NEWS
Lawan proffers solutions to budget deficit as Buhari presents 2023 Appropriation Bill
By John Danjuma
The President of the Senate, Ahmad Lawan, has given tips on how to reverse the increasing trend of deficits in the nation’s budget.
Lawan gave the tips on Friday in his welcome address at the 2023 budget presentation by President Muhammadu Buhari.
The Senate President told Buhari shortly before he presented the 2023 budget proposals to a joint session of the National Assembly that “our economy is still challenged by dearth of revenues.
“The main source of revenue to the Nigerian Government is Oil and Gas. We always consider the diversification of the economy as crucial and its indeed crucial.
“The idea of deploying our revenues from the Oil and Gas to support the diversification into real sectors like Agriculture, Manufacturing, Mining, etc is now under serious threat.
Read also>>>MC Oluomo introduces barcode to check criminal activities in parks, garages
“The large scale and massive stealing of our Oil, is concerning, as this reduces drastically the revenues available to the Government.
“With conflicting figures, projections have put our losses from this malaise at between 700,000 to 900,000 barrels of crude Oil per day, leading to about 29 to 35 per cent loss in Oil revenue in the first quarter of 2022.
“This represents an estimated total fall from N1.1 trillion recorded in the last quarter of 2021 to N790 billion in the first quarter of this year.
“The situation has worsened. Recently, the loss of our Oil has reached 1 million barrels per day. Translated into monetary terms, our loss is monumental. The figures show we are not able to meet the OPEC daily quota of 1.8million barrels per day.
“Mr. President, I consider the Oil thieves the worst enemies of our country. The thieves have declared war on our Country and our people.
“I strongly feel that if we do not take the necessary measures to stop the thieves immediately, our economy will be devastated, as efforts to provide infrastructure and diversification of the economy would both be thwarted. It is time to take drastic and desperate measures against the thieves.
“Mr. President, the situation becomes more unfortunate if we factor in the Budget deficit estimated at N7 trillion and the grim prospect of its increase to about N11.30 trillion as presented in the 2023 – 2025 Medium Term Expenditure Framework / Fiscal Strategy Paper (MTEF/FSP).
“Your Excellency, we can reduce the deficit by stopping the theft. We can also consider other options to source more revenues for government.
“I believe that it is imperative to review the waivers and concessions government has granted to the tune of Six Trillion Naira. In a difficult time like this, some of the waivers may no longer be justified.
“In the same vein, we should consider taking off some of the major revenue generating agencies from direct funding by placing them on cost of collection of revenues, as we did for Federal Inland Revenue Service (FIRS), Nigeria Customs Service.
“In this regard, agencies like Nigeria Ports Authority, (NPA), Nigeria Communications Commission, (NCC), Nigeria Maritime Administration and Safety Agency, (NIMASA), etc can be given encouraging cost of collections of revenues.
“The National Assembly Committees on Finance and the Federal Ministry of Finance, Budget and National Planning should jointly look into this matter immediately.
“The condition would require courageous fiscal policy to redress, by reducing the deficit, not just to avoid further increases in our debts, but to ensure macro-economic stability, grow confidence in the system and guarantee sustainable economic growth.
“The National Assembly will support policy frameworks geared towards prudence, transparency and accountability through rigorous appropriation.”
Lawan also called for the completion of the ongoing legacy projects of the Buhari government.
“Mr. President, I strongly believe that the 2023 Budget should target at completion of ongoing projects, especially our legacy projects.
“This is not only because of the importance of infrastructure to the stimulation of economic activities but also to entrench the efforts as a legacy of this administration.
“Our focus on this sector has been exemplary and the benefit to our growth and development cannot be overstated.
“Mr. President, we note the government drive to address the impact of climate change and reverse its effect. Though complicated and dynamic, we should not rest on our oars in dealing with issues like, floods, drying wetlands, desertification, and coastline erosion.
“The menace of flooding in many parts of our country has been particularly worrisome. It has devastated homes, and disrupted families, lives and livelihoods. We will need to take proactive measures to tackle this and especially manage our Dams and other water bodies to curtail the menace of flooding, now becoming a national disaster.
“Our focus and targets should be on how to prevent these annual floods from occurring in the scale that we experience annually. This year, the floods have not only devastated families, but also destroyed our infrastructure, roads particularly.
“Mr. President, as you may be aware, work on the renovation of the National Assembly has begun in earnest. This is why we are in this temporary facility. Government should ensure timely completion of the renovation of the National Assembly Complex, because of the significance of this arm of government to good governance and the sustenance of our democracy.
“Aside from the National Assembly chambers, there are also the National Assembly Service Commission Complex, the National Assembly Library and the National Institute for Legislative and Democratic Studies (NILDS) complex. These projects are integral to the smooth functioning of legislative work, which is why we will need to pay attention to the completion of the projects.
“Mr. President, from the assessment of the prevailing situation our security agencies are recording more successes and the situation is improving.
“In pushing for concerted efforts toward ridding our nation of criminals, the National Assembly will continue to support the Executive arm of government in finding permanent solutions to insecurity in our country. I also commend our defense and security forces for working harder. There is still some work to do.
“Mr. President, be rest assured that Distinguished Senators and Honourable members of the ninth National Assembly will once more begin work on the 2023 Budget immediately.
“As usual, we shall be guided by an utmost sense of duty, responsibility, equity, fairness, justice and patriotism, in the interest of posterity.”
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
SEE MORE: Spain, Portugal Plunge Into Darkness Amid Widespread Power Outage
“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
Fuel Price Shock: Nigerians May Soon Pay ₦1,500 Per Litre – Marketers Warn
Political Earthquake in Zamfara as Gov Lawal Dumps PDP for APC
Court Pushes Malami, Son’s Terrorism Financing Trial to April 15
African Club Football Gets Major Financial Boost as CAF Hikes Prize Money
Abramovich Clashes with UK Gov’t Over £2.35bn Chelsea Sale Funds
Global Crisis: Attacks on Schools Skyrocket 166% – UN Sounds Alarm on Children’s Safety
Trump’s Family Unveils New Cryptocurrency Platform
Reps Recommend 3-year Jail Term For Aviation minister
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Things To Know About Threads, Zuckerberg’s Twitter-like App
