• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Corporate Updates

Where the allegations goes wrong in project NSSNP-SU budget

NM Press by NM Press
November 27, 2022
in Corporate Updates
2020 budget, Don’t over heat bleak economic outlook – Finance Minister, COVID-19: Nigeria cuts revenue targets in anticipation of economic shock, State Governments: Another cycle of non-payment of salaries to begin soon

Minister of finance Zainab Ahmed

Share on FacebookShare on TwitterShare on Linkedin

The attention of the Federal Ministry of Finance, Budget and National Planning and its Minister has been drawn to the story making the rounds in the media in respect of the budget for ‘Project: National Social Safety Nets Project – Scale Up (NSSNP-SU) – N206,242,395,000’.

The story in a national daily alleging budget padding entitled ‘Finance Ministry on the spot over N424bn ‘padding’ is fabricated and misleading, because the said insertions allocated to the said items and sources in the budget proposal is also unfounded.

We hereby wish to respond by putting the record straight: The project so referred is domiciled in the Ministry of Humanitarian Affairs, Disaster Management and Social Development headquarters.

RelatedStories

Nigeria’s Minister of Finance, Zainab-Ahmed

N206 billion to Humanitarian Ministry wrongly coded – Finance Minister

November 30, 2022
Taiwo Oyedele

Tax on international e-commerce may force companies to pass cost to customers – Taiwo Oyedele

January 17, 2022

The World Bank is the funding source for the National Social Safety Net-Scale Up project to the tune of $473,500,000 which is equivalent to N206,242,395,000, using the N435.57/USD exchange rate.

The project was correctly described in the submission from International Economic Relations Department (IERD) for the 2023 budget. But, unfortunately, a wrong code was selected from the drop down menu which resulted in a wrong description of the project which resulted in it being captured as ‘Purchase of

Security Equipment’ in the Government Integrated Financial Management Information (GIFMIS) Budget Preparation System (BPS).

Please, note that the BPS has a limited range of encoded programme/project descriptions.

Also note that the multilateral loans are usually project’s tied, and have specific codes in the budget system.

The multilateral loans are different from the envelopes usually given to ministries, department and agencies (MDAs).

The funds are drawn by the beneficiary Ministries under the terms of the agreements, and the financial institutions disburse directly to service providers. There were ample opportunities to review details for observations by Ministries and corrections made by the Budget Office of the Federation (BOF).

The proposed 2023 budget for each Ministry was circulated for review and feedback, then Federal Executive Council (FEC) reviewed it before it was submitted to NASS by President Muhammadu Buhari.

You may recall that the federal government for a very long while has made significant progress in its budgeting process; just a few months ago, Nigeria at the Open Budget Survey (OBS) improved by 24 points to record its best budget performance.

This administration has undeniably been highly committed to budget transparency, having undertaken various reforms in the public finance management space which have culminated in the significant recorded improvements.

Therefore, the amount of N206,242,395,000 is correct. The error in description is regretted, and will be corrected through the Appropriations Committee. In response to the allegation of some line items being inserted into the fiscal estimates for Ministry of Defence and Ministry of Power, the 2023 Appropriation Bill as presented has the following for the above-mentioned ministries and the agencies:

1. Ministry of Humanitarian Affairs, Disaster Management and Social Development

Project: National Social Safety Nets Project – Scale Up (NSSNP-SU) – N206,242,395,000

This project is domiciled in the FMHADM&SD HQ. The World Bank is the funding source for the project to the tune of $473,500000 which is equivalent to N206,242,395,000 using the N435.57/USD exchange rate. This project was correctly described in the submission from IERD for the 2023 budget, but unfortunately, a wrong code was inadvertently inserted which resulted in it being captured as Purchase of Security Equipment in the GIFMIS Budget Preparation System (BPS).

