The Federal government spent a whopping sum of $3.95 billion as estacodes and Personal Travel Allowances to ministries, departments as well as to fund Bureaux De Change operations in 2019.
“The receipt and authentication of foreign currency deposits by Deposit Money Banks reduced significantly due to the downturn in global trade in 2020,” it said.
The apex bank said it recorded a significant reduction in the volume and cost of forex procurement last year.
It said, “A total of $1,830.00m was procured over the course of 2020. This value represents a decrease of $2,120.00m or 53.67 percent relative to the $3,950.00m procured in 2019.
“This was used to fund Bureaux De Change operations, payment of estacode and Personal Travel Allowances to Ministries, Departments, and Agencies.”
The CBN said it used N538.59m to destroy unfit naira notes worth N698.59bn last year.
The report said, “The bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean banknotes
“At end-December 2020, a total of 1,514.66 million pieces (151,427 boxes) valued at N698.59bn was disposed, compared with 1,572.17 million pieces (157,217 boxes) valued at N814.44bn in 2019.
“The boxes and value of unfit notes disposed of in 2020 decreased by 5,790 boxes and N1.12bn, respectively, below 157,217 boxes, valued at N814.44bn in 2019.
“The sum of N538.59m was incurred on currency disposal activities in 2020, compared with N647.82m in 2019. This was N109.23m or 16.86 percent lower than the cost in 2019,” it added.
The report said a total of 79,993 pieces of mutilated banknotes of various denominations valued at N52.82m was audited, disposed and replaced in 2020, compared with 865,775 pieces valued at N45.99m.
The CBN said to maintain the integrity of the banknotes in circulation, it sustained efforts at combating counterfeiting activities in 2020, in collaboration with security agencies.
It said a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83m was recorded in 2020, compared to 84,934 pieces valued at N64.71m in 2019.
It said the N1,000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 percent and 30.79 percent, respectively, of the total counterfeit notes.
Buhari, Jonathan, Obasanjo, Babangida, Abdusalami, Osinbajo, Atiku, others to spend N13.8billon from N27.5 trillion 2024 budget
The Eyewitness Reporter
The Federal government has earmarked the sum of N13.8 billion in the 2024 budget as the cost of upkeep of
former presidents, vice presidents, heads of state, Chiefs of General Staff, retired heads of service, permanent secretaries, and retired heads of government agencies and parastatals.
The beneficiaries include former Presidents Olusegun Obasanjo, Goodluck Jonathan and Muhammadu Buhari, ex-vice-presidents Atiku Abubakar, Namadi Sambo and Prof Yemi Osinbajo.
Also expected to benefit from the windfall are ex-military Heads of State, General Yakubu Gowon and General Abdusalami Abubakar, as well as a former dictator and self-styled military President, General Ibrahim Babangida, and a former Chief of General Staff, Commodore Ebitu Ukiwe (retd.).
Also, N1tn was provisioned for the public service wage adjustment for government Ministries, Departments and Agencies (including arrears of promotion and salary increases, and payment of severance benefits and minimum wage-related adjustments).
A breakdown shows that the entitlements of former presidents/heads of state and vice presidents/chief of general staff will cost N2.3bn. At the same time, N10.5bn is proposed as benefits for retired heads of service, permanent secretaries and professors.
The payment of severance benefits to retired heads of government agencies and parastatals is proposed to cost N1bn.
Other allocations include N65bn for the Presidential Amnesty Programme for the reintegration of transformed ex-militants; N1bn for the Office of the Presidential Adviser on Energy; and N108bn for unnamed special projects.
The government is also proposing the sum of N40bn to offset electricity debts owed to power distribution companies by all MDAs.
President Bola Tinubu unveiled the N27.5 trillion budget estimates for the 2024 fiscal year.
The budget was presented to a joint session of the National Assembly on Wednesday, where it is currently undergoing scrutiny and deliberation for final approval.
In his presentation, he declared, “The 2024 Appropriation has been themed the Budget of Renewed Hope.
The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.
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