NEWS
Revised 2022 fiscal framework gets senate’s approval
The request by President Muhammadu Buhari for revision of the 2022 fiscal framework was approved by the senate after consideration of the report of the Finance Committee on Thursday.
This was just as the senate President Ahmad Lawan, asked the Federal Government to do all within it’s power to stop the theft of crude oil by economic saboteurs.
He also threw another challenge on the need to stop the importation of refined petroleum products into the country, to cut down on expenditures.
The approval for the revised fiscal framework came after the consideration of a report by the Senate Committee on Finance.
The report was laid by the Chairman of the Committee, Senator Olamilekan Adeola.
The Senate approved US$73 per barrel as proposed by President Buhari.
It also approved an Oil Production Volume of 1.600 million per day; a Petroleum Motor Spirit (PMS) subsidy of N4.00 trillion (NGN); and a cut in the provision for Federally-funded upstream projects being implemented by N200 billion from N352.80.
While approving an increase in the Federal Government Independent Revenue of N400 billion, the chamber also approved an additional provision of N182.4 billion to cater to the needs of the Nigeria Police Force.
It approved debt service provision of N76.13 billion and net reductions in Statutory Transfers by N66.07 billion.
A breakdown of the net reductions is as follows: NDDC, by N13.46 billion from N102.78 billion to N89.32 billion; NEDC, by N6.30 billion from N48.08 billion to N41.78 billion; and UBEC, by N23.16 billion from N112.29 billion to N89.13 billion.
Others are Basic Health Care Fund, by N11.58 billion from N56.14 billion to N44.56 billion; and NASENI, by N11.58 billion from N56.14 billion to N44.56 billion.
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The chamber also approved the fiscal deficit of N7.35 trillion.
Adeola, in his presentation, said that the total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of Gross Domestic Product (GDP).
He disclosed that “the incremental deficit will be financed by new borrowings from the domestic market.’
Lawmakers, who took turns to make contributions during consideration of the report on the review of the 2022 fiscal framework, blamed the country’s economic downturn on crude oil theft.
Senator Olubunmi Adetunmbi (Ekiti North), said the federal government and security agencies owe it as a duty to stop the stealing of our commonwealth.
He lamented that at a time when most countries of the world are reaping bountiful harvests due to the increase in crude oil prices occasioned by the Russia-Ukrainian crisis, Nigeria is left out owing to its inability to meet its OPEC quota.
The Senate Leader, Yahaya Abdullahi, who spoke along the same lines as Adetunmbi, said the country should be in a state of mourning over what is currently happening to it.
He attributed the failure of security agencies to protect oil assets as a major reason for the decline of the economy.
He expressed worry over the increasing cases of oil theft in spite of huge resources allocated to the military, police and other security agencies.
Others such as Senators Gabriel Suswam (Benue North East), and Betty Apiafi (Rivers West), called on the chamber not to hastily approve the President’s request to adjust the 2022 fiscal framework until certain questions are answered.
While Suswam raised concerns on the widening gap in the budget deficit and the federal government’s decision to resort to funding from the Capital Market, Apiafi, on the other hand, demanded answers from the NNPC and relevant agencies on solutions in place to curb crude oil theft.
The Senate President, Ahmad Lawan, in his concluding remarks, called on the Federal Government to take “radical” steps toward stopping the theft of crude oil by economic saboteurs.
He also called for a stop to the importation of refined petroleum products into the country, so as to cut down on expenditures incurred in the process, as well as to maximize profits from crude oil sales.
“This (crude theft) is not something to play politics with, and I don’t think the answers are going to be easy to come by.
“Radical decisions would have been taken, but before we find answers we have to live with this, but we have to be fast as possible in looking for answers.
“I had a session with the Chief of Defence Staff about a month ago, and my discussion with him was on the oil theft and the efforts of our security agencies to combat this menace.
“And like we know, our security agencies are doing their best but we have people – our people – who are sabotaging the oil industry, because the oil theft is not perpetrated by somebody else but by people who are citizens.
“So, we need to continue to support the security agencies in whatever way possible so that they are able to deal with this.
“I also believe that, whether there is oil theft or not, until we stop the importation of refined products to Nigeria, we will never get the best out of the oil and gas industry.
“So, we should work to ensure that we produce our refined products locally because that is one way of cutting out our expenditure on importation.
