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.
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“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.”
Panic broke out in Kubwa, Abuja, on Sunday after a vehicle crashed into a gas dispensary outlet at Liberty Junction on Arab Road, triggering a fire.
According to eyewitness accounts, the vehicle was travelling from Arab Road towards Liberty Junction when it reportedly lost control following a brake failure.
The vehicle subsequently skidded off its lane, crossed the road and plunged into the gas station, resulting in a fire outbreak.
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The fire was quickly brought under control following a coordinated response by operatives of the Federal Fire Service, FCT Fire Service and the National Emergency Management Agency (NEMA).
The occupants of the vehicle were rescued unhurt by passers-by and witnesses who responded to the incident.
However, several makeshift shops adjoining the gas outlet were destroyed in the fire.
The prompt intervention of the emergency responders helped to curtail the spread of the fire and prevent further damage.
Financial expert Nnaemeka Onyeka Obiaraeri has defended former Anambra State Governor Peter Obi against comparisons with former Akwa Ibom State Governor Godswill Akpabio, citing what he described as differences in the financial records of the two states during their respective tenures.
Obiaraeri made the remarks in a post on X on Sunday while responding to comparisons involving the two former governors.
According to him, Akwa Ibom State, under Akpabio between 2007 and 2015, received an estimated ₦2.06 trillion, which he said was equivalent to about $15.5 billion at the time.
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He further claimed that the amount would be worth more than ₦21.7 trillion in today’s naira value.
Obiaraeri wrote: “AKWA IBOM STATE, UNDER GODSWILL AKPABIO, 2007 TO 2015…..
“Between 2007 and 2015, during the administration of Governor Godswill Akpabio, the Akwa Ibom State Government received an estimated total revenue of approximately ₦2.06 trillion/$15.5billion…..
“In today’s naira value, Akwa Ibom under Akpabio received over N21.7trillion.”
He also claimed that Akpabio left loan obligations of $334 million, which he put at about ₦467 billion.
Obiaraeri further alleged that there were multiple EFCC files concerning Akpabio, claiming that they documented financial misconduct during his tenure.
Turning to Anambra, Obiaraeri said the state received approximately $4.06 billion, or ₦525 billion, during Peter Obi’s tenure as governor from March 14, 2006, to March 14, 2014.
He wrote: “ANAMBRA STATE UNDER PETER OBI MARCH 14, 2006 TO MARCH 14, 2014
“Total funds and revenues received by Anambra state under Peter Obi was $4.06billion/N525billion.
“In today’s naira term is N5.4trillion.”
According to Obiaraeri, Peter Obi left behind $156 million in savings invested in an investment that generated more than $43 million, bringing the total to $199.8 million.
He added that the figure amounted to approximately ₦279 billion in today’s naira value.
Obiaraeri also claimed that more than ₦36 billion, which he equated to about $240 million, was held in Treasury Bills and other short-term naira investments.
He wrote: “However, Peter Obi left behind a total savings of $156million in an investment that yielded over $43m totaling $199.8m/N279billion in today’s naira money and over N36bn/$240m in treasury bills and other short term naira investments.”
Defending the former Anambra governor against allegations of corruption, Obiaraeri stated: “Peter Obi did not loot a kobo of Anambra monies. HE HAS NO EFCC OR FBI FILES OF CRIMINALITY ON HIM….”
He also compared Obi with other governors who served around the same period, “The Only Governor in the league of PO during his time was Raji Fashola …… Anyway, I am not surprised at some of you, who do this baseless comparison…The difference between LIGHT and Darkness is so clear to DECENT men, who love LIGHT….
“THOSE WHO ARE ROGUES, AND ASPIRING ROGUES, USUALLY LOVE DARKNESS….THEIR HEART IS DARKENED AND MIGRATE TOWARDS DARKNESS ALWAYS.”
He said ‘This is the verdict: Light has come into the world, but people loved darkness instead of light because their deeds were evil’.”
He then directly addressed those comparing the two former governors, stating: “I PUT IT TO YOU, who is mischievously comparing Apostle Peter to YOUR BARABASSES, that you are EVIL…QED.”
Former Anambra State Governor and presidential candidate, Peter Obi, has questioned President Bola Tinubu’s continued absence from the United Nations General Assembly, contrasting it with Ghanaian President John Dramani Mahama’s participation in the 81st UNGA.
Obi raised the question in a post on X on Sunday, while reacting to Mahama’s address at the global gathering.
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The former presidential candidate wrote: “The dynamic President of Ghana, John Dramani Mahama, delivered a remarkable address at the 81st United Nations General Assembly. The international community has commended his leadership and the substance of his address.
“It is a reminder of what leadership can produce when competence, capacity, compassion, commitment and character come together in the service of a nation.”
Obi then drew attention to Nigeria’s absence at the presidential level, asking why Tinubu had not attended the global gathering.
He wrote:
“Against this background, many are asking: Where is the President of Africa’s most populous nation, a country of more than 200 million people – more than Ghana – whose leader has been absent from the global stage for three consecutive UNGAs?
“Nigeria’s President, who ought to be representing the country and providing leadership for Africa at the international level, has not attended any of these three global gatherings. Where is he, particularly at a time when the country faces significant challenges, both domestically and internationally?”
Obi acknowledged that Vice President Kashim Shettima was present at the UNGA but maintained that questions remained over the President’s absence.
He stated: “Although our Vice President, Kashim Shettima, was present, the question remains: Where is the President?
“Let us continue to pray for his return and for his leadership in addressing the many challenges confronting the nation.”
Obi ended the post with his familiar political message:
Tinubu did not attend the 81st UNGA, with Shettima representing Nigeria at the gathering.
The President’s absence marks his third consecutive non-attendance at the UN General Assembly after he also did not personally attend the 79th and 80th sessions.
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