Sunday, May 16th 2021 3:13 PM

Market Digest Nigeria


Senate passes 2021-2023 MTEF and FSP, confirms HYPADEC nominees

The Senate, yesterday, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The passage followed consideration of the harmonised conference report of the joint committee of both chambers of the National Assembly.

Chairman, Senate Committee on Finance, Olamilekan Adeola, said the panel recommended crude oil production of 1.86bmpd at $40 per barrel, exchange rate of N379/$ as well as a Gross Domestic (GDP) growth rate of three per cent, inflation growth of 11.95 per cent and retention of Federal Government revenue at N7.99 trillion.

Besides, government’s expenditure was pegged at N13.58 trillion, fiscal deficit at N5.60 trillion, new borrowings got N4.28 trillion, statutory transfers have N484.4 billion, N3.12 trillion for debt servicing, sinking fund has N220 billion, pension, gratuities and retirees’ benefits account for N520.6 billion, just as expenditure totalled N13.58 trillion and N5.66 trillion goes for recurrent (non-debt).

A further breakdown showed that personnel cost for ministries, departments and agencies (MDAs) was put at N3.05 trillion, capital expenditure (exclusive of transfers) is N3.58 trillion, special intervention (recurrent) had N350 billion and N20 billion went to special intervention (capital). Also yesterday, the upper legislative chamber confirmed eight nominees for the governing council of the Hydroelectric Power Producing Areas Development Commission (HYPADEC).

Their confirmation came after it considered a report of its Committee on Power. Those confirmed included Ityav Joseph Tarfa (Benue), chairman; Abubakar Sadiq Ahmed Yelwa (Kebbi), Managing Director; Isa Ozi Salami (Kogi), member; Taoheed Daud Toyin (Kwara), member; Mikail Al-Amin Bmitosahi (Niger), member; Dr. Saleh Mohammed Galadima Kanam (Plateau), member; Aminu Mohammed Ganda (Sokoto), member; and Utum Ubi Eteng (Cross River), member.

Chairman of the committee, Gabriel Suswam, in his presentation, recalled that the nominations were made by President Muhammadu Buhari pursuant to Section 3 (1) of the Hydroelectric Power Producing Areas Development Commission (Establishment) Act, 2018 (as amended). The Benue State ex-governor said the panel, during the screening of the nominees, found them worthy of their positions. He disclosed that the committee received a petition against the Kogi and Kwara nominees from “Concerned Stakeholders of HYPADEC Communities.”

Suswam said “after careful consideration of the petition, the committee found it to be baseless and of no consequence to the confirmation of the nominees.” He added: “Also a letter of recommendation was received from His Royal Highness, the Oba of Jebba supporting the nomination of the Kwara State nominee.”

Source: Nigerian Guardian

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