2. Ministry of Defence (MoD)

Project: Refurbishment and Procurement of Harris RF-5/7800 Military Communication Equipment – N8,600,000,000

The Honourable Minister of Defence wrote to Mr. President requesting the approval and release of $1,363,880.40 and N158,928,045.37 for the implementation of Phase 1 of the project. He also requested that the sums of $12,274,923.60 and N11,946,311,375.18 will be required to implement Phases 2 and 3 of the project, which Mr. President graciously approved. 50% of the requirement for Phases 2 & 3 (using the exchange rate of N435.57/USD), amounting to N8,600,000,000, has been included in the 2023 budget proposal of the MoD.

Project: Safe School Initiative (SSI) – N2,250,000,000

The Defence Headquarters submitted its uncosted requirements under this programme. The SSI Secretariat, Federal Ministry of Finance, Budget & National Planning (FMFBNP), however, submitted a request of N4.5bn for MoD, of which only N2.250bn was provided in the 2023 budget.

3. The Federal Ministry of Power (FMoP)

The submission for the 2023 Multilateral/Bilateral Tied-Loan project for FMoP is a total of N195,465,151,790.65 with a breakdown as follows:

The Zungeru Hydro- Electric Power Project is funded by Export-Import Bank of China. Amount: USD175,757,149.92, which is N76,554,541,790.65.

The Power Sector Recovery Operation (PSRO) is funded by World Bank. Amount: USD162,000,000, which is N70,562,340,000.00.

The Nigeria Electrification Project (NEP), to be executed by the Rural Electrification Agency (REA), is funded by World Bank and AfDB. Amount: USD55,000,000, which is N23,956,350,000.00.

The Nigeria Electricity Transmission, to be executed by Transmission Company of Nigeria (TCN)), is funded by the World Bank. Amount: USD56,000,000, which is N24,391,920,000.000.

The total of the fund for the four projects is USD448,757,149, which is N195, 465,151,790.

Signed

Yunusa Tanko Abdullahi

Special Adviser, Media & Communications

To the Honourable Minister of Finance, Budget & National Planning

26/11/2022

Tags: Ahmad ZainabNational Social Safety Nets Project
NM Press

NM Press

Related Posts

Nigeria’s Minister of Finance, Zainab-Ahmed
Budget

N206 billion to Humanitarian Ministry wrongly coded – Finance Minister

November 30, 2022
Taiwo Oyedele
Business

Tax on international e-commerce may force companies to pass cost to customers – Taiwo Oyedele

January 17, 2022
land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria
Politics

Finance Minister, Zainab Ahmed, says non-oil revenues have grown to N1.15 trillion

November 25, 2021
FG commences selection of N-Power Batch C applicants, issues guide on enrolment process
Business

FG says 30 million Nigerians in National Social Register, explains how it was developed

March 18, 2021
Kristalina Georgieva, IMF boss hints at 'synchronized slowdown' in global growth , IMF: 40% of African countries can't pay back their debts , Nigeria worse off, posts grows lower than LIDC benchmark - IMF, Measures introduced by Nigeria to ensure transparent use of the $3.4b IMF loan
Business News

IMF considering an “emergency” bailout for Nigeria

April 8, 2020
NDDC, Cash transfer, President Buhari, non-oil Exports, oil revenue, export revenue, FG Waives import duties for medical supplies, Orders Customs to expedite clearing, Presidency faults report on Kyari as Buhari didn’t cancel memos, appointments approved by him
Business News

Finance act: VP outlines how FG plans to capture multinational firms in tax net

February 3, 2020
Next Post
Danfo, VIS, Lagos State

How to guard against the 'one chance' scam

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate
  • Africa Re to celebrate retirement Of DMD/COO, Mr. Ken Aghoghovbia
  • Sovereign green bond offer records N91.42 billion, oversubscribed by 183% – DMO 

Follow us on social media:

Recent News

Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate

Dealing Houses worry over CBN forbearance directive, reveals why the timing is inappropriate

June 19, 2025
Africa Re to celebrate retirement Of DMD/COO, Mr. Ken Aghoghovbia

Africa Re to celebrate retirement Of DMD/COO, Mr. Ken Aghoghovbia

June 19, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics