Business

Presidency: Why Buhari Signed 2022 Budget Despite Insertion Of 6,576 New Schemes

Published

2 years ago

January 3, 2022

Editor

The Presidency Sunday night said that President Muhammadu Buhari signed the 2022 Appropriation Bill into law despite the insertion of 6,576 new schemes worth N37 billion because he did not want to “throw away the baby with the bathwater.”

According to a statement by Garba Shehu, Senior Special Assistant to the President (Media & Publicity) which gave the president’s rationale for the action, even though Buhari had a disagreement with the National Assembly over the changes made in the budget, he was not in conflict with the legislators.

The statement accused unnamed critics of deliberately trying to create a fiasco between the president and the legislature.

Explaining the need for the president to give his assent to the budget because of the other provisions contained in it, the statement said: “Given Mr President’s commitment to improving the lot of the Common Man, it was felt that it would not be wise to throw away the baby with the bathwater. “

The statement further explained Buhari’s rationale for assenting to the bill: “Mr President was clear and candid in expressing his reservations with the numerous changes to the 2022 Budget made by the National Assembly, which would hamper its implementation.

“However, to respond to critics that question why assent to the Budget if it was so severely tampered with, we wish to respond as follows:

“Need to Save Value-Additive Projects, Programs & Policies:

“Although over 10,733 projects were reduced and 6,576 new projects were introduced into the budget by the National Assembly, there are tens of thousands more provisions in the 2022 Budget, all of which, when efficiently and effectively implemented, will have a significant developmental impact on the lives and livelihoods of ordinary Nigerians.”

“Ongoing Capital Projects, Critical Recurrent Votes, Priority New Projects – all feature in the 2022 Budget and Mr President’s forbearance in assenting to the Budget will save these provisions from implementation delays and other challenges.

“Dealing with Modern Democratic Norms:

“President Buhari is a democrat who deeply believes in the supremacy of the Constitution, with its checks and balances across the three arms of Government,” it added.

The Presidency maintained that while it is true that the president expressed disagreement with insertions and the other alterations, including the ‘reduction in the provisions for many strategic capital projects to introduce ‘Empowerment Projects,’ “innumerable lies are being spread about the President being ‘angry’ at, had ‘blasted’ or ‘lashed out’ at the Parliament.

“This cannot be farther from the truth.”

The statement pointed out that as the President of the Senate, Dr Ahmed Lawan said shortly after the budget-signing ceremony, disagreements as the ones listed by the president are normal in the everyday Executive-Parliamentary relationship because, as he explained, “executive and legislative judgements don’t always have to be the same.”

The statement added: “While we note that there are people who are trying to create a fiasco between the two arms of government on account of the budget, we assure that they will, in the end, be disappointed.

“The Executive and the 9th National Assembly have since moved away from the wild, destructive political games of the past, conducting themselves in a way that puts national interest supreme in their decisions.

“We doubt if there is a patriotic citizen who wants to see the return of the operating environment engendered by the 8th Senate when an elected government was held in chains, held hostage to the desperate political ambitions of a clique, and the public denied needed services including that which impinged on national security. Happily, the 9th National Assembly is more about policy than politics.

“Under the constitution, both arms of government are coequal and at the same time, independent and interdependent. The rule of the game is cooperation and the President, as a democrat fully accepts this.”

The Presidency affirmed that it is at the discretion of the National Assembly to override the president’s action where if he had vetoed the bill, a measure, it pointed out had not been exercised under the current dispensation.

The statement further said: “In terms of the passage of legislations like the Appropriation Act and other Money Bills, the National Assembly has equal responsibilities with the Executive.

“Indeed, if Mr President had declined assent to the 2022 Appropriation Bill, the National Assembly has powers to override the President’s veto if they can drum up a 2/3 majority vote. This is the constitution.

“Happily, this situation has not arisen during the tenure of Mr President’s Administration, and the Executive’s relationship with the Leadership of the 9th National Assembly is much improved over what happened with the 8th National Assembly.

“It is on account of his confidence in the strength of this excellent working relationship that Mr President has directed that an Amendment Budget Proposal should be prepared and submitted to the National Assembly, once they return from their recess.

“It is hoped that the National Assembly will carefully consider and approve the 2022 Amendment Budget Proposals, once presented to them in due course, for the benefit of all Nigerians.

“It is important therefore that, in place of “anger” or confrontation, President Buhari showed the democracy-loving side of his personality as he signed the budget at the same time calling for dialogue with the parliament to resolve the contentious issues.

“The Presidency under Muhammadu Buhari and the parliament under Lawal and Gbajabiamila are committed to a good neighbourly relationship and this or any other disagreement between the two arms of government will not alter the dynamics of that relationship.”

(TRIBUNE)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

6 hours ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.

Business

[ICYMI]FULL LIST: 16 Banking Transactions Exempted From CBN’s New

Published

2 days ago

May 7, 2024

Editor

The Central Bank of Nigeria on Monday directed all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country.

The apex bank stated this in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; a copy of which was obtained by The PUNCH.

The circular, which was directed to all commercial, merchant, non-interest, and payment service banks, among others; noted that the implementation of the levy would start two weeks from Monday, May 6, 2024.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular partly read.

In this piece, The PUNCH highlights all the 16 banking transactions that are exempted from the CBN’s new cybersecurity levy:

Loan disbursements and repayments
Salary payments
Intra-account transfers within the same bank or between different banks for the same customer
Intra-bank transfers between customers of the same bank
Other Financial Institutions instructions to their correspondent banks
Interbank placements,
Banks’ transfers to CBN and vice-versa
Inter-branch transfers within a bank
Cheque clearing and settlements
Letters of Credits

Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.
Government Social Welfare Programmes transactions e.g. Pension payments
Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

Business

ICYMI: Five Things To Know About The New Cybersecurity Levy To Be Paid By Nigerians

Published

2 days ago

May 7, 2024

Editor

The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions.

According to the circular sighted by The PUNCH, the implementation of the levy would start in two weeks.

The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act,’ is to be remitted to the National Cybersecurity Fund, which shall be administered by the Office of the National Security Adviser.”

Here are some things to know about the cybersecurity levy to be paid by Nigerians, according to the CBN circular:

1. A new levy of 0.5%, equivalent to half per cent, is applied to electronic transactions as mandated by the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024.

2. The levy is paid by the originator of the electronic transaction and deducted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy.”

3. Financial institutions will deduct the levy and remit it to the National Cybersecurity Fund administered by the Office of the National Security Adviser.

4. Deductions shall commence within two weeks from the date of the circular, May 6, and financial institutions must remit collected levies in bulk to the NCF account domiciled at the CBN monthly by the fifth business day of the following month.

5. Financial institutions have deadlines to update their systems to handle levy deduction and remittance. Failure to remit the levy can result in penalties, including a fine of up to 2% of a financial institution’s annual turnover.