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.
NEWS
‘Don’t Rush the Refinery’ – Kenyan Presidential Candidate Warns Dangote
Kenyan presidential candidate Patrick Osoi has warned Nigerian billionaire Aliko Dangote against rushing to establish a proposed $16 billion refinery in Kenya, insisting that local businesspeople can undertake the project.
Osoi made the remarks while addressing supporters at a Lions Movement event, according to a video circulating online.
He said he expected Dangote to return to Nigeria by February 2027, when he anticipates being sworn in as Kenya’s president.
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“I want to tell Aliko Dangote, please don’t rush to start the refinery because, when I’m sworn in as President of Kenya next year, you will be heading back to Nigeria,” Osoi said.
He argued that Kenya had businesspeople capable of establishing a refinery without depending on the Nigerian industrialist.
“We Kenyans have business people who can start the refinery. We also have business people in this country who can do that job. This is what we stand for. This is the home of all movements,” he added.
Osoi’s comments come amid plans by Dangote to establish a $16 billion oil refinery in Lamu, Kenya, with a proposed processing capacity of 700,000 barrels of crude oil per day.
Dangote and Kenyan President William Ruto performed the groundbreaking ceremony for the project on September 30, 2026.
The refinery is expected to take approximately 40 months to complete and serve Kenya and other East African countries, with the aim of strengthening regional refining capacity and reducing dependence on imported petroleum products.
However, the project has encountered opposition from some local residents over land ownership, compensation and environmental concerns.
A Kenyan court has also ordered the maintenance of the status quo in a land dispute involving the development.
NEWS
NLC Ultimatum: Wage Demands Can Be Resolved in Two Weeks – HR Expert
Minna Onomroba Abell, Registrar of the Chartered Institute of Human Resource and Strategic Management, has said wage-related demands by the Nigeria Labour Congress (NLC) can be negotiated within two weeks, urging the Federal Government and organised labour to reach an agreement through constructive engagement.
Abell made this known during an interview on Arise News on Sunday, while assessing the feasibility of the NLC’s demands and its two-week ultimatum to the Federal Government.
SEE ALSO: Spike in Petrol Price Moves NLC to Demands Emergency Palliatives
He explained that while some of the demands could be addressed within the stipulated period, others would require more time because of prevailing economic conditions and the measures needed for implementation.
“On the wage aspect, negotiations and all that, yes, those can be achieved in two weeks,” he said.
According to him, the government could invite labour unions and other representatives to a roundtable discussion to review existing wages and awards and consider additional incentives, including tax relief measures.
He said such discussions would provide an opportunity for both parties to examine workers’ concerns and identify areas where immediate progress could be made.
However, Abell ruled out the possibility of returning to the economic conditions and price arrangements that existed when negotiations were held in 2024, citing changes in exchange rates, crude oil prices and the operational status of Nigeria’s refineries.
“But asking the government to go back to 2024 when the negotiation was held, it is not possible because there are a lot of factors that will lead to that,” he said.
The human resource expert also questioned conflicting claims about the operational capacity of Nigeria’s refineries, arguing that the issue should be considered in discussions about persistent increases in petrol prices.
He criticised labour representatives over what he described as an inconclusive struggle, questioning their previous claims about the operational status of the refineries.
“And I want to draw the attention of the NLC that they’ve been fighting a war or do I put it a war now? They’ve been fighting an unjust fight or inconclusive fights. Let me put it inconclusive,” he said.
Abell argued that labour representatives had previously told Nigerians that the refineries were operating at full capacity, only for subsequent developments to raise questions about their actual performance.
“They are the same people who went and came to tell Nigerians that the refineries are working to full capacity. And today, we find out that the refineries are not working to full capacity,” he said.
He further argued that full-capacity refinery operations could reduce the country’s reliance on imported petroleum products.
“So, you cannot be the one telling Nigerians that the refineries are working in full capacity and also come back that to say that the refineries are not working, because if they are working to full capacity, this importations of fuel and all that might not really be there as such,” he added.
Abell maintained that resolving the disagreements over wages and fuel prices would require proper engagement between the Federal Government and organised labour.
He urged both parties to reach an agreement that takes prevailing economic realities into account while addressing workers’ demands.
“The issue is that there should be an agreement and a proper discussion between the Federal Government and the labour unions to achieve these goals they are talking about,” he said.
