2022 Budget: N410.15/$1 is devaluation of Naira -Senate

 

.As DSP Omo-Agege sets Dec. 16 deadline for budget passage

.Appropriation Bill passes Second Reading in House of Reps, adjourns to Nov 9

 

Jonas Ezieke,Abuja

Member of the House of Representatives, representing Epe Federal Constituency of Lagos State, Hon Olawale Raji has said that the pegging of N410.15 per US Dollar as exchange rate for the 2022 budget has been described as official devaluation of the Naira, the Nigerian currency.

 

Raji said this at House plenary on Thursday while  contributing to the debate on the general principles of the 2022 budget.

 

 

Raji said the exchange rate is bound to further impoverish Nigerians as the country is an import dependent economy and devaluation of its currency over the years has not benefitted the people in any way.

 

 

“It has led to high rate of inflation, drastic reduction in the purchasing power of the citizens, increased cost of doing business, corruption and brain drain particularly among our highly skilled professionals. Rather than this continued devaluation of our currency, I recommend that efforts should be geared towards strengthening of the Naira”, he said

 

 

The Chairman, Committee on House Services called for the scrutiny of NNPC freedom to determine cost of importing petrol and deducting same from the country’s oil revenue account to check leakages.

 

 

“While lamenting the poor performance of oil revenue relative to the budget, Mr. President attributed the poor performance largely to the shortfall in production as well as significant cost recovery by NNPC to cover the shortfall between its cost of importing petrol and the pump price. The freedom presently enjoyed by NNPC to determine cost of importing petrol and deducting same from the country’s oil revenue account has been a source of concern to Nigerians”, he said.

 

 

Raji however commended the Federal Government for the timely presentation of the 2022 budget as it will enable lawmakers to keep to the promise of the passage of the National Budget before the end of every year.

 

 

 

“I commend the Federal Government for the giant stride recorded in infrastructural development particularly in Rail transportation sector. The completion of the Lagos-lbadan, Abuja-Kaduna and the ltakpe-Ajaokuta railines is highly commendable.

 

 

“Mr. President promised in his budget speech that the Calabar-Lagos coastal

line which is expected to connect the Southern and Eastern States of the country will soon commence. I urge Mr. President to prioritize this projects and ensure completion possibly before the end of the tenure of this administration.

 

“Mr. President also spoke about progress being made on several power generation, transmission and distribution projects. While this is commendable, I urge the Committee on Power to work with the Transmission Company of Nigeria (TCN) to ensure speedy completion of the Omptosho-Epe-Ahah power project which commenced in 2012 and has remained uncompleted nine years after the award of the contract”, he added.

 

Meanwhile, Deputy Senate President sets Dec. 16 deadline for passage of 2022 budget

The Deputy President of the Senate, Senator Ovie Omo-Agege, has given the assurance that the National Assembly is determined to pass the 2022 budget before the year runs out.

According to his Special Adviser, Media and Publicity, Mr. Yomi Odunuga, Omo-Agege said the budget would be passed latest December 16.

The legislator made assertion when he hosted his former classmates from the Nigerian Law School, Class of ’86 (The Centennial Class) in Abuja, led by ‘Class Captain’ Oladipo Okpeseyi, SAN.

President Muhammadu Buhari had last Thursday presented the 2022 budget of N16.3 trillion to a joint session of the National Assembly.

According to the Deputy President of the Senate, early approval and signing of the appropriation bill into law will ensure planning, bring about enhanced productivity and efficiency in the management and application of the nation’s resources.

He explained that Nigerians were the ultimate beneficiaries of the return to the January to December budget cycle, stressing that that would guarantee full implementation of the economic, infrastructural, social investments and other developmental programmes contained in the budget.

“The budget process is ongoing. In the next 30 days, we will conclude it and pass it before we go on Christmas break, sometime in December 16,” he said.

On the request for the completion of a moot court at the Nigerian Law School Headquarters, Bwari, Abuja by the Class, the Delta Central lawmaker promised to assist in completing the project.

He was excited that his class had taken on such a laudable project.

Speaking on a bill sponsored by his colleague that seeks to increase the number of law school campuses in Nigeria from six to 12, the federal legislator emphasised the need to reach out to all stakeholders to determine its acceptability or otherwise.

Earlier, ‘Class Captain’ Oladipo Okpeseyi (SAN) said the visit was aimed at briefing the lawmaker on the activities of the Class, especially as it related to her legacy project of building a moot court at the Nigerian Law School Headquarters, Bwari, Abuja as well as the forthcoming Annual General Meeting of the Class holding in Port Harcourt, Rivers State

He added that deserving members of the Class would be given awards at the event.

Other members of the Class on the delegation include: Chief Duro Adeyele (SAN); Nella Andem-Rabana, (SAN); Marcel Oru FCIArb (UK); Bala Yabani, Esq, Deputy Clerk of the National Assembly; Mohammed Monguno, Esq, former Attorney General, Borno State; Omeresan Arenyeka Esq; Raymos Guanah Esq among others.

 

Also, the House of Representatives on Thursday said it has adjourned its plenary to Tuesday November 9 2021 after passing into second reading the N16.39 trillion 2022 budget of the Federal Government of Nigeria FGN submitted to the National Assembly by President Muhammadu Buhari.

 

Spokesman of the lower chamber of the apex legislative institution Hon.Benjamin Kalu who said the House’s decision to suspend its plenary was to properly scrutinize the budget assured of its resolve to pass the budget expeditiously.

 

He commended the federal government for earmarking N50 billion for the health sector and the huge budget for the security agencies in the 2022 budget.

 

He also commended the apex legislature for reconsideration of the section 53 (1) of Electoral Act Amendment Bill 2021 wherein Independent National Electoral Commission INEC is empowered to transmit result of election electronically.

 

 

He said that the Senate first took the bold step in  the recon consideration of the controversial legislation which many Nigerians expressed dismay over its initial outcome but have now been revisited and sealed by the House.

 

The Abia born lawmaker nonetheless lamented that the annual budgets of the apex legislature is not measuring up to meet the huge responsibilities of the lawmaking, representation and oversight

 

 

He noted the percentage of the annual budget of the parliament when compared with the entire budget figure is dwindling on an annual basis.

 

He informed that there is reduction in the percentage of the legislature’s budget vis a vis the entire budget figure thus: 1.4% in 2019, 1.18% in 2020, 0.98% in 2021 and 0.82% in 2022 budgets.