REPS ACCEPT BUHARI’S PROPOSAL FOR N819.54 BILLION IN DOMESTIC LOANS.

The House of Representatives has approved President Muhammadu Buhari’s request for a N819.54 billion domestic loan to repair flood-damaged infrastructure across the country.

The vote followed the adoption of a report presented by Muktar Betara, Chairman of the House Committee on Appropriations, at the plenary on Wednesday.

In a letter presented by the Speaker, Femi Gbajabiamila, Mr Buhari asked legislators’ approval for the N819.54 billion supplementary budget last week.

According to the president, the request is for the capital spending component of the 2022 budget.

The new borrowing boosted the federal government’s domestic borrowing to N3.33 trillion in 2022.

Mr Betara, who presented the report, revealed that the entire amount of N819, 536,937,813 was for the following Ministries: “Federal Ministry of Agriculture and Rural Development N69,247,175,770

The Federal Ministry of Works and Housing has a budget of N704,789,762,043, the Federal Capital Territory has a budget of N30,000,000,000, and the Federal Ministry of Water Resources has a budget of N15,500,000,000.

In addition, parliamentarians approved the Finance Bill, 2022, which was sent to them by President Muhammadu Buhari in order to give support for the funding of the 2023 budget.

The Finance Bill 2022 suggested changes to several fiscal legislation, including the capital gains tax, corporation income tax, and customs excise tariff Act.

Other acts include the Federal Inland Revenue Service Act, the Personal Income Tax Act, and the Stamp Duties Act.

The passage came after the Committee on Finance Chairman, James Faleke, gave a report.

The House also debated and authorized a total spending of N262 billion for Federal Inland Revenue Service (FIRS) for fiscal year 2023.

The approval followed the consideration and adoption of Mr Faleke’s report.

Mr Faleke, who presented the report, stated that N126,070,912,538 was for Personnel Cost and N96,061,565,065 was for Overhead Cost.

He went on to say that the figure of N40,827,033,352 was for Capital Expenditure in 2023.