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Revised 2022 fiscal framework gets senate’s approval

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Buhari writes senate seeks confirmation of 7 ministerial nominees

 

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.

NEWS

Three Years in Office: Wike Highlights Major Achievements in FCT

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has highlighted the revival and completion of abandoned capital projects as one of the major achievements of his three-year tenure in the FCT.

Wike spoke on Saturday after inspecting major infrastructure projects across Abuja, as he reflected on the achievements of his administration since assuming office on August 21, 2023.

According to the minister, his administration has focused on reviving abandoned projects, completing critical infrastructure and delivering new projects to transform the nation’s capital.

SEE ALSO: Why Adeleke Defeated APC in Osun, Wike Explains

He also announced plans by the FCT Administration to publish a comprehensive report detailing projects completed and initiated during his tenure.

Wike said the report would cover projects inherited from previous administrations and completed under his watch, as well as new projects awarded by his administration.

He said his team had remained committed to its mandate despite the challenges encountered since taking office.

“I am happy that in these three years in office, our team has remained completely committed to doing the job.

“Challenges have come, but we have been able to surmount them.

“The residents of the FCT can attest and testify that indeed things have changed for the better,” he said.

The minister said the administration had prioritised aggressive infrastructure delivery, urban renewal and the completion of critical projects to change the narrative about Abuja.

“When we came in, many doubted what could be achieved. Today, you can see the results for yourself,” Wike said.

Wike further said his administration had revived and completed critical capital projects abandoned by previous administrations, some of which had remained uncompleted since 1999.

“The track record of what we have accomplished in these three years is there for everyone to see.

“When you look at the actual records of what we have achieved, you will be shocked at how far we have come,” he added.

The minister expressed satisfaction with his contribution to the development of the FCT, saying he was proud of the progress recorded during his three years in office.

“I am very happy and proud that I have been able to contribute my own quota to the development of the FCT,” he said.

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NEWS

N12tn Subsidy Discrepancy: APM Calls for EFCC Probe of Oyedele, Edun

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Economic and Financial Crimes Commission, EFCC,

The Allied Peoples’ Movement, APM, has petitioned the Economic and Financial Crimes Commission, EFCC, to investigate an alleged N12 trillion discrepancy in savings from the removal of petrol subsidy.

The party also called on the anti-graft agency to question the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, his predecessor, Wale Edun, and relevant officials of the Ministry of Petroleum Resources over the figures.

The demand was contained in a statement by APM National Publicity Secretary, Abubakar Yusuf, who said the alleged discrepancy must be fully accounted for.

SEE MORE: EFCC Brokers Structured Repayment Plan over Nestoil

According to the party, Oyedele had put the savings from petrol subsidy removal at N15.8 trillion, while earlier government figures under Edun indicated that about $20 billion, equivalent to N27 trillion, had been saved as of November 2024.

Yusuf said, “The APM therefore petitions the EFCC to investigate the N12 trillion discrepancy by inviting the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, his predecessors in office, Wale Edun as well as officials of the Ministry of Petroleum Resources for questioning.”

APM also urged the National Assembly to conduct an open inquest into the alleged discrepancy, insisting that Nigerians deserve a clear account of the subsidy savings.

The party argued that the alleged N12 trillion difference could have been used to finance major infrastructure projects and improve the economy.

It said the amount would be enough to build a refinery with a capacity of between 250,000 and 300,000 barrels per day, potentially creating jobs, attracting ancillary investments and helping to reduce petroleum prices.

APM further claimed that the funds could finance about 1,000 kilometres of standard railway linking Lagos, Abuja and other parts of the country.

According to the party, such an investment would ease transportation, boost commerce and reduce pressure on the nation’s roads.

“It is therefore disheartening that due to sheer greed, avarice and incurable corruption of the APC, Nigerians have been denied these life-enhancing benefits,” the party said.

APM alleged that the discrepancy had heightened concerns over the possible diversion of subsidy savings by corrupt officials and associates of the Tinubu administration.

The party vowed to continue demanding accountability until every kobo from the subsidy savings is accounted for.

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International News

US Military Newspaper Chiefs Sacked Over Editorial Freedom Row

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The United States Department of Defense has fired the editor-in-chief, publisher and a reporter of a long-running military newspaper amid a growing dispute over editorial independence.

The newspaper’s editor-in-chief, Erik Slavin, told CBS News that he was dismissed for “insubordination” after speaking to the network about disagreements with the Department of Defense.

SEE ALSO: Iran’s Threat Pushes Brent Over $90

The department had earlier this year said it wanted to steer the publication’s coverage away from what it described as “woke distractions.”

The newspaper’s publisher, Max Lederer, who had served in the position since 2007, was also notified that he was being terminated. His dismissal came just three days after he announced plans to retire from the publication.

Reporter Lara Korte also confirmed that she had been fired for alleged insubordination.

“Today, I was informed that the Department of Defense is firing me for insubordination after I told a CBS reporter that I work for Stars and Stripes — not the Pentagon, not any administration, and not any policy maker,” Korte wrote on X.

The dismissals came only days after the newspaper published a report detailing grim conditions faced by crewmembers aboard the USS Abraham Lincoln.

The report triggered fresh criticism of President Donald Trump’s handling of the war with Iran. The aircraft carrier had been deployed before the conflict in the Middle East began in February.

Last weekend, the US military announced that a new carrier strike group had arrived in the region, while Trump said the Lincoln would be replaced.

Slavin had also drawn attention last month after publicly opposing what he described as attempts by the Department of Defense to interfere with the newspaper’s editorial decisions.

During an interview on “CBS Sunday Morning,” Slavin was asked whether there were any editorial red lines he would not cross.

“‘Don’t run a perfectly accurate story, run this instead. Here it is, written by the Pentagon.’ That would be a red line,” he said.

Lederer had announced his retirement on Tuesday, with his departure initially scheduled for September 30.

He said his decision followed fundamental differences between his leadership philosophy and the plans the Department of Defense had for the organisation.

Meanwhile, US Secretary of Defense Pete Hegseth has faced criticism from sections of the media over his approach to journalism since taking charge of the department in 2025.

The independence of US military media outlets has increasingly come under scrutiny.

Shortly before Lederer announced his retirement, active-duty US Navy Captain William Urban was installed as military deputy to the publisher, a move interpreted by some, including Democratic lawmakers, as weakening the publication’s editorial independence.

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