He added that although some demands could be addressed immediately, others might require longer-term measures to ensure lasting results.
“However, there are some certain goals or demands that can be achieved in the immediate, but at the long run it will also fail,” Abell said.
His remarks come amid the NLC’s demands for action by the Federal Government on workers’ welfare and petrol prices, with the union giving the government a two-week ultimatum to address its concerns.
NEWS
CNG Initiative: Why Tinubu’s Gov’t Moved Beyond Plan for 3,000 Buses – Coker
The Federal Government changed its initial plan to deploy 3,000 buses in favour of a broader Compressed Natural Gas (CNG) initiative after reviewing how best to address Nigeria’s transportation challenges, Tosin Coker, Chief Operating Officer of the Presidential CNG and Electric Vehicles Initiative, has said.
Coker explained that the initial plan, announced in July 2023, was subsequently reviewed, leading to the establishment of the Presidential CNG Initiative in October 2023.
SEE ALSO: CNG Can Cut Fuel Cost From N200,000 to N40,000 — FG
Speaking during an interview on Sunday, he said the government recognised that deploying buses alone would not adequately address the transportation needs of Nigerians, particularly in densely populated cities such as Lagos.
According to him, the revised strategy was designed to reach more people by expanding beyond buses to include vehicle conversion kits, tricycles and other interventions aimed at reducing transportation costs.
“The announcement that $100 million was being set aside was made in July 2023, and the plan was to go ahead with 3,000 buses,” Coker said.
He explained that further consideration of the plan revealed the need for a broader approach, which informed the establishment of the initiative.
“When the initiative was set up, that moved to not just buses, because we realised it’s not just buses that move people around, and we couldn’t reach everyone with just even 3,000 buses,” he said.
Coker noted that although deploying 3,000 buses in Lagos would make a difference, the number would still fall short of the city’s transportation requirements.
“Believe me, 3,000 buses, if you drop them in Lagos today, will do something, but it’s nowhere near enough for what Lagos needs,” he added.
Coker disclosed that the initiative began its rollout towards the end of 2023, with the procurement of approximately 25,000 vehicle conversion kits and about 600 buses, alongside tricycles.
He said the expanded approach was intended to reach more Nigerians, improve their transportation experience and reduce the amount they spend on commuting.
According to him, the change in strategy resulted in a broader programme that seeks to encourage the adoption of CNG-powered vehicles rather than relying solely on the deployment of buses.
Coker said the shift from the initial 3,000-bus proposal to the wider initiative was necessary to ensure that more people could benefit from the government’s intervention.
Coker Explains CNG Infrastructure Funding
The Presidential CNG and Electric Vehicles Initiative chief also addressed funding for infrastructure, explaining that government interventions were being complemented by mechanisms designed to encourage private-sector investment.
He said funding for CNG infrastructure was being provided through interventions under the initiative and mechanisms such as the Midstream and Downstream Gas Infrastructure Fund.
According to Coker, private organisations can apply for funding to invest in infrastructure across the CNG sector and its value chain.
He emphasised that private-sector participation would be crucial to expanding the infrastructure needed to support the adoption of CNG-powered vehicles across the country.
FG Urges States to Invest More in Transportation
Coker also called on state governments to increase their involvement in improving transportation, stressing that the Federal Government could not be expected to address every challenge on its own.
He explained that the distribution of buses to states formed part of the Federal Government’s intervention to make an initial impact in selected locations.
However, he maintained that state governments needed to complement the federal initiative with their own investments and policies.
“The Federal Government cannot be the one expected to do everything. We will intervene, we will catalyse, show what is possible, and support as much as possible, but states should do more, and we’re enabling them to do that,” he said.
He added that the government intended to create an enabling environment for private-sector participation through appropriate business conditions, training standards and safety measures.
Cheaper Transport Fares Remain the Goal
Coker said the ultimate objective of the initiative was to ensure that Nigerians experienced tangible benefits, particularly through reduced transportation costs.
He noted that the programme’s success should not be measured solely by the number of buses deployed or conversion kits purchased, but by whether commuters and vehicle owners experienced lower costs.
“Nigerians are not interested in the statistics, they just want to know that this is impacting me and I’m paying less for my transportation,” he said.
He cited commuters travelling from Nyanya to the Secretariat in Abuja and from Ikorodu to Ojuelegba in Lagos as examples of people expected to benefit from more affordable transportation.