“I also think that diversification of the economy is key because we depend so much on this oil and gas industry, the slightest issues that affect it internationally affect us seriously in our country”, the Senate President said.
The Federal Government of Nigeria (FGN) has announced that the portal for student loan applications will officially open on May 24, 2024.
This development is part of the Nigerian Education Loan Fund’s efforts to enhance access to higher education, as stated by the Fund’s media lead, Nasir Ayantogo, on Thursday night.
According to Ayantogo, the launch of the application portal is a significant step in President Bola Tinubu’s commitment to providing accessible and inclusive education for Nigerian students.
This initiative follows the signing of the Access to Higher Education Act, 2023, by President Tinubu on June 12, 2023 which aims to provide interest-free loans to financially disadvantaged students pursuing higher education in Nigeria.
Dele Alake, a member of the former Presidential Strategy Team, noted that this move fulfills one of President Tinubu’s key campaign promises to liberalize funding for education.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.
Initially, the government announced that the scheme would launch in September, but it faced several delays, resulting in an indefinite postponement in early March.
The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.
Following a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.
President Tinubu stressed the importance of including those who may not seek university education, noting that skill acquisition is equally as important as earning academic degrees.
He had said, “This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.
“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.
“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,”
Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.
According to the statement, the portal features a user-friendly interface, allowing students to conveniently submit their loan applications.
The statement added, “We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin application.”
President Bola Tinubu received Senegal’s newly elected President, Bassirou Faye, at the Aso Rock Villa in Abuja on Thursday.
Faye, who arrived at 3:09 p.m., is making his first official visit to Nigeria since taking office last month.
At 44, he is the youngest president in Senegalese history, having secured a decisive victory in April’s delayed presidential election with over 54% of the vote.
More to follow……..
In the devastating arson that occurred on Wednesday during an early morning prayer in Gaza village near Gezawa in Kano State, eleven people have been confirmed dead.
The perpetrator, 38-year-old Shafiu Abubakar, set fire to a mosque amidst an inheritance dispute, trapping around 40 worshippers inside.
Rabiu Gadan, a resident of the village, disclosed that 11 individuals have tragically succumbed to the burns they suffered.
Of these victims, eight have already been laid to rest, while preparations are underway for the burial of the remaining three, scheduled for Thursday.
Rabiu revealed that the attack was not the first instance of violence involving Shafiu. Previously, he had assaulted two of his older brothers and then voluntarily surrendered himself to the police, claiming responsibility for their deaths.
Another resident, Malam Garba, said, “He has always been troubled, but when he challenged his family to give him his portion of the inheritance, they did.
“He was even taken to a mental institution once when he attacked his relatives but he was given a clean bill of health. So, he was clearly in his right mind when he set the fire, two of his uncles died and we buried them yesterday already.”
According to BIZTELLERS reports, the assailant is currently in police custody, where he has confessed to his actions.
He cited frustration with the way some of the victims handled the inheritance sharing as his motive. Despite warning his family members to stop maltreating him, he claimed his pleas were ignored.
He however expressed no regret for his actions.
Residents confirmed the existence of an inheritance dispute within the family, but the precise nature of the disagreement remained unclear.
At the Murtala Muhammad Specialist Hospital in Kano, where the injured were rushed for treatment, distraught relatives anxiously awaited news about the condition of their loved ones.
Maijida, one of the distressed relatives, shared her heartache, expressing fear over the condition of her father and brothers.
“My father and two brothers are severely injured and I was told some people have died already, what will I do if I lose them, I will be left all alone.” she lamented.
One of the residents that attempted to rescue the victims, Musa Muhammad Gadan said, “I was late going to the prayers, but as I was rushing to the mosque, I heard a blasting noise and then I heard people screaming so I rushed over, the flames had engulfed the building, I and some others tried to rescue them and that is how I sustained burns on my arms.
During a visit to the victims at Murtala Muhammad Specialist Hospital, Deputy Inspector General of Police AIG Umar Mamman Sanda, in charge of Zone 1 in Kano, confirmed the devastating loss of eight lives on Wednesday.
He was accompanied by a delegation of security personnel, including the Commissioner of Police in the state and the Director of the Department of State Services (DSS).
He said, “The suspect was said to be not satisfied with the distribution and was reacting to that. He is presently with us and is giving useful information. It is really unfortunate.”
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