approved a daily oil production of 1.88 mbpd and $ 62 against the $ 57 proposed by the government executive, explaining that the increase in the reference price of oil by $ 57 at $ 62 had been made to reflect the current market value in the international market. Marlet.

He added that the exchange rate was set at 410.15 naira / $ 1, the gross domestic product (GDP) rate at 4.2 percent and the inflation rate at 13 percent.

The legislator explained that of the 17.13 billion naira adopted, 869,667,187,542 naira are intended for statutory transfer; N 6,909,849,788,737 for recurring expenses; 5,467,403,959,863 N for capital expenditure; and N3,879,952,981,550 is for debt service.

In its recommendations, the committee said that the additional income discovered should be provided to the Ministry of Public Works and Housing for the funding of critical projects, the Independent National Electoral Commission (INEC), for the 2023 general elections, Defense and the National Population Commission for the 2022 population census.

He also added that the deficit increase of 98 billion naira should be approved to meet some of the additional demands of the executive branch of government.

A breakdown of recurrent expenditure shows that N61,079,757,342 was budgeted for the presidency in 2022, N996.09 1,292,618 for defense, N79 243,483,198 for the Ministry of Foreign Affairs, N55,796,274,038 for the Federal Ministry of Information and Culture, N257 626 461 524 for the Ministry of the Interior, N7 919 353 247 for the Office of the Head of the Civil Service of the Federation and N 4476 854 068 for the Auditor General of the Federation.

While the Federal Ministry of Police received 518 532 292 470 N, the Ministry of Communications and Digital Economy received 23 387 996 618 N, National Security Advisor – 155 820 2 14 009, Commission for the Regulation of infrastructure concessions – 1 344 674 257 N, secretary of the government of the Federation – N62 575 420 244, the Federal Ministry of Special Rights and Intergovernmental Affairs – N 4 439 614 685, the Federal Ministry of Agriculture and Development rural – N 75 544 228 649 and the Federal Ministry of Finance, Budget and National Planning – N 28 604, 104 969.

In addition, the Federal Ministry of Industry, Trade and Investment received 17,966,745,438 N, the Federal Ministry of Labor and Employment – 14,453,726,978 N, the Federal Ministry of Science, of Technology and Innovation – 49 683 523 165 N, Federal Ministry of Transport – 15 892 132 819 N, Federal Ministry of Aviation – 7 692 548 460 N, Federal Ministry of Energy – 6 262 156 943 N and Ministry of Petroleum Resources – 30 502 257, 191 N.

In addition, N 12,038,392,758 was budgeted for the Ministry of Mines and Steel Development, N 31,935,604,197 for the Federal Ministry of Public Works and Housing, N 870,534,226 for the National Wages Commission , income and wages, 456 245 928 N for the Fiscal Responsibility Commission, 10 669 058 320 N. for the Federal Ministry of Water Resources, 26 761 780 448 N for the Federal Ministry of Justice and 11 655 253 717 N for the Independent Commission on Corrupt Practices and Related Offenses.

The others are the Administration of the Federal Capital Territory – Nile, the Federal Ministry of the Niger Delta – N 2 569 680 304, the Federal Ministry of Youth and Sports Development – N 185 489 102 966, the Federal Ministry of Women’s Affairs – N 2 103 758 084, the Federal Ministry of Education – N 593 473 925 256, Federal Ministry of Health – N462 858 698 619, Federal Ministry of the Environment – N22 796 647 842, National Commission for the population – N8 880 618 082 and Ministry of Humanitarian Affairs, Disaster Management and Social Development – N7 669 972 542.

Other executive bodies such as the Federal Code of Conduct Bureau have received N 2 343 845 401, Code of Conduct Tribunal – N 830 910 644, Federal Character Commission – N 3 272 871 999, Federal Civil Service Commission – N 1 217 473 478, Police Service Commission – N 926 505 919, and Income Mobilization, Allocation and Taxation Commission – N 2 337 230 632.

The Senate, after adopting the 2022 budget, adjourned the plenary session until January 18, 2022 for the Christmas and New Year holidays.


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