Nigeria’s domestic debt rises to N3.3 trillion as Reps approve Buhari’s N819.54 billion loan request
The House of Representatives has approved President Muhammadu Buhari’s request for N819.54 billion domestic loan meant to fix the infrastructure destroyed by floods across the country.
The approval followed the adoption of a report presented by the chairman of the House Committee on Appropriation, Muktar Betara, at the plenary on Wednesday.
Mr Buhari had last week sought the approval of the lawmakers for the N819.54 billion supplementary budget in a letter read by the speaker, Femi Gbajabiamila.
The president said the request was meant for the capital expenditure component of the 2022 budget.
The new borrowing increased the federal government’s domestic borrowing in 2022 to N3.33 trillion.
Presenting the report, Mr Betara explained that the total sum of N819, 536,937,813 was for the under-mentioned ministries, such as the Federal Ministry of Agriculture and Rural Development N69,247,175,770.
The Federal Ministry of Works and Housing N704,789,762,043; the Federal Capital Territory N30,000,000,000; and the Federal Ministry of Water Resources N15,500,000,000.
Also, the lawmakers passed the finance bill, 2022, which was transmitted to them by Mr Buhari to provide support for the funding of the 2023 budget.
The Finance Bill 2022 proposed amendments to some fiscal laws such as the capital gains tax, company income tax, and customs excise tariff Act.
Others are the Federal Inland Revenue Service Act, personal income tax and stamp duties act.
The passage followed the adoption of a report presented by the chairman, Committee on Finance, James Abiodun Faleke.
The house also considered and approved the total expenditure of N262 billion for Federal Inland Revenue (FIRS) for the fiscal year 2023.
The approval followed the consideration and adoption of the report presented by chairman, Committee on Finance, James Faleke.
Presenting the report, Mr Faleke said that from the total sum, N126,070,912,538 was for Personnel Cost, while N96,061,565,065 was for Overhead Cost
He further said that the sum of N40,827,033,352 was for capital expenditure for 2023.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Abacha’s ex-Chief of General Staff, Oladipo Diya, dies at 79
“Our dear Daddy passed onto glory in the early hours of 26th March 2023,” reads a family statement announcing his demise.
Sport
Morocco beat Brazil 2-1 in international friendly
Saturday’s win against five-time World Cup winner Brazil was another statement that Moroccans World Cup performance last year was not a fluke.
Lagos
Ohanaeze vows to ‘deal with political rascals,’ says Yorubas not at war with Igbos in Lagos
The statement comes a week after the Lagos governorship election, which was marred by voters intimidation, violence and ethic slurs.
NationWide
2023 census technology cannot be manipulated, FG assures Nigerians
Nigerians have been asked to ensure that they’re counted during the conduct of the 2023 National Population and Housing Census.
NationWide
Traditional, religious leaders crucial to success of 2023 census: Garba Abari
He said the success of the 2023 census will largely depend on the role and participation of traditional institutions and religious leaders.
Opinion
Chidi Odinkalu: The faux apologia of Seun Osewa
In Nigeria, Igbos don’t have a right to vote; citizens do.
