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FG Cuts 2022 Capital Expenditure By N758bn …To Spend N900bn On Subsidy

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Despite the country’s huge infrastructure deficit, the Federal Government plans to spend N3.6trillion on capital expenditure in 2022, which is N758billion less than the amount allocated for capital projects in the 2021 budget.
The Minister of Finance Budget and National Planning, Zainab Ahmed, spoke on the details of the spending at a public consultation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 held in Abuja, yesterday.
According to the minister, in 2022, the Federal Government plans to spend N13.98trillion which represents an increase of the N13.58trillionn approved in the 2021 budget.
A breakdown of the expenditure as contained in the MTEF/FSP for 2022-2024 showed that the government slashed the proposal for capital expenditure from the N4.37trillion approved in 2021 to N3.61trillion in 2022.
However, the amount allocated for debt servicing in 2022 is expected to increase to N3.6trillion, as against N3.12trillion in 2021, and non-debt recurrent expenditure is projected at N6.2trillion in 2022 as against N5.64trillion in 2021.
On revenue projection, the Federal Government plans to generate the sum of N8.35trillion in 2022 as against the N7.98trillion for 2021.
The revenue for 2022 is expected to be generated thus; oil revenue N3.15trillion, NLNG Dividend N184.03billion, mining N2.91billion, non oil taxes N2.13trillion while independent revenue from government agencies is expected to contribute the sum of N1.08trillion.
Zainab noted that the 2022 budget would be prepared based on an oil production volume of 1.88 million barrels per day with a benchmark oil price of $57 per barrel at an exchange rate of N410.15 to a dollar.
Meanwhile, the Director-General of the Budget Office of the Federation, Ben Akabueze, said that the budget for the 2022 fiscal year is expected to handover to the National Assembly by September this year.
He added that the timely presentation of the budget illustrates the Federal Government’s commitment to having a budget that works for the people.
Similarly, the Federal Government projected to spend N900billion on subsidy payout to oil marketers in 2022.
The Minister of Finance Budget and National Planning, Zainab Ahmed, made this disclosure, yesterday, at presentation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 in Abuja.
She also disclosed the Federal Government will spend N13.98trillion in the 2022 fiscal year.
In 2022, the government said it will slash capital expenditure to N3.61trillion in 2022, from the N4.37trillion approved for 2021.

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Wike Hails Rivers United For Winning 2021/2022 NPFL

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Rivers State Governor, Chief Nyesom Wike, has congratulated the Rivers United Football Club for emerging the winner of the 2021/22 Nigeria Professional Football League (NPFL).
Rivers United was officially confirmed the champions of the 2021/2022 NPFL season following Plateau United 1-2 away loss to Akwa United, last Saturday.
The governor commended the players and coaching staff of the state-owned football club, yesterday, following the memorable victory, which ended their 5-year NPFL title wait.
Wike, who attributed the achievement of Rivers United to the talented team’s determination, said it was most heartening that by virtue of the league win, the club would represent the country at the Confederation of African Football (CAF) Champions League next season.
He further added that Rivers United’s triumph at the 2021/2022 NPFL has brought a wave of joy and happiness for the people of Rivers State and the country at large.
“I wish to express my heartfelt appreciation to the coaching staff and particularly the capable players of Rivers United for the valuable efforts they made to emerge the winners of the 2021/2022 NPFL.
“The Government and good people of Rivers State are very proud of the team’s exploits following their dogged performances and resilient display throughout the 2021/2022 season. It is worthy to note that over the years, Rivers United has brought so much joy and happiness to football fans and supporters all over the country. This victory, no doubt, marks a major milestone in Rivers State football’s history.”

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Registration For CBN, AFF eNaira Hackathon Opens, Today

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Registration for the eNaira hackathon, geared towards ideating innovative solutions for the newly launched digital currency, organised by the Africa Fintech Foundry (an innovative hub established to identify and accelerate innovative startups in Africa), in partnership with the Central Bank of Nigeria (CBN), is billed to open on June 27, 2022 and run till July 21, 2022.
A statement issued by the organisers said the main event, which is billed to kick-off from August 4, 2022, is part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate Nigerian economy to the world leading economies through innovation and cutting edge emerging technologies.
It, therefore, urged interested participants to visit the eNaira Hackathon @www.affcbn.com
With the theme “eNaira – Africa’s Gateway to a Digital Economy,” the hybrid hackathon will bring together teams of talented entrepreneurs, developers, designers, solution developers, problem-solvers, out-of-the-box thinkers, and code magicians from Africa to develop innovative solutions that will drive improved adoption of the eNaira.
Speaking on innovation in Nigeria’s payments system ecosystem, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, recently said: “We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.
“We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.
“We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook.
“Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA).”
The statement issued by the organisers said, the hackathon will address the strategic points to eliminate possible glitches that could hamper smooth transactions being carried out with the eNaira.

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NECO Begins SSCE,Today

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The National Examination Council (NECO) has debunked the alleged postponement of its 2022 Senior School Certificate Examination (SSCE) for school-based candidates in the country.
The examination body said the 2022 SSCE would commence on Monday, June 27, and end on August 12, 2022.
NECO made this known in a statement made available to newsmen, last Saturday, by its spokesperson, Azeez Sani, in Minna, Niger State.
The statement read: “The 2022 Senior School Certificate Examination (SSCE) for school-based candidates conducted by the National Examinations Council (NECO) will commence on Monday, 27th June, 2022.
“State Ministries of Education, Principals, Commandants and all stakeholders are enjoined to disregard any speculation on the alleged postponement of the examination.
“The council has put all necessary measures in place to ensure a seamless conduct of the 2022 Senior School Certificate Examination.
“The 2022 NECO Senior School Certificate Examination will end on Friday, August12, 2022.
“Candidates are to be examined in 76 subjects during the examination.”